TCRAP_Public/151009.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

           Friday, October 9, 2015, Vol. 18, No. 200


                            Headlines


A U S T R A L I A

A & D SERVICES: First Creditors' Meeting Set For October 15
ARARRAK PTY: Court Appoints Clifton Hall as Liquidators
ARCHERY ROAD: Deloitte Appointed as Provisional Liquidators
ICE TV: First Creditors' Meeting Set For October 16


C H I N A

CHINA: Insolvent Firms 'Too Quick to Liquidate'
HUATONG LEMON: Court Orders Firm to Enter Bankruptcy Protection


I N D I A

ANUBANDANA INFRATECH: CRISIL Puts 'B' Rating on INR70MM Loan
BEJAN SINGH: ICRA Assigns 'B' Rating to INR10cr Term Loan
CITY MAX: CRISIL Upgrades Rating on INR80MM Term Loan to B-
CREATIVE LTD: CRISIL Assigns 'C' Rating to INR126MM Term Loan
DBM GEOTECHNICS: CRISIL Cuts Rating on INR1.13BB Loan to 'D'

DREAMAX INFRA: CRISIL Assigns B+ Rating to INR35MM Cash Loan
G.S. ALLOY: CRISIL Lowers Rating on INR50MM Cash Loan to 'B'
GURU ASHISH: ICRA Revises Rating on INR9.0cr Loan to 'B+'
HARI KRIPA: ICRA Reaffirms 'B' Rating on INR17.50cr LT Loan
HARSHIT POWER: ICRA Suspends 'D' Rating on INR17.95cr Loan

INDIAN OVERSEAS: RBI Steps In to Save Bank from Insolvency
INDUSTRIAL ENGINEERING: CRISIL Reaffirms B+ Rating on INR40M Loan
JASSAR DENTAL: ICRA Suspends D Rating on INR64.80cr LT Loan
JAY BHAWANI: ICRA Assigns B+ Rating to INR5.0cr LT Loan
KAMAL AGRO: CRISIL Reaffirms 'B' Rating on INR90MM Cash Loan

LACTON TILES: CRISIL Reaffirms B+ Rating on INR60MM Term Loan
LAKSHYA DAIRY: ICRA Assigns 'B+' Rating to INR7.50cr Cash Loan
LANFORD CERAMIC: CRISIL Reaffirms 'B' Rating on INR71.2MM Loan
LINERS INDIA: CRISIL Lowers Rating on INR145MM Cash Loan to D
M.J. PATEL: ICRA Suspends 'D' Rating on INR11cr Loan

MAHABIR COLD: CRISIL Reaffirms B+ Rating on INR110MM Cash Loan
MOULIKA INFRA: CRISIL Assigns 'C' Rating on INR75MM Cash Loan
PEDVAK CRANES: ICRA Suspends B+ Rating on INR3cr Cash Loan
PIPE & METAL: CRISIL Reaffirms 'B' Rating on INR57.5MM Loan
RAM ENGINEERS: CRISIL Reaffirms B+ Rating on INR51.2MM LT Loan

RELISYS MEDICAL: CRISIL Reaffirms B- Rating on INR158.3MM Loan
S.B. AGENCIES: CRISIL Assigns B+ Rating to INR70MM Cash Loan
SAL STEEL: ICRA Withdraws 'D' Rating on INR162.5cr Loan
SHAHJAHANPUR EDIBLES: CRISIL Assigns 'B' Rating to INR70MM Loan
SHIVAM OFFSET: CRISIL Ups Rating on INR58.3MM Term Loan to B-

SHRADDHA MOTORS: CRISIL Assigns B- Rating to INR100MM Cash Loan
SHREE CERAMIC: CRISIL Raises Rating on INR55.9MM Term Loan to B+
SKYTOUCH CERAMIC: CRISIL Reaffirms B+ Rating on INR160MM Loan
SOLID STATE: ICRA Ups Rating on INR4.75cr LT Loan to 'B+'
SRI SRINIVASA: ICRA Revises Rating on INR63.95cr Loan to B+

SRUTI FILATEX: ICRA Reaffirms B+ Rating on INR8.0cr Cash Loan
TIMES FERRO: ICRA Withdraws B+ Rating on INR10.56cr Loan
TUBE-WELD (INDIA): ICRA Suspends 'D' Rating on INR6.75cr Loan


M A L A Y S I A

CIMB BANK: Moody's Cuts For. Curr. Sub. MTN Rating to (P)Ba1


M O N G O L I A

SOUTHGOBI RESOURCES: TSX Delisting Review Extended Until Oct. 28


N E W  Z E A L A N D

MAKO NETWORKS: D&S Communications Buys Firm Out of Liquidation
SOLID ENERGY: Proposes to Cease Production at Huntly East Mine


P H I L I P P I N E S

PAMPANGA II: Fully Repays PHP1 Billion Loan With PSALM


S R I  L A N K A

PEOPLE'S LEASING: Currently Holds Fitch's 'B+' Long-Term IDR


                            - - - - -


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


A & D SERVICES: First Creditors' Meeting Set For October 15
-----------------------------------------------------------
Gavin Moss of Vincents Chartered Accountants was appointed as
administrator of A & D Services Pty Ltd on Oct. 5, 2015.

A first meeting of the creditors of the Company will be held at
The Boardroom of Servcorp, Level 2, 710 Collins Street, in
Docklands, on Oct. 15, 2015, at 12:00 p.m.


ARARRAK PTY: Court Appoints Clifton Hall as Liquidators
-------------------------------------------------------
Timothy Clifton of Clifton Hall was appointed Official Liquidator
of Ararrak Pty Ltd on Oct. 7, 2015, by Order of the Federal Court
of Australia.


ARCHERY ROAD: Deloitte Appointed as Provisional Liquidators
-----------------------------------------------------------
Jamie McIntyre and 21st Century land banking companies agree to
the appointment of provisional liquidators and other interim
orders.

The Federal Court on Oct. 7, 2015, made interim orders appointing
provisional liquidators to companies associated with Jamie
McIntyre and 21st Century land banking companies.

Simon Alexander Wallace-Smith and Robert Scott Woods of Deloitte
have been appointed as provisional liquidators to corporate
respondents to ASIC's legal action commenced in August 2015.

The respondents are:

    Archery Road Pty Ltd (ACN 162 921 735)
    Bendigo Vineyard Estate Pty Ltd (ACN 600 088 211)
    Secret Valley Estate Pty Ltd (ACN 602 817 532)
    Kingsway South Holdings Pty Ltd (ACN 159 230 976)
    Melbourne Tarniet Estate Pty Ltd (ACN 603 945 393)
    Property Tuition Pty Ltd (ACN 129 421 281)
    Education Holdings Pty Ltd (ACN 129 551 917)
    Sourcing Property Pty Ltd (ACN 602 474 779)

In addition, injunctions were made preventing all of the
respondents, including Mr Jamie McIntyre and Mr Dennis McIntyre
from promoting the 5 schemes ASIC is concerned about. They are:
Botanica, Secret Valley Estate, Oak Valley Lakes Estate & Resort,
Bendigo Vineyard Estate & Resort and Melbourne Grove Estate.

The provisional liquidators have been ordered to provide a report
to the court, ASIC and the respondents within 42 days
(by Nov. 19, 2015) reporting on a number of matters including the
solvency of the companies and the schemes, any money owing to
investors and the likely return to creditors of the companies.

Jamie McIntyre, Dennis McIntyre and the companies all agreed to
the orders made on October 7.

The matter returns to court for a further directions hearing on
Dec. 4, 2015. A date for the final hearing of the matter has not
been set by the court.


ICE TV: First Creditors' Meeting Set For October 16
---------------------------------------------------
Timothy Paul Heesh and Amanda Caroline Lott of TPH Insolvency were
appointed as administrators of Ice TV Pty Limited on Oct. 6, 2015.

A first meeting of the creditors of the Company will be held at
TPH Insolvency, 133 Macquarie Street, in Sydney, on Oct. 16, 2015,
at 9:30 a.m.



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


CHINA: Insolvent Firms 'Too Quick to Liquidate'
-----------------------------------------------
WantChinaTimes reports that the majority of corporate bankruptcies
witnessed in China's economic downturn are cause by internal
factors such as poor management of their finances and investments,
the chair of a bankruptcy liquidation firm said.

"This year, the number of companies seeking advice doubled. Their
combined debts exceed CNY20 billion (US$3.15 billion)," the report
quotes Cao Aiwu, chair of Sichuan Haocheng Enterprise Liquidation
Firm, as saying.

According to the report, Mr. Cao said apart from banks' pulling
back credit, bankruptcies can be triggered by weak market demand,
poor profitability, bad management and decision making.


HUATONG LEMON: Court Orders Firm to Enter Bankruptcy Protection
---------------------------------------------------------------
WantChinaTimes reports that Cao Aiwu, chair of Sichuan Haocheng
Enterprise Liquidation Firm, said Huatong Lemon is a typical case
of how a company can go into a downward spiral in a slower
economy.  The company was ordered by the court to enter bankruptcy
protection on Sept. 15.

The company that produces lemon drinks and other related products
made a name for itself when it hired singer Yisa Yu as a celebrity
spokesperson and sponsored a talent show five years ago, the
report notes.

WantChinaTimes relates that Huatong Lemon's factory was running at
its full capacity of 20,000 beverages a day before the supply of
raw materials ran out in December 2014. Although its products are
still in demand, the company has accumulated CNY4.1 billion
(US$645 million) in debt and is no longer solvent, the report
relates.

According to the report, Yin Laingcheng, head of Huatong Lemon's
factory, said the company failed to lower heavy logistics costs
created by its focus on the market in northeast China and invested
money in other areas.

The report relates that Zhou Bing, a bankruptcy manager at Huatong
Lemon, said the company invested in 18 companies in businesses
ranging from property to coal mining, most of which were
unprofitable.

Many owners were doing well in their core business areas before
being dragged down by investments in other areas such as property
and financial services because they saw other people make massive
profits in those sectors. Since they borrowed money to make these
investments, their finances faced a squeeze when the economy
became weak and banks tightened liquidity, Mr. Cao, as cited by
WantChinaTimes, said.

Mr. Cao said the difficulties in raising funds forced these
companies to turn to loan sharks, who charge interest rates too
high to repay and made their debts multiply quickly, as in the
case of Huatong Lemon, the report adds.



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


ANUBANDANA INFRATECH: CRISIL Puts 'B' Rating on INR70MM Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Anubandana Infratech Private Limited (AIPL).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Long Term Loan         70       CRISIL B/Stable

The rating reflects AIPL's susceptibility to risks related to
completion and saleability of its ongoing real estate residential
projects in Bengaluru, Guntur, and Vijayawada, and to cyclicality
in the Indian real estate industry. These weaknesses are partially
offset by the extensive experience and established track record of
AIPL's promoters in the residential real estate development
business.

Outlook: Stable

CRISIL believes AIPL will benefit over the medium term from the
promoters' extensive experience and established track record in
the real estate industry. The outlook may be revised to 'Positive'
if earlier-than-expected completions and sales of projects improve
the financial risk profile. Conversely, the outlook may be revised
to 'Negative' if there are any delays in project completions or
receipt of customer advances, or if undertaking a larger-than-
expected debt-funded project weakens the financial risk profile.

Incorporated in 2010, AIPL constructs and sells residential
apartments in Bengaluru, Guntur and Vijayawada. The day to day
operations are managed by Mr. Chandrasekhar.


BEJAN SINGH: ICRA Assigns 'B' Rating to INR10cr Term Loan
---------------------------------------------------------
ICRA has assigned long-term rating of [ICRA]B on the INR10.00
crore term loans and INR2.50 crore fund-based facilities of Bejan
Singh Eye Hospital Pvt Ltd.

                           Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Term loan facilities    10.00       [ICRA]B; assigned
   Fund based facilities    2.50       [ICRA]B; assigned

The assigned rating considers the experience of promoters in the
industry spanning over three decades, which has guided the
operations of the Company. Over the years the promoters have setup
a strong professional management team, coupled with the
recruitment of reputed specialists, have helped in improving the
hospital's brand equity. The same has enabled the Company to
record healthy growth in revenues in the past few years. In
addition to the above, infusion of funds by the promoters and
modest working capital requirements (inherent to the business)
have driven considerable improvements in the Company's financial
profile in recent years. These positives are, however, offset by
the Company's current small scale of operations restricting
financial flexibility, increase in competitive pressures, negative
free cash flow and lower levels of fund flow from operations.
Going forward, ability of the Company to improve its revenues and
margins through higher occupancy levels and to generate healthy
cash flows would be critical to enhance its credit profile.
Completion of the round of fund raising for the capital
expenditure plans proposed at nearby locations would also be
critical to improve the overall financial risk profile of the
Company.

Established in 1992, BSEHPL is a 150 bedded hospital in Nagercoil,
Headquarters of Kanyakumari District. BSEHPL was a proprietorship
until 2006, which is later formed into a Private Limited company.
The hospital is located on a 60,000 sq.ft area and is situated 1km
away from the Vadasery Bus Stand, making it easily accessible to
people of Nagercoil Town. The hospital provides both inpatient and
outpatient services with facilities such as General OPD,
Paediatric Ophthalmology Clinic, Contact Lens Clinic, Retina
Clinic, Squint Clinic, Cornea Clinic, Glaucoma Clinic, Zyoptix and
Lasik Laser Clinic. The Out-patient department has a capacity to
treat more than 500 out-patients a day and the In-patient
department has been equipped with 150 beds. The hospital is
equipped with Post Operative Unit and 5 separate operation
theatres and has a provision for uninterrupted power supply
(Generator 125 kva). It also has modern ophthalmology equipments
including a Non-Contact Tonometer, Topcon Slit Lamp Keratometer,
YAG Laser, Argon Laser Photo coagulator, Zyware Aberrometer and
Excimer Laser. The Company has tie-ups with insurance companies,
third party administrators (TPAs) besides regional corporates and
is empanelled with Central Government Health Scheme (CGHS) and
Employees' State Insurance (ESI) scheme.


CITY MAX: CRISIL Upgrades Rating on INR80MM Term Loan to B-
-----------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
City Max Hospital and Research Centre (CMHR) to 'CRISIL B-/Stable'
from 'CRISIL D'.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Term Loan             80        CRISIL B-/Stable (Upgraded
                                   from 'CRISIL D')

The rating upgrade reflects timely servicing of debt obligations
in the recent past by CMHR supported by infusion of funds by
partners. CRISIL believes that CMHR's liquidity will remain
constrained on account of sizeable debt obligations while its
internal accruals are expected to remain weak on account of
expected continuation of small scale of operations. CRISIL also
believes that CMHR will continue to receive need based funding
support from its partners.

The rating continues to reflect CMHR's susceptibility to risks
arising from its modest scale of operations with low bed capacity,
geographical concentration in revenue profile and stretched
liquidity due to large debt obligations. These rating weaknesses
are partially offset by the extensive experience of CMHR's
promoters in the medical sector.
Outlook: Stable

CRISIL believes that CMHR's operations benefit from its promoters'
extensive experience in the medical sector. The outlook may be
revised to 'Positive' if the hospital reports higher-than-expected
occupancy levels, and generates significant growth in its revenues
and internal accruals. Conversely, the outlook may be revised to
'Negative' if the hospital records lesser-than-expected occupancy
resulting in lower-than-expected revenues and profitability, or if
it undertakes a large debt-funded capital expenditure (capex)
programme, thereby weakening its debt protection metrics.

Incorporated in 2011, CMHR is a multi-specialty hospital in Tohana
(Haryana). The construction of the hospital began in 2011; it has
been in operation since November 2012. With a capacity of 100
beds, CMHR is a multi-specialty hospital providing services in
several medical specialties including gastroenterology, neurology,
fertility care, cardiology, and oncology.


CREATIVE LTD: CRISIL Assigns 'C' Rating to INR126MM Term Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL C' rating to the long-term bank
facilities of Creative Ltd (Creative) while reaffirming its
ratings on the short-term facilities at 'CRISIL A4'.

                       Amount
   Facilities        (INR Mln)       Ratings
   ----------        ---------       -------
   Funded Interest
   Term Loan             20          CRISIL C (Assigned)

   Packing Credit        10          CRISIL A4 (Reaffirmed)

   Working Capital
   Term Loan            126          CRISIL C (Assigned)

The ratings reflect Creative's large working capital requirement,
driven by stretched receivables. The rating also factors in the
below-average financial risk profile because of weak debt
protection metrics. These weaknesses are partially offset by the
promoters' extensive experience in the leather goods industry.

Creative was established as a partnership firm by Mr. P K Bothra
and Mr. T K Duggar in Kolkata in 1974. The firm was reconstituted
as a limited company in 1993.

The company manufactures leather wallets, bags, and accessories,
and exports these to the United Kingdom, the Netherlands, and
Switzerland. Creative's overseas subsidiary, CUL, has been
inactive since 2012.


DBM GEOTECHNICS: CRISIL Cuts Rating on INR1.13BB Loan to 'D'
------------------------------------------------------------
CRISIL has downgraded the ratings on the bank facilities of
DBM Geotechnics and Constructions Private Limited(DBM) to 'CRISIL
D/CRISIL D' from 'CRISIL BB/Stable/CRISIL A4+'.

                       Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Bank Guarantee      1,200        CRISIL D (Downgraded
                                    from 'CRISIL A4+')

   Cash Credit         1,130        CRISIL D (Downgraded
                                    from 'CRISIL BB/Stable')

   Proposed Long          70        CRISIL D (Downgraded
   Term Bank Loan                   from 'CRISIL BB/Stable')
   Facility

   Proposed Short        450        CRISIL D (Downgraded
   Term Bank Loan                   from 'CRISIL BB/Stable')
   Facility

The downgrade reflects instances of delays by DBM in servicing its
term loan obligations; the delays have been caused by its weak
liquidity. The company's working capital cycle has elongated
substantially over the years with gross current asset days of more
than 300 days over the past year due to project delays, resulting
in large working in progress inventory and retention money
outstanding. CRISIL believes that DBM's liquidity will continue to
remain weak on account of its long working capital cycle.

The ratings reflect DBM's working-capital-intensive operations,
susceptibility of its performance to the timely execution of the
projects on hand and future order flow, and weak debt protection
metrics. These ratings weaknesses are offset by DBM's established
presence in geotechnical services and other related sectors, the
extensive experience of its promoters in this line of activity,
and well-diversified range of services.

DBM, incorporated in 1990, specialises in offering geotechnical
services, foundation engineering services, and marine construction
activities. It is promoted by Mr. DB Mahajan, a geotechnical
engineer.

DBM offers services such as geotechnical investigation (land and
marine), piling and micro piling, construction of diaphragm wall,
construction of berth/jetties, pre-stressed rock anchoring, and
topographic/hydrographic survey.


DREAMAX INFRA: CRISIL Assigns B+ Rating to INR35MM Cash Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/ CRISIL A4' ratings to
the bank facilities of Dreamax Infra Developers Pvt Ltd (DIPL).
                       Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Bank Guarantee        34         CRISIL A4
   Cash Credit           35         CRISIL B+/Stable

The ratings reflect DIPL's modest scale of operations in the
fragmented civil construction industry, and weak financial risk
profile because of high total outstanding liabilities to tangible
net worth ratio and small net worth. These weaknesses are
partially offset by moderate revenue visibility on account of
healthy order book.
Outlook: Stable

CRISIL believes DIPL will continue to benefit over the medium term
from its promoters' extensive industry experience. The outlook may
be revised to 'Positive' if the company scales up operations
significantly, while efficiently managing working capital
requirement and generating substantial cash accrual. Conversely,
the outlook may be revised to 'Negative' if financial risk
profile, especially liquidity, deteriorates, most likely because
of severe stretch in working capital cycle, decline in cash
accrual, or large debt-funded capital expenditure.

Set up in 2010 as a partnership firm and reconstituted as a
private limited company in 2012, DIPL undertakes civil
construction works as a sub-contractor.


G.S. ALLOY: CRISIL Lowers Rating on INR50MM Cash Loan to 'B'
------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
G.S. Alloy Castings Limited (GSAC) to 'CRISIL B/Stable' from
'CRISIL B+/Stable', and reaffirmed its rating on the short-term
facilities at 'CRISIL A4'.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee        2.5       CRISIL A4 (Reaffirmed)

   Cash Credit          50.0       CRISIL B/Stable (Downgraded
                                   from 'CRISIL B+/Stable')

   Letter of Credit      2.5      CRISIL A4 (Reaffirmed)

The downgrade reflects CRISIL's belief that GSAC's business risk
profile and liquidity will remain weak over the medium term.
Operating income declined to INR559.0 million in 2014-15 (refers
to financial year, April 1 to March 31) from INR622.5 million in
2013-14 due to fewer orders driven by muted growth and demand in
the heavy engineering industry. Lower revenue and volatility in
raw material prices led to decline in operating margin to 7.27 per
cent in 2014-15 from 11.47 per cent in 2013-14. CRISIL expects
GSAC's operating income and profitability to remain at similar
levels over the medium term. The company's liquidity is stretched
because of working-capital-intensive operations.

The ratings reflect GSAC's exposure to intense competition in the
castings industry, susceptibility of profitability to volatility
in raw material prices, and large working capital requirement.
These weaknesses are partially offset by its promoter's extensive
industry experience, and its above-average financial risk profile
because of moderate gearing and debt protection metrics.

Outlook: Stable
CRISIL believes GSAC will continue to benefit over the medium term
from promoter's extensive industry experience and established
relationships with customers. The outlook may be revised to
'Positive' in case of higher-than-expected cash accrual because of
ramp-up of operations, leading to improvement in financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
financial risk profile, particularly liquidity, weakens, most
likely because of decline in profitability, stretched working
capital cycle, or larger-than-expected debt-funded capital
expenditure.

Established in 1987 by Mr. Prasada Rao, GSAC manufactures alloy
and steel castings that are used in the heavy engineering
industry. Its plant is in Vijayawada (Andhra Pradesh).

For 2014-15, on a provisional basis, GSAC reported net loss of
INR14.9 million on net sales of INR559.0 million, against profit
after tax of INR3.6 million on net sales of INR622.5 million for
2013-14.


GURU ASHISH: ICRA Revises Rating on INR9.0cr Loan to 'B+'
---------------------------------------------------------
ICRA has revised the long term rating of [ICRA]BB- to [ICRA]B+ for
INR9.00 crore fund based cash credit facility of Guru Ashish
Shipbreakers.ICRA has also reaffirmed the [ICRA]A4 rating assigned
to the INR66.00 crore non-fund based bank limits of GASB.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund-Based Limits      9.00       [ICRA]B+; revised from
                                     [ICRA]BB-(stable)

   Non-Fund Based
   Limits                66.00       [ICRA]A4;reaffirmed

The revision of ratings takes into account the the sluggishness in
ship breaking operations due to adverse price differential in ship
procurement costs and scrap prices and consequent decline in
turnover and profitability over the last two fiscals which has
also led to erosion of net worth. The ratings also takes into
account exposure of GASB to adverse movements in currency exchange
rates; vulnerability to fluctuations in scrap prices given the
long lead time involved; ship availability risk and low operating
profit margins. ICRA has also taken into consideration the
environmental and regulatory risks that are inherent in the ship
breaking industry.

The rating however, positively considers the long experience of
GASB in ship breaking industry as well as forward linkages with
group companies engaged in steel re-rolling.

Incorporated as a Partnership firm in 1997, GASB belongs to the
Bhavnagar based UB Aggarwal Group (UBAG). GASB is engaged in the
business of ship breaking and operates on a plot leased from
Gujarat Maritime Board in the Alang Ship Recycling Yard. Besides
GASB, UBAG has a number of other companies engaged in, steel re-
rolling, steel trading and coke manufacturing

Recent Results
For the year ended 31st March 2015, GASB reported an operating
income of INR31.34 crore and profit after tax of INR0.69 crore.


HARI KRIPA: ICRA Reaffirms 'B' Rating on INR17.50cr LT Loan
-----------------------------------------------------------
ICRA has reaffirmed its long term rating of [ICRA]B on the
INR17.50 crore fund based bank facilities of Hari Kripa Business
Ventures Private Limited. ICRA has also reaffirmed its long/short
term rating of [ICRA]B/A4 on the INR2.50 crore non fund based bank
facilities of HKBV.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based Limits-
   Long Term             17.50        [ICRA]B; reaffirmed

   Non Fund Based
   Limits-Long Term/
   Short Term             2.50        [ICRA]B/A4; reaffirmed

The ratings continue to be constrained by HKBV's stretched
liquidity position as evidenced by full utilization of its working
capital limits. The company's presence in a highly fragmented and
competitive industry and exposure to raw material price
fluctuations coupled with the cyclical nature of the steel
industry has led to volatility in the profitability margins of the
firm. The ratings also take into account the significantly debt
reliant capital expenditure and debt funding of working capital
requirement which in turn has led to high gearing and modest
coverage indicators. The rating however derives comfort from the
positive demand outlook, long track record of the promoters and
robust growth in the turnover in the past.

Going forward the company's ability to generate adequate profit
margins in an intensely competitive industry along with managing
its liquidity will be the rating sensitivity.

HKBV was established in 2008 in Kaladera, Jaipur for manufacturing
of MS (Mild Steel) Billets. However the company started its
commercial production from September 1, 2012. The company is
promoted by Mr. Mahendra Kumar Agarwal, Mr. Raghuveer Agarwal
along with the other members of the family. Both the directors are
experienced in manufacturing and sale of steel products. The
current installed capacity of the company is 50000 MTPA (metric
tonnes per annum) for manufacturing MS and SS (Stainless Steel)
Billets.

Recent Results
HKBV reported a net loss of INR0.10 crore on an operating income
of INR101.85 crore for the year ended March 31, 2015 as compared
to a net profit of INR0.38 crore on an operating income of
INR89.58 crore for the previous year.


HARSHIT POWER: ICRA Suspends 'D' Rating on INR17.95cr Loan
----------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]D assigned to the
INR17.95 crore term loans and INR12.75 crore cash credit limits of
Harshit Power & Ispat Private Limited. ICRA has also suspended the
short - term rating of [ICRA]D assigned to the INR9.50 crore non
fund based bank limits of the company. The suspension follows
ICRA's inability to carry out a rating surveillance in the absence
of the requisite information from the company.

HPIPL, promoted by the Sarawgi family, was incorporated in 2010,
and is engaged in the manufacturing of sponge iron. HPIPL's
manufacturing facility is located at Girdih in Jharkhand, and has
an installed production capacity of 30,000 TPA.


INDIAN OVERSEAS: RBI Steps In to Save Bank from Insolvency
----------------------------------------------------------
domain-b.com reports that the Reserve Bank of India (RBI) has
initiated a 'Prompt Corrective Action' on state-run lender Indian
Overseas Bank (IOB) in order to improve the bank's internal
controls and consolidate its business activities.

According to the report, RBI stepped in after the bank's gross
non-performing assets jumped 60% to INR16,451 crore as of end-June
this year from INR10,350 crore in the year-ago period.

As a ratio of total loans, gross NPAs of IOB stood at 9.4% at the
end of the April-June quarter compared with 5.84% a year ago.

Its capital adequacy ratio (CAR) stood at 9.75%. Of this, Tier I
capital or core capital made up 6.3%, the report discloses.

CAR is an indicator of financial strength expressed as a ratio of
capital to risk-weighted deposits, the report notes.

According to Basel III norms, banks are required to have a total
capital adequacy ratio of 9%, of which a minimum of 7% should be
in the form of Tier I capital starting from the financial year
2015-16, domain-b.com notes.

"The directions given by RBI are for improving the internal
control of the bank and for the purpose of consolidation of the
activities of the bank," IOB said in a notification to the
exchanges on October 6, the report relays.

domain-b.com says IOB did not reveal any further details of the
nature of action or the reason RBI initiated the action.

"Reserve Bank of India has initiated a Prompt Corrective Action on
the Bank and that this action will not have any material impact on
the growth prospects/performance of the bank," domain-b.com quotes
the Chennai-based lender as saying in its filing.

domain-b.com notes that the central bank steps in to initiate
prompt corrective action to protect the solvency of a bank through
capital conservation especially when there is a surge in bad loans
or the bank's capital adequacy fall below minimum levels required.

IOB also reported a 95% fall in its net profit during the April-
June quarter at INR15 crore from the year-ago quarter due to large
provisions against bad loans made during the quarter, the report
discloses.

domain-b.com recalls that RBI had, in February 2014, initiated a
prompt corrective action against Kolkata-based United Bank of
India following a spike in bad loans and subsequent erosion in its
capital base.


INDUSTRIAL ENGINEERING: CRISIL Reaffirms B+ Rating on INR40M Loan
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Industrial Engineering
Corporation (IEC) continue to reflect IEC's modest scale of
operations in the intensely competitive industry and modest
financial risk profile because of small net worth. These
weaknesses are partially offset by the extensive experience of the
promoters, their strong relationship with customers and suppliers.

                       Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Bank Guarantee        80         CRISIL A4 (Reaffirmed)
   Cash Credit           40         CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that IEC will continue to benefit over the medium
term from its promoters' extensive experience in the industry. The
outlook may be revised to 'Positive' if there is significant
improvement in its scale of operations or profitability leading to
a better financial risk profile. Conversely, the outlook may be
revised to 'Negative' in case of a significant decline in IEC's
revenue or profitability margin or stretch in the working capital
cycle or large debt-funded capital expenditure, resulting in a
weak financial risk profile.

Established in 1997, IEC manufactures, supplies, and exports a
wide range of mild-steel drums and barrels. The firm has capacity
to manufacture around two million drums and barrels a year; it
utilises 80 to 90 per cent of its capacity. The firm, based in
Kochi (Kerala), is managed by Mr.Biju Nair


JASSAR DENTAL: ICRA Suspends D Rating on INR64.80cr LT Loan
-----------------------------------------------------------
ICRA has suspended the long-term rating of [ICRA]D assigned
earlier to the INR84.72 crore bank facilities of Jassar Dental
Medical Education Health Foundation Further, ICRA has also
suspended the short-term rating of [ICRA]D assigned earlier to the
INR27.68 crore bank facilities of JDMEHF. The suspension follows
ICRA's inability to carry out a rating surveillance in absence of
the requisite information from the society.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term fund-
   based bank
   facilities            64.80      [ICRA]D Rating Suspended

   Long-term non-
   fund-based bank
   facilities            12.00      [ICRA]D Rating Suspended

   Long-term proposed
   bank facilities        7.92      [ICRA]D Rating Suspended

   Short-term fund-
   based bank
   facilities            22.68      [ICRA]D Rating Suspended

   Short-term proposed
   bank facilities        5.00      [ICRA]D Rating Suspended

Incorporated in 1997, Jassar Dental Medical Education Health
Foundation (JDMEHF) is a registered society which offers courses
across dental studies (BDS, MDS and DH), nursing (GNM) and
engineering (B.Tech) streams through its three colleges based out
of Modinagar (Uttar Pradesh). Besides the above, the society also
runs a 300-bedded general hospital in the campus. The society has
set up a Medical college in the adjacent campus, with an annual
intake of 150 students. The Medical College is currently awaiting
MCI approval. Basic infrastructure required for conducting first
two years of MBBS course, is already in place. In addition to the
medical college, the society is also undertaking capital
expenditure on a 700-bedded hospital (capacity being expanded from
300 beds earlier) in order to comply with the MCI Norms. The
operations of the society are being looked after by Mr. A.S.
Jassar, who has been engaged in the education sector for more than
a decade.


JAY BHAWANI: ICRA Assigns B+ Rating to INR5.0cr LT Loan
-------------------------------------------------------
ICRA has assigned the long-term rating of [ICRA]B+ to the INR5.00
crore cash credit limits of Jay Bhawani Coal Fileds Private
Limited. ICRA has also assigned the short-term rating of [ICRA]A4
to the INR2.00 crore non-fund based bank facilities of JBFPL.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long Term Fund
   Based Limits-CC       5.00       [ICRA]B+; assigned

   Short Term Non
   Fund Based Limits
   LC                    2.00       [ICRA]A4; assigned

The assigned ratings take into account JBFPL's financial profile
characterized by thin net profitability and return indicators,
limited track record and modest scale of operations. The ratings
are also constrained by the highly fragmented nature of the coal
trading business along with intense competition among a number of
unorganised players, which keep margins under pressure. ICRA also
takes note of vulnerabilities associated with coal price combined
with Government policy decisions for the coal industry.

Nevertheless, ratings draw comfort from long track record of
promoters in the coal trading business and JBFPL's moderate
working capital intensity with procurement largely backed by firm
orders. The rating also takes into account favourable demand
outlook for the coal with sizeable demand-supply gap in domestic
industry.

The company was originally incorporated in the name of Alkapuri
Enterprises Private Limited in 2007 by Mr. Brijmohan Mandhani and
Mr. Sushil Mandhani. Its name was later changed to Jay Bhawani
Coal Fields Private Limited (JBFPL) in May 2014. In the earlier
years, the Company was engaged in the business of share trading.
Subsequently in the year 2014, the Company discontinued the
previous business and decided to focus on coal trading business,
mainly Non-Coking Coal. The company has its registered office in
Surat, Gujarat.

Recent Results
JBFPL recorded a profit after tax of INR0.46 crore on an operating
income of INR31.54 crore for the year ending March 31, 2015.


KAMAL AGRO: CRISIL Reaffirms 'B' Rating on INR90MM Cash Loan
------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Kamal Agro
Industries (KAI) continues to reflect KAI's below-average
financial risk profile because of small net worth, high gearing,
and weak debt protection metrics.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           90        CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility    29        CRISIL B/Stable (Reaffirmed)

   Term Loan             21        CRISIL B/Stable (Reaffirmed)

The rating also factors in susceptibility to volatility in cotton
prices and changes in government policies. These weaknesses are
partially offset by extensive experience of KAI's promoters in the
cotton ginning industry,
Outlook: Stable

CRISIL believes KAI will continue to benefit over the medium term
from its promoters' extensive industry experience. Continued
funding support from promoters will remain a key sensitivity
factor. The outlook may be revised to 'Positive' if the firm
improves profitability significantly, leading to substantial cash
accrual, or if the promoters infuse significant fresh capital,
resulting in a better capital structure and liquidity. Conversely,
the outlook may be revised to 'Negative' in case of deterioration
in financial risk profile, particularly liquidity, most likely
because of decline in sales or profitability, or large working
capital requirement or capital withdrawal.

Update
KAI's revenues declined to INR1196.6 million for 2014-15 (refers
to financial year, April 1 to March 31) from INR2021.8 million
during 2013-14 mainly on account of slowdown in cotton and guar
gum industries. The revenue is expected to grow at a modest rate
of 5-10 per cent per annum. Profitability will remain modest, at
1.5-2.0 per cent over the medium term.

The firm had net worth and gearing of INR20 million and 6.21
times, respectively, as on March 31, 2015. Interest coverage and
net cash accrual to total debt ratios are expected at 1.0-1.5
times and 0.01-0.05 times, respectively, over the medium term.
CRISIL believes KAI's financial risk profile will remain below
average over the medium term, because of modest net worth and high
gearing.

The firm has stretched liquidity because of high bank limit
utilisation and low cash accrual vis-a-vis short-term debt
obligation. It utilizes its bank limits at an average of 97 per
cent over the 12 months through July 2015. The firm is likely to
post annual cash accrual of INR5 million against short-term debt
obligation of INR7.4 million in 2015-16. However, it gets fund
support from partners by way of equity infusion and unsecured
loans.

KAI was established by Mr. Ram Bilas, Mr. Binod Kumar, and Mr.
Rajesh Kumar in 2011. The firm set up a cotton ginning and
pressing unit and a cotton oil extraction unit in Hisar (Haryana)
in 2011-12, which commenced commercial operations in October 2011.
It set up a guar processing unit in Hisar in 2012-13; the unit
became operational in November 2012.


LACTON TILES: CRISIL Reaffirms B+ Rating on INR60MM Term Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Lacton Tiles Private
Limited (LTPL) continue to reflect its promoters' extensive
experience in the ceramic industry and strategic location of its
plant at Morbi, Gujarat, which ensures easy availability of raw
materials and labour. These rating strengths are partially offset
by LTPL's exposure to project risks and modest scale of operations
expected over the medium term.

                         Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee         22.5      CRISIL A4 (Reaffirmed)

   Cash Credit            27.5      CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term     15.0      CRISIL B+/Stable (Reaffirmed)
   Bank Loan Facility

   Term Loan              60.0      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes LTPL will maintain its business risk profile
backed by its promoters' industry experience. However, the
financial risk profile is expected to remain average over the
medium term, with high gearing and average debt protection metrics
because of low accrual. The outlook may be revised to 'Positive'
if the operations are stabilised soon, leading to better financial
risk profile. Conversely, the outlook may be revised to 'Negative'
if LTPL's financial risk profile deteriorates owing to low
operating margin or a large debt-funded capacity expansion or weak
working capital management.

Incorporated in 2013, LTPL is promoted by Morbi (Gujarat)-based
Mr. Devendra Bhojani, Mr. Bhavesh Bhimani, and Mr. Vallabhbhai
Fefar. The company is setting up a unit to manufacture digital
wall tiles.


LAKSHYA DAIRY: ICRA Assigns 'B+' Rating to INR7.50cr Cash Loan
--------------------------------------------------------------
ICRA has assigned its long term rating of [ICRA]B+ to the INR10.0
crore fund based limits of Lakshya Dairy Private Ltd.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Cash Credit           7.50       [ICRA]B+; assigned
   Unallocated           2.50       [ICRA]B+; assigned

ICRA's rating is constrained on account of the low value additive
nature of LDPL's' operations which results in thin profit margins.
The ratings are also constrained by the vulnerability of the
company's profitability to the fluctuations in milk availability
and prices, given that milk availability is highly seasonal in
North India. Owing to the commoditized nature of the product and
the fragmented nature of the market, there is limited ability to
pass on the increase in costs. Further, the industry is exposed to
government regulations. The rating is also constrained by LDPL's
weak liquidity as reflected in the near full utilization of its
bank limits and its modest financial risk profile characterized by
weak coverage indicators with thin interest coverage and DSCR and
elevated Total debt/OPBDITA. The rating, however, favourably takes
into account the extensive experience of LDPL's promoters, with
more than two decades of experience in the dairy business, which
has helped in building relationships with farmers/middlemen and a
strong network for procurement of milk.

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

Incorporated in 2007-08, LDPL is engaged in the trading of milk.
The company has been promoted by Mr Rajbir Singh Nagar and Mr
Rohit Nagar, who have been in the milk trading business for more
than two decades. The company procures milk from farmers and milk
aggregators, and preserves it in its chillers before selling it to
milk processors and local dairies.

Recent results
LDPL, on a provisional basis, reported an operating income of
INR92.88 crore and a profit after tax of INR037 crore in FY15, as
against an operating income of INR82.24 crore and a profit after
tax of INR0.33 crore in FY14


LANFORD CERAMIC: CRISIL Reaffirms 'B' Rating on INR71.2MM Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Lanford Ceramic Pvt Ltd
(LCPL) continue to reflect LCPL's modest scale of operations in
the highly competitive ceramic tiles industry, below-average
financial risk profile because of moderate gearing and debt
protection metrics, and large working capital requirement.

                       Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Bank Guarantee        15         CRISIL A4 (Reaffirmed)

   Cash Credit           60         CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility    30         CRISIL B/Stable (Reaffirmed)

   Term Loan             71.2       CRISIL B/Stable (Reaffirmed)

These rating weaknesses are partially offset by extensive industry
experience of the company's promoters and proximity of
manufacturing facilities to raw material and labour sources.
Outlook: Stable

CRISIL believes LCPL will continue to benefit over the medium term
from promoters' extensive industry experience. The outlook may be
revised to 'Positive' if the company registers a higher-than-
expected topline while maintaining profitability. Conversely, the
outlook may be revised to 'Negative' in case accrual is low
because of reduced order flow or profitability, or financial risk
profile deteriorates due to stretch in working capital cycle or
substantial debt-funded capital expenditure.

Update
LCPL commercial operations from July 2014 and registered topline
of INR205.1 million in 2014-15 (refers to financial year, April 1
to March 31). Operating profitability remained moderate at about
11 per cent. The company's operations are working capital
intensive, reflected in gross current assets of 154 days because
of large inventory and receivables. Hence, bank limit utilisation
has been 90-95 per cent.

LCPL's financial risk profile is below average because of moderate
gearing of 2.21 times and small net worth of INR48.4 million as on
March 31, 2015. Debt protection metrics were also modest,
reflected in interest coverage ratio of about 2.4 times for 2014-
15.

Incorporated in 2013, LCPL is promoted by the Morbi (Gujarat)-
based Mr. Nilesh Desai, Mr. Jayeshbhai Desai, Mr. Jayantilal
Desai, Mr. Parthkumar Godhani, and Mr. Ashish Desai. The company
manufactures ceramic floor tiles at its facilities in Morbi.


LINERS INDIA: CRISIL Lowers Rating on INR145MM Cash Loan to D
-------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Liners
India Ltd (LIL) to 'CRISIL D/CRISIL D' from 'CRISIL
B/Stable/CRISIL A4', and on the fixed deposit programme to 'FD'
from 'FB/Stable'.

                       Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Bank Guarantee        7.5        CRISIL D (Downgraded
                                    from 'CRISIL A4')

   Cash Credit         125.0        CRISIL D (Downgraded from
                                    'CRISIL B/Stable')

   Cash Credit         145.0        CRISIL D (Downgraded from
                                    'CRISIL B/Stable')

   Foreign Bill         20.0        CRISIL D (Downgraded from
   Discounting                      'CRISIL A4')

   Letter of Credit     55.0        CRISIL D (Downgraded from
                                    'CRISIL A4')

   Letter of Credit     50.0        CRISIL D (Downgraded from
                                    'CRISIL A4')

   Proposed Long Term   36.5        CRISIL D (Downgraded from
   Bank Loan Facility               'CRISIL B/Stable')

   Term Loan            71.0        CRISIL D (Downgraded from
                                    'CRISIL B/Stable')

   Fixed Deposits       50.0        FD (Downgraded from
                                    'FB/Stable')

The rating downgrade reflects delay by LIL in servicing its term
debt obligations on account of stretched liquidity due to low cash
accrual. LIL's business performance which was affected by the
slowdown in the medium and heavy commercial vehicle (M&HCV)
industry in 2012-13 (refers to financial year, April 1 to
March 31) and 2013-14, has posted moderate improvement in 2014-15
following uptick in the domestic MHCV segment. However, the
company's liquidity is constrained by large working capital
requirement and high bank limit utilisation.

The ratings continue to reflect LIL's limited pricing power and
its significant dependence on the M&HCV and tractor segments,
which are marked by cyclical demand. The ratings also factor in
the company's substantial working capital requirements, and its
below-average financial risk profile, marked by high gearing and
weak debt protection metrics. These rating weaknesses are
partially offset by LIL's established market position in the
cylinder liner industry, backed by its diverse client base.

LIL was originally established in 1974 as a partnership firm by
Mr. S Ganesh; the firm was reconstituted as a private limited
company in 1986 and then as a public limited company in 1994. LIL
has two divisions: cylinder liner manufacturing and automobile
components trading. In 2014-15, the manufacturing division
accounted for 63 per cent of revenue, and the trading segment for
the rest.

LIL manufactures cylinder liners and cast iron products. It has
manufacturing units in Vijayawada (Andhra Pradesh) and Rudrapur
(Uttarakhand), with total installed capacity of 240 million liners
per annum. Its centrifugally cast cylinder liners are used in
diesel automotive engines. LIL supplies to global original
equipment manufacturers of heavy, medium, and light commercial
vehicles, tractors, and diesel engines.

The company set up the trading division after acquiring Jai Motors
Ltd in January 2009. Under the division, LIL is a distributor in
South India for automotive component manufacturing companies. It
is an exclusive distributor of Shriram Pistons & Rings Ltd and
Allied Nippon Ltd for AP, Karnataka, Kerala, and Tamil Nadu. LIL
also distributes the products of six other automotive component
manufacturing companies in South India.

For 2014-15, LIL reported profit after tax of INR1.7 million on
operating income of INR1.1 billion, against net loss of INR1.6
million on operating income of INR1.2 billion for 2013-14.


M.J. PATEL: ICRA Suspends 'D' Rating on INR11cr Loan
----------------------------------------------------
ICRA has suspended [ICRA]D/[ICRA]D ratings assigned to the
INR11.00 crore fund based and non-fund based limits of M.J. Patel
(India) Limited. The suspension follows ICRA's inability to carry
out a rating surveillance in the absence of the requisite
information from the company.

MJPIL is engaged in the trading of seamless carbon and alloy steel
tubes and pipes, electric resistant welded (ERW) tubes, air pre-
heater tubes, steam pipes and various related fittings. Most of
the products traded by MJPIL find applications in the manufacture
of various boiler components. The customer base of MJPIL includes
large and reputed PSUs and private sector companies.


MAHABIR COLD: CRISIL Reaffirms B+ Rating on INR110MM Cash Loan
--------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Mahabir Cold
Storage Pvt Ltd (MCL) continues to reflect MCL's below-average
financial risk profile because of its high gearing and constrained
debt protection metrics, and large working capital requirements.
These rating weaknesses are partially offset by the promoter's
extensive experience in the cold storage industry.

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

   Long Term Loan         44       CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     40       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes MCL will continue to benefit over the medium term
from its promoter's extensive industry experience. The outlook may
be revised to 'Positive' if the financial risk profile improves
with enhanced scale of operations and cash accrual or a
significant equity infusion by the promoter. Conversely, the
outlook may be revised to 'Negative' in case of any sizeable debt-
funded capital expenditure (capex), or a sharp decline in profit
margin because of volatility in commodity prices, leading to
deterioration in the financial risk profile.

Update
MCL reported sales of INR111.6 million for 2014-15 (refers to
financial year, April 1 to March 31) as against INR101.6 million
for 2013-14. The increase in turnover was supported by better
realisations in potato prices. The operating margin remained
stable at 8.6 per cent in 2014-15 (8.3 per cent in 2013-14). It
also undertook a debt-funded capex of around INR67 million in
2014-15 to increase its warehousing capacity to 210,000 quintals
from 140,000 quintals currently. The revenue and margins are
expected to increase, supported by higher rental income from
expanded capacities.

MCL's operations are highly working capital intensive, primarily
driven by high inventory and debtor days. However, gross current
assets reduced to around 261 days in as on March 31, 2015, from
451 days a year before, supported by a decline in debtor days. It
stores around nine months of inventory and sells its products to
traders and wholesalers against an average credit of three months.
It generally extends a credit of 60 to 75 days to its customers.
However, creditor days reduced in 2014-15 because of enhancement
in cash credit limits, supporting the liquidity. The bank limit
utilisation averaged 55 per cent during the nine months through
July 2015.

The financial risk profile remains moderate, with gearing of
around 1.06 times and a net worth of INR73.5 million as on
March 31, 2015. Its debt protection metrics remained weak, with
net cash accrual to total debt and interest coverage ratios at
0.05 times and 1.5 times, respectively, for 2014-15.

Set up in 1999 by Mr. Hulas Chand Jain, MCL trades in, stores, and
preserves potatoes. The company's cold storage unit in Tinsukhia
(Assam) has capacity of 140,000 quintals. It procures potatoes
from West Bengal, and sells these to traders and wholesalers in
Assam.

MCL reported a profit after tax (PAT) of INR1.6 million on net
sales of INR111.6 million for 2014-15, as against a PAT of INR0.7
million on net sales of INR101.6 million, for 2013-14.


MOULIKA INFRA: CRISIL Assigns 'C' Rating on INR75MM Cash Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL C/CRISIL A4' ratings to the bank
facilities of Moulika Infra Developers (India) Limited (Moulika).

                         Amount
   Facilities          (INR Mln)       Ratings
   ----------          ---------       -------
   Proposed Long Term       40         CRISIL C
   Bank Loan Facility
   Bank Guarantee           35         CRISIL A4
   Cash Credit              75         CRISIL C

The rating reflects instances of delay by Moulika in servicing its
debt obligations (not rated by CRISIL), driven by weak liquidity
due to the stretched working capital cycle and subdued operating
performance. The rating also reflects Moulika's weak financial
risk profile, modest scale of operations, and exposure to intense
competition in the fragmented civil construction industry. These
rating weaknesses are partially offset by the extensive experience
of Moulika's promoters in the civil construction industry and its
established customer relationships.

Incorporated in the year 2010 as a partnership firm, Moulika Infra
Developers (India) Limited (Moulika) was converted into a limited
company in February 2014. The company was promoted by Mr. Jayant
Patel, Mr. Arvind Patel, Mr. Raja Gopal Reddy and Mr. Pratap
Reddy. The company is involved in undertaking civil construction
works like construction of Canals and Bridges.

For 2014-15 (refers to financial year, April 1 to March 31),
Moulika reported a Profit after Tax (PAT) of INR5.4 million on net
sales of INR91.6 million on a provisional basis, as against a PAT
of INR7.3 million on net sales of INR171.2 million for 2013-14.


PEDVAK CRANES: ICRA Suspends B+ Rating on INR3cr Cash Loan
----------------------------------------------------------
ICRA has suspended [ICRA] B+ assigned to INR3.00 crore cash credit
limits, and INR7.00 crores non-fund based limits of
Pedvak Cranes Private Limited. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of the
requisite information from the company.

Pedvak Cranes Private Limited was incorporated in 2003 and is
based out of Hyderabad,AP. The company is involved in design &
manufacture of Material Handling equipments . It is promoted by Mr
BN Raju. The company's customers are majorly the public sector
undertakings under the Ministry of Defence like Defence and
Research Development Organization, Mazagon Dock limited , NPCIL
etc.


PIPE & METAL: CRISIL Reaffirms 'B' Rating on INR57.5MM Loan
-----------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Pipe & Metal
(India) [PMI] continues to reflect PMI's modest scale of
operations and low operating margin in the highly fragmented iron
and steel trading industry. The rating also factors in the firm's
weak financial risk profile because of a high total outside
liabilities to tangible net worth ratio and muted debt protection
metrics.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit          57.5       CRISIL B/Stable (Reaffirmed)

   Proposed Fund-
   Based Bank Limits    42.5       CRISIL B/Stable (Reaffirmed)

These rating weaknesses are partially offset by the extensive
industry experience of PMI's proprietor and established
relationships with customers and suppliers.

CRISIL had assigned its 'CRISIL B/Stable' rating to the bank
facilities of Pipe & Metal (India) [PMI] on October 01, 2015.
Outlook: Stable

CRISIL believes PMI will continue to benefit over the medium term
from proprietor's extensive experience in the steel trading
business. The outlook may be revised to 'Positive' if the firm's
reports higher-than-expected revenue and profitability while
efficiently managing working capital requirement, leading to
larger-than-expected cash accrual. Conversely, the outlook may be
revised to 'Negative' in case of decline in sales or operating
margin, poor working capital management, or if proprietor
withdraws substantial capital, resulting in deterioration in
capital structure.

Set up in 1986, PMI is a Ghaziabad (Uttar Pradesh)-based
proprietorship firm of Mr. Narendra Gupta. It trades in iron and
steel tubes and pipes in Uttar Pradesh, Haryana, Delhi, and
Rajasthan.

PMI reported a profit after tax (PAT) of INR0.08 million on net
sales of INR348 million for 2014-15 (refers to financial year,
April 1 to March 31), against a PAT of INR0.07 million on net
sales of INR346.1 million for 2013-14.


RAM ENGINEERS: CRISIL Reaffirms B+ Rating on INR51.2MM LT Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Ram Engineers &
Contractors (REC) continue to reflect the firm's exposure to risks
related to completion and saleability of its ongoing projects and
its susceptibility to risks inherent in the real estate industry.
These rating weaknesses are partially offset by its promoters'
extensive experience in the real estate development business and
proven project execution capabilities.

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

   Long Term Loan        3.8       CRISIL B+/Stable (Reaffirmed)

   Overdraft Facility   30         CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility   51.2       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that REC will benefit over the medium term from
its promoters' extensive industry experience and diversity in
revenue profile. The outlook may be revised to 'Positive' if the
firm completes its projects earlier than expected or in case of
more-than-expected sales realisations from its ongoing projects,
leading to large cash flows. Conversely, the outlook may be
revised to 'Negative' if there are any delays in the execution of
the project or in the receipt of advances from customers, or if
REC undertakes any large debt-funded project, impacting its
financial risk profile.

Update
REC has four ongoing projects'Ram Brindavanam (RB), Ram Ekaa (RE),
Ram Jayalakshmi (RJ) and Ram DV (RD)'in and around Chennai. These
projects have a moderate project risk, marked by moderate
implementation and demand risks. The firm has completed over 75
per cent of its construction in RB and RE is expected to hand over
by 2015-16 (refers to financial year, April 1 to March 31). The
other projects, RD and RJ are in early stages of construction,
with steady progress expected over the medium term. The projects
have a moderate funding risk with sufficient funds availed of to
meet the construction cost. The funding risk will be dependent on
sanctioning of bank loan and timely receipt of customer advances.
However, any gap in funding due to time or cost overrun is
expected to be funded with timely support of promoters.

More than 87 per cent and 50 per cent of flats are booked in RB
and RE, respectively, leading to healthy customer advances.
Additionally, the RJ project, has been fully booked by existing
owners. RD project, which was launched in 2015-16, witnessed 30
per cent bookings till June 2015. CRISIL believes that the
implementation and demand risks for the RE and RD projects will be
moderate because of slow-paced construction and high reliance on
customer advances.

REC also undertakes civil construction activities for various real
estate and commercial projects in and around Chennai, providing
additional revenue visibility. The firm's order book of around
INR150 million will be executed over the medium term, providing
adequate revenue visibility. CRISIL believes that incremental
revenue from civil projects will aid REC's cash flows over the
medium term.

Established in 2010 by Mr. Sethuraman as a proprietorship firm,
REC carries out real estate development and civil construction. It
is based in Chennai (Tamil Nadu).


RELISYS MEDICAL: CRISIL Reaffirms B- Rating on INR158.3MM Loan
--------------------------------------------------------------
CRISIL's rating on the long-term bank facility and non-convertible
debenture programme of Relisys Medical Devices Ltd (RMD) continue
to reflect RMD's weak financial risk profile marked by weak debt
protection metrics, large working capital requirements, and small
scale of operations. These rating weaknesses are partially offset
by the extensive experience of RMD's promoters in the healthcare
industry.

                         Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Proposed Long Term     158.3     CRISIL B-/Stable (Reaffirmed)
   Bank Loan Facility

Outlook: Stable

CRISIL believes that RMD's business risk profile will be supported
by its promoters' extensive experience in the healthcare industry,
over the medium term. The outlook may be revised to 'Positive' if
RMD reports substantial and sustained improvement in its scale of
operations and profitability, leading to higher-than-expected cash
accruals and hence improvement in liquidity. Conversely, the
outlook may be revised to 'Negative' if RMD is unable to scale up
its operations, resulting in low cash accruals, or if there is a
stretch in its working capital cycle, resulting in deterioration
in the company's financial risk profile.

Set up in 1998, RMD designs, develops and manufactures critical
care devices like stents, catheters and stent systems used to
treat cardiovascular, peripheral vascular, neurovascular (stroke)
and other life-threatening diseases. The company is promoted by
Dr. N Krishna Reddy.


S.B. AGENCIES: CRISIL Assigns B+ Rating to INR70MM Cash Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable 'rating to the bank
facility of S.B. Agencies (SBA).

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

The rating reflects SBA's modest scale of operations, its large
working capital requirements, and its exposure to intense
competition in the ceramic tiles trading business resulting in low
profitability margins. The rating of the firm is also constrained
on account of its average financial risk profile marked by its
small net worth, moderate total outside liabilities to tangible
net-worth ratio, and  average debt protection metrics. These
rating weaknesses are partially offset by the extensive industry
experience of the firm's partners in the ceramic tiles industry.
Outlook: Stable

CRISIL believes that SBA will continue to benefit over the medium
term from the extensive experience of its partners extensive
industry experience. The outlook may be revised to 'Positive' in
case of a sustained improvement in its working capital cycle, or
substantial improvement in its net-worth on the back of sizeable
equity infusion from its promoters. Conversely, the outlook may be
revised to 'Negative' Negative' in case of a steep decline in the
firm's profitability margins, or significant deterioration in its
capital structure caused most likely by a stretch in its working
capital cycle.

SBA was set up in 1989 by Mr. Nazar Mohamed Ellias and his wife,
Mrs. Raheena Jalaudeen. The firm is engaged in trading of tiles,
sanitary items and granites. It is based in Attingal (Kerala).


SAL STEEL: ICRA Withdraws 'D' Rating on INR162.5cr Loan
-------------------------------------------------------
ICRA has withdrawn the suspended ratings of [ICRA]D assigned to
the INR162.50 crore, long term loans and working capital
facilities, and the [ICRA]D rating assigned to the INR41.75 crore,
short term, non-fund based, letter of credit facility of SAL Steel
Limited. As per ICRA's policy on withdrawals, ICRA can withdraw
the ratings in case the ratings remain suspended for more than
three years.


SHAHJAHANPUR EDIBLES: CRISIL Assigns 'B' Rating to INR70MM Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Shahjahanpur Edibles Pvt Ltd (SEPL).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           30        CRISIL B/Stable
   Term Loan             70        CRISIL B/Stable

The rating reflects the early stage of operations and risks
related to stabilisation of and offtake from the new unit as well
as the weak financial risk profile because of high gearing and
small net worth. These rating weaknesses are partially offset by
the promoters' funding support, diversified end-user industries,
and a favourable location of the unit given the easy availability
of raw material.
Outlook: Stable

CRISIL believes SEPL will maintain the credit risk profile on the
back of the promoters' financial support and the expected ramping
up of operations over the medium term. The outlook may be revised
to 'Positive' if any increase in revenue and profitability results
in sufficient accrual to meet the debt obligation. Conversely, the
outlook may be revised to 'Negative' in case of any delay in
funding support from the promoters and in stabilisation of
operations.

SEPL was set up in 2014 as a private limited company by Mr.
Shivkumar Agarwal and his family members based in Shahjahanpur,
Uttar Pradesh. In August 2015, it set up a unit for manufacturing
liquid glucose, malto dextrin powder, and gluten in Shahjahanpur.


SHIVAM OFFSET: CRISIL Ups Rating on INR58.3MM Term Loan to B-
-------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facility of
Shivam Offset (SO) to 'CRISIL B-/Stable' from 'CRISIL D'.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Term Loan            58.3       CRISIL B-/Stable (Upgraded
                                   from 'CRISIL D')

The rating upgrade reflects improvement in SO's liquidity, and
timely servicing of debt over the three months through September
2015. The improvement was driven by efficient management of
working capital cycle, with gross current assets (GCAs) reducing
sharply to 77 days as on March 31, 2015 from 241 days a year ago.
The revenue increased by 22 per cent in 2014-15 (refers to
financial year, April 1 to March 31), with operating profitability
improving simultaneously. Revenue growth is expected to remain
moderate over the medium term, ensuring steady accrual that is
sufficient for timely debt servicing over the medium term.

SO's scale of operations, however, remains modest in the intensely
competitive offset printing industry, and its financial risk
profile remains below average owing to a weak capital structure.
These weaknesses are partially offset by the promoters' extensive
experience in the business, and their funding support.

Outlook: Stable

CRISIL believes that SO will continue to benefit over the medium
term from the extensive experience and funding support of the
promoters. The outlook may be revised to 'Positive' if significant
ramp-up in scale of operations and stable profitability lead to
stronger cash accrual and liquidity. Conversely, the outlook may
be revised to 'Negative' if a significant dip in revenue or
profitability, stretch in working capital cycle, or any large
debt-funded capital expenditure weakens the financial risk
profile.

Set up in 2000 as a proprietary firm by Mr. Sanjay Thorwat, SO
prints textbooks for schools and colleges, and undertakes
commercial printing of files, calendars, and pamphlets. The firm
has its printing unit in Kolhapur.


SHRADDHA MOTORS: CRISIL Assigns B- Rating to INR100MM Cash Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' ratings to the bank
loan facilities of Shraddha Motors Private Limited (SMPL). .

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

The ratings reflect SMPL's large working capital requirements and
modest scale of operations in the intensely competitive automotive
dealership business. These rating weaknesses are partially offset
by the extensive industry experience of SMPL's promoters and the
company's established relationship with principal Tata Motors.
Outlook: Stable

CRISIL believes that SMPL will benefit over the medium term from
its association with Tata Motors. The outlook may be revised to
'Positive' in case of significant improvement in accruals and
improvement in capital structure, leading to a better financial
risk profile. Conversely, the outlook may be revised to 'Negative'
in case of large debt-funded capital expenditure or deterioration
in working capital management, adversely impacting financial risk
profile.

Incorporated in November 2006, SMPL is an authorised dealer of
passenger vehicles of Tata Motors in Bharuch (Gujarat). The
company is promoted by Mr. Pankaj Desai and his family members.


SHREE CERAMIC: CRISIL Raises Rating on INR55.9MM Term Loan to B+
----------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Shree Ceramic Fibers Pvt Ltd (SCFPL) to 'CRISIL B+/Stable' from
'CRISIL B/Stable' while reaffirming the rating on the short-term
bank facilities at 'CRISIL A4'.

                         Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          2.5      CRISIL A4 (Reaffirmed)

   Cash Credit            10.0      CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B/Stable')

   Letter of Credit       12.5      CRISIL A4 (Reaffirmed)

   Proposed Long Term     19.1      CRISIL B+/Stable (Upgraded
   Bank Loan Facility               from 'CRISIL B/Stable')

   Term Loan              55.9      CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B/Stable')

The rating upgrade reflects CRISIL's belief that SCFPL will
sustain its improved credit profile over the medium term,
supported by stabilization in manufacturing operations and
improvement in operating profitability. The company's scale of
operations is on an improving trend; with increase in net sales by
over 50 per cent to about INR144 million for 2014-15 (refers to
financial year, April 1 to March 31). Further, SCFPL's operating
margins increased to about 16 per cent in 2014-15, on the back of
improved operational efficiencies resulting from higher capacity
utilization. With stable demand and established relationships with
customers; CRISIL believes that the company will continue to
improve its scale of operations over the medium term.

The rating upgrade also factors in CRISIL's belief that the group
will maintain its improved financial risk profile over the medium
term, with a gearing of about 1.3 times and interest coverage
ratio of over 3 times, backed by steady accretion to reserves and
absence of any major debt-funded capital expenditure (capex) over
the medium term.

The ratings continue to reflect SCFPL's small scale of operations
on account of its initial stages of operations, its average
financial risk profile on account of past debt-funded capex for
setting up facilities, and large working capital requirements.
These rating weaknesses are partially offset by the benefits that
SCFPL derives from its promoters' extensive experience in the
insulation industry and favorable demand prospects for its
products because of use in multiple end-user industries.
Outlook: Stable

CRISIL believes that SCFPL will benefit from its promoters'
extensive experience in the insulation industry and favorable
demand prospects for its products. The outlook may be revised to
'Positive' in case of sustained improvement in sales and
profitability, resulting in higher cash accruals. Conversely, the
outlook may be revised to 'Negative' in case of deterioration in
the company's financial risk profile, particularly its liquidity,
most likely because of lower-than-expected ramp-up in sales and
cash accruals or large working capital requirements.

Incorporated in August 2011, SCFPL is promoted by Mr. Anadkumar
Tiwari and his two sons Mr. Amit Tiwari and Mr. Anupam Tiwari.
SCFPL engages in manufacturing of insulating materials such as
ceramic fibres. The unit commenced commercial operations in
January 2013.


SKYTOUCH CERAMIC: CRISIL Reaffirms B+ Rating on INR160MM Loan
-------------------------------------------------------------
CRISIL's ratings on the bank loan facilities of Skytouch Ceramic
Pvt Ltd (SCPL) continues to reflect the company's modest scale and
nascent stage of operations, its working capital intensive
operations and its average financial risk profile.

                       Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Bank Guarantee        29       CRISIL A4 (Reaffirmed)
   Cash Credit           60       CRISIL B+/Stable (Reaffirmed)
   Long Term Loan       160       CRISIL B+/Stable (Reaffirmed)

These rating weaknesses are partially offset by its promoters'
extensive experience in the ceramic industry and proximity of
manufacturing facilities to sources of raw material and labour.
Outlook: Stable

CRISIL believes that SCPL will benefit over the medium term from
its promoters' extensive industry experience. The outlook may be
revised to 'Positive' if SCPL significantly scale up its
operations with sustained profitability leading to higher than
expected accruals and its capital structure improves marked by
substantial equity infusion. Conversely, the outlook may be
revised to 'Negative' if the company's liquidity deteriorates
marked by decline in profitability or stretch in working capital
requirements or large debt funded capex.

Update:
SCPL reported net sales of INR88.2 million for 2014-15 (refers to
financial year, April 1 to March 31), with only three months of
operations. With 2015-16 being first full year of operations,
CRISIL expects healthy offtake in capacities. The company's
operating margin though moderate at 9.6 per cent for 2014-15, is
likely to improve with healthy offtake expected over the medium
term. Operations remained working capital intensive with gross
current assets (GCAs) of 597 days as on March 31, 2015. Due to its
working capital intensive operations, STPL's reliance on external
short term debt is expected to remain high over medium term.
SCPL's financial risk profile is marked by high gearing of 2.37
times and weak debt protection metrics, with interest coverage and
net cash accruals to total debt ratios of 0.7 times and -0.02
times respectively as on March 31, 2015. With healthy offtake
expected, CRISIL believes the financial risk profile will improve
over the medium term. SCPL is expected to generate accruals of
around INR25 million, against scheduled repayment obligations of
around INR9.7 million for 2015-16. Accruals are expected to remain
adequate against repayment obligation over medium term. Its
liquidity is also supported by unsecured loans from promoters, the
balance of which was INR41.8 million as on March 31, 2015. CRISIL
believes SCPL's promoters will continue to support its liquidity
through timely infusion of funds over the medium term.

SCPL, on a provisional basis, reported a net loss of INR4.7
million on net sales of INR88.2 million for 2014-15.

SCPL, incorporated in 2013, is promoted by Morbi (Gujarat)-based
Mr. Hareshkumar, Mr. Hirenbhai, and Mr. Jayantilal Bhudarbhai. The
Company manufactures vitrified floor tiles at its facilities in
Morbi. SCPL commenced commercial operations in January 2015.


SOLID STATE: ICRA Ups Rating on INR4.75cr LT Loan to 'B+'
---------------------------------------------------------
ICRA has upgraded the long-term rating assigned to the INR0.86
crore term loan facilities (previously INR2.33 crore), the INR4.75
crore fund based facilities and the INR1.47 crore proposed
facilities (previously nil) of Solid State Systems Private Limited
from [ICRA]B to [ICRA]B+. ICRA has re-affirmed the short-term
rating for the non-fund based facilities of INR2.75 crore at
[ICRA]A4.

                          Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Long Term-Term Loan     0.86        [ICRA]B+; Upgraded from
                                       [ICRA]B

   Long Term-Fund Based    4.75        [ICRA]B+; Upgraded from
                                       [ICRA]B

   Short Term-Non Fund
   Based                   2.75        [ICRA] A4 Reaffirmed

   Long Term-Proposed      1.47        [ICRA]B+; Upgraded from
                                       [ICRA]B

Rating Rationale

The rating upgrade takes into account the diversification of the
company's business with the addition of new customers comprising
reputed OEMs such as Samsung India Electronics and Videocon
Industries Limited; as well as the expansion of its distribution
network across India in an efficient manner. The rating also
factors in the improvement in gearing levels owing to repayment of
long-term debt as on March 31, 2015, coupled with equity infusion
of INR0.49 crore in 2014-15, which is expected to continue into
the next financial year with further repayment of term loans and
planned equity infusion of INR0.85 crore. The rating, moreover,
derives support from SSSPL's technological capabilities in in-
house development of machineries to support its capital
expenditure programs. Its established relationships with customers
and suppliers because of its long track record in the industry are
credit strengths too.

The ratings are, however, constrained by SSSPL's working capital
intensive nature of operations that has led to a constrained
liquidity position, as evidenced by the high utilization of its
working capital limits. The rating is also constrained by the
company's moderate scale of operations, and susceptibility of
operating profit margins to raw material price fluctuations, given
the fixed-price nature of most of its supply contracts.
Competition from the other established capacitor manufacturing
concerns, which keeps profitability under check, is a credit
rating concern as well.

Solid State Systems Private Limited (SSSPL), founded in 1972 by
the Late Mr. Irshad Basith, is engaged in manufacturing metalized
polypropylene film capacitors. The company has quality
certifications, including the ISO 9001-2000, the American UL
Certification, the European ENEC Certification (for lighting
capacitors) and the S3 Certification from International
Electrotechnical Commission (IEC). Currently the company is run by
its directors, Mr. Omer Basith, Mr. Jawad Basith, Mr. Naushad
Hasan, and Mrs. Iqbal Basith. Its manufacturing unit is located at
Hoskote, Bangalore.

Recent Results
During 2014-15, the company reported a net profit of INR0.64 crore
on an operating income of INR33.36 crore (as per provisional
numbers), as against a net profit of INR0.69 crore on an operating
income of INR30.33 crore during 2013-14.


SRI SRINIVASA: ICRA Revises Rating on INR63.95cr Loan to B+
-----------------------------------------------------------
ICRA has revised the long term rating assigned to the INR124.25
crore bank facilities of Sri Srinivasa Spintex (India) Limited to
[ICRA] B+ from [ICRA]B- assigned earlier.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Term Loan             63.95       [ICRA]B+ (revised from
                                     [ICRA] B-)
   Cash Credit           55.00       [ICRA]B+ (revised from
                                     [ICRA] B-)
   Non Fund based         2.47       [ICRA]B+ (revised from
   Limits                            [ICRA] B-)
   Unallocated limits     2.83       [ICRA]B+ (revised from
                                     [ICRA] B-)

The rating upgrade factors in the stabilization of the open ended
spinning unit that commenced operations from October 2014 as
reflected in its full capacity utilization, for which company had
incurred capital expenditure of ~20% of Gross fixed assets in
recent past. Further with improved power scenario in the state of
Andhra Pradesh, the production from the existing spun yarn
facility of 55440 spindles has increased with capacity utilization
at above 95% during FY15 being second full year of operations for
the entire facility. With improvement in production levels, ICRA
expects the operating profitability margins of SSSIL to improve
going forward. Further the company has no major debt funded capex
plans in near term which shall lead to reduced debt level and
improvement in coverage indicators.

The rating however continues to remain constrained on account of
highly leveraged capital structure of SSSIL as reflected in Total
Debt (TD)/TNW of 4.15 times and TD/OPBDITA of >6 times as on March
31st 2015. Due to seasonality in cotton availability, the company
holds large inventory which exposes the profitability to inventory
losses as witnessed in the past. With reduced cotton prices, SSSIL
has further increased stocking at the end of FY15 thereby
resulting in increase in Inventory levels of 145 days as against
117 days at the end of FY14. Cotton prices are unlikely to witness
significant volatility in near term thereby reducing inventory
risks, however it has resulted in increased debt levels to fund
the same. Ability to reduce blockage of funds in working capital
will continue to remain critical for the cash flows and liquidity.
Despite eligibility of SSSIL for various investment incentives
like power and interest subsidy, the coverage indicators have
remained modest with OBITDA/interest at 1.72 times and Net Cash
Accruals/Debt of 5% as on March 31st 2015. Going forward, SSSIL's
ability to maintain profitability margins to cover the debt
repayments apart from reducing working capital cycle will be
critical for liquidity and its debt servicing ability and hence
will be key rating sensitivities.

SSSIL, incorporated in July 2006, is primarily engaged in
producing cotton yarn of medium counts viz. 32s, 40s, etc. Based
at Tadepalligudem in West Godavari district of Andhra Pradesh,
SSSIL started commercial production of yarn in August 2008 with
4,000 spindles which was increased gradually to 18,000 spindles in
January 2009 to 42,840 spindles in January 2011 and 55,440
spindles in June 2012. Recently the company has also commenced
operations of Open Ended spinning division with 1380 rotors in
October 2014.

Recent Results
SSSIL has, for the year ended March 31, 2014, reported an
operating income of INR140.65 and PAT of INR2.63 crore against
INR143.36 crore and a profit before tax of INR2.74 crore
respectively for FY14.


SRUTI FILATEX: ICRA Reaffirms B+ Rating on INR8.0cr Cash Loan
-------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ assigned to
the INR5.38 crore term loan facilities and INR8.00 crore cash
credit facilities of Sruti Filatex Private Limited. ICRA has also
reaffirmed the short-term rating of [ICRA]A4 assigned to the
INR1.50 crore non-fund-based letter of credit facilities of SFPL.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Term Loans            5.38       [ICRA]B+; reaffirmed
   Cash Credit           8.00       [ICRA]B+; reaffirmed
   Letter of Credit      1.50       [ICRA]A4; reaffirmed

The reaffirmation of ratings takes into consideration the weak
financial profile of the company as evident from the low net
profitability levels due to the limited value-additive nature of
the texturising activity the leveraged capital structure and
modest debt coverage indicators along with high working capital
intensity of operations. The ratings are further constrained by
the vulnerability of the company's profitability to the volatility
in raw material prices as well as the cyclicality and the intense
competitive pressures inherent in the industry. The ratings also
take into account the high supplier concentration and the limited
bargaining power of the company with its suppliers.

The ratings, however, draw comfort from the long track record of
the promoters in the field of manufacturing and marketing of
texturised yarn and the long association of the company with
various customers, which strengthens its market position. The
ratings also take into consideration the diversification of
clientele of the company, leading to a low customer concentration
risk.

Sruti Filatex Private Limited (SFPL) was incorporated in 1994 and
commenced operations in 2003. SFPL is engaged in the manufacture
of Drawn Texturised Yarn (DTY), also known as crimp yarn,
speciality (kota) yarn and air texturised yarn (ATY). SFPL has
installed 10 texturising machines for manufacturing crimp yarn and
kota yarn and 4 texturising machines for manufacturing of air
texturised yarn at its facility at Pipodara, near Surat (Gujarat).
The annual production capacity of company varies owing to
different denier configurations required in the manufacturing
process of its products.

Recent Results
In FY 2014, SFPL reported a profit after tax of INR0.25 crore on
operating income of INR47.56 crore. Further as per provisional
results of FY 2015, SFPL reported a profit after tax of INR0.57
crore on operating income of INR51.97 crore.


TIMES FERRO: ICRA Withdraws B+ Rating on INR10.56cr Loan
--------------------------------------------------------
ICRA has withdrawn the suspended ratings of [ICRA]B+ assigned to
the INR10.56 crore, long term loan and working capital facilities,
and the [ICRA]A4 assigned to the INR1.80 crore, short term, non-
fund based, letter of credit facility of Times Ferro Alloys
Limited. As per ICRA's policy on withdrawals, ICRA can withdraw
the ratings in case the ratings remain suspended for more than
three years.


TUBE-WELD (INDIA): ICRA Suspends 'D' Rating on INR6.75cr Loan
-------------------------------------------------------------
ICRA has suspended [ICRA]D/[ICRA]D ratings assigned to the INR6.75
crore fund based and non-fund based limits of Tube-Weld (India)
Limited. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.

TWIL is engaged in the manufacture of boiler components such as
super-heater coils, economiser coils, bed evaporator coils, heat
exchangers, boiler pressure parts etc in addition to trading of
steel pipes and fittings. The manufacturing is completely order
backed and based on designs given by the clients. TWIL has been
approved by CBD for supply of boiler components. TWIL is also
engaged in the trading of seamless carbon and alloy steel tubes
and pipes, electric resistant welded (ERW) tubes, air pre-heater
tubes, steam pipes and various related fittings which find
applications in the manufacture of various boiler components.



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


CIMB BANK: Moody's Cuts For. Curr. Sub. MTN Rating to (P)Ba1
------------------------------------------------------------
Moody's Investors Service has affirmed CIMB Bank Berhad's A3/P-2
local and foreign currency deposit ratings and A3 foreign currency
senior unsecured debt ratings.

Moody's has also affirmed the bank's A3/P-2 foreign currency
issuer ratings, and (P)A3 foreign currency senior unsecured
medium-term note (MTN) rating.

The outlook on the A3 ratings remain positive.

Moody's has also affirmed CIMB Islamic Bank Berhad's A3/P-2 local
and foreign currency deposit and issuer ratings.

The outlook on the A3 ratings remain positive.

At the same time, Moody's has downgraded CIMB Bank's baseline
credit assessment (BCA) and Adjusted BCA to baa2, from baa1.

As a result of the Adjusted BCA downgrade, the following ratings
of CIMB Bank were also downgraded:

(1) Foreign currency subordinate MTN rating downgraded to (P)Ba1,
    from (P)Baa3;

(2) Foreign currency preferred stock rating -- issued under SBB
    Capital Corporation, a subsidiary of CIMB Bank -- downgraded
    to Ba2(hyb), from Ba1(hyb).

CIMB Islamic's Adjusted BCA was also downgraded to baa2, from
baa1.

The A3(cr)/P-2(cr) Counterparty Risk (CR) Assessments of CIMB Bank
and CIMB Islamic were also affirmed.

Lastly, Moody's has affirmed CIMB Group Holdings Berhad's Baa1/P-2
local and foreign currency issuer ratings. The ratings outlook
remains positive.

The ratings of PT Bank CIMB Niaga Tbk (Baa3 stable, ba2), CIMB
Thai Bank Public Company Limited (Baa2 stable, ba2) and CIMB
Investment Bank (A3 stable) remain unchanged and are not affected
by this rating action.

RATINGS RATIONALE

Downgrade of CIMB Bank's BCA and Adjusted BCA to baa2 from baa1

The downgrade of CIMB Bank's BCA and Adjusted BCA reflects the
bank's weaker capitalization compared to its domestic and regional
peers, as well as Moody's expectation that further pressure on
asset quality from slowing operating conditions will weaken the
bank's profitability and ability to improve its capital levels.

CIMB Bank's Common Equity Tier 1 ratio on a consolidated basis
declined to 9.6% at end-June 2015 from 10.1% at end-2014 as a
result of poorer profitability and higher regulatory capital
deductions under the Basel III transitional rules. The ratio is
lower than its domestic peers and the average of Moody's rated
banks in Malaysia (June 2015: 11.2%).

Although operating revenue growth was strong at 10.6% year-on-year
in 1H 2015 on an annualized basis, the bank's restructuring
expenses totaling MYR303 million and higher credit costs from the
bank's Thai operations have dragged the bank's overall
profitability.

Over the next 12-18 months, Moody's expects economic conditions in
Thailand and Malaysia to slow, and in turn weaken the banking
sector's and CIMB Bank's revenue growth, and increase downside
risks to its asset quality and credit costs. As the bank's
profitability weakens, its ability to generate capital internally
will be limited.

In the absence of any significant capital raise, Moody's expects
CIMB Bank to face challenges in improving its capital buffers to
industry-average standards from their current levels, as the
banking industry endures a period of protracted market volatility
and weak domestic and regional growth.

Downgrade of various CIMB Bank's subordinated debt ratings

The ratings of CIMB Bank's foreign currency subordinated MTN
rating and foreign currency preferred stock rating -- issued under
SBB Capital Corporation, which is a subsidiary of CIMB Bank --
were downgraded by one-notch, following the one-notch downgrade of
CIMB Bank's Adjusted BCA to baa2 from baa1.

CIMB Bank's subordinated MTN rating remains positioned 2 notches
below the bank's Adjusted BCA, and the preferred stock rating
positioned 3 notches below the bank's Adjusted BCA, which is in
line with Moody's notching practice for subordinated debt
securities.

Downgrade of CIMB Islamic's Adjusted BCA to baa2 from baa1

The rating downgrade follows the downgrade of the BCA of CIMB Bank
-- CIMB Islamic's parent bank -- to baa2 from baa1.

CIMB Islamic's Adjusted BCA incorporates Moody's expectation of
full parental support from CIMB Bank, whose capacity to provide
support is now reflected by its baa2 BCA.

Ratings affirmation of CIMB Bank, CIMB Islamic and CIMB Group with
positive outlooks

The ratings affirmation reflects Moody's expectation of very high
government support for CIMB Group and the key CIMB Group
subsidiaries, namely CIMB Bank and CIMB Islamic.

This high support is driven by the bank's significant domestic
market shares of banking system deposits (1H 2015: 11%) and the
47% government stake in its parent holding company held through
Employees Provident Fund (17.2%) and Khazanah Nasional Berhad
(29.5%).

CIMB Group's Baa1 rating reflects the structural subordination of
the group's creditors relative to CIMB Bank's creditors.

The positive outlook on CIMB Group's Baa1 rating and the A3 rating
of both CIMB Bank and CIMB Islamic mirror the positive outlook on
the A3 government bond rating.

WHAT COULD CHANGE THE RATINGS UP/DOWN

Given the positive outlook on CIMB Bank's and CIMB Islamic's A3
ratings as well as CIMB Group's Baa1 rating, an upgrade of the
sovereign bond rating would likely lead to an upgrade of these
ratings, assuming the bank's credit metrics remain robust.

In view of the recent downgrade of CIMB Bank's BCA, any upside
pressure on the BCA is unlikely in the near-term. However, the
bank's BCA could eventually be raised, if it is able to achieve
the following in the next 12-18 months: (1) improvement in risk-
adjusted profitability and internal capital generation; (2)
substantial improvement in asset quality or a material increase in
its loss-absorption buffers; (3) significant reduction in borrower
and industry concentration.

Conversely, the following factors could result in a downgrade of
CIMB Bank's BCA and ratings: (1) a significant decline of its
loss-absorption buffers; (2) a material deterioration in asset
quality; (3) substantial decline of its profitability metrics; (4)
a continued increase in the group's leverage levels; and/or (5)
aggressive credit expansion or acquisitions that lead to
significant increases in its risk profile.

The bank's subordinated MTN and preferred stock ratings are
notched off its Adjusted BCA, and will move in line with any
changes to its Adjusted BCA.

CIMB Islamic's Adjusted BCA reflects its credit fundamentals and
Moody's expectation of full parental support from CIMB Bank. Its
adjusted BCA could be upgraded if (1) its credit fundamentals
improve; or (2) CIMB Bank's BCA is upgraded. The adjusted BCA
could be downgraded if the BCAs of both CIMB Bank or CIMB Islamic
are downgraded.

Taking into account the announcement, the ratings of the affected
entities are as follows:

CIMB Bank Berhad

-- Long-term local and foreign currency deposit ratings affirmed
    at A3, with a positive outlook

-- Long-term foreign currency issuer rating affirmed at A3, with
    a positive outlook

-- Short-term local and foreign currency deposit and foreign
    currency issuer ratings affirmed at P-2

-- Foreign currency senior unsecured rating affirmed at A3, with
    a positive outlook

-- Foreign currency senior unsecured MTN rating affirmed at (P)A3

-- Foreign currency subordinate MTN rating downgraded to (P)Ba1,
    from (P)Baa3

-- BCA and adjusted BCA downgraded to baa2, from baa1

-- CR Assessment affirmed at A3(cr)/P-2(cr)

CIMB Bank Berhad, Singapore Branch

-- Local currency senior unsecured rating affirmed at A3, with a
    positive outlook

-- Foreign currency senior unsecured MTN rating affirmed at (P)A3

-- CR Assessment affirmed at A3(cr)/P-2(cr)

CIMB Bank Berhad, Labuan Branch

-- Foreign currency senior unsecured rating affirmed at A3, with
    a positive outlook

-- Foreign currency senior unsecured MTN rating affirmed at
    (P)A3

-- CR Assessment affirmed at A3(cr)/P-2(cr)

SBB Capital Corporation

-- Foreign currency backed preferred stock non-cumulative
    downgraded to Ba2(hyb), from Ba1(hyb)

CIMB Group Holdings Berhad

-- Long-term local and foreign currency issuer ratings affirmed
    at Baa1, with a positive outlook

-- Short-term local and foreign currency issuer ratings affirmed
    at P-2

CIMB Islamic Bank Berhad

-- Long-term local and foreign currency deposit and issuer
    ratings affirmed at A3, with a positive outlook

-- Short-term local and foreign currency deposit and issuer
    ratings affirmed at P-2

-- BCA remain unchanged at baa2

-- Adjusted BCA downgraded to baa2, from baa1

-- CR Assessment affirmed at A3(cr)/P-2(cr)



===============
M O N G O L I A
===============


SOUTHGOBI RESOURCES: TSX Delisting Review Extended Until Oct. 28
----------------------------------------------------------------
SouthGobi Resources Ltd. on Oct. 5 announced the confirmation of
the extension to the Toronto Stock Exchange delisting review until
October 28, 2015.

As announced by the Company on August 30, 2015, a meeting of the
Continued Listing Committee of TSX was scheduled on September 28,
2015 and their decision was expected no later than September 30,
2015.

At the Meeting, the Company provided the Committee with a number
of current financing initiatives that it is currently pursuing
(and described in details below) and, on the basis of allowing the
Company the ability to execute on such initiatives, the Committee
confirmed that it is extending the date of its decision regarding
the Company's listing status and whether the Company has met the
listing requirements of the TSX until October 28, 2015.

Financing Initiatives

Short-term Bridge Loan - the Company is in the process of
finalizing a US$10 million bridge loan agreement with an Asian
based private equity fund. The loan will be funded in two
approximately equal tranches, with the first tranche expected to
close by mid-October 2015 and the second tranche to close by the
end of October 2015. The first tranche and second tranche will be
repayable nine months after funding and six months after funding
respectively.

Sales and Offtake Agreements - the Company is currently in the
process of negotiating sales contracts for the fourth quarter of
2015. The Company expects sales will ramp up in the fourth quarter
to meet the high seasonal demand of coal in the winter season in
China.

Turquoise Hill Payment Deferral - the Company is currently in
discussions with Turquoise Hill Resources Ltd. to further postpone
the repayment of its shareholder loan and other payables, of which
loan principal of US$1.9 million and interest accrued up to
October 9, 2015 is due on October 9, 2015 and a further loan
principal of US$1.9 million and interest accrued up to November
30, 2015 is due on November 30, 2015.

                          About SouthGobi

SouthGobi, listed on the Toronto and Hong Kong stock exchanges, is
focused on exploration and development of its metallurgical and
thermal coal deposits in Mongolia's South Gobi Region. It has a
100% shareholding in SouthGobi Sands LLC, a Mongolian registered
company that holds the mining and exploration licences in Mongolia
and operates the flagship Ovoot Tolgoi coal mine. Ovoot Tolgoi
produces and sells coal to customers in China.



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


MAKO NETWORKS: D&S Communications Buys Firm Out of Liquidation
--------------------------------------------------------------
Catherine Harris at Stuff.co.nz reports that Mako Networks, a New
Zealand network security provider which was making inroads in the
United States before its liquidation, has been bought by US telco
firm D&S Communications.

The firm was bought for NZ$3 million, the report says.  Mako was
put into liquidation by its directors in August, owing just over
$25 million to creditors, and placed into receivership a day later
by its major creditor, Spark, the report says.

Stuff.co.nz relates that D&S, Mako's main North American
distribution partner, said it would continue to base research and
development in New Zealand and would retain several senior
managers, including company founders Chris Massam and Simon
Gamble.

According to the report, Jason Kubasak, D&S Communication's chief
executive said that in working with Mako for the last two years it
had come to respect its technology.

"The team has developed some outstanding technologies which have
proven their worth in the course of rigorous assessments by large
enterprises, including Chevron," the report quotes Mr. Kubasak as
saying. "We believe there's an opportunity to build on this
foundation and build a network security company that can succeed
in global markets."

Spark has secured the rights to Mako's Secure Me platform in
New Zealand, the report notes.

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

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


SOLID ENERGY: Proposes to Cease Production at Huntly East Mine
--------------------------------------------------------------
Solid Energy is proposing to permanently cease production at its
Huntly East Mine in Waikato because the mine has no prospect of
returning to profitability and is unsalable.

The proposal was outlined to staff members of the underground coal
mine on October 9. They have 10 days to provide feedback on the
proposal. The company management will consider any feedback and
make a final decision by Thursday, October 22.

The decision follows Solid Energy's voluntary administration and
the creditors' vote last month to begin a programme to sell assets
over the next two-and-a-half years pursuant to a Deed of Company
Administration. Part of that process is to determine if any assets
are un-saleable.

Chief Executive, Dan Clifford, says the mine has been struggling
financially for some time and its loss-making position has
deteriorated further recently.

"In September 2013, Solid Energy undertook a major restructuring
at Huntly East Mine. The company said it would keep the mine going
in a small way, at least-cost, because at that time the view of
industry analysts was that the market would start recovering in a
year or two.

"In fact the situation has continued to deteriorate and Huntly
East Mine is now deeply unprofitable, costing in the order of
$500,000 a month to keep open," Mr Clifford says. "Because the
company does not need the mine's production to meet our current or
expected customer demand, and because there is no prospect the
mine can be run profitability, we have determined it has no chance
whatsoever of attracting a buyer. We therefore must act to stem
these losses."

Solid Energy Board Chair, Andy Coupe, says the proposed stopping
of mining at Huntly East Mine would end almost 140 years of
underground coal mining in the Huntly district. "Directors
recognise that if this goes ahead as proposed, it will be the end
of an era, and not just for our staff members at the mine. Many,
many people have connections to Huntly's underground coal mining
history and mining in the past has played a very important part in
the economy of the region. This is but one of many difficult but
important decisions that directors have had to make in recent
months.

"This decision, however, should not be read as the end of
underground coal mining in New Zealand. This individual mine has
been in work for almost 40 years and over that time the working
faces have moved further and further from its portals and deeper
underground. So while this mine has no prospect of returning to
profitability, that is not to say that underground coal mining may
not be profitably done again in the future with a different set of
conditions."

Since the September 2013 restructure, Huntly East Mine has been
producing 100,000 tonnes of coal a year, with a staff today of 68.
Since this morning [October 8]'s announcement, all but safety-
critical underground work has been suspended and employees will be
tasked with surface work.

If, after considering employees' feedback, the decision is to
proceed substantially as proposed today, all but three staff
members' roles would be disestablished and the people made
redundant. The company would re-employ a small group of people on
fixed-term contracts to undertake the mine closure work.

Full planning of a closure has still to be done, but it is likely
the mine's underground workings will be flooded and its entries
permanently sealed.

Huntly East Mine began producing coal in 1978. Its peak production
was 465,000 tonnes in the 2003/04 financial year.

                         About Solid Energy

Solid Energy New Zealand Ltd is New Zealand's largest coal mining
company and an investor in research and commercialisation of
sustainable forms of energy that use coal, coal seam gas, biomass,
biodiesel and solar. Solid Energy's core mining business
includes hard coking coal, primarily for export to steel mills
throughout Asia, and thermal coal for the Huntly power station
and other domestic customers in the steel, dairy and cement
industries.

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 13, 2015, the Board of Solid Energy New Zealand Limited
(SENZ) has placed the company and all associated companies into
voluntary administration, a process which allows the company to
continue trading while creditors consider the best way forward.

KordaMentha partners, Brendon Gibson and Grant Graham have been
appointed Administrators.

Creditors of the Solid Energy Group on September 17 approved a
Deed of Company Arrangement (DOCA) with the Group.



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


PAMPANGA II: Fully Repays PHP1 Billion Loan With PSALM
------------------------------------------------------
Jon Viktor D. Cabuenas at GMA News reports that Power Sector
Assets and Liabilities Management Corp. (PSALM) has received more
than PHP1 billion from Pampanga II Electric Cooperative Inc.
(PELCO II) as full payment covering the balance of a restructured
obligation.

According to the report, state-run PSALM said it received in full
on September 30 the amount of PHP1,095,346,131.75 from PELCO II.

"The amount of repayment sets the record as the biggest ever
received by the government power firm from any electric
cooperative for its outstanding obligation," the report quotes
PSALM President and CEO Lourdes S. Alzona as saying.  "This will
redound to the reduction of stranded debts of National Power
Corporation," Ms. Alzona added.

"If the debt of the NPC won't be settled, taxpayers will be
burdened. They will be the one to pay," Recelo G. Celades of the
PSALM Corporate Communications department said in a separate phone
interview, GMA News relates.

According to GMA News, PSALM said PELCO II is the first
cooperative to succeed under an investment and management contract
program (IMC) of the National Electrification Administration
(NEA).

The report notes that PELCO II was able to prepay its restructured
account with PSALM with the backing of the program and a loan from
the Philippine National Bank.

The debt originally amounted to PHP1,431,946,972.37 and was
supposed to be amortized within 10 years from October 2010, the
report states.

"It encourages ailing electric cooperatives to consider IMC as an
option to address financial concerns," GMA News quotes PSALM
Treasury Department Manager Manuel Marcos M. Villalon II as
saying.

PSALM's board of directors approved on October 2010 the
restructuring of PELCO II's unpaid power obligations, GMA News
recalls.

According to the report, PELCO II is currently under a 20-year IMC
with Comstech Integration Alliance Inc. and its technical advisor
Manila Electric Co.

Under the program, the investor-manager is expected to settle
PELCO II's debts with the NEA and its power supplier, adds GMA
News.



================
S R I  L A N K A
================


PEOPLE'S LEASING: Currently Holds Fitch's 'B+' Long-Term IDR
------------------------------------------------------------
Fitch Ratings assigned People's Leasing & Finance PLC's (PLC,
B+/AA-(lka)/Stable) proposed senior unsecured debentures of up to
LKR6bn a final National Long-Term Rating of 'AA-(lka)'.

The assignment of the final rating follows the receipt of
documents conforming to information already received, and the
final rating is the same as the expected rating assigned on 15
July 2015.

The issue will have tenors of four and five years with fixed-rate
coupon payments. PLC plans to use the proceeds for working capital
purposes, to diversify its funding mix, and to reduce maturity
mismatches.

KEY RATING DRIVERS

The proposed debenture is rated in line with PLC's National Long-
Term Rating of 'AA-(lka)', given that the issue is expected to
rank equally with the claims of company's other senior unsecured
creditors.

PLC's Issuer Default Ratings (IDRs) and National Long-Term Rating
reflect Fitch's view that PLC's parent, the state-owned and
systemically important People's Bank (AA+(lka)/Stable), has a high
propensity but limited ability to provide extraordinary support to
PLC if required. This is because PLC is strategically important to
People's Bank; People's Bank owns 75% of PLC and has board
representation; the two entities share a common brand; and PLC is
associated with People's Bank's franchise.

RATING SENSITIVITIES

The rating on the debentures will move in tandem with PLC's
National Long-Term Ratings.

PLC's ratings may be downgraded if People's Bank is no longer a
majority shareholder in PLC, or if People's Bank's ability to
provide support weakens, or if PLC's strategic importance to its
parent diminishes over time.

Fitch does not expect PLC's ratings to be upgraded, unless
People's Bank's ratings are upgraded.

A full list of PLC's ratings follows:

Long-Term Foreign-Currency IDR: 'B+'; Outlook Stable
Long-Term Local-Currency IDR: 'B+'; Outlook Stable
National Long-Term Rating: 'AA-(lka)'; Outlook Stable
Sri Lanka rupee-denominated senior unsecured debentures: 'AA-
(lka)'
Proposed Sri Lanka rupee-denominated senior unsecured debentures:
'AA-(lka)'



                             *********

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 ***