TCRAP_Public/150910.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

         Thursday, September 10, 2015, Vol. 18, No. 179


                            Headlines


A U S T R A L I A

BIGGS & NOBLE: First Creditors' Meeting Slated For Sept. 17
CQ FORKLIFT: Administrators Seek Buyers for Business and Assets
EMPLOYMENT SOLUTIONS: First Creditors' Meeting Set For Sept. 17
ISM INK: First Creditors' Meeting Set For Sept. 18
PLUTON RESOURCES: First Creditors' Meeting Set For Sept. 18

WDS LIMITED: Business and Assets Up For Sale


C H I N A

BAODING TIANWEI: Banks Demand Repay Bonds Early After Default
CHINA: Local Debt Rise is Significant but Manageable, Says Fitch
CHINA ORIENTAL: Moody's Raises CFR to B2; Outlook Negative
COUNTRY GARDEN: Focus on Top-Tier Cities Can Cement Presence
HILONG HOLDING: Fitch Lowers LT Issuer Default Rating to BB-


I N D I A

AGRAWAL SOYA: Ind-Ra Assigns IND D Long Term Issuer Rating
ALTRADE MINERALS: CRISIL Suspends B Rating on INR200MM Loan
ANNAPURNA INDUSTRIES: CRISIL Suspends B+ Rating on INR55MM Loan
B. M. ENTERPRISES: CARE Assigns 'B+' Rating to INR5cr LT Loan
BAID INDUSTRIES: CRISIL Suspends 'D' Rating on INR299.88MM Loan

BRITEX ENGINEERING: CRISIL Suspends B+ Rating on INR73.5MM Loan
C.M.S. BALAN: CRISIL Assigns 'B' Rating to INR50MM Loan
DAFFODIL TECHNO: CARE Assigns B+ Rating to INR15cr LT Loan
DHRUV COTTONS: CRISIL Reaffirms B- Rating on INR60MM Cash Loan
FRIENDS POLYPACK: CARE Reaffirms B+ Rating on INR4.75cr Loan

HI-MAC CASTINGS: CRISIL Suspends B Rating on INR54.7MM Term Loan
HOTEL RANG-INN: CRISIL Suspends 'D' Rating on INR139.6MM Loan
HVR PROJECTS: CRISIL Suspends 'B' Rating on INR170MM LT Loan
JAYSHRI GINNING: CRISIL Suspends B+ Rating on INR150MM Loan
K.S. ENTERPRISES: CRISIL Reaffirms B+ Rating on INR140MM Loan

KANMANI POULTRY: CRISIL Reaffirms B- Rating on INR74.5MM Loan
KIFCO INFRASTRUCTURE: CRISIL Suspends B Rating on INR50MM Loan
LAXMI SOPAN: CARE Assigns 'B' Rating to INR7.18cr LT Loan
LEXUS GRANITO: CARE Ups Rating on INR10.76cr LT Loan From 'B'
MODEL FUELS: CRISIL Suspends 'B' Rating on INR85MM Cash Loan

MOKA BUSINESS: CARE Assigns 'B' Rating to INR0.23cr LT Loan
NAGARJUNA FERTILISERS: Ind-Ra Lowers LT Issuer Rating to 'IND-D'
NIDHI GINNING: CARE Assigns B+ Rating to INR5.65cr LT Loan
OSWAL KNITTING: CARE Assigns 'B' Rating to INR6cr LT Loan
P. MANEKLAL: CARE Assigns 'B' Rating to INR5cr LT Loan

PSB MANUFACTURING: CRISIL Suspends B+ Rating on INR14MM Term Loan
QUALITY FABRICS: Ind-Ra Assigns IND BB Long Term Issuer Rating
RADHIKA COTEX: CRISIL Reaffirms 'B' Rating on INR45MM Loan
RIYA IMPEX: Ind-Ra Rates INR20 Million Loan 'IND B+'
ROLAND EDUCATIONAL: CRISIL Suspends B Rating on INR73MM Term Loan

SAGAR STEELS: CRISIL Suspends 'B+' Rating on INR150MM LT Loan
SARASWATI TRADING: CARE Lowers Rating on INR4.5cr Loan to B+
SHIMONA HOTELS: CRISIL Assigns B+ Rating to INR180MM Term Loan
SHREE SAI: CARE Revises Rating on INR10.78cr LT Loan to B+
SHRI RAM: CRISIL Reaffirms 'B+' Rating on INR60MM Cash Loan

SOHRAB SPINNING: CRISIL Reaffirms 'B' Rating on INR160MM Loan
SOWIL LTD: CRISIL Suspends B+ Rating on INR10MM Cash Loan
TERRACE VALLEY: CARE Assigns 'B' Rating to INR5.90cr LT Loan
THAPAR KNITWEAR: CRISIL Suspends 'B' Rating on INR215MM Loan
UNIVERSAL STEEL: Ind-Ra Assigns IND BB- Long Term Issuer Rating

US SRIVASTAVA MEMORIAL: Ind-Ra Ups INR42.9M Loan Rating to IND BB
WELLDONE INFRA: CRISIL Suspends B+ Rating on INR450MM Loan
WHITE TIGER: CRISIL Suspends B+ Rating on INR100MM Cash Loan


J A P A N

TOSHIBA CORP: Shareholder Demands Firm Sue Execs Over Scandal


N E W  Z E A L A N D

MAKO NETWORKS: Has NZ$25.0 Million Deficit, Liquidator Says
MARSHALL TRANSMISSIONS: Placed in Liquidation After 33 Years
MECARI PTY: New Zealand Operations Placed in Liquidation


P H I L I P P I N E S

LBC BANK: PDIC Files Syndicated Estafa Against Former Execs


                            - - - - -


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


BIGGS & NOBLE: First Creditors' Meeting Slated For Sept. 17
-----------------------------------------------------------
Hugh Martin & Michael van Dissel of Bernardi Martin were appointed
as administrators of Biggs & Noble Pty Limited on Sept. 7, 2015.

A first meeting of the creditors of the Company will be held at 15
Phoenix Court, in Braeside, Victoria, on Sept. 17, 2015, at 4:30
p.m.


CQ FORKLIFT: Administrators Seek Buyers for Business and Assets
---------------------------------------------------------------
Cliff Sanderson at Dissolve.com.au reports that expressions of
interest are sought for the purchase of business and assets of CQ
Forklift Services Pty Ltd and DNF Industries Pty Ltd.

The report says the business for sale includes intellectual
property, customer contracts, vehicles, stock, equipment and
plant.

CQ Forklift Services is currently in administration. Darryl Edward
Kirk and Derrick Vickers of Pricewaterhouse Cooper were appointed
administrators of the company on Sept. 2, 2015. The same
administrators were also appointed to DNF Industries on September
2, Dissolve.com.au reports.


EMPLOYMENT SOLUTIONS: First Creditors' Meeting Set For Sept. 17
---------------------------------------------------------------
James Koutsoukos and David Coyne of BRI Ferrier were appointed as
administrators of Employment Solutions Pty Ltd on Sept. 7, 2015.

A first meeting of the creditors of the Company will be held at
BRI Ferrier, Level 16, 530 Collins Street, in Melbourne,
Sept. 17, 2015, at 11:00 a.m.


ISM INK: First Creditors' Meeting Set For Sept. 18
--------------------------------------------------
David Iannuzzi & Steve Naidenov of Veritas Advisory were appointed
as administrators of ISM Ink Pty Limited on Sept. 8, 2015.

A first meeting of the creditors of the Company will be held at
Level 12, 88 Pitt Street, in Sydney, on Sept. 18, 2015, at
11:00 a.m.


PLUTON RESOURCES: First Creditors' Meeting Set For Sept. 18
-----------------------------------------------------------
Vincent Smith and Samuel Freeman of Ernst & Young were appointed
as administrators of Pluton Resources Limited on Sept. 8, 2015.

A first meeting of the creditors of the Company will be held at
Ernst & Young, 11 Mounts Bay Road, in Perth, on Sept. 18, 2015, at
10:00 a.m.


WDS LIMITED: Business and Assets Up For Sale
--------------------------------------------
Cliff Sanderson at Dissolve.com.au reports that the business and
assets of WDS Limited are up for sale.

Dissolve.com.au relates that major assets of the company include
customer contracts, skilled workforce, intellectual property as
well as plant and equipment.

WDS Limited is an ASX-listed company offering services to the
mining and energy sectors.  Cassandra Mathews, Robert Hutson and
Martain Madden of Korda Mentha were appointed as administrators on
Sept. 3, 2015.



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


BAODING TIANWEI: Banks Demand Repay Bonds Early After Default
-------------------------------------------------------------
Bloomberg News reports that Industrial Bank Co. and Huaxia Bank
Co. asked Baoding Tianwei Group Co. to repay two bonds early after
it became the first state-owned enterprise to default on onshore
debt in April.

Industrial Bank is seeking CNY793 million ($125 million) in
principal and interest while Huaxia Bank has asked for
CNY248 million, Bloomberg relates citing Baoding Tianwei's
statement on the Chinamoney website on Sept. 7. The lenders sent
requests for the notes due in December and March to the China
International Economic & Trade Arbitration Commission, the report
relates.

According to Bloomberg, the demands come as investor concern about
defaults escalates amid a slowdown in the world's second-biggest
economy.  Bloomberg relates that three firms have missed
obligations on onshore notes in 2015 after Shanghai Chaori Solar
Energy Science & Technology Co. last year became China's first to
miss payments.

Baoding Tianwei Group, also based in the city of Baoding in Hebei
in China's north, has a 23% stake in Shanghai-listed Baoding
Tianwei Baobian Electric Co., Bloomberg discloses citing an
Aug. 17 statement from the latter. Baoding Tianwei Baobian has 26%
stake in Baoding Tianwei Yingli New Energy Resources, an April
Baoding Tianwei Yingli statement shows.

Bloomberg says Baoding Tianwei Group sold CNY1 billion of three-
year bonds at 6.15 in December 2012 and CNY1 billion of three-year
notes at 5.8% on in March 2013. Industrial Bank holds both of the
securities and Huaxia Bank owns the second, according to the
statement. They were issued in private placements.

Chang'An International Trust Co. and Tongxin Securities Co. also
filed similar requests for the two bonds, according to Baoding
Tianwei's statement on Sept. 7, adds Bloomberg.

China-based Baoding Tianwei Group Co. makes transformers for
companies such as the State Grid Corp., China Southern Power Grid
Co. and China Datang Corp. It produces solar materials such as
polysilicon, the raw material for solar cells, and panels.


CHINA: Local Debt Rise is Significant but Manageable, Says Fitch
----------------------------------------------------------------
The 34% rise in China's local government (LG) debt from mid-2013
to end-2014 is significant, but major reforms to control higher
leverage, to monitor finances better and facilitate more
sustainable sources of revenue, will mitigate financing costs and
reduce risks associated with the debt, says Fitch Ratings.

Three factors are likely to have driven the high level of growth.
First, the slump in land sales through 2014 most probably
contributed to greater debt accumulation to finance infrastructure
projects. Land sales by local governments grew only 3.3% in 2014,
and slumped by 38% yoy over the first seven months of 2015.
Second, more stringent classification criteria of LG debt means
that the authorities are likely to be factoring in more contingent
liabilities under the total LG debt stock. Third, the broader
macroeconomic slowdown has contributed to lower fiscal revenue
growth.

The trends that resulted in the rising debt load in 2014 are
likely to continue in 2015. Notably, general government revenue
growth has continued to slow over the first seven months of the
year alongside the slowdown in economic growth and falling land
sales. A government fiscal response to bring forward some
infrastructure spending to 2015 could also contribute to
increasing local government debt this year.

Fitch maintains that the debt load is still manageable despite the
rapid rise in LG debt in 2014 and the likely further increase this
year. Aggregate debt to operating revenue of Chinese LGs was 109%
at end-2014 compared with around 92% in June 2013. The authorities
have announced a number of reforms as part of a structural
overhaul of local government financing since 2014, which Fitch
views as positive steps towards greater sustainability and
accountability. The framework for an improved debt-monitoring
system, which was included in legislation to enable local
governments to issue debt directly, will significantly enhance
transparency in local government debt management.

In addition, the introduction of a LG debt limit - CNY16trn by
end-2015, from the present outstanding direct debt of CNY15.4trn,
and a CNY3.2trn programme where higher-cost debt is swapped for
lower-cost bonds - could mitigate the risks from the rise in total
LG debt since 2013. Fitch expects LGs to directly save at least
CNY100bn per annum in financing costs under the current debt swap
programme quota. The swap could also bring down additional
financing costs of contingent liabilities from local government
financing vehicles.

The Chinese authorities updated their LG debt numbers last week,
which showed that the debt stock, including both LG direct debt
and the debt of policy-driven Local Government Financing Vehicles,
jumped to CNY24trn (USD3.8trn) from CNY17.9trn in the 18 months to
end-2014. This was higher than Fitch's initial estimate of
CNY20trn. With the latest figures, LG debt equated to around 38%
of China's 2014 GDP.

Direct debt was the principal factor driving growth. Debt-funded
investment by LGs in fixed assets increased by 43% over the period
to CNY15.4trn, while indirect and contingent liabilities rose by
21% to CNY8.6trn.

Data on LG debt was only provided in aggregate, and details at the
individual province and region level remain unknown. That said, it
is important to highlight that there are large geographical
discrepancies between provinces/regions, with less developed areas
likely to face greater pressures on debt servicing than wealthier,
coastal regions. But fiscal equalisation programmes to transfer
revenues between provinces/regions, as well as sovereign support,
remain key factors to manage the debt loads in areas facing
greater fiscal pressures.


CHINA ORIENTAL: Moody's Raises CFR to B2; Outlook Negative
----------------------------------------------------------
Moody's Investors Service has upgraded China Oriental Group
Company Limited's corporate family rating to B2 from B3.

At the same time Moody's confirmed the company's B3 senior
unsecured debt rating.

The ratings outlook is negative.

The rating actions conclude the rating review initiated on 20
August 2015 upon China Oriental's redemption of its USD330 million
notes.

RATINGS RATIONALE

"The upgrade of China Oriental's corporate family rating reflects
the company's ability to keep its operations profitable in a
difficult steel market in China (Aa3 stable)," says Franco Leung,
a Moody's Vice President and Senior Analyst.

China Oriental reported positive EBITDA of RMB717 million and net
profit before tax of RMB37 million in 1H 2015 despite a fall of
26.9% for the company's reported average selling prices for self-
manufactured steel products.  The company had also generated
positive operating cash flow of RMB2.4 billion in 1H 2015.

This is because China Oriental improved its market position by
taking more share from peers.  Its steel production volume
increased by 6.6% in 1H 2015 compared with a total production
contraction of 1%-2% in the domestic steel industry.  The
company's main products -- H-section steel, steel billets, rebar
and steel piles -- contributed to the increase.

Moreover, the company's efficient operations have shrunk its
costs.  For example, it reduced energy consumption, and raised its
self-generated electricity to 50% of all used in 1H 2015 from 40%
in 2014.  This enabled the company to generate a EBITDA margin of
6.5% in 1H 2015.

"The upgrade also considers the company's ability to liquidate its
bank acceptance notes to reduce its debt leverage," says Jiming
Zou, a Moody's Vice President and Senior Analyst, and also the
Local Market Analyst for China Oriental.

China Oriental reduced its gross debt to RMB6.7billion at end-June
2015 from RMB8.3 billion at end-2014.  Accordingly, the company
reduced its debt leverage to 3.9x in June 2015 on a trailing 12
month basis from 4.3x in December 2014.

Moody's expects the company's profitability will continue to be
under pressure because of China's slowing growth and the country's
ongoing economic rebalancing that aims to reduce China's reliance
on infrastructure investments.  Thus, the company's debt leverage
will remain around 4.0x--4.5x in the next 12--18 months.  This
positions it at the B2 rating level when compared with non-
property rated peers in China.

China Oriental's B2 corporate family rating also factors in its
domestic market leadership in H-section steel products and the
efficiency of its production process when compared to its domestic
peers.  With a portfolio of long-steel products, China Oriental
benefits from the positive long-term demand from ongoing
urbanization and infrastructure development in China.

However, the company is exposed to the cyclical nature of the
steel industry and a challenging operating environment in China,
characterized by declining demand and oversupply.  These factors
have pressured its profitability and financial metrics.

China Oriental has increased its level of priority debt, which has
resulted in increased subordination risk to offshore senior
unsecured bond holders.  Moody's estimates that priority debt and
secured trade payables at the operating companies represented
around 50-60% of the company's consolidated total liabilities in
June 2015.

Moody's believes that this level of priority debts will not be
reduced and has notched the rating of the company's senior
unsecured debt to one level below its corporate family rating.

The negative outlook reflects (1) the weak steel demand in China
which will continue to pressure the company's credit metrics; (2)
the high level of short term debt which will increase refinancing
risk; and (3) the company's impaired access to the equity markets,
until issues regarding shareholding structure and minimum listed
share float are resolved.

Given the negative outlook, there is limited prospects for a
rating upgrade.  However, the rating outlook could return to
stable, if the company (1) maintains its debt leverage at 4.0x-
4.5x on a sustainable basis; (2) improves its debt maturity
profile by increasing the portion of long term borrowing; and (3)
resumes trading of its listed shares after its major shareholders
agree on an ownership structure.

The rating could be under downgrade pressure, if (1) the company
shows increased debt leverage such that its debt/EBITDA exceeds
5.0x, or (2) its liquidity profile further weakens as indicated by
negative operating cash flow and/or cash (including restricted
cash) coverage below 50% of the short term debt.

Any escalation in shareholders dispute could also result in
downgrade pressure.

The principal methodology used in these ratings was Global Steel
Industry published in October 2012.

China Oriental Group Company Limited, with total steel output
capacity of 11 million tonnes per annum, mainly manufactures H-
section steel products and hot rolled strips/strip products at its
steel mills in Hebei Province.  The company listed on the Hong
Kong Stock Exchange in 2004.  It is 45%-owned by its founder, Mr.
Han Jingyuan, and 47% by ArcelorMittal.


COUNTRY GARDEN: Focus on Top-Tier Cities Can Cement Presence
------------------------------------------------------------
Fitch Ratings says that China-based Country Garden Holdings Co.
Ltd.'s (BB+/Positive) reallocation of resources to improve its
operations in Tier 1 and Tier 2 cities in China could cement its
position among the few homebuilders in the country that have
nationwide presence.

The deployment of resources to the intensely competitive Tier 1
and major Tier 2 cities is a natural extension for Country Garden,
which has had a strong market position in Tier 3 and 4 cities for
over decade.

The success of this change will enable Country Garden to achieve
coverage of Tier 1, 2, 3 and 4 cities across China, which will
give it flexibility in its contracted sales mix and improve its
ability to weather the cyclicality of China's homebuilding sector.
Country Garden's operational leverage as a sizeable nationwide
player, its strong market position in Guangzhou, and well-defined
region-based management will provide support for its expansion
into Tier 1 and 2 cities. Its operations in Tier 3 and 4 cities
generate neutral cash flow from operations (CFO), which will
provide a financial buffer for Country Garden during the
expansion.

In Tier 1 and 2 cities, buyers tend to be first-time buyers or
upgraders for high-rise apartments compared with Country Garden's
traditional target market of mid- to upper-income homebuyers who
are seeking affordable spacious housing on the outskirts of Tier 2
or lower cities. If Country Garden does manage to secure good
market niches in Tier 1 and 2 cities though, the reward will be
improved profitability, as demand and prices have generally been
more resilient in the higher-tier markets.

Fitch expects Country Garden's financial profile to remain stable,
but with a temporary increase in leverage. This is in contrast to
the rapid deleveraging in 2014. Fitch expects a short-term
reversal into negative CFO in the next 12-18 months, as expanding
into Tier 1 and major Tier 2 cities is more capital intensive. CFO
will likely remain negative in this and next year to support
increased development expenditure as pre-sales permits in these
cities are often obtained at a later stage of the development
cycle than in Country Garden's existing markets.

Country Garden's leverage, as measured by its net debt to adjusted
inventory ratio, was 33.8% at end-1H15, which is similar to 36.8%
at end-2014. The company launched CNY38bn of new projects in 1H15
and plans to increase this to CNY70bn to CNY80bn in 2H15; which
will help generate stronger sales in the second half.

Country Garden intends to maintain the same pace of land
acquisition in 2H15 as in 1H15, and keep its net debt level under
CNY40bn, despite the need to fund greater development expenditures
in the new markets. Net debt at end-June 2015 was CNY37bn.

Fitch revised Country Garden's Outlook to Positive at the start of
2015 due to the reduction in the company's market-specific risks
as it diversified geographically, and its rapid deleveraging. An
upward rating action may be considered if it maintains net debt-
to-net inventory ratio at below 35% on a sustained basis,
maintains the contracted sales-to-debt ratio above 2.0x on a
sustained basis; and continues to be a large nationwide player. In
addition, Fitch will take into account the success of its strategy
in the Tier 1 and major Tier 2 cities; and the attainment of
neutral or positive cash flows from operations (CFO), which will
signal whether it maintained financial discipline while expanding
into the top-tier cities.


HILONG HOLDING: Fitch Lowers LT Issuer Default Rating to BB-
------------------------------------------------------------
Fitch Ratings has downgraded China-based Hilong Holding Limited's
(Hilong) Long-Term Issuer Default Rating (IDR) and senior
unsecured ratings to 'BB-' from 'BB'. The Outlook is Negative.

The downgrade reflects Hilong's weaker profitability, which will
result in a slower-than-expected deleveraging. The Outlook remains
Negative as oil companies continue to trim capex, which will
negatively impact the funds flow from operations (FFO) of
suppliers like Hilong.

KEY RATING DRIVERS

Slower-than-Expected Deleveraging: Hilong's FFO is not likely to
be sufficient to support continued deleveraging in 2015 and 2016,
because EBITDA is not likely to recover given lower global oil
drilling activity. Hilong's FFO-adjusted net leverage increased to
3.2x in 2014 from 1.5x in 2013, and we expect it to increase to
3.7x in 2015, driven by an around 20% decline in FFO in 2015.

Lower Profitability in 2015: The company's EBITDA margin declined
to 23% in 1H15 from 25% in 1H14, with EBITDA down 1% year-on-year.
Revenue for Hilong's core drill pipe manufacturing business
declined 52% in 1H15 as a result of the lower oil drilling
activities. We expect the weakness to persist. Despite the
weakness, Hilong's market position remained unchanged: 16% share
by output in drill pipes and 17% in oil country tubular goods
(OCTG) coating in the international market, and 45% share in drill
pipes and 75% in OCTG coating in the domestic market.

FCF to Improve: Hilong was able to manage its working capital
efficiently, and even though it posted weaker EBITDA, it reported
higher CFO of CNY166m in 1H15 compared with CNY252m in 2014 and
negative CFO of CNY84m in 1H14. We expect the company's FCF to
improve in 2015 thanks to the shorter cash conversion cycle and
lower capex. The cash conversion cycle was 280 days in 1H15 (355
days in 1H14 and 324 days in 2014), with a decrease in inventory
days and increase in payables days. Capex was CNY195m in 1H15, and
we expect capex to be around CNY300m annually for 2015 and 2016,
coming off from 2014's CNY1.2bn.

KEY ASSUMPTIONS

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

-- No significant change to the company's market share
-- Capex will be no more than CNY800m in total from 2015 to 2017
-- EBITDA margin maintained at 23% for 2015 to 2017

RATING SENSITIVITIES

Negative: future developments that may, individually or
collectively, lead to negative rating actions include:

-- EBITDA margin declines to below 20% on a sustained basis
-- Significant deterioration in market share
-- FFO net leverage increases to above 4x on a sustained basis

Positive: future developments that may, individually or
collectively, lead to positive rating actions include:

-- Evidence showing a continuous deleveraging trend



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


AGRAWAL SOYA: Ind-Ra Assigns IND D Long Term Issuer Rating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Agrawal Soya
Extracts Private Limited a Long-Term Issuer Rating of 'IND D'. The
agency has also assigned ASEPL's bank facilities the following
ratings:

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
  Term loan                 49        Long Term 'IND D'
  Fund-based limit          70        Long Term 'IND D'

KEY RATING DRIVERS

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

RATING SENSITIVITIES

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

COMPANY PROFILE

Incorporated in 2013, Agrawal Soya Extracts Pvt Ltd manufactures
soya bean oil and soya de-oiled cakes. The company has its
registered office at Neemuch, Madhya Pradesh. The commercial
production started in October 2014.


ALTRADE MINERALS: CRISIL Suspends B Rating on INR200MM Loan
-----------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Altrade
Minerals Pvt Ltd (AMPL).

                           Amount
   Facilities            (INR Mln)     Ratings
   ----------            ---------     -------
   Cash Credit               25        CRISIL B/Stable
   Export Packing Credit    200        CRISIL B/Stable

The suspension of rating is on account of non-cooperation by AMPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, AMPL is yet to
provide adequate information to enable CRISIL to assess AMPL'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 factor in its rating process as outlined in its criteria
'Information Availability - a key risk factor in credit ratings'

AMPL was incorporated in Odisha in 2006. The company trades in
iron-ore fines. The directors, Mr. Anurag Pattnaik, and Mr.
Anshuman Patnaik, oversee AMPL's day-to-day operations. The
company also has interests in wind energy and has installed wind
energy units, one in Tamil Nadu and two in Rajasthan.


ANNAPURNA INDUSTRIES: CRISIL Suspends B+ Rating on INR55MM Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Annapurna Industries (AI).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee           70        CRISIL A4
   Cash Credit              55        CRISIL B+/Stable
   Term Loan                15        CRISIL B+/Stable

The suspension of ratings is on account of non-cooperation by AI
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, AI is yet to
provide adequate information to enable CRISIL to assess AI'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 factor in its rating process as outlined in its criteria
'Information Availability - a key risk factor in credit ratings'

Established in 2006, AI is a partnership firm set up by the
Khandelwal family in Rajnandhaon (Chhattisgarh). The firm is
engaged in sorting and milling of paddy into non-basmati rice,
broken rice, rice bran, and husk. It has a sorting and milling
capacity of 16 tonnes per hour.


B. M. ENTERPRISES: CARE Assigns 'B+' Rating to INR5cr LT Loan
-------------------------------------------------------------
CARE assigns 'CARE B+' rating to bank facilities of B. M.
Enterprises.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities       5        CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of B.M. Enterprises
(BME) is constrained by its small scale of operations, low
profitability margins, leveraged capital structure and weak debt
coverage indicators. The rating is further constrained by the
working capital intensive nature of operations, partnership nature
of constitution, intense competition with regional concentration
and linkage to the fortunes of brands with which BME is
associated. The ratings, however, favourably take into account
experienced partners and association with established brand names.

The ability of the firm to increase the scale of operations while
improving its profitability margins, improving its capital
structure further and managing the working capital requirements
efficiently would be the key rating sensitivities.

BME was established in 1991 and is currently being managed by Mr
Sajan Gandhi, Mr Raman Mehta and Mr Rajat Mehta.

The firm is an authorised dealer of Hero MotoCorp Limited (HMCL).
BME operates a 3S facility (Sales, Spares and Service) and has two
showrooms located in Pathankot (Punjab) and Jalandhar (Punjab) and
is catering to the area in and around the region (adjoining areas
of Punjab, Himachal Pradesh and J&K). The firm also deals in the
sales of electronic goods, having franchise of Samsung, Whirlpool
and Daiichi Sankyo. The products mainly include refrigerators and
coolers which contributed ~6% of the total income in FY14 (refers
to the period April 1 toMarch 31).

For FY14, BME reported a total income of INR46.99 crore with PAT
of INR0.11 crore, respectively, as against the total income of
INR43.69 crore with PAT of INR0.11 crore in FY13. Furthermore, the
firm had achieved a total operating income of INR47.54 crore in
FY15 (unaudited).


BAID INDUSTRIES: CRISIL Suspends 'D' Rating on INR299.88MM Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Baid
Industries Pvt Ltd (BIPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee           5         CRISIL D
   Cash Credit             65         CRISIL D
   Letter of Credit        20         CRISIL D
   Term Loan              299.8       CRISIL D

The suspension of ratings is on account of non-cooperation by BIPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, BIPL is yet to
provide adequate information to enable CRISIL to assess BIPL'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 factor in its rating process as outlined in its criteria
'Information Availability - a key risk factor in credit ratings'

BIPL was incorporated in 2007 by Mr. Ashok Kumar Baid, and his
brother Mr. Hemant Kumar Baid. In 2009-10 (refers to financial
year, April 1 to March 31), the company started setting up
facilities to manufacture double-twisted polyester oriented yarn
(POY) and FDY at its premises in Surat (Gujarat). The POY unit
commenced operations in December 2011, while the FDY unit is under
implementation and is expected to commence operations by May 2014.


BRITEX ENGINEERING: CRISIL Suspends B+ Rating on INR73.5MM Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Britex
Engineering Works (Britex).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit             73.5       CRISIL B+/Stable
   Long Term Loan           4         CRISIL B+/Stable
   Packing Credit          70         CRISIL A4
   Proposed Long Term
   Bank Loan Facility       2.5       CRISIL B+/Stable

The suspension of ratings is on account of non-cooperation by
Britex with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, Britex is yet to
provide adequate information to enable CRISIL to assess Britex'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 factor in its rating process as outlined in its criteria
'Information Availability - a key risk factor in credit ratings'

Britex was established in 1973 by Mr. Yogesh Kadakia, his two
brothers, and his brother-in-law to manufacture pipe flanges. The
firm manufactures forged flanges and other generalised pipe-
fitting components, which are used in various industries,
including petrochemicals, oil, fertilisers, and infrastructure.
The firm's plant in Navi Mumbai (Maharashtra) has a capacity of
350 tonnes per month.


C.M.S. BALAN: CRISIL Assigns 'B' Rating to INR50MM Loan
-------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank loan facilities of C.M.S. Balan & Co. (CMS).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Proposed Long Term
   Bank Loan Facility        5        CRISIL B/Stable
   Packing Credit           20        CRISIL A4
   Cash Credit              10        CRISIL B/Stable
   Foreign Bill Purchase    50        CRISIL B/Stable

The rating reflects CMS's modest scale of operations and weak
financial risk profile, marked by modest net worth and a high
total outside liabilities to tangible net worth ratio. These
weaknesses are partially offset by the extensive experience of the
proprietor in trading in agricultural commodities, particularly
spices.
Outlook: Stable

CRISIL believes that CMS will sustain its business risk profile
over the medium term backed by the extensive experience of the
proprietor in the spice trading business. The outlook may be
revised to 'Positive' if the firm's scale of operations increases
significantly along with sustained improvement in profitability.
Conversely, the outlook may be revised to 'Negative' if there is
deterioration in CMS's financial risk profile either on account of
low profitability or large working capital requirements

Set up in 1992 as a proprietorship firm by Ms. Balsubramanian
Chandra Devi, CMS is a Madurai based firm engaged in trading of
spices, dry chillies, and turmeric. The firm procures the products
from the domestic market and sells to wholesalers and retailers.
It derives 60 to 70 per cent of revenue from exports and the rest
from the domestic market.


DAFFODIL TECHNO: CARE Assigns B+ Rating to INR15cr LT Loan
----------------------------------------------------------
CARE assigns 'CARE B+' to the bank facilities of Daffodil Techno
India Foundation Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities       15       CARE B+ Assigned

Rating Rationale
The rating assigned to the bank facilities of Daffodil Techno
India Foundation Private Limited (DTIF) is constrained by the
nascent stage of its ongoing project & associated execution risk
with the project being the first real estate venture of the
company, funding profile characterised by high dependence on
customer advances and saleability risk associated with the
project. The rating also factors in the high competition present
in the real estate sector and exposure to macro-economic
factors that impact investor sentiment. The rating, however,
derives strength from the vast construction experience of
one of the promoters which is likely to benefit the project
execution.

Going forward, the ability of the company to execute the project
in a timely manner within the estimated cost and secure
timely cash flows from customers would be the key rating
sensitivities.

DTIF, incorporated in 2007, is a Chennai-based real estate
development firm currently engaged in development of a
studio apartment in East Coast Road (ECR), Chennai, to cater to
the needs of the IT industry. The company intends to sell
the apartment units to high net worth individuals (HNIs) and then
leased on their behalf as serviced apartments to leading IT
companies. DTIF has expressed interest in managing the serviced
apartments post the handover of units to the investor buyers. The
total land area of 2.25 lakh square feet is divided into two
phases of 1.09 lakh square feet (Phase 1) and 1.15 lakh square
feet (Phase 2). The company is currently constructing Phase 1,
which consists of studio apartments and other amenities like
seminar halls, meeting rooms, banquet halls, etc., while Phase 2
is proposed to be developed and sold as villa plots. Estimated
total cost of the project is INR78.14 crore.


DHRUV COTTONS: CRISIL Reaffirms B- Rating on INR60MM Cash Loan
--------------------------------------------------------------
CRISIL rating on the long-term bank facilities of Dhruv Cottons
(DC) continues to reflect DC's modest scale of operations in the
highly fragmented cotton industry, and weak financial risk
profile, marked by a modest net worth, high gearing, and below-
average debt protection metrics.

                         Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             60       CRISIL B-/Stable (Reaffirmed)
   Long Term Loan          20       CRISIL B-/Stable (Reaffirmed)
   Proposed Cash Credit
   Limit                   20       CRISIL B-/Stable (Reaffirmed)

The rating also factors in the vulnerability of the firm's
business and profitability to changes in government policy. These
rating weaknesses are partially offset by the benefits DC derives
from the extensive experience of its promoters in the cotton
ginning industry.

Outlook: Stable

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

DC, established in 2006, is engaged in cotton ginning. The firm's
unit is in Bhainsa (Telangana). Its managing partner Mr. C Maruti
has experience of more than 30 years in the cotton ginning
business.


FRIENDS POLYPACK: CARE Reaffirms B+ Rating on INR4.75cr Loan
------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Friends Polypack.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      4.75      CARE B+ Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of Friends Polypack
(FPP) continues to remain constrained by small scale of
operations, moderate capital structure and debt coverage
indicators, susceptibility of margins to volatility in raw
material prices and high bargaining power of the suppliers. The
rating is further constrained due to the firm's presence in a
highly fragmented and competitive woven sack industry coupled with
constitution of the entity as a partnership firm.

The above constraints outweigh the benefits derived from the
partners' experience in the woven sack industry and favourable
industry scenario. The rating also takes into consideration the
stabilisation of operations during FY15 (refers to the period
April 1 to March 31) and subsequent increase in the total
operating income.

The ability of FPP to increase its scale of operations along with
improvement in profit margins and capital structure and manage its
working capital requirement efficiently are the key rating
sensitivities.

Established in May 2013, Rajkot-based (Gujarat) FPP is a
partnership firm founded by nine partners having different profit
and loss sharing proportion in the firm. FPP is engaged in
manufacturing of HDPE/PP woven sack bags and fabrics. The
products manufactured by FPP are used in various industries such
as agriculture, cement, fertilisers, food & beverages,
paint, etc, as packaging material. FPP commenced commercial
production from May 2014 and operates from its sole manufacturing
facilities located at Rajkot (Gujarat) with an installed capacity
of 1,950MTPA as onMay 31, 2015.

During FY15 (Prov.), FPP reported a TOI of INR8.16 crore and PAT
of INR0.01 crore. Furthermore, during 4MFY15 (Provisional), FPP
has achieved a turnover of INR4.63 crore.


HI-MAC CASTINGS: CRISIL Suspends B Rating on INR54.7MM Term Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Hi-Mac
Castings Pvt Ltd (HMCPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee           5.1       CRISIL A4
   Bill Discounting         8.2       CRISIL A4
   Cash Credit             50         CRISIL B/Stable
   Letter of Credit        20         CRISIL A4
   Term Loan               54.7       CRISIL B/Stable

The suspension of ratings is on account of non-cooperation by
HMCPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, HMCPL is yet to
provide adequate information to enable CRISIL to assess HMCPL'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 factor in its rating process as outlined in its criteria
'Information Availability - a key risk factor in credit ratings'

Incorporated in 2006, HMCPL manufactures iron castings used in
automobile components. The company is currently being managed by
Dr. K M Kanani.


HOTEL RANG-INN: CRISIL Suspends 'D' Rating on INR139.6MM Loan
-------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Hotel Rang-Inn Pvt Ltd (HRIPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Proposed Term Loan       0.4       CRISIL D
   Term Loan              139.6       CRISIL D

The suspension of ratings is on account of non-cooperation by
HRIPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, HRIPL is yet to
provide adequate information to enable CRISIL to assess HRIPL'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 factor in its rating process as outlined in its criteria
'Information Availability - a key risk factor in credit ratings'

Incorporated in 2007, HRIPL is promoted by the Bharuch-based
Hariyani brothers, promoters of the Shree Rang group. The group is
engaged in real estate business, with presence in and around
Bharuch. HRIPL runs a budget-hotel in Bharuch and is setting up a
three-star hotel in the premises adjoining its existing hotel.


HVR PROJECTS: CRISIL Suspends 'B' Rating on INR170MM LT Loan
------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
HVR Projects Pvt Ltd (HVR).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Proposed Long Term      170        CRISIL B/Stable
   Bank Loan Facility

The suspension of rating is on account of non-cooperation by HVR
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, HVR is yet to
provide adequate information to enable CRISIL to assess HVR'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 factor in its rating process as outlined in its criteria
'Information Availability - a key risk factor in credit ratings'

HVR, incorporated in December 2012, is setting up a unit for
manufacturing industrial components to be used in the locomotives
and heavy automotives industry.


JAYSHRI GINNING: CRISIL Suspends B+ Rating on INR150MM Loan
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Jayshri
Ginning and Pressing Pvt Ltd (JGSPL).

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------        ---------     -------
   Cash Credit           150       CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility    100       CRISIL B+/Stable

The suspension of ratings is on account of non-cooperation by
JGSPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, JGSPL is yet to
provide adequate information to enable CRISIL to assess JGSPL'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 factor in its rating process as outlined in its criteria
'Information Availability - a key risk factor in credit ratings'.

JGSPL was set up as a partnership firm in 2005 by Mr. Parbatbhai
Bavanjibhai and his family members and was reconstituted as a
private limited company. The company undertakes ginning and
pressing of raw cotton. The company is based in Rajkot district
(Gujarat).


K.S. ENTERPRISES: CRISIL Reaffirms B+ Rating on INR140MM Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of K.S. Enterprises Pvt
Ltd (KSEPL) continue to reflect KSEPL's small scale of operations
in an intensely competitive industry, the vulnerability of its
operating margin to volatility in metal prices and foreign
exchange (forex) rates, and its weak financial risk profile. These
rating strengths are partially offset by the extensive experience
the company's promoter in the metal scrap trading industry.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           140       CRISIL B+/Stable (Reaffirmed)

   Letter of Credit       30       CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     70       CRISIL B+/Stable (Reaffirmed)

   Standby Line of
   Credit                 10       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that KSEPL will continue to benefit over the
medium term from its promoter's extensive industry experience. The
outlook may be revised to 'Positive' if the company significantly
scales up its operations and improves its profitability, leading
to a substantial increase in its cash accruals, while it maintains
or improves its capital structure. Conversely, the outlook may be
revised to 'Negative'  in case of an increase in KSEPL's working
capital requirements or a decline in its profitability or scale of
operation, leading to lower cash accruals and hence to further
weakening of its financial risk profile.

KSEPL was set up in 1989 by Mr. Rajesh Kumar Singal. The company,
based in New Delhi, trades in various ferrous and non-ferrous
metal scrap, which includes zinc, copper, brass, nickel, and steel
scrap. It has also started trading in food products such as pasta
and macaroni under its own brand, Wheatley.


KANMANI POULTRY: CRISIL Reaffirms B- Rating on INR74.5MM Loan
-------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Kanmani
Poultry Farm (KPF) continues to reflect KPF's weak financial risk
profile, modest scale of operations, and exposure to customer
concentration in the intensely competitive poultry industry. These
rating weaknesses are partially offset by the partners' extensive
experience in the poultry business.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            15        CRISIL B-/Stable (Reaffirmed)
   Long Term Loan         74.5      CRISIL B-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that KPF will continue to benefit over the medium
term from the partners' established track record and extensive
experience in the poultry industry. The outlook may be revised to
'Positive' if the cash accruals and liquidity improves
significantly, driven by diversification in customer profile and
increase in scale of operations and profitability. Conversely, the
outlook may be revised to 'Negative' if KPF's relationship with
key customer weakens, leading to a decline in revenue or operating
profitability, or it undertakes a large debt-funded capital
expenditure, constraining the financial risk profile.

Update
KPF's revenue grew by 10 per cent year-on-year to aroundINR160
million in 2014-15 (refers to financial year, April 1 to March 31)
while its  operating margin continues to remain modest at around
5.5 per cent estimated during the same period. With addition of
new shed capacities, the firm's revenues are expected to grow at a
moderate rate over the medium term supported by its established
customer relationships. CRISIL believes that KPF will benefit from
the promoter's extensive industry experience over the medium term.

The financial risk profile is weak marked by a small net worth and
high gearing. The net worth was estimated at aroundINR21.6
million, while the gearing was high at around 3.95 times as on
March 31, 2015. The debt protection metrics were weak marked by
interest coverage ratio of around 1.07 times and net cash accruals
to total debt ratio of around 1 per cent for 2014-15. With modest
accretion to reserves, CRISIL believes the financial risk profile
will remain weak over the medium term.

The bank lines have been utilised at around 90 per cent for the 12
months through March 2015 marked by working capital intensive
operations. The annual cash accruals are expected to be aroundINR4
million over the medium term, inadequate to meet the debt
obligations of aroundINR10.2 million. However, the promoter will
be extending need based fund support in the form of unsecured
loans thereby supporting its liquidity.

Set up as a proprietorship firm in 1990, KPF was reconstituted as
a partnership firm in 2002. Promoted by Mr. Arumugam and his
family, the firm operates in the poultry segment.


KIFCO INFRASTRUCTURE: CRISIL Suspends B Rating on INR50MM Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Kifco Infrastructure Pvt Ltd (Kifco).

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

The suspension of ratings is on account of non-cooperation by
Kifco with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, Kifco is yet to
provide adequate information to enable CRISIL to assess Kifco'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 factor in its rating process as outlined in its criteria
'Information Availability - a key risk factor in credit ratings'

Kifco is engaged in contracting works, providing water management
solutions such as laying of pipelines, and construction of water
treatment plants and elevated storage reservoirs for municipal
corporations/local bodies in Gujarat. The company's directors are
Mr. Divyang Mehta and Mr. Subhash Narayan Mishra.


LAXMI SOPAN: CARE Assigns 'B' Rating to INR7.18cr LT Loan
---------------------------------------------------------
CARE assigns 'CARE B' rating to the long-term bank facilities of
Laxmi Sopan Agriculture Producemarketing Company Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     7.18       CARE B Assigned

Rating Rationale

The rating assigned to the bank facilities of Laxmi Sopan
Agriculture Produce Marketing Company Limited (LAPM) is
constrained on account of small scale of operations with limited
track record of the company, nascent stage of operations,
agreement roll over risk along with non existence of lock-in
period and rent escalation clause. The rating draws support
from experienced and resourceful promoters along with 100%
occupancy rate of the leased assets.

LAPM's ability to roll over the lease agreement after expiry of
the current lease terms at desired rates is the key rating
sensitivity.

LAPM was incorporated on February 08, 2012, and was promoted by Mr
Rajendra Vitthal Raut (Director), Mr Sanjay Raut (Director) and
five other directors. The company has developed an area of around
18 acres (784,080 sq. ft.) of land located at Solapur for
providing a commercial market for trading of agriculture produce
by farmers. The company has leased out an area of 17 acres
(740,520 sq. ft) consisting of 100 shops with an average area of
around 1,280 sq. ft. per shop. The company has started the lease
operations from December 2014.

Out of the 100 shops, 75 shops have been leased to the grain
sellers and the remaining 25 shops have been leased to vegetable
sellers with a fixed rent of INR1, 000 per month per shop. In
addition, the lessees are liable to pay 1% of their total sales as
a commission to LAPM out of which 0.05% will go to Government of
Maharashtra (GoM) (0.95% retained with LAPM) as per terms of
agreement with GoM. As on August 2015, the area had occupancy rate
of 100% for the market with all contracts being in place. The
company also provides value added facilities to the lessees', viz,
polishing facility for grains, weighing instruments and a cold
storage for the lessees, however, the cold storage facility is yet
to commence the operation.

During 4MFY15 (Provisional- refers to the period of December 1 to
March 31), LAPM incurred net loss of INR0.13 crore on a total
operating income of INR0.30 crore.


LEXUS GRANITO: CARE Ups Rating on INR10.76cr LT Loan From 'B'
-------------------------------------------------------------
CARE revises/reaffirms the ratings assigned to the bank facilities
of Lexus Granito (India) Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     10.76      CARE BB Revised from
                                            CARE B

   Short term Bank Facilities     3.70      CARE A4 Reaffirmed

   Long term/Short term Bank     10.00      CARE BB/CARE A4
   Facilities                               LT rating revised
                                            From CARE B and ST
                                            rating reaffirmed

Rating Rationale

The revision in the long-term rating assigned to the bank
facilities of Lexus Granito (India) Private Limited (LGPL) takes
into account the consistent improvement in its overall financial
risk profile in the past three years ended FY15 (refers to the
period April 1 to March 31) marked by an increase in the scale of
operations with healthy demand from export countries, improvement
in profit margins, capital structure, debt coverage indicators and
liquidity position.

The ratings continue to remain constrained on account of its
modest scale of operations, vulnerability of its profit margins
to fluctuations in raw material and fuel price along with foreign
exchange rates and presence in a highly fragmented and competitive
ceramic industry for which demand is linked to the cyclical real
estate sector. The ratings also factor in the risk associated with
the ongoing debt-funded expansion project.

The ratings, however, continue to favorably take into account long
experience of its promoters, established track record of
operations and location benefit owing to presence in the tile hub
of Gujarat.

The ability of LGPL to successfully complete its debt-funded
expansion project within envisaged time and cost parameters
and achieve envisaged sales and profitability while managing its
working capital requirements efficiently are the key rating
sensitivities.

Incorporated in 2008, Morbi-based (Gujarat) LGPL is engaged in the
manufacturing of double charged vitrified tiles in different sizes
mainly 600x600, 600x1200, 800x1200. The company had started
commercial production in August 2011. LGPL's manufacturing
facility is located at Morbi in Rajkot district which is the
ceramic tile manufacturing hub of Gujarat and has an installed
capacity of 18 lakh boxes of vitrified tiles as onMarch 31, 2015.

LGPL reported a Profit after Tax (PAT) of INR3.21 crore on a total
operating income (TOI) of INR80.76 crore during FY15 as
against a PAT of INR0.60 crore on a TOI of INR59.25 crore during
FY14.


MODEL FUELS: CRISIL Suspends 'B' Rating on INR85MM Cash Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Model
Fuels Pvt Ltd (MFPL).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           85        CRISIL B/Stable
   Inventory Funding
   Facility              80        CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility    12.2      CRISIL B/Stable
   Term Loan             22.8      CRISIL B/Stable

The suspension of ratings is on account of non-cooperation by MFPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, MFPL is yet to
provide adequate information to enable CRISIL to assess MFPL'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 factor in its rating process as outlined in its criteria
'Information Availability - a key risk factor in credit ratings'

MFPL was incorporated in 1995 by Mr. Shivratan Dokania. The
company is an authorised dealer of Mahindra & Mahindra Ltd's two-
wheelers, utility vehicles, and passenger cars.


MOKA BUSINESS: CARE Assigns 'B' Rating to INR0.23cr LT Loan
-----------------------------------------------------------
CARE assigns CARE B/CARE A4 the ratings to the bank facilities of
Moka Business Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      0.23      CARE B Assigned
   Long-term/Short-term Bank      6.60      CARE B/CARE A4
   Facilities                               Assigned

Rating Rationale

The ratings assigned to the bank facilities of Moka Business
Private Limited (MBPL) are primarily constrained on account
of its financial risk profile marked by thin profitability, weak
solvency position and stressed liquidity position. The ratings
are further constrained on account of its presence in the highly
competitive and fragmented polyurethane industry and direct
linkage to cyclical nature of the construction and furniture
industry.

The ratings, however, favourably take into account the long
experience of the management in the business of chemical
industry. The ratings, further, derive strength from growing scale
of operations due to higher sales volume of the chemicals and
continuous financial support provided by the promoters to support
its working capital operations.

The ability of the company to improve its scale of operation,
improve profitability and the liquidity position are the key
rating sensitivities.

Jaipur (Rajasthan) based MBPL was incorporated in the year 2011 by
Mr. Mohit Maheshwari along with his wife, Mrs. Sarika Maheshwari.
MBPL is engaged in the business of trading of chemicals like Fyrol
AS 300 TB, Polyol HS 100, TDI, F/R EL-22, MDI and Polyol etc.
These chemicals find its application in manufacturing of foam
which is used in furniture, interiors, construction, electronics,
automotives, footwear and packaging, etc. The company imports
chemicals from Singapore, Germany and Hongkong as well as procure
from multinational companies present domestically. Further, MBPL
sells its product to the polyurethane foam manufacturers present
all over India.

As per provisional results of FY15 (refers to the period April 1
to March 31), MBPL has reported a total operating income of INR39
crore (FY14: INR24.40 crore) with a PAT of INR0.05 crore (FY14:
INR0.05 crore).


NAGARJUNA FERTILISERS: Ind-Ra Lowers LT Issuer Rating to 'IND-D'
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Nagarjuna
Fertilisers and Chemicals Limited's (NFCL) Long-Term Issuer Rating
to 'IND D' from 'IND BB-'. The Outlook was Stable.

KEY RATING DRIVERS

The downgrade reflects NFCL's over-utilisation of cash credit
limits and continuing delays in servicing principal and interest
on its debts for the 12 months ended August 2015 due to tight
liquidity. This was a result of lower production levels due to the
unavailability of adequate gas supply and delays in the release of
subsidy.

RATING SENSITIVITIES

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

COMPANY PROFILE

Established in FY87, NFCL manufactures and supplies plant
nutrients. The company has two urea plants in Andhra Pradesh with
total capacity of 1.19mmtpa. It also trades in other fertilisers
such as di-ammonium phosphate, monoammonium phosphate, muriate of
potash, water soluble fertilisers, micronutrients, bio-products,
customised fertilisers, and seeds which it imports.

NFCL's ratings are as follows:

-- Long-Term Issuer Rating: downgraded to 'IND D' from 'IND BB-'

-- INR8,200 million fund-based limits: downgraded to Long-term
    'IND D' from 'IND BB-'

-- INR11,811.1 million non-fund-based limits: downgraded to
    Short-term 'IND D' from 'IND A4+'

-- INR2,315 million long-term loans: downgraded to Long-term
    'IND D' from 'IND BB-'

-- Proposed INR5,190 million non-fund-based facility:
    'Provisional IND A4+' rating withdrawn as the issuer did not
    proceed with the instrument as envisaged

-- Proposed INR4,000 million term loan: 'Provisional IND BB-';
    rating withdrawn as the issuer did not proceed with the
    instrument as envisaged

-- Proposed INR300 million fund-based limits: 'Provisional IND
    BB-'; rating withdrawn as the issuer did not proceed with the
    instrument as envisaged


NIDHI GINNING: CARE Assigns B+ Rating to INR5.65cr LT Loan
----------------------------------------------------------
CARE assigns 'CARE B+' rating to bank facilities of Nidhi Ginning
Industries.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      5.65      CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Nidhi Ginning
Industries (NGI) is primarily constrained on account of its
nascent stage of operation coupled with its financial risk profile
marked by thin profit margins, leveraged capital structure, weak
debt coverage indicators and moderate liquidity position. The
rating is also constrained by NGI's presence in the highly
fragmented industry with limited value addition and prices and
supply for cotton being highly regulated by the government, its
partnership nature of constitution coupled with susceptibility of
profit margins to cotton price fluctuation and seasonality
associated with the cotton industry.

The rating, however, derives comfort from the experience of the
partners in the cotton industry and location advantage with
presence in the cotton-growing region.

The ability of NGI to increase the scale of operations, improve
profitability and capital structure while efficiently managing its
working capital needs are the key rating sensitivities.

Khargone-based (Madhya Pradesh) NGI was established in July 2013
as a partnership firm by MrsAngurbala Jain, Mr Bhagchand Jain and
Mr Nishant Jain. NGI is engaged in the business of cotton ginning
and pressing and has an installed capacity of 14,400 metric tonnes
per annum (MTPA) for cotton bales and cotton seeds as on March 31,
2015 (Provisional; refers to the period April 1 to March 31). FY15
was the first full year of operation as NGI has commenced
operation in February 2014.

During FY15 (provisional), NGI reported a PAT of INR0.03 crore on
a total operating income (TOI) of INR16.70 crore.


OSWAL KNITTING: CARE Assigns 'B' Rating to INR6cr LT Loan
---------------------------------------------------------
CARE assigns 'CARE B' and 'CARE A4' ratings to the bank facilities
of Oswal Knitting and Spinning Industries Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities       6        CARE B Assigned
   Short-term Bank Facilities      1        CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Oswal Knitting and
Spinning Industries Limited (OKS) are primarily constrained by its
weak financial risk profile characterised by fluctuating income,
low profitability margins, weak solvency position and high
reliance on the working capital borrowings. The ratings are
further constrained by the company's susceptibility of margins to
fluctuations in raw material prices and presence in a highly
fragmented and competitive industry. The ratings, however, derive
strength from the experienced promoters, favourable location of
the manufacturing unit and diversified product profile.

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

OKS is a closely held public limited company incorporated in
December, 1992. The company is currently being managed by Mr Yash
Pal Sharma, Mr Ashok Jain, Mr Surinder Kumar Vig and Mr Rajneesh
Jain. All the directors look after the overall operations of the
business and have professional experience ranging from 20-40
years.

OKS is engaged in the manufacturing of fabric and readymade
garments for men and women at its manufacturing facility
located at Ludhiana, Punjab. The company is also involved in
trading of yarn and fabric, with the segment contributing
approximately 60% of the total income in FY14 (refers to the
period April 01 to March 31). OKS sells its readymade
garments under the brand name of 'Oswal' through its 7 exclusive
showrooms located in Delhi (2 showrooms), Dehradoon (1), Bathinda
(1), Panchkula (1), Ludhiana (2 showrooms) and also supplies to
various wholesalers and retailers located in Delhi, West Bengal,
Uttar Pradesh etc.

The raw material required by the firm includes various types of
yarns viz. cotton polyester yarn, acrylic wool yarn and pure wool
yarn, which are procured directly from the manufacturers based in
Punjab. However, cash wool yarn is imported from Italy (Imports
constituted around 20% of the total purchases in FY14).
Besides OKS, the directors of the company are also associated with
another group concern namely, Oswal Knit India Limited which is
engaged in the manufacturing of readymade garments, since 1992.


P. MANEKLAL: CARE Assigns 'B' Rating to INR5cr LT Loan
------------------------------------------------------
CARE assigns 'CARE B' rating to bank facilities of P. Maneklal
Soni & Co.
                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities       5        CARE B Assigned

In case of partnership/proprietary concerns, the rating assigned
by CARE is based on the capital deployed by the
partners/proprietor and the financial strength of the firm at
present. The rating may undergo change in case of withdrawal of
the capital or the unsecured loans brought in by the
partners/proprietor in addition to the financial performance and
other relevant factors.

Rating Rationale

The rating assigned to the bank facilities of P. Maneklal Soni &
Co. (PMSC) is primarily constrained on account of weak financial
risk profile marked by thin profitability and a highly leveraged
capital structure. The rating is further constrained due to
presence of PMSC in a highly competitive and fragmented gems &
jewellery (G&J) industry and risk associated with gold price
fluctuation.

The rating, however, derives strength from long track record of
partners in the G&J industry.

The ability of PMSC to improve its profit margin and capital
structure in a highly fragmented G&J industry would be the
key rating sensitivities.

Dahod-based (Gujarat) PMSC was incorporated on September 23, 1995,
as a partnership firm between Mr Narendra M Soni and Mr Pravin N
Soni. The firm is engaged in wholesale trading and manufacturing
of gold jewellery. Furthermore, PMSC is also engaged into
retailing of gold jewellery through its sole retail outlet at
Dahod and specializes in antique jewellery designing and
manufacturing.

Based on FY14 (refers to the period April 1 to March 31) audited
results, PMSC reported a total operating income (TOI) of INR37.20
crore (INR19.11 crore in FY13) with a PAT of INR0.11 crore
(INR0.06 crore in FY13). Furthermore, as per FY15 provisional
results, PMSC reported a TOI of INR288.82 crore with a PAT of
INR0.30 crore.


PSB MANUFACTURING: CRISIL Suspends B+ Rating on INR14MM Term Loan
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
PSB Manufacturing Company (PSBMC; part of the PSB group).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit             20         CRISIL B+/Stable
   Packing Credit          80         CRISIL A4
   Term Loan               14         CRISIL B+/Stable

The suspension of ratings is on account of non-cooperation by
PSBMC with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, PSBMC is yet to
provide adequate information to enable CRISIL to assess PSBMC'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 factor in its rating process as outlined in its criteria
'Information Availability - a key risk factor in credit ratings'

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of PSBMC and Self Store. This is because
the two entities, together referred to as the PSB group, are in
the same line of business, have common ownership, and are expected
to support each other in a financial exigency. At an operational
level, the entities share a common infrastructure with common
procurement, finance, and management teams.

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of PSBMC and Self Store. This is because
the two entities, together referred to as the PSB group, are in
the same line of business, have common ownership, and are expected
to support each other in a financial exigency. At an operational
level, the entities share a common infrastructure with common
procurement, finance, and management teams.

Set up in 2007 by Mr. Pritpal Singh and his son Mr. Parminder
Singh, PSBMC manufactures and exports a range of sportswear. Self
Store, set up in 2005, is also engaged in the manufacture and
marketing of sportswear, but is focused on sales in the domestic
market. The group's manufacturing facilities are in Ludhiana
(Punjab).


QUALITY FABRICS: Ind-Ra Assigns IND BB Long Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Quality Fabrics
(QFS) a Long-Term Issuer Rating of 'IND BB'. The Outlook is
Stable. QFS's bank facilities have also been assigned ratings as
follows:

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
Fund-based working        120.0       'IND BB'/Stable/'IND A4+'
capital limits

Non-fund-based working     20.0       'IND A4+'
capital limits

KEY RATING DRIVERS

The ratings reflect QFS' moderate scale of operations as well as
credit profile. Provisional FY15 indicate revenue of INR760.59m
(FY14: INR713.80m), EBITDA margins of 3.09% (3.44%), gross
interest coverage (operating EBITDA/net interest expenses) of
1.70x (1.39x), and net financial leverage (total adjusted net
debt/operating EBITDA) of 0.86x (negative 0.48x). The ratings also
factor in its proprietorship nature of business.

The ratings are, however, supported by over a decade-long
experience of QFS' promoter in manufacturing fabrics.

RATING SENSITIVITIES

Positive: Substantial revenue growth along with an improvement in
the profitability will be positive for the rating.

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

COMPANY PROFILE

QFS was incorporated in 2004 by Mr. Shemosh. The entity is
primarily engaged in the manufacturing of fabrics. The firm
purchases raw yarn and converts it to fabric then sells it to
exporters across India. Current production capacity of the entity
is 600,000 meter per month.


RADHIKA COTEX: CRISIL Reaffirms 'B' Rating on INR45MM Loan
----------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Radhika Cotex
(RC) continues to reflect its below average financial risk
profile, marked by high gearing and modest debt-protection
metrics, susceptibility of its operations to changes in government
regulations and its working capital intensive operations. These
rating weaknesses are partially offset by the extensive experience
of its partners in the cotton ginning business.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            45        CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     23.8      CRISIL B/Stable (Reaffirmed)

   Term Loan              11.2      CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that RC will continue to benefit over the medium
term from its partner's extensive experience in the cotton ginning
business. The outlook may be revised to 'Positive' if the firm
reports higher-than-expected accruals, driven most likely by a
significant increase in revenue, thereby, also improving its
financial risk profile, including its liquidity. Conversely, the
outlook may be revised to 'Negative' if the financial risk profile
of the firm, including its liquidity, weakens on the back of low
accruals or stretch in the working capital cycle or any large
debt-funded capital expenditure (capex).

Update
Revenue declined by around 8 per cent year-on-year to
reachINR189.1 million in 2014-15 (refers to financial year, April
1 to March 31) on the back of relatively lower prices of cotton in
the cotton season (CS) 2014-15. Operating profitability of the
firm, however, increased to 4.1 per cent in 2014-15, from 2.2 per
cent in 2013-14, on the back of installation of new automated
machinery (replacing the manual lines), which resulted in lower
operating costs. The firm posted cash accruals ofINR2 million in
2014-15 as againstINR1.8 million in 2013-14.

Gearing was high at 2.84 times as on March 31, 2015, on the back
of small net worth and debt-funded capex. CRISIL, however, expects
the financial risk profile of the firm to improve over the medium
term on the back of steady accretion to reserves and absence of
any debt-funded capex. The debt protection metrics were modest
with interest coverage and net cash accrual to total debt ratios
of 1.7 times and 0.04 times, respectively, in 2014-15.

The firm has high working capital requirements, marked by GCA of
around 115 days as on March 31, 2015, resulting in near full
utilisation of limits during the peak season (October- March) and
60 to 70 per cent utilisation of limits in the off season. The
partners have also supported liquidity by bringing-in unsecured
loans amounting to aroundINR13.5 million as on March 31, 2015.
CRISIL expects the firm to post cash accruals ofINR3.1 million in
2015-16 against a repayment obligation ofINR2.3 million.

Set up in 2005, RC is a partnership firm based in Amreli (Gujarat)
that gins and presses raw cotton and sells cotton lint and cotton
seeds. The partners in the firm are Mr Ramesh Vadera and Mr Sharad
Vadera.

For 2014-15, the firm reported a profit after tax (PAT) ofINR0.18
million on net sales ofINR189.1 million against PAT ofINR0.14
million on net sales ofINR204.7 million in 2013-14.


RIYA IMPEX: Ind-Ra Rates INR20 Million Loan 'IND B+'
----------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Riya Impex a
Long-Term Issuer Rating of 'IND B+'. The Outlook is Stable.

The agency has also assigned Riya Impex's bank loans the following
ratings:

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
  Fund-based limit           20      'IND B+'; Outlook Stable
  Non-fund-based limit      170      'IND A4'

KEY RATING DRIVERS

The ratings reflect Riya Impex's weak credit profile and low
profitability due to the trading nature of its business. According
to the provisional financials for FY15, interest coverage was
1.2x, net financial leverage of 3.3x and operating EBITDA margins
were 1.5%. The ratings are further constrained by the
proprietorship nature of the company's business.
The ratings, however, consider the proprietors' 20-year-long
experience in trading business. Liquidity is moderate with around
53%average utilisation of its working capital limits during the 12
months ended July 2015.

RATING SENSITIVITIES

Positive: A positive rating action could result from improvements
in the EBITDA interest coverage.

Negative: Deterioration in the EBITDA interest coverage will be
negative for the ratings.

COMPANY PROFILE

Incorporated in 2010, Riya Impex is a proprietorship business,
engaged in the import and export of steam coal, cashew nuts, teak
wood and raw diamonds. It is managed by Mr King Kakkar and has its
registered office in New Delhi.


ROLAND EDUCATIONAL: CRISIL Suspends B Rating on INR73MM Term Loan
-----------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Roland
Educational & Charitable Trust (RECT).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Proposed Long Term      15.3       CRISIL B/Stable
   Bank Loan Facility
   Term Loan               73.0       CRISIL B/Stable

The suspension of rating is on account of non-cooperation by RECT
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, RECT is yet to
provide adequate information to enable CRISIL to assess RECT'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 factor in its rating process as outlined in its criteria
'Information Availability - a key risk factor in credit ratings'

RECT was established in 1997, in Berhampur, Orissa, operates
Roland Institute of Technology (RIT), Roland Junior College (RJC),
and Roland Institute of Computer & Management Studies (RICMS). RIT
offers six courses in the engineering stream; RJC offers courses
in the science and commerce streams for students of standards XI
and XII; RICMS offers bachelor's degree in computer application.


SAGAR STEELS: CRISIL Suspends 'B+' Rating on INR150MM LT Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Sagar
Steels Processing and Manufacturing Unit (SSPMU).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Proposed Long Term
   Bank Loan Facility       150       CRISIL B+/Stable
   Term Loan                100       CRISIL B+/Stable

The suspension of ratings is on account of non-cooperation by
SSPMU with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SSPMU is yet to
provide adequate information to enable CRISIL to assess SSPMU'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 factor in its rating process as outlined in its criteria
'Information Availability - a key risk factor in credit ratings'

SSPMU, established in 2013, is setting up a plant in Assam to
manufacture steel angles/channels, ERW pipes, generator sets, and
also to process steel flat products. The plant is expected to
commence commercial operations from April 2014. SSPMU is owned by
Guwahati-based Mr. Hemant Kr Agarwal and family.


SARASWATI TRADING: CARE Lowers Rating on INR4.5cr Loan to B+
------------------------------------------------------------
CARE revises the ratings to bank facilities of Saraswati Trading
Company.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     4.50       CARE B+ Revised from
                                            CARE BB-

Rating Rationale

The revision in the rating assigned to the bank facilities of
Saraswati Trading Co. (STC) factors in decline in the scale of
operations coupled with deterioration in the capital structure,
debt service coverage indicators and operating cycle in FY15
(refers to the period April 1 to March 31).

The rating continues to be constrained by the small scale of
operations, susceptibility of its margins to fluctuation in raw
material prices, highly fragmented as well as competitive nature
of the industry with operations dependent on the vagaries of
monsoon and partnership nature of its constitution.

The rating, however, draws comfort from the experienced partners
and favorable location of the manufacturing unit. Going forward,
STC's ability to profitably scale up its operations, improvement
in the capital structure and effective working capital management
shall be the key rating sensitivities.

Karnal-based STC was initially established as a proprietorship
concern by Mr Rajesh Khanna in April 1992, and started its
commercial production in September 1992. The constitution was
further changed to partnership in September 2010 and other members
of the Khanna family joined as the partners in the firm.
Currently, STC has seven partners. The firm is engaged in the
trading and processing of rice. The firm procures raw materials
(paddy) from the local market through commission agents and the
final products are sold in the domestic as well as overseas
market.

For FY15 (refers to the unaudited period April 01 to March 31),
STC achieved a total operating income (TOI) of INR13.67
crore with PBILDT and PAT of INR0.49 crore and INR0.03 crore,
respectively, as against TOI of INR16.00 crore with PBILDT
and PAT of INR0.34 crore and INR0.02 crore, respectively, for
FY14. The firmhas achieved TOI of INR4.45 crore in Q1FY16.


SHIMONA HOTELS: CRISIL Assigns B+ Rating to INR180MM Term Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facility of Shimona Hotels Pvt Ltd (SHPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Term Loan                180      CRISIL B+/Stable

The rating reflects SHPL's below-average financial risk profile,
marked by a leveraged capital structure, and its modest scale of
operations in the intensely competitive hospitality industry.
These rating weaknesses are partially offset by its promoter's
extensive industry experience.

Outlook: Stable

CRISIL believes that SHPL will continue to benefit over the medium
term from its promoter's extensive industry experience. The
outlook may be revised to 'Positive' if the company's revenue and
profitability increase significantly, driven most likely by higher
occupancy and average room rates, resulting in better business
risk profile. Conversely, the outlook may be revised to 'Negative'
if SHPL's cash accruals are low, or it undertakes a large debt-
funded capital expenditure programme, leading to further weakening
of its financial risk profile.

SHPL, set up in 2008, operates a hotel, Lemon Tree Hotel Shimona
in Chennai. The operations are managed by its managing director
Mr. K Madhu.

For 2014-15 (refers to financial year, April 1 to March 31), SHPL,
on a provisional basis, SHPL reported a net loss ofINR26.8 million
on total revenue ofINR54.2 million.


SHREE SAI: CARE Revises Rating on INR10.78cr LT Loan to B+
----------------------------------------------------------
CARE revises the rating assigned to the bank facilities of
Shree Sai Organic Foods Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities    10.78       CARE B+ Revised from
                                            CARE B

Rating Rationale

The revision in the rating of Shree Sai Organic Foods Pvt. Ltd.
(SSOFPL) takes into cognizance successful commissioning of the
initial project and commencement of operation since December 2014.
However, the rating continues to be constrained by small scale of
operation in a highly fragmented and competitive industry with
regulated nature of the same, high working capital intensity and
exposure to the vagaries of nature.

The ratings, however, draw comfort from the experience of the
promoters, strategic location of the unit in the paddygrowing
region, statutory exemptions and subsidy under Industrial
Incentive Policy.

Going forward, SSOFPL's ability to derive benefits from the newly
commissioned unit, the ability to grow its scale of operations and
improve its profitability margins and efficient management of
working capital are the key rating sensitivities.

Bettiah-based (Bihar) SSOFPL was incorporated on August 31, 2012,
to set up a rice milling unit at Bettiah (West Champaran
district), Bihar, for production of rice, rice bran and husk.
SSOFPL is promoted by Mr Manoj Kumar Goenka andMr Ashish Sikaria
based in Bettiah, the directors of the company. The company has
set up the facility with an installed capacity to produce 38,400
MTPA of non-basmati rice, rice bran, bhushi, broken rice, etc. The
company is entitled to receive INR4.53 crore as a capital subsidy
(i.e.35% of the capital expenditure of the project cost plus
reimbursement of 50% capital investment on plant & machinery for
captive power) from Govt. of Bihar under Industrial Incentive
Policy 2006. Till March 31, 2015, the company has received INR3.19
crore and rest will be received by end of October 2015.

The company has set up the green-field project of a rice milling
unit costing INR12.96 crore financed through debt of INR6.40
crore, INR4.50 crore through equity infusion and rest through
unsecured loan from promoters & associates. The project was
completed and put to use in end of November 2014.

In FY15, during 4 months of commercial operation the company has
reported a total operating income (TOI) of INR15.75 crore.


SHRI RAM: CRISIL Reaffirms 'B+' Rating on INR60MM Cash Loan
-----------------------------------------------------------
CRISIL's rating on the bank facilities of Shri Ram Laminators Pvt
Ltd (SRLPL) continues to reflect the company's below-average
financial risk profile marked by high gearing and weak debt
protection metrics, and large working capital requirements. These
weaknesses are partially offset by the extensive industry
experience and funding support of SRLPL's promoters and its
reputed clientele.

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

   Proposed Long Term
   Bank Loan Facility    20        CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SRLPL will continue to benefit from the
extensive industry experience of its promoters and their funding
support over the medium term. The outlook may be revised to
'Positive' if the company posts a considerable increase in the
cash accruals while improving its capital structure and prudently
managing its working capital requirements. Conversely, the outlook
may be revised to 'Negative' if SRLPL posts low accruals, or if
its working capital management deteriorates, or if it undertakes a
substantial debt-funded capital expenditure programme.

Update:
SRLPL, on a provisional basis, reported operating revenue ofINR246
million for 2014-15 (refers to financial year, April 1 to March
31) as compared with operating revenue ofINR228.79 million in
2013-14, moderate year-on year growth of around 8 per cent.
Operating margin declined in 2014-15 and remained at 4.1 per cent
mainly on account of high competition and increased raw material
prices. CRISIL believes that SRLPL's operating margin will remain
stable and in the range of 4.0 to 4.5 per cent over the medium
term.

SRLPL's financial risk profile continues to remain weak marked by
small estimated net worth ofINR19 million, high gearing of around
3.7 times, and moderate debt protection metrics, marked by an
estimated interest coverage ratio of 1.77 times in 2014-15.

Liquidity is moderate, marked by cash accruals of INR3.0 million
to INR4.0 million over the medium term against which the company
does not have any maturing repayment obligation. The utilisation
of the cash credit limit of INR60 million remained moderate at 82
per cent for the 9 months ended June 30, 2015. CRISIL believes
that SRLPL's liquidity will remain moderate owing to low
profitability and working-capital-intensive operations.

SRLPL was established in 1991 as a proprietorship firm, Shri Ram
Industries, and was reconstituted as a private limited company in
April 2014. The company manufactures and sells foam and laminated
fabrics. SRLPL's manufacturing unit is in Delhi and is promoted by
Mr. Rakesh Gupta.


SOHRAB SPINNING: CRISIL Reaffirms 'B' Rating on INR160MM Loan
-------------------------------------------------------------
CRISIL's ratings continue to reflect Sohrab Spinning Mills Ltd
(SSML's) modest scale of operations and susceptibility of its
operating margin to volatility in input prices because of the
commodity nature of its products.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            160       CRISIL B/Stable (Reaffirmed)

   Letter of Credit        20       CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      20       CRISIL B/Stable (Reaffirmed)

   Term Loan              120       CRISIL B/Stable (Reaffirmed)

These weaknesses are partially offset by the company's moderate
financial risk profile, marked by a moderate capital structure and
average debt protection metrics, and the extensive industry
experience of its promoters.
Outlook: Stable

CRISIL believes that SSML will continue to benefit over the medium
term from the promoters' extensive experience and the company's
established position in the industry. The outlook may be revised
to 'Positive' if the company records a significant increase in its
revenue and profitability, leading to sustained and significant
improvement in its cash accruals and capital structure.
Conversely, the outlook may be revised to 'Negative' if SSML's
operating margin declines significantly or its working capital
cycle increases or if the company undertakes a large debt-funded
capital expenditure programme, thereby weakening its financial
risk profile, especially liquidity.

Set up in 1989 by Mr. Amjad Ali, SSML manufactures industrial yarn
that finds application mainly in the tyre industry, which accounts
for around 70 per cent of the company's revenue. It also
manufactures hosiery yarn, which accounts for the rest of the
company's revenue. SSML has a manufacturing facility in Malerkotla
(Punjab) with capacity of 9500 tonnes per annum.


SOWIL LTD: CRISIL Suspends B+ Rating on INR10MM Cash Loan
---------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Sowil Ltd (Sowil).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit               10       CRISIL B+/Stable
   Letter Of Guarantee       50       CRISIL A4
   Proposed Long Term
   Bank Loan Facility        10       CRISIL B+/Stable

The suspension of ratings is on account of non-cooperation by
Sowil with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, Sowil is yet to
provide adequate information to enable CRISIL to assess Sowil'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 factor in its rating process as outlined in its criteria
'Information Availability - a key risk factor in credit ratings'

Sowil, formerly known as Sir Owen Williams Innovestment Ltd, was
incorporated in September 1996 with its corporate office in Mumbai
(Maharashtra). Sowil provides consultancy services for all types
of highway development works, railway works, bridges, structures,
and tunnelling. The key promoter and director of the company, Mr.
Mayank Kumar, look after its day-to-day operations.


TERRACE VALLEY: CARE Assigns 'B' Rating to INR5.90cr LT Loan
------------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of Terrace
Valley Hotel.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      5.90      CARE B Assigned

Rating Rationale

The rating assigned to the bank facilities of Terrace Valley Hotel
(TVH) is constrained by its proprietorship nature of constitution,
short track record with small scale of operation, cyclical and
competitive nature of the hotel industry and project risk. The
aforesaid constraints are partially offset by the experience of
the proprietor however lacking experience in hospitability
industry, and locational advantage.

The ability to improve the scale of operation from its operational
unit with improvement in profitability margins and ability of the
firm to complete the envisaged remaining portion of the project on
time without cost and time overrun and derive benefits there from
are the key rating sensitivities.

Terrace Valley Hotel (TVH) was established in 2014 by Mr B K
Pradhan as a proprietorship entity with an objective of starting,
operating and maintaining hotel at Gangtok, East Sikkim. TVH is
currently undertaking an initial project to establish a hotel at
Gangtok. The total cost of the project is INR11.70 crore
(excluding margins for working capital) at a debt equity ratio of
1.02:1. About 83% of the project has already been completed till
May 31, 2015 with an aggregate amount of INR9.70 crore already
spent for the process of constructing 53 rooms. TVH has started
commercial operation with 29 rooms in April 20, 2015. The
remaining portion of the project of 24 rooms is currently under
progress and it is expected to be commissioned by October, 2015.
TVH is currently operating with 29 rooms which include 13 deluxe
rooms, 2 suite rooms and 14 super deluxe rooms. The hotel also has
1 banquet hall, 1 air conditioned restaurant, 1 bar, 1 coffee
shop, 1 conference hall and 1 health club which have already
started operation. Other amenities in the hotel include swimming
pool, gymnasium, game rooms and transportation facilities which
are already operational.

Till May, 2015, TVH has achieved turnover of INR     0.30 crore
(provisional figure).


THAPAR KNITWEAR: CRISIL Suspends 'B' Rating on INR215MM Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Thapar Knitwear Pvt Ltd (TKPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              215       CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility       35        CRISIL B/Stable
   Term Loan                 5        CRISIL B/Stable

The suspension of ratings is on account of non-cooperation by TKPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, TKPL is yet to
provide adequate information to enable CRISIL to assess TKPL'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 factor in its rating process as outlined in its criteria
'Information Availability - a key risk factor in credit ratings'

TKPL was established in 2011 and is managed by Mr. Harsh Thapar.
The company manufactures apparels such as blankets, track suits,
quilts, and knitted clothes. The company is based in Ludhiana
(Punjab).


UNIVERSAL STEEL: Ind-Ra Assigns IND BB- Long Term Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Universal Steel
(Universal) a Long-Term Issuer Rating of 'IND BB-'. The Outlook is
Stable. The agency also assigned Universal's INR50 million fund-
based working capital facilities Long-term 'IND BB-' with a Stable
Outlook and Short-term 'IND A4+' ratings.

KEY RATING DRIVERS

The ratings reflect Universal's small scale of operations and
moderate credit metrics. Unaudited FY15 financials indicate
revenue of INR330 million (FY14: INR268 million), net leverage of
5.2x (6.5x) and interest coverage of 2.1x (1.9x). The ratings also
factor in the company's tight liquidity position with the fund-
based facilities being utilised at an average of 93.1% over the 12
month period ended July 2015.
The ratings are supported by the promoters' decade-long experience
in the steel trading business.

RATING SENSITIVITIES

Positive: Increased scale of operations along with a sustained
improvement in the credit metrics will lead to a positive rating
action.

Negative: Sustained deterioration in the credit metrics will lead
to a negative rating action.

COMPANY PROFILE

Set up in 1996, Universal is a Mumbai-based company, trading scrap
plant and machinery, iron steel, electronic goods, demolish of
buildings and industrial suppliers.


US SRIVASTAVA MEMORIAL: Ind-Ra Ups INR42.9M Loan Rating to IND BB
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded U.S. Srivastava
Memorial Educational Society's (USSMES) INR42.9 million (reduced
from INR60.16 million) term loans and INR30 million bank overdraft
facility to 'IND BB' from 'IND BB-(suspended)'. The Outlook is
Stable.

The agency had suspended USSMES' ratings on February 2, 2015.

KEY RATING DRIVERS

The upgrade reflects a significant improvement in USSMES'
operating margins to 44.15% in FY15 from 13.74% in FY11, despite a
dropping student intake. The margins improved on the back of
declining expenditure and marginal rise in income level.
The ratings benefit from an improvement in the society's
debt/current balance before interest, depreciation (CBBID) to
1.17x in FY15 from 2.55x in FY10. Also, debt service coverage
ratio has been comfortable since FY11 (1.59x; FY15: 1.80x).
The society's revenue grew 42% yoy in FY15. Tuition fee income
plays a pivotal role with an average contribution of 92.96% over
FY11-FY15 to the total revenue. Total expenditure declined at a
CAGR of 4.65% over FY11-FY15, majorly due to a fall in operating
expenditure and the interest payable.

The operational effectiveness of the trust has been declining
since FY12 with fewer students enrolling despite an increase in
the approved intake per annum (FY15: 1,473; FY11: 2,094). The
total number of students declined at a CAGR of 2.17% over FY11-
FY15.

USSMES' liquidity remains strained. However, available funds (cash
and unrestricted investments) improved to INR0.86 million in FY15
from INR0.60m in FY11, providing limited cover to operating
expenditure (FY14: 0.96%) and debt (1.62%). The society's
liquidity remained tight over the years with its collection period
rising to 78 days in FY15 from 6 days in FY11. The Uttar Pradesh
government reimburses tuition fee under the Samaj Kalyan Scheme to
students who fall under the reserved category. USSMES is also
availing this scheme. With the growth in student strength, the
number of students availing this scheme has also increased and
consequently the collection period.

RATING SENSITIVITIES

Positive: Increased size of operations due to a significant rise
in the headcount positively affecting the liquidity without
deteriorating the debt metrics will be positive for the ratings.
Negative: Deteriorating financial profile resulting from a fall in
the headcount and further weakening demand flexibility coupled
with a disproportionate increase in the debt could be negative for
the ratings.

PROFILE

USSMES has been involved in the field of education for the last
two decades. The society offers various undergraduate programs and
postgraduate programs in several branches of engineering,
information technology, management and pharmacy. It also has a
school - Sherwood Academy affiliated to Indian Certificate of
Secondary Education.

At the technical level, students are admitted according to the
guidelines of All India Council for Technical Education, New Delhi
and Gautam Budh Technical University Lucknow. The approval and
affiliating for technical course are affiliated to Lucknow
University. Around 1,500 students are studying in these colleges
and school.


WELLDONE INFRA: CRISIL Suspends B+ Rating on INR450MM Loan
----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Welldone Infrastructure Pvt Ltd (WIPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Term Loan                450       CRISIL B+/Stable

The suspension of ratings is on account of non-cooperation by WIPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, WIPL is yet to
provide adequate information to enable CRISIL to assess WIPL'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 factor in its rating process as outlined in its criteria
'Information Availability - a key risk factor in credit ratings'

WIPL was formed in 2005 as a special-purpose vehicle of Halwasiya
Developments Private Limited for setting up a retail-cum-multiplex
project, Lucknow Central, in Gomti Nagar, Lucknow (Uttar Pradesh).


WHITE TIGER: CRISIL Suspends B+ Rating on INR100MM Cash Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
White Tiger Steels Pvt Ltd (WTSPL).

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

The suspension of ratings is on account of non-cooperation by
WTSPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, WTSPL is yet to
provide adequate information to enable CRISIL to assess WTSPL'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 factor in its rating process as outlined in its criteria
'Information Availability - a key risk factor in credit ratings'

Incorporated in 2012 and headquartered in New Delhi, WTSPL is
engaged in the trading of scaffolding and construction materials.
The company is promoted by Mr. Sunny Kalra and family.



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


TOSHIBA CORP: Shareholder Demands Firm Sue Execs Over Scandal
-------------------------------------------------------------
The Japan Times reports that an individual shareholder of Toshiba
Corp. has demanded that the company file a JPY1 billion damages
suit against 28 current and former executives for ruining the
firm's credibility by turning a blind eye to widespread mis-
accounting.

If the Tokyo-based industrial conglomerate fails to do so within
60 days, the shareholder, who is in his 60s and from Nara
Prefecture, threatens to take the case to the Tokyo District
Court, the report says.  He said he will do so in association with
a lawyer from an Osaka-based legal team that works for
shareholders' rights, Stuff.co.nz relays.

In his written request on Sept. 8, the man alleges that the
executives, including former President Hisao Tanaka, knew of the
improper accounting but failed to stop it or attempt to correct
it, according to the report.  Tanaka resigned in July to take
responsibility for the scandal.

The damage to credibility and the cost of setting up a third-party
panel to look into the scandal amount to at least JPY1 billion, he
argued, the report relays.

Toshiba declined to comment on the matter as it had yet to confirm
the demand, the Japan Times notes.

According to the report, a body of lawyers is also planning to
file a group damages lawsuit against Toshiba, possibly by year-
end.

After looking into improper accounting practices over nearly seven
years through December 2014, Toshiba said on Sept. 7 it found
earnings before tax had been overstated by JPY224.8 billion and
its net balance by JPY155.2 billion.

In a delayed report for fiscal 2014 ended March, the maker of
products ranging from semiconductors to nuclear plants logged a
group net loss of JPY37.83 billion, a huge reversal from its
JPY60.24 billion net profit in the previous year, the report
relates.

According to the report, President Masashi Muromachi has said
Toshiba plans a "bold restructuring" of the industrial group to
regain investor trust.

"We welcome these moves as a first step toward restoring market
confidence," the report quotes Masaya Yamasaki, an analyst with
Nomura, as saying in a report dated Sept. 7. "Toshiba needs to
step up structural reforms aimed at improving earnings."

Nomura resumed coverage of Toshiba stock with a neutral rating and
share price forecast of JPY380, compared with a buy and target of
JPY650 when it suspended its recommendation in May, according to
the Japan Times. At least seven other brokers have suspended
coverage, according to data compiled by Bloomberg.

                     About Toshiba Corp.

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

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

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

The ratings outlook is stable.



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


MAKO NETWORKS: Has NZ$25.0 Million Deficit, Liquidator Says
-----------------------------------------------------------
Heather Wright at Techday Channel Life reports that Steven Khov of
Waterstone Insolvency, Mako Networks' liquidator, has released a
report stating that the Company has assets of NZ$5.3 million and
liabilities of NZ$30.4 million, leaving a deficit of NZ$25.0
million.

According to Channel Life, the liquidator says in his report that
it is currently unknown if there will be any distribution to
unsecured creditors.  The liquidator's report states that a claim
is expected from Inland Revenue for outstanding GST and/or PAYE,
while preferential claims are expected from former workers for
outstanding wages and holiday pay.

Headquartered in Auckland, New Zealand, Mako Networks --
http://www.makonetworks.com/-- is a network management company.
It has offices in San Francisco, London and Auckland.

As reported by the Troubled Company Reporter on Aug. 25, 2015,
Hamish Fletcher at The New Zealand Herald, citing the Companies
Office, reported that Mako Networks was put into voluntary
liquidation on Aug. 20, 2015, by its shareholders.  The following
day, a secured creditor appointed receivers to the firm, the
Herald added.


MARSHALL TRANSMISSIONS: Placed in Liquidation After 33 Years
------------------------------------------------------------
Narelle Henson at Stuff.co.nz reports that a former multi-million
dollar Hamilton company, Marshall Transmissions, has been placed
into liquidation after 33 years of fixing cars.  However, the
business will live on under new ownership, the report says.

Stuff.co.nz notes that the company, founded in 1982 by Nelson and
Margaret Marshall was handed over to son Nick in 2009. In 2006 it
was reported Marshall Transmissions was a multi-million dollar
operation, with about 30 staff, many of whom had been with the
business some 20 years.

The report says Marshall Transmissions was known for its
investment in cutting-edge technology, customer service, and the
slogan "Marshall Transmissions, the transmission magicians".

Both Nelson Marshall and son Nick were known for their passion for
cars, competing in the London to Sydney Marathon Rally in 2004.

According to Stuff.co.nz, liquidator Kim S Thompson --
kim@kstca.co.nz -- stated in his first report that the company has
"had cash flow problems for some time", and said steps to
stabilise it included the injection of Nelson Marshall's personal
funds.

Stuff.co.nz relates that the business was then placed on the
market and sold. However, the sale did not cover NZ$310,000 of
debt, owed to 94 unsecured creditors. A further NZ$90,000 is owed
in GST, PAYE and employee wages and holiday pay, Stuff.co.nz
relays.

The report adds that Mr. Thompson said a review of the sale had
established it "appeared to be fair market value given the
circumstances."  However, he said there were some questions over
two transactions that may have occurred while Marshall
Transmissions was insolvent.

Mr. Thompson was still working to clarify this, and said he would
be taking legal advice should insolvent transactions be confirmed.
He did not expect the liquidation to be completed in the next six
months, the report notes.

Stuff.co.nz relates that Mr. Thompson's report laid out NZ$80,000
worth of debt owed to Marshall Transmissions, which he would work
to recover for creditors over the coming months.

Meanwhile, Dustin Phillips and David Waine, who bought the
business and transferred it to Marshall Transmissions (20015),
will carry it on under the same name.

Mr. Phillips said "40 years of being batted around" meant the
brand had market penetration, and the pair were initially unaware
the original company would go into liquidation.


MECARI PTY: New Zealand Operations Placed in Liquidation
--------------------------------------------------------
Techday Channel Life reports that the New Zealand operations of
Mecari Pty Ltd, previously known as Pos Pos, have been placed into
liquidation with Synnex, Ingram Micro and Spark among the
companies affected by the closure of the business.

The first report from liquidator Chris Horton of Chris Horton
Associates, shows an estimated debt of NZ$345,476 to unsecured
creditors, according to Channel Life.

Channel Life says Mecari Auckland also owed NZ$737,345 to the
Australian parent company, which itself went into receivership and
liquidation earlier this year, owing nearly NZ$20 million.

According to Channel Life, the liquidator's report shows the Kiwi
business in fact ceased trading in November 2014, and has 'no
realisable value'.

All staff employed by the company were 'terminated' prior to the
liquidation, which commenced in late April, the report says.

Channel Life relates that financial statements showed fixed assets
with a book value of NZ$94,000, but the liquidator's report noted
that insufficient information was available at the time of the
report to determine estimated realisable value.

The liquidator's report said Mecari had accounts receivable of
around NZ$144,462, with another NZ$76,287 debt due from the parent
company, Channel Life relays.  While debtor accounts were
contracted to a collection company prior to liquidation, the
liquidators report said no recovery is anticipated from the parent
company.

The Kiwi operations were 100% owned by Pos Pos Australia with
Daniel Danielli and Scott Loose, both based in Australia, as
directors, the report discloses.

Mecari Pty Ltd is a distributor of POS systems and has received
various awards from the likes of Toshiba, Datalogic, Motorola
Solutions and Epson.  The company's head office is in Sydney, with
locations in Western Australia, Victoria, Queensland and
New Zealand.

Mark Pearce and Michael Dullaway from Pearce & Heers Insolvency
Accountants were appointed as receivers and managers on
January 5.



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


LBC BANK: PDIC Files Syndicated Estafa Against Former Execs
-----------------------------------------------------------
The Philippine Deposit Insurance Corporation (PDIC) filed with the
Department of Justice charges of syndicated estafa against 11
former Directors, officers and employees of the closed LBC
Development Bank (LBC Bank) as well as two employees of LBC
Development Corporation, an LBC Affiliate that is also a
stockholder of LBC Bank, for misappropriating PHP60 million in LBC
Bank's funds generated from the public by way of deposits.

Respondents were likewise charged with falsification of commercial
documents under Article 172 of the Revised Penal Code, and for
conducting business in an unsafe and unsound manner in violation
of Republic Act 3591, as amended or the PDIC Charter.

LBC Bank is a 20-unit thrift bank ordered closed by the Monetary
Board and placed under receivership by the PDIC on September 9,
2011.

The complaint docketed as XVI-INV-15H-00315 charged Ma. Eliza G.
Berenguer (nee Ma. Eliza V. Gonzales), former President and
Chairman of the Board; former Directors Juan Carlos G. Araneta,
Fernando G. Araneta, Santiago G. Araneta, Joaquin G. Garcia and
Antonio W. Longa; Ofelia F. Cuevas, former Vice President -
Treasury; Apolonia L. Ilio, former VP - Finance; Andrea S.
Asegurado, former Head - Finance Accounting Unit; and two
unidentified signatories each from LBC Bank and LBC Development
Corporation of conniving to defraud the bank an aggregate amount
of P60 million through a two-pronged scheme.

The complaint alleged that respondents caused LBC Bank to obtain a
PHP30 million loan from a commercial bank and they did not record
it as a liability in LBC Bank's books. The loan proceeds were
allegedly diverted by the respondents to LBC Development
Corporation, which in turn, used the amount to reduce the
outstanding balance of the advances of the LBC affiliates, e.g.
LBC Express and LBC Mabuhay, to make it appear that these
affiliates paid back the advances made by LBC Bank in their favor.
Furthermore, it was alleged that respondents used LBC Bank's
funds, which were primarily derived from the solicitation of
deposits from the public, to pay for the unrecorded PHP30 million
loan.

In the complaint, it was alleged that, as of bank closure, all
advances to the LBC affiliates, including those which funded their
remittance operations, aggregated to PHP5.4 billion.

The filing of syndicated estafa charges against Berenguer et al.
is a welcome development in PDIC's vigorous pursuit of legal
action against erring bank owners, officers and personnel that
aims to deter unscrupulous individuals from taking advantage of
the deposit insurance system and to protect the interests of the
depositors and the Deposit Insurance Fund, PDIC's funding source
for payment of deposit insurance.



                             *********

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

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

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


                            *********


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

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

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

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

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



                 *** End of Transmission ***