TCRAP_Public/150928.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

          Monday, September 28, 2015, Vol. 18, No. 191


                            Headlines


A U S T R A L I A

JOCUMSEN BODY: First Creditors Meeting Set For Oct. 6
MIRABELA NICKEL: First Creditors Meeting Set For Oct. 7
PERPETUAL TRUSTEE: Moody's Assigns Ba1(sf) Rating to Cl. E Notes
QANTAS AIRWAYS: S&P Affirms 'BB+' LT CCR; Outlook Stable
TOP END: First Creditors Meeting Set For Oct. 5

VIRGIN AUSTRALIA: S&P Affirms 'B+' CCR; Outlook Stable


C H I N A

CANADIAN SOLAR: S&P Assigns 'BB' LT Corp. Credit Rating
GENERAL STEEL: Signs Exchange Pact to Acquire Catalon Interest
PING AN: Moody's Affirms ba2 Baseline Credit Assessment


I N D I A

AANJANEYA ENERGY: CRISIL Suspends B Rating on INR300MM LT Loan
AGRAWAL SOYA: CRISIL Suspends B Rating on INR50MM Cash Credit
ANAMIKA DEVELOPERS: ICRA Assigns B+ Rating to INR6.0cr LT Loan
ANUBHAV TRADING: CRISIL Assigns B+ Rating to INR80MM Cash Loan
BALANAGU INDUSTRIES: CRISIL Assigns B+ Rating to INR42.6MM Loan

BTC INDUSTRIES: CRISIL Assigns B+ Rating to INR190MM Term Loan
CHENNAI MICRO: CRISIL Suspends B- Rating on INR115MM Cash Credit
GAUTAM INDUSTRIAL: CRISIL Ups Rating on INR30MM Loan to B+
INFINIUM PHARMACHEM: CRISIL Assigns B+ Rating to INR50MM Loan
JKR SONA: CRISIL Assigns 'B' Rating to INR110MM Cash Credit

L&T HALOL: ICRA Lowers Rating on INR1,014.93cr Term Loan to D
LDH AGRO: ICRA Suspends 'B' Rating on INR10.30cr Loan
LORD KRISHNA: CRISIL Assigns B+ Rating to INR80MM Cash Credit
MAA KALI: CRISIL Reaffirms B+ Rating on INR242.5MM Cash Credit
MALLEMAALA AGRO: CRISIL Assigns 'B' Rating to INR250MM LT Loan

MANDALIA OVERSEAS: ICRA Reaffirms B Rating on INR1.05cr Loan
MITA ENGINEERS: ICRA Reaffirms 'B' Rating on INR7.07cr LT Loan
NINANIYA ESTATES: CRISIL Ups Rating on INR325MM Term Loan to B-
P.S.K. TEXTILES: CRISIL Ups Rating on INR80.6MM Loan From B+
RAJ COTTON: ICRA Suspends B+ Rating on INR15cr Loan

RAYBAN FOODS: ICRA Suspends B+/A4 Rating on INR50cr Loan
RIALTO EXIM: CRISIL Cuts Rating on INR420MM Gold Loan to 'B-'
ROMESH POWER: CRISIL Suspends B+ Rating on INR70MM Cash Loan
ROYAL'S EDUCATION: ICRA Withdraws 'D' Rating on INR1.35cr Loan
SAAKAAR CONSTRUCTIONS: CRISIL Assigns B Rating to INR30MM Loan

SAMAY ALLOYS: CRISIL Reaffirms B- Rating on INR50MM Cash Loan
SATTVA CONWARE: CRISIL Suspends B Rating on INR140MM Term Loan
SPECTRA CHEMICALS: CRISIL Reaffirms B Rating on INR15MM Loan
SUVARNA SHILPI: CRISIL Reaffirms B+ Rating on INR95MM Cash Loan
TAMILNADU JAIBHARATH: CRISIL Ups Rating on INR260MM Loan to B-

TEK CHAND: ICRA Suspends 'B' Rating on INR6cr Fund Based Loan
VAELS EDUCATIONAL: CRISIL Cuts Rating on INR150MM LT Loan to B+
VIKAS COTTON: ICRA Reaffirms B+ Rating on INR12cr Cash Loan


M A L A Y S I A

MEGASTEEL SDN: Cross Defaults on MYR3 Billion Worth of Loans


N E W  Z E A L A N D

BATHURST RESOURCES: Posts NZ$16.4MM Loss For Year Ended June 30
PUMPKIN PATCH: Faces Bankruptcy Risk, Analyst Says


                            - - - - -


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A U S T R A L I A
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JOCUMSEN BODY: First Creditors Meeting Set For Oct. 6
-----------------------------------------------------
Nick Combis & Peter Dinoris of Vincents Chartered Accountants were
appointed as administrators of Jocumsen Body Corporate Pty Ltd on
Sept. 23, 2015.

A first meeting of the creditors of the Company will be held at
Vincents Chartered Accountants, Level 34, 32 Turbot Street, in
Brisbane, Queensland, on Oct. 6, 2015, at 11:00 a.m.


MIRABELA NICKEL: First Creditors Meeting Set For Oct. 7
------------------------------------------------------
Martin Bruce Jones and Darren Gordon Weaver of Ferrier Hodgson
were appointed as administrators of Mirabela Nickel Limited and
Mirabela Investments Pty Ltd on Sept. 24, 2015.

A first meeting of the creditors of the Company will be held at
Ferrier Hodgson, Level 28, 108 St Georges Terrace, in Perth, on
Oct. 7, 2015 at 11:00 a.m.


PERPETUAL TRUSTEE: Moody's Assigns Ba1(sf) Rating to Cl. E Notes
----------------------------------------------------------------
Moody's Investors Service has assigned definitive ratings to notes
issued by Perpetual Trustee Company Limited in its capacity as
trustee of the Series 2015-1 REDS EHP Trust.

Issuer: Series 2015-1 REDS EHP Trust

AUD 592.5 million Class A Notes, Assigned Aaa (sf);

AUD 43.5 million Class B Notes, Assigned Aa2 (sf);

AUD 36.0 million Class C Notes, Assigned A2 (sf);

AUD 18.0 million Class D Notes, Assigned Baa2 (sf);

AUD 18.75 million Class E Notes, Assigned Ba1 (sf).

The AUD 41.25 million Seller Notes are not rated by Moody's.

The ratings address the expected loss posed to investors by the
legal final maturity. The structure allows for timely payment of
interest and ultimate payment of principal with respect to Class A
and B Notes by the legal final maturity. As the coupons for the
Class C, D and E Notes are split into senior and subordinate
amounts -- where the senior amounts are 1M-BBSW, and the
subordinate coupon margin amounts are subordinate to all other
items in the interest waterfall -- the structure allows for timely
payment of the senior amount of interest and ultimate payment of
principal with respect of the Class C, D and E Notes.

The transaction is a securitisation of a portfolio of Australian
specific security agreements (previously called chattel mortgages
and bills of sale), finance leases, and hire purchase contracts
secured by motor vehicles and equipment (all wheels). All loans
were originated by Bank of Queensland Equipment Finance Pty
Limited ("BOQEF"), a wholly owned subsidiary of Bank of Queensland
("BOQ").

This is the fourth Australian ABS transaction issued by BOQ since
2008 and BOQ's tenth ABS transaction to date.

RATINGS RATIONALE

Series 2015-1 REDS EHP Trust is similar to the last REDS EHP
transaction in that the composition of the receivables pool
backing the transaction is split between motor vehicles and other
equipment (all wheels)(57.75% and 42.25% respectively). In this
sense, the current transaction is also similar to pre-2009 Trusts
in terms of pool composition. As with the last REDS EHP
transaction, this deal features only AUD denominated tranches,
with one senior Aaa (sf) rated tranche and no short dated P-1
rated tranche.

In order to fund the purchase price of the portfolio, the Trust
will issue up to six classes of Notes. The Notes will be repaid on
a sequential basis in the initial stages, until the subordination
percentage increases from the initial 21.0% to 26.9% for the Class
A Notes and from 15.2% to 19.5% for the Class B Notes and before
the outstanding balance of the notes falls below 10% of the
initial note balance at closing. At all other times, all classes
of notes will be repaid on a pro-rata basis. This principal
paydown structure is comparable to other recent ABS transactions
in the Australian market.

Our base case assumptions are a default rate of 3.45% and a
recovery rate of 35.0%. These imply an expected (net) loss of
2.24%. Both the default rate and recovery rate have been stressed
relative to observed historical levels of 2.48% and 50.09%
respectively.

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was Moody's Global
Approach to Rating Auto Loan- and Lease-Backed ABS published in
January, 2015. Please see the Credit Policy page on www.moodys.com
for a copy of this methodology.

Factors That Would Lead to an Upgrade or Downgrade of the Ratings:

Levels of credit protection that are greater than necessary to
protect investors against current expectations of loss could lead
to an upgrade of the rating. Moody's current expectations of loss
could be better than its original expectations because of fewer
defaults by underlying obligors or higher recoveries on defaulted
loans. The Australian job market and the market for used vehicles
are primary drivers of performance.

Levels of credit protection that are insufficient to protect
investors against current expectations of loss could lead to a
downgrade of the ratings. Moody's current expectations of loss
could be worse than its original expectations because of more
defaults by underlying obligors or lower recoveries on defaulted
loans. The Australian job market and the market for used vehicles
are primary drivers of performance. Other reasons for worse
performance than Moody's expects include poor servicing, error on
the part of transaction parties, a deterioration in credit quality
of transaction counterparties, lack of transactional governance
and fraud.

Moody's Parameter Sensitivities:

If the default rate rises to 6.90% (double Moody's assumption of
3.45%) and recovery rates are reduced to 15% (more than half of
Moody's assumption of 35%) then the model-indicated rating for the
Class A Notes and Class B Notes both drop seven notches to Baa1
and eight notches to Ba1 respectively.


QANTAS AIRWAYS: S&P Affirms 'BB+' LT CCR; Outlook Stable
--------------------------------------------------------
Standard & Poor's Ratings Services said that it has affirmed its
'BB+' long-term and 'B' short-term corporate credit ratings on
Qantas Airways Ltd.  At the same time, S&P affirmed the 'BB+'
rating and the recovery rating of '3' on the airline's senior
unsecured debt.  The outlook on the long-term rating remains
stable.

"The rating affirmation reflects our view that relatively benign
domestic market competition, structurally lower fuel prices,
restructuring initiatives, and a lower Australian dollar have
translated into improved credit metrics for Qantas," said Standard
& Poor's credit analyst Graeme Ferguson.

S&P has revised its assessment of Qantas' competitive position to
"strong" from "satisfactory".  Underpinning Qantas' competitive
position score is its dominant position in Australia's duopoly-
like domestic aviation market.  S&P views the Australian domestic
aviation market as highly profitable in the absence of aggressive
competition or a material deterioration of the Australian economy.
There is little indication to suggest that either domestic airline
has an appetite to resume the heavy price discounting or
accelerated capacity additions that occurred between 2012 and
2014.  However, S&P views Qantas' competitive position within the
Australian market to have structurally changed over the past few
years.  Competition from Virgin Australia Holdings Ltd. (Virgin)
has rendered the airline susceptible to bouts of aggressive
competition.

Despite conceding some domestic market share, Qantas has retained
the lion's share of the high-yielding corporate market.  The
group's strong brand and superior market position allow it to
generate a yield premium.  This is important since Qantas has a
cost disadvantage.  A key rating consideration is the extent to
which Qantas is able to narrow its cost differential with Virgin
while preserving a meaningful revenue premium, and by doing so,
preserve its share of the domestic profit pool.  S&P expects
competitive tension to be focused on the higher-yielding corporate
segment: Virgin has invested heavily in infrastructure to attract
business travelers and win corporate contracts, and S&P expects
Qantas to take action to protect its strong incumbency.

In S&P's opinion, Qantas' international business weighs on the
rating.  Qantas is disadvantaged by its position as an 'end-of-
the-line' carrier that principally serves a relatively small
market of 23 million people.  Qantas suffers from a cost and
geographic disadvantage compared with many of its major
international competitors, particularly among major Asian and
Middle-Eastern carriers who may benefit from government support,
fuel subsidies, or 'hub' locations.  S&P expects operating
efficiency to improve as the airline better manages its cost base
and fleet utilization, optimizes its route network and, over the
medium term, replaces its Boeing (B) 747-4 fleet with more fuel-
efficient B787-9s, and deepens its strategic partnerships.

Qantas is pursuing a transformation program aimed at addressing
the airline's legacy and underlying structural issues.  In S&P's
opinion, this is imperative given unpredictable industry
conditions and S&P's expectation that the recovery in the
airline's credit metrics will not be demand led.  S&P notes that
it is unlikely that Qantas would have achieved an underlying
profit for the year ended June 30, 2015, without meaningfully
addressing its cost base over the past few years.

"In addition, we have revised our assessment on Qantas' financial
risk profile to "intermediate" from "significant".  The
"intermediate" financial risk profile incorporates a downward
adjustment for potential volatility.  While Qantas may have
broadly achieved our upward rating trigger of 45% funds from
operations (FFO)-to-debt, in our opinion, these metrics do not
incorporate sufficient buffer to absorb potential cash flow
volatility during periods of stress.  We have removed "positive"
comparable ratings analysis modifier that previously raised the
stand-alone credit profile by one notch.  The current level of
financial flexibility is commensurate with our expectations for
similarly rated peers with an intermediate financial risk
profile," S&P noted.

"We interpret Qantas' financial policy target to be broadly
commensurate with at least the "intermediate" category.  As the
airline's credit metrics strengthen to the "modest" category, we
believe its capital allocation priorities will shift toward growth
investment and provide greater returns to shareholders.
Similarly, we accept that Qantas is committed to taking preemptive
action to strengthen its financial position during periods of
stress.  We expect the airline to operate at least within the
modest category during periods when the operating environment is
supportive of the group's strategy," S&P said.

However, in S&P's opinion, the buffer targeted within the
financial policies may be insufficient to maintain credit metrics
within the modest category during periods of financial stress.
The practical application of Qantas' financial policies and the
sufficiency of the buffer will be key rating considerations.

Mr. Ferguson added: "The stable outlook reflects our view that
competition across Qantas' route network will be contained and
that the airline will maintain its dominant domestic market
position.  We also expect Qantas to maintain its meaningful
financial flexibility and strong liquidity position.  The rating
incorporates our expectation that Qantas will realize an enduring
benefit from previously announced restructuring initiatives while
limiting pressure on its balance sheet.  We do not forecast a
demand-led recovery.  However, structurally lower fuel prices, a
more-benign domestic market environment, restructuring
initiatives, and a lower Australian dollar should improve the
airline's credit metrics."

S&P could lower the ratings if Qantas fails to accomplish its
previously announced restructuring initiatives or if these efforts
do not increase the airline's flexibility in responding to sudden
changes to its operating environment.  This would be evidenced by
the airline's FFO-to-debt falling to less than 20%.  A weakening
of Qantas' liquidity position below strong will also put downward
pressure on the rating.

Over the medium term, S&P could raise the rating if it expects
Qantas' financial policies to sustain FFO-to-debt at more than 45%
under a range of variable demand conditions, competitive tensions,
volatile fuel costs, and exogenous shocks.  S&P views upward
rating pressure as a result of a strengthening in the airline's
business risk profile as less likely over the medium term.


TOP END: First Creditors Meeting Set For Oct. 5
-----------------------------------------------
Stuart George Reid & Austin Robert Meerten Taylor of Meertens
Chartered Accountants were appointed as administrators of Top End
Buffalo Pty Ltd on Sept. 23, 2015.

A first meeting of the creditors of the Company will be held at
Meertens Chartered Accountants, Suite 4, Raffles Plaza, 1 Buffalo
Court, in Darwin, on Oct. 5, 2015, at 10:30 a.m.


VIRGIN AUSTRALIA: S&P Affirms 'B+' CCR; Outlook Stable
------------------------------------------------------
Standard & Poor's Ratings Services said that it has affirmed its
'B+' long-term corporate credit rating on Virgin Australia
Holdings Ltd.  The outlook on the long-term rating remains stable.

At the same time, S&P has affirmed its 'B-' rating and recovery
rating of '6' on Virgin's U.S. 144A/Reg-S senior unsecured notes.

"The rating affirmation reflects Virgin's status as the second
player in Australia's duopoly-like domestic market; small size
globally; and low, albeit improving, profit margin compared to
global peers," said Standard & Poor's credit analyst Graeme
Ferguson.

Despite favorable operating conditions and Virgin's progress in
its deleveraging, S&P expects Virgin's financial risk profile to
remain "highly leveraged" over the next two years.

Virgin's route network is focused on the Australian domestic
market, which S&P views as having duopoly-like characteristics.
S&P views this market as highly profitable in the absence of
aggressive competition or a material deterioration of the
Australian economy.  There is little indication to suggest that
either domestic airline has an appetite to resume the heavy price
discounting or accelerated capacity additions that occurred
between 2012 and 2014.

S&P has revised Virgin's competitive position to "fair" from
"weak".  Virgin has transformed itself into a tough competitor
against Qantas Airways Ltd. (BB+/Stable/B) within the Australian
domestic market.  Over the past few years, Virgin has solidified
its market share and somewhat narrowed the yield premium enjoyed
by Qantas.  In S&P's view, Virgin's domestic operating costs are
more competitive than Qantas, mainly because of the better
productivity of its labor force.  However, Qantas' restructuring
initiatives have eroded some of Virgin's cost advantage.

Virgin's share of the domestic profit pool remains small relative
its market share.  To this end, S&P expects competitive tension to
be focused on the higher-yielding corporate segment: Virgin has
invested heavily in infrastructure to attract business travelers
and win corporate contracts, and S&P expects Qantas to take action
to protect its strong incumbency.  Notwithstanding some minor
skirmishes, S&P expects Virgin's improving market position, oil
hedges, and more benign competitive environment to further improve
its profitability and cash flow generation over the next 12-18
months.

In S&P's opinion, Virgin's international business weighs on the
rating.  The airline continues to report operating losses despite
structurally lower fuel prices and relatively 'capital-light'
operating strategy. Virgin is targeting a return to profitability
by the end of fiscal 2017 and expects to benefit from fleet and
route reconfiguration as well as deploying TigerAir to
international leisure destinations.  Although Virgin's
international operations are small by global standards, the
airline has formed a number of important alliances, including with
Singapore Airlines, Etihad Airways, Air New Zealand, and Delta Air
Lines, providing customers with access to a virtual global
network.

Mr. Ferguson added: "The stable outlook reflects our expectation
that more-benign domestic market conditions, structurally lower
fuel prices, and restructuring initiatives should support Virgin's
deleveraging strategy.  In accordance with S&P's corporate
criteria, Standard & Poor's adjusted credit metrics do not
explicitly adjust for Virgin's substantial cash holdings, given
its assessment of the airline's business risk profile as "weak"."

S&P could lower the rating if Virgin's adjusted debt-to-EBITDA
remains above 8x.  A return to more intense domestic market
competition, higher fuel costs, or an external shock could hinder
the airline's earnings recovery and associated deleveraging.
Downward ratings pressure could also arise if S&P assess
shareholder support to have diminished.

S&P could raise the rating if it expects Virgin's lease adjusted
debt-to-EBITDA to be sustained below 5x.  Upward rating action
could also occur if Virgin captures a materially greater share of
the Australian domestic profit pool.



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C H I N A
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CANADIAN SOLAR: S&P Assigns 'BB' LT Corp. Credit Rating
-------------------------------------------------------
Standard & Poor's Ratings Services said that it had assigned its
'BB' long-term corporate credit rating to Canadian Solar Inc.
(CSI). The outlook is stable. At the same time, S&P assigned its
'cnBBB-' long-term Greater China regional scale rating to the
company. CSI is a Canada-based solar company with most of its
production capacity in China.

"The rating reflects our view that CSI will continue to face
intense competition and significant pricing pressure in the
globally fragmented solar market," said Standard & Poor's credit
analyst Tony Tang.

Like its peers, the company has a limited ability for product and
service differentiation, in S&P's view. The solar market is also
highly dependent on government subsidies to drive demand. These
factors have led to high volatility in CSI's profitability, and
are likely to continue to constrain the company's business risk
profile. In addition, S&P expects CSI's debt leverage to increase
materially over the next two years because of its new strategy of
holding solar projects through a yield company rather than selling
them.

These weaknesses are tempered by CSI's good cost position,
adequate technology and product quality, high operating
efficiency, and position as the largest solar module supplier
globally.

S&P expects business volatility to remain high for the next two
years because of intense competition and frequent oversupply,
which is partly due to low technology and capital barriers for new
entry or expansion. Nevertheless, S&P believes the volatility
could moderate in view of market consolidation and greater
geographical diversification in end markets. S&P also believes
that the solar market's high dependence on government subsidies to
stimulate demand subjects the industry to policy uncertainty.

S&P expects CSI to continue to grow its market share, given its
low cost structure and good operating efficiency, as shown by its
high capacity utilization and good product quality. The company
has rapidly increased its market share in the global solar market,
becoming the largest solar module manufacturer worldwide with a
market share of about 9% in 2014.

CSI's strategy of limiting investments in more capital-intensive
upstream wafer and solar cell manufacturing also enable more
flexibility in the company's cost structure and helps it to react
fast to changing market conditions, in S&P's view. In addition,
the company's further expansion in China will continue to support
its low cost structure. Accordingly, S&P expects CSI to maintain
better profitability than most solar peers. However, S&P also
anticipates that CSI's profitability will remain volatile because
of still-volatile market conditions. This is despite S&P's view
that relatively stable cash flow from electricity revenue will
slightly moderate the high volatility in CSI's profitability if it
successfully builds its yield company. In addition, the
concentration of CSI's production facilities in China could expose
the company to trade disputes between China and developed markets.
Based on those factors, S&P assess CSI's business risk profile as
"fair."

"We expect CSI to maintain its control over the yield company and
consolidate the subsidiary in its financial reporting after its
listing. As a result, we will analyze CSI's business risk and
financial risk profiles after consolidating the yield company,
including non-recourse project finance loans at its solar
projects. We expect CSI's yield company to benefit from CSI's
strong project pipeline and its significant presence in developed
markets with the injection of quality solar projects. We also
believe that stable and transparent regulatory environments in
developed markets and high-quality counterparties of power
purchase agreements for CSI's solar projects will help the yield
company generate relatively stable cash flow. Tempering these
strengths are the yield company's concentration in solar power,
initially limited scale, and lack of operating track record.
Regulatory uncertainty, particularly in developing markets, is an
additional risk.  Further, we expect solar module manufacturing to
contribute the majority of CSI's EBITDA for two to three years
after the yield company is established. Based on those factors, we
do not expect the establishment of the yield company, if it
materializes, to significantly alter CSI's business risk profile,"
S&P said.

"We expect CSI to increase its ratio of debt to EBITDA to 2x-3x
during 2015-2016 from 1.3x in 2014 for high capital spending
related to the construction of solar projects that it plans to
hold and the capacity expansion of solar module manufacturing in
China.  Our base case assumes that CSI will complete the IPO of
its yield company in early 2016 and raise additional equity
capital in 2017.  We also believe the company can maintain its
profitability from its module sales amid rising demand. Capital
expenditure is likely to decline after peaking in 2015 for the
launch of CSI's yield company. However, we expect that volatility
in the company's cash flow and leverage ratios will remain high,
given high anticipated volatility in the company's profitability
through business cycles. This will add extra financial risk for
the company, in our view," S&P added.

"If the IPO does not materialize, we expect CSI to dispose of the
solar projects it develops and holds for the yield company and
keep its ratio of debt to EBITDA comfortably below 3x. This
estimate is based on CSI's long track record of developing and
selling projects to investors and our expectation that the market
for solar power energy projects should remain favorable. We
believe that the company can sell the projects in several quarters
without significant difficulty once it decides to do so. CSI
generated US$892 million in revenues from the sale of solar power
projects in 2014. We believe that its acquisition of Recurrent
Energy will further add to its capacity for project disposal. In
this alternative scenario, we believe that the financial risk
profile assessment is not different from the base case. Based on
these factors, we assess CSI's financial risk profile as
"significant"," S&P said.

"The stable outlook for the next 12 months reflects our view that
CSI can maintain its cost competitiveness and relatively stable
profitability, and moderately increase its market share amid
rising demand," said Mr. Tang.

S&P also expects CSI to increase its ratio of debt to EBITDA to
2x-3x in 2015-2016 because of its strategic move to hold solar
projects through the injection of power assets into a separate
listed yield company. The stable outlook also assumes that CSI
will be able to sell projects to be held under the yield company
and keep its ratio of debt to EBITDA comfortably below 3x in 2016
if CSI fails to launch the yield company as planned.

S&P may raise the rating if CSI strengthens its cash flow and
keeps its ratio of debt to EBITDA below 2x. This could be achieved
if: (1) CSI significantly strengthens its profitability with lower
volatility through enhanced technology and product portfolio that
strengthens its pricing power; and (2) the company can limit its
capital spending by enhancing capital efficiency and lower its
debt without hurting its competitiveness.

S&P could lower the rating if it believes that CSI's ratio of debt
to EBITDA stays above 3x for an extended period. The scenarios
that could lead to such deterioration include: weakening
profitability stemming from unexpected industry downturns or a
weakening competitive position, aggressive capital expenditure,
significant additional working capital needs, or CSI continuing to
hold project assets without spinning off the assets and listing
the yield company. S&P could also lower the ratings if CSI's
business risk profile deteriorates materially because of a
substantial weakening in the company's technology and cost
competitiveness, or heightened industry risks associated with
trade disputes or unexpected changes in government energy policies
in major markets.

A return on capital of below 8% or high volatility in CSI's
profitability could indicate such deterioration.


GENERAL STEEL: Signs Exchange Pact to Acquire Catalon Interest
--------------------------------------------------------------
General Steel Holdings, Inc., has signed an all-equity Share
Exchange Agreement for the acquisition of 84.5% equity interest in
Catalon Chemical Corp., a Delaware corporation headquartered in
Virginia that develops and manufactures De-NOx honeycomb catalysts
and industrial ceramics.

Catalon's honeycomb technology is an integral part of the
selective catalytic reduction process widely used in steel mills,
thermal power stations, waste incinerators, stationary diesel
motors, industrial plants, and heavy-duty trucks. Catalon designed
the chemical recipe of the SCR catalytic converter, the
manufacturing process, engineering and construction methodology to
produce the SCR honeycomb catalyst. With the addition of ammonia
upstream, the catalyst breaks down the NOx in the glue gas into
nitrogen and water vapor. The honeycomb technology is designed for
use in low temperature and mid temperature applications. Catalon,
along with its honeycomb technology, was valued at approximately
$20 million by an independent third party.

Under the terms of the Agreement, existing Catalon shareholders
will receive a total equivalent value of approximately $16.9
million or up to a maximum of 13 million shares of General Steel
Common Stock. Based on General Steel's closing stock price of
$0.63 on Sept. 15, 2015, the equivalent value of $1.30 per share
represents a 97.0% premium to the Company's 20-day volume weighted
average price of $0.66 per share, and a 106.3% premium to its most
recent closing stock price.

The 13 million Payment Shares will be held in escrow, subject to
delivery of minimum sales and net profit targets by Catalon of
$46.6 million and $8.4 million, respectively, for calendar year
2016, and $116.1 million and $20.9 million, respectively, for
calendar year 2017. In the event the minimum sales and net profit
targets are not achieved in a given year, the quantity of Payment
Shares delivered to the Catalon shareholders will be reduced
proportionately, such that the Catalon shareholder shall receive
only the percentage of the Payment Shares equal to the percentage
of actual sales and actual net profit achieved in relation to the
sales and net profit targets, respectively. Of the 13 million
Payment Shares, subject to the reductions described above, up to
4,333,333 shares are designated to be released following 2016 and
up to 8,666,667 shares are designated to be released following
2017. The Payment Shares are also subject to a lock-up period,
expiring in April 2018, which prohibits the Catalon shareholders
from directly or indirectly transferring, offering, granting an
option or right in respect of, the disposal, or engaging in any
short selling of any consideration share issued to the Catalon
shareholders by the Company in connection with the acquisition.
The Agreement, which was approved by the General Steel's Board of
Directors, is subject to customary closing conditions and
regulatory approvals and is expected to close on or about
Sept. 30, 2015. Upon completion of the Agreement, Catalon's
financials will be consolidated into General Steel's.

Ms. Yunshan Li, chief executive officer of General Steel
commented, "We are very excited about the myriad of new business
opportunities and synergies brought forth through this
acquisition. With a talented team of executives, prominent
shareholders, and proven technology and expertise, Catalon has
been an innovative leader in R&D and commercialization of De-NOx
honeycomb catalysts in the US, and we believe Catalon's
comprehensive suite of products and services is an ideal fit for
General Steel and a great leap forward for our business
transformation. Catalon's honeycomb catalytic technology
effectively reduces NOx emissions, which is a sorely
needed solution to China's currently huge industrial pollution
problems. And with General Steel's vast resources, strong market
presence and broad distribution platform, we fully expects being
able to capture a meaningful share of the large and rapidly-
growing cleantech business in China. We believe that the annual
honeycomb catalyst consumption in China is approximately 350,000
cubic meters. Catalon has binding sales agreements with two
distributors in China with each purchasing a monthly minimum of
600 cubic meters for three years.

"We are equally thrilled that the acquisition will bring the
addition of Catalon's talented team to our leadership. Mr. Steven
Chu, Catalon's CEO and CTO, will greatly strengthen our team with
more than 20 years experience in engineering and environmental
protection. He previously held leadership positions at China's
Ministry of Housing and Urban-Rural Development Ministry of
Science and Technology, and Ministry of Environmental Protection,
and we were captivated with his deep knowledge and insights of the
inner-workings of China's environmental protection industry and
related market trends. In addition, we are privileged to have Mr.
Qilin Li of Lindenburg Ventures, one of Catalon's major
shareholders, providing strategic guidance to our team. Mr. Li, a
prominent member of one of China's most successful consumer
brands, has been a board director of Lead Ahead and non-executive
director of Viva Group (8032.HK). He has a wealth of experience in
financial services having worked at JP Morgan Hong Kong and
Persistent Asset Management Limited. Our Board and management team
believe this transaction is in the best interests of the Company
and its shareholders, and we look forward to welcoming the
talented Catalon team."

Mr. Steven Chu, CEO and CTO of Catalon added, "After an extensive
review of strategic alternatives and careful considerations, we
concluded that General Steel is the ideal partner for Catalon to
commercialize our honeycomb catalytic technology in China. We were
impressed by General Steel's technical leadership in steel
manufacturing and its unique market position and access in
China's burgeoning industrial heartland. We look forward to
working closely with General Steel to achieve a seamless
post-closing integration and creating long-term value for all of
our stakeholders."

A copy of the Share Exchange Agreement is available for free at:

                        http://is.gd/P5oEwu

                     About General Steel Holdings

General Steel Holdings, Inc., headquartered in Beijing, China,
produces a variety of steel products including rebar, high-speed
wire and spiral-weld pipe. General Steel --
http://www.gshi-steel.com/-- has operations in China's Shaanxi
and Guangdong provinces, Inner Mongolia Autonomous Region and
Tianjin municipality with seven million metric tons of crude steel
production capacity under management.

General Steel reported a net loss of $78.3 million on $1.9 billion
of sales for the year ended Dec. 31, 2014, compared with a net
loss of $42.6 million on $2 billion of sales for the year ended
Dec. 31, 2013.

As of March 31, 2015, the Company had $2.5 billion in total
assets, $3.14 billion in total liabilities and a $637 million
total deficiency.

Friedman LLP, in New York, issued a "going concern" qualification
on the consolidated financial statements for the year ended
Dec. 31, 2014, citing that the Company has an accumulated deficit,
has incurred a gross loss from operations, and has a working
capital deficiency at Dec. 31, 2014. These conditions raise
substantial doubt about the Company's ability to continue as a
going concern.


PING AN: Moody's Affirms ba2 Baseline Credit Assessment
-------------------------------------------------------
Moody's Investors Service has affirmed Ping An Bank Co., Ltd's
long-term/short-term foreign currency deposit ratings of
Baa2/Prime-2.

At the same time, Moody's has changed the outlook on the ratings
to negative from stable.

In addition, Moody's has affirmed the bank's Counterparty Risk
Assessment (CR Assessment) of Baa1(cr)/P-2(cr).

Moody's has also affirmed the bank's baseline credit assessment
(BCA) and Adjusted BCA at ba2 and baa3.

RATINGS RATIONALE

The change of outlook on Ping An Bank's ratings is driven by
expected rising pressure on its asset quality and capital levels
over the next 1-2 years, as related to faster-than-average
loan/asset growth over the past two years and both its increasing
non-performing loan (NPL) ratio and 90+ day delinquencies rate.

The bank's asset quality weakened in a moderating economy,
following the seasoning of its retail portfolio and after it
registered rapid growth in previous years. This development led to
an increase in the bank's reported NPL ratio to 1.32% at end-June
2015 from 1.02% at end-2014.

Moody's notes that the bank has an increasing amount of overdue
loans in the 90+ day delinquencies category, with the ratio to
total loans increased to 3.58% at end-June 2015 from 2.85% at end-
2014.

This situation could indicate that the bank is showing a higher
level of risk in regard to a deterioration in its asset quality,
especially during a period of slowing economic growth in China,
and its NPLs could also further increase.

Moody's believes that the bank's capital level will be under
pressure because of its faster-than-average asset growth at a time
when the Chinese economy is slowing.

Although it issued an additional RMB10 billion in new equity
capital under a private placement in May 2015, the capital
injection was offset by the bank's 17.6% growth in assets in the
first six months of 2015. Its core Tier 1 ratio slightly had also
increased to 8.85% at end-June 2015 from 8.64% at end-2014.

However, its profitability is above its peer average in China. It
generates decent pre-provision income, and which increased 48.4%
year-on-year in 1H 2015. Despite interest rate cuts in 1H 2015 and
accelerating interest-rate deregulation, the bank's net interest
margin increased to 2.71% in 1H 2015 from 2.57% in 2014.

Ping An Bank's liquidity conditions remain broadly stable. It
continues to develop its deposits franchise by setting up new
branches to acquire client deposits. Total liquid assets accounted
for around 37.6% of total assets at end-June 2015, up slightly
from 35.8% at end-2014.

Ping An Bank's Baa2 deposit rating incorporates its baseline
credit assessment (BCA) of ba2 and three notches of uplift, based
on our assessment of a very high level of support from its parent
company, Ping An Insurance (Group) Co of China, Ltd. (Ping An
Group, unrated) and a moderate level of support from the Chinese
government.

In the past two years, Ping An Group has supported the bank's
capital position via private placements. Moreover, Ping An Bank
continues to integrate into the Group's operations. For example,
about 34% of the bank's newly issued credit card accounts and 46%
of its new retail deposits came from Ping An Group in 1H 2015.

What Could Change the Rating - Up/Down

Given the negative outlook on the bank's ratings, an upgrade in
the next 12-18 months is unlikely. However, the outlook could
change to stable if the bank proves to be resilient against an
erosion in asset quality and maintains adequate levels of
profitability and capitalization.

Ping An Bank's deposit ratings incorporate a very high level of
parental support. Consequently, any improvement in Ping An Group's
financial profile would improve its capacity to provide support to
Ping An Bank, thereby placing upward pressure on the bank's
ratings. In comparison, any weakening of Ping An Group's capacity
to provide support to Ping An Bank, or a decrease in the bank's
strategic importance to the Group would put negative pressure on
its ratings.

Ping An Bank's BCA and deposit ratings could experience downward
pressure if: (1) its core Tier 1 capital ratio drops to 8%; (2)
its net income to tangible assets falls to 0.7%; (3) China's
economic growth slows substantially, leading to further increases
in its NPL ratio to 4% or its 90+ day delinquency ratio rises to
5%; or (4) there is any significant weakening of its liquidity
position. Since Ping An Bank's deposit ratings include a very high
level of parental support, it is possible that a lowering of the
BCA by only one notch would not result in a downgrade of the
deposit ratings.



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


AANJANEYA ENERGY: CRISIL Suspends B Rating on INR300MM LT Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Aanjaneya Energy Ltd (AEL).

                         Amount
   Facilities          (INR Mln)       Ratings
   ----------          ---------       -------
   Proposed Long Term
   Bank Loan Facility      300         CRISIL B/Stable

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

AEL, incorporated in 2004, is setting up a wind farm in Palladam
(Tamil Nadu). The company's operations are managed by Mr. N.
Saravanaram.


AGRAWAL SOYA: CRISIL Suspends B Rating on INR50MM Cash Credit
-------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Agrawal
Soya Extracts Pvt Ltd (ASEPL).

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             50        CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility      21        CRISIL B/Stable
   Term Loan               49        CRISIL B/Stable

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

ASEPL was incorporated in April 2013 by the Singhal family. The
day-to-day operations are managed by Mr Deepak Singhal. The
company is setting up a plant for manufacture of soya bean oil and
soya de-oiled cake (DOC), in Neemuch, Madhya Pradesh. The plant is
expected to commence commercial production in the first quarter of
FY15.


ANAMIKA DEVELOPERS: ICRA Assigns B+ Rating to INR6.0cr LT Loan
--------------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B+ to the INR6.00
crore fund based limits of Anamika Developers.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term Fund
   Based Limits TL        6.00        [ICRA]B+; assigned

The assigned rating is constrained by the residual project
execution risks and the firm's high exposure to market risk due to
the low level of booking achieved till date which has resulted in
low advances from the customers. The rating is also constrained by
the exposure of the firm's operations to the cyclicality inherent
in the real estate sector and geographical concentration risks
with both (commercial and residential) projects located in the
same area viz. Adajan in Surat. ICRA also notes that being a
partnership firm, any substantial withdrawal from the capital
account would impact the net worth and thereby the capital
structure of the firm.

The rating, however, favourably factors in the long experience of
the Western group in Surat real estate market and the project's
limited exposure to regulatory risk as necessary approvals are in
place and the moderate funding risks on account of the equity
contribution and bank loan being tied up.

Anamika Developers (AD) was incorporated in July, 2013 and is
engaged in the construction of commercial and residential projects
in Surat. The firm is a part of Western Group, who has more than
15 years experience in real estate development and construction
activities in Surat, Gujarat. The firm has its registered office
in situated at Adajan, Surat in Gujarat.


ANUBHAV TRADING: CRISIL Assigns B+ Rating to INR80MM Cash Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Anubhav Trading (ANT).

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

   Proposed Long Term
   Bank Loan Facility     10         CRISIL B+/Stable

The rating reflects the firm's small scale of operations in the
highly competitive consumer electronics business, and its weak
financial risk profile because of small net worth and a high total
outside liability to total net worth ratio. These weaknesses are
partially offset by the proprietor's extensive industry experience
and long-standing relationship with principals.
Outlook: Stable

CRISIL believes that ANT will be able to maintain its business
risk profile over the medium term, backed by the experience of its
proprietor in the consumer electronics business. The outlook may
be revised to 'Positive' if the firm successfully scales up its
operations as expected and posts substantial cash accrual, or in
case of substantial capital infusion by the proprietor, leading to
improvement in its financial risk profile. Conversely, the outlook
may be revised to 'Negative' in case of deterioration in ANT's
working capital management, low cash accrual, or if it undertakes
any debt-funded capital expenditure plan, thereby weakening its
financial risk profile, especially liquidity.

ANT was established in 2008 as a proprietorship firm of Mr. Dilip
Kumar Jaiswal. It is an authorised distributor of electronic
appliances of various companies, such as LG Electronics India Pvt
Ltd (LG), Whirlpool of India Ltd (Whirlpool), Voltas Ltd (Voltas),
Symphony Ltd (Symphony), and Hitachi, in North Bihar.


BALANAGU INDUSTRIES: CRISIL Assigns B+ Rating to INR42.6MM Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Balanagu Industries (BI).

                         Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Long Term Loan         42.6        CRISIL B+/Stable
   Open Cash Credit       10.0        CRISIL B+/Stable

The rating reflects BI's early stage of operations, and below-
average financial risk profile, marked by weak capital structure.
These rating weaknesses are partially offset by the benefits the
firm derives from its promoter's extensive industry experience.
Outlook: Stable

CRISIL believes BI will continue to benefit over the medium term
from the promoters' extensive industry experience. The outlook may
be revised to 'Positive' if improved topline and profitability
results in substantially higher cash accrual; or if fund infusion
by the promoters strengthens the capital structure considerably.
Conversely, the outlook may be revised to 'Negative' if low cash
accrual in the initial phase of operations results in pressure on
liquidity; or if large, debt-funded capital expenditure or capital
withdrawal by the partners weakens the financial risk profile.

Set up in May 2015, BI manufactures corrugated boxes, fibre drums,
and poly bags. The plant is located at Visakhapatnam (Andhra
Pradesh).  The firm is promoted by the Mr. B V R Rao and his
family.


BTC INDUSTRIES: CRISIL Assigns B+ Rating to INR190MM Term Loan
--------------------------------------------------------------
CRISIL has revoked the suspension of its ratings on the bank
facilities of BTC Industries Ltd (BIL) and has assigned its
'CRISIL B+/Stable/CRISIL A4' ratings to the company's bank
facilities.

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

   Cash Credit          185        CRISIL B+/Stable (Assigned;
                                   Suspension Revoked)

   Term Loan            190        CRISIL B+/Stable (Assigned;
                                   Suspension Revoked)

   Proposed Long Term    25        CRISIL B+/Stable (Assigned;
   Bank Loan Facility              Suspension Revoked)

The ratings had been suspended by CRISIL according to its rating
rationale dated July 28, 2014, as BIL had not provided the
necessary information to carry out a review. The company has now
shared the requisite information thereby enabling CRISIL to assign
ratings to BIL's the bank facilities.

The ratings reflect BIL's modest scale of operations in the highly
fragmented steel long-product industry and susceptibility of
operating performance to fluctuations in raw material prices. The
ratings also factor in the company's working-capital-intensive
operations. These weaknesses are partially offset by BIL's average
financial risk profile and established presence in Uttarakhand and
Uttar Pradesh (UP), along with the promoters' extensive industry
experience.
Outlook: Stable

CRISIL believes that BIL will benefit from its established
presence in Uttarakhand and UP and the promoters' extensive
industry experience. The outlook may be revised to 'Positive' if
the company's financial risk profile and liquidity improve with
significant and sustained growth in its sales and profitability,
which enhance its cash accrual. The outlook may be revised to
'Negative' if BIL's financial risk profile and liquidity weaken
because of its large debt-funded capital expenditure or due to its
inability to maintain profit margins resulting in a decline in
cash accruals or stretch in its working capital cycle.

BIL was incorporated in October 2003 by the Late Mr. Yashoda
Nandan Agarwal and his sons Mr. Navneet Agarwal and Mr. Tushar
Agrawal. The company started production of Thermo Mechanically
Treated bars in 2006 at its plant in Khasra (Uttarakhand). The
company also backward integrated its operations and started
manufacturing ingots in-house from the same premises.


CHENNAI MICRO: CRISIL Suspends B- Rating on INR115MM Cash Credit
----------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Chennai Micro Print Private Limited (CMPL).

                       Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit          115.0       CRISIL B-/Stable
   Long Term Loan         5.7       CRISIL B-/Stable
   Proposed Long Term
   Bank Loan Facility    79.3       CRISIL B-/Stable

The suspension of rating is on account of non-cooperation by CMPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, CMPL is yet to
provide adequate information to enable CRISIL to assess CMPL'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 1999, CMPL prints books and magazines. It also
manufactures printed duplex cartons.


GAUTAM INDUSTRIAL: CRISIL Ups Rating on INR30MM Loan to B+
----------------------------------------------------------
CRISIL has upgraded its rating on the long term bank facilities of
Gautam Industrial Corporation Private Limited (GICPL) to 'CRISIL
B+/Stable' from 'CRISIL B/Stable'; and reaffirmed its ratings on
the short-term facilities at 'CRISIL A4'.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee        23        CRISIL A4 (Reaffirmed)

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

   Letter of Credit      20        CRISIL A4 (Reaffirmed)

   Proposed Long Term     4.5      CRISIL B+/Stable (Upgraded
   Bank Loan Facility              from 'CRISIL B/Stable')

The rating upgrade reflects improvement in GICPL's financial risk
profile following the conversion of a part of its unsecured loans
(around INR20 million) into equity. This also led to a reduction
in the total outside liabilities to tangible net worth (TOLTNW)
ratio to 1.45 times as on March 31, 2015, from 4.85 times a year
earlier. While CRISIL expects GICPL's financial risk profile to
deteriorate marginally over the medium term because of the
expected increase in working capital debt and low accretion to
reserves, the TOLTNW ratio would remain moderate at 2 times over
this period.

The company has large working capital requirements, indicated by
gross current assets of 205 days as on March 31, 2015. However,
promoters have supported the liquidity by extending unsecured
loans (Rs.25.8 million as on March 31, 2015), resulting in
moderate utilisation of working capital limits, at an average of
85 per cent over the 12 months through March 2015. CRISIL expects
GICPL's accrual to be INR2.3 million each in 2015-16 (refers to
financial year, April 1 to March 31) and 2016-17, against no debt
obligations in these years.

The ratings reflect GICPL's modest scale of operations with
limited profitability, customer concentration in revenue profile,
and below-average financial risk profile because of a small net
worth and modest debt protection metrics. These rating weaknesses
are partially offset by the promoter's extensive experience in
trading in tubes and pipes.
Outlook: Stable

CRISIL believes GICPL will continue to benefit over the medium
term from its promoter's extensive industry experience. The
outlook may be revised to 'Positive' if the scale of operations
and profitability increase substantially backed by diversification
in the customer profile, leading to improvement in the net worth
and debt protection metrics. Conversely, the outlook may be
revised to 'Negative' if cash accrual is low or working capital
requirements increase, leading to deterioration in the financial
risk profile, especially liquidity.

GICPL was set up as a partnership firm, Gautam Industrial
Corporation, in December 1993 in Surat (Gujarat) by the late Mr.
Nareshkumar Bhansali. The firm was reconstituted as a private
limited company in January 2014. It trades in boiler tubes,
seamless pipes, pipes, and pipe fittings. Its operations are
managed by Mr. Jayantilal Bhansali.

For 2014-15, GICPL reported a profit after tax (PAT) of INR0.9
million on net sales of INR164 million, against a PAT of INR2.1
million on net sales of INR202.4 million for 2013-14.


INFINIUM PHARMACHEM: CRISIL Assigns B+ Rating to INR50MM Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to bank
facilities of Infinium Pharmachem Pvt Ltd (Infinium).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           50        CRISIL B+/Stable
   Term Loan             12.5      CRISIL B+/Stable

The rating reflects Infinium's weak financial risk profile, modest
scale and working-capital-intensive operations. These rating
weaknesses are partially mitigated by its promoters' extensive
experience in the pharmaceutical industry, which drives its market
position.
Outlook: Stable

CRISIL believes that Infinium will benefit over the medium term
from its promoters' extensive industry experience. The outlook may
be revised to 'Positive' if the company achieves significant
revenue growth, which will lead to improved cash accruals and
financial risk profile. Conversely, the outlook may be revised to
'Negative' if the company's profitability declines significantly,
or working capital lengthens considerably, or if it takes up
sizeable debt-funded capital expenditure (capex), resulting in
weakening in its financial risk profile.

Infinium was set up in 2003 in Anand (Gujarat). It is a
manufacturer and supplier of around 60 Iodine derivatives and its
allied products. The business is managed by founder/Managing
director Mr. Sanjay Patel. Infinium also has its manufacturing
plant in Anand.

For 2013-14 (refers to financial year, April 1 to March 31),
Infinium reported, a profit after tax (PAT) of INR1.65 million on
sales of INR134 million, against a PAT of INR1.62 million on sales
of INR116.54 million for 2012-13.


JKR SONA: CRISIL Assigns 'B' Rating to INR110MM Cash Credit
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long term
bank facility of JKR Sona Mandi Jewellers Pvt Ltd (JKR).

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

The rating reflects the company's below-average financial risk
profile marked by modest net worth, high total outside liabilities
to tangible net worth ratio and weak debt protection metrics. The
rating also factors in the geographical concentration in JKR's
revenue profile and its exposure to intense competition in the gem
and jewellery industry. These rating weaknesses are partially
offset by its promoters' extensive experience in the gem and
jewellery industry.
Outlook: Stable

CRISIL believes that JKR will continue to benefit over the medium
term from its promoters' extensive experience in the gem and
jewellery industry. The outlook may be revised to 'Positive' in
case of significant improvement in JKR's financial risk profile,
most likely led by large cash accruals or equity infusion by
promoters, along with efficient working capital management.
Conversely, the outlook may be revised to 'Negative' in case of
further weakening in JKR's financial risk profile, particularly
its liquidity, owing to low cash accruals or large debt-funded
capital expenditure.

Incorporated in September 2004, JKR operates a jewellery showroom
in Chandni Chowk (Delhi). It sells gold and diamond studded gold
jewellery to wholesalers as well as retailers. JKRSPL is promoted
by Mr. Shivam Singla and his wife, Mrs. Seema Singla.


L&T HALOL: ICRA Lowers Rating on INR1,014.93cr Term Loan to D
-------------------------------------------------------------
ICRA has revised the rating outstanding on the INR1014.93 crore
long term loan programme of L&T Halol Shamlaji Tollway Limited
from [ICRA]BB+ with a Stable outlook to [ICRA]D.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Term Loans           1,014.93      [ICRA]D; downgraded

The rating revision takes note of the recent delay in servicing
part of the debt for the month of August 2015 following the low
toll collections resulting in cash shortfalls. Since the beginning
of tolling operations, the traffic volume witnessed in this
stretch (in three of the four Toll Plazas) has been significantly
lower than the initial estimates, due to presence of a significant
alternate route, resulting in lower than anticipated cash
accruals. The alternate route was substantially improved by GOG
into a competing road subsequent to award of this bid leading to
considerable diversion of traffic from the Project stretch. The
company was actively pursuing various avenues to increase toll
revenues and to minimize the cash shortfall. In addition to
deferment of revenue share payments to GSRDC, the company had also
requested for a revenue shortfall loan from the Authority (which
is under active consideration). Further, the company was looking
at refinancing the existing borrowings, which would have resulted
in reduction of repayment commitments in the near to medium term.

Sizeable external funding support was required by HSTL for
servicing its debt obligations which was being provided by the
promoter, L&T IDPL, in the form of unsecured loans till recently,
although not required under the loan documents, to ensure timely
servicing of debt obligations. However, in view of the delay in
materialization of any of the above mentioned relief measures,
there has been a delay in infusion of funds from the Sponsor for
the month of August 2015 resulting in partial debt servicing by
the SPV for the month. After a round of discussion with the
Authority and the lenders, L&T IDPL has since infused the
requisite funds to service the debt obligations and currently
there are no dues outstanding to the lenders. Speedy resolution of
the issue with GSRDC will be crucial for the improvement in the
credit profile of the company.

L&T-HSTL is a Special Purpose Vehicle (SPV) incorporated in
September 2008 and is a 100% subsidiary of L&T Infrastructure
Development Projects Ltd. (L&T IDPL). The SPV has carried out the
four-laning of 173.06 Kms of SH 5 from Halol to Shamlaji in
Gujarat. The project was awarded by GSRDC (Gujarat State Road
Development Corporation) on BOT basis with a concession period of
20 years commencing from May 2009. The COD of the project,
achieved in April 2012, was delayed by three months vis-…-vis the
Scheduled COD (December 2011).

The project road is a part of State Highway-5 (SH-5 in State of
Gujarat), which starts at Vapi (border of Maharashtra) and runs
through eastern part of Gujarat and finally ends at Shamlaji
(border of Gujarat with Rajasthan). Therefore this road is called
Eastern State Highway. The Vadodara-Halol toll road, four lane
divided, developed by IL&FS is a connecting link between project
road and NH-8. The total project cost is INR1305.0 crore, which
was funded by equity of INR261 crore and debt of INR1044 crore,
i.e. in a debt equity ratio of 4:1.


LDH AGRO: ICRA Suspends 'B' Rating on INR10.30cr Loan
-----------------------------------------------------
ICRA has suspended the [ICRA]B rating assigned to the INR10.30
crore limits of LDH Agro Food Private Limited. The suspension
follows ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.

LDH Agro Food Pvt Ltd (LDH) incorporated in 2009, is managed by
four directors Mr. Sunil J Shah, Mr. Prakash J Shah, Mrs.
Vijaylakshmi V Shah and Mrs. Durgaben S Shah. LDH has
manufacturing units in Hyderabad (with a total installed capacity
of manufacturing 9360 MTPA of maize grits) and Padamla (with
installed capacity of processing and packaging 1872 MTPA of
snacks). The company markets its products - maize grits to bulk
dealers and snack foods under the 'LDH' brand name. The company is
currently setting up a plant in Savli, Vadodara, with installed
capacity of manufacturing 5100 MTPA of noodles, pasta and food
pellets, which is expected to become operational by October 2014.


LORD KRISHNA: CRISIL Assigns B+ Rating to INR80MM Cash Credit
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Lord Krishna Rice Mills - Gangoh (LKRM).

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

   Proposed Cash
   Credit Limit          20         CRISIL B+/Stable

The rating reflects LKRM's below-average financial risk profile,
marked by high gearing and weak debt protection metrics, and
modest scale of operations in the highly fragmented rice industry.
These rating weaknesses are partially offset by its partners'
extensive industry experience and funding support.
Outlook: Stable

CRISIL believes LKRM will continue to benefit over the medium term
from its partners' extensive industry experience and funding
support. The outlook may be revised to 'Positive' if financial
risk profile improves substantially because of significant revenue
growth leading to large cash accrual, or capital infusion and
efficient working capital management. Conversely, the outlook may
be revised to 'Negative' in case of low cash accrual or large
working capital requirements or sizeable debt-funded capital
expenditure, leading to pressure on liquidity.

LKRM was established as a partnership firm in 1978 by Mr. Yogender
Kumar Garg and his wife Ms. Sunita Rani. The firm mills and
processes basmati rice. Its facilities are at Gangoh in Saharanpur
(Uttar Pradesh), and have milling and sorting capacity of 5 tonnes
per hour, utilised at 60 per cent. Operations are managed by the
founders' son Mr. Harsh Garg.


MAA KALI: CRISIL Reaffirms B+ Rating on INR242.5MM Cash Credit
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of to the bank facilities
of Maa Kali Alloys Udyog Pvt Ltd (MKAUPL) continue to reflect
MKAUPL's large working capital requirements and vulnerability to
cyclicality in the steel industry.

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

   Cash Credit          242.5       CRISIL B+/Stable (Reaffirmed)

   Corporate Loan        47.5       CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     1.0       CRISIL B+/Stable (Reaffirmed)

   Term Loan            246.5       CRISIL B+/Stable (Reaffirmed)

These weaknesses are partially offset by the promoters' extensive
industry experience and established relationships with customers
and suppliers.

On September 8, 2015, CRISIL had assigned its 'CRISIL
B+/Stable/CRISIL A4' ratings to the bank facilities of MKAUPL.
Outlook: Stable

CRISIL believes MKAUPL will benefit over the medium term from the
promoters' extensive industry experience. The outlook may be
revised to 'Positive' if improved scale of operations or better
working capital management enhances the business risk profile.
Conversely, the outlook may be revised to 'Negative' if
significantly low operating income and profitability, stretched
working capital cycle or debt-funded capital expenditure plans
weakens the financial risk profile.

Incorporated in 2002, MKAUPL manufactures sponge iron and billet.
Its plant is located in Raigarh (Chhattisgarh). The company's
operations are looked after by its promoter-director, Mr. Rajendra
Kumar Poddar.


MALLEMAALA AGRO: CRISIL Assigns 'B' Rating to INR250MM LT Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Mallemaala Agro Private Limited (MAPL).

                          Amount
   Facilities           (INR Mln)       Ratings
   ----------           ---------       -------
   Proposed Long Term
   Bank Loan Facility       2.5         CRISIL B/Stable
   Cash Credit             47.5         CRISIL B/Stable
   Long Term Loan         250.0         CRISIL B/Stable

The rating reflects MAPL's nascent scale and working capital
intensive nature of operations and to inherent risks associated
with the poultry industry. The rating also factors MAPL's weak
financial profile marked by modest networth, high gearing and weak
debt protection metrics. These rating weaknesses are partially
offset by the benefits that MAPL derives from its extensive
entrepreneurial experience of the promoters.
Outlook: Stable

CRISIL believes that MAPL will continue to benefit over the medium
term from its promoter's extensive experience. The outlook may be
revised to 'Positive' if MAPL's revenue and profitability increase
significantly on a sustainable basis while improving its working
capital management. Conversely the outlook may be revised to
'Negative' if there are lower than expected revenues and operating
profitability or if MAPL undertakes any larger-than expected debt
funded capital expenditure plan leading to deterioration of its
financial risk profile.

Incorporated in 2013, MAPL is engaged in production of commercial
eggs. Based out of Hyderabad, the company has commenced its
operations from January 2015. MAPL is promoted by Mr. M. Shyam
Prasad Reddy and his family.


MANDALIA OVERSEAS: ICRA Reaffirms B Rating on INR1.05cr Loan
------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B to the INR1.05
crore fund based facility of Mandalia Overseas Corporation. ICRA
has also reaffirmed the short term rating of [ICRA]A4 to the
INR8.00 crore (enhanced from INR5.00 crore) fund based facilities
of MOC. In addition, ICRA has also reaffirmed [ICRA]B/[ICRA]A4
ratings to the unallocated amount of INR0.95 crore (reduced from
INR5.00 crore).

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund based-OD
   against FD           1.05         [ICRA]B reaffirmed

   Fund based-
   Packing Credit      (4.00)        [ICRA]A4 reaffirmed

   Non-fund based-
   FBP/UFBP             8.00         [ICRA]A4 reaffirmed

   Unallocated amount   0.95         [ICRA]B/[ICRA]A4 reaffirmed

The ratings reaffirmation continues to take into account Mandalia
Overseas Corporation's (MOC) small scale of operations amidst
highly fragmented industry structure, thereby increasing
vulnerability to demand fluctuations and weak financial profile
reflected by thin profitability, high working capital intensity
and highly leveraged capital structure coupled with weak coverage
indicators. ICRA also takes note of the vulnerability of earnings
to any change in regulatory policies in India and importing
countries and exposure to price fluctuation risk and foreign
exchange fluctuations. The ratings, however, favorably factor in
the long standing experience of the management in export of
various commodities and stable outlook for Indian agro products in
the international market.

Established in 1971, as a partnership firm, Mandalia Overseas
Corporation is engaged in export of variety of agro products as
well as packed foods. The firm has its registered office located
in Masjid, Mumbai and has two rented warehouses in Navi Mumbai.
The firm is registered with various government organizations like
National Agricultural Cooperative Marketing Federation (NAFED),
Agricultural and Processed Food Products Export Development
Authority (APEDA) and is also a recognized export house by the
Government of India.

Recent Results
MOC recorded profit before tax of INR0.01 crore on an operating
Income of INR15.81 crore for the year ending March 31, 2014, while
it recorded net profit before tax of INR0.08 crore on an operating
income of INR16.51 crore for FY15 (Provisional)


MITA ENGINEERS: ICRA Reaffirms 'B' Rating on INR7.07cr LT Loan
--------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B for the
INR7.07crore bank facilities facilities of Mita Engineers and
Fabricators Private Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term, Fund
   Based Limits           7.07        [ICRA]B; reaffirmed

The rating reaffirmation continues to factor in the long-standing
experience of the promoters in the sheet metal processing industry
and the company's reputed customer base. The rating, however, is
constrained by the modest scale of operations of the company which
coupled with high receivables have resulted in a stretched
liquidity position for the company, which is critical given the
sizeable repayments due in the near to medium term. The rating
also factors in the company's exposure to high customer
concentration risk, with top five customers accounting for 81% of
the revenues as well as susceptibility of its profitability to the
performance of key end user industries like automotive and
electronic goods industry.

Incorporated in 1997, Mita Engineers and Fabricators Private
Limited (MEFPL) is engaged in sheet metal processing on job-work
basis. The sheet metal products of the company cater to the
requirements of the automobile, furniture and consumer durables
industries. The company's processing facility is located at Taloja
(Maharashtra) with installed processing capacity of 162,083 MTPA
(metric tonnes per annum).

During FY2015 (provisional estimates), MEFPL reported an operating
income and profit before tax (PBT) of INR7.07 crore and INR0.71
crore as against operating income, PBT and profit after tax of
INR4.74 crore, INR0.26 crore and INR0.10 crore in FY2014
(Audited).


NINANIYA ESTATES: CRISIL Ups Rating on INR325MM Term Loan to B-
---------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facility of
Ninaniya Estates Ltd (NEL) to 'CRISIL B-/Stable from 'CRISIL D'.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Term Loan             325       CRISIL B-/Stable (Upgraded
                                    from 'CRISIL D')

The rating upgrade reflects improvement in NEL's liquidity
profile, following sanction of a moratorium for principal debt
repayments: the instalments are to commence from April 2017 - a
year after the commencement of operations. There are, therefore,
no principal repayment obligations coming due till 2016-17 (refers
to financial year, April 1 to March 31). Moreover, NEL is
maintaining debt service reserve account (DSRA) of three months'
interest obligations.

NEL is exposed to implementation and demand risk on its projects,
and to cyclicality in the Indian real estate industry. However,
the company benefits from its promoters' extensive industry
experience and its tie-up with an established brand for its hotel
and executive suits.
Outlook: Stable

CRISIL believes NEL will benefit from its promoters' experience
and tie-up with established brands in the hospitality industry.
The outlook may be revised to 'Positive' if timely completion of
projects and healthy customer bookings result in substantial
improvement in NEL's liquidity. Conversely, the outlook may be
revised to 'Negative' if low ramp-up in customer bookings result
in inadequate cash inflows; or if delays in project completion
weaken the liquidity.
NEL, incorporated in 2004-05 (refers to financial year, April 1 to
March 31), is promoted by Mr. Vijay Singh Rao. The company
operates in the real estate development and construction industry.
It is currently developing two projects, 'Prism' and 'Prism
Portico' in Gurgaon, Haryana.


P.S.K. TEXTILES: CRISIL Ups Rating on INR80.6MM Loan From B+
------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
P.S.K. Textiles India Pvt Ltd (PSK) to 'CRISIL BB-/Stable' from
'CRISIL B+/Stable'.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           20        CRISIL BB-/Stable (Upgraded
                                   from 'CRISIL B+/Stable')

   Proposed Long Term    12.1      CRISIL BB-/Stable (Upgraded
   Bank Loan Facility              from 'CRISIL B+/Stable')

   Term Loan             80.6      CRISIL BB-/Stable (Upgraded
                                   from 'CRISIL B+/Stable')

The rating upgrade reflects CRISIL's belief that PSK's business
risk profile will improve over the medium term supported by
established relationships with key customers. The company reported
revenue of INR103 million for 2014-15 (refers to financial year,
April 1 to March 31), posting healthy year-on-year growth of 33
per cent supported by capacity addition. Its operating
profitability is estimated at 46.2 per cent in 2014-15 and is
likely to remain stable in 2015-16. Healthy revenue growth and
stable operating profitability will lead to improved cash accruals
of INR35 million in 2015-16. The rating upgrade also reflects
CRISIL's belief that PSK's financial risk profile will remain
above average over the medium term despite proposed capital
expenditure (capex) of INR30 million to increase loom capacity in
2015-16, to be funded through debt of INR21 million. Completion of
capex without any time or cost overrun will remain a key rating
sensitivity factor.

The rating reflects promoters' extensive entrepreneurial
experience and PSK's above-average financial risk profile, marked
by moderate gearing and comfortable debt protection metrics. These
strengths are partially offset by the company's modest scale of
operations.
Outlook: Stable

CRISIL believes that PSK will continue to benefit over the medium
term from its promoters' extensive entrepreneurial experience and
established customer relationships. The outlook may be revised to
'Positive' in case of increased revenue and stable operating
profitability, resulting in substantial accruals and improved
capital structure. Conversely, the outlook may be revised to
'Negative' if PSK registers low revenue and operating
profitability leading to low cash accruals, or undertakes a
considerably large capex programme, weakening its financial risk
profile.

Incorporated in 2005 by Mr. K S Shekar, Namakkal (Tamil Nadu)-
based PSK primarily weaves fabrics on jobwork basis.


RAJ COTTON: ICRA Suspends B+ Rating on INR15cr Loan
---------------------------------------------------
ICRA has suspended the [ICRA]B+ rating assigned to the INR15.00
crore limits of Raj Cotton Corporation. The suspension follows
ICRA's inability to carry out a rating surveillance in the absence
of the requisite information from the company.

Raj Cotton Corporation (RCC) was established in the year 2010 as a
proprietorship firm and was engaged in trading of raw cotton,
cotton bales and cottonseeds. In April 2012, the firm acquired the
manufacturing facility of Kavan Cotton Industries, located at
Morbi in Gujarat and the acquired plant is currently equipped with
eighteen ginning machines, one automatic pressing machine and six
edible oil expellers with a total production capacity of 120
cotton bales per day and 35 MT per day of crude edible oil
assuming 12 hours of operations in a day. Following the conversion
of the firm into a partnership firm in July 2012, RCC is promoted
by two partners namely Mr. Raj N. Lotiya and Mr. Dinesh Bhalala
having equal profit sharing ratio.


RAYBAN FOODS: ICRA Suspends B+/A4 Rating on INR50cr Loan
--------------------------------------------------------
ICRA has suspended its long-term rating of [ICRA]B+ and short-term
rating of [ICRA]A4 assigned to the INR50.0 crores bank facilities
of Rayban Foods Private Limited. The suspension follows ICRA's
inability to carry out a rating surveillance in absence of
requisite information from the company


RIALTO EXIM: CRISIL Cuts Rating on INR420MM Gold Loan to 'B-'
-------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Rialto
Exim Pvt Ltd (REPL) to 'CRISIL B-/Stable/CRISIL A4' from 'CRISIL
BB/Stable/CRISIL A4+'.

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             250       CRISIL B-/Stable (Downgraded
                                     from 'CRISIL BB/Stable')

   Gold Loan               420       CRISIL B-/Stable (Downgraded
                                     from 'CRISIL BB/Stable')

   Post Shipment Credit    240       CRISIL A4 (Downgraded from
                                     'CRISIL A4+')

   Proposed Long Term       90       CRISIL B-/Stable (Downgraded
   Bank Loan Facility                from 'CRISIL BB/Stable')

The downgrade reflects the weakening of REPL's business and
financial risk profiles owing to the subdued demand in the bullion
and jewellery trading industry.

During 2014-15 (refers to financial year, April 1 to March 31),
REPL is estimated to have reported revenue of INR9.62 billion,
marginally higher than INR9.50 billion in 2013-14. Revenue
declined sharply from INR28.42 billion in 2012-13 due to import
restrictions in 2013-14 and subdued demand in 2014-15. REPL
generates 60 to 70 per cent of its total revenue from bullion
trading segment and the remaining revenue from the jewellery
trading business. Slowdown in demand and increase in competition
resulted in a decline in REPL's operating margin estimated at 1.3
per cent in 2014-15 from 1.7 per cent in 2013-14.

Decline in profit margins has resulted in decrease in cash
accruals to INR26.5 million from INR46.3 million in 2013-14.
Furthermore, the company's working capital requirements increased
due to stretch in debtors. The debtors increased to 66 days as on
March 31, 2015, from 50 days as on March 31, 2014. The low cash
accrual and increase in working capital requirements resulted in
deterioration in the Total Outside Liabilities to Tangible Net
Worth (TOLTNW) ratio to 5.19 times as on March 31, 2015, from 3.26
times as on March 31, 2014. REPL's interest coverage also
deteriorated to an estimated 1.44 times during 2014-15 from 1.72
times in 2013-14. Liquidity deteriorated as well as reflected by
fully utilized bank limits for the twelve months through August
2015 with a few instances of overdrawing. CRISIL believes that
over the medium term, REPL's business and financial risk profiles
will remain subdued due to weak demand.

The ratings reflect REPL's average financial risk profile because
of a high TOLTNW ratio and moderate debt protection metrics and
exposure to risks relating to the fragmented and highly
competitive jewellery/bullion trading industry resulting in low
operating margin and exposure to risk due to change in government
regulations. These weaknesses are partially offset by the
extensive experience of the promoters in the jewellery and bullion
trading industry and the funding support from the promoters.
Outlook: Stable

CRISIL believes that REPL will continue to benefit over the medium
term from its promoters' extensive experience in the
bullion/jewellery trading industry. The outlook may be revised to
'Positive' if the company achieves significant and sustained
improvement in its revenue while improving its profitability,
leading to improvement in its net cash accrual and working capital
management. Conversely, the outlook may be revised to 'Negative'
if REPL registers a significant decline in its revenue or margins
or further stretch in its working capital cycle thereby adversely
affecting its financial risk profile.

REPL, incorporated in August 2010 by Mr. Suchit Patel, is engaged
in trading of gold bullion and gold jewellery. It also
manufactures jewellery for the export market at its unit in Surat
Special Economic Zone (Gujarat). The other promoters of REPL are
Mrs. Manisha Patel (mother of Mr. Suchit Patel) and Mrs. Varsha
Patel (sister-in-law of Mr. Suchit Patel). The company's
registered office is in Mumbai.


ROMESH POWER: CRISIL Suspends B+ Rating on INR70MM Cash Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Romesh Power Products Pvt Ltd (RPP).

                       Amount
   Facilities        (INR Mln)       Ratings
   ----------        ---------       -------
   Cash Credit            70         CRISIL B+/Stable

   Letter of credit &
   Bank Guarantee         70         CRISIL A4

   Term Loan              10         CRISIL B+/Stable

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

RPP, based in Jaipur (Rajasthan), was incorporated in 1987,
promoted by Mr. Krishna Mohan Bumb and Mr. Radha Mohan Khandelwal.
The company manufactures various types of cables and conductors
used for power distribution, including aerial bunched cables,
polyvinyl chloride cables, and cross-linked polyethylene cables,
together with different types of conductors.


ROYAL'S EDUCATION: ICRA Withdraws 'D' Rating on INR1.35cr Loan
--------------------------------------------------------------
ICRA has withdrawn its long term rating of [ICRA]D on the INR1.35
Crore working capital facilities of Royal's Education Society
(RES), which was under notice of withdrawal. The rating has been
withdrawn as the period of notice of withdrawal is completed.

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


SAAKAAR CONSTRUCTIONS: CRISIL Assigns B Rating to INR30MM Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank loan facilities of Saakaar Constructions Pvt Ltd (SCPL). The
rating reflects PSPL's exposure to risks related to implementation
of its on-going project and to cyclicality in demand inherent in
the real estate sector. These rating weaknesses are partially
offset by the promoters' extensive experience in the real estate
industry.

                         Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Overdraft Facility      30         CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility      20         CRISIL B/Stable

Outlook: Stable

CRISIL believes that SCPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if its forthcoming project
receives better-than-expected customer bookings, resulting in an
improvement in liquidity. Conversely, the outlook may be revised
to 'Negative' in case of a time or cost overrun in the project or
low customer bookings, adversely impacting the liquidity.

Incorporated in 1996, SCPL develops residential real estate in
Patna. The company's projects are sold under the SAAKAAR brand.
The day to day operations of the company are being managed by Mr.
Sudip Kumar, Mr. Vishnu Kumar Chaudhary, Mr. Jitendra Nath Gupta,
and Mr. Ravi Talwar.


SAMAY ALLOYS: CRISIL Reaffirms B- Rating on INR50MM Cash Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Samay Alloys India Pvt
Ltd (SAIPL) continue to reflect the weak financial risk profile
because of high gearing, below-average debt protection metrics,
and stretched liquidity. The ratings also factor in the exposure
to cyclicality in the steel industry and to intense competition.
These rating weaknesses are partially offset by the extensive
industry experience of promoters.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            50        CRISIL B-/Stable (Reaffirmed)
   Letter of Credit       50        CRISIL A4 (Reaffirmed)
   Term Loan              17.3      CRISIL B-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes SAIPL will continue to benefit over the medium
term from the promoters' extensive industry experience. The
outlook may be revised to 'Positive' if higher-than-expected cash
accrual or significant equity infusion by the promoters improve
the financial risk profile. Conversely, the outlook may be revised
to 'Negative' if lower-than-expected cash accrual, or any large,
debt-funded capital expenditure leads to deterioration in the
financial risk profile, particularly liquidity.

Update
On a provisional basis, SAIPL's sales rose 8 per cent year-on-year
to INR319.35 million in 2014-15 (refers to financial year, April 1
to March 31) from INR294.56 million in 2013-14. However, the
company has incurred operational losses of around INR12 million on
account of pricing pressures on products and their sale at low
margins to retain the customer base.

Working capital requirement remains large with high reliance on
bank lines. The financial risk profile continues to be weak
because of high gearing of over 4 times and below-average debt
protection metrics. The cash accrual is estimated to be
insufficient to meet debt obligation, which is likely to be funded
through unsecured loans from promoters. As on March 31, 2015, the
liquidity was supported by unsecured loans, of INR33 million, from
promoters, shareholders, and relatives.

The ability to sustain the financial risk profile, especially
liquidity, will remain a key rating sensitivity factor, and
inability to do so could result in a rating downgrade or an
outlook revision to 'Negative'.

Incorporated in 2004, SAIPL manufactures mild steel ingots. The
company is promoted by Mr. Dinesh Patel and Mr. Mukesh Patel who
manage the operations. Its facilities are in Rajkot (Gujarat).


SATTVA CONWARE: CRISIL Suspends B Rating on INR140MM Term Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Sattva Conware Pvt Ltd (SCPL).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee      12.5        CRISIL A4
   Cash Credit          2.5        CRISIL B/Stable
   Term Loan          140.0        CRISIL B/Stable

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

Set up in November 2008, SCPL operates a CFS catering mainly to
the Chennai port (Tamil Nadu). The day-to-day operations of the
company are managed by its directors Mr. Padmanabhan and Mr.
Narasimhan.


SPECTRA CHEMICALS: CRISIL Reaffirms B Rating on INR15MM Loan
------------------------------------------------------------
CRISIL's rating on the bank facilities of Spectra Chemicals (SC,
part of Spectra Group) continues to reflect Spectra Group's modest
scale of operations in intensely competitive chemical trading
industry, susceptibility of its operating margins to volatility in
prices of traded goods and exchange rates. These rating weaknesses
are partially offset by the extensive experience of the proprietor
in the chemical trading business and its established customer
relationships.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           15        CRISIL B/Stable (Reaffirmed)
   Letter of Credit      66        CRISIL A4 (Reaffirmed)

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of SC and Seaco Enterprises (SE). This is
because these entities, together referred to as the Spectra group,
are in the same line of business and have common management.
Outlook: Stable

CRISIL believes that Spectra group will maintain its business risk
profile over the medium term backed by the proprietors' extensive
industry experience and established relation with customers. The
outlook may be revised to 'Positive' if the group reports
significant and sustained increase in its revenues and
profitability, or receives any large equity infusion leading to
improvement in its capital structure. Conversely, the outlook may
be revised to 'Negative' in case of lower than expected revenues
and profitability, or lengthening of its working capital cycle or
any significant withdrawals by the proprietor leading to
deterioration in its liquidity.

SC, setup in 1978 is a proprietorship concern of Mr. Mrugesh
Gandhi. SE is a partnership firm of Mr. Gandhi and his son Mr.
Sanket Gandhi. Both the entities are based out of Mumbai and are
engaged in trading of chemicals like sulphur, caustic soda,
Dimethylformamide (DMF) and Dimethyl sulfoxide (DMSO) among
others.


SUVARNA SHILPI: CRISIL Reaffirms B+ Rating on INR95MM Cash Loan
---------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable' rating on the long-
term bank facilities of Suvarna Shilpi Jewellers Pvt Ltd (SSJPL).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           95        CRISIL B+/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility    25        CRISIL B+/Stable (Reaffirmed)

The rating reflects SSJPL's weak financial risk profile because of
high gearing and average debt protection metrics, modest scale of
operations, and geographical concentration in revenue profile.
These rating weaknesses are partially offset by its promoters'
extensive experience in the jewellery business.
Outlook: Stable

CRISIL believes that SSJPL will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of a significant
improvement in the scale of operations and profitability or
working capital management, resulting in a better financial risk
profile. Conversely, the outlook may be revised to 'Negative' in
case of a slowdown in revenue, decline in profitability, and
deterioration in the capital structure or debt protection metrics,
or further stretch in the working capital cycle.

Incorporated in 2005, SSJPL is promoted by Ahmedabad-based Mr.
Arvindkmar Soni and his son Mr. Alpesh Soni. The company
manufactures jewellery made of gold, silver, diamond, and other
precious stones. It has one showroom at Ahmedabad.


TAMILNADU JAIBHARATH: CRISIL Ups Rating on INR260MM Loan to B-
--------------------------------------------------------------
CRISIL has upgraded its ratings on the bank loan facilities of
Tamilnadu Jaibharath Mills Ltd (TNJBL) to 'CRISIL B-/Stable/CRISIL
A4' from 'CRISIL D/CRISIL D'

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee         5        CRISIL A4 (Upgraded from
                                   'CRISIL D')

   Cash Credit          260        CRISIL B-/Stable (Upgraded
                                   from 'CRISIL D')

   Key Loan             100        CRISIL B-/Stable (Upgraded
                                   from 'CRISIL D')

   Letter of Credit      45        CRISIL A4 (Upgraded from
                                   'CRISIL D')

   Long Term Loan       150.5      CRISIL B-/Stable (Upgraded
                                   from 'CRISIL D')

   Proposed Long Term   244        CRISIL B-/Stable (Upgraded
   Bank Loan Facility               from 'CRISIL D')

The upgrade follows TNJBL's timely servicing of term debt, backed
by funding support from its promoters. Though the company's cash
accruals are expected to be inadequate for meeting its repayment
obligations in 2015-16 (refers to financial year, April 1 to March
31), the promoters are expected to infuse funds in the form of
unsecured loans for supporting the timely repayment of term loans.

The ratings reflect the below-average financial risk profile of
the company and the susceptibility of its operating margin to raw
material prices. These weaknesses are partially offset by the
established nature of the operations, with long-standing
relationships with suppliers and customers.
Outlook: Stable

CRISIL believes that TNJBL will continue to benefit over the
medium term from its promoters' experience in the cotton yarn
industry. The outlook may be revised to 'Positive' if the company
reports better than expected cash accruals or if there is any
significant equity infusion by the promoters leading to
improvement in its liquidity. Conversely, the outlook may be
revised to 'Negative' if TNJBL's liquidity is stretched due to
large working capital requirements or delay in funding support
from the promoters or substantial debt-funded capital expenditure,
thereby negatively impacting its debt servicing ability.

Set up in 1989, TNJBL is a part of the Ramalinga group of
companies which has diversified interests such as spinning, cargo
transportation among others.  TNJBL manufactures cotton yarn and
is currently managed by Mr. T R Dhinakaran and his son Mr. D
Senthilkumar.


TEK CHAND: ICRA Suspends 'B' Rating on INR6cr Fund Based Loan
-------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA] B assigned to
the INR6.0 crore fund based limits of Tek Chand Suresh Kumar
(TCSK). The suspension follows ICRA's inability to carry out
rating surveillance in the absence of requisite information from
the company.


VAELS EDUCATIONAL: CRISIL Cuts Rating on INR150MM LT Loan to B+
---------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Vaels Educational Trust (VET) to 'CRISIL B+/Stable' from
'CRISIL BB-/Stable'.

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Long Term Loan          150       CRISIL B+/Stable (Downgraded
                                      from 'CRISIL BB-/Stable')

The rating downgrade reflects the continued pressure on VET's
business risk profile, marked by declining profitability and
increasing working capital requirements, resulting in weakening of
its liquidity.

The rating downgrade reflects a steep deterioration in VET's
operating performance during 2014-15 (refers to the financial
year, April 1 to March 31) due to downward revision in fee
structure following directions from Department of School Education
(Government of Tamil Nadu). The trust's operating income is
estimated to have declined to 138.5 million in 2014-15 from 192.5
million a year ago. Operating margins are estimated to be at 19
per cent in 2014-15 as against 46.6 per cent a year ago. This led
to a sharp decline in accruals, estimated at INR 6.2 million
during 2014-15 and consequent moderation in liquidity profile of
the trust. VET had high repayment obligations of INR 25 million
during 2014-15 which was met through a mixture of accruals and
receipt of funds lent to affiliate trusts. VET had outstanding
loans and advances of INR143 million to affiliate trusts as on
March 31, 2014, of which the trust is estimated to have received
INR34 million in 2014-15, enough to ensure timely repayments.
CRISIL believes that the operating performance of the trust is
expected to recover over the medium term, albeit gradually. In the
meantime, any delay in receipt of funds from affiliate trusts will
further weaken the liquidity profile and will remain a key rating
monitorable.
Outlook: Stable

CRISIL believes that VET will continue to benefit from the
industry experience of its trustees and its school's established
position in Chennai. The outlook may be revised to 'Positive' if
VET reports better-than-expected cash accruals leading to an
improvement in the financial risk profile. Conversely, the outlook
may be revised to 'Negative' if VET undertakes a large, debt-
funded capital expenditure programme or in case fund receipts from
affiliate entities gets delayed, thereby adversely affecting its
liquidity.

Established in 1992 by Mr. Ishari K Ganesh and his family, VET
operates a school called Vel's Vidyashram in Chennai. The school
is affiliated to the Central Board of Secondary Education.


VIKAS COTTON: ICRA Reaffirms B+ Rating on INR12cr Cash Loan
-----------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ for the
INR12.00 crore fund based cash credit facility and INR4.00 crore
proposed cash credit facility of Vikas Cotton Ginning and
Pressing.

                      Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit           12.00       [ICRA]B+ reaffirmed

   Proposed Cash
   Credit facility        4.00       [ICRA]B+ reaffirmed

The ratings continue to be constrained by the firm's weak
financial profile as reflected by low profitability, adverse
capital structure, weak debt coverage indicators and stretched
liquidity position. The ratings also take into account the low
value additive nature of operations and intense competition on
account of fragmented industry structure leading to thin profit
margins. The ratings are further constrained by vulnerability of
profitability to adverse fluctuations in raw material prices which
are subject to seasonal availability of raw cotton and government
regulations on MSP for procurement of raw cotton and export quota
for cotton bales. ICRA also notes that Vikas Cotton Ginning and
Pressing is a partnership firm and any significant withdrawals
from the capital account would affect its net worth and thereby
the gearing levels.

The ratings however, positively factors in the long experience of
the promoters in the cotton ginning and pressing business and
favorable location of the firm giving it easy access to raw
cotton.

Incorporated in 2006, Vikas Cotton Ginning & Pressing is engaged
in cotton ginning, pressing and crushing operations. The business
is owned and managed by Mr. Afzal Kaladiya and other family
members. The firm's manufacturing facility is located in Halvad,
Surendranagar. The firm has forty two ginning machines and one
pressing machine with the manufacturing capacity of 400 bales. The
firm also has five expellers having capacity to produce 6,500 kgs
of crude cotton seed oil per day.

Recent Results
For the year ended 31st March 2015, Vikas Cotton Ginning and
pressing has reported (as per provisional financial statement) an
operating income of INR125.81 crore and profit after tax of
INR0.09 crore.



===============
M A L A Y S I A
===============


MEGASTEEL SDN: Cross Defaults on MYR3 Billion Worth of Loans
-----------------------------------------------------------
The Malaysian Insider reports that financially-troubled Megasteel
Sdn Bhd, a 78.89% subsidiary of Lion Corp Bhd and a 21.11%
associate of Lion Diversified Holdings Bhd, has cross defaulted on
MYR3.02 billion worth of loans.

In a filing with Bursa Malaysia, Lion Corp said the financially-
troubled Megasteel is unable to meet its payment for the banker's
acceptance (BA) due on September 23 in respect of a working
capital facility, resulting in a default.

"Megasteel has been operating under difficult environment due to
the rampant importation of steel products into the country at
dumping prices," the report quotes Lion Corp as saying in a
filing.  "As a consequence, Megasteel has been suffering losses
for several years, resulting in the BA default," it added.

According to The Malaysian Insider, Lion Corp said the BA default
will give rise to a default by virtue of the cross default
provision under principal loan documents relating to a MYR21
million term loan facility agreement, MYR683 million worth of
syndicated term loan facilities agreements, MYR119.5 million worth
of bilateral working capital facility agreements and MYR2.2
billion worth of ringgit-denominated bonds, US dollar-denominated
debts, as well as redeemable convertible secured loan stocks
issued by Lion Corp.

The report relates that Lion Corp said upon default, the
respective lenders shall have the right to declare the
cancellation of the banking facilities and all sums outstanding
under the respective loan documents shall become due and payable
immediately.

"Following thereto, the lenders may enforce on the securities
created under the respective loan documents, if any," it added.

Lion Corp, which was declared a Practice Note 17 company on
Oct. 25, 2013, is also a 34.01%-owned associate of Lion
Diversified, the report notes.

In a separate filing attaching the same Lion Corp announcement,
Lion Diversified stressed that both Megasteel and Lion Corp are
not major associates of the group, the report notes.

"The board wishes to reiterate that this default is by its
associated company and not by Lion Diversified or any of its
subsidiaries," it added.

The Malaysian Insider meanwhile reports that Lion Corp said the
measures taken to address the default in payment relates to its
regularisation plan that is yet to be submitted to Bursa Malaysia.

According to the report, Lion Corp had on June 19, 2015 applied to
Bursa Malaysia for an extension of up to March 31, 2016, to submit
the regularisation plan to the regulator.

The application for the extension is currently pending the
decision from Bursa Securities, Lion Diversified said, the report
relays.

It added that the regularisation plan would include the securing
of potential investors to strengthen the operational and financial
position of Megasteel, as well as a petition for the
implementation of effective trade defence mechanism by the
government, adds The Malaysian Insider.

In the meantime, the Lion Corp Group shall endeavour to continue
its operation notwithstanding the default and will engage with the
lenders and suppliers for their continuous support, it said, The
Malaysian Insider relays.

Based in Banting, Malaysia, Megasteel Sdn Bhd operates a steel
mill that produces flat steel products. It offers hot rolled coils
for various applications, such as highway guardrails, lamp posts,
water pipes, gas cylinders, cargo freight containers and cranes,
and vehicle chassis and parts; and cold rolled coils for various
applications, including automotive and motorcycle body panels,
office furniture, electrical and electronic appliances, and pipes
and tubes.  Megasteel Sdn Bhd operates as a subsidiary of Lion
Corp. Bhd.



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


BATHURST RESOURCES: Posts NZ$16.4MM Loss For Year Ended June 30
---------------------------------------------------------------
Hamish Rutherford at Stuff.co.nz reports that Bathurst Resources
continues to rack up losses, forcing the company to defend its
status as a going concern for the second year in a row.

Stuff.co.nz relates that Bathurst, which is headquartered in
Wellington but has its shares listed on the ASX, revealed that it
had recorded a NZ$16.4 million loss after tax for the year to
June 30, 2015.

It follows a loss of NZ$189.9 million in 2014 as the company,
which has operations near Timaru and on the West Coast, wrote off
much of the value of its assets as world coal prices slumped, the
report discloses.

According to Stuff.co.nz, the company managed to generate cash of
NZ$1 million during the year, which meant chairman Toko Kapea was
upbeat.

"We are pleased to end the year with such a good result in a
period which has seen a strong downturn in the commodities sector.
Our strategy to concentrate on our domestic business coupled with
our continued focus on cost efficiencies has placed us in a strong
financial position as we work towards the development of our
export project," Mr. Kapea said, notes the report.

However, the NZ$16.4 million loss left the company with equity of
NZ$18.9 million, the report notes.

For the second year in a row, the accounts included a note in the
financial statements about its status as a going concern,
according to Stuff.co.nz.

"The directors have continued to adopt the going concern
assumption in the preparation of the financial statements. This is
based on the existing cash on hand, funding facilities available
and budgeted trading activity for the 2016 financial year," says
the report.

Stuff.co.nz relates that the company said it had assumed that in
2016 it would sell all coal domestically, that there would be no
improvement in global prices, that its working capital facilities
remained available overheads remained within budget and existing
lines of finance remained open.

While auditors PwC signed off on the accounts, they noted that
there were uncertainties around future cash flow forecasts.

"This indicates the existence of a material uncertainty that may
cash significant doubt about the group's ability to continue as a
going concern," adds the report.

New Zealand-based Bathurst Resources Ltd (NZX: BRL) --
http://www.bathurstresources.com/-- is a coal mining company. The
Company has exploration and mining permits covering 10,000
hectares on the Buller Coalfield, in New Zealand's south island.
The Company has three operating mines: Cascade on the edge of the
Denniston Plateau, which produces semi-soft coking coal, and
Takitimu in Southland and Canterbury Coal, near Christchurch, both
providing energy for local industrial users. It also owns a coal
distribution centre in Timaru. The Takitimu mine is located near
the town of Nightcaps. The Company is developing the Coaldale
block, an extension of the Takitimu mine that will produce more
than two million tones of coal over several years.


PUMPKIN PATCH: Faces Bankruptcy Risk, Analyst Says
--------------------------------------------------
Catherine Harris at Stuff.co.nz reports that Pumpkin Patch appears
to be fighting for survival with bankruptcy a risk, an analyst
said.

According to the report, Pumpkin Patch on September 25 deferred
announcing its results for the year to July 31 shortly before they
were due to be announced to the NZX, saying it need to "properly
consider and assess the risks identified".

The result will be issued on September 30, the report notes.

Stuff.co.nz says Pumpkin Patch shares plunged 38% on news of the
delay, recovering slightly by late afternoon to be worth 10 cents,
down 4.5 cents.

Two years ago its shares were trading at NZ$1.08 but the company
has struggled under the legacy effects of a failed expansion plan
into Britain and the United States, the report states.

Stuff.co.nz relates that Craigs Investment Partners head of
private wealth research Mark Lister said Pumpkin Patch had got
itself into a position where the risk of bankruptcy was real.

"It's always a risk, that's a worse case scenario but it does
happen," the report quotes Mr. Lister as saying.  "They've got
themselves into a tight spot that's going to be quite difficult to
manoeuvre their way out of."

According to the report, Mr. Lister said Pumpkin Patch was a good
performing company before the financial crisis in 2008 but since
then the company's performance had been "pretty terrible."

Stuff.co.nz says the company's challenges were the result of
difficult retail trading conditions and bad company decisions
including a failed international expansion strategy, a revolving
door at top management and too much debt.

Whether the company survived could come down to whether there was
a buyer willing to take it over or if the bank provided more
leniency than it already had, Mr. Lister, as cited by Stuff.co.nz,
said.

Craigs Investment Partners had not considered Pumpkin Patch an
investment grade stock for a number of years and any investors
holding shares in the company were in an unfortunate position, the
report relates.

"You're almost at a point where you've got to write them off and
just hope that something comes out of left field to rescue them
and create some sort of rebound, but I think you'd be brave to
assume that," notes the report.

According to the report, Pumpkin Patch financial controller Dave
Foster said that having become aware of "certain risks", he
expected a net loss after adjustments that would be "above the
modest level previously advised".

He said an "unanticipated increase" in provisioning would reduce
the company's "normalised" operating profit to between NZ$11.6
million and NZ$11.8 million, down from the NZ$14 million it
previously forecast, the report relays.

Last September the company made net loss of NZ$10.1 million for
the year, with restructuring costs a major factor, Stuff.co.nz
discloses.

The report adds that the company was also in "advanced discussions
with its bank". It must hit certain earnings targets or be in
breach of its lending covenant.

Craig Stent, a retail analyst with Harbour Asset Management, said
the situation was not normal, but Pumpkin Patch was obviously
still working through its restructuring programme, Stuff.co.nz
adds.

                       About Pumpkin Patch

Based in New Zealand, Pumpkin Patch Limited (NZE:PPL) --
http://www.pumpkinpatch.biz/-- is a designer, marketer, retailer
and wholesaler of children's clothing.  The Company's product
range encompasses all stages of a child's growth, from baby to
toddler, primary school kid to pre and early teen, including
clothing, nightwear, accessories, rainwear, footwear and teddy
collection.  Pumpkin Patch also caters for mums-to-be with a
maternity collection.  The Company also has a fashion mini-brand
for discerning pre and early-teen girls, Urban Angel Girls.  The
Company's collections are available in numerous countries and
regions, including New Zealand, Australia, the United Kingdom,
the United States, South Africa and the Middle East.  Pumpkin
Patch predominantly sells through its own store network in
New Zealand, Australia, the United Kingdom and the United States.
The Company's subsidiaries include Torquay Enterprises Limited,
Pumpkin Patch Originals Limited, Pumpkin Patch LLC, Pumpkin Patch
Direct Limited, Patch Kids Limited and Urban Angel Girls Limited.



                             *********

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

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

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


                            *********


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

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

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

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

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



                 *** End of Transmission ***