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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

           Wednesday, August 5, 2015, Vol. 18, No. 153


                            Headlines


A U S T R A L I A

FAST HIT: First Creditors' Meeting Set For August 11
MAN TO MAN: Placed Into Liquidation
ORIGIN ENERGY: S&P Affirms BB Rating on Subordinated Debt Issues
SMEATON GRANGE: First Creditors' Meeting Slated For August 12


C H I N A

CAR INC: Moody's Assigns Ba1 Rating on Proposed US$ Bonds
CAR INC: S&P Assigns BB+ Rating to Proposed US$-Denom. Sr. Notes
FUTURE LAND: 1H 2015 Results Supports Ba3 CFR, Moody's Says
HENGSHI MINING: B2 CFR Not Affected by 1H 2015 Profit Warning
OCEANWIDE HOLDINGS: Fitch Rates Proposed US$ Sr. Notes 'B(EXP)'

OCEANWIDE HOLDINGS: S&P Rates Proposed US$-Denom. Sr. Notes 'B'


I N D I A

A. R. ENTERPRISES: CRISIL Assigns B+ Rating to INR55MM Loan
ACTION BATTERIES: CRISIL Reaffirms B+ Rating on INR200MM Loan
ADINATH FOUNDATIONS: CRISIL Assigns B+ Rating to INR100MM Loan
ADVAIT STEEL: CRISIL Assigns 'B' Rating to INR42.1MM Term Loan
AL - MARZIA: CRISIL Assigns B+ Rating to INR85MM Term Loan

AMAR FAST: CRISIL Suspends B+ Rating on INR67.2MM Term Loan
ANIL NEERUKONDA: CRISIL Suspends B Rating on INR305MM Term Loan
B. R. STEEL: CRISIL Assigns B+ Rating to INR82.6MM Cash Loan
CLASSIC BOTTLE: CRISIL Suspends 'B' Rating on INR190MM Cash Loan
D.A.R. PARADISE: Ind-Ra Assigns 'IND BB-' Long-Term Issuer Rating

DAHYABHAI B: ICRA Reaffirms B+ Rating on INR4.0cr Cash Credit
DESIGN CENTRE: CRISIL Suspends B+ Rating on INR30MM Cash Loan
DHARESHWAR GINNING: ICRA Assigns 'B+' Rating to INR6.0cr Loan
DIAMOND INFRA: CRISIL Assigns B+ Rating to INR40MM Cash Credit
ELASTOCHEMIE IMPEX: CRISIL Suspends B- Rating on INR80MM Loan

EMPKEE ENGINEERS: CRISIL Assigns B- Rating to INR50MM Loan
ERAM MOTORS: CRISIL Assigns B Rating to INR330MM Cash Credit
FAB TRADE: ICRA Suspends B+/A4 Rating on INR12.50cr Bank Loan
GOOD GREENS: CRISIL Assigns B+ Rating to INR25MM Loan
HEERA RICE: CRISIL Suspends 'B' Rating on INR180MM Cash Credit

IENERGIZER LIMITED: Moody's Cuts Corporate Family Rating to 'B3'
INTERNATIONAL WEAR: ICRA Suspends 'B' Rating on INR0.80cr LT Loan
JAYACHITRA GARMENTS: Ind-Ra Affirms 'IND BB' LT Issuer Rating
K.R.R. ENGINEERING: CRISIL Assigns B+ Rating to INR27.1MM Loan
KAPTON ALLOYS: ICRA Suspends 'B' Rating on INR7cr Fund Based Loan

KBR AGRO: ICRA Assigns B Rating to INR8.0cr Cash Credit
KHANDELWAL TRADERS: ICRA Suspends 'B' Rating on INR8cr Bank Loan
KUDU FABRICS: Ind-Ra Assigns 'IND B+' Long-Term Issuer Rating
MAHESWARI FERTILIZERS: CRISIL Rates INR50MM Cash Credit at 'B'
MAHI GRANITES: CRISIL Suspends B+ Rating on INR350MM Loan

MEGATRONIC POWER: ICRA Assigns B- Rating to INR4.0cr Cash Credit
NOVELTY REDDY: CRISIL Suspends B+ Rating on INR95MM Cash Credit
OSHINA EXPO: ICRA Assigns 'B' Rating to INR5.0cr Cash Credit
P.C. THOMAS: CRISIL Assigns B Rating to INR85MM Cash Credit
PAN EMPIRE: ICRA Suspends 'B' Rating on INR19.50cr Cash Credit

RCM INFRASTRUCTURE: CRISIL Rates INR170MM WC Term Loan at B+
RD BROWN: CRISIL Assigns 'B' Rating to INR135MM LT Loan
ROYAL'S EDUCATION: ICRA Withdraws 'D' Rating on INR7.40cr Loan
SADGURU ISPAT: ICRA Suspends B+ Rating on INR5.50cr Bank Loan
SAHARA GROUP: Court Orders Sale of Assets, Receivers Appointment

SARANYA ELECTRONICS: CRISIL Suspends 'D' Rating on INR60MM Loan
SARASWATHY ENTERPRISERS: CRISIL Rates INR110MM LT Loan at B-
SAVERA FARMS: CRISIL Suspends B- Rating on INR42.5MM Cash Loan
SHREE SHYAM: CRISIL Lowers Rating on INR40MM Corp. Loan to B+
SRI KRISHNA: CRISIL Assigns 'B' Rating to INR7.5MM Cash Credit

SRI SAI: ICRA Reaffirms 'B' Rating on INR10cr Cash Credit
TIRUPATI STEEL: ICRA Suspends 'B' Rating on INR13cr Bank Loan
VAGUS SUPER: ICRA Suspends 'D' Rating on INR15cr Term Loan
VASTRAM INDIA: Ind-Ra Assigns 'IND BB-' Long-Term Issuer Rating
VIBHOR VAIBHAV: ICRA Puts 'B' Rating on Notice of Withdrawal

VIJAYAWADA HOSPITALITIES: Ind-Ra Assigns IND BB LT Issuer Rating


J A P A N

MT. GOX: Broke Six Months Before Filing Bankruptcy



N E W  Z E A L A N D


PIKE RIVER: Saleable Assets Valued at Just NZ$1.48 Million



                            - - - - -


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


FAST HIT: First Creditors' Meeting Set For August 11
----------------------------------------------------
Simon Roger Coad of Ticcidew Insolvency was appointed as
administrator of Fast Hit Pty. Ltd. on July 30, 2015.

A first meeting of the creditors of the Company will be held at
Level 2, 55 Carrington Street, in Nedlands on Aug. 11, 2015, at
10:30 a.m.


MAN TO MAN: Placed Into Liquidation
-----------------------------------
James Stewart and Brendan Richards of Ferrier Hodgson were
appointed as Liquidators of ACN 100 704 514 Pty Ltd, formerly
trading as Man to Man (Imports) Pty Ltd, Toman Investments Pty Ltd
and Stone Shoes Pty Ltd.

Messrs. Stewart and Richards were appointed Voluntary
Administrators on Dec. 17, 2014.

The Administrators sold the business and assets of the companies
on Feb. 5, 2015.

The second meeting of creditors took place on Aug. 3, 2015, where
creditors resolved that James Stewart and Brendan Richards be
appointed Liquidators over these companies.

Established in 1981, Man to Man has grown into one of Australia's
iconic menswear retailers employing over 400 staff and turning
over in excess of AUD39 million in FY2014. Man to Man operates 82
Stores across Australia with a majority located in regional and
supermarket based shopping centres.


ORIGIN ENERGY: S&P Affirms BB Rating on Subordinated Debt Issues
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it has affirmed its
corporate credit rating on Origin Energy Ltd. and the company's
senior unsecured issue ratings, as well as Origin Energy Finance's
senior unsecured debt ratings, at 'BBB-'.  At the same time, S&P
affirmed the short-term rating on Origin Energy at 'A-3' and the
ratings on Origin Energy Finance's and Origin Energy Contact
Finance No.2's subordinated debt issues at 'BB'.  The outlook on
the long-term rating remains stable.

"The affirmation of the ratings primarily reflects our view that
the marginal negative impact of the loss of Contact Energy,
Origin's most stable business currently, is broadly compensated by
the expected debt reduction funded by the sale proceeds," said
Standard & Poor's credit analyst Thomas Jacquot.  "Saying that, we
forecast that the sale of Contact Energy will not result in a
material improvement in Origin Energy's financial metrics over the
next two-to-three years."

While S&P expects debt at the end of fiscal 2016 to be
approximately A$2.8 billion lower than its prior forecast, this
positive effect is negated by the reduction of Origin's EBITDA of
about A$500 million, corresponding to Contact's previously
expected contribution.  Based on S&P's revised forecast, it
expects Origin Energy's key financial ratio of debt to EBITDA to
remain at about 5x in fiscal 2016, with the fiscal 2017 recovery
to the 3.5x-to-3.75x range remaining unchanged.

In S&P's view, the sale of Contact has only a marginal impact on
Origin Energy's business risk profile.  While S&P considered
Contact likely to be the most stable part of the Origin Energy
group over the near term, given market dynamics in New Zealand at
the moment, S&P continues to view Origin Energy's market position
in the electricity and gas sector in Australia as strong, and
believe that the company's equity gas position across the country
will continue to provide a significant advantage against some of
its competitors.

While S&P assess the transaction as neutral from a ratings
perspective, S&P notes the clear signal that the company appears
committed to reducing its currently high leverage.  In S&P's view,
this represents a positive development compared to what it
previously viewed as a lack of positive actions to compensate the
weak operating environment that the company was exposed to.

Mr. Jacquot added: "The stable outlook reflects our expectation
that the APLNG project will be fully completed in the second half
of fiscal 2016, with no material increase in Origin Energy's
capital contributions beyond current commitments."

The stable outlook further reflects S&P's expectation of a stable
operating environment for Origin Energy's energy market segment,
enabling modest underlying growth over the medium term (excluding
the increase generated by gas sales to other LNG projects in
Queensland).  The outlook also reflects S&P's expectation that
Origin Energy's debt-to-EBITDA ratio will reduce to the mid 3x
level by fiscal 2017, based on our forecast of dividends from the
APLNG project post completion.

S&P would lower the rating if it believed the company's debt to
EBITDA would not reduce to sustainably below 4x from fiscal 2017.
This could occur if:

   -- Earnings in the core energy markets segment materially
      underperform;

   -- Oil prices remain weak, resulting in dividends from APLNG
      being substantially below our expectations; or

   -- Origin Energy were to inject significant additional capital
      in APLNG, which could lead S&P to reconsider APLNG's scope
      of consolidation despite the construction guarantee falling
      away.

Although S&P considers an upgrade as unlikely in the next 12-to-18
months, upward rating pressure would be reliant on Origin Energy
being committed to lowering and maintaining its debt to EBITDA
ratio below 3x, together with continued solid operating
performance from the group's core energy market businesses.


SMEATON GRANGE: First Creditors' Meeting Slated For August 12
-------------------------------------------------------------
Schon G Condon RFD of Condon Associates was appointed as
administrator of Smeaton Grange Plasterboard Distribution Pty
Limited on July 31, 2015.

A first meeting of the creditors of the Company will be held at
Condon Associates, Level 6, 87 Marsden Street, in Parramatta, on
Aug. 12, 2015, at 11:00 a.m.



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


CAR INC: Moody's Assigns Ba1 Rating on Proposed US$ Bonds
---------------------------------------------------------
Moody's Investors Services has assigned a provisional (P)Ba1
senior unsecured rating to CAR Inc.'s proposed USD bonds.

The rating outlook is stable.

The proceeds from the bond issuance will be used on capital
expenditure and for other general corporate purposes, including
refinancing outstanding indebtedness, to enhance CAR's capital
structure.

The provisional status of the ratings will be removed upon
completion of the bond issuance under satisfactory terms and
conditions.

RATINGS RATIONALE

"The proposed bond issuance will support CAR's capital expenditure
needs and the increased debt leverage still positions the company
within its corporate family rating of Ba1," says Gerwin Ho, a
Moody's Vice President and Senior Analyst.

Moody's expects CAR will need to increase its fleet of vehicles to
meet the demand from its auto rental business, including the
growing demand from its 10%-owned chauffeured car services
provider, UCAR Technology Inc. (unrated).

Moody's expects the bond issuance will raise the company's debt
leverage, as measured by debt/EBITDA, to 3.3x by end-2015 and the
company will keep its debt leverage level in the range of 3.0x--
3.5x in the next two years, which still supports its Ba1 rating.

In addition, CAR has indicated that it plans to manage its
business growth in a manner that ensures its debt leverage and
priority debt to total assets ratio remains within levels that
support its current ratings.

The stable ratings outlook reflects Moody's expectation that the
company will adopt a prudent financial policy and keep its debt
leverage stable while expanding its business.

Upward pressure on CAR's rating or outlook could arise if (1) the
company establishes a track record of operating through cycles,
demonstrating its resilience in down-cycles; (2) its revenue scale
expands; (3) the company diversifies its funding channels and
raises funds without the guarantee of Legend Holdings (unrated);
and/or (4) the company shows improved credit metrics, such that
gross debt/EBITDA falls below 2.0 times and EBITDA/interest
coverage remains above 5.0 times on a sustained basis.

On the other hand, negative pressure on the current outlook or
ratings could arise if CAR's (1) sales weaken; and/or (2) profit
margins and credit metrics deteriorate due to increased
competition.

Credit metrics indicative of downgrade pressure include EBITDA
interest coverage falling below 3.0 times and debt/EBITDA
exceeding 3.5 times on a sustained basis.

The principal methodology used in this rating was Equipment and
Transportation Rental Industry published in December 2014.

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

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

CAR's key shareholders include Legend Holdings (unrated); private
equity firm Warburg Pincus; the world's second-largest car rental
company The Hertz Corporation (B1 stable); and its chairman,
founder and CEO, Mr. Charles Lu.  These parties hold stakes of
29.2%, 18.3%, 16.2% and 14.8%, respectively.


CAR INC: S&P Assigns BB+ Rating to Proposed US$-Denom. Sr. Notes
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB+' long-term
issue rating and 'cnBBB+' long-term Greater China regional scale
rating to a proposed issue of U.S. dollar-denominated senior
unsecured notes by CAR Inc. (BB+/Stable/--; cnBBB+/--).  The
ratings are subject to S&P's review of the final issuance
documentation.  The company intends to use the issuance proceeds
for capital expenditure, refinancing, and other general corporate
purposes.

The rating on the notes is the same as the corporate credit rating
on CAR even though the ratio of priority claims to total assets
could exceed S&P's 15% threshold in 2015.  S&P expects CAR to use
the notes proceeds through shareholder loans to repay onshore
borrowings and to fuel fleet expansion to mitigate the structural
subordination risk associated with debt at the holding company
level.  In addition, CAR operates in different regions in China
with subsidiaries that are operationally integrated.  S&P
anticipates that such diversity will also reduce the structural
subordination risk.  S&P expects the company to maintain its low
level of secured debt at its operating subsidiaries.

The stable rating outlook on CAR reflects S&P's view that the
company's cash flows from both short-term and long-term rentals
will continue to increase, particularly after its collaboration
with UCAR Technology Inc.  The growing cash flows will balance out
the increase in CAR's capital expenditure from fleet expansion.
S&P expects the EBITDA margin in the rental business to continue
to increase, and keep the debt-to-EBITDA ratio below 3x over the
next 12 months.  Also, S&P don't foresee any large acquisitions
over the same period, and therefore expect the ratio of funds from
operations to debt to stay 30%-40%.


FUTURE LAND: 1H 2015 Results Supports Ba3 CFR, Moody's Says
-----------------------------------------------------------
Moody's Investors Service says that Future Land Development
Holdings Limited's 1H 2015 results support its Ba3 corporate
family and B1 senior unsecured debt ratings.

The ratings outlook remains stable.

"Future Land's strong growth in revenue has managed to mitigate
the effects of its margin deterioration in 1H 2015," says
Stephanie Lau, a Moody's Assistant Vice President and Analyst.

While Future Land's revenue grew 117% year-on-year to RMB8.8
billion due to an increase in project deliveries, its gross margin
fell to 16.8% in 1H 2015 from 18.7% in 2014.

The margin decline, which was an extension of the trend seen in
2014, was mainly due to the recognition of 1) a higher proportion
of units delivered in Shanghai, Suzhou, and Nanjing in 1H 2015
which have relatively higher land prices, and 2) presales
contracted in 2014, when China's property market was weak.

Moody's expects Future Land's reported gross margin will trend
towards around 20% for FY 2015 as the company deliver more mixed-
use projects in 2H 2015, which generally show higher margins.

Despite its decline in margins, Future Land's strong growth in
revenue resulted in EBIT/interest coverage improving to around
3.1x for the 12 months ended June 2015 from 2.9x for 2014.

Moody's expects this ratio to remain at 3.0x-3.2x over the next
12-18 months which is appropriate for its Ba3 corporate family
rating.

The company's debt leverage remains low, with revenue/debt
improving moderately to 162% for the 12 months ended June 2015
from 148% for 2014.

The company's reported debt grew 12.2% to RMB15.6 billion at end-
June 2015 from RMB13.9 billion at end-2014, a rate that is
slightly lower than the 18.2% growth achieved by its contracted
sales of RMB11.5 billion in 1H 2015.

Its contracted sales performance in 1H 2015 represents around 41%
of its full-year target of RMB28 billion.  As the company launches
more projects for sale in the next few months, Moody's believes
that sales will pick up, thus putting it on track to reach its
full-year sales target.

Moody's expects Future Land to maintain its financial discipline
in land acquisitions and to keep revenue to gross debt at 100%-
130% in the coming 12-18 months; a level which is comparable with
its Ba-rated peers.

Future Land's liquidity profile remains healthy, despite its cash
to short-term debt ratio declining to 141% at end-June 2015
compared to 220% at end-2015.

Its total cash holdings of RMB6.44 billion at end-June 2015 and
operating cash flow are adequate to cover its maturing debt of
RMB4.56 billion and committed land payments over the next 12
months.

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

Future Land Development Holdings Limited was founded in 1996 by
its Chairman, Mr. Wang Zhenhua.  Mr. Wang has been in the property
development business in China since 1993.  The company listed on
the Hong Kong Stock Exchange in November 2012.

Future Land's 58.86%-owned subsidiary, Jiangsu Future Land Co.,
Ltd is a B-share company listed on the Shanghai Stock Exchange
since 1997.

Future Land has more than 97 projects in 19 cities in China.  Its
land bank totaled approximately 18.1 million sqm of gross floor
area at June 30, 2015.


HENGSHI MINING: B2 CFR Not Affected by 1H 2015 Profit Warning
-------------------------------------------------------------
Moody's Investors Service says Hengshi Mining Investments
Limited's B2 corporate family rating and stable outlook are not
immediately affected by its profit warning for 1H 2015.

On July 28, Hengshi announced that its profit after tax for 1H
2015 will decline by approximately 50%-60% year on year due to the
decline in iron ore prices.

"The inherent price volatility in the iron ore market and
Hengshi's weakened financial results for H1 2015 have already been
factored into its B2 rating," says Dylan Yeo, a Moody's Analyst.

According to the announcement, the company remained profitable in
1H 2015 despite the substantial decrease in iron ore prices.  This
demonstrates its low cost position and high-grade iron ore
reserves.

Its estimated cash operating cost of about $40 per tonne in 1H
2015 remained lower than the indexed iron ore (62% Fe) price of
$55 per tonne at end-July 2015.  Hengshi mainly produces high-
grade iron ore concentrate that is sold above indexed prices.

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.

As a result, the company's credit metrics will likely deteriorate
significantly in 2015 and 2016.  For instance, assuming indexed
iron ore prices of $45-$50 per tonne through 2H 2015 and 2016,
Moody's projects Hengshi's adjusted debt/EBITDA to increase to
about 3.5x in the next 12-18 months from 0.4x in 2014, while
adjusted EBITDA/interest will fall to about 2.4x from 34.3x in
2014.

However, these ratios will remain appropriate for the B2 rating
category.

"Hengshi is well-positioned to withstand the prolonged trough in
iron ore prices due to its adequate liquidity position," says Yeo.

Hengshi had RMB167 million of cash at end-December 2014 compared
to RMB200 million in total debt, and earlier in June successfully
refinanced RMB100 million of short-term debt.

Moody's expects the company will be able to roll over its next
debt maturing in May 2016 due to its existing banking
relationship, sizable cash balance, low leverage and good quality
of pledged assets.

Hengshi has also scaled back its expansion capex in 2016, which
will further aid in preserving liquidity.

The principal methodology used in this rating was Global Mining
Industry published in August 2014.

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.


OCEANWIDE HOLDINGS: Fitch Rates Proposed US$ Sr. Notes 'B(EXP)'
---------------------------------------------------------------
Fitch Ratings has assigned China-based property developer
Oceanwide Holdings Co. Ltd.'s (Oceanwide; B/Stable) proposed US
dollar senior notes a 'B(EXP)' expected rating and a recovery
rating of 'RR4'.

The notes are issued by Oceanwide Holdings International 2015 Co.,
Limited, a wholly owned subsidiary of Oceanwide. The notes,
guaranteed by Oceanwide, are rated at the same level as
Oceanwide's senior unsecured rating because they represent direct
and senior unsecured obligations of the company. The final rating
is subject to the receipt of final documentation conforming to
information already received.

Oceanwide intends to use the proceeds from the issuance for
overseas general corporate purposes, including, but not limited
to, the development of the First & Mission Project located in San
Francisco in the United States.

Oceanwide's rating is supported by its sales performance, which is
on track to meet its CNY12bn contracted sales target in 2015, and
Fitch's expectation that it will generate positive cash flow from
operations from 2016. The rating is constrained by the rapid
increase in net debt to CNY35bn in 2014 from CNY22bn in 2013,
which is likely to continue in 2015 as the company ramps up
development expenditure to support sales growth.

KEY RATING DRIVERS

Heavy Expenditure to Continue: Fitch expects Oceanwide's net debt
to increase in 2015 and peak in 2016 as it builds up its
investment property portfolio. Development expenditure is also
likely to remain high due to increased construction costs for
projects in Beijing that began selling from 2015, accelerated
project launches in Beijing, and the 50% share of commercial
property projects in Oceanwide's land bank, which are only sold
when the properties are near to completion. The company's
investments in its finance businesses will also add to its
leverage.

Asset Acquisitions: Oceanwide is diversifying its business model
from pure property development to financial institutions in the
long term. It spent over CNY5bn to acquire Minsheng Securities
Co., Ltd from China Oceanwide, and invested in China Minsheng
Trust Co., Ltd and China Minsheng Investment Corp., Ltd. It also
plans to acquire Minan Property & Casualty Insurance Co., Ltd for
CNY1.8bn. The parent has provided a keepwell deed to ensure that
Oceanwide has sufficient liquidity. China Oceanwide has
significant financial assets that allow it to provide liquidity
support to Oceanwide if needed.

Property Concentration Risk: The projects in Wuhan and Beijing
have over 8 million and 2 million sqm of gross floor area (GFA)
respectively. Together, they account for over 80% of Oceanwide's
total land bank and estimated contracted sales in 2015-2017. In
Wuhan, there is a risk that housing demand and development in the
city may not keep pace with the substantial housing supply from
Oceanwide's projects, which could lower sales efficiency and hurt
its liquidity.

The risk is mitigated by the Beijing projects, which will match
Wuhan in sales value from 2015. The Beijing projects are located
in the central business district and had low land costs.

Strong Sales Momentum Maintained: Fitch expects the company's
contracted sales to continue to increase strongly (2014: CNY9.8bn,
up 67%) due to accelerated inventory launch in Wuhan and
substantial sales from new premium projects in Beijing.
Oceanwide's CFO may turn positive from 2016 because of robust
sales, strong profitability and low land replenishment. We expect
the company to maintain EBITDA margin of close to 40% (2014: 43%)
despite some dilution from the high per sqm development cost of
its Beijing projects.

Ratios Used Reflect Transformation: Fitch measures Oceanwide's
financial soundness based on its CFO and its inventory turnover
(ratio of contracted sales to net inventory). Oceanwide's
inventory turnover was 0.28x in 2014 but we expect this to exceed
0.5x from 2016 as sales from its large pool of properties under
development increase while land replenishment remains minimal. The
improved inventory turnover and likely generation of positive CFO
will provide Oceanwide with funds to expand its financial
businesses.

KEY ASSUMPTIONS

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

-- Limited new land acquisitions at 0.1x-0.4x of contracted
    sales GFA
-- Contracted sales growth mainly driven by growth in average
    selling prices from CNY24,000/sqm to CNY34,000/sqm in 2015-
    2018
-- Property development gross margin of 50%-53% in 2015-2018
    (lower than in previous years due to higher construction
    cost)
-- Lower dividend pay-out ratio than in previous years

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

-- Failure to achieve positive operating cash flow in 2016
-- EBITDA margin sustained below 35%
-- Contracted sales/net inventory sustained below 0.5x
-- Substantial weakening of Minsheng Securities' credit profile

Positive: Positive rating action is not expected in the next
12-18 months due to Oceanwide's high leverage.


OCEANWIDE HOLDINGS: S&P Rates Proposed US$-Denom. Sr. Notes 'B'
---------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' long-term
issue rating and 'cnB+' long-term Greater China regional scale
rating to a proposed issue of U.S.-dollar-denominated senior
unsecured notes that Oceanwide Holdings Co. Ltd. (Oceanwide:
B/Negative/--; cnB+/--) and its offshore subsidiary China
Oceanwide Group Ltd. will guarantee.  Oceanwide's fully owned
special-purpose vehicle Oceanwide Holdings International 2015 Co.
Ltd. will issue the notes.  The issue rating is subject to S&P's
review of the final issuance documentation and the meeting of the
registration requirements of China's State Administration of
Foreign Exchange.

S&P anticipates that Oceanwide will use the proceeds from the
proposed notes for overseas general corporate purposes, including
the development of a project located in the U.S.

The ratings on the notes are the same as that on Oceanwide because
the company unconditionally and irrevocably guarantees the notes.
Oceanwide's payment obligations under the guarantee will rank at
least equally with all its other present and future unsecured and
unsubordinated obligations.



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A. R. ENTERPRISES: CRISIL Assigns B+ Rating to INR55MM Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of A. R. Enterprises - Korba (AREN).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Letter of Credit       25         CRISIL A4
   Cash Credit            19.5       CRISIL B+/Stable
   Electronic Dealer      55         CRISIL B+/Stable
   Financing Scheme
   (e-DFS)

The ratings reflect the firm's below-average financial risk
profile marked by small net worth and high total outside
liabilities to tangible net worth ratio, and its exposure to
intense industry competition. These rating weaknesses are
partially offset by the extensive industry experience of AREN's
promoters and the firm's efficient working capital management.
Outlook: Stable

CRISIL believes that AREN will maintain its business risk profile
over the medium term on the back of its promoters' extensive
industry experience. The outlook maybe revised to 'Positive' if
AREN reports significantly higher cash accruals and profitability
along with improvement in capital structure. Conversely, the
outlook maybe revised to 'Negative' if AREN's financial risk
profile deteriorates owing to low cash accruals, increase in
working capital requirements, or large debt-funded capital
expenditure.

AREN, a partnership firm incorporated in 2003, supplies steel
sheets, thermo-mechanically treated steel bars, cement, pipes,
paints and other construction materials. The firm's offices are
located in Korba, Raipur (both in Chhattisgarh) and Rourkela
(Odisha). It is an authorised distributor of Jindal Steel and
Power Ltd (rated 'CRISIL AA-/Negative/CRISIL A1+') for
Chhattisgarh and eastern Madhya Pradesh since 2013. It is also a
distributor for Sika India Pvt Ltd, JSW Steel Ltd and dealer for
Berger Paints and Ultratech Cement Ltd. Mr. Rajesh Modi and Mrs.
Neelu Modi are the partners of the firm. The operations of the
firm are managed by Mr. Rajesh Modi.


ACTION BATTERIES: CRISIL Reaffirms B+ Rating on INR200MM Loan
-------------------------------------------------------------
CRISIL rating continues to reflect Action Batteries Private
Limited's (ABPL) working-capital-intensive operations, and
exposure to intense competition from both organised and
unorganised players.

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

The ratings also factor in the company's below average financial
risk profile, marked by low net worth and weak debt protection
metrics. These rating weaknesses are partially offset by the
company's moderate market position in the lead-acid batteries
segment, product diversification, and its promoters' extensive
industry experience.
Outlook: Stable

CRISIL believes that ABPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if substantial and sustained
improvement in revenue and profitability, or a sizeable increase
in net worth (on the back of equity infusion) strengthens ABPL's
financial risk profile. Conversely, the outlook may be revised to
'Negative' if there significant deterioration in the company's
capital structure and liquidity on account of large working
capital requirements or debt-funded capital expenditure.

ABPL manufactures lead-acid-based batteries used in automobiles,
inverters and electrical and solar systems. The company is based
in Jalandhar (Punjab). It has capacity to manufacture 25,000
batteries (180 to 200 AH) per month.


ADINATH FOUNDATIONS: CRISIL Assigns B+ Rating to INR100MM Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facility of Adinath Foundations Private Limited (AFPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Long Term Loan         100        CRISIL B+/Stable

The rating reflects AFPL's exposure to risks related to completion
and saleability of its ongoing project, and to risks inherent in
the real estate industry. These rating weaknesses are partially
offset by the extensive experience of AFPL's promoter in the
residential real estate development business, and his proven
project-execution capabilities.
Outlook: Stable

CRISIL believes that AFPL will benefit over the medium term from
its promoter's extensive industry experience. The outlook may be
revised to 'Positive' if early completion of projects or
substantial sales realisations from the ongoing project lead to
sizeable cash flows for AFPL. Conversely, the outlook may be
revised to 'Negative' if delays in the project or in receipt of
advances from customers, or large debt-funded projects weaken the
financial risk profile.

Incorporated in 2009, AFPL is a Chennai-based residential real
estate development company. Its operations are managed by the
directors, Mr. Sunil Kumar, Mr. Akshay Seth and Mr. Girish
Bhandari.


ADVAIT STEEL: CRISIL Assigns 'B' Rating to INR42.1MM Term Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Advait Steel Rolling Mills Pvt Ltd (ASR).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Working Capital
   Term Loan              42.1       CRISIL B/Stable

   Cash Credit            27.5       CRISIL B/Stable

   Term Loan              30.4       CRISIL B/Stable

The rating reflects ASR's below-average financial risk profile
marked by highly leveraged capital structure and weak debt
protection metrics. The rating also factors in ASR's modest scale
of operations and susceptibility of operating margins to
volatility in raw material prices. These rating weaknesses are
partially offset by the extensive experience of ASR's promoters in
the steel industry and the company's established customer
relationship.

Outlook: Stable

CRISIL believes that ASR will continue to benefit over the medium
term from its promoters extensive industry experience. The outlook
may be revised to 'Positive' in case of significant improvement in
the company's scale of operations and profitability, or
substantial equity infusion, leading to improvement in its
financial risk profile. Conversely, the outlook may be revised to
'Negative' if ASR's financial risk profile, particularly its
liquidity, weakens, most likely because of stretch in its working
capital cycle, or large debt-funded capital expenditure.

ASR was set up in 2004 by Mr. B S Garg. ASR has a thermo-
mechanically treated bar manufacturing facility in Puducherry,
with capacity of 36,000 tonnes per annum.

For 2013-14 (refers to financial year, April 1 to March 31), ASR
reported net loss of INR40.5 million on net sales of INR493.6
million, against profit after tax of INR4.9 million on net sales
of INR1.02 billion for 2012-13.


AL - MARZIA: CRISIL Assigns B+ Rating to INR85MM Term Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of AL - Marzia Agro Foods (AAF).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Term Loan      85        CRISIL B+/Stable

   Cash Credit             27.5      CRISIL B+/Stable

   Proposed Long Term
   Bank Loan Facility      47.5      CRISIL B+/Stable

The rating reflects AAF's working-capital-intensive operations,
susceptibility to changes in government regulations, below-average
capital structure, and exposure to project risk. These rating
weaknesses are partially offset by the extensive experience of the
firm's promoters in the processed meat industry and its expected
moderate scale of operations with integrated facilities.
Outlook: Stable

CRISIL believes that AAF will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of significant
improvement in the firm's capital structure, mostly likely caused
by prudent working capital management and increased cash accruals.
Conversely, the outlook may be revised to 'Negative' in case of a
decline in AAF's cash accruals, stretch in its working capital
cycle, or any large debt-funded capital expenditure, weakening its
financial risk profile, particularly liquidity.

AAF was established in 2007 by Mr. Israr Mohammed, Mr. Abid Ali,
Mr. Mohammed Naiem Qureshi, and Mr. Umar Qureshi. AAF started its
business by exporting frozen meat.  Due to the government's change
in policy, the firm could not continue its business in the past
and was generating revenue through rental income from its cold
storage for frozen meat since 2013. Now AAF has obtained license
to operate a slaughter house. The firm is constructing its own
slaughter house which is expected to start operations in December
2015. AAF's slaughter house will at the same place of cold storage
facility in Jhansi (Uttar Pradesh).


AMAR FAST: CRISIL Suspends B+ Rating on INR67.2MM Term Loan
-----------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Amar Fast Food and Restaurant Private Limited (AFRPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term
   Bank Loan Facility     42.8       CRISIL B+/Stable

   Term Loan              67.2       CRISIL B+/Stable

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

Amar Fast Food and Restaurant Private Limited (AFRPL),
incorporated in 2013 as a private limited company by Mr. Tushar
Joshi, his brother Mr. Dinesh Joshi and his son Mr. Hemang Joshi.
AFRPL currently operates a restaurant at Vashi, Navi Mumbai. It
has plans to open similar outlets in Mumbai over the next 12
months.


ANIL NEERUKONDA: CRISIL Suspends B Rating on INR305MM Term Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Anil Neerukonda Educational Society (ANES).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan               305       CRISIL B/Stable

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

ANES was set up in 2000 in the memory of Late Anil Neerukonda. The
society started operations with an engineering college in 2001 and
now operates a medical college, dental college and a nursing
college. Beside the same, the society also provides an MCA course.
The Engineering and MCA courses are accredited to Andhra
University and AICTE affiliated and the medical and dental college
is approved by Medical Council of India (MCI).


B. R. STEEL: CRISIL Assigns B+ Rating to INR82.6MM Cash Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of B. R. Steel Products Private Limited
(BRSPPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            82.6       CRISIL B+/Stable
   Pre Shipment Credit    60.0       CRISIL A4

The ratings reflect the company's volatile profitability due to
fluctuations in raw material prices and constrained debt
protection measures. The ratings also factor in BRSPPL's modest
scale of, working-capital-intensive, operations. These rating
weaknesses are partially offset by the promoters' extensive
experience in the ceramic tile colour manufacturing sector,
established relationship with customers and suppliers, and
moderate capital structure. The ratings also benefit from the
company's assured cash flow from rental income.
Outlook: Stable

CRISIL believes that BRSPPL will benefit over the medium term from
the extensive industry experience of the promoters and their
established relationship with customers and suppliers. The outlook
may be revised to 'Positive' in case of sustained improvement in
the company's scale of operations and profitability leading to
better cash accruals or correction in its working capital cycle.
Conversely, the outlook may be revised to 'Negative' if BRSPPL's
financial risk profile, particularly its liquidity, deteriorates
because of continued losses or further stretch in its working
capital cycle.

During March 2004, BRSPPL was acquired by Mr. J K Dholakia. The
company is engaged in manufacturing ceramic colours. Its unit is
located in Navi Mumbai. The company has manufacturing capacity of
3000 tonnes per annum.


CLASSIC BOTTLE: CRISIL Suspends 'B' Rating on INR190MM Cash Loan
----------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Classic Bottle Caps Private Limited (CBCPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             190       CRISIL B/Stable
   Cash Credit              20       CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility       16.3     CRISIL B/Stable
   Working Capital
   Term Loan                48.7     CRISIL B/Stable

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

CBCPL is a private limited company that manufactures and exports
aluminium closures, poly vinyl chloride (PVC) shrink capsules, and
flexible packaging products. The company was formed as a
partnership firm, Classic Bottle Caps, in 1989 by key promoters
Mr. Sanjeev Seth and Mrs. Asha Rani Motwani. The firm was
reconstituted as a private limited company in 2000. It caters to
various industries such as liquor, beverages, pharmaceuticals, and
fast-moving consumer goods products. The company has manufacturing
facilities in Palwal and Faridabad (both in Haryana).


D.A.R. PARADISE: Ind-Ra Assigns 'IND BB-' Long-Term Issuer Rating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned D.A.R. Paradise
(DARP) a Long-Term Issuer Rating of 'IND BB-' with Stable Outlook.
The agency has also assigned DARP's INR200.0m fund-based working
capital limits a Long-term 'IND BB-' rating with Stable Outlook.

KEY RATING DRIVERS

The ratings reflect DARP's low EBITDA margins and moderate credit
profile. According to the provisional financials for FY15, margins
were 1.6% (FY14: 1.2%), net financial leverage was 8.4x (9.1x) and
interest coverage was 1.9x (1.7x). The ratings are also
constrained by the partnership nature of the entity.

Liquidity is tight as reflected by around 96.8% average working
capital use during the 12 months ended June 2015.

The ratings benefit from the partner's experience of over four
decades in the jewellery business.

RATING SENSITIVITIES

Positive: An improvement in the overall credit metrics or change
in constitution will be positive for the ratings.

Negative: Deterioration in the operating margins leading to the
weakening of the credit metrics will be negative for the ratings.

COMPANY PROFILE

DARP was incorporated as a partnership entity by Mr. D.R.
Raghunathan and his wife Mrs. D.R. Anandalakshmi. DARP
manufactures jewellery and has a retail showroom in Coimbatore.
DARP primarily exports its products to the Middle East. Also, it
has a wind mill power generation centre in Coimbatore.


DAHYABHAI B: ICRA Reaffirms B+ Rating on INR4.0cr Cash Credit
-------------------------------------------------------------
ICRA has re-affirmed [ICRA]B+ rating to the INR4.00 crore long
term fund based cash credit facility of Dahyabhai B Patel. ICRA
has also reaffirmed the [ICRA]A4 rating to the INR5.00 crore short
term facilities of DBP.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Cash Credit             4.00        [ICRA]B+ reaffirmed
   Bank Guarantee          5.00        [ICRA]A4 reaffirmed

The reaffirmation of the ratings takes into account DBP's
geographic and sectoral concentration risks with its operations
being limited to the state of Gujarat in road construction
business as well its modest scale of operations. The ratings also
factor in the limited order book position of INR12.79 crore as on
April 30, 2015 and the high competitive intensity in the
construction space resulting in pressure on the profitability. The
ratings are further constrained by the vulnerability of
profitability to raw material price variations although the same
is mitigated to a large extent on account of presence of price
escalation clause in the contracts. Further, as DBP is a
partnership firm, any substantial withdrawals by the promoters
from its capital account would impact the capital structure.
ICRA however, has favourably factored in the long track record of
the promoters coupled with firm's status as "AA" class registered
contractor; and favorable demand outlook for the construction
sector given the government focus on infrastructure development
and increased public spending. The ratings also factors in the
diversified and reputed client base of government and semi-
government authorities which leads to limited counter-party credit
risks.

Dahyabhai B Patel (DBP), was established in the year 1982 as a
partnership firm and is based out of Vadodara in Gujarat. DBP is
engaged in civil construction and has successfully commissioned a
wide variety of prestigious projects in the field of road
construction in Gujarat. The firm has registration for approved
contractor in 'AA' class and 'Special Category I Building' class
from the state government of Gujarat.

Recent Results
For the FY2013-14, DBP reported an operating income of INR23.84
crore and profit before tax of INR1.16 crore as against operating
income of INR20.99 crore and profit before tax of INR1.06 crore
for the financial year 2012-13.


DESIGN CENTRE: CRISIL Suspends B+ Rating on INR30MM Cash Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Design Centre (DC).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          20        CRISIL A4
   Cash Credit             30        CRISIL B+/Stable
   Medium Term Loan         2.1      CRISIL B+/Stable
   Proposed Term Loan       2.5      CRISIL B+/Stable
   Proposed Working
   Capital Facility        25.4      CRISIL B+/Stable

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

DC, established in 1985, is a partnership concern owned by Mr.
Frederick Vincent and his daughter Ms. Amrita Vincent. The firm
provides end-to-end interior design solutions.


DHARESHWAR GINNING: ICRA Assigns 'B+' Rating to INR6.0cr Loan
-------------------------------------------------------------
A rating of [ICRA]B+ has been assigned to the INR6.00 crore cash
credit facility and INR1.59 crore term loan facility of Dhareshwar
Ginning Industries.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Cash Credit             6.00         [ICRA]B+; assigned
   Term Loan               1.59         [ICRA]B+; assigned

The ratings are constrained by lack of track record of operation
of Dhareshwar Ginning Industries as its commercial production
commenced in April 2014. The ratings are further constrained by
DGI's weak financial profile as reflected by low profitability,
adverse capital structure and weak debt coverage indicators. The
ratings also take into account the low value additive nature of
operations and the intense competition on account of the
fragmented industry structure leading to thin profit margins. The
ratings also factor in the vulnerability to adverse fluctuations
in raw material prices which are subject to seasonal availability
of raw cotton and government regulations on the minimum support
price for the procurement of raw cotton. Further, with DGI being a
partnership firm, any significant withdrawals from the capital
account would affect its net worth and thereby the gearing levels.
The ratings, however, positively factor in the strategic location
of the plant giving it easy access to high quality raw cotton as
well as prior experience of the partners in cotton ginning
business.

Established in 2013, Dhareshwar Ginning Industries was set up as a
partnership firm and is involved in cotton ginning and pressing.
At present it has 24 ginning machine and 1 pressing machine,
having capacity to produce ~100 cotton bales per day. The unit is
located near Rajkot in Gujarat. The firm commenced commercial
operations from April 2014.


DIAMOND INFRA: CRISIL Assigns B+ Rating to INR40MM Cash Credit
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Diamond Infra Constructions Private Limited
(DICPL).
                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Working
   Capital Facility      17.5        CRISIL B+/Stable

   Bank Guarantee        22.5        CRISIL A4

   Cash Credit           40          CRISIL B+/Stable

The ratings reflect DICPL's modest scale of operations in the
fragmented civil construction industry, the company's large
working capital requirements, and its below-average financial risk
profile, marked by a modest net worth and high gearing. These
rating weaknesses are partially offset by the extensive industry
experience of DICPL's promoters.
Outlook: Stable

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

DICPL was originally set up in 1990 by Mr. M A Jesu Raja Rajan as
a proprietary firm; the firm was reconstituted as a private
limited company in 2011. The company undertakes civil construction
works in Tamil Nadu, primarily construction of residential,
commercial and industrial buildings.

DICPL has reported, on a provisional basis, a profit after tax
(PAT) of INR3.4 million on net sales of INR84.0 million for 2014-
15 (refers to financial year, April 1 to March 31); it had
reported a PAT of INR0.9 million on net sales of INR40.6 million
for 2013-14.


ELASTOCHEMIE IMPEX: CRISIL Suspends B- Rating on INR80MM Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Elastochemie Impex Pvt Ltd (EIPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             80        CRISIL B-/Stable
   Proposed Long Term
   Bank Loan Facility      10        CRISIL B-/Stable

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

Established in 1988 by the Mumbai based Sampat family, EIPL is
engaged in the distribution of rubber products. The company has
its registered office in Mumbai, Maharashtra. Mr. Anil Sampat and
his brother Mr. Sunil Sampat oversee the day to day operations of
the company.


EMPKEE ENGINEERS: CRISIL Assigns B- Rating to INR50MM Loan
----------------------------------------------------------
CRISIL has revoked the suspension of its ratings and assigned its
'CRISIL B-/Stable' rating to the long-term bank facilities of
Empkee Engineers Private Limited (EEPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Drop Line Overdraft
   Facility                50        CRISIL B-/Stable (Assigned;
                                     Suspension Revoked)

   Long Term Loan          38.4      CRISIL B-/Stable (Assigned;
                                     Suspension Revoked)

   Proposed Working
   Capital Facility        11.6      CRISIL B-/Stable (Assigned;
                                     Suspension Revoked)

The ratings were suspended by CRISIL on November 23, 2014, as EEPL
had not provided necessary information required to maintain a
valid rating. EEPL has now shared the requisite information,
enabling CRISIL to assign ratings to its bank facilities.

The rating reflects EEPL's modest scale of the operations and
below-average financial risk profile, marked by weak debt
protection metrics. These rating weaknesses are partially offset
by the extensive experience of the company's promoters in the
machining and fabrication industry.
Outlook: Stable

CRISIL believes that EEPL will continue to benefit over the medium
term from its promoters' extensive industry experience and its
established relationships with customers. The outlook may be
revised to 'Positive' in case of significant improvement in the
company's scale of operations and operating profitability,
resulting in a better financial risk profile. Conversely, the
outlook may be revised to 'Negative' if there is a further decline
in EEPL's cash accruals or a stretch in its working capital cycle,
resulting in weakening of its financial risk profile, particularly
its liquidity.

Established in 1996, EEPL undertakes the machining and fabrication
of industrial components primarily used in the heavy engineering
segment. The company's operations are managed by its promoter, Mr.
O M Periasamy.

For 2013-14 (refers to financial year, April 1 to March 31),
Empkee reported a net loss of INR17.72 million on sales of
INR134.18 million, against a net loss of INR9.49 million on sales
of INR81.96 million for 2012-13.


ERAM MOTORS: CRISIL Assigns B Rating to INR330MM Cash Credit
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long term
bank loan facility of Eram Motors Private Limited (Eram).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            330        CRISIL B/Stable

The rating reflects Eram's weak financial risk profile, marked by
high Total outside Liabilities to Tangible Net Worth (TOL/TNW)
ratio and weak debt protection metrics. The rating also factors in
the company's susceptibility to economic slowdowns and to intense
competition in the automobile (auto) dealership segment. These
rating weaknesses are partially offset by the extensive industry
experience of Eram's promoters.
Outlook: Stable

CRISIL believes that Eram will continue to benefit over the medium
term from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' if the company improves its
cash accruals, driven by an increase in its scale of operations
and profitability leading to improved liquidity. Conversely, the
outlook may be revised to 'Negative' if Eram's revenue or
operating profitability declines, or there is large than expected
debt funded capex, or there are delays in receipt of funding
support from its promoters, leading to deterioration in its
financial risk profile

Eram, incorporated in 2009, is an authorised dealer for passenger
vehicles of Mahindra & Mahindra Ltd in Kerala. The company
operates 17 showrooms in Kerala. Eram, a part of the Eram group,
is promoted by Dr. Sideek Ahmed, who has over 25 years of
experience across various verticals.


FAB TRADE: ICRA Suspends B+/A4 Rating on INR12.50cr Bank Loan
-------------------------------------------------------------
ICRA has suspended the [ICRA] B+/[ICRA]A4 rating assigned to the
INR12.50 crore bank facilities of Fab Trade Private Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

Fab Trade Private Limited (FTPL) was incorporated in June 2007 by
Mr. Amit Bavisi and Mrs. Felie Bavisi and is engaged in the
trading of organic chemicals and solvents. The promoters initially
conducted the chemical trading business through a proprietorship
firm viz. Fab Trade Enterprises (FTE), incorporated in August
1997, with Mrs. Felie Bavisi as the proprietor. The promoters
subsequently setup FTPL with Mr. Amit Bavisi having 55% equity
stake and Mrs. Felie Bavisi having 45% equity stake. FTPL took
over the entire operations of FTE in February 2010 and FTE is
currently not engaged in any kind of business activity. FTPL
supplies chemicals and solvents to various industries like paints,
resins, plastics, pharmaceutical, adhesive, textiles etc.


GOOD GREENS: CRISIL Assigns B+ Rating to INR25MM Loan
-----------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Good Greens India Pvt Ltd (GGIPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Working
   Capital Facility        25        CRISIL B+/Stable

   Packing Credit          20        CRISIL A4
   Long Term Loan          10        CRISIL B+/Stable
   Bill Discounting        20        CRISIL A4
   Letter of Credit         5        CRISIL A4

The ratings reflect GPIPL's below-average financial risk profile,
marked by modest net worth and high gearing, small scale of
operations, and large working capital requirements. These rating
weaknesses are partially offset by the extensive experience of
GPIPL's promoters in agriculture.
Outlook: Stable

CRISIL believes GGIPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of significant
improvement in profitability leading to a better financial risk
profile. Conversely the outlook may be revised to 'Negative' if
the company's working capital management weakens or profitability
remains under significant pressure, weakening its financial risk
profile.

Set up in 2009, GGIPL processes and exports gherkins. The company
is based in Chennai and is promoted by Ms. Kavitha Parthibhan, Mr.
Divya Prakash, and Mr. A. Balamurugan.

GGIPL, on a provisional basis, reported profit after tax (PAT) of
INR3.9 million on net sales of INR124.9 million for 2014-15
(refers to financial year, April 1 to March 31), vis-a-vis PAT of
INR0.8 million on net sales of INR82.1 million for 2013-14.


HEERA RICE: CRISIL Suspends 'B' Rating on INR180MM Cash Credit
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Heera
Rice Mills (HRM). The suspension of ratings is on account of non-
cooperation by HRM with CRISIL's efforts to undertake a review of
the ratings outstanding.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             180       CRISIL B/Stable

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

HRM, set up in 2008, mills, processes, and sells basmati rice. It
produces polished as well as unpolished rice to be sold to
exporters in India. The firm has capacity to process around 8
tonnes per hour. HRM, based in Karnal (Haryana), is managed by Mr.
Satish Goel and his family members.


IENERGIZER LIMITED: Moody's Cuts Corporate Family Rating to 'B3'
----------------------------------------------------------------
Moody's Investors Service has downgraded the corporate family and
senior secured bank credit facility ratings of iEnergizer Limited
to B3 from B2. At the same time, Moody's has placed the ratings
under review for further downgrade.

RATINGS RATIONALE

"The rating action follows iEnergizer's weak earnings for the
fiscal year ended 31 March 2015 (FY2015) that required an equity
cure to prevent a covenant breach, and the unexpected resignation
of its chief financial officer, Neil Campling," says Kaustubh
Chaubal, a Moody's Vice President and Senior Analyst.

The ratings remain under review for further downgrade because,
without a significant expansion of its EBITDA, the company will
struggle to remain compliant with its tight covenants.

"The likelihood of a covenant breach has increased; a failure to
cure any covenant breaches would result in an event of default
which, if triggered, will result in an acceleration of repayment
of the bank facilities," adds Chaubal, who is also the Lead
Analyst for iEnergizer.

iEnergizer's results for FY2015 were weaker than Moody's had
expected. The company reported revenues of $139 million and EBITDA
of $29.1 million, down 10% and 35% respectively from the previous
year.

The weak performance in FY2015 was attributed to its mainstay and
historically profitable digital content business that reported a
21% revenue decline and an operating loss. The poor performance of
the digital content business was due to: 1) a rapid decline in its
highly profitable XBRL project; 2) lower growth in its banking,
financial services and insurance vertical; 3) loss of a digital
solutions customer that was the subject of a takeover leading to
the movement of business to its own captive solution, and 4) a
change in its customers' businesses.

While iEnergizer reduced its reported debt to $109 million
following the equity cure applied towards debt retirement -- down
from $112 million in March 2015 and $124 million in March 2014 --
its weak operating performance will continue to pressure the
ratings as the company struggles to comply with its tight
covenants.

To comply with its leverage covenant of 3.5x at March 2015, the
company raised $3.3 million by issuing fresh equity and applied
the same towards debt reduction. The covenant tightened to 3.35x
in June 2015 and will further tighten to 2.95x by March 2016. To
meet this requirement, iEnergizer will need to improve its
operating performance with EBITDA above $33 million in FY2016.

Pressure on iEnergizer's ratings is further exacerbated by its
weak liquidity. It had a small cash balance of $13 million at 31
March 2015 and lacks a committed working capital facility.

The ratings could also come under downward pressure if iEnergizer
adopts an overly aggressive acquisition policy.

Moody's is also concerned about the lack of stability in the top
management of the company, as reflected in the resignation of its
CEO Anand Nataraj in December 2014 and the resignation of its CFO
Neil Campling in July 2015. Departures in the top management team
at such frequent intervals is alarming at a time when the company
needs to grow its business amid a challenging operating
environment. Moody's expects iEnergizer to be increasingly
dependent on its founder promoter Mr. Anil Aggarwal until the CEO
and CFO positions are filled in.

The ratings review will focus on the resolution of iEnergizer's
tight covenant position under its loan facilities and the
company's operating performance while it conducts its search for a
new CEO and CFO.

The ratings could be downgraded if iEnergizer fails to obtain a
relaxation of its covenants or if it fails to achieve cumulative
EBITDA of $30 million over a 12-month period, such that its
covenant headroom remains tight.

The ratings could be maintained at B3 if: (1) iEnergizer
successfully renegotiates its bank facilities and obtains
relaxations under its current tight bank covenants, increasing its
headroom under the covenants; (2) the company raises equity and
applies the proceeds towards debt reduction, thus expanding its
headroom under the covenants; or (3) the company secures new
contracts, such that EBITDA falls within the range of $35-$40
million.

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

iEnergizer Limited is an international business process
outsourcing company, incorporated in Guernsey. It is listed on the
London Stock Exchange's Alternative Investment Market. EICR Cyprus
Ltd., ultimately owned by Mr. Anil Aggarwal, the founder and non-
executive director of the company, holds 80.41% of iEnergizer.

iEnergizer is primarily engaged in the business of call center
operations, business process outsourcing services, content
delivery services and back office services.

After the company acquired Aptara Inc. in February 2012 for $150
million, it expanded its business services to include the
provision of content process outsourcing solutions, as well as the
delivery of a comprehensive offering for the transformation and
management of content such as text, audio, video and graphic
files.

At 31 March 2015, 13,424 employees -- including subcontracted
staff -- worked for iEnergizer from delivery centers in India, the
US, UK, Mauritius, Australia and France. It reported revenues
totaling $139 million during the year ended 31 March 2015 and pre-
tax income of $8.6 million.


INTERNATIONAL WEAR: ICRA Suspends 'B' Rating on INR0.80cr LT Loan
-----------------------------------------------------------------
ICRA has suspended the [ICRA]B rating assigned to the INR0.80
crore long term fund based facilities and [ICRA]A4 rating assigned
to the INR1.20 crore short term non-fund based facilities of
International Wear Solutions Private Limited. The suspension
follows ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.


JAYACHITRA GARMENTS: Ind-Ra Affirms 'IND BB' LT Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Jayachitra
Garments' (Jayachitra) Long-Term Issuer Rating at 'IND BB'. The
Outlook is Stable. The agency has also affirmed the following
ratings on the company's bank loans:

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
Fund-based working      125.00      'IND BB'/Stable
capital limits
Long-term loans          13.74      'IND BB'/Stable'
Non-fund-based
working capital           1.00      'IND A4+'
limits

KEY RATING DRIVERS

The affirmation reflects JG's continued small scale of operation
with revenue of INR378m, according to provisional financial for
FY15 (FY14: INR466m). The ratings also reflect the firm's moderate
credit profile with interest coverage of 4x in FY15 (FY14: 3.2x),
net financial leverage of 2.6x (3.4x) and EBITDA margins of 9.2%
(6.85%).

The ratings continue to factor in JG's high customer concentration
risk as 93% of the total sales comes from its top three customers
and the company's partnership structure of business.

The ratings, however, benefit from the over two-decade-long
experience of JG's founders in the manufacturing and export
business.

RATING SENSITIVITIES

Positive: An improvement in the scale of operation along with an
improvement in the overall credit profile will lead to a positive
rating action.

Negative: A decline in the profitability leading to deterioration
in the credit profile will lead to a negative rating action.

COMPANY PROFILE

JG is a partnership firm, incorporated by A Ramaswamy and S
Jayanthi in 1990. The firm manufactures and exports garments to
the UK and Canada. The company undertook capex of INR17.31m during
FY15 for purchasing machinery.


K.R.R. ENGINEERING: CRISIL Assigns B+ Rating to INR27.1MM Loan
--------------------------------------------------------------
CRISIL has revoked the suspension of its ratings on the bank
facilities of K.R.R. Engineering Private Limited (KRR) and has
assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to these
facilities. CRISIL had, on June 25, 2015, suspended the ratings as
KRR had not provided the necessary information required for taking
a rating view. The company has now shared the requisite
information, thereby enabling CRISIL to assign ratings to its bank
facilities.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          50        CRISIL A4 (Assigned;
                                     Suspension Revoked)

   Cash Credit             15        CRISIL B+/Stable (Assigned;
                                     Suspension Revoked)

   Letter of Credit        30        CRISIL A4 (Assigned;
                                     Suspension Revoked)

   Proposed Long Term      27.1      CRISIL B+/Stable (Assigned;
   Bank Loan Facility                Suspension Revoked)

   Term Loan                5        CRISIL B+/Stable (Assigned;
                                      Suspension Revoked)

The ratings reflect the extensive experience of KRR's promoters in
the steel fabrication industry, and the company's above-average
financial risk profile, marked by healthy gearing and debt
protection metrics. These rating strengths are partially offset by
KRR's modest scale of operations in an intensely competitive
industry, and its large working capital requirements.
Outlook: Stable

CRISIL believes that KRR will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company significantly
scales up its operations while maintaining its capital structure,
leading to a substantial increase in its cash accruals.
Conversely, the outlook may be revised to 'Negative' if KRR's
revenue or profitability is low, or there is a further stretch in
its working capital cycle, or it undertakes a large debt funded
capital expenditure programme, resulting in weakening of its
financial risk profile.

KRR was originally set up as a proprietorship concern, KRR
Engineering Enterprises, by Mr. K R Ramaswamy in 1976; the firm
was reconstituted as a private limited company with the present
name in 1986. KRR, based in Chennai, undertakes heavy fabrication
and machining for a wide range of process industries. KRR has 40
years of experience as a process plant manufacturer and looks at
expanding its business both in-country and export markets.
Mr.Sakthivel Ramaswamy, a graduate from the Sloan School of
Management, MIT Boston; with specialization in Emergent
Technologies, has been recently appointed as the Managing Director
of the Company.


KAPTON ALLOYS: ICRA Suspends 'B' Rating on INR7cr Fund Based Loan
-----------------------------------------------------------------
ICRA has suspended the [ICRA]B rating assigned to the INR7.00
crore long term fund-based facilities of Kapton Alloys Private
Limited. ICRA has also suspended the short term rating of [ICRA]A4
assigned to INR1.00 crore short term facilities of KAPL. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

Kapton Alloys Private Limited (KAPL) was incorporated in August
2012 and is engaged in the manufacture of mild steel billets. The
manufacturing site is located at Kabodara village in the
Sabarkantha district of Gujarat and has an installed capacity of
15,000 MT per annum for producing billets.


KBR AGRO: ICRA Assigns B Rating to INR8.0cr Cash Credit
-------------------------------------------------------
ICRA has assigned its rating of [ICRA]B to the INR10 crore long
term fund based facilities of KBR Agro Industries (KBR).

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund Based Limits-
   Cash Credit             8.00         [ICRA]B; assigned

   Fund Based Limits-
   Term Loan               2.00         [ICRA]B; assigned

ICRA's rating takes into account the highly competitive and low
value additive nature of the rice milling industry, which coupled
with the firm's limited pricing power and small scale of
operations, has resulted in relatively weak profitability
indicators. The firm's high working capital intensity due to high
inventory levels has resulted in stretched liquidity. This has
translated into a weak financial profile as characterized by weak
capital structure and thin profitability leading to weak debt
coverage indicators. ICRA also factors in the vulnerability of the
firm's operations to agro climatic risks, which can affect the
pricing and availability of paddy. However, the rating positively
factors in the extensive experience of the partners, having more
than 15 years of experience in the rice processing and trading
industry. The rating also takes into account the stable demand
outlook for rice and the favourable location of the milling unit
as it falls within one of the major paddy cultivating regions of
the country thereby facilitating ease of sourcing.

Going forward the ability of the firm to register a sustained
improvement in its profitability and liquidity, will be the key
rating sensitivities.

Established in October 2013, KBR Agro Industries is a partnership
firm with Mr. Bhagwan Dass Singla, Mr. Krishan Murari and Mrs
Adesh Singla as the partners. The firm is engaged in milling,
processing and trading of basmati and non basmati rice. The firm's
plant is located at Jundla near Karnal (Haryana) and has a milling
capacity of 5 Tonnes Per Hour (TPH) and a sorting capacity of 5
TPH.

Recent results
As per provisional financials for 2014-15 (the first full year of
operations), the company reported profit before tax of INR0.75
crore on an operating income of INR29.35 crore.


KHANDELWAL TRADERS: ICRA Suspends 'B' Rating on INR8cr Bank Loan
----------------------------------------------------------------
ICRA has suspended the [ICRA] B rating assigned to the INR8.00
crore bank facilities of M/s Khandelwal Traders. The suspension
follows ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.

Established in 1979, M/s Khandelwal Traders is a partnership
entity promoted by Mr. Rajgopal Khandelwal, Mr. Naresh Khandelwal,
and Mr. Krishnamurari Khandelwal. The firm is involved in cotton
and polyester yarn trading and operates out of the Yarn Market in
Tamba Kanta, Mumbai.


KUDU FABRICS: Ind-Ra Assigns 'IND B+' Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Kudu Fabrics
(Kudu) a Long-Term Issuer Rating of 'IND B+'. The Outlook is
Stable. The agency has also assigned Kudu's INR130m fund-based
working capital limits Long-term 'IND B+' with Stable Outlook and
Short-term 'IND A4' ratings.

KEY RATING DRIVERS

The ratings are constrained by Kudu's small scale of operations,
low and deteriorating EBITDA margins and weak credit metrics due
to its presence in the highly fragmented and competitive garments
industry. According to the provisional financials for FY15, top-
line was INR522.38m (FY14: INR453.36m), EBITDA margins were 7.25%
(8.33%), interest coverage was 1.39x (1.37x) and net leverage
ratio was 3.69x (4.36x).

The ratings are also constrained by Kudu's working capital
intensive business and tight liquidity position as evident by its
over 97.73% average working capital utilisation for the six months
ended June 2015. The ratings are further constrained by the fact
that Kudu is a partnership firm.

The ratings are supported by the 40 years of experience of Kudu's
promoters in the textile industry, and the company's strong
relationship with its customers and suppliers.

RATING SENSITIVITIES

Positive:  A significant increase in the revenue along with an
improvement in the credit metrics will be positive for ratings.

Negative: Any decline in the revenue and EBITDA margins leading to
deterioration in the credit metrics could lead to a negative
rating action.

COMPANY PROFILE

Incorporated on 1998, Kudu manufactures knitted fabrics and
garments. It produces some of the basic fabrics in huge
quantities: cotton lycra, p/c lycra, polyester lycra, single
jersey auto strippers, pique auto strippers, interlock auto
strippers, rib auto strippers, transfer jacquard, and single
jersey jacquard in double mercerised, etc.


MAHESWARI FERTILIZERS: CRISIL Rates INR50MM Cash Credit at 'B'
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Maheswari Fertilizers (MF).

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

The rating reflects MF's modest scale- and working capital
intensive nature- of operations resulting in weak liquidity. The
rating also reflects the susceptibility of its revenues and
profitability margins to changes in government policy and erratic
monsoons. These rating weaknesses are partially offset by the
extensive experience of MF's promoters in the fertiliser
manufacturing industry and moderate financial risk profile marked
by comfortable gearing and moderate debt protection metrics albeit
constrained by small networth.

Outlook: Stable

CRISIL believes that MF will continue to benefit over the medium
term from its promoters' extensive experience in the fertilizer
manufacturing industry. The outlook may be revised to 'Positive'
in case of a significant increase in revenues and profitability
leading to improvement in the financial risk profile of the firm.
Conversely, the outlook may be revised to 'Negative' in case of a
decline in its revenue or profitability, or if there is
significant stretch in working capital cycle, or if the firm
undertakes larger than expected debt funded capex, resulting in
deterioration in financial risk profile.

MF is a partnership firm set up in September 2009. It manufactures
nitrogen-phosphorous-potassium (NPK) based mixture fertilizers of
various grades. Promoted by Mr.V.Rami Reddy and his associates,
the firm has its manufacturing facility located in Kadapa (Andhra
Pradesh).

MF, on a provisional basis, reported a profit after tax (PAT) of
INR8.9 million on net sales INR501.8 million for 2014-15 (refers
to financial year, April 1 to March 31); it reported a PAT of
INR4.2 million on net sales of INR401 million for 2013-14.


MAHI GRANITES: CRISIL Suspends B+ Rating on INR350MM Loan
---------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Mahi Granites Pvt Ltd (MGPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Foreign Bill
   Discounting             350       CRISIL B+/Stable

   Foreign Letter
   of Credit               125       CRISIL A4

   Standby Line of
   Credit                   65       CRISIL B+/Stable

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

MGPL was set up in 2004 by Mr. G Krishna Rao. It processes and
polishes rough granite blocks into granite slabs. The company is a
100 per cent export oriented unit and is based in Hyderabad
(Andhra Pradesh).


MEGATRONIC POWER: ICRA Assigns B- Rating to INR4.0cr Cash Credit
----------------------------------------------------------------
ICRA has assigned the long term rating of [ICRA]B- to the INR7.11
crore fund based limits and short term rating of [ICRA]A4 to
INR1.50 crore non fund based limits of Megatronic Power and
Infrastructure Private Limited. ICRA has also assigned ratings of
[ICRA]B-/[ICRA]A4 to the INR0.39 crore unallocated limits of
MPIPL.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Cash Credit              4.00       [ICRA]B- assigned
   Term Loan                3.11       [ICRA]B- assigned
   Letter of Credit         0.75       [ICRA]A4 assigned
   Bank Guarantee           0.75       [ICRA]A4 assigned
   Unallocated              0.39       [ICRA]B-/[ICRA]A4 assigned

The assigned rating takes into account the modest scale of
operations of the company in the highly competitive cable
manufacturing industry due to the presence of many organised
players ; high working capital intensity of the business owing to
high debtor levels; and the vulnerability of profit margins of the
company to fluctuations in raw material and labour costs. The
rating also considers the tender nature of the orders limiting the
profitability levels for the company. The ratings, however,
favourably factor in the extensive experience of promoters in the
cable manufacturing business and the healthy growth prospects in
the wires and cables industry aided by government and private
impetus in various sectors such as infrastructure, power, etc.
Going forward the ability of the company to scale up its
operations while maintaining the working capital requirements will
be the key rating sensitivity.

Megatronic Power & Infrastructure Private Limited (MPIPL) was
incorporated in 2011 and started its operations from June, 2013
onwards. The company is promoted by Mr. P. Muralinath Reddy & Mrs.
P. Vijaya Reddy and its manufacturing unit is located in
Mahaboobnagar, Telangana. The company is involved in the
manufacturing of cables for various usages such as telecom,
electricity, railways, etc.

Recent Results
According to provisional FY15 financials, the company registered
an operating income of INR9.39 crore and net profit of INR0.13
crore as compared to an operating income of INR11.03 crore and net
profit of INR0.08 crore during FY14.


NOVELTY REDDY: CRISIL Suspends B+ Rating on INR95MM Cash Credit
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Novelty
Reddy and Reddy Motors Pvt Ltd (Novelty).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee         15      CRISIL A4
   Cash Credit            95      CRISIL B+/Stable

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

Incorporated in 2007, Novelty is an authorised dealer of Maruti
Suzuki India Ltd's entire range of passenger cars, and spares and
accessories. Novelty has two showrooms cum service stations in
Bhimavaram and Tanuku (both in Andhra Pradesh) and four display
branches in West Godavari (Andhra Pradesh). Mr. Goluguri Rama
Krishna Reddy is the company's managing director.


OSHINA EXPO: ICRA Assigns 'B' Rating to INR5.0cr Cash Credit
------------------------------------------------------------
ICRA has assigned its long term rating of [ICRA]B and its short
term rating of [ICRA]A4 to the INR10 crore bank limits of
Oshina Expo Pvt. Ltd.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Cash Credit             5.00         [ICRA]B; (Assigned)
   Unallocated             4.00         [ICRA]B; (Assigned)
   Letter of Credit        1.00         [ICRA]A4; (Assigned)

ICRA's ratings are constrained by OEPL's modest scale of
operations and the intensely competitive industry scenario owing
to the presence of a large number of players. This has resulted in
low profit margins and a weak financial profile characterised by,a
leveraged capital structure and weak debt protection metrics. The
ratings also take into account the vulnerability of OEPL's
profitability to increase in prices of key raw materials, as well
as any adverse variations in foreign exchange rates, as a
proportion of purchases are through imports. The ratings, however,
derive comfort from the extensive experience of the promoters in
the footwear industry, along with the company's established
relationships with reputed customers, which support the order
flow.

Going forward the company's ability to bring about a sustained
improvement in its profitability and improve its capital structure
will be the key rating sensitivities.

OEPL was established as a proprietorship concern in 2002 by Mr
Samit Jain and his family members and the firm was converted into
a private limited company in 2012. OEPL deals in manufacturing and
trading of footwear. The manufacturing facility of the firm is
located in Sahibabad, Uttar Pradesh.

Recent Results
In 2013-14, OEPL reported a net profit of INR0.40 crore on an
operating income of INR60.28 crore as against a net profit of
INR0.20 crore on an operating income of INR40.81 crore in the
previous year. As per provisional 2014-15 financials, OEPL
reported profit before tax of INR0.34 crore on an operating income
of INR77.30 crore.


P.C. THOMAS: CRISIL Assigns B Rating to INR85MM Cash Credit
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of P.C. Thomas & Co. (PCTC).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee         135        CRISIL A4
   Cash Credit             85        CRISIL B/Stable

The ratings reflect PCTC's modest scale and working capital
intensive nature of operations, and its susceptibility to risks
related to its tender-based business model. These rating
weaknesses are partially offset by the extensive experience of
PCTC's partners in the construction industry and the firm's
moderate financial risk profile, marked by moderate gearing and
debt protection metrics, though constrained by a small net worth.
Outlook: Stable

CRISIL believes that PCTC will continue to benefit over the medium
term from its healthy order book and its promoters' extensive
industry experience. The outlook may be revised to 'Positive' if
PCTC reports significant growth in its revenue while sustaining
its profitability and maintaining its capital structure, leading
to improvement in its business and financial risk profiles.
Conversely, the outlook may be revised to 'Negative' if the firm
reports significantly low cash accruals or if its working capital
cycle increases, leading to a stretch in its liquidity.

Established in 1964 as a partnership firm in Mamangalam, Kochi, by
the late Mr. P C Thomas, PCTC undertakes civil construction work
for the Central Public Works Department (CPWD) and central
government departments. Mr. Paul Thomas is the firm's current
managing director.


PAN EMPIRE: ICRA Suspends 'B' Rating on INR19.50cr Cash Credit
--------------------------------------------------------------
ICRA has suspended [ICRA]B rating assigned to the INR19.50 crore
long term working capital facilities & [ICRA]A4 rating assigned to
the INR0.50 crore, short term non fund based facilities of
Pan Empire India Private Limited. 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- Cash
   Credit                  19.50        [ICRA]B suspended

   Fund Based-
   EPC/FBD/PCFC           (19.50)       [ICRA]A4 suspended

   Non Fund Based-
   LC/Buyer's Credit      (10.00)       [ICRA]A4 suspended

   Non Fund Based-
   Credit Exposure Limit    0.50        [ICRA]A4 suspended

Pan Empire India Private Limited was initially incorporated in the
year 2011 as a partnership firm and was converted into a private
limited company in May 2013 by addition of two new shareholders
namely Mr. Tushar P. Kansagara and Mr. Badal N. Kansagara to the
existing partners of the earlier firm. The company is engaged in
trading of metal scrap and agro commodities such as cotton bales,
cottonseeds, raw cashew nuts, cashew kernel, wheat and deals in
iron scrap, pig iron scrap and re- rolling scrap. The management
of the company is looked after by Mr. Arvind P. Patel, Mr. Alpesh
V. Patel and Mr. Tushar P. Kansagara.


RCM INFRASTRUCTURE: CRISIL Rates INR170MM WC Term Loan at B+
------------------------------------------------------------
CRISIL has revoked the suspension of its ratings on the bank
facilities of RCM Infrastructure Ltd (RCM), and has assigned its
'CRISIL B+/Stable/CRISIL A4' ratings to the bank facilities. The
ratings had earlier been suspended by CRISIL as per its rating
rationale dated September 15, 2014, owing to RCM's noncooperation
with CRISIL's efforts to undertake a review of the outstanding
ratings. RCM has now shared the requisite information, enabling
CRISIL to assign ratings to the bank facilities.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          880       CRISIL A4 (Assigned;
                                     Suspension Revoked)

   Cash Credit             132.9     CRISIL B+/Stable (Assigned;
                                     Suspension Revoked)

   Inland/Import Letter    200       CRISIL A4 (Assigned;
   of Credit                         Suspension Revoked)

   Working Capital         170       CRISIL B+/Stable (Assigned;
   Term Loan                         Suspension Revoked)

   Foreign Letter of       100       CRISIL B+/Stable (Assigned;
   Credit                            Suspension Revoked)

   Letter Of Guarantee     700       CRISIL A4 (Assigned;
                                     Suspension Revoked)

   Open Cash Credit        100       CRISIL B+/Stable (Assigned;
                                     Suspension Revoked)

   Funded Interest          17.1     CRISIL B+/Stable (Assigned;
   Term Loan                         Suspension Revoked)

The ratings reflect RCM's exposure to risks relating to tender-
based operations, intense competition in the civil construction
industry, and working capital intensity in business. These
weaknesses are partially offset by the benefits derived from the
promoter's extensive industry experience and moderate order book,
providing revenue visibility.
Outlook: Stable

CRISIL believes that RCM will continue to benefit over the medium
term from the promoters' extensive industry experience. The
outlook may be revised to 'Positive' if RCM reports significant
improvement in working capital management, driven by earlier-than-
expected realisation of receivables, thus improving its liquidity.
Conversely, the outlook may be revised to 'Negative', if RCM
reports stretched working capital cycle or cost or time overruns
in project implementation, thus weakening its liquidity.
About the Company

Incorporated in 2009, RCM is a turnkey contractor for civil
engineering activities, primarily road construction and laying of
drinking water pipelines. RCM's operations are managed by its
promoter-director Mr. K S Chowdry.

For 2013-14 (refers to financial year, April 1 to March 31), RCM
had profit after tax (PAT) of INR55.38 million on total revenue of
INR2.08 billion, against a PAT of INR51.53 million on net sales of
INR1.82 billion for 2012-13.


RD BROWN: CRISIL Assigns 'B' Rating to INR135MM LT Loan
-------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facilities of RD Brown Box Packaging Private Limited (RDBB).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term
   Bank Loan Facility     135         CRISIL B/Stable
   Cash Term Loan          80         CRISIL B/Stable
   Overdraft Facility      35         CRISIL B/Stable

The rating reflects RDBB's modest scale of operations in the
intensely competitive packaging industry and below-average
financial risk profile marked by high gearing. These rating
weaknesses are partially offset by the extensive industry
experience of RDBB's promoters and their established customer
relationships.
Outlook: Stable

CRISIL believes that RDBB will benefit from the extensive industry
experience of the promoters. The outlook may be revised to
'Positive' if the company's scale of operations improves
substantially, while maintaining its profitability, leading to an
improvement in its financial risk profile. Conversely, the outlook
may be revised to 'Negative' if RDBB's liquidity weakens most
likely because of lower-than-expected revenue and profitability
owing to delays in commercialization of its new unit.

Incorporated in 1984, Chennai based RDBB, manufactures corrugated
boxes. The daily activities of the company is managed by the
managing director, Mr. Bhagwan Doss.

RDBB, provisionally, reported a profit after tax (PAT) of INR4.4
million on total revenue of INR157.0 million for 2014-15 (refers
to financial year, April 1 to March 31), against a profit of
INR1.76 million on total revenue of INR120.3 million for 2013-14.


ROYAL'S EDUCATION: ICRA Withdraws 'D' Rating on INR7.40cr Loan
--------------------------------------------------------------
ICRA has withdrawn its [ICRA]D rating on the INR7.40 crore term
loan and INR1.25 crore unallocated limits of Royal's Education
Society (RES) and has placed the [ICRA]D rating on the society's
INR1.35 crore long-term, working capital facilities on notice of
withdrawal for one month, at the request of the society. As per
ICRA's 'Policy on Withdrawal of Credit Rating', the aforesaid
ratings will be withdrawn after one month from the date of this
withdrawal notice.

Incorporated in 2004, RES was set up by its promoters to
establish, run and maintain educational institutions. RES
currently runs four colleges which impart education in various
fields such as management, engineering and arts & education. The
society has a 677861 Square Feet campus in Debari, Udaipur
(Rajasthan).


SADGURU ISPAT: ICRA Suspends B+ Rating on INR5.50cr Bank Loan
-------------------------------------------------------------
ICRA has suspended the [ICRA]B+ rating assigned to the INR5.50
crore fund-based bank facilities of Sadguru Ispat Pvt. Ltd.
(SIPL). The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.


SAHARA GROUP: Court Orders Sale of Assets, Receivers Appointment
----------------------------------------------------------------
Reuters reports that the Supreme Court on August 3 asked the
Securities and Exchange Board of India (Sebi) to submit an
application by September 14 seeking its approval to appoint a
receiver to auction conglomerate Sahara's assets and refund
investors in the troubled group's illegal bonds.

Reuters says the court in June said the group needed to repay the
entire $5.7 billion the court says it owes investors in illegal
bonds within the next 18 months to secure the release of its
jailed founder Subrata Roy.

According to the report, the group has been trying to raise funds
against its properties since the arrest of Roy in March 2014 after
Sahara failed to comply with an earlier court order to refund
money it had raised from millions of investors by selling them the
bonds.

Sahara, whose assets include the landmark hotels Plaza in New York
and Grosvenor House in London, has in the past year made several
failed attempts to raise the money from its hotels and some other
properties in India, Reuters discloses.

The Supreme Court is "contemplating" appointing a receiver to
auction Sahara properties, Shekhar Naphade, an independent lawyer
advising the Supreme Court on the case against Roy, told Reuters.

A final decision on this would be taken by the court after Sebi,
which is seeking redress for investors in the company's bond
programme, submits its application, he said, Reuters relays.

The report says the court is expected to take a decision on the
auctioning of Sahara properties on September 14.

Reuters adds that Sahara, once one of India's most high-profile
firms, said in a media statement after the court proceedings the
Supreme Court had "appreciated the difficulties" that the group
was currently facing in selling the properties.

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 15, 2013, The Economic Times said the Securities & Exchange
Board of India (Sebi) on Feb. 13, 2013, seized bank accounts and
properties of two Sahara Group companies and its promoter, Subrata
Roy.  The move comes following the group's failure to refund
INR24,000 crore to investors as directed by the Supreme Court.

Sahara Group operates businesses ranging from finance, housing,
manufacturing and the media.  Sahara also sponsors the Indian
hockey team and owns a stake in Formula One racing team, Force
India.


SARANYA ELECTRONICS: CRISIL Suspends 'D' Rating on INR60MM Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Saranya
Electronics Pvt Ltd (SEPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          10        CRISIL D
   Cash Credit             60        CRISIL D

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

SEPL was incorporated in 2003 by Mrs. C Sailaja and Mrs. K Radhika
to take over the business of the partnership firm - Sri
Communications, which was established in 1998. SEPL develops
electronic and telecommunication equipments mainly for the Indian
Railways. The company is based in Hyderabad, Andhra Pradesh.


SARASWATHY ENTERPRISERS: CRISIL Rates INR110MM LT Loan at B-
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the bank
facility of Saraswathy Enterprisers (SE).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Long Term Loan          110       CRISIL B-/Stable

The rating reflects SE's below-average financial risk profile
marked by modest net worth and debt protection metrics. The rating
also factors in the SE's initial and small scale of operations and
its exposure to cyclicality and to intense competition in the
hospitality segment. These rating weaknesses are partially offset
by the benefits derived by extensive industry experience of
promoters and its strategic location.
Outlook: Stable

CRISIL believes SE will benefit over the medium term from its
promoters extensive industry experience and its strategic
location. The outlook may be revised to 'Positive' in case of
substantial improvement in occupancy and average room rate,
leading to improvement in revenue, and consequently, financial
risk profile. Conversely, the outlook may be revised to 'Negative'
in case of large debt-funded capital expenditure or decline in
revenues, leading to deterioration in financial risk profile.

Established in 2005, SE operates a 4 star hotel in Coimbatore
(Tamil Nadu). The firm is promoted by Mr. N.Chinnaswamy and his
family.


SAVERA FARMS: CRISIL Suspends B- Rating on INR42.5MM Cash Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Savera Farms (SF).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            42.5       CRISIL B-/Stable
   Long Term Loan         29.7       CRISIL B-/Stable

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

Set up in 2005, SF is a partnership entity engaged in the
production of commercial eggs. The firm is promoted by Mr. R
Velusamy and his son, Mr. V Rajasekaran.


SHREE SHYAM: CRISIL Lowers Rating on INR40MM Corp. Loan to B+
-------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Shree Shyam Pipes Pvt Ltd (SSPL) to 'CRISIL B+/Stable/CRISIL A4'
from 'CRISIL BB/Stable/CRISIL A4+'.

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

   Cash Credit             30        CRISIL B+/Stable (Downgraded
                                     from 'CRISIL BB/Stable')

   Corporate Loan          40        CRISIL B+/Stable (Downgraded
                                     from 'CRISIL BB/Stable')

   Letter of Credit        15        CRISIL A4 (Downgraded from
                                     'CRISIL A4+')

The rating downgrade reflects CRISIL's belief that SSPL's business
and financial risk profiles, particularly its liquidity, will
remain weak over the medium term due to the company's low expected
operating margin on account of intense competition in the copper
industry and volatility in raw material prices. SSPL's net worth
eroded to less than INR1 million as on March 31, 2015, from
INR28.5 million as on March 31, 2012 on account of net losses.

Furthermore, SSPL's financial risk profile is expected to remain
weak over the medium term due to low expected profitability
resulting in minimal, if any, accretion to reserves. SSPL, on a
provisional basis, reported negative net cash accruals of INR5.5
million in 2014-15 (refers to financial year, April 1 to
March 31). This has resulted in weak interest coverage ratio of
around 0.2 times in 2014-15. However, the company's financial risk
profile draws support from unsecured loans extended by its
promoter; the same were at INR74 million as on March 31, 2015. The
liquidity is also backed by absence of any scheduled term debt
repayments over the medium term.

The ratings reflect SSPL's weak financial risk profile and small
scale of operations in a fragmented industry. These rating
weaknesses are partially offset by the extensive experience of
SSPL's promoter in the copper industry.
Outlook: Stable

CRISIL believes that SSPL will continue to benefit over the medium
term from its promoter's extensive industry experience. However,
the company's business risk profile will remain weak on account of
its exposure to intense competition, and volatility in raw
material prices. The outlook may be revised to 'Positive' if the
company's scale of operations and profitability improve
significantly, leading to higher cash accruals, or its capital
structure improves, most likely driven by equity infusion.
Conversely, the outlook may be revised to 'Negative' if SSPL's
scale of operations and profitability decline, leading to low cash
accruals, or if its financial risk profile, particularly its
liquidity, deteriorates significantly.

SSPL was established in 1980 by Mr. Ajay Gupta. The company
manufactures copper pipes and copper tubular components. Its unit
in Noida (Uttar Pradesh) has a capacity of around 1800 tonnes per
annum. SSPL's products are used by manufacturers of air-
conditioners and refrigerators.


SRI KRISHNA: CRISIL Assigns 'B' Rating to INR7.5MM Cash Credit
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Sri Krishna Timber Mart & Saw Mill (SKTM).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Inland/Import Letter
   of Credit               75        CRISIL A4

   Bill Negotiation         7.5      CRISIL A4

   Cash Credit              7.5       CRISIL B/Stable

The ratings reflect SKTM's small scale of operations in the highly
fragmented timber industry, its below-average financial risk
profile, marked by a high total outside liabilities to tangible
net worth ratio, and its working-capital-intensive operations.
These rating weaknesses are partially offset by the extensive
industry experience of the firm's promoters and its established
regional market position in the timber trading and saw mill
business.
Outlook: Stable

CRISIL believes that SKTM will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the firm significantly
scales up its operations while maintaining its operating
profitability and improving its working capital management,
resulting in a better financial risk profile. Conversely, the
outlook may be revised to 'Negative' if SKTM's cash accruals
decline, or its working capital management weakens, or if the firm
undertakes large debt-funded capital expenditure programme,
weakening its financial risk profile.

SKTM, set up in 1985 as a proprietorship firm, trades in timber.
The firm, based in Salem (Tamil Nadu), is promoted by Mr. Krishna
Raj.

For 2013-14 (refers to financial year, April 1 to March 31), SKTM
reported a profit after tax (PAT) of INR1.2 million on net sales
of INR123.6 million, against a PAT of INR0.6 million on net sales
of INR86.5 million for 2012-13.


SRI SAI: ICRA Reaffirms 'B' Rating on INR10cr Cash Credit
---------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B assigned to
INR20.00 crore fund based limits of Sri Sai Baba Cotton
Industries.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Cash Credit             10.00      [ICRA]B reaffirmed
   Export Packing Credit   10.00      [ICRA]B reaffirmed

The rating reaffirmation continues to be constrained by SSBCI's
weak financial profile characterized by low profitability inherent
in the ginning business, high gearing at 3.74 times as on March
31, 2014 and modest coverage indicators with interest coverage
ratio at 1.41 times, NCA/Debt at 4% for FY2014. The rating is also
constrained by moderate scale of operations, intense competition
in the cotton ginning industry and susceptibility of its margins
to fluctuations in the raw cotton prices. However, the rating
favourably factors in the experienced management, improvement in
capital structure owing to infusion of fresh capital by partners
and easy access to the raw material on account of proximity to
cotton growing areas resulting in savings on transportation costs.

Sri Sai Baba Cotton Industries (SSBCI) is engaged in cotton
ginning and pressing with the product mix of cotton bales and
cottonseed. It has its production facilities at Ponnari Village,
Adilabad District of Andhra Pradesh. The firm has 72 TMC gins with
a total annual capacity of 64,000 bales.

Recent Results
As per the audited results, the firm recorded INR99.78 crore of
revenues of and a PAT of INR0.34 crore during FY2014 when compared
to INR43.12 crore of Operating income and PAT of INR0.39 crore
during FY2013.


TIRUPATI STEEL: ICRA Suspends 'B' Rating on INR13cr Bank Loan
-------------------------------------------------------------
ICRA has suspended the [ICRA]B rating assigned to the INR13.00
crore fund-based bank facilities of Tirupati Steel Enterprises
(TSE). The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the firm.


VAGUS SUPER: ICRA Suspends 'D' Rating on INR15cr Term Loan
----------------------------------------------------------
ICRA has suspended the [ICRA]D rating assigned to the INR15.00
crore term loans of Vagus Super Speciality Hospital Private
Limited. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.


VASTRAM INDIA: Ind-Ra Assigns 'IND BB-' Long-Term Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Vastram India
Private Limited (VIPL) a Long-Term Issuer Rating of 'IND BB-'. The
Outlook is Stable. Ind-Ra has also assigned VIPL's INR100m fund-
based facility a Long-term 'IND BB-' rating with Stable Outlook
and a Short-term 'IND A4+' rating.

KEY RATING DRIVERS

The ratings reflect VIPL's small scale of operations, moderate-to-
weak credit profile and moderate profitability. Provisional FY15
financials indicate revenue of INR616.53m (FY14: INR685.93m),
gross interest coverage (operating EBITDA/gross interest expense)
of 1.32x (1.27x), financial leverage (total adjusted net
debt/operating EBITDA) of 4.18x (5.51x) and EBITDA margins of
3.98% (3.71%).

Liquidity is moderate as indicated by the company's 97% average
working capital utilisation during the 12 months ended June 2015.

The ratings are, however, supported by the over two-decade-long
experience of VIPL's founders in trading denim fabrics, and the
company's strong relationship with its customers and suppliers.

RATING SENSITIVITIES

Positive: A significant rise in the revenue along with a sustained
improvement in the overall credit metrics will be positive for the
ratings.

Negative: A decline in the operating profitability leading to
further deterioration in the credit metrics will be negative for
the ratings.

COMPANY PROFILE

VIPL was incorporated in 1999 and trades denim fabrics. It holds
an authorised distributorship of Arvind Limited and RSWM Limited
('IND A'/Stable). VIPL's head office is in Karol Bagh, New Delhi.


VIBHOR VAIBHAV: ICRA Puts 'B' Rating on Notice of Withdrawal
------------------------------------------------------------
ICRA has placed its long-term rating of [ICRA]B and its short-term
rating of [ICRA]A4 on the INR22.0 crore bank lines of Vibhor
Vaibhav Infra Pvt Ltd. on a notice of withdrawal for one month at
the request of the company. As per ICRA's policy, the ratings will
be withdrawn after one month from the date of this withdrawal
notice.

Incorporated in 2001 by Mr. Praveen Tyagi and Mrs. Suman Tyagi,
Vibhor Vaibhav Infra Pvt. Ltd is construction Company based out of
Uttar Pradesh. The company chiefly provides civil and electrical
construction services to public sector clients in Uttar Pradesh
and is registered as a Class A contractor with the Ghaziabad
Development Authority.


VIJAYAWADA HOSPITALITIES: Ind-Ra Assigns IND BB LT Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Vijayawada
Hospitalities Pvt. Ltd. (VHPL) a Long-Term Issuer Rating of 'IND
BB'. The Outlook is Stable. The agency has also assigned ratings
to VHPL's bank facilities as follows:

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
Long-term loans          99.1       'IND BB'; Outlook Stable
Fund-based working       10         'IND BB'; Outlook Stable
capital limits
Non-fund-based            7         'IND A4+'
working capital
limits

KEY RATING DRIVERS

The ratings reflect VHPL's small scale of operations and moderate
credit metrics. Provisional FY15 financials indicate revenue of
INR125m (FY14: 101m), interest coverage of 3.2x (2.7x) and net
leverage of 3.1x (3.7x).

The ratings are supported by VHPL's established business profile
along with over three decades of experience of its promoters in
the hospitality sector. The ratings are also supported by the
company's strong operating EBITDA margins of 18.1%-20.4% over
FY12-FY14. The ratings also factor in VHPL's comfortable liquidity
as reflected by its 78% average working capital limit utilisation
during the 12 months ended June 2015.

RATING SENSITIVITIES

Positive: A substantial rise in the revenue along with a sustained
improvement in the overall credit metrics will be positive for the
ratings.

Negative: Any deterioration in the credit metrics and operating
EBITDA margin will be negative for the ratings.

Incorporated in 2008, VHPL operates a three-star budget hotel and
two food & beverage outlets in Vijayawada, Andhra Pradesh.



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


MT. GOX: Broke Six Months Before Filing Bankruptcy
--------------------------------------------------
The Japan Times reports that bitcoin exchange Mt. Gox Co. appears
to have run out of money six months before it announced in
February last year that it was filing for bankruptcy after tens of
millions of dollars worth of the virtual currency and client funds
disappeared, investigative sources said on August 4.

According to the report, the sources said the Tokyo-based company
seems to have been running a deficit on its balance sheet and
started paying some clients with money drawn from other customers'
accounts as early as August 2013.

The report relates that the fresh allegations emerged after the
arrest of Mark Karpeles, its 30-year-old founder and CEO, on
Saturday for allegedly manipulating virtual currency data to pad
his personal cash account.  Karpeles, a French national, denies
the charge, the report relates citing Tokyo police.

On August 2, he was sent to prosecutors for possible indictment.

Karpeles set up the business in 2011 and built it into the world's
biggest bitcoin exchange.

Citing company documents and the investigative sources, the report
says Mt. Gox had roughly JPY3.8 billion ($30.65 million) worth of
balance sheet assets as of March 2013. They included bitcoins and
cash gained as fees for brokering bitcoin transactions between
clients.

By August that year, however, the company appears to have been
saddled with liabilities surpassing its assets and capital on its
balance sheet, preventing it from making prompt payments to
clients seeking cash reimbursements, the sources, as cited by The
Japan Times, said.

In February the following year, Mt. Gox abruptly shut down all
transactions of the virtual currency and filed for court
protection, saying it had lost about 850,000 bitcoins, worth
around JPY48 billion at the time, and around JPY2.8 billion in
funds entrusted by clients, the report relates.

The Japan Times adds that that the police are also investigating
whether Karpeles may have consolidated customer and corporate
funds in a bank account held by the company and embezzled around
JPY1.1 billion, funneling funds to an account of an affiliate
company and for personal use.

                         About Mt. Gox

Bitcoin exchange MtGox Co., Ltd., filed a petition under Chapter
15 of the U.S. Bankruptcy Code on March 9, 2014, days after the
company sought bankruptcy protection in Japan.  The bankruptcy in
Japan came after the bitcoin exchange lost 850,000 bitcoins valued
at about $475 million "disappeared."

The Japanese bitcoin exchange halted trading in February 2014.  It
filed for bankruptcy protection in the U.S. to prevent customers
from targeting the cash it holds in U.S. bank accounts.

The Chapter 15 case is In re MtGox Co., Ltd., Case No. 14-31229
(Bankr. N.D. Tex.).  The Chapter 15 Petitioner is Robert Marie
Mark Karpeles, the company's chief executive officer.  Mr.
Karpeles is represented by John E. Mitchell, Esq., and David
William Parham, Esq., at Baker & Mcckenzie LLP, in Dallas, Texas.

The bankruptcy trustee and foreign representative of MtGox Co.
Ltd. with respect to the Japan Bankruptcy Proceedings:

     MtGox Co., Ltd.
     Office of Bankruptcy Trustee
     Kojimachi 3 chome building #202
     Kojimachi 3-4-1
     Chiyoda-ku, Tokyo
     Tel: +81-3-4588-3922
     Attn: Nobuaki Kobayashi

The Ontario Superior Court of Justice (Commercial List) on
Oct. 3, 2014, ordered, pursuant to Section 272 of the Bankruptcy
and Insolvency Act, that the bankruptcy proceedings commenced with
respect to MtGox Co., Ltd. -- aka Mt. Gox KK and dba MtGox
-- be recognized as a "foreign main proceeding."

The Canadian legal counsel to the bankruptcy trustee and foreign
representative of MtGox Co., Ltd, are:

     MILLER THOMSON LLP
     Scotia Plaza
     40 King Street West, Suite 5800
     PO Box 1011
     Toronto, ON Canada M5H 3S1
     Tel: 416-595-8615/8577
     Fax: 416-595-8695
     Attn: Jeffrey Carhart/ Margaret Sims

The company said it has estimated assets of $10 million to $50
million and debts of $50 million to $100 million.



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


PIKE RIVER: Saleable Assets Valued at Just NZ$1.48 Million
----------------------------------------------------------
Greymouth Star reports that three years after Solid Energy bought
the moribund Pike River coalmine for NZ$7.5 million, its saleable
assets have been valued at just NZ$1.48 million.

At the time of the 2010 mine disaster, the privately-owned Pike
River Coal Company had spent about NZ$290 million developing the
underground prospect, and was facing potentially NZ$50 million
more in extra costs, the report says.

Greymouth Star relates that two years after the fatal explosions,
Solid Energy bought the assets for NZ$7.5 million.

According to the report, over the past few months, equipment has
been auctioned off as Solid Energy prepares to hand the site back
to the Department of Conservation.

The assets include a full coal preparation plant, extensive
pumping systems and coal loadout facility at the Ikamatua
railsiding, and a large quantity of spare parts at the mine site,
behind Atarau, the report says.

The Greymouth Star asked under the Official Information Act how
much had been raised from those sales.

Solid Energy legal services manager Rob Page declined to give the
amount because the auction was ongoing, the report states.

However, he said that in December an independent valuation put the
value of the assets available for sale at NZ$1.48 million, the
report discloses.

According to the report, Mr Page said the amount it actually
received depended on the response received from the marketplace
"and whether all items could be sold".

Solid Energy began offering the assets for sale by tender in May,
the report says. By June 30, the most expensive thing sold was a
transportable building.

Sale proceeds go to Pike River (2012) Ltd, a wholly-owned
subsidiary of Solid Energy.

The report adds that the site is expected to be handed back to DOC
later this year, and will never be mined again.

                        About Pike River

Pike River Coal Limited (NZE:PRC) -- http://www.pike.co.nz/-- is
a New Zealand-based coal mining company.  The Company, along with
its subsidiaries, is primarily engaged in the exploration,
evaluation, development and production of coal.  It operates a
coal mine that lies under the Paparoa Ranges.

Pike River Coal Ltd was placed into receivership in December 2010
after 29 miners died in a series of explosions on Nov. 19, 2010.
New Zealand Oil & Gas, the company's largest shareholder,
appointed accountants PricewaterhouseCoopers as receivers.  The
company owed NZ$80 million to secured creditors BNZ and NZ Oil &
Gas.  Pike River Coal also owed another estimated NZ$10 million
to NZ$15 million to contractors, including some of the men who
lost their lives in the disaster.

Bloomberg notes that Pike River Coal was found guilty in April
this year of nine breaches of health and safety laws including
those relating to ventilation and methane management.  A
New Zealand court awarded victims compensation of about NZ$110,000
each in July, adding that as the company was in receivership it
may be unable to make that payment, Bloomberg adds.



                             *********

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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