TCRAP_Public/150924.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

         Thursday, September 24, 2015, Vol. 18, No. 188


                            Headlines


A U S T R A L I A

4BCM CONSULTING: First Creditors' Meeting Set For Oct. 2
AURELIA METALS: Denies it is Insolvent
AUSTRALIA: Corporate Collapse Threatens Job Market, Westpac Says
COMPUTER ENGRAVING: First Creditors' Meeting Set For Sept. 30
INGHAM DRILLING: First Creditors' Meeting Set For Oct. 2

SUPERFERT DONGBU: Growers Hopeful of Stock Claim
THE ORACLE: Receivers Sells Penthouse in Receivership


C H I N A

CHINA NATIONAL: Group Bailout Highlights Urgency of Reform
TEXHONG TEXTILE: S&P Affirms 'BB-' CCR; Outlook Stable


I N D I A

AATHI VELAN: CRISIL Reaffirms B+ Rating on INR65MM Cash Credit
AMBIENT CONTROLS: CRISIL Reaffirms B+ Rating on INR20MM Loan
CLASSIC KNITS: Ind-Ra Hikes Long-Term Issuer Rating to 'IND BB-'
ESS ESS: ICRA Assigns 'B+' Rating to INR28cr LT Loan
ETHAMES GRADUATE: ICRA Assigns B+ Rating to INR16cr Term Loan

EVEREST STEEL: CRISIL Suspends B Rating on INR100MM Loan
FERTILISERS AND CHEMICALS: CRISIL Cut Cash Loan Rating to 'C'
GLOBAL CLOUD: Fitch Affirms 'B+' Issuer Default Ratings
JAI AMBAY: CRISIL Suspends B Rating on INR50MM Cash Credit
JAI MATA: ICRA Suspends 'B' Rating on INR4.48cr Term Loan

JAPAN METAL: CRISIL Reaffirms B+ Rating on INR120MM Bank Loan
LANCO SOLAR: ICRA Reaffirms 'D' Rating on INR425cr Loan
LANCO SOLAR PRIVATE: ICRA Reaffirms 'D' Rating on INR940cr Loan
MAGNUM CLOTHING: CRISIL Reaffirms B+ Rating on INR15MM Loan
MAN TUBINOX: Ind-Ra Assigns 'IND BB+' Long-Term Issuer Rating

MANAF P.B.: CRISIL Reaffirms B Rating on INR59MM Cash Loan
N A R INFRA: CRISIL Reaffirms B+ Rating on INR40MM Loan
NAHAR TEXTILES: Ind-Ra Hikes Long-Term Issuer Rating to 'IND BB-'
R.R. AGRO: CRISIL Suspends B+ Rating on INR200MM Cash Loan
RAKESH FOLDING: CRISIL Reaffirms B Rating on INR55MM Loan

SAMET PLAST: ICRA Reaffirms 'B' Rating on INR4cr Cash Credit
SATISH BUILDERS: ICRA Assigns 'B' Rating to INR5.4cr Loan
SRC LABORATORIES: CRISIL Assigns B- Rating to INR97.5MM Term Loan
SREE KARPAGAMBAL: CRISIL Reaffirms B+ Rating on INR308.3MM Loan
SREE NARAYAN: CRISIL Reaffirms B+ Rating on INR100MM Cash Loan

TAMIL NADU: CRISIL Assigns B- Rating to INR80MM Cash Credit
VASAVI PIPES: CRISIL Ups Rating on INR50MM Cash Loan to B+
VASAVI PLAST: CRISIL Ups Rating on INR60MM Cash Loan to B+
VERMA TRACTORS: ICRA Reaffirms B/A4 Rating on INR7cr Loan
VISION PIPES: ICRA Cuts Rating on INR13.5cr Loan to 'D'


J A P A N

TOSHIBA CORP: Shareholders Urged to Nix 3 Execs Reappointments
TOSHIBA CORP: Auditors Say Being Investigated By Japan Regulators


X X X X X X X X

FIJI: S&P Assigns B+ Rating to Proposed Unsecured Notes


                            - - - - -


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A U S T R A L I A
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4BCM CONSULTING: First Creditors' Meeting Set For Oct. 2
--------------------------------------------------------
Cameron Shaw and Richard Albarran of Hall Chadwick were appointed
as administrators of 4BCM Consulting Pty Ltd on Sept. 21, 2015.

A first meeting of the creditors of the Company will be held at
Hall Chadwick, Level 11, 16 St Georges Terrace, in Perth, on
Oct. 2, 2015, at 3:00 p.m.


AURELIA METALS: Denies it is Insolvent
--------------------------------------
Esmarie Swanepoel at miningweekly.com reports that Aurelia Metals
is fighting allegations of insolvency and has turned to the New
South Wales Supreme Court to declare the appointment of
administrators by diversified major Glencore unlawful.

The ASX-listed company said that refinancing negotiations with
Glencore had collapsed, resulting in Glencore appointing a
voluntary administrator to Aurelia, without consultation, claiming
that the ASX-listed junior was insolvent.

According to miningweekly.com, Aurelia has rejected these claims.

The Supreme Court has issued an injunction pending a further
hearing on October 14, the report says.

Both Aurelia and Glencore have agreed to a court-sponsored
standstill, with Aurelia suspending its right to convert two of
Glencore's facilities to equities until the court hearing, the
report says. Aurelia was hoping that, on the successful completion
of the conversion, the company's outstanding debt to Glencore
would reduce by AUD79.77-million to AUD39.93-million, says
miningweekly.com.

The report notes that Aurelia's obligations to make amortisation
payments to Glencore and Glencore's right to call the total
facilities were suspended until further order from the court.

According to the report, Aurelia said that, until the completion
of the hearing, the company would continue its usual day-to-day
operations, including continued production from the Hera
operation, with a particular focus on improving gold recoveries
and cost management.

The company was hoping to expand Hera and to raise the necessary
capital to support this initiative, adds miningweekly.com.

Based in Australian, Aurelia Metals Limited (ASX:AMI) --
www.aureliametals.com/ -- formerly YTC Resources Limited is an
exploration and development company. The Company's principal
activity is mineral exploration and development of gold, base
metals and tin projects in New South Wales. The Company's Hera-
Nymagee Project consists of the Hera gold-base metal deposit and
the Nymagee copper deposit, which is located approximately
100kilometers southeast of Cobar. The drill hole
HRD052W3intersected 10meters zone of strong sulphide
mineralization and included a 2.2meters zone of massive sulphides.
The Nymagee Copper deposit sits approximately 4.5kilometers north
of the Hera deposit. Three exploration drill holes NMD089,
NMD089W1 and NMD091 are completed and each drill hole intersected
broad low grade copper mineralisation, representing depth
extensions to the footwall copper zones. The Company has four
wholly owned subsidiaries include Stannum Pty Ltd, Defiance
Resources Pty Ltd, Hera Resources Pty Ltd and Nymagee Resources
Pty Ltd.


AUSTRALIA: Corporate Collapse Threatens Job Market, Westpac Says
----------------------------------------------------------------
Susmita Pathak Mishra at International Business Times reports that
corporate reports put forth by Westpac suggest that company
insolvencies are quite evident in recent times. As a result, the
job market has been threatened, causing fear of either losing
their jobs or getting one among individuals, the report says.

According to IBT, Australian Securities and Investments Commission
data depicts the annual rate of insolvencies has risen to 0.5% in
three months from 0.4% at the beginning of 2015.  IBT says Westpac
modelling sketches the graph on the rise and fall of the company
figures, thereby enabling comparisons over time and across states.
The latest figures showed that there are around 880 insolvencies
this quarter, exceeding 750 recorded earlier in 2015, according to
the report.

"The rise takes the insolvency rate from the slightly below-
average readings seen in 2014 to above-average readings on a par
with those seen between 2011 and 2013," Westpac economist Matthew
Hassan said via ABC.net, IBT relays. The report relates that Mr.
Hassan said the new hiring is still not very smooth, which might
lead to labour shedding,thereby increasing the rate of
unemployment in the country within few months. According to
Hassan, the modest rise in the rate of unemployment to 6.5% is
easily expected by the end of 2015, the report adds.

According to the Westpac's analysis report, most of the companies
that failed in recent times belong to the mining states, mostly in
Queensland, in addition to non-mining states, IBT relays.

"While low bankruptcy rates underscore the stable consumer
picture, the lift in insolvencies suggests we may see a lift in
labour shedding in coming months after a fairly benign period in
2014 and the first half of 2015," the report quotes Mr. Hassan as
saying.

He concluded that personal bankruptcy is below average around all
the states, but there are chances of upward movement of the rate
of company insolvency due to the unemployment hikes and weakening
of the housing market, adds IBT.


COMPUTER ENGRAVING: First Creditors' Meeting Set For Sept. 30
-------------------------------------------------------------
Gavin Moss of Vincents Chartered Accountants was appointed as
administrator of Computer Engraving & Design Pty Ltd on Sept. 18,
2015.

A first meeting of the creditors of the Company will be held at
Rydges Darwin Airport Hotel, 2 Sir Norman Brearley Drive, in
Marrara, on Sept. 30, 2015, at 10:00 a.m.


INGHAM DRILLING: First Creditors' Meeting Set For Oct. 2
--------------------------------------------------------
Chris Cook & Morgan Lane of Worrells Solvency & Forensic
Accountants were appointed as administrators of Ingham Drilling
Pty Ltd, trading as Ingham Drilling Pty Ltd, on Sept. 22, 2015.

A first meeting of the creditors of the Company will be held at
Worrells Solvency & Forensic Accountants, Level 8, 102 Adelaide
Street, in Brisbane, on Oct. 2, 2015, at 10:30 a.m.


SUPERFERT DONGBU: Growers Hopeful of Stock Claim
------------------------------------------------
Rachael Oxborrow at Farm Weekly reports that claims to fertiliser
held in storage at the now defunct Superfert Dongbu's Kwinana site
will be settled this month.

According to the report, growers who are claiming they have a
right to the fertiliser they pre-paid for before the company
crashed on May 13 have received notice in writing from the
administrator accounting firm Cor Cordis.

Farm Weekly relates that following the company's collapse it was
revealed about 50 growers had paid AUD1.6 million in advance for
the stock and a contest for ownership has continued for the past
few months.

Some of this stock was sold during the administration process and
the money, about AUD500,000, held in trust until a decision on
ownership was reached, the report says.

There are eight claims to this stock and money in trust, Farm
Weekly notes.

"Stock claims are being dealt with in accordance with the process
set down by the Supreme Court and each claimant has now been
advised in writing of our decision," the report quotes
administrator Dino Travaglini as saying.

"They have until September 24 to make an application to have our
decision challenged.  "We do not know when these will be resolved
as it depends on whether any of the claimants make further
application to the Supreme Court.

"In the event any applications are made this may delay or
prejudice the payment of a dividend to other creditors.

"It is inappropriate for us to comment further, as these matters
are all different and are being dealt with in a number of cases by
claimants' legal representatives."

The report says several growers being represented by Bailiwick
Legal's Philip Brunner -- phil@bailiwicklegal.com.au -- have had
their claims to fertiliser stock rejected.

According to the report, Mr Brunner said he would be advising his
clients on any future action within the specified period, but did
not elaborate on his advice.

He said a Supreme Court appeal on the matter would be costly and
would most probably outweigh any returns on their claims if the
appeal was successful, the report relays.   This course of action
would be more moral rather than financially beneficial, he added.

Growers and a range of other unsecured creditors tied up in the
Superfert Dongbu crash voted last month for a Deed of Company
Arrangement (DOCA) that leaves them to receive between seven and
nine cents back from every dollar they pre-paid the company, adds
Farm Weekly.

Superfert Dongbu was involved in importing and distributing bulk
fertilisers to broad acre farmers in Western Australia.  The
company entered into administration on May 13, 2015 with Dino
Travaglini of Cor Cordis being appointed administrator of the
company.


THE ORACLE: Receivers Sells Penthouse in Receivership
-----------------------------------------------------
Cliff Sanderson at Dissolve.com.au reports that the Oracle
penthouse in Broadbeach has been purchased by a foreign buyer for
AUD8 million.  The Oracle fell into the hands of receivers
KordaMentha in December 2010, the report says.

Dissolve.com.au relates that the receivers were tasked to
facilitate the settlement of pre-sold apartments. Three of these
apartments are still on the market today, adds Dissolve.com.au.



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


CHINA NATIONAL: Group Bailout Highlights Urgency of Reform
----------------------------------------------------------
The Financial Times reports that Chinese bondholders facing the
prospect of a debt default by a state-owned enterprise will
receive a bailout, the company said on September 22, a sign that
Beijing remains unwilling to impose market discipline on
lossmaking state groups.

The FT relates that China National Erzhong Group, a unit of one of
the elite club of 112 big enterprises directly owned by the
central government, employed a workforce of more than 13,000 in
2012, when it had assets of RMB25 billion ($3.9 billion). But a
slowing economy and rampant industrial overcapacity has hobbled
the heavy industry group, leading to losses of RMB8.4 billion in
2014, the report says.

According to the report, Erzhong Group had warned of default just
days after Beijing unveiled guidelines for an overhaul of SOEs
aimed at improving their financial performance. SOEs control broad
swaths of the economy but are heavily indebted and trail their
privately owned counterparts in efficiency and profitability, the
FT relays.

But Erzhong's bailout announcement signals that authorities remain
nervous about the consequences for financial stability -- and the
ability of SOEs to raise capital -- of permitting a large state
firm to default, the report says.

The FT notes that Erzhong, which makes smelting and forging
equipment for use in power generation and aviation, is a case in
point for the state sector's problems. A subsidiary was delisted
from the Shanghai Stock Exchange in May after four straight years
of losses, the report discloses.

"Under the influence of the macroeconomic environment, the demand
for the company's main products remains depressed, and our
industry is suffering from severe overcapacity, making competition
unusually fierce and causing the price of our products to slide
lower," Erzhong said on September 21.

That announcement warned of possible default on RMB1 bilion in
five-year notes sold in 2012, citing "uncertainty" about whether
it could meet a RMB56.5 million ($8.9 million) interest payment
due next week, the FT relays. A separate tranche of RMN310 million
in bonds sold in 2008, which matures next month, was also at risk,
the company said.

But on September 22, Erzhong said that its parent company, China
National Machinery Industry Corp (Sinomach), would acquire all
outstanding bonds from investors, effectively insulating them from
losses, the FT adds.


TEXHONG TEXTILE: S&P Affirms 'BB-' CCR; Outlook Stable
------------------------------------------------------
Standard & Poor's Ratings Services said that it had affirmed its
'BB-' long-term corporate credit rating on Texhong Textile Group
Ltd., a China-based textile manufacturer.  The outlook is stable.
S&P also affirmed its 'BB-' long-term issue rating on the
company's senior unsecured notes.  At the same time, S&P affirmed
its 'cnBB+' long-term Greater China regional scale ratings on
Texhong and the notes.

"We affirmed the ratings because we expect Texhong's better profit
margin, stronger operating cash flow, and lower debt leverage to
offset the execution risks in the company's equity investment in a
start-up yarn production company in Xinjiang," said Standard &
Poor's credit analyst Sophie Lin.

On Aug. 6, 2015, Texhong announced that it had set up a 50-50
joint-venture entity to add yarn production capacity of up to 3
million spindles in stages in Xinjiang province in China.  The
company aims to capture the potential benefits of favorable
government policies for textile industry operations in Xinjiang,
such as a rebate on value-added tax and subsidies on
transportation costs.

S&P believes Texhong faces the risks of cost overruns, funding
uncertainty, and operational obstacles related to the Xinjiang
entity.  In S&P's view, any failure in controlling execution risk
could lower Texhong's creditworthiness, albeit without
consolidation.  S&P estimates capital spending on the first stage
of the Xinjiang project to be about CNY3 billion.  The first phase
is likely to commence operation in 2016.  More than 80% of the
project will be debt funded.  S&P reflects these risks in its
"negative" assessment of Texhong's comparable rating analysis.

S&P expects Texhong to improve its EBITDA margin and debt leverage
in 2015-2016 on the back of stabilizing cotton prices in China.
The company's margins suffered in 2014 after the Chinese
government deregulated domestic cotton prices by replacing the
state buying scheme with a direct subsidy to growers.  Texhong's
average selling price dropped on the sharp decline in cotton
prices.  However, the company was slow to cut costs given its
higher cost inventory, and it failed to pass on costs to its
customers.  S&P expects Texhong to better manage its raw material
costs and profit margins after clearing its higher cost cotton
inventory.  The company's EBITDA margin increased to 14.8% in the
first half of 2015, from 10% in 2014.  These factors underpin
S&P's upward revision of Texhong's financial risk profile to
"significant" from "aggressive."

Nevertheless, S&P continues to believe that Texhong's
susceptibility to fluctuations in cotton prices and its continued
capital investments in capacity and potential downstream business
expansion in Vietnam will constrain its credit profile.

Texhong's expansion in Vietnam will increase the company's
exposure to higher country risks than that in China but will
further support the improvement in its profitability, in S&P's
view, given the lower operating costs in Vietnam.

"The stable outlook reflects our expectation that Texhong will
improve its profit margin and debt leverage over the next 12
months, mainly because of the stabilization of cotton prices in
China," said Ms. Lin.  "The outlook also reflects our view that
the execution risks from the company's investment in Xinjiang are
generally manageable."

S&P could lower the rating if Texhong's profitability and cash
flow materially deteriorate due to more aggressive debt-funded
expansion or more volatile cotton and yarn prices than S&P
expects. A ratio of debt to EBITDA exceeding 3x on a sustainable
basis could indicate such weakness.

S&P could raise the rating if Texhong shows good financial
discipline and operational progress in expanding its capacity in
Xinjiang without a material impact on the company's
creditworthiness.  S&P could also upgrade the company if its debt-
to-EBITDA ratio materially improves to below 2.0x on a sustained
basis because of substantially better profitability and cash flow.



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I N D I A
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AATHI VELAN: CRISIL Reaffirms B+ Rating on INR65MM Cash Credit
--------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Aathi Velan
Mills (AVM) continues to reflect the firm's modest scale of
operations in the intensely competitive and fragmented textile
industry, and its below-average financial risk profile, marked by
a modest net worth and weak debt protection metrics. These rating
weaknesses are partially offset by the promoter's extensive
experience in the textile industry.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            65        CRISIL B+/Stable (Reaffirmed)

   Proposed Working
   Capital Facility       15        CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes AVM will continue to benefit, over the medium
term, from its promoter's extensive industry experience. The
outlook may be revised to 'Positive' if the firm reports a
sustainable increase in its revenue and profitability, thereby
strengthening its financial risk profile. Conversely, the outlook
may be revised to 'Negative' if AVM generates low cash accruals or
undertakes any large debt-funded capital expenditure programme,
resulting in deterioration in the financial risk profile.

Established in 2006 as a proprietorship firm, AVM manufactures
cotton yarn. The firm is based in Coimbatore (Tamil Nadu) and is
promoted by Mr. P Gopalaswamy.


AMBIENT CONTROLS: CRISIL Reaffirms B+ Rating on INR20MM Loan
------------------------------------------------------------
CRISIL's ratings on the bank facilities of Ambient Controls Pvt
Ltd (ACPL) continue to reflect the extensive experience of ACPL's
promoters in the steel structural industry. This rating strength
is partially offset by the company's modest scale of operations in
an intensely competitive industry, large working capital
requirements, and average financial profile marked by a small net
worth. Moreover, it is susceptible to volatility in raw material
prices and to economic cycles.

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

   Letter of credit &
   Bank Guarantee         80        CRISIL A4 (Reaffirmed)

   Standby Line of
   Credit                  2        CRISIL B+/Stable (Reaffirmed)

   Term Loan               3        CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that ACPL will continue to benefit over the medium
term from the promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of a significant and
sustained improvement in its revenue and profitability, while the
capital structure is maintained. Conversely, the outlook may be
revised to 'Negative' if the financial risk profile deteriorates,
most likely because a significant decline in revenue or
profitability or substantial debt-funded capital expenditure.

ACPL, established in 1990 by Mr. Anil Kumar and his wife, Mrs.
Malti Kumar, manufactures steel structures such as pre-engineered
building, roofing, and cladding systems; metal false ceilings; and
ventilation systems. Its manufacturing facility is in Doddagubbi
(Karnataka).


CLASSIC KNITS: Ind-Ra Hikes Long-Term Issuer Rating to 'IND BB-'
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Classic Knits
India Private Limited's (CKIPL) Long-Term Issuer Rating to 'IND
BB-' from 'IND B+'. The Outlook is Stable. A full list rating
actions is at the end of this commentary.

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
Fund-based working         741      Upgraded to 'IND BB-'/Stable
capital limits                      from 'IND B+'

Non-fund-based              20      Upgraded to 'IND A4+' from
working capital                     'IND A4'
limits
Term loans                 502      Upgraded to 'IND BB-'
                                     /Stable from 'IND B+'

KEY RATING DRIVERS

The upgrade reflects the removal of constraints placed on the
ratings due to CKIPL's short track record of timely debt
servicing. CKIPL has been timely in servicing debt for the 12
months ended August 2015. The ratings continue to factor in the
modest credit profile and declining profitability trend. The
EBITDA margins are likely to improve in FY16 to around 15% due to
increased high-margin orders from existing customers. This, along
with CKIPL's no near-term capex plans, could help improve the
credit metrics FY16 onwards.

Unaudited FY15 financial statements indicate a 24% yoy fall in
revenue to INR1.4bn, a 180bp yoy decline  in EBITDA margins to
14.4%, net leverage of 6.1x (FY14: 4.4x) and EBITDA interest cover
of 1.4x (1.4x). In 1QFY16, the company recorded revenue of INR400m
and EBITDA margins of around 16%.

The ratings are constrained by CKIPL's agricultural commodity
based cotton yarn manufacturing business.

RATING SENSITIVITIES

Positive: Substantial growth in top-line with an improvement in
the EBITDA margins leading to a sustained improvement in the
credit metrics could be positive for the ratings.
Negative: Any deterioration in the EBITDA margins leading to
sustained deterioration in the credit metrics could be negative
for the ratings.

COMPANY PROFILE

Incorporated in 2010, Tirupur-based CKIPL manufactures and exports
knitted garments. It is a vertically integrated production house
with spinning, knitting and garmenting facilities. The company
also has four windmills of total 3MW capacity and thus manages the
entire power requirement for spinning.


ESS ESS: ICRA Assigns 'B+' Rating to INR28cr LT Loan
----------------------------------------------------
ICRA has assigned its long-term rating of [ICRA]B+ to the INR28.0
crore fund-based bank facilities of Ess Ess Kay Engineering
Company Private Limited (SSKE). ICRA has also assigned its short-
term rating of [ICRA]A4 to the INR5.25 crore non-fund-based bank
facilities and Rs.0.25 crore short-term fund based facility of the
company.

                            Amount
   Facilities            (INR crore)    Ratings
   ----------            -----------    -------
   Long-term fund-based
   bank facilities            28.0      [ICRA]B+; Assigned

   Short-term fund-based
   bank facilities            0.25      [ICRA]A4; Assigned

   Short-term non-fund-
   based bank facilities      5.25      [ICRA]A4; Assigned


ICRA's ratings take into consideration SSKE's modest scale of
operations in an intensely competitive market. SSKE's profit
margins remain subdued given its raw-material intensive nature of
operations and its low bargaining power. The ratings are also
constrained by the company's high working capital intensity of
operations due to high inventory levels and weak debt coverage
indicators, with thin DSCR and NCA/TD. However, the ratings
positively factor in the company's long association with the
Indian railways from which the company has seen regular order
flows. The rating also factors in the promoters extensive
experience in the electric switchgear and control panel industry
and the company's well-established brand name.

Going forward, the company's ability to diversify its revenue base
across clients; ensure optimum utilization of installed capacities
on a consistent basis and attain a sustained improvement in its
profitability will be the key rating sensitivities.

SSKE was constituted in 1964 as a private limited company by Mr.
K.S. Khosla. The company manufactures modular switches, regular
switches, board mounting switches, miniature circuit breakers,
change over switches, distribution boards and panels, power
control panels, heating ventilation and air conditioning units and
LED lights. The company's product range comprises of around 600
types of products. The company sells its products under the brand
name 'SSK' and has its manufacturing facility at Kapurthala and
Jalandhar, in Punjab.

Recent Results
The company, on a provisional basis, reported an Operating Income
(OI) of INR59.87 crore and a Profit after Tax (PAT) of INR0.72
crore in FY15, as compared to an OI of INR49.16 crore and a net
loss of INR1.16 crore in FY14.


ETHAMES GRADUATE: ICRA Assigns B+ Rating to INR16cr Term Loan
-------------------------------------------------------------
ICRA has assigned the long-term rating of [ICRA]B+ to the INR16
crore term loan of Ethames Graduate School Private Limited.

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

The assigned rating is constrained by the financial profile of the
company, characterized by small scale of operations limiting
financial flexibility, low profitability, and high gearing. The
ratings also take into account EGSPL's limited revenue visibility
in the near term, and decline in revenues in FY15 on the back of
lower number of applications processed for foreign universities.
ICRA notes the susceptibility of revenues of EGSPL to statutory
regulations of the respective countries owing to its high
dependence on foreign universities. The assigned rating also
considers significant debt repayment obligations going forward
against a backdrop of limited cash accruals and stretched capital
structure.

The ratings, however, draw comfort from the long standing
experience of EGSPL's partners in the field of education and
examination services, and the financial support from promoters in
the form of unsecured loans.

Going forward, the company's ability to improve the scale of
operations, capital structure and to meet its financial
obligations in a timely manner will remain the key rating
sensitivities.

Ethames Graduate School Private Limited was set up in the year
2010 by Mr. Praveen Pula to provide vetting and evaluation
services to the foreign institutions namely Ethames Graduate
School UK and University of Sunderland. It screens the
applications received for the above mentioned universities and in
turn, receives a commission income from the universities based on
the fees received.

EGSPL also provides infrastructure services to Woxsen School of
Business(WSB) which has been set up recently by the promoters
under Pinakin Educational Trust. WSB has a 200 acre campus which
is fully residential and provides 2-year PGDM(Post-graduate
diploma in Management) in Finance, Operations and HR domain and
also 1-year PGPXP (Post graduate program for experienced
professionals).

Recent Result
According to audited FY2014 results, the firm recorded an
operating income of INR1.43 crore with a net profit of INR0.82
crore. As per provisional FY2015 numbers, the firm estimates an
operating income of INR5.32 crore with a net profit of INR0.93
crore.


EVEREST STEEL: CRISIL Suspends B Rating on INR100MM Loan
--------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Everest
Steel Rolling Mills (Karur) (ESRM).

                                Amount
   Facilities                 (INR Mln)     Ratings
   ----------                 ---------     -------
   Proposed Cash Credit Limit     100       CRISIL B/Stable
   Proposed Term Loan              18       CRISIL B/Stable

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

ESRM, set-up in 2008, manufactures thermo-mechanically-treated
(TMT) bars. The firm is promoted by Mr. K Yasir Arafat and his
family members.


FERTILISERS AND CHEMICALS: CRISIL Cut Cash Loan Rating to 'C'
-------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of The
Fertilisers and Chemicals Travancore Limited (FACT) to 'CRISIL
C/CRISIL A4' from 'CRISIL BB-/Stable/CRISIL A4+'.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee      520.6       CRISIL A4 (Downgraded
                                   from 'CRISIL A4+')

   Cash Credit       6,500.0       CRISIL C (Downgraded from
                                   'CRISIL BB-/Stable')

   Letter of Credit  3,450.6       CRISIL A4 (Downgraded from
                                   'CRISIL A4+')

The rating downgrade reflects FACT's significantly stretched
liquidity, marked by continuous high utilisation of its bank
limits. The company has reported large operating losses and
negative accruals in 2014-15, which along with high working
capital requirements have resulted in a stretch in its liquidity.
CRISIL believes that the company's liquidity will remain stretched
unless there is a turnaround in operating performance. This rating
weakness is partially offset by FACT's established market position
in South India in fertilisers and caprolactum. The rating also
factors in the support company gets from Government of India (GoI)
in the form of loan waivers and equity infusion.

FACT, incorporated in 1943, manufactures and markets complex-
fertilisers (mainly, grade NP 20:20:0:13 [trade name: Factamfos])
and Caprolactam (a raw material for Nylon-6). FACT also
manufactures intermediates, including ammonia, and sulphuric and
phosphoric acid. As on March 31, 2013, GoI owned 98.96 per cent of
FACT's equity share capital. FACT is based out of Kerala and has
its registered office at Kochi.

For 2014-15 (refers to financial year, April 1 to March 31), FACT
reported a net loss of INR4 billion on net sales of INR20.19
billion, against a net loss of INR2.65 billion on net sales of
INR22.61 billion for the previous year.


GLOBAL CLOUD: Fitch Affirms 'B+' Issuer Default Ratings
-------------------------------------------------------
Fitch Ratings affirmed Global Cloud Xchange Limited's (GCX) Long-
Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) at
'B+'. The Outlook is Stable.

Fitch has also affirmed GCX Limited's USD350m 7% senior secured
guaranteed notes at 'BB+' and Recovery Rating of 'RR1'. GCX
Limited is a wholly owned subsidiary of GCX. The notes are secured
by the assets and equity interests of GCX and its key
subsidiaries, and guaranteed by GCX and its key operating
subsidiaries.

KEY RATING DRIVERS

Reduced Ratings Headroom: Fitch believes that GCX's FFO-adjusted
net leverage could deteriorate to 3.7x-3.8x in the financial year
ending March 31, 2017 (FY17) from 3.2x in FY15 due to lower cash
generation amid industry overcapacity. That would bring the
leverage level closer to 4.0x, the level at which Fitch would
consider negative rating action. We forecast that FY16 FFO could
decline to around USD58m - USD60m (2014: USD79m) on lower
indefeasible right of usage (IRU) sales of USD60m (2014: USD67m)
and higher interest expense. Interest expense will increase to
USD25m in FY16, the first full financial year following the issue
of the USD350m 7% secured bond.

Chronic Industry Oversupply: We believe that the industry will
continue to remain oversupplied as the increase in bandwidth
continues to outpace demand growth, with commissioning of
submarine cables by "over-the-top" operators and telecommunication
companies. Furthermore, technological advancements will continue
to improve the capacity of existing cables. Hence, despite growing
demand, bandwidth tariffs will continue to decline and we expect
price erosion for bandwidth suppliers, such as GCX, over the
medium term.

Minimal FCF Despite Lower Capex: Fitch forecasts GCX's FY16-17 FCF
to be minimal as cash flow from operations will be just sufficient
to fund capex. Capex will be lower at USD40m-45m (around 9%-10% of
revenue, FY15: USD18m, 4% of revenue) as management now plans to
buy capacity on the India-Singapore and Tokyo-Seattle routes
instead of laying its own cables. Capex could however rise, if
management plans to invest further in fibre to meet growing data
demand in India.

Bond Rated Higher Than IDR: GCX Limited's USD350m 7% senior
secured guaranteed bond is rated three notches higher than the
IDR. The bond is guaranteed by all the key operating companies,
which generate most of group revenue and EBITDA. The 'RR1'
Recovery Rating reflects our calculations of high recovery in a
stressed situation - based on our assessment of the distressed
going-concern enterprise value of GCX's cable networks.

Adequate Liquidity: GCX's cash balance of USD84m at end-June 2015
and annual cash EBITDA of about USD90m are sufficient to fund its
annual interest expense of USD25m and capital leases of USD21m.
GCX's only debt of USD350m is due in 2019. The secured bond
documents contain restrictive terms and conditions, which ring-
fence the cash within GCX group to avoid any cash leakages through
dividends or inter-company loans to the parent entity.

KEY ASSUMPTIONS

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

-- Annual IRU sales of about USD60 million.

-- Tax payment of USD5m, including settlement of USD4m in French
    litigation case in FY16.

-- Annual FY16 capex of about USD40 million - USD45 million.

-- No dividends.

RATING SENSITIVITIES

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

-- Sustained negative FCF generation

-- A deterioration in the operating environment and/or evidence
    of the parent accessing cash from GCX and negatively
    affecting GCX's credit profile resulting in FFO-adjusted net
    leverage rising to over 4.0x (FY16-17 forecast: 3.7x-3.8x)
    on a sustained basis.

-- FFO interest charge coverage falling below 3.0x on a
    sustained basis. (FY16-17 forecast: 3.3x).

Positive: Although an upgrade is unlikely in the next 12-18
months, future developments that may, individually or
collectively, lead to positive rating action include:

-- Consistent generation of positive FCF.

-- A substantial increase in scale and absolute EBITDA
    generation.

-- FFO-adjusted net leverage falling below 2.5x on a sustained
    basis.


JAI AMBAY: CRISIL Suspends B Rating on INR50MM Cash Credit
----------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Jai Ambay Fertilisers Private Limited (JAFPL).

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


The suspension of rating is on account of non-cooperation by JAFPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, JAFPL is yet to
provide adequate information to enable CRISIL to assess JAFPL'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 2001 and based in Jalna (Maharashtra), JAFPL
manufactures granulated nitrogen-phosphorous-potassium mix
fertilisers under its brand Labhlakshmi. The company is promoted
by Mr. Vijay Jhawar and family.


JAI MATA: ICRA Suspends 'B' Rating on INR4.48cr Term Loan
---------------------------------------------------------
ICRA has suspended the [ICRA]B rating assigned to the INR4.48
crore term loan and INR2.00 crore long term cash credit facility
and the [ICRA]B/[ICRA]A4 ratings assigned to the INR2.52 crore
unallocated limits of Jai Mata Di Dyeing and Printing Mills
Private Limited. The suspension follows ICRA's inability to carry
out a rating surveillance in the absence of the requisite
information from the company.


JAPAN METAL: CRISIL Reaffirms B+ Rating on INR120MM Bank Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Japan Metal Building
System Pvt Ltd (JMBS) continue to reflect JMBS's large working
capital requirements and small scale of operations in the
intensely competitive roofing solutions industry.

                        Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Cash Credit             50      CRISIL B+/Stable (Reaffirmed)
   Letter Of Guarantee     55      CRISIL A4 (Reaffirmed)
   Letter of Credit        45      CRISIL A4 (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility     120      CRISIL B+/Stable (Reaffirmed)
   Proposed Short Term
   Bank Loan Facility      40      CRISIL A4 (Reaffirmed)

These rating weaknesses are partially offset by the promoters'
extensive industry experience and the support they extend through
unsecured loans, and the moderate financial risk profile because
of a healthy capital structure.

Outlook: Stable

CRISIL believes JMBS will continue to benefit over the medium term
from the promoters' extensive industry experience. The outlook may
be revised to 'Positive' in case of a significant improvement in
the operating revenue and profitability resulting in a substantial
increase in cash accrual, while it maintains the capital
structure. Conversely, the outlook may be revised to 'Negative' in
case of a considerable decline in revenue or profitability, or a
large debt-funded capital expenditure, significantly weakening the
financial risk profile.

Incorporated in 1996 and based in Bengaluru, JMBS is an Indo-
Japanese joint venture that manufactures metal roofing, cladding,
decking sheets, and pre-fabricated metal building systems.


LANCO SOLAR: ICRA Reaffirms 'D' Rating on INR425cr Loan
-------------------------------------------------------
ICRA has reaffirmed the long-term rating assigned to the INR150
Crore of fund based facilities of Lanco Solar Energy Private
Limited (LSEPL) at [ICRA]D. ICRA has also reaffirmed the short
term rating assigned to the Rs.425 Crore of non-fund based
facilities LSEPL at [ICRA] D.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund Based Limits     150.00      [ICRA]D reaffirmed
   Non Fund Based
   Limits                425.00      [ICRA]D reaffirmed

ICRA's rating action factors in the continued delays in receipt of
payment from one of its key customers Maharashtra State Power
Generation Company (Mahagenco) which has resulted in stretched
liquidity position of the company as reflected by LC devolvement
and overutilization of funds based limits. Further, the financial
performance of the company continues to has deteriorate in FY15
due to delays in execution of two large orders (of 100 MW) which
coupled with fixed operating costs and interest charges resulted
in net loss of INR22.15 crore in FY 2015. The high levels of
outside liabilities comprising interest bearing-customer advances
and buyer's credit coupled with large losses have resulted in
weakened capitalization and coverage indicators of the company in
FY 2015.

Further, the present order book of LSEPL is heavily dependent on
two large projects which increases concentration risk and concerns
on the future revenue visibility. Both these projects continue to
face design related issues and problems in availability of heat
transfer fluid (a key component in solar thermal plant), resulting
in high execution risks in these projects. These projects have
sought an extension from the central government and a revision in
tariff on grounds of lower than estimated DNI (Direct Normal
Irradiance). Moreover, depreciation of rupee since the time of
signing of EPC contracts for these projects is likely to result in
cost overruns since a considerable portion of the project cost is
denominated in USD and fixed price nature of EPC contract is
expected to have adverse impact on the profitability. The rating
also factors in the weak financial health and significant funding
commitments of the promoter company, Lanco Infratech Limited
(LITL) which has weakened the funding support to LSEPL in case of
any funding gaps.

Nevertheless, ICRA takes note of LSEPL's established position in
the solar EPC space and sourcing of equipments from reputed global
suppliers with back to back warranties that mitigates contingency
risks.

Going forward timely recovery of payment from Mahagenco and
LSEPL's ability to execute the current order book without
incurring time & cost overruns while protecting its profit margins
and enforcing a stricter payment collection mechanism would be key
sensitivities.

Lanco Solar Energy Private Limited (LSEPL) is a 100% subsidiary of
Lanco Infratech Limited. LSEPL was established in June 2009 and is
engaged in providing design & engineering, procurement of
equipments and complete construction of solar power projects. The
company has so far executed turnkey EPC contracts for ~250.0 MW
solar power projects located majorly in Rajasthan, Gujarat and
Maharashtra. The company presently has an order book of around 250
MW which comprises mainly 200 MW of two solar thermal projects
(100 MW each) being developed for a Lanco group company and a
Lanco group associate company in Rajasthan.


LANCO SOLAR PRIVATE: ICRA Reaffirms 'D' Rating on INR940cr Loan
---------------------------------------------------------------
ICRA has reaffirmed the long-term rating assigned to the INR940
crore fund based facilities of Lanco Solar Private Limited at
[ICRA]D.

                         Amount
   Facilities         (INR crore)      Ratings
   ----------         -----------      -------
   Fund Based Limits      940.00       [ICRA]D; reaffirmed

The rating takes into account the continued delay in servicing of
interest payments by the company on bank loans mobilized for
partially funding its polysilicon and wafer manufacturing project.
The project time lines for execution has been extended due to the
delay in change in scope and size of the project and now the
company has proposed the new COD ie Oct'16 from Oct'14. Due to the
change in scope and size of the project, there were delays in
commencement of project activity. As the disbursal of loan
tranches are linked to project progress milestones, the lenders
could not disburse the planned loan amount including amount
required towards IDC due to the delay in commencement of project
construction activities. Meanwhile, the company continued making
payments towards the procurement of Plant and Machinery which
further constrained the liquidity position. The project
construction activities have accelerated and the milestones
required for enhanced disbursal of loan amount is being achieved
which will help in clearing the dues to the lenders as per the
scheduled dates.

Lanco Solar Private Limited (LSPL) established in July 2008 is a
100% subsidiary of Lanco Solar Energy Private Limited (LSEPL),
which in turn is a 100% subsidiary of Lanco Infratech Limited
(LITL). LSPL is setting up 1800 Metric Tonne per annum (MTPA)
(increased from initially envisaged capacity of 1250 MTPA)
Polysilicon manufacturing capacity and 100 MW (increased from
initially envisaged capacity of 80 MW) solar wafer manufacturing
capacity. While polysilicon finds application in the semiconductor
and photovoltaic (PV) industry (for manufacturing of solar
wafers), solar wafers are used to manufacture solar cells, several
solar cells are further arranged to form PV modules which are used
in generation of solar power. LSPL has been allotted 250 acres of
land in District Rajnandgaon of Chhattisgarh for the
implementation of the project. The said land has been notified a
Special Economic Zone (SEZ). LSPL also set up a 75 MW of
crystalline silicon module manufacturing facility at the same
project site in FY 2012. The capex on the module manufacturing
facility was funded through fresh equity infusion and no
additional external debt was raised for the same. The company has
been sourcing solar cells from India and the modules manufactured
have so far been largely supplied to Lanco Solar Energy Private
Limited which is the parent company of LSPL and a solar EPC
contractor.

The total capital cost for the polysilicon and wafer manufacturing
capacity has increased from from INR1698.06 Crore to INR1921.43
Crore on account of increase in Interest During Construction
(IDC).

As per the financials for FY 2015 the company witnessed an
operating income of INR2105.90 Lacs and a net loss of INR600.72
Lacs.


MAGNUM CLOTHING: CRISIL Reaffirms B+ Rating on INR15MM Loan
-----------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Magnum Clothing Pvt Ltd (MCPL) to 'CRISIL B+/Stable' from 'CRISIL
B-/Stable' and reaffirmed its rating on the short-term bank
facilities at 'CRISIL A4'.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bill Purchase-
   Discounting Facility     150       CRISIL A4 (Reaffirmed)

   Letter of Credit          30       CRISIL A4 (Reaffirmed)

   Long Term Loan            15       CRISIL B+/Stable (Upgraded
                                      from 'CRISIL B-/Stable')

   Packing Credit            95       CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility         8.7     CRISIL B+/Stable (Upgraded
                                      from 'CRISIL B-/Stable')

The upgrade reflects CRISIL's belief that MCPL will maintain its
improved liquidity over the medium term. The improvement in
liquidity is driven by lower bank limit utilisation due to better
working capital management; gross current assets reduced to 152
days as on March 31, 2015, from 234 days as on March 31, 2014. The
company is also likely to generate adequate cash accrual of INR33-
36 million annually against annual debt obligations of INR3-5
million, over the medium term. Moreover, the business risk profile
is expected to improve over this period, driven by steady orders
from established clients and addition of clients.

The ratings reflect MCPL's below-average financial risk profile
because of high gearing and average debt protection metrics, and
its working-capital-intensive operations. These rating weaknesses
are partially offset by established relationships with key
customers and the promoters' extensive experience in the garment
export business.
Outlook: Stable

CRISIL believes MCPL will continue to benefit over the medium term
from its promoters' extensive industry experience. The outlook may
be revised to 'Positive' if there is an improvement in working
capital management and cash accrual, leading to a much better
capital structure. Conversely, the outlook may be revised to
'Negative' in case of low cash accrual, or large debt-funded
capital expenditure, or a substantial increase in working capital
requirements, adversely impacting the financial risk profile.

MCPL was set up in 1987 by Mr. Chandra Prakash Singhee. It
manufactures and exports garments for women and children. The
company is based in Chennai.


MAN TUBINOX: Ind-Ra Assigns 'IND BB+' Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Man Tubinox
Limited (MTL) a Long-Term Issuer Rating of 'IND BB+'. The Outlook
is Stable. The agency has also assigned the following ratings to
MTL's bank facilities:

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
  Term loans             1,250      'IND BB+'/Stable
  Fund-based limits        170      'IND BB+'/Stable
  Proposed fund-based      100      'Provisional IND BB+'/Stable
  limits
  Non-fund-based limits    480      'IND A4+'

KEY RATING DRIVERS

The ratings are constrained by the likelihood of the company
facing a significant time overrun as only 22% of the total cost of
its 20,000mtpa greenfield stainless steel tubes and pipes (SSTP)
plant at Dhar (Madhya Pradesh) project was spent at end-June 2015
(schedule commercial operations date is April 2016). As against
the expected outlay of INR880m, MTL spent only INR462.8 at end-
June 2015, which was mainly funded through equity infusion. The
financial tie-up for the total debt requirement of INR 1,250m was
completed in June 2015. The total project cost is envisaged at
INR2,096m with a debt:equity ratio of 3:2.

MTL's liquidity has been stressed as reflected by the near-full
utilisation of its fund-based and non-fund based limits for the 12
months ended March 2015.

The company will concentrate on the niche oil & gas and power
market and is likely to export 50% of the production from the new
plant. According to the management, there are no major producers
of SSTP in the export as well as domestic markets.

RATING SENSITIVITIES

Negative: Any time/cost overrun or deterioration of liquidity
could lead to a negative rating action.
Positive: Substantial progress in the project could trigger a
positive rating action.

COMPANY PROFILE

Incorporated in 2006, MTL is a part of J.C. Man Group and trades
steel products. The promoter and group chairman Mr J.C. Mansukhani
is also a co-promoter of Man Industries (India) Limited, a leading
manufacturer and exporter of submerged arc welding pipes in India.
He has over 40 years of experience in the SAW pipes business


MANAF P.B.: CRISIL Reaffirms B Rating on INR59MM Cash Loan
----------------------------------------------------------
CRISIL has reassigned its 'CRISIL A4' rating to the short-term
bank facility of Manaf P.B.; the aforementioned facility was
earlier a long-term facility, which was rated 'CRISIL B/Stable'.
CRISIL has reaffirmed its 'CRISIL B/Stable' rating to the long-
term bank facilities of Manaf P.B.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         35        CRISIL A4 (Reassigned)

   Cash Credit            59        CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     16        CRISIL B/Stable (Reaffirmed)

The rating reflects Manaf P.B.'s modest scale of operations in an
intensely competitive industry, geographic concentration, and
large working capital requirements. These rating weaknesses are
partially offset by the extensive industry experience of the
firm's proprietor and its moderate order book aiding revenue
visibility over the medium term.

Outlook: Stable

CRISIL believes that Manaf P.B. will continue to benefit over the
medium term from its promoter's extensive experience in the civil
construction industry and moderate order book. The outlook may be
revised to 'Positive' if the firm scales up its operations
significantly, while it maintains its profitability, resulting in
improvement in financial risk profile. Conversely, the outlook may
be revised to 'Negative' if Manaf P.B.'s revenue or operating
profitability declines sharply, or working capital management
deteriorates, resulting in further weakening of liquidity.

Manaf P.B., set up in 2004 and based in Aluva (Kerala), is a
proprietorship firm. The firm executes civil contracts primarily
for Kerala Public Works Department. Its day-to-day operations are
managed by Mr. P B Manaf.

Manaf P.B., on a provisional basis, registered profit after tax
(PAT) of INR3.3 million on net sales of INR213.4 million for 2014-
15 (refers to financial year, April 1 to March 31), against PAT of
INR2.4 million on net sales of INR160.9 million for 2013-14.


N A R INFRA: CRISIL Reaffirms B+ Rating on INR40MM Loan
-------------------------------------------------------
CRISIL's ratings on the bank facilities of N A R Infra Private
Limited (NAR) reflect its modest scale of operations in the
intensely competitive construction industry. This rating weakness
is partially offset by the promoter's extensive industry
experience and the moderate financial risk profile marked by a
moderate gearing and comfortable debt protection metrics albeit
constrained by a modest net worth.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         90       CRISIL A4 (Reaffirmed)
   Overdraft Facility     40       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes NAR will continue to benefit over the medium term
from the promoter's extensive industry experience and a healthy
order book. The outlook may be revised to 'Positive' in case of a
significant increase in the scale of operations and profitability
or a large equity infusion by the promoter, leading to improvement
in the capital structure. Conversely, the outlook may be revised
to 'Negative' in case of any delay in completing projects or in
receipt of payments from customers, or any large, debt-funded
capital expenditure, weakening the financial risk profile.

NAR, incorporated in 2009, is a civil contractor involved in
laying pipelines and electrical poles and lines, mainly on
national highways. The company's operations are managed by the
promoter, Mr. Anil Reddy.


NAHAR TEXTILES: Ind-Ra Hikes Long-Term Issuer Rating to 'IND BB-'
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Nahar Textiles
Pvt Ltd's (NTPL) Long-Term Issuer Rating to 'IND BB-' from 'IND
B+'. The Outlook is Stable. NTPL's bank facilities have been
assigned ratings as follows:

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Fund-based              115        Upgraded to 'IND BB-'/
   working capital                    Stable from 'IND B+'
   limits

   Term loan                44.8      'IND B+'; rating withdrawn
                                       as the loan has been
                                       repaid

   Non-fund-based          50.0        Upgraded to 'IND A4+'
                                       Limit from 'IND A4'

KEY RATING DRIVERS

The upgrade reflects an improvement in NTPL's credit profile.
According to the provisional financials for FY15, interest
coverage was 1.8x (FY14: 1.4x), net financial leverage was 3.3x
(5.9x) and operating EBITDA margins were 11.8% (9.4%).
The ratings continue to be supported by over three-decade-long
experience of NTPL's founders in fabric manufacturing and exports
business.

The ratings are constrained by NTPL's tight liquidity position
with its average working capital utilisation around 91% during the
12 months ended August 2015. The ratings are also constrained by
the decline in NTPL's revenue to INR472m in FY15 from INR521m in
FY14 due to the lower orders received and executed.

RATING SENSITIVITIES

Positive: An improvement in the scale of operations as well as the
overall credit metrics will be positive for the ratings.
Negative: Deterioration in the credit profile will be negative for
the ratings.

COMPANY PROFILE

Incorporated in 1982, NTPL manufactures and exports fabrics. The
company is managed by Navin Chandra Nahar and family. Its
registered office is in Mumbai.


R.R. AGRO: CRISIL Suspends B+ Rating on INR200MM Cash Loan
----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
R.R. Agro Foods (RRAF).

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Bill Negotiation         5        CRISIL A4
   Cash Credit            200        CRISIL B+/Stable
   Letter of Comfort       12.7      CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility      2.4       CRISIL B+/Stable
   Term Loan              29.9       CRISIL B+/Stable

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

Established in 2007 as a proprietorship firm, RRAF is engaged in
the milling and processing of paddy into rice. The firm is
promoted and managed by Mr. R Rengadurai.


RAKESH FOLDING: CRISIL Reaffirms B Rating on INR55MM Loan
---------------------------------------------------------
CRISIL's rating on long-term bank loan facilitates of Rakesh
Folding Works (RFW) continue to reflect RFW's modest scale of
operations in the highly competitive textile-processing industry
and large working capital requirements.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            55       CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      2       CRISIL B/Stable (Reaffirmed)

   Term Loan              13       CRISIL B/Stable (Reaffirmed)

The rating also factors in the firm's weak financial risk profile,
marked by high gearing and below-average debt protection metrics.
These rating weaknesses are partially offset by the extensive
industry experience of the firm's promoters.
Outlook: Stable

CRISIL believes that RFW will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the firm's financial risk
profile improves marked by reduction in working capital
requirements or improved profitability or substantial equity
infusion. Conversely, the outlook may be revised to 'Negative' if
the firm's liquidity deteriorates, on account of larger than
expected debt-funded capital expenditure (capex) programme or
decline in profitability, or stretch in working capital
requirements.

Update
For 2014-15 (refers to financial year, April 1 to March 31), RFW
has reported net sales of INR364.0 million as against INR344.9
million for the previous year. With net sales of INR100 million
for the period between April and August 12, 2015, RFW is expected
to report moderate sales growth in 2015-16. Firm has executed
capex towards installing automated printing machine in 2014-15;
operating margin improved to 3.6 per cent in 2014-15 from 2.4 per
cent in the previous year. RFW's operations remain working capital
intensive with gross current assets (GCAs) of 105 days as on March
31, 2015. Working capital intensive operations combined with
limited credit availed from suppliers has led to near full
utilization of its cash credit limits. RFW's financial risk
profile remains weak, marked by high gearing and weak debt
protection metrics. Its gearing is expected to remain over 3 times
over medium term. RFW is expected to generate cash accruals of
around INR5 million against its debt obligation of INR2.5 million
over medium term. CRISIL believes that RFW's liquidity will remain
stretched over the medium term, with bank lines expected to remain
highly utilised and low financial flexibility on account of high
gearing and a small net worth.

RFW, on a provisional basis, reported a profit after tax (PAT) of
INR1.13 million on net sales of INR364.0 million for 2014-15; it
had reported a PAT INR0.99 million on net sales of INR344.9
million for 2013-14.

RFW was established in 1998 by Mr. Rakesh Koyani. The firm is
engaged in dying, bleaching, and printing of fabric. The firm is
based out of Rajkot, Gujarat.


SAMET PLAST: ICRA Reaffirms 'B' Rating on INR4cr Cash Credit
------------------------------------------------------------
ICRA has reaffirmed the [ICRA]B rating to the INR5.20 crore
(enhanced from INR2.56 crore) long term fund based facilities of
Samet Plast. ICRA has also reaffirmed the [ICRA]A4 rating to the
INR1.30 crore (enhanced from INR0.40 crore) short term non-fund
based limits of SP.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit           4.00        [ICRA]B reaffirmed
   Term Loan             1.20        [ICRA]B reaffirmed
   Non-fund Based
   Limit                 1.30        [ICRA]A4 reaffirmed

The reaffirmation in the ratings takes into account the weak
financial risk profile of the firm characterized by thin net
margins and weak coverage indicators as well as highly working
capital intensive nature of operations, which leads to pressure on
the liquidity position of the company, as reflected by almost full
utilization of bank limits. The ratings also take into account the
vulnerability of the firm's profitability to fluctuations in raw
material prices on account of low bargaining power with customers
and the highly competitive master batch industry characterized by
a number of organized and unorganized players due to low entry
barriers. ICRA also notes that as SP is a partnership firm, any
significant withdrawals from the capital account by the partners
would adversely affect its net worth and thereby its capital
structure.

The ratings, however, favourably factor in the strong revenue
growth of 62% in FY15, though the scale of operations remains
modest, and the long-standing experience of the promoters in the
master batch industry.

Incorporated in 2010, Samet Plast (SP) is a partnership firm
engaged in the manufacturing of colour and additive master
batches. SP sells its products under the brand name "Samtone". The
firm has a manufacturing facility with an installed capacity of
2500 Metric Tonnes per Annum (MTPA) located at Waghodia near
Vadodara in Gujarat. SP is promoted by Mr. Shwetang Patel, Mr. Ram
Chandra Patel and Mrs. Bhavita Shah.

Recent Results
As per the provisional results, the firm reported an operating
income of INR19.88 crore and profit after tax of INR0.44 crore in
FY15 as against an operating income of INR12.28 crore and profit
after tax of INR0.21 crore in FY14.


SATISH BUILDERS: ICRA Assigns 'B' Rating to INR5.4cr Loan
---------------------------------------------------------
ICRA has assigned its long-term rating of [ICRA]B to Rs.7.50 crore
fund and non-fund based bank facilities and INR0.50 crore
unallocated facilities of Satish Builders (SAB).

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund Based Limits-
   CC                    1.90        [ICRA]B; assigned

   Non Fund Based
   Limits - BG           5.40        [ICRA]B; assigned

   Non Fund Based
   Limits- LC            0.20        [ICRA]B; assigned

   Unallocated           0.50        [ICRA]B; assigned

ICRA's rating factors in the firm's modest scale of operations and
declining profitability margins over the last three years with
operating margins declining from ~7.3% in FY13 to ~5.6% in FY15.
The firm currently has weak revenue visibility over the medium
term as evident from a weak order book position with Order Book to
FY15 Operating Income of just 0.54 times, to be executed in the
current financial year. This apart, the rating factors in SAB's
client concentration risk with CPWD as its sole client, as well as
the highly competitive nature of business and the risks associated
with the partnership constitution of the firm.

ICRA's rating however, derives comfort from the experience of the
promoters in civil construction works, SAB's status as a Class 1
contractor with CPWD and the presence of mobilization advances
from its client which results in limited working capital funding
requirements (NWC/OI of just 8% in FY15). ICRA also notes that
certain contracts include price escalation clauses that protect
the firm from fluctuating raw material and labour costs to a
certain extent. Going forward, the firm's ability to get new
orders and execute them within the budgeted time and cost to
improve scale of operations and profitability margins will be key
rating sensitivities.

SAB was founded in 2000 by Mr. Satish Mittal and his wife Mrs
Reshma Mittal as a partnership firm. The firm undertakes civil
works majorly for CPWD and is registered as Class-"1" contractor
with CPWD for building and construction works. The firm secures
orders through tenders initiated mainly by the clients' architects
and designers. The firm has a current outstanding order book of
INR8.98 crore.

Recent results
SAB, on a provisional basis, reported a net profit of INR0.24
crore on an operating income (OI) of INR20.15 crore for FY15 as
compared to a net profit of INR0.32 crore on an OI of INR19.78
crore in FY14.


SRC LABORATORIES: CRISIL Assigns B- Rating to INR97.5MM Term Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-term
bank facilities of SRC Laboratories Pvt Ltd (SLPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Proposed Long Term
   Bank Loan Facility      24         CRISIL B-/Stable

   Term Loan               97.5       CRISIL B-/Stable

The rating reflects SLPL's exposure to risks related to its
project for setting up an active pharmaceutical ingredient (API)
manufacturing unit, and to intense competition in the API
manufacturing segment. These rating weaknesses are partially
offset by the extensive industry experience of the promoters.
Outlook: Stable

CRISIL believes that SLPL will continue to benefit from the
promoter's extensive experience in the fine chemicals and bulk
drugs manufacturing segment. The outlook may be revised to
'Positive', in case of better than expected accrual on the back of
earlier-than-expected project stabilisation. Conversely, the
outlook may be revised to 'Negative' if there is a sizeable cost
overrun in the project or delays in stabilising the project,
impacting the company's financial risk profile.

SLPL was established by Dr. R C Reddy Yeluri in 2009 with a
research and development facility in Hyderabad. It was engaged in
manufacturing of fine and specialty chemicals until 2015. The
company stopped manufacture of fine chemicals during 2014-15 and
is currently setting up an API manufacturing unit, which is
expected to commence commercial production from February 2016.


SREE KARPAGAMBAL: CRISIL Reaffirms B+ Rating on INR308.3MM Loan
---------------------------------------------------------------
CRISIL's ratings to the bank facilities of Sree Karpagambal Mills
Limited (SKML) continue to reflect SKML's below average financial
risk profile marked by high gearing and weak debt protection
metrics and susceptibility of operating profitability to
volatility in raw material and power costs. These rating
weaknesses are partially offset by extensive experience of SKML's
promoters in the textile industry.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit          308.3       CRISIL B+/Stable (Reaffirmed)
   Long Term Loan        41. 7      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SKML will continue to benefit from the
extensive experience of its promoters in the textile industry. The
outlook may be revised to 'Positive' if the company's scale of
operations improves on a sustainable basis while it maintains its
profitability leading to improvement in its financial risk
profile. Conversely, the outlook may be revised to 'Negative' in
case the company witnesses a significant dip in revenue or
profitability or ventures into any unrelated diversification or
increases it investments in group companies.

Established in 1956, Sree Karpagambal Mills Limited (SKML)
manufactures polyester yarn, cotton yarn and fabric. The company
is based out of Rajapalayam (Tamil Nadu). The day to day
operations of the company is managed by Mr. A. Palaniappan.


SREE NARAYAN: CRISIL Reaffirms B+ Rating on INR100MM Cash Loan
--------------------------------------------------------------
CRISIL's rating to the bank facilities of Sree Narayan Builders
(SNB) continues to reflect the below-average financial risk
profile, low operating profitability owing to the trading nature
of operations, low bargaining power with the principal and
exposure to intense competition in the steel industry. These
rating weaknesses are mitigated by the promoter's extensive
entrepreneurial experience and established dealer network.

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

Outlook: Stable

CRISIL believes that SNB will maintain its credit risk profile
backed by its promoter's extensive entrepreneurial experience and
established dealer network. The outlook may be revised to
'Positive' if the firm registers high growth in revenue and
operating margin, leading to sustained improvement in cash accrual
and financial risk profile. Conversely, the outlook may be revised
to 'Negative' if SNB contracts a large debt to fund the
incremental working capital requirement, or the revenue or margin
declines sharply.

Update
SNB reported sales of INR575.4 million for 2014-15 (refers to
financial year, April 1 to March 31) as against INR395.2 million
for 2013-14. The increase in turnover was supported by volume
growth in trading of thermo-mechanically treated (TMT) bars and
other long products of Jindal Steel and Power Ltd (JSPL). SNB's
operating margin improved to 2.2 per cent in 2014-15 from 1.2 per
cent in 2013-14 supported by higher cash discounts received from
JSW. However, margins remain in line with trading nature and
constricted by price-based competition from unorganised players in
the industry.

SNB's operations are highly working capital intensive, with gross
current assets (GCAs) of around 100 days as on March 31, 2015.
GCAs increased from 85 days in 2013-14 on account of high cash and
bank balances of INR26 million in 2014-15 against INR7.2 million
in 2013-14. The firm maintains 30 to 40 days of inventory and
sells its products to dealers and end-users against an average
credit of 30 to 45 days. The firm procures products from JSW and
SPS Steels primarily against spot payment, although a credit of
two months is extended by the principals at the year end to push
sales. However, creditors declined to 45 days in 2014-15 on
account of enhancement in the cash credit limits. The bank lines
were utilised at an average of 75 per cent over the 11 months
through July 2015.

Due to high reliance on external debt to fund working capital,
SNB's financial risk profile remains highly leveraged with a
gearing of 5.2 times, against a net worth of INR18.4 million as on
March 31, 2015. Its debt protection metrics remained thin with net
cash accrual to total debt and interest coverage ratios at 0.04
times and 1.7 times, respectively, for 2014-15.

SNB, established in 1989 by Kolkata-based Mr. Shayam Krishna Paul,
is an exclusive super distributor of Jindal Steel Power Ltd for
TMT bars and other long products in Kolkata and other parts of
West Bengal. The firm is also distributor of SPS Steels Rolling
Mills Ltd (SPS Group) for TMT bars.


TAMIL NADU: CRISIL Assigns B- Rating to INR80MM Cash Credit
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-term
bank facility of Tamil Nadu State Transport Corporation
(Kumbakonam) Ltd (TNSTC).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              80        CRISIL B-/Stable

The rating reflects TNSTC's below-average financial risk profile
and its volatile operating margin. These weaknesses are partially
mitigated by TNSTC's established market position as a leader in
the Tamil Nadu road transportation industry and the availability
of need-based funding support from the Government of Tamil Nadu
and Tamil Nadu Transport Development Finance Corporation Ltd.
Outlook: Stable

CRISIL believes that TNSTC's business risk profile will benefit
over the medium term from its leading position in the Tamil Nadu
road transport market. The rating outlook may be revised to
'Positive' if profitability significantly improves or if
substantial capital infusion leads to a better financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
the operating margin further declines, thus weakening the
financial risk profile, or if government support reduces
considerably.

TNSTC is a corporation, fully-owned by Government of Tamil Nadu
for providing intercity and intra-city bus transport facilities.
TNSTC operates bus transport services in and around Kumbakonam and
to other districts of Tamil Nadu.


VASAVI PIPES: CRISIL Ups Rating on INR50MM Cash Loan to B+
----------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Vasavi Pipes Pvt Ltd (VPPL) to 'CRISIL B+/Stable' from 'CRISIL
B/Stable'.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           50        CRISIL B+/Stable (Upgraded
                                   from 'CRISIL B/Stable')

   Proposed Long Term    50        CRISIL B+/Stable (Upgraded
   Bank Loan Facility              from 'CRISIL B/Stable')

The rating upgrade reflects sustainable improvement in VPPL's
financial risk profile, particularly liquidity, driven by reducing
reliance on external debt and tighter working capital management.
Steady growth in turnover and stable profitability led to
increasing cash accrual. Moreover, promoter continued to infuse
long-term funds in the company resulting in reduced reliance on
external debt and interest costs. The company utilised less than
20 per cent of its sanctioned cash credit limit of INR50 million
over the 12 months through May 2015. This resulted in low interest
outflow and improvement in liquidity and in interest coverage
ratio to 7.4 times in 2014-15 (refers to financial year, April 1
to March 31) from 3.6 times earlier. CRISIL believes that though
financial risk profile will remain below average because of small
net worth, VPPL's increasing cash accrual, need-based fund support
from promoter, and absence of fixed debt obligations will help
maintain improvement in liquidity over the medium term.

The rating reflects VPPL's below-average financial risk profile
because of small net worth, modest scale of operations, and
exposure to intense competition in the polyvinyl chloride (PVC)
pipe trading industry resulting in low profitability. These rating
weaknesses are partially offset by the extensive industry
experience of VPPL's promoter and the company's efficient working
capital management.
Outlook: Stable

CRISIL believes VPPL will continue to benefit over the medium term
from its promoter's extensive industry experience. The outlook may
be revised to 'Positive' if the company registers substantial and
sustained increase in scale of operations and profitability, or in
capital structure because of sizeable equity infusion by promoter.
Conversely, the outlook may be revised to 'Negative' in case of
steep decline in profitability margins, or significant weakening
in capital structure caused most likely by a stretch in working
capital cycle.

VPPL, incorporated in 2006, is a part of the Vasavi group. It
trades in PVC pipes and fittings. It is based in Guntakal (Andhra
Pradesh) and is managed by Ms. S Sridevi.


VASAVI PLAST: CRISIL Ups Rating on INR60MM Cash Loan to B+
----------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Vasavi Plast Industries (VPI) to 'CRISIL B+/Stable' from 'CRISIL
B/Stable' and reaffirmed its rating on the short-term bank
facility at 'CRISIL A4'.

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

   Letter of Credit       25      CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     15      CRISIL B+/Stable (Upgraded
                                  from 'CRISIL B/Stable')

The upgrade reflects sustainable improvement in VPI's financial
risk profile, particularly capital structure and liquidity. The
promoter infused capital of INR8.7 million resulting in healthier
gearing of 2.9 times as on March 31, 2015, against above 4.0 times
earlier. The capital infusion also reduced dependence on cash
credit facility to fund working capital requirements, resulting in
low bank limit utilisation of below 50 per cent over the 12 months
through May 2015. The firm is likely to generate net cash accrual
of INR7.7 million, which will be sufficient to meet sales tax
deferment obligation of INR2 million. Liquidity is also supported
by unsecured loan of INR40 million from promoter as on March 31,
2015.

The ratings reflect VPI's below-average financial risk profile
because of small net worth, high gearing, and weak debt protection
metrics. The ratings also factor in modest scale of operations in
the intensely competitive polyvinyl chloride (PVC) pipe
manufacturing industry, and large working capital requirements.
These rating weaknesses are partially offset by the extensive
industry experience of VPI's promoter.
Outlook: Stable

CRISIL believes VPI will continue to benefit over the medium term
from its promoter's extensive industry experience. The outlook may
be revised to 'Positive' if the firm registers substantial and
sustained increase in scale of operations and profitability
margins, or in capital structure because of sizeable capital
infusion by promoter. Conversely, the outlook may be revised to
'Negative' in case of a steep decline in profitability margins, or
significant weakening in capital structure caused most likely by
large debt-funded capital expenditure or a stretch in working
capital cycle.

VPI, a proprietorship firm set up in 2001, is a part of the Vasavi
group. The firm manufactures rigid PVC pipes. It is based in
Guntakal (Andhra Pradesh), and is managed by proprietor Mr. S
Ramamohan Gupta.


VERMA TRACTORS: ICRA Reaffirms B/A4 Rating on INR7cr Loan
---------------------------------------------------------
ICRA has reaffirmed its short term rating of [ICRA]A4 and assigned
its long term rating of [ICRA]B to the INR7.0 crore(enhanced from
INR6.0 crore) fund based bank limits of Verma Tractors.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund Based Limits      7.0        [ICRA]B/[ICRA]A4

The rating reaffirmation takes into account the 9% year-on-year
decline in Verma Tractors' operating income in FY15, on account of
a poor rabi crop and weak farmer sentiments. The decline in
operating income has, however, been accompanied by a slight
improvement in operating profit margins.

ICRA's ratings continue to take into account Verma Tractors'
established presence as a dealer of Escorts tractors in the
Barabanki district of Uttar Pradesh, and the long standing
experience of the promoters in the business. The ratings are,
however, constrained by the firm's thin profit margins as well as
the high working capital intensity, leading to a stretched
liquidity position, as reflected in the full utilization of its
bank lines. Besides, the financial risk profile of the firm
remains weak as reflected in its high gearing and weak debt
coverage indicators. The ratings also take into account the high
dependence of the tractor industry on monsoons and government
policies towards farm mechanization.

Going forward, the firm's ability to improve its profit margins by
increasing the proportion of its relatively high margin service
business; improve its gearing and optimise its working capital
requirements, will remain the key rating sensitivities.

Verma Tractors, a partnership firm, was incorporated in 2004 with
Mrs. Daya Rani Verma, Mrs. Archana Verma and Mr. Suresh Chandra
Verma as its partners. The firm is managed by Mr. Suresh Chandra
Verma. The firm's business is concentrated in and around the
Barabanki district of Uttar Pradesh, with its three outlets
located in the region.

Recent Results
For FY14, the firm reported a net profit of INR0.08 crore on an
operating income of INR31.42 crore, as compared to a net profit of
INR0.05 crore on an operating income of INR27.58 crore for the
previous year. The firm, on a provisional basis, reported a net
profit of INR0.07 crore on an operating income of INR28.61 crore
for FY15.


VISION PIPES: ICRA Cuts Rating on INR13.5cr Loan to 'D'
-------------------------------------------------------
ICRA has downgraded its long-term rating on the INR14 crore fund
based facilities of Vision Pipes Private Limited to [ICRA]D from
[ICRA]B+. ICRA has also downgraded its short-term rating on the
INR11 crore non-fund based facilities of VPPL to [ICRA]D from
[ICRA]A4.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Working Capital       13.50       [ICRA]D Downgraded from
   Limits                            [ICRA]B+

   Term Loan              0.50       [ICRA]D Downgraded from
                                     [ICRA]B+

   LC/BG                 11.00       [ICRA]D Downgraded from
                                     [ICRA]A4

ICRA's rating action is driven by the delays in debt servicing by
VPPL, due to the stretched liquidity position of the company. ICRA
takes note of the highly competitive and fragmented nature of the
pipes industry and vulnerability of VPPL's profitability to raw
material price volatility given that the procurement by the
company is not order backed. ICRA also takes cognizance of the
company's elongated working capital cycle due to high receivable
levels. ICRA however takes note of the experience of the promoters
in the pipes industry and its established clientele.

Going forward, the ability of the company to demonstrate a track
record of timely debt servicing will be the key rating
sensitivity. This in turn will hinge on a sustained improvement in
VPPL's profitability and optimal management of the working capital
cycle.

Incorporated in 2007, VPPL is engaged in the manufacturing of PVC
Pipes and Water Tanks, largely for agriculture and construction
sectors. The company is also involved in trading of PVC Resin. The
company has been promoted by Mr. Pardeep Mittal and his family
members. VPPL has its manufacturing facilities in Bahadurgarh,
Haryana.



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


TOSHIBA CORP: Shareholders Urged to Nix 3 Execs Reappointments
--------------------------------------------------------------
The Japan Times reports that a U.S. advisory firm for
institutional investors is calling on shareholders of struggling
Toshiba Corp. to oppose President Masashi Muromachi and two other
board members from being reappointed as directors.

The report relates that International Shareholder Services Inc.'s
action could impact the votes of foreign investors at a Toshiba
shareholders' meeting scheduled for Sept. 30.

According to the report, the major supplier of infrastructure
systems and electronics reported last week that it suffered
JPY12.27 billion in group net loss in the first quarter through
June after postponing an earnings disclosure for weeks due to
accounting irregularities.

The Japan Times says ISS has taken issue with Muromachi, 65,
Fumiaki Ushio, a 57-year-old corporate senior vice president, and
Hiroyuki Itami, a 70-year-old outside director, noting that their
board tenure overlaps with the period when the irregularities took
place.

In its vote recommendation, ISS said Toshiba's call for the need
to maintain continuity does not sound convincing when "a thorough
change in the corporate culture is urgently needed," the report
relates.

"The overall nomination process raises suspicion that the decision
was reached for reasons other than the best interests of
shareholders," the advisory company added.

The Japan Times adds that Toshiba has come up with executive
nominations subject to approval at a meeting of the board after
the shareholders meeting, including reappointment of Muromachi as
president and promotion of Ushio to corporate executive vice
president.

                        About Toshiba Corp.

The Troubled Company Reporter-Asia Pacific, citing Reuters,
reported on July 22, 2015, that an independent investigation said
in a report on July 21 that Toshiba Corp. overstated its operating
profit by JPY151.8 billion ($1.22 billion) over several years in
accounting irregularities involving top management.

The investigating committee said in a report filed by Toshiba to
the Tokyo Stock Exchange that Toshiba President and Chief
Executive Hisao Tanaka and his predecessor, Vice Chairman Norio
Sasaki, were aware of the overstatement of profits and delay in
reporting losses in a corporate culture that "avoided going
against superiors' wishes," according to Reuters.

The TCR-AP, citing Bloomberg News, reported on July 22, 2015, that
Toshiba Corp. President Hisao Tanaka and two other executives quit
to take responsibility for a $1.2 billion accounting scandal that
caused the maker of nuclear reactors and household appliances to
restate earnings for more than six years.

Norio Sasaki, the vice chairman, and Atsutoshi Nishida, a former
president who was serving as adviser, also resigned, the Tokyo-
based company said July 21, more than two months after announcing
it was investigating possible accounting irregularities, according
to Bloomberg.

On Sept. 11, 2015, the TCR-AP reported that Moody's Japan K.K.
affirmed Toshiba Corporation's Baa2 issuer and senior unsecured
debt ratings as well as its Ba1 subordinated debt rating and P-2
commercial paper rating.  The ratings outlook is stable.

The ratings affirmation follows Toshiba's announcement of its
results for the fiscal year ended March 31, 2015 (FYE3/2015) and
the restatement on September 7 of its results for FYE3/2009
through 3Q FYE3/2015.

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


TOSHIBA CORP: Auditors Say Being Investigated By Japan Regulators
-----------------------------------------------------------------
Takahiko Wada at Reuters reports that Japan's financial regulators
are investigating an Ernst & Young affiliate over its audit of
Toshiba Corp after a $1.3 billion accounting scandal at the
industrial and electronics conglomerate, the auditing firm said on
September 18.

According to Reuters, Ernst & Young ShinNihon LLC said the
Financial Services Agency has been investigating staff involved
with the audit of Toshiba. It said it was also undergoing a
routine biennial inspection by regulators over its governance and
overall operations, the report relates.

Reuters notes that the scandal ranks as one of Japan's biggest
corporate scandals alongside the fraud discovered in 2011 at
medical equipment and camera maker Olympus Corp, which was also an
Ernst & Young ShinNihon client.

                        About Toshiba Corp.

The Troubled Company Reporter-Asia Pacific, citing Reuters,
reported on July 22, 2015, that an independent investigation said
in a report on July 21 that Toshiba Corp. overstated its operating
profit by JPY151.8 billion ($1.22 billion) over several years in
accounting irregularities involving top management.

The investigating committee said in a report filed by Toshiba to
the Tokyo Stock Exchange that Toshiba President and Chief
Executive Hisao Tanaka and his predecessor, Vice Chairman Norio
Sasaki, were aware of the overstatement of profits and delay in
reporting losses in a corporate culture that "avoided going
against superiors' wishes," according to Reuters.

The TCR-AP, citing Bloomberg News, reported on July 22, 2015, that
Toshiba Corp. President Hisao Tanaka and two other executives quit
to take responsibility for a $1.2 billion accounting scandal that
caused the maker of nuclear reactors and household appliances to
restate earnings for more than six years.

Norio Sasaki, the vice chairman, and Atsutoshi Nishida, a former
president who was serving as adviser, also resigned, the Tokyo-
based company said July 21, more than two months after announcing
it was investigating possible accounting irregularities, according
to Bloomberg.

On Sept. 11, 2015, the TCR-AP reported that Moody's Japan K.K.
affirmed Toshiba Corporation's Baa2 issuer and senior unsecured
debt ratings as well as its Ba1 subordinated debt rating and P-2
commercial paper rating.  The ratings outlook is stable.

The ratings affirmation follows Toshiba's announcement of its
results for the fiscal year ended March 31, 2015 (FYE3/2015) and
the restatement on September 7 of its results for FYE3/2009
through 3Q FYE3/2015.

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



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


FIJI: S&P Assigns B+ Rating to Proposed Unsecured Notes
-------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B+' long-term
issue rating to Republic of Fiji's (B+/Stable/B) proposed
unsecured note.  The note will constitute the direct,
unconditional, and unsecured obligations of the Republic of Fiji.

The sovereign credit ratings on Fiji reflect S&P's view of the
country's weak institutional settings, low income level, and
limited monetary policy flexibility that constrain the
government's credit-standing.  Mitigating these weaknesses are the
government's moderate fiscal metrics and sound external position.

The stable outlook reflects S&P's expectations that a steady
political and policy environment, combined with continued economic
reforms and donor and multilateral lender re-engagement, will
support economic growth and help limit the government's fiscal
deficits and net debt over the next two years.  Further, S&P
expects Fiji's external position to be steady with consistent
levels of official reserves.


                             *********

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

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

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


                            *********


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

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

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

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

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



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