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

                      A S I A   P A C I F I C

          Monday, September 14, 2015, Vol. 18, No. 181


                            Headlines


A U S T R A L I A

BLUE HORNSBY: Owner Threatens to File Liquidation
HANGAR 58: Nelson Bar Closes Doors
ITALIAN DREAM: First Creditors' Meeting Set For Sept. 18
SA CRANES: Federal Court Enters Liquidation Order
SEACHANGE CALOUNDRA: In Liquidation; 1st Creditors Meeting Today


C H I N A

CHANGSHENG FUND: China Set to Witness First ETF Liquidation
EVERGRANDE REAL: Fitch Affirms 'BB-' IDR; Outlook Negative
SUNAC CHINA: Moody's Corrects Sept. 9 Release


I N D I A

ALTAIR POWER: CRISIL Assigns B- Rating on INR50MM LT Loan
AMISHA STEELS: CRISIL Cuts Rating on INR55MM Cash Loan to B
ARVI JEWELS: ICRA Suspends B+ Rating on INR5.30cr Cash Loan
ASHRITHA HEALTHCARE: ICRA Assigns 'B' Rating to INR9.65cr Loan
BHARAT CONSTRUCTION: CRISIL Ups Rating on INR66.6MM Loan to B+

BHUMI COTTON: ICRA Suspends B- Rating on INR5cr Cash Loan
C.C. CONSTRUCTION: CRISIL Suspends B- Rating on INR35MM Cash Loan
CHADALAVADA INFRATECH: CRISIL Reaffirms D Rating on INR930MM Loan
CHAMUNDA ROLLING: CRISIL Suspends B- Rating on INR25MM Loan
DHARIYA CONSTRUCTION: CRISIL Suspends 'B' Rating on INR120MM Loan

G S AUTOCOMP: CRISIL Cuts Rating on INR47.6MM Loan to 'B'
GEMINI ALUMINIUM: CRISIL Suspends B Rating on INR85MM Cash Loan
GUJARAT ECO: CRISIL Reaffirms D Rating on INR345.7MM Term Loan
INDRA COTTON: ICRA Suspends 'D' Rating on INR20cr Working Capital
JAY BAJRANG: CRISIL Reaffirms 'B' Rating on INR40MM Cash Loan

KANAK AGRO: ICRA Suspends 'D' Rating on INR5cr Term Loan
KB LUBES: CRISIL Assigns 'B' Rating to INR49MM Cash Loan
KUSHALBAGH MARBLES: ICRA Ups Rating on INR6.19cr Loan to B-
LOOMTEX FABRICS: CRISIL Assigns B+ Rating to INR80MM Cash Loan
MAGNUM STEELS: ICRA Rates INR65cr Loan at 'B+/A4'

MICRO ORGO: CRISIL Reaffirms B+ Rating on INR110MM Cash Loan
MOUSTACHE INTERNATIONAL: CRISIL Suspends B+ Rating on INR50M Loan
NORTHERN MOTORS: CRISIL Reaffirms B+ Rating on INR55.2MM Loan
PACIFIC GARMENT: ICRA Assigns 'D' Rating to INR4.97cr LT Loan
PCI PAPERS: ICRA Suspends 'D' Rating on INR13.77cr Bank Loan

PINNACLE TELE: CRISIL Suspends B+ Rating on INR45MM Cash Loan
PULKIT VENEER: CRISIL Reaffirms B+ Rating on INR34MM Cash Loan
RANA POLYCOT: ICRA Reaffirms 'D' Rating on INR279cr Loan
RMV RESORT: CRISIL Suspends D Rating on INR250MM Term Loan
SHIVAM COTTON: CRISIL Suspends 'B' Rating on INR30MM Cash Loan

SHREE SADHK: CRISIL Suspends B- Rating on INR127.3MM LT Loan
SHREE SIDHBALI: CRISIL Suspends 'D' Rating on INR1.0BB Loan
SNEHA CONSTRUCTIONS: CRISIL Rates INR120MM Cash Loan at 'B'
SUNMARK CERAMIC: ICRA Reaffirms 'B' Rating on INR5.58cr Term Loan
T.M. PATEL: CRISIL Suspends B+ Rating on INR45MM Cash Loan

TAMULBARI TEA: CRISIL Suspends 'B' Rating on INR68.4MM Loan
TECHNOLINE ENGINEERING: CRISIL Reaffirms B Rating on INR23MM Loan
TIRUPATI WAREHOUSE: CRISIL Suspends B+ Rating on INR100MM Loan
UNIVERSAL TRUST: CRISIL Suspends D Rating on INR145.1MM Term Loan
VARUN FERTILIZERS: CRISIL Reaffirms B+ Rating on INR80MM Loan

VENKTASHWAR ENTERPRISES: CRISIL Suspends B- INR120MM Loan Rating
VINEET AUTOMOBILES: CRISIL Reaffirms B+ Rating on INR192.5MM Loan


I N D O N E S I A

SOECHI LINES: Fitch Withdraws B+ Rating on Proposed USD200M Notes


J A P A N

WATAMI CO: To Sell Off Nursing Care Subsidiary


N E W  Z E A L A N D

MEDIAWEB LIMITED: SFO Lays Charges Against Former Director
NELSON BUILDING: Fitch Affirms ST Issuer Default Rating at B
PETE'S PUMP: Goes Under Amid Farming's Hard Times


                            - - - - -


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


BLUE HORNSBY: Owner Threatens to File Liquidation
-------------------------------------------------
Renee Thompson at SmartCompany reports that the owner of a Sydney
cafe has allegedly threatened to put his business into liquidation
if the Fair Work Ombudsman proceeds with legal action over
underpayment allegations made by a former worker.

According to the report, the owner operator of Wild Sage Cafe in
Cammeray, Arthur Antonopoulos, and his company Blue Hornsby Pty
Ltd, are facing Federal Court proceedings for failing to reimburse
a former pastry chef who was allegedly underpaid AUD22,329 between
November 2012 and May last year.

SmartCompany relates that the former chef, an international
student from India who was on a 457 working visa at the time,
raised her concerns with the Ombudsman after her employment at the
cafe ended.

Following an investigation into the allegations, Mr. Antonopoulos
allegedly told inspectors he would put his company into
liquidation should legal action concerning the underpayments take
place, SmartCompany says.

According to the report, Fair Work Ombudsman (FWO) Natalie James
said the inspectors attempted to resolve the matter but the owner
and company had not co-operated, and are now facing a maximum
penalty of AUD5,100 and AUD25,500 respectively.

"We prefer to assist employers to rectify inadvertent non-
compliance issues, but we are prepared to take legal action
against employers who refuse to co-operate," the report quotes Mr.
James as saying.

Will Snow, senior associate at law firm Finlaysons, told
SmartCompany the case contains important lessons for business
owners and their companies when it comes to underpayment claims.

"It's critical for businesses to understand not only if the entity
is in the firing line but if the individual involved is in
contravention of the act," SmartCompany quotes Mr. Snow as saying.

Mr. Snow said penalties for breaches of employment awards have
recently increased to more than AUD10,800 for individuals or more
than AUD50,000 for companies, and in this case, he believes the
issue of underpayment could have been resolved at an earlier
stage, the report relays.

"If in this case they failed to comply at early stage, it
increases the likelihood the FWO are going to prosecute you," Mr.
Snow told SmartCompany.  "If you're a HR manager and you have
knowledge you have been underpaying staff, you're potentially
facing over AUD10,000 as an individual."

Mr. Snow also said threatening liquidation won't necessarily
protect an owner or company from liability, adds SmartCompany.


HANGAR 58: Nelson Bar Closes Doors
----------------------------------
Cliff Sanderson at Dissolve.com.au reports that Hangar 58, a
Nelson bar and restaurant, has ceased operations after a
liquidation petition was filed against the company at the High
Court in August. Company H58 owns the restaurant.

Dissolve.com.au relates that the High Court heard Hangar 58 is in
negotiations to sell the business. The business was launched in
2012.


ITALIAN DREAM: First Creditors' Meeting Set For Sept. 18
--------------------------------------------------------
Chris Baskerville and Trent Andrew Devine of Jirsch Sutherland
were appointed as administrators of Italian Dream Pty Ltd.

A first meeting of the creditors of the Company will be held at
Level 1, 320 Adelaide Street, in Brisbane, Queensland, on Sept.
18, 2015, at 11:00 a.m.


SA CRANES: Federal Court Enters Liquidation Order
-------------------------------------------------
Timothy Clifton of Clifton Hall was appointed Official Liquidator
of SA Cranes Pty Ltd on Sept. 9, 2015, by Order of the Federal
Court of Australia.


SEACHANGE CALOUNDRA: In Liquidation; 1st Creditors Meeting Today
----------------------------------------------------------------
Renee Thompson at SmartCompany reports that a construction company
in Queensland has collapsed, owing about 115 unsecured creditors
around AUD850,000 and leaving six homes half finished.

Seachange Caloundra, a construction company based in Little
Mountain that operated the Hotondo Homes Caloundra franchise, went
into liquidation on August 26, the report says.

The first meeting of creditors will be held on September 14,
SmartCompany discloses.

According to the report, a number of sub-contractors have been
affected by the closure, with affected creditors telling a local
newspaper they have been left out of pocket by the firm's
collapse.

SmartCompany relates that the company, which employed about four
non-director employees, also had its builder licence suspended six
times since 2008 for reasons that varied from renewal notice
failures to audit compliance issues.

The business's builder's licence was held in the name of Ian
Gemmel, the report notes.

Liquidator Glen Oldham of Oldham Liquidators told SmartCompany the
franchise agreement between Hotondo and Seachange was terminated
the day after the company entered liquidation.

The report relates that Mr. Oldham said while the company, which
has a total of four employees, had not prepared its accounts for
the last financial year, in 2014 it turned over AUD2.7 million.

He said 115 unsecured creditors, including subcontractors, had
been caught up in the collapse and were owed about AUD850,000,
according to the report.

SmartCompany says Mr. Oldham is also in talks with a couple of
secured creditors and preferred employee creditors as well,
including four non-director employees.

Poor financial advice is believed to be behind the liquidation,
says SmartCompany.

"We're looking at poor professional advice in the past, accounting
and bookkeeping," the report quoted Mr. Oldham as saying.
"Principally there was a finance facility the company held,
demands were made on that around the time it sought the
appointment, and someone wanted immediate payment."

Mr. Oldham said a lot of effort is being made to help affected
owners of six partially complete properties caught up in the
collapse, adds SmartCompany.



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C H I N A
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CHANGSHENG FUND: China Set to Witness First ETF Liquidation
-----------------------------------------------------------
Derek Au at Asia Asset Management reports that the mainland market
is poised to see its first exchange-traded fund (ETF) go into
liquidation due to continued shrinkage of the fund's size.

According to the report, Changsheng Fund Management has asked its
unitholders for approval to shut down its Shanghai-listed SSE
Market Value Top 100 Index ETF.  The Beijing-based manager has
invited unitholders to attend a meeting in October for them to
vote on the ETF liquidation proposal, the report relates citing a
statement from the manager.

Asia Asset Management says the manager will need to confirm
approval from more than half of the unitholders, based on the ETF
units they hold, before it can convene the meeting. In order to
proceed with the liquidation process, the manager will need to
obtain more than two-thirds of the votes from attending
unitholders in favour of the proposal, the report states.

If the go-ahead is given, this will become the first ETF
liquidation in China, which has recently seen a number of mutual
funds scrambling to close business, Asia Asset Management notes.

Last month, the first Qualified Domestic Institutional Investor
(QDII) fund in the PRC underwent a similar procedure in order for
the manager to shut down its fund, the report recalls.

Asia Asset Management recalls that the ETF in question's mid-year
report showed that the Changsheng fund had 20.4 million RMB
(US$3.2 million) in net asset value (NAV) as of the end of June.
According to Mainland rules, fund managers can shut down a mutual
fund if its NAV falls below 50 million RMB for a run of 60 days,
subject to the approval of the China Securities Regulatory
Commission (CSRC), the report notes.

The report discloses that the ETF, which was launched in 2013, is
benchmarked against the SSE Market Value Top 100 Index, which
selects stocks based on market capitalisation and daily turnover.

The move follows on from the recent A-share market rout which saw
the major stock indices plummet by around 40% from their peak in
June, adds Asia Asset Management.


EVERGRANDE REAL: Fitch Affirms 'BB-' IDR; Outlook Negative
----------------------------------------------------------
Fitch Ratings has affirmed Chinese homebuilder Evergrande Real
Estate Group Limited's Long-Term Issuer Default Rating and senior
unsecured debt rating at 'BB-'.  The Outlook on the IDR is
Negative.  Fitch may consider revising the Outlook to Stable in
six months if Evergrande maintains its current financial profile.

Evergrande's financial profile has started to stabilise, with
leverage, as measured by net debt/adjusted inventory, improving to
0.51x in 1H15 from 0.53x in 2014 and 0.57x in 1H14.  This
improvement was, however, due to an increase in the use of
payables to fund its expansion, which cannot be sustained.
Therefore Fitch will monitor the company's operations for longer
before determining if Evergrande's Outlook should be revised to
Stable.

KEY RATING DRIVERS

Leverage Stabilized; Remains High: Evergrande's ratings remain
constrained by its high leverage, although this has stopped rising
rapidly from 0.28x in 2012 and 0.42x in 2013, when the company was
expanding aggressively into higher-tier cities.  Fitch expects
Evergrande's leverage will not fall further over the next 12 to 18
months as the recent leverage reduction from 0.57x in 1H14 was
partly supported by the unsustainable large 54% increase in
payables.  Debt increased by 21% and adjusted inventory rose by
31% over the same period.

Improved Geographical Diversification: Evergrande's business
profile has been strengthened following its expansion into Tier 1
and Tier 2 cities.  Evergrande's contracted sales rose 24% to
CNY131bn in 2014 and grew 26% in 1H15 from a year ago; exceeding
the industry growth trend of -6% and 13% in the respective
periods.  Tier 1 and Tier 2 cities accounted for 63% of its
contracted sales in 1H15 compared with 55% in 1H14 and 44% in
2013, indicating that its diversification into higher-tier cities
has been well implemented.  The company generated CNY117bn in
contracted sales in the year to August 2015, achieving 78% of its
CNY150bn contracted sales target for 2015.

High SG&A Expenses: Evergrande's profitability is dragged down by
its high sales, general and administrative (SG&A) expenses that
amounted to 10% of contracted sales in 2014 and 9.4% in 1H15.
This together with interest payments that amounted to 12% of its
contracted sales value in 2014 means that very little of the 30%
gross margin of its housing sales is left to support business
expansion.  This has partly been mitigated by the increased use of
onshore borrowings to help Evergrande trim its borrowing costs.
This change reduced 1H15 interest expenses to 8.6% of contracted
sales.

Active Share Capital Management: Evergrande repurchased shares
totalling CNY5.47bn in July 2015, more than the CNY4.6 bil. it
raised in June 2015 from a new share issuance.  Although
shareholder value has been enhanced because the price of the
repurchased shares was 15% less than the price of the shares
issued, this cash outflow, together with the CNY6.7 bil. dividend
payable at end-1H15 (which we have deducted from cash in
calculating net debt) will put pressure on Evergrande's leverage.
The possibility of further share repurchases to enhance
shareholder value may be limited because of the falling free-float
level.

KEY ASSUMPTIONS

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

   -- Assume land replenishment rate of 1.1x contracted sales
      gross floor area

   -- Contracted sales growth of 5% per annum; land cost and
      average selling price growth of 3% per annum (to reflect
      continued increase in exposure to higher-tier cities)

   -- SG&A expenses to stay at 10% of contracted sales but
      interest cost to reduce from utilising more onshore
      borrowings

   -- Dividend pay-out ratio of 30% on core earnings

RATING SENSITIVITIES

Positive: As the current rating is on Negative Outlook, Fitch does
not anticipate developments with a material likelihood,
individually or collectively, of leading to a rating upgrade.
However, if Evergrande maintains its 1H15 financial profile, where
its net debt/adjusted inventory was at 0.51x and contracted
sales/gross debt at 0.73x for the six months, the Outlook may be
revised to Stable

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

   -- Net debt/adjusted inventory sustained above 0.6x
   -- Contracted sales/gross debt falls below 0.6x on a sustained
      basis
   -- Tightened liquidity position due to weaker access to
      financing channels


SUNAC CHINA: Moody's Corrects Sept. 9 Release
---------------------------------------------
Moody's Investor Service, on Sept. 10, 2015, corrected its Sept. 9
ratings release entitled Sunac's ratings unaffected by Yurun
partnership and management restructuring.

The corrected ratings release notes that in the sixth paragraph,
the rating level and outlook of Greentown China Holdings Limited
were corrected to Ba3 Positive.

The corrected release is as follows:

Moody's Investors Service says that Sunac China Holdings Limited's
B1 corporate family rating and B2 senior unsecured debt ratings
are not immediately affected by its strategic cooperation with
Yurun Holdings Group Company Limited (unrated), or by the
restructuring of its management team.

The ratings outlook remains stable.

On September 8, 2015, Sunac announced that it entered into a
strategic cooperation agreement with the Yurun Group, a
diversified enterprise group principally engaged in the food, real
estate, commerce, logistics, tourism, finance, and building
development businesses.

"No details on the strategic partnership have been revealed," says
Franco Leung, a Moody's Vice President and Senior Analyst. "We
will monitor the size of Sunac's capital investment in the
partnership, including any capital outlay required for Yurun Group
creditors."

Leung also says that while Sunac will divert a certain amount of
management resources to the partnership, the extent to which
management will be distracted away from the company's core
business operations is unclear.

Moody's notes that Sunac's two recent failed acquisition attempts
distracted management's attention away from its core business
operations. Specifically, Sunac terminated the agreement to
purchase a controlling stake in the troubled property developer,
Kaisa Group Holdings Ltd in May 2015, after aborting an attempt to
acquire a 24.3% stake in Greentown China Holdings Limited (Ba3
Positive) in 2014.

On September 7, 2015, Sunac announced that its founder, Mr. Sun
Hongbin, resigned as chief executive officer (CEO), but will
remain as chairman. Mr. Wang Mengde has been appointed the new
CEO, and will relinquish his position as the executive president.
Mr. Huang Shuping will leave his current position as chief
financial officer and will take over as executive president, while
Ms. Cao Hongling has taken up the role of chief financial officer.

"The management restructuring will unlikely impact materially the
company's day-to-day operations, or its business strategy and the
execution of its business plan, because the company will retain
key personnel in its existing management team," adds Leung.

Moody's also believes that Mr. Sun's resignation as CEO will not
impact significantly Sunac's access to bank loans and refinancing,
because Mr. Sun will retain his position as chairman.

Moody's says Sunac's existing management team demonstrates a good
track record of managing the company through various business
cycles, since the company was established in 2007.

At the same time, the appointment of Ms. Cao will not result in a
material change in the company's financial management strategy.
Ms. Cao joined the company in 2007 and has served as the manager
and general manager of its financial management center. She has
more than 15 years of experience in financial management.

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

Sunac China Holdings Limited is an integrated residential and
commercial property developer, with ongoing or completed projects
in China's major cities including Beijing, Tianjin, Shanghai,
Chongqing and Hangzhou.

The company develops a wide range of properties, including high-
rise and mid-rise residences, detached villas, townhouses, retail
properties, offices and car parks.

Sunac was incorporated in the Cayman Islands on April 27, 2007 and
listed on the Hong Kong Stock Exchange on October 7, 2010. At end-
June 2015, it owned 84 projects and its land bank totaled 26.03
million square meters.



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ALTAIR POWER: CRISIL Assigns B- Rating on INR50MM LT Loan
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to
the bank facilities of Altair Power Pvt Ltd (APPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Proposed Long Term
   Bank Loan Facility       50        CRISIL B-/Stable
   Bank Guarantee           10        CRISIL A4
   Cash Credit              40        CRISIL B-/Stable

The ratings reflect APPL's small scale of operations in a highly
fragmented industry, large working capital requirements and below-
average financial risk profile. These weaknesses are partially
offset by the promoters' extensive experience in the cable
manufacturing industry.
Outlook: Stable

CRISIL believes that APPL will continue to benefit over the medium
term, from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if APPL reports substantial
growth in revenue and profitability, along with improvement in
working capital management, leading to higher cash accruals, or if
there is equity infusion by the promoters, improving financial
risk profile. Conversely, the outlook may be revised to 'Negative'
if APPL's capital structure and liquidity weaken, most likely due
to low cash accruals or substantial debt-funded capital
expenditure.

APPL, incorporated in 2013, manufactures electric power cables
such as XLPE cables, PVC cables and aerial bunched cables among
others used in the power transmission industry. The company's
manufacturing unit is located in New Delhi and has capacity to
manufacture 700 to 800 kilometres of cables per month.

APPL reported a net profit of INR0.4 million on net sales of
INR73.7 million in 2013-14 (refers to financial year, April 1 to
March 31). APPL estimated net sales of INR54 million in 2014-15.


AMISHA STEELS: CRISIL Cuts Rating on INR55MM Cash Loan to B
-----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank loan
facility of Amisha Steels Pvt Ltd (ASPL) to 'CRISIL B/Stable' from
'CRISIL B+/Stable'.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           55        CRISIL B/Stable (Downgraded
                                   from 'CRISIL B+/Stable')

The rating downgrade reflects unanticipated and significant
fluctuation in ASPL's revenue and profitability driven by slowdown
in the steel industry. Its debtor realization has also been
delayed compared to previous levels leading to higher dependence
on bank borrowings despite decline in revenues. Consequently, its
financial burden was magnified leading to deterioration in
financial risk profile and liquidity. CRISIL expects the demand to
remain muted while its profitability will remain marginal and
volatile, constraining its financial risk profile and liquidity.

The rating reflects ASPL's weak financial risk profile, marked by
weak debt protection metrics, and modest scale of operations and
weak profitability. These rating weaknesses are partially offset
by the experience of the company's promoters in the steel
industry.
Outlook: Stable

CRISIL believes that ASPL will continue to benefit over the medium
term from its promoters' industry experience and established
relationships with customers and suppliers. The outlook may be
revised to 'Positive' if operating income increases significantly,
or if capital structure improves, most likely due to infusion of
funds by promoters. Conversely, the outlook may be revised to
'Negative' if operating income declines, or if financial risk
profile deteriorates due to a stretch in working capital cycle.

ASPL, incorporated in 2004, trades in iron and steel products,
including billets, slabs, and thermo-mechanically treated bars and
angles. The company, promoted by Mr. Amit Kumar Agarwal and Mr.
Sumit Kumar Agarwal, is based in Mandi-Gobindgarh (Punjab).


ARVI JEWELS: ICRA Suspends B+ Rating on INR5.30cr Cash Loan
-----------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B+ and short term
rating of [ICRA]A4 assigned to the INR9.00 crore bank facilities
of Arvi Jewels Private Limited The suspension follows ICRAs
inability to carry out a rating surveillance due to non
cooperation from the company.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long Term-Cash
   Credit Limit          3.70       [ICRA]B+; suspended

   Long Term-Proposed
   Cash Credit           5.30       [ICRA]B+; suspended

   ILC/IFC/Buyers
   Credit               (2.00)      [ICRA]A4; suspended

Arvi Jewels Private Limited (AJ) was incorporated as a private
limited company in the year 2013 by Mr. Indravadan Choksi and Mr.
Vijay Vora. The promoters are also associated with other group
concern "Arihant Designer Jewellers Private Limited ". The company
is mainly engaged in trading/manufacturing of gold, diamond &
gemstone studded jewellery. The company also deals in bullion and
wholesaling of the same. The business is operated from its retail
showroom located at C.G.Road, Ahmedabad.


ASHRITHA HEALTHCARE: ICRA Assigns 'B' Rating to INR9.65cr Loan
--------------------------------------------------------------
ICRA has assigned the long term rating of ICRA B to the INR9.65
crore fund-based bank facilities of Ashritha Healthcare Private
Limited.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund Based-Term
   Loan                  9.65        [ICRA]B assigned

Rating Rationale
The assigned rating is constrained by startup nature of operations
with hospital under initial phases of operations expected to
commence on August 2015. The assigned rating also considers
possible time over-run which has led to rescheduling of loan
repayment, this in turn may lead to liquidity constraints. ICRA
notes AHPL's dependence on external financing from promoters to
meet debt obligations due to insufficient internal cash accruals,
as it is in its initial year of operations. ICRA also takes a note
of presence of many other established medical facilities in close
proximity of the project which leads to high competitive pressure
and augments market risks during initial years of operations.
Further, major clientele on the firm would consist of rural
clients, which could lead to revenue constraints due to lack of
health insurance covers in rural areas.

The assigned ratings however favorably factors in long standing
experience with the partners being the medical practitioners
presently handling their own hospitals in Navsari. The ratings
also incorporate benefits arising from expected revenue
diversification since the firm plans to cater to several
disciplines of healthcare. ICRA also notes that the project has
achieved the financial closure with the equity infusion already
taken place and the debt being tied up by the firm, thereby
reducing the funding risk for the project.

Ashritha Health Care Services Private Limited was incorporated as
a Private Limited company on 24th August, 2012. The Company is
promoted by its Directors Dr. Bhargavi Reddy (MBBS,MD) and Dr.
Shekhar Reddy (BDS). The promoters currently run a 25 bedded
hospital on a rented premise in Thippasandra, Bangalore names "Dr
Bhargavi Reddy Women and Childcare Hospital". The hospital
provides treatment in various department viz. gynecology,
pediatrics, general physician, general surgeon, dermatology,
cosmetic, internal medicine, GI surgery etc.

Recent Results
For FY2015 (6 months, unaudited), the company reported an
operating income of INR0.24 crore and profit after tax of INR0.02
crore as compared to operating income of INR0.47 crore and profit
after tax of INR0.02 crore for FY2014.


BHARAT CONSTRUCTION: CRISIL Ups Rating on INR66.6MM Loan to B+
--------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Bharat Construction Company (Bombay) (BCC) to 'CRISIL B+/Stable'
from 'CRISIL B/Stable', while reaffirming the rating on the short-
term bank facilities at 'CRISIL A4'.

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Bank Guarantee           50       CRISIL A4 (Reaffirmed)

   Cash Credit              50       CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

   Proposed Long Term       23.4     CRISIL B+/Stable (Upgraded
   Bank Loan Facility                from 'CRISIL B/Stable')

   Term Loan                66.6     CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

The rating upgrade reflects expectations of continued improvement
in BCC's liquidity on the back of increasing cash accruals against
reducing term debt repayments. The firm's revenue increased by 17
per cent in 2014-15 to about INR293 million on the back of
continued healthy order execution and sale of concrete. The firm's
working capital cycle improved on account of reduced debtors'
level with gross current assets reducing to an estimated 273 days
as on March 31, 2015 from 341 days a year ago. This resulted in
moderate utilization of bank lines at about
80 per cent for 2014-15 (refers to financial year; April 1 to
March 31). The firm has an order book of an estimated INR18
million as on date which provides revenue visibility over the
medium term. The firm is expected to generate cash accruals in the
range of INR22-26 million annually over the medium term which will
be adequate for its scheduled term debt repayments of INR1.2-1.4
crores annually over the medium term.

The ratings continue to reflect BCC's modest scale of operations
in the highly-fragmented civil construction business and working
capital intensive nature of its operations. These rating
weaknesses are partially offset by the extensive experience of
BCC's proprietor in the civil construction business.
Outlook: Stable

CRISIL believes that BCC will continue to benefit from its
proprietor's extensive experience in the civil construction
business. The outlook may be revised to 'Positive' in case BCC
registers a significant and sustained growth in its revenues while
it maintains its profitability and capital structure. Conversely,
the outlook may be revised to 'Negative' in case of a decline in
BCC's revenues and margins or further elongation of its working
capital cycle, leading to deterioration of its financial risk
profile.

BCC was established in 1986 by Mr. Surinderpal Singh Suri as a
proprietorship concern in Mumbai, and is engaged in civil
construction works. BCC primarily undertakes construction of
concrete roads, asphalt roads, and bitumen roads.


BHUMI COTTON: ICRA Suspends B- Rating on INR5cr Cash Loan
---------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B- assigned to
INR5.00 crore cash credit, INR2.25 crore term loan and INR0.18
crore unallocated amount of Bhumi Cotton Private Limited. ICRA has
also suspended the short term rating of [ICRA]A4 assigned to
INR0.07 crore bank guarantee facility of Bhumi Cotton Private
Limited. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.

Incorporated in Dec 2008, Bhumi Cotton Private Limited is engaged
in ginning and pressing of cotton. The company is promoted by
Bhakkad and Runwal family. Ginning facility of the company is
located at Jalna, Maharashtra and the group companies are also
involved in the similar line of business.


C.C. CONSTRUCTION: CRISIL Suspends B- Rating on INR35MM Cash Loan
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
C.C. Construction (CCC).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee            50       CRISIL A4
   Cash Credit               35       CRISIL B-/Stable
   Proposed Long Term
   Bank Loan Facility        15       CRISIL B-/Stable

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

CCC was set up as a partnership firm in 1982 by Mr. S N Choudhary
and his relatives. Currently, the firm's second-generation
promoters are actively involved in the business. Since its
inception, CCC has been engaged in civil construction activities
in north-eastern India, involving earth cutting, earth filling,
and bridgework for North East Frontier Railway (NEFR). Till date,
CCC has executed work orders only for NEFR.


CHADALAVADA INFRATECH: CRISIL Reaffirms D Rating on INR930MM Loan
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Chadalavada Infratech
Limited (CIL) continue to reflect instances of delay by CIL in
servicing its debt; the delays have been caused by the company's
weak liquidity.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee           930       CRISIL D (Reaffirmed)
   Cash Credit              220       CRISIL D (Reaffirmed)
   Long Term Loan           650       CRISIL D (Reaffirmed)

CIL has a weak financial risk profile, marked by small net worth,
high gearing, and weak debt protection metrics. The company has
large working capital requirements and faces intense competition
in the power transmission industry. However, it benefits from its
promoters' extensive industry experience.

CIL (formerly, Chadalavada Construction Pvt Ltd) was incorporated
in February 2000 by Sri.Raveendra Babu. The company undertakes
contracts for installation of substations and transmission lines,
and is based in Hyderabad.


CHAMUNDA ROLLING: CRISIL Suspends B- Rating on INR25MM Loan
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Chamunda Rolling Mill Pvt Ltd (CRMPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              25        CRISIL B-/Stable
   Proposed Long Term
   Bank Loan Facility        7        CRISIL B-/Stable
   Standby Line of Credit    3.5      CRISIL B-/Stable
   Term Loan                22.5      CRISIL B-/Stable

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

CRMPL was set up in March 2011 by Mr. Govindbhai S Hadiyal, Mr.
Bhupatbhai G Mori, Mr. Naranbhai R Mori, Mr. Dhirajlal G Panara,
and Mr. Vanrajsinh V Dodiya. The company commenced its commercial
operations in December 2011 and is engaged in the manufacturing of
thermo-mechanically-treated (TMT) bars ranging from 6 to 32 mm. In
2013-14 (refers to financial year, April 1 to March 31), it also
started manufacturing T-channels. Its manufacturing facility is in
Bhavnagar (Gujarat).


DHARIYA CONSTRUCTION: CRISIL Suspends 'B' Rating on INR120MM Loan
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Dhariya Construction Pvt Ltd (DCPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee          22.5       CRISIL A4
   Cash Credit            120.0       CRISIL B/Stable
   Proposed Cash Credit
   Limit                    7.4       CRISIL B/Stable

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

Set up in 2003 by Mr. Mukund Dhariya, DCPL undertakes civil work
contracts involving construction of dams, roads, tunnels, and
others for the Kumbhe hydroelectric project. In March 2005, the
company won the bid for construction of the Kumbhe dam, and since
then has been awarded several other assignments related to the
same project.


G S AUTOCOMP: CRISIL Cuts Rating on INR47.6MM Loan to 'B'
---------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
G S Autocomp Pvt Ltd (GSAPL) to 'CRISIL B/Stable/CRISIL A4' from
'CRISIL BB-/Stable/CRISIL A4+'.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              35        CRISIL B/Stable (Downgraded
                                      from 'CRISIL BB-/Stable')

   Letter of Credit          5        CRISIL A4 (Downgraded from
                                      'CRISIL A4+')

   Term Loan                47.6      CRISIL B/Stable (Downgraded
                                      from 'CRISIL BB-/Stable')

The rating downgrade reflects CRISIL's belief that GSAPL's
financial risk profile, particularly liquidity, will remain modest
over the medium term. Because of subdued demand, the company could
not pass on increase in raw material price and had to offer
discounts to customers, leading to decline in profitability. It
reported loss after tax of around INR4 million and net cash
accruals of less than INR1 million in 2014-15 (refers to financial
year, April 1 to March 31). Its cash accruals are not expected to
be adequate to meet debt obligations of around INR10 million in
2015-16. GSAPL utilised bank limits extensively, at an average of
95 per cent over the 11 months through February 2015. It is likely
to rely on funding support from promoters to meet debt obligations
over the medium term. It added some customers in April 2015 and
has started receiving orders from them.

The ratings reflect GSAPL's weak financial risk profile, marked by
modest net worth and weak debt protection metrics, and stretched
liquidity. The ratings also factor in the company's susceptibility
to volatility in raw material prices and to intense competition.
These rating weaknesses are partially offset by its promoters'
extensive experience in the automotive ancillary industry and the
expected financial support from its promoters and group company.
Outlook: Stable

CRISIL believes that GSAPL will continue to benefit over the
medium term from its promoters' extensive industry experience and
expected funding support from them in case of exigency. The
outlook may be revised to 'Positive' in case of a substantial and
sustained improvement in revenue and profitability, leading to
sizeable net cash accruals, or better working capital management.
Conversely, the outlook may be revised to 'Negative' if liquidity
deteriorates because of low accruals, or capital structure weakens
on account of large working capital requirements or debt-funded
capital expenditure.

GSAPL, incorporated in 2006, manufactures leaf springs and shafts
used in commercial vehicles. GSAPL is a part of the GS group,
which also comprises GS Auto International Ltd and GS Automotives
Pvt Ltd, which manufacture fastener components, automotive
suspensions, and ferrous and non-ferrous cast components.


GEMINI ALUMINIUM: CRISIL Suspends B Rating on INR85MM Cash Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Gemini Aluminium Trading Company Pvt Ltd (Gemini).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              85        CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility       20        CRISIL B/Stable

The suspension of ratings is on account of non-cooperation by
Gemini with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, Gemini is yet to
provide adequate information to enable CRISIL to assess Gemini'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 2003, Gemini trades in various aluminium-based
products, including aluminium coils, chequered sheets, and
extrusions. The company is promoted by Mr. Futarmal Mehta and his
son Mr. Kuldeep Mehta.


GUJARAT ECO: CRISIL Reaffirms D Rating on INR345.7MM Term Loan
--------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Gujarat Eco
Textile Park Ltd (GETP) continues to reflect delays by the company
in servicing repayments on its term loan; the delays have been
caused by its weak liquidity, driven by cash losses.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Proposed Long Term
   Bank Loan Facility      214.3      CRISIL D (Reaffirmed)

   Rupee Term Loan         345.7      CRISIL D (Reaffirmed)

GETP also has a below-average financial risk profile, marked by
weak debt protection metrics, and its profitability is susceptible
to increase in prices of utilities. The company, however, derives
benefits from the provision of critical infrastructure, such as a
common effluent treatment plant (CETP), at its textile park.

Update
GETP's net sales are estimated to be INR83.4 million for 2014-15
(refers to financial year, April 1 to March 31) as against INR78.6
million for 2013-14. The company has been incurring cash losses
since inception because of low occupancy at its textile park,
resulting in low utilisation of its CETP and loss incurred at its
common power plant (CPP) on account of increase in prices of gas.

GETP on estimated basis reported net loss of INR138.8 million on
net sales of INR83.4 million for 2014-15, against net loss of
INR87.1 million on net sales of INR78.6 million for 2013-14.

Incorporated in October 2005, GETP is a special-purpose vehicle
(SPV) promoted by the Luthra group of companies to set up a
textile park near Surat (Gujarat). The SPV was established under
the Scheme for Integrated Textile Parks (SITP), supported by the
Ministry of Textiles, and was among the first textile parks to be
approved under SITP.


INDRA COTTON: ICRA Suspends 'D' Rating on INR20cr Working Capital
-----------------------------------------------------------------
ICRA has suspended the [ICRA] D rating assigned to the INR20.00
crore long term fund based limits and [ICRA]D rating to INR4.00
crore (sublimit of CC limit) short term fund based limits of Indra
Cotton Ginning & Pressing Private Limited . The suspension follows
ICRA's inability to carry out a rating surveillance in the absence
of the requisite information from the company.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based-Working
   Capital               20.00        [ICRA]D suspended

   Fund Based-EPC/FBP    (4.00)       [ICRA]D suspended

Indra Cotton Ginning and Pressing Pvt Ltd were incorporated in
1998 to undertake cotton ginning, pressing and seed crushing
activities. It is also engaged in trading of cotton bales, cotton
seeds, oil and cakes. It deals in S-6 variety of cotton. The
company's plant is located in Jasdan (dist: Rajkot), which is very
close to the rich cotton belts of Kutch/Saurashtra region. Indra
Cotton Ginning and Pressing Private Limited has 48 ginning
machines and 1 pressing machine with an intake capacity of 200
MTPD of raw cotton to produce 450 bales/day. The company has 6
expellers to produce cotton seed oil and oil cakes having an
intake capacity of 50 MTPD of cotton seeds.


JAY BAJRANG: CRISIL Reaffirms 'B' Rating on INR40MM Cash Loan
-------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Jay Bajrang
Cotton Industries (JBCI) continue to reflect the firm's below-
average financial risk profile, marked by high gearing and modest
debt protection metrics, its exposure to intense competition in
the fragmented cotton-ginning industry, and its vulnerability to
changes in government policies.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            40        CRISIL B/Stable (Reaffirmed)
   Long Term Loan         15        CRISIL B/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility     15        CRISIL B/Stable (Reaffirmed)

These rating weaknesses are partially offset by the extensive
experience of JBCI's promoters in the cotton-ginning industry.
Outlook: Stable

CRISIL believes JBCI will benefit, over the medium term, from its
promoters' extensive industry experience. 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 liquidity. Conversely, the outlook may
be revised to 'Negative' if JBCI's financial risk profile,
including its liquidity, weakens on the back of low accruals or a
stretch in its working capital cycle or any large debt-funded
capital expenditure (capex).

Update
The firm commenced operations from April 2014 and recorded revenue
of around INR166 million in 2014-15 (refers to financial year,
April 1 to March 31). Its operating margin stood at around 3.8 per
cent in 2014-15; the firm generated cash accruals of INR1.3
million over the same period. CRISIL believes JBCI will record
revenue growth of around 25 per cent, over the medium term, while
largely maintaining its operating profitability.

Gearing was high at around 7.5 times as on March 31, 2015, on the
back of a small net worth and debt-funded capex. However, the
partners infused equity of around INR11 million in 2015-16, and
consequently, CRISIL expects JBCI's financial risk profile to
improve over the medium term, further supported by the absence of
any debt-funded capex. The firm's debt protection metrics were
modest, with interest coverage and net cash accruals to total debt
ratios of 1.3 times and 0.02 times, respectively, in 2014-15.

The firm has moderate working capital requirements, marked by
gross current assets of around 95 days as on March 31, 2015;
however, owing to low accruals, the working capital limits were
almost fully utilised during the peak season (October to March).
The partners have also supported the liquidity by bringing in
unsecured loans amounting to around INR1 million. CRISIL believes
JBCI will generate cash accruals of INR3.5 million in 2015-16
against a repayment obligation of INR2.5 million.

Promoted in June 2013, JBCI has set up a ginning and pressing unit
having a capacity to produce 20,000 to 25,000 bales per annum at
Morbi in Rajkot (Gujarat). The unit
commenced operations from April 2014.


KANAK AGRO: ICRA Suspends 'D' Rating on INR5cr Term Loan
--------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]D assigned to
INR5.00 crore term loan, INR4.00 crore cash credit facilities of
Kanak Agro Pipes Pvt. Ltd. The suspension follows ICRA's inability
to carry out a rating surveillance in the absence of the requisite
information from the company.

Established in FY 10, Kanak Agro Pipes Private Limited is involved
primarily in the manufacture and sale of Poly Vinyl Chloride Pipes
which finds application mainly in agriculture along with ASTM and
SWR pipes which have high pressure applications. The Company has
its production unit at Shendra, Aurangabad (Maharashtra) with
installed capacity of 4800 tonnes per year.


KB LUBES: CRISIL Assigns 'B' Rating to INR49MM Cash Loan
--------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of KB Lubes Pvt Ltd (KBLPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit             49         CRISIL B/Stable
   Term Loan               13.9       CRISIL B/Stable

The rating reflects the company's improving yet small scale of
operations in an intensely competitive lubricants industry, large
working capital requirements, and a below-average financial risk
profile, marked by small net worth, aggressive capital structure,
and average debt protection metrics. These weaknesses are
partially offset by the extensive entrepreneurial experience of
the promoters and their funding support.

For arriving at its rating, CRISIL has treated the unsecured loans
of INR44.2 million, as on March 31, 2015, extended to KBLPL by its
promoters, as neither debt nor equity as these loans bear nominal
interest and are expected to be retained in the business over the
medium term.
Outlook: Stable

CRISIL believes that KBLPL will benefit from the extensive
entrepreneurial experience of the promoters over the medium term.
The outlook may be revised to 'Positive' in case of significant
and sustained improvement in its revenue and cash accruals and
efficient working capital management. Conversely, the outlook may
be revised to 'Negative' in case of deterioration KBLPL's
financial risk profile, particularly liquidity, because of low
cash accruals, stretch in the working capital cycle, or any large
unanticipated debt-funded capital expenditure.

KBLPL was set up in February 2012 by Mr. Subhash Agarwal, Mr.
Jignesh Agarwal, and Mr. Ankit Agarwal. The company manufactures
industrial and automotive lubricants and sells the same under its
own brand, Lubrinox. KBLPL's manufacturing units are located in
Pune (Maharashtra).


KUSHALBAGH MARBLES: ICRA Ups Rating on INR6.19cr Loan to B-
-----------------------------------------------------------
ICRA has upgraded its long term rating from [ICRA]C to [ICRA]B- on
the INR6.32 Crore fund based bank facilities of Kushalbagh Marbles
Private Limited (KMPL). ICRA has also reaffirmed its short term
rating of [ICRA]A4 on the INR0.68 Crore non-fund based bank
facilities of the company.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Fund-based bank
   facilities               6.19      [ICRA]B-; upgraded

   Non-Fund-based
   bank facilities          0.68      [ICRA]A4; reaffirmed

   Long Term-Unallocated    0.13      [ICRA]B-; upgraded

ICRA's rating action is driven by monetization of KMPL's sizeable
investments in its group companies and an improvement in its
inventory holding period which has partially eased its liquidity.
The ratings continue to factor in the extensive experience of
KMPL's promoters in the marble processing business and increase in
its license quota of raw marble imports since December 2014, which
may help improve its operating scale. The ratings however are
constrained on account of its low value additive nature of
operations resulting in modest profitability and cash accruals.
The ratings are also constrained on account of intense competition
limiting its bargaining power, substitute products like vitrified
tiles causing business risks and the vulnerability of the
company's profitability to adverse movements in foreign exchange
risks.

Going forward, KMPL's ability to improve its liquidity by managing
the working capital cycle efficiently, arrange higher working
capital limits commensurate with its scale of operations and
attain a sustained improvement in profitability shall be the key
rating sensitivities.

Established in 1985 in Rajasthan, KMPL is engaged in the
procurement and processing of natural stone. The company started
its stone processing operations in 1994 and supplies natural
stones like marble stone, sandstone, limestone, and granite,
including slates, cobble stone, pebble stone and mosaics, along
with a variety of kitchen countertops, construction stones and
other building stones. The company also imports stones for its
higher quality products. The company belongs to the Banswara based
Agrawal group, which has interests in stone mining, processing and
IT services.

Recent Results
KMPL reported a net profit of INR0.61 crore on an operating income
of INR27.95 crore in FY 2014-15, as against a net profit of
INR0.19 crore on an operating income of INR31.20 crore in the
previous year.


LOOMTEX FABRICS: CRISIL Assigns B+ Rating to INR80MM Cash Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of Loomtex Fabrics (Loomtex).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              80        CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility       40        CRISIL B+/Stable

The rating reflects Loomtex's modest scale of operations, modest
operating profitability, exposure to intense competition in the
textile industry and large working capital requirements. These
rating weaknesses are partially offset by the extensive experience
of Loomtex's promoter in the textile industry and moderate
financial risk profile marked by low gearing and moderate debt
protection metrics.
Outlook: Stable

CRISIL believes that Loomtex will maintain its credit risk
profile, supported by its promoters' extensive industry experience
and fund support. The outlook may be revised to 'Positive' if
Loomtex reports substantial and sustained improvement in scale of
operations and profitability. Conversely, the outlook may be
revised to 'Negative' if Loomtex financial risk profile
deteriorates, most likely because of large debt-funded capital
expenditure, large working capital requirements or low cash
accruals.

Established in 1993, by Mr. Shahnawaz Qureshi, Loomtex is an
Ahmadabad based proprietorship firm engaged in manufacturing and
trading of shirting and suiting fabrics, dress material, towel and
home furnishing material such as bed sheets.


MAGNUM STEELS: ICRA Rates INR65cr Loan at 'B+/A4'
-------------------------------------------------
ICRA has suspended [ICRA]B+/[ICRA]A4 ratings assigned to the
INR65.00 crore fund based and non-fund based limits of Magnum
Steels. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.

Magnum Steels (MS) was established in the year 2001 by the Gandhi
family as a proprietorship firm and was converted into a
partnership firm in November 2008 where a group proprietary firm
Mangal Steels was merged with MS. MS is engaged in trading of TMT
bars, H.R. Coils and structural steel. The firm is an authorised
dealer of Steel Authority of India Limited (SAIL) and Rashtriya
Ispat Nigam Limited (RINL).


MICRO ORGO: CRISIL Reaffirms B+ Rating on INR110MM Cash Loan
------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Micro Orgo Chem
(MOC) continues to reflect MOC's modest scale of operations in the
intensely competitive bulk drugs industry.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           110       CRISIL B+/Stable (Reaffirmed)

The rating also factors in the firm's susceptibility to volatility
in raw material prices and foreign exchange rates, and average
financial risk profile marked by high gearing and modest debt
protection metrics. These rating weaknesses are partially offset
by the extensive experience of MOC's promoters in the bulk drugs
industry.
Outlook: Stable

CRISIL believes that MOC will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the firm reports healthy
revenue growth and stable profitability resulting in substantial
accruals, or if its promoters infuse large capital leading to a
better financial risk profile. Conversely, the outlook may be
revised to 'Negative' in case of low cash accruals or significant
stretch in working capital requirements leading to deterioration
in liquidity.

Update
For 2014-15 (refers to financial year, April 1 to March 31), on a
provisional basis, MOC reported topline of INR753.6 million and
profit after tax (PAT) of INR11.7 million, against topline of INR
491.5 million and PAT of INR6.5 million for the previous year.
Topline increased significantly because of strong order book.
However, profitability declined to 4 per cent from 6 per cent over
the period because of pricing pressure in the domestic as well as
export markets. Operations remain moderately working capital
intensive, with gross current assets of 238 days as on March 31,
2015, driven by increase in receivables. The stretch in working
capital cycle resulted in high bank limit utilisation over the
year through March 2015.

MOC's interest coverage ratio continues to remain average at 1.8
times for 2014-15. With enhancement in bank lines, gearing
deteriorated to 2.2-2.5 times as on March 31, 2015, from 1.26
times a year earlier. With improvement in working capital cycle,
gearing is expected to improve, but remain high, over the medium
term.

Set up in 1992, MOC is a partnership firm owned and managed by Mr.
Manish Jain and Mr, Maheshkumar Ranka. It manufactures
pharmaceutical bulk drugs. Its facility is in Vapi (Gujarat).


MOUSTACHE INTERNATIONAL: CRISIL Suspends B+ Rating on INR50M Loan
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Moustache International Private Limited (MIPL).

                            Amount
   Facilities             (INR Mln)     Ratings
   ----------             ---------     -------
   Cash Credit                50        CRISIL B+/Stable
   Standby Line of Credit      7.5      CRISIL A4

The suspension of ratings is on account of non-cooperation by MIPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, MIPL is yet to
provide adequate information to enable CRISIL to assess MIPL'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 the year 1984 by late Mr. Hari Narayan Shah, MIPL
is engaged in manufacturing of readymade garments, which primarily
include casual wear garments such jeans, shirts, T-shirts and
jackets. The products are marketed under the brand 'Moustache'.
MIPL has its manufacturing facilities located at Kolkata. The day-
to-day operations of the company are managed by Mr. Prateek
Agarwal, Ms. Pankhuri Agarwal, Mr. Shikar Shah, and Ms. Poonam
Shah.


NORTHERN MOTORS: CRISIL Reaffirms B+ Rating on INR55.2MM Loan
-------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Northern
Motors Pvt Ltd (NMPL) continues to reflect NMPL's below-average
financial risk profile, marked by a high total outside liabilities
to tangible net worth (TOLTNW) ratio, and weak debt protection
metrics. The rating also factors in the company's exposure to
intense competition in the automobile (auto) dealership market.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit           55.2       CRISIL B+/Stable (Reaffirmed)
   Long Term Loan        17.1       CRISIL B+/Stable (Reaffirmed)
   Term Loan             27.7       CRISIL B+/Stable (Reaffirmed)
   Working Capital
   Term Loan             50.0       CRISIL B+/Stable (Reaffirmed)

These rating weaknesses are partially offset by NMPL's established
position in Ludhiana and Jalandhar (both in Punjab), established
relationships with its principals, Hindustan Motors-Mitsubishi
(HMM) and Hyundai Motor India Ltd (HMIL; rated 'CRISIL A1+').

Outlook: Stable

CRISIL believes NMPL will continue to benefit over the medium term
from its established position in the auto dealership market in
Ludhiana and Jalandhar, and its established association with its
principals. The outlook may be revised to 'Positive' in case of
significant improvement in the company's cash accruals and
improvement in its capital structure.  Conversely, the outlook may
be revised to 'Negative' if NMPL's liquidity deteriorates, most
likely caused by low cash accruals, higher-than-expected working
capital requirements, or a large debt-funded capital expenditure.

NMPL, promoted by Mr. Rajiv Chopra, is an authorised dealer of
passenger cars of HMM and HMIL in Punjab. The company operates one
showroom for HMIL in Ludhiana and two showrooms for HMM, one each
in Jalandhar and Ludhiana. NMPL has been a dealer in HMM cars for
six decades.


PACIFIC GARMENT: ICRA Assigns 'D' Rating to INR4.97cr LT Loan
-------------------------------------------------------------
ICRA has assigned its long term rating of ICRA[D] on the INR4.97
crore long term bank facilities of Pacific Garment Private Limited
(PGPL). ICRA has also assigned its short term rating of [ICRA]D on
the INR3.75 crore short term fund based bank facilities of PGPL.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term-Fund
   Based Limits          4.97         [ICRA]D; Assigned

   Short Term-Fund
   Based Limits          3.75         [ICRA]D; Assigned

ICRA's rating centrally factors in delays in the debt servicing by
PGPL on account of stretched liquidity primarily on account of
debt funded capex on the construction of manufacturing unit and
modest profitability margins. The moderate scale of operations
restricts PGPL's flexibility to enjoy the economies of scale.
Further the profitability of the company is susceptible to foreign
exchange fluctuations as witnessed in the past. The total debt
levels of the company increased from INR6.29 crore as on March 31,
2014 to INR11.35 crore as on March 31, 2015 due to higher working
capital requirements as well as ongoing capital expenditure
programme. However, ICRA notes the extensive experience of the
promoters and an established customer base of PGPL.

Going forward, a track record of timely debt servicing will be the
key rating sensitivity. This, in-turn would be dependent on PGPL's
ability to increase its profitability, reduce working capital
requirements and infusion of funds by the promoters.

Incorporated in 1995 by Mrs. Madhushree Gupta, PGPL is a private
limited company engaged in manufacturing and exports of women's
garments. The firm's manufacturing unit is located in Noida and
has a manufacturing capacity of 2.40 lac garments per annum. The
firm's key markets are Japan and Australia.

Recent results
The company, on a provisional basis, reported an Operating Income
(OI) of INR17.18 crore and a net profit of INR0.28 crore for
FY2015, as against an OI of INR15.83 crore and a net profit of
INR0.26 crore for the previous year.


PCI PAPERS: ICRA Suspends 'D' Rating on INR13.77cr Bank Loan
------------------------------------------------------------
ICRA has suspended [ICRA]D/D ratings assigned to the INR13.77
crore, bank facilities of PCI Papers Limited. The suspension
follows ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.

Incorporated in 1984, PCI is listed on Calcutta Stock Exchange.
The company has two manufacturing facilities -- one each at
Kolkata and Nasik. The Nasik Facility was set up in 1996 with
equity contribution from IDBI. PCI manufactures polycoated,
Silicon Release paper, label stocks (film, foil and paper etc.)
which are used in the Healthcare, Automobiles, Tea, Rubber,
Security Press, Packaging and other industries.


PINNACLE TELE: CRISIL Suspends B+ Rating on INR45MM Cash Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Pinnacle Tele Services Pvt Ltd (PTPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee           15        CRISIL A4
   Cash Credit              45        CRISIL B+/Stable
   Letter of Credit          6        CRISIL A4
   Term Loan                39        CRISIL B+/Stable

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

PTPL was incorporated in 2008 by Nagpur based Srivastava family
and Mr. Rajesh Banerjee. PTPL is a Cellular IT solutions company
engaged in the business of providing bulk Short Messaging Service
aggregator and other value-added services like voice services,
Radio frequency identification and tracking services. The company
has a clientele base that includes companies across banking and
fast-moving consumer goods industry. PTPL's registered office is
located in Nagpur (Maharashtra).


PULKIT VENEER: CRISIL Reaffirms B+ Rating on INR34MM Cash Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Pulkit Veneer Mills Pvt
Ltd (PVMPL) continue to reflect PVMPL's modest scale of
operations, exposure to intense competition in the plywood and
laminates industry, and below-average financial risk profile,
marked by small net worth, high gearing, and average debt
protection metrics.

                         Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          2        CRISIL A4 (Reaffirmed)
   Cash Credit            34        CRISIL B+/Stable (Reaffirmed)
   Foreign Exchange
   Forward                14.5      CRISIL A4 (Reaffirmed)
   Letter of Credit      290.0      CRISIL A4 (Reaffirmed)

These rating weaknesses are partially offset by the extensive
industry experience of PVMPL's promoter.
Outlook: Stable

CRISIL believes that PVMPL will continue to benefit over the
medium term from its promoter's extensive industry experience and
established relationships with customers. The outlook may be
revised to 'Positive' in case of substantial and sustained
improvement in revenue and profitability margins, or in capital
structure or net worth because of sizeable equity infusion by
promoter. Conversely, the outlook may be revised to 'Negative' in
case of a steep decline in revenue or profitability margins, or
significant deterioration in capital structure most likely because
of large debt-funded capital expenditure or a stretch in working
capital cycle.

PVMPL was established in 1986 by Mr. G R Patodia in Kolkata. The
company manufactures and trades in plywood and veneer. Its product
portfolio includes board plywood, door plywood, window plywood,
and commercial plywood. Its manufacturing unit is at Amdanga, 24
Paraganas (North), West Bengal. The promoter has experience of
over 25 years in the plywood and laminates industry.


RANA POLYCOT: ICRA Reaffirms 'D' Rating on INR279cr Loan
--------------------------------------------------------
ICRA has reaffirmed the [ICRA]D rating for INR370.00 crore fund-
based and non fund-based bank facilities of Rana Polycot Limited.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund-Based Limits    279.00       [ICRA]D (Reaffirmed)
   Non Fund-Based
   Limits                91.00       [ICRA]D (Reaffirmed)

The rating reaffirmation takes into account continued delays in
debt servicing, and lower than optimum capacity utilization across
spinning and knitting units of the company. The already weak
operational and financial profile of the company was adversely
impacted in FY15 by the decline in cotton prices as well as
slowdown in yarn demand in export markets, whereby RPL's capacity
utilization and contribution margins suffered severely and
resulted in a large cash loss of INR32.7 Crore. This cash loss has
adversely impacted the liquidity of the company, and continues to
hamper the operations and is expected to result in weak financial
performance in FY16 as well. Thus, timely infusion of incremental
long term funding would remain critical for improvement in
liquidity and continuation of business operations.

Earlier in May 2009, RPL's term loans were restructured under
corporate debt restructuring (CDR) scheme as the company faced
liquidity issues due to substantial debt-funded expansion. Debt
funded expansion coupled with delays in project execution and low
capacity utilization of the expanded facilities had resulted in
weak financial profile thereby necessitating debt restructuring.
Going forward, timely infusion of adequate long term funds, debt
reduction, and prudent management of risks arising from
fluctuation in raw materials prices and foreign exchange rates
would remain key rating sensitivities.

Rana Polycot Limited (RPL), promoted by Mr. Rana Gurjeet Singh and
Mr. Rana Ranjit Singh, is part of Rana Group, which also has
interests in sugar industry through Rana Sugar Limited (rated
[ICRA]D). RPL is a manufacturer of yarn of count 25-30, which is
largely exported by the company. The company's manufacturing
facilities are located in Punjab, wherein it has an installed
capacity of 72,768 spindles for yarn manufacturing and yarn dying
capacity of 4.8 MT/ day. The company also has a knitting unit in
Mohali, Punjab, wherein it has installed ~475 knitting machines.

In FY15, on a provisional basis, RPL has reported an Operating
Income (OI) of INR304.1 Crore, Net Loss of INR42.5 Crore and Net
Cash Loss of INR32.7 Crore against an OI of INR349.1 Crore, Profit
after Tax (PAT) of INR3.9 Crore and Net Cash Accrual (NCA) of
INR19.2 Crore reported in FY14.


RMV RESORT: CRISIL Suspends D Rating on INR250MM Term Loan
----------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
RMV Resort & Hotels Pvt Ltd (RMV).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Term Loan                250       CRISIL D

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

RMV was incorporated in January 2008, by Mr. Mahesh Wadhwani, Mr.
Ajay Wadhwani, and Mr. Mahesh Nathani.  The company owns and
operates a 110-room hotel called VW Canyon and also runs a health
and fitness centre The White Club. The hotel commenced commercial
operations in January 2012.


SHIVAM COTTON: CRISIL Suspends 'B' Rating on INR30MM Cash Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Shivam Cotton Industries (Bhavnagar) (SCI).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              30        CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility        2        CRISIL B/Stable
   Term Loan                18        CRISIL B/Stable

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

SCI, set up in 2012, is in the cotton ginning and pressing
business. It is promoted by Bhavnagar (Gujarat)-based Mr.
Pragjibhai Padharia and his family. Mr. Padharia has over two
decades of experience in the cotton industry.


SHREE SADHK: CRISIL Suspends B- Rating on INR127.3MM LT Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Shree Sadhk Stockage (SSS).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Long Term Loan          127.3      CRISIL B-/Stable
   Proposed Long Term
   Bank Loan Facility       12.7      CRISIL B-/Stable

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

SSS, established in 2011, is setting up a cold storage and
warehouse facility in Navi Mumbai (Maharashtra). The firm is
promoted by four brothers: Mr. Chandulal Senghani, Mr. Mohanlal
Senghani, Mr. Narshi Senghani, and Mr. Purshottam Senghani.


SHREE SIDHBALI: CRISIL Suspends 'D' Rating on INR1.0BB Loan
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Shree Sidhbali Ispat Ltd (SSIL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              200       CRISIL D
   Funded Interest
   Term Loan                142       CRISIL D
   Letter of Credit          22.5     CRISIL D
   Term Loan               1000.5     CRISIL D
   Working Capital
   Term Loan                235       CRISIL D

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

Set up in 2005 by the Amba group and the Sidhbali group, SSIL
manufactures mild steel (MS) bars and sponge iron. The company's
operations are backward integrated into manufacturing of sponge
iron, steel ingots, and steel billets. SSIL's manufacturing unit
is in Chandrapur (Maharashtra). The company also has a captive
power plant with capacity of 20 megawatts.


SNEHA CONSTRUCTIONS: CRISIL Rates INR120MM Cash Loan at 'B'
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Sneha Constructions (Sneha).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Proposed Working
   Capital Facility          5        CRISIL B/Stable
   Bank Guarantee           25        CRISIL A4
   Cash Credit             120        CRISIL B/Stable

The ratings reflect Sneha's modest scale of operations in the
intensely competitive civil construction segment, and its below-
average financial risk profile, marked by a small net worth. These
rating weaknesses are partially offset by the extensive industry
experience of the firm's proprietor.
Outlook: Stable

CRISIL believes that Sneha will continue to benefit over the
medium term from its proprietor's extensive industry experience.
The outlook may be revised to 'Positive' if the firm significantly
scales up its operations and improves operating profitability and
working capital management, resulting in a better financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
Sneha's accruals decline or working capital management weakens,
leading to deterioration in its financial risk profile, especially
its liquidity.

Sneha is a Kerala-based civil contractor. The firm's operations
are managed by its proprietor, Mr. K Bhaskaran.

For 2013-14 (refers to financial year, April 1 to March 31), Sneha
reported a net profit of INR7.18 million on contract receipts of
INR101.44 million, against a net profit of INR5.12 million on
contract receipts of INR71.35 million for 2012-13.


SUNMARK CERAMIC: ICRA Reaffirms 'B' Rating on INR5.58cr Term Loan
-----------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B to INR3.00
crore fund based cash credit facility and INR5.58 crore term loan
facility of Sunmark Ceramic. ICRA has also reaffirmed an [ICRA]A4
rating to INR1.00 crore short term non fund based facilities of
SC.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit           3.00        [ICRA]B; Reaffirmed
   Term Loan             5.58        [ICRA]B; Reaffirmed
   Bank Guarantee        1.00        [ICRA]A4; Reaffirmed

The ratings continues to remain constrained by SC's limited
operational track record entailing weak financial profile as
reflected by net losses, stretched capital structure and weak debt
protection metrics. While reaffirming the ratings, ICRA considers
the vulnerability of profitability and cash flows to fluctuating
prices of gas and power and cyclicality inherent in the real
estate industry, which is the main consumer sector. The ratings
are further constrained by the restricted pricing flexibility in
the business due to fragmented nature of the industry and intense
competition among the players.

The ratings however, favorably consider the stabilization of
operations with moderate capacity utilization level in FY15 as
well as the experience of the key promoters in the ceramic
industry. The ratings also favorably take into account the
location advantage enjoyed by the firm, giving it easy access to
raw material.

Incorporated in June 2013, Sunmark Ceramic (SC) is engaged in the
manufacture of digitally printed wall tiles of multiple sizes i.e.
10X15, 12X12, 12X18, 10X16 and 24X12. The manufacturing unit of
the firm is located in Morbi, Gujarat, with an installed capacity
30,000 MTPA for wall tiles. The commercial production has
commenced in July 2014. The firm is promoted and managed by Mr.
Manoj Gogari along with other family members having experience in
ceramic business.

Recent Results
For the year ended 31st March, 2015, the firm reported an
operating income of INR10.00 crore and has incurred net losses of
INR0.87 crore as per audited results.


T.M. PATEL: CRISIL Suspends B+ Rating on INR45MM Cash Loan
----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
T.M. Patel Processing Pvt Ltd (TM).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              45        CRISIL B+/Stable
   Term Loan                20.6      CRISIL B+/Stable

The suspension of ratings is on account of non-cooperation by TM
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, TM is yet to
provide adequate information to enable CRISIL to assess TM'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 1996, TM undertakes the job work of dyeing of grey
fabrics. The company is promoted by Mr. Harish Patel and is based
out of Surat (Gujarat).


TAMULBARI TEA: CRISIL Suspends 'B' Rating on INR68.4MM Loan
-----------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Tamulbari Tea Co Pvt Ltd.

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Long Term Loan          33.4      CRISIL B/Stable
   Tea Hypothecation       68.4      CRISIL B/Stable

The suspension of rating is on account of non-cooperation by
Tamulbari with CRISIL's efforts to undertake a review of the
ratings outstanding. Despite repeated requests by CRISIL,
Tamulbari is yet to provide adequate information to enable CRISIL
to assess Tamulbari'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 1915, Tamulbari is engaged in tea cultivation and
processing.  The company's customers are mainly tea brokers and
private parties in Assam. It owns a tea garden of around 350
hectares and a tea processing facility in Dibugarh (Assam). The
company's operations were taken over by its present promoters,
members of the Varma and Beria families from Dibrugarh, in 2011-12
(refers to financial year, April 1 to March 31.


TECHNOLINE ENGINEERING: CRISIL Reaffirms B Rating on INR23MM Loan
-----------------------------------------------------------------
CRISIL ratings on the bank facilities of Technoline Engineering
(TE) continue to reflect TE's small scale of operations in the
fragmented civil construction industry and its large working
capital requirements.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee        47        CRISIL A4 (Reaffirmed)
   Cash Credit           23        CRISIL B/Stable (Reaffirmed)

These rating weaknesses are partially offset by the extensive
industry experience of the firm's promoters and its above-average
financial risk profile, marked by low gearing.
Outlook: Stable

CRISIL believes that TE will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the firm scales up its
operations significantly while maintaining its profitability,
leading to a substantial increase in its cash accruals and
improvement in its liquidity. Conversely, the outlook may be
revised to 'Negative' if TE's revenue or profitability is low, its
working capital management deteriorates, or it undertakes a large
debt-funded capital expenditure (capex) programme, leading to
weakening of its financial risk profile, particularly its
liquidity.

Update
TE reported revenue of about INR62 million for 2014-15 (refers to
financial year, April 1 to March 31) as against CRISIL's
expectation of INR67 million, and INR66 million reported for the
previous year. The decline was due to delay in realisations from
Kerala Public Works Department. The firm's operating profitability
was around 11.5 per cent in 2014-15, in line with the previous
year. CRISIL believes that TE's revenue will be in the range of
INR65 million and INR70 million per annum over the medium term,
given its current order book of INR85 million.

TE's financial risk profile is marked by a modest net worth,
moderate gearing, and above-average debt protection metrics. The
firm had a net worth of about INR24 million as on March 31, 2015;
the net worth is expected to remain at this level over the medium
term. Its gearing was moderate at about 1.01 times as on March 31,
2015, and is expected to remain at the same level over the medium
term due to no debt-funded capex plan. The firm had above-average
debt-protection metrics, with net cash accruals to total debt and
interest coverage ratios at about 0.15 times and 2.63 times,
respectively, in 2014-15. The metrics are expected remain at the
same level over the medium term owing to its sustained scale of
operations and profitability and moderate gearing.

TE's liquidity is adequate, with adequate cash accruals to meet
term debt obligations and high bank line utilisation. The firm's
bank lines have been utilised at an average of 96 per cent during
the 12 months through July 2015. It is expected to generate cash
accruals of INR3 million against repayment obligations of INR0.85
million in 2015-16.

Set up in 2007 and based in Kochi, TE executes various civil
construction projects for government undertakings. The firm's day-
to-day operations are managed by its managing partner, Mr. K V
Abraham.


TIRUPATI WAREHOUSE: CRISIL Suspends B+ Rating on INR100MM Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Tirupati
Warehouse (TW).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Warehouse Receipts      100        CRISIL B+/Stable

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

TW is an Amravati (Maharashtra) based partnership firm, set up in
2007 by Mr Durgashankar Agarwal along with his family members. The
firm trades in various pulses and food grains, including soya
bean, tur dal, chana dal, wheat and cotton in the domestic market.
The firm also provides warehousing facilities for agro-commodities
in Paratwada district (Amravati).


UNIVERSAL TRUST: CRISIL Suspends D Rating on INR145.1MM Term Loan
-----------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Universal Trust of Education and Research (UTER).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Term Loan               145.1      CRISIL D

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

UTER operates a single educational institute, Universal Institute
of Technology (UIT), at Hisar (Haryana). UIT offers courses in
engineering; its first batch of engineering students commenced in
June 2009.


VARUN FERTILIZERS: CRISIL Reaffirms B+ Rating on INR80MM Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL A4' rating to the short-term bank
facility of Varun Fertilizers Pvt Ltd (VFPL) and reaffirmed its
'CRISIL B+/Stable' rating on the company's long-term facilities.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           80        CRISIL B+/Stable (Reaffirmed)
   Letter of Credit      30        CRISIL A4 (Reassigned)
   Proposed Long Term
   Bank Loan Facility     6.5      CRISIL B+/Stable (Reaffirmed)
   Term Loan              1.0      CRISIL B+/Stable (Reaffirmed)

The ratings reflect VFPL's large working capital requirements and
susceptibility to government regulations and monsoon. These rating
weaknesses are partially offset by the expected improvement in the
company's financial and business risk profiles, driven by
commencement of single super phosphate (SSP) manufacturing in
2013-14 (refers to financial year, April 1 to March 31) and its
management's extensive experience in the fertilizer industry.
Outlook: Stable

CRISIL believes that VFPL will continue to benefit over the medium
term from its management's extensive industry experience and
commencement of SSP production. The outlook may be revised to
'Positive' if the company scales up operations and improves
profitability, leading to increase in net cash accruals, without
negatively impacting working capital cycle. Conversely, the
outlook may be revised to 'Negative' if VFPL's working capital
cycle lengthens, resulting in weakened financial risk profile, or
if it is unable to scale up operations as expected. Any adverse
impact of regulatory changes, leading to weakening of business
risk profile, may also result in a 'Negative' outlook.

Update
VFPL achieved a profit after tax (PAT) of about INR6 million on
net sales of about INR465 million for 2014-15, against PAT of
INR3.9 million on net sales of INR443 million for 2013-14. Its
operating profitability was 5.8 per cent for 2014-15 against 4.2
per cent in 2013-14 with improving operating efficiencies and
stabilisation in SSP operations. Capacity utilisation in 2014-15
was 40 per cent and is expected to reach 70 per cent in 2015-16.
CRISIL believes that VFPL will achieve annual revenue growth of 5
to 10 per cent over the medium term backed by entry in new markets
and established relationships with clients.

The company operates in both the Rabi (October-February) and
Kharif (March-July) seasons. It has large gross current asset days
(GCA) at the year-end (192 days as on March 31, 2015) as
substantial sales happen during the first quarter of every year.

VFPL's financial risk profile has improved with equity infusion by
promoters, and is expected to improve further as its term loan is
likely to be completely repaid by December 2015 and it has no
capital expenditure plan for the medium term. Its liquidity also
improved with increased cushion between accruals and debt
obligations. The company has outstanding loan of INR1 million as
on June 2015 and will have no debt obligation in 2016-17.

VFPL was incorporated in 2005 in Indore (Madhya Pradesh). The
company manufactures fertilizers such as nitrogen-phosphorous-
potassium (NPK) and SSP. It has capacity to manufacture 150,000
tonnes per annum (tpa) of NPK and 120,000 tpa of SSP at its plant
in Indore. The company is managed by Mr. Ashish Tiwari and Mr.
Abhishek Tiwari.

VFPL reported profit after tax (PAT) of INR3.9 million on net
sales of INR443.2 million for 2013-14 against PAT of INR2.5
million on net sales of INR216.6 million for 2012-13.


VENKTASHWAR ENTERPRISES: CRISIL Suspends B- INR120MM Loan Rating
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Venktashwar Enterprises (VE).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee           20        CRISIL A4
   Term Loan               120        CRISIL B-/Stable

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

VE is a partnership firm promoted by Mr. Ashish Agarwal and his
wife Mrs. Sheetal Agarwal. The Udaipur (Rajasthan)-based firm is
engaged in open-cast mining of granite blocks from a leased mine
located in the Barmer district of Rajasthan.


VINEET AUTOMOBILES: CRISIL Reaffirms B+ Rating on INR192.5MM Loan
-----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Vineet
Automobiles Pvt Ltd (VAPL) continues to reflect VAPL's weak
financial risk profile, marked by a high total outside liabilities
to tangible net worth (TOLTNW) ratio and a weak interest coverage
ratio; the rating also factors in the company's susceptibility to
risks relating to intense competition in the automobile (auto)
dealership market and limited bargaining power with its principal,
Mahindra & Mahindra Limited (M&M; rated 'CRISIL AAA/Stable/CRISIL
A1+').

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit          192.5      CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     7.5      CRISIL B+/Stable (Reaffirmed)

These rating weaknesses are partially offset by the benefits that
VAPL derives from its association with M&M, and the extensive
experience of its promoters in the auto dealership industry.
Outlook: Stable

CRISIL believes that VAPL will continue to benefit over the medium
term from its association with M&M and the extensive experience of
its promoters in the auto dealership industry. The outlook may be
revised to 'Positive' if improved cash accruals and capital
structure considerably strengthen the financial risk profile.
Conversely, the outlook may be revised to 'Negative' if decline in
working capital management or any large debt-funded capital
expenditure weakens the financial risk profile further.

VAPL, incorporated in 2000, is promoted by the Maheshwari and
Rathi families. The company is an authorised dealer for M&M and
operates showrooms in Aligarh, Hathras, Babrala, Bulandshahr, and
Badaun (all in Uttar Pradesh).



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


SOECHI LINES: Fitch Withdraws B+ Rating on Proposed USD200M Notes
-----------------------------------------------------------------
Fitch Ratings has withdrawn the 'B+(EXP)' expected rating assigned
to PT Soechi Lines Tbk's (Soechi, B+/Stable) proposed USD200 mil.
senior unsecured notes.  The notes were to be issued by the
Indonesia-based tanker company's wholly owned subsidiary Soechi
Capital B.V., and guaranteed by Soechi and its key subsidiaries.

The rating is being withdrawn because Soechi does not expect to
proceed with the bond issue within the previously envisaged
timeline. The expected rating was assigned on June 10, 2015.



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


WATAMI CO: To Sell Off Nursing Care Subsidiary
----------------------------------------------
Kyodo News reports that struggling restaurant chain Watami Co. on
September 10 admitted to holding talks on a handover, following
media reports that it plans to sell its nursing care business and
focus on food servicing operations centered on its namesake
Japanese-style taverns.

According to the report, sources familiar with the matter said
Watami has invited bids to seek a potential buyer for its nursing
care subsidiary Watami no Kaigo Co. and that Sompo Japan Nipponkoa
Holdings Inc. took part in a tender.

Sompo Japan confirmed it was considering buying Watami's nursing
care business, the report relates.

Kyodo says Watami, which is listed on the Tokyo Stock Exchange,
has seen its earnings slump following revelations an employee
committed suicide just weeks after joining in what the labor
office linked to overwork.

Kyodo relates that major creditor banks have been calling on
Watami to review its asset portfolio to curb its debt of more than
JPY30 billion as of the end of March.

Watami hopes to select a buyer for the nursing case business in
about a month and use the proceeds from the sale to squeeze debt,
the sources said, the report relays.

Watami no Kaigo was set up in 2004 and expanded its operations by
acquiring another company running homes for the elderly. It
operates about 110 fee-based nursing homes in Tokyo, Kanagawa,
Osaka and five other prefectures under the Rest Villa brand,
according to Kyodo.


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


MEDIAWEB LIMITED: SFO Lays Charges Against Former Director
----------------------------------------------------------
The Serious Fraud Office (SFO) has laid Crimes Act charges against
Victor John Clarke (61), in the Auckland District Court.

The charges against Mr Clarke consist of two false accounting
charges, one charge of using a forged document and one charge of
obtaining by deception. The charges relate to his conduct as a
director of the company MediaWeb Limited.

Mr Clarke was responsible for overseeing the accounting and
financial aspects of the business.

The SFO alleges that in this role, Mr Clarke falsified financial
statements to present a positive picture of MediaWeb's financial
position, created fictitious entries in MediaWeb's accounting
system to obtain money from a lending institution, forged emails,
and failed to disclose the true financial position of MediaWeb to
obtain funding from a Trust. Mr Clarke's alleged offending enabled
him to obtain money and access to loan facilities of approximately
NZ$2.2 million.

SFO Director, Julie Read said, "Financial crime can have an impact
on the cost of doing business for the whole community as well as
causing harm to the lives and prosperity of those who are the
victims of the crime. The SFO is working hard to combat these
crimes to ensure New Zealand is a safe place to do business."

Mr Clarke will next appear at the Auckland District Court on
Oct. 6, 2015.

Mediaweb Limited went into receivership in March 2014 and later
liquidation.  McDonald Vague's Peri Finnigan and Tony Maginness
were appointed as the receivers for MediaWeb.


NELSON BUILDING: Fitch Affirms ST Issuer Default Rating at B
------------------------------------------------------------
Fitch Ratings has affirmed the Long-Term and Short-Term Issuer
Default Ratings (IDR) and Viability Ratings (VR) of five
New Zealand-based regional financial institutions: TSB Bank
Limited (TSB) at 'A-'; Southland Building Society (SBS) at 'BBB';
The Co-Operative Bank Limited (Co-op) at 'BBB-'; Nelson Building
Society (NBS) at 'BB+'; and Wairarapa Building Society (WBS) at
'BB+'.  At the same time, Fitch has revised SBS's and Coop's
Outlook on their respective IDRs to Positive from Stable.  The
Outlook on TSB's, WBS's and NBS's IDRs are Stable.

The Support Ratings and Support Rating Floors of all these
entities have been affirmed at '5' and 'No Floor', respectively.

The affirmation of the IDRs, VRs and senior debt ratings reflects
our view that all five entities are likely to continue to perform
solidly over the next 12 to 24 months.  The Positive Outlooks for
SBS and Co-op reflect a changed strategic approach for both banks.
These changes have already shown early signs of performance
improvements and membership growth, although we expect the biggest
benefits to their respective competitive positions to emerge over
the next 18-24 months.  Importantly, Fitch do not expect this
growth to come at the expense of each bank's conservative risk
appetite.

All five entities have simple and transparent business models,
confined to the New Zealand market.  Their main business focus is
residential mortgages where they have relatively small national
franchises and are price-takers, although most enjoy a level of
community support in their home regions.  Nevertheless, all
entities have strong capital ratios relative to international
peers, offsetting their limited access to common equity owing to
their ownership structures, typically being a mutual or owned by
community trusts.

Fitch expects New Zealand's economic growth to continue, albeit
slower than the last two years.  The contribution to growth from
the Christchurch rebuild has peaked and some commodity prices
remain under pressure, impacting parts of agricultural output.
Consequently, the Reserve Bank of New Zealand (RBNZ) has entered
into a phase of monetary easing, lowering the official cash rate
(OCR) by 75p to 2.75% since June 2015, which should support asset
quality across the banking system, although revenue generation may
become more challenging.

High household leverage and New Zealand's high property prices
remain risks to the financial system.  Following strong house
price growth, the RBNZ announced the implementation of additional
macro-prudential measures from 1 November 2015.  However, the
impact on the entities is limited as their exposure to Auckland
remains small.  Spill-over effects of a potential house price
correction from Auckland are possible although current net
immigration flows and the existing housing imbalance limit the
chance of a near-term correction.

There are risks building in the agricultural sector where low
dairy prices, should they persist, may contribute to asset quality
issues in this sector.  However, the entities in this peer review
have limited exposure to the dairy sector.  The operating
environment does not constrain the entities' IDRs and VRs.

KEY RATING DRIVERS
IDRS, VRs AND SENIOR DEBT

TSB Bank Limited
TSB's conservative risk appetite has led to its consistently sound
asset quality and profitability, which have been above industry
average over the past decade.  TSB's conservative risk appetite,
combined with its simple business model has resulted in a strong
balance sheet structure and sustainable operating performance.
TSB's liquidity, funding and capital positions are good for an
institution of its size and are strong relative to international
and domestic peers.  The ratings also take into account TSB's
small domestic franchise, geographic concentration and limited
access to new capital.

TSB's business model has been strongly influenced by the bank's
conservative risk appetite which reflects the bank's tight
underwriting standards, careful expansion outside its home region
as well as holding a sizeable securities portfolio which supports
the bank's exceptional liquidity position.  However, single name
concentration within the securities holding represents a major
source of potential credit risk, although TSB has changed its
maximum exposure limits by amending its treasury policy following
the default of government-owned Solid Energy.

Southland Building Society

SBS's IDRs and VR reflect the bank's conservative risk appetite,
improving asset quality and earnings, and sound capital ratios,
offset by a modest domestic franchise and limited pricing power.
We believe the bank's adjusted strategy, which was developed by
SBS's new CEO, gives it the opportunity to grow its membership
base in a targeted manner without materially increasing risk
appetite - this is the reason for the Positive Outlook on SBS's
Long-term IDRs.

Fitch also expects earnings and profitability to improve in the
medium-term without a material deterioration in asset quality,
capital and funding if the new strategy is successfully
implemented.  However, falling interest rates, increased
investment in the business and a modest increase in impairment
charges mean there may be some pressure in the year to March 31,
2016.

SBS's 'deposits from customers' are rated one notch above the
bank's IDRs at BBB+, to reflect substantial subordination to these
instruments.  Deposits from customers rank equally with commercial
paper, and ahead of redeemable shares - SBS's main funding source.
Deposits from customers and commercial paper combined only
accounted for 9.5% of total liabilities and 8.7% of total assets
at March 31, 2015.

The Co-operative Bank Limited

Co-op's IDRs and VR reflect the bank's modest risk appetite, sound
asset quality and strong capital ratios.  These considerations are
offset by the bank's weaker earnings and profitability relative to
domestic peers.  The Positive Outlook on Co-op's Long-term IDRs
reflect our expectation that the bank will continue to deliver
stronger levels of asset and earnings profitability growth
relative to peers over the rating horizon without material
deterioration in its asset quality or capital ratios.

Co-op has continued to approach its expansion, particularly into
the Auckland mortgage market, with some caution.  The bank appears
to have maintained its modest risk appetite, targeting lower loan/
value ratio (LVR) and owner occupier residential mortgages.  The
bank's strong loan growth could result a lower Fitch Core Capital
ratio in the short term, although the total capital ratio would
likely be maintained around current levels.

Wairarapa Building Society

WBS's IDRs, VR reflect the society's limited franchise, small
absolute size and concentration risks in the loan portfolio.  This
is demonstrated in the higher impaired loan ratio at FYE15, caused
by a small number of larger loans.  WBS's investment property
portfolio also adds additional market risk and volatility to its
profitability.  Offsetting these risks is the society's adequate
capital position, conservative underwriting criteria and strength
within its home market.

WBS's capital ratios are high relative to peers but Fitch views
this as appropriate given the society's small absolute capital
base, loan concentrations and limited access to common equity.
The society's conservative underwriting approach is reflected in
its low level of loan losses and low LVR across its portfolio.
The society has also indicated that it intends to reduce its
property investment holdings.

Nelson Building Society

NBS's ratings are constrained by its modest franchise, small
absolute size and capitalization.  These constraints result in
reduced pricing power and increases concentration risks for the
society.  NBS's conservative risk appetite, generally solid asset
quality and funding position act to partially offset these
considerations.

The society has leveraged its position in its home market well,
delivering strong loan growth over the last four years whilst
improving its net interest margin.  However, falling interest
rates and increasing competition may inhibit future growth.  As a
mutual, the society has limited access to common equity and its
capital ratios are lower than domestic peers, although stronger
than some more highly rated international peers.

SUPPORT RATING AND SUPPORT RATING FLOOR

The Support Ratings and Support Rating Floors of all five
financial institutions reflect that while support from the New
Zealand sovereign is possible, it cannot be relied upon.  In
Fitch's view, the Open Bank Resolution Scheme (OBR) reduces the
propensity of the sovereign to support its banks.  The OBR allows
for the imposition of losses on depositors and senior debt holders
to make up capital shortfalls if a deposit-taking institution has
failed.

RATING SENSITIVITIES

IDRS, VRs AND SENIOR DEBT

TSB Bank Limited

TSB's IDRs and VR would be sensitive to a weakening in its risk
appetite, most likely coupled with a deteriorating capital
position over the long-term rating horizon.  A heightened risk
profile - reflected in weaker underwriting standards or sharp loan
growth - and/or risk controls, or a substantial increase in asset
growth, could lead to deterioration in asset quality, operating
performance and capitalization, which could result in negative
rating action.

Positive rating momentum would require significant improvements in
the franchise while maintaining its current business model and
risk appetite.  An upgrade is unlikely in the short to medium
term.

Southland Building Society

SBS's IDRs and VR may be upgraded if the bank successfully
implements its adjusted strategy.  Fitch expects this to be
reflected in growth in the bank's balance sheet and membership,
and improved earnings, without a material deterioration in asset
quality, capital or funding.  Fitch believes these outcomes are
likely to emerge within 18-24 months.

The Positive Outlooks on the IDRs are likely to be revised to
Stable if the change in strategic direction fails to result in an
improved franchise for the bank, or if it comes at the expense of
SBS's conservative risk appetite, or its sound funding and capital
positions.

The rating on SBS's deposits from customers is subject to the same
factors that influence the IDRs.  In addition, a substantial
increase in the proportion of senior unsecured debt (customers
from deposits and commercial paper) would reduce subordination to
these instruments and could result in a downgrade, aligning the
rating with SBS's IDRs.

The Co-operative Bank Limited

Similar to SBS, an upgrade in Co-op's IDRs and VR will be driven
by the successful implementation of its strategic plan,
implemented in 2012.  Fitch expects the positive trends in asset
growth, membership numbers and earnings to continue over FY16-
FY17.

The Positive Outlooks on the IDRs could be revised to Stable if
the bank loses momentum in its improvement or if the growth
achieved comes at the expense of the bank's risk appetite, capital
or funding position.

Wairarapa Building Society

WBS's IDRs and VR would be sensitive to a weakening in its asset
quality, resulting in an erosion of its capital position.  An
upgrade in the society's ratings is unlikely due to the society's
small absolute capital base, small domestic franchise and high
level of loan concentrations.

Nelson Building Society

NBS's IDRs and VR could experience negative rating pressure should
the society experience unexpected levels of loan deterioration,
possibly due to aggressive growth or weakened underwriting
criteria, resulting in a decline in earnings and capital ratios.
An upgrade to NBS's ratings would require sustained improvements
to the society's company profile and a strengthened capital
position.

SUPPORT RATING AND SUPPORT RATING FLOOR

The Support Ratings and Support Rating Floors are sensitive to any
change in assumptions around the propensity or ability of the New
Zealand government to provide timely support to each institution.

The rating actions are:

TSB Bank Limited

Long-Term IDR affirmed at 'A-'; Outlook Stable;
Short-Term IDR affirmed at 'F2;'
Viability Rating affirmed at 'a-';
Support Rating affirmed at '5'; and
Support Rating Floor affirmed at 'No Floor'.

Heartland Bank Limited:

Long-Term IDR upgraded to 'BBB' from 'BBB-'; Outlook Stable;
Short-Term IDR upgraded to 'F2' from 'F3';
Viability Rating upgraded to 'bbb' from 'bbb-';
Support Rating affirmed at '5'; and
Support Rating Floor affirmed at 'No Floor'.

Southland Building Society

Long-term IDR affirmed at 'BBB'; Outlook revised to Positive from
Stable;
Short-term IDR affirmed at 'F2';
Local Currency Long-term IDR affirmed at 'BBB'; Outlook revised to
Positive from Stable;
Local Currency Short-term IDR affirmed at 'F2';
Viability Rating affirmed at 'bbb';
Support Rating affirmed at '5';
Support Rating Floor affirmed at 'No Floor';
Commercial Paper affirmed at 'F2'; and
Long-Term senior unsecured debt (deposits from customers) affirmed
at 'BBB+'.

The Co-operative Bank Limited

Long-Term IDR affirmed at 'BBB-'; Outlook revised to Positive from
Stable;
Short-Term IDR affirmed at 'F3';
Viability Rating affirmed at 'bbb-';
Support Rating affirmed at '5'; and
Support Rating Floor affirmed at 'No Floor'.

Nelson Building Society:

Long-Term IDR affirmed at 'BB+'; Outlook Stable;
Short-Term IDR affirmed at 'B';
Local Currency Long-Term IDR affirmed at 'BB+'; Outlook Stable;
Local Currency Short-Term IDR affirmed at 'B';
Viability Rating affirmed at 'bb+';
Support Rating affirmed at '5'; and
Support Rating Floor affirmed at 'No Floor'.

Wairarapa Building Society:

Long-Term IDR affirmed at 'BB+'; Outlook Stable;
Short-Term IDR affirmed at 'B';
Local Currency Long-Term IDR affirmed at 'BB+'; Outlook Stable;
Local Currency Short-Term IDR affirmed at 'B';
Viability Rating affirmed at 'bb+';
Support Rating affirmed at '5'; and
Support Rating Floor affirmed at 'No Floor'.


PETE'S PUMP: Goes Under Amid Farming's Hard Times
-------------------------------------------------
Christine McKay at Hawkes Bay Today reports that this is the
second low payout season in a row for dairy farmers and tough
decisions are being made on the farm and in the Collis household.

"With every purchasing decision we ask, 'Is it a want or a
need?,'" the report quotes Tracey Collis as saying.

Tracey and her husband Mike farm at Eketahuna and are past winners
of the Manawatu Rangitikei Sharemilker of the Year award, won
while farming north of Levin, the report notes.

Hawkes Bay Today relates that with the dairy payout down again
this season the couple are having to make tough decisions to
minimise the losses.

"The current payout is below the cost of production on our
property," the report quotes Ms. Collis as saying. "The lack of
discretionary spend and on-farm cutbacks will inevitably flow into
our towns and I can't stress enough the importance right now of
supporting our local businesses."

The report notes that the downturn in the industry has seen a
Woodville dairy support company go under.  Hawkes Bay Today
reports that Pete's Pump and Dairy Services was put into
liquidation on August 19.

Chartered accountants Simon Dalton and Matthew Kemp were appointed
joint liquidators and their first report stated the company went
into receivership owing NZ$235,000, with the bulk of that,
NZ$221,000, to unsecured creditors.

According to Hawkes Bay Today, directors, Kathleen and Peter
Boulton said due to a downturn in the industry the company's
trading revenues were insufficient to service the debt levels.

They sought professional advice before putting the firm into
liquidation, the report relays.


                             *********

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.

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firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
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                 *** End of Transmission ***