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                      A S I A   P A C I F I C

          Friday, October 16, 2015, Vol. 18, No. 205


                            Headlines


A U S T R A L I A

AREV COMPUTER: First Creditors' Meeting Set For Oct. 22
FRANCHISED FOOD: To Shut Down if New Franchising Bill Becomes Law
MAE INVESTMENTS: First Creditors' Meeting Set For Oct. 23
OUTLAW COATINGS: First Creditors' Meeting Set For Oct. 22
WHITE MOTOR: Placed in Voluntary Administration


B A N G L A D E S H

BANGLALINK DIGITAL: Moody's Raises CFR to Ba3; Outlook Stable


C H I N A

CAR INC: Moody's to Retain Ba1 CFR on Proposed Stake Reduction
FU CHANG: Shuts Down Operations Due to Liquidity Issues
SINOSTEEL CO: Faces Potential Bond Default


I N D I A

AKULA BOARDS: CRISIL Ups Rating on INR110MM LT Loan to 'B'
ARYA COTTON: ICRA Reaffirms B+ Rating on INR15cr Cash Loan
BAJAJ BASMATI: CRISIL Lowers Rating on INR380MM Cash Loan to D
BRISTOL TOURIST: CRISIL Reaffirms 'B' Rating on INR500MM Loan
D. S. DEVELOPERS: ICRA Assigns B Rating to INR10cr Term Loan

EPSON VITRIFIED: CRISIL Assigns B+ Rating to INR83.5MM Term Loan
FOODS AND FEEDS: ICRA Lowers Rating on INR13cr LT Loan to D
JAYASWAL NECO: ICRA Lowers Rating on INR3355.25cr Loan to D
K. M. COTEX: CRISIL Reaffirms B+ Rating on INR55MM Cash Loan
M.M.COTTON: CRISIL Assigns 'B' Rating to INR50M Whse Loan

MEHTA GOLD: CRISIL Reaffirms B+ Rating on INR120MM Cash Loan
NARAYAN COLD: ICRA Assigns 'B' Rating to INR8.35cr Loan
PRABIR FOODSTUFF: CRISIL Cuts Rating on INR150MM Whse Loan to D
RAM COTEX: CRISIL Reaffirms 'B' Rating on INR65MM Cash Loan
REALITY TEX: ICRA Assigns B Rating to INR15cr Proposed Loan

RUBY MICA: CRISIL Reaffirms B+ Rating on INR20.6MM Loan
SAI JYOT: CRISIL Lowers Rating on INR100MM LT Loan to 'D'
SANGAM FORGINGS: CRISIL Reaffirms B Rating on INR50MM Cash Loan
SHANKER COTGIN: CRISIL Reaffirms B+ Rating on INR60MM Cash Loan
SHIVSHAKTI BARRELS: CRISIL Assigns 'B' Rating to INR45MM Loan

SHREE GEETA: ICRA Assigns B+ Rating to INR43.46r LT Loan
SHRESID INTERIORS: CRISIL Lowers Rating on INR35MM Loan to B-
SIDDHI COTTON: ICRA Reaffirms B+ Rating on INR8.0cr Loan
SILVER PROTEINS: CRISIL Cuts Rating on INR120MM Loan to 'D'
STONE CONCERN: CRISIL Reaffirms B+ Rating on INR100MM Cash Loan

SUDHAMA HOSIERIES: CRISIL Suspends 'C' Rating on INR29.1MM Loan
SUN AGENCY: CRISIL Lowers Rating on INR90MM Cash Loan to D
VIRENDRA KUMAR: ICRA Lowers Rating on INR4cr Cash Loan to B+


N E W  Z E A L A N D

SOLID ENERGY: Cargill International Challenges Creditors Deal


                            - - - - -


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


AREV COMPUTER: First Creditors' Meeting Set For Oct. 22
-------------------------------------------------------
Gavin Moss of Vincents Chartered Accountants was appointed as
administrator of Arev Computer Centre Pty. Limited, trading as
"Advanced Revelations" and "Arev Sign Systems", on Oct. 12, 2015.

A first meeting of the creditors of the Company will be held at
boardroom of Vincents Chartered Accountants, Level 19, MLC Centre
19-29 Martin Place, in Sydney, on Oct. 22, 2015, at 11:00 a.m.


FRANCHISED FOOD: To Shut Down if New Franchising Bill Becomes Law
-----------------------------------------------------------------
Broede Carmody at SmartCompany reports that Franchised Food
Company would close down if Greens MP Adam Bandt's franchising
bill becomes law, according to the company's chief executive,
meaning the end of popular brands such as Cold Rock Ice Creameries
and the loss of thousands of jobs.

SmartCompany relates that Mr. Bandt has introduced a bill into
parliament that would allow workers to recover lost wages from
franchisors if negotiations break down with their franchisee
employer.

According to the report, the proposed legislation is in response
to the 7-Eleven underpayments scandal, which has sent shockwaves
through the franchising community and prompted the 24-7
convenience chain's chair and chief executive to resign.

7-Eleven is scrambling to repair its relationship with
franchisees, with a meeting between Victorian franchisees and head
office held at Melbourne's Convention Centre on October 12,
SmartCompany reports.

SmartCompany relates that Mr. Bandt said his bill would help avoid
widespread worker exploitation and stop head offices from turning
a "blind eye" to what happens under their brand name.  However,
franchising experts have said the bill would be a "kiss of death"
for smaller franchises if it becomes law.

Franchised Food Company chief executive Stan Gordon told
SmartCompany the bill would cause untold damage to small
franchises if it receives the support of the government.

"If it goes up, Mr Bandt can take responsibility for the loss of
about 5000 jobs because I'll close down," the report quotes
Mr. Gordon as saying.  "It's as simple as that. I couldn't take
the responsibility for my franchisee's wages and my insurance
companies wouldn't do that. Even if we were to put in a central
payroll system, if we don't get the right information we don't
know how it would work."

According to SmartCompany, Mr. Gordon said Mr. Bandt's bill won't
actually solve the problem of worker underpayment and will instead
defer a franchisee's responsibility to correctly pay their workers
to head office.

"It's a mess," Mr. Gordon told SmartCompany. "If a franchisor has
to take responsibility for an incorrect payment, it won't work.
The whole franchising model falls apart. I'm sure my views would
be shared by larger organisations."

Mr. Bandt told SmartCompany Gordon has "fundamentally
misunderstood" his bill.

"Under my bill, the franchisee remains primarily liable for any
underpayments to its employees," SmartCompany quotes Mr. Bandt as
saying.  "What the bill does is allow any underpaid employee who
can't get satisfaction from their employer to then go to head
office. Head office meets the underpayment and then can pursue the
franchisee for that amount."

Mr. Bandt said if the bill becomes law, franchisors could still
protect themselves through their franchise agreements through a
provision that indemnifies head office of any underpayments,
SmartCompany adds.

The Franchised Food Company operates the Cold Rock brand, as well
as other brands such as Mr Whippy, Nutshack, Pretzel World,
Trampoline and Europa Coffee.


MAE INVESTMENTS: First Creditors' Meeting Set For Oct. 23
---------------------------------------------------------
Daniel Lopresti and Timothy Clifton of Clifton Hall were appointed
as Joint and Several Liquidators of MAE Investments Pty Ltd on
Oct. 14, 2015.

A meeting of creditors will be held at 11:30 a.m. on Oct. 23,
2015, at Clifton Hall, Level 3, 431 King William Street, in
Adelaide.


OUTLAW COATINGS: First Creditors' Meeting Set For Oct. 22
---------------------------------------------------------
Timothy Clifton and Daniel Lopesti of Clifton Hall were appointed
as Joint and Several Administrators of Outlaw Coatings & Conveyors
Pty Ltd on Oct. 12, 2015.

A meeting of creditors will be held at 11:30 a.m. on October 22,
2015 at Clifton Hall, Level 3, 431 King William Street, Adelaide.


WHITE MOTOR: Placed in Voluntary Administration
-----------------------------------------------
Cliff Sanderson at Dissolve.com.au reports that White Motor
Corporation (Australia) Pty Ltd has been put into voluntary
administration.  Rachel Burdett-Baker and James Michael White of
BDO were appointed as administrators of the company on October 2,
2015, the report says.

The CEO of the company reportedly said that the business is fine
and they will issue a clarification and update on the matter,
relates Dissolve.com.au.

Headquartered in Sydney, White Motor Corporation (Australia) Pty
Ltd is a Higer bus distributor.



===================
B A N G L A D E S H
===================


BANGLALINK DIGITAL: Moody's Raises CFR to Ba3; Outlook Stable
-------------------------------------------------------------
Moody's Investors Service has upgraded Banglalink Digital
Communications Limited's corporate family rating and senior
unsecured rating to Ba3 from B1.

At the same time, Moody's has maintained the company's stable
ratings outlook.

RATINGS RATIONALE

"The ratings upgrade reflects improvements in Banglalink's
leverage and cash flows as operational performance has been solid,
while profitability has improved and capex has moderated as the
company's 3G network has largely been completed," says Gloria
Tsuen, a Moody's Vice President and Senior Analyst.

"We assume spectrum auctions will occur next year and that, as a
result, Banglalink will need financing.  However, even after
factoring in that consideration, the company's leverage and cash
flows will be well within the new ratings range," adds Tsuen.

Banglalink's revenue growth averaged 8% per year from 2010 to
2014, while its adjusted EBITDA margins improved to 43% from 30%.
Such margins are strong for the Ba3 ratings, although in line with
other mobile operators in high-growth emerging markets, such as
Pakistan Mobile Communications Limited (B1 stable) in Pakistan (B3
stable).

Moody's expects revenue growth to remain in the high-single digits
over the next 12-18 months, supported by subscriber growth and
fast-growing 3G data services, fuelled by more affordable handsets
and rising smartphone penetration.

Achieving further improvements in margins may be more challenging,
but margins should remain solid, helped by top-line growth and
cost efficiencies.

Banglalink completed its 3G rollout into all of Bangladesh's 64
districts towns in 2014, and capex will moderate in the coming two
years before new spectrum acquisitions.

The Bangladesh Telecommunication Regulatory Commission (BTRC) had
planned to auction additional spectrum in the 1800MHz and 2100MHz
bands this year, but had to defer the process because operators
had refused to bid until the resolution of outstanding regulatory
disputes, such as that concerning taxes on replacement SIM cards.
Moody's assumes that the auctions will now take place in 2016.

"Based on the government's base price and assuming an allocation
of spectrum commensurate with its market share, if fully debt
funded, new spectrum auctions will increase adjusted leverage to
2.4x -- still solidly below our 3.0x downgrade trigger -- from
2.0x at end-June 2015," adds Tsuen.

After excluding spectrum costs, Banglalink's liquidity would be
adequate. As of June 2015, it held about BDT2 billion in cash and
deposits and about BDT9 billion in undrawn committed facilities.

Moody's expects operating cash flows to total around BDT17 billion
in the next 12 months, enough to cover maturing debt of BDT10
billion and capex of around BDT13 billion over the same time, and
still leave a surplus of about BDT5 billion.

The ratings consider the challenging regulatory environment for
telecommunications operators in Bangladesh.  For instance, revenue
sharing, spectrum charges, and license fees accounted for about 8%
of Banglalink's consolidated revenues in 1H 2015.

Banglalink is the second-largest operator in Bangladesh's mobile
market.  As of August 2015, it had a market share by subscribers
of 25%, according to the BTRC, behind Grameenphone Limited's
(unrated) 42%.

The third- and fourth-largest operators, Robi Axiata Limited
(unrated) and Airtel Bangladesh Ltd (unrated), which had 22% and
7% shares respectively as of August, are in talks to combine their
operations.  If the transaction materializes, it will push
Banglalink to the No. 3 position.

"Competitive pressures will increase in the event of a combined
Robi-Airtel operation.  However, Banglalink will remain solidly
positioned in a mobile market that still has a growing customer
base, increasing penetration, and ARPU (average revenue per user)
levels that are among the lowest in the world, indicating the
potential for further upside," says Tsuen.

The ratings also consider continued operating and financial
support from Banglalink's indirect parent Global Telecom Holding
S.A.E. (unrated), as well as its ultimate parent VimpelCom Ltd
(Ba3 stable), although there is no explicit incorporation of any
upward notching.

The stable ratings outlook reflects our expectation that
Banglalink will maintain revenue and earnings growth, as well as
low leverage, while improving free cash flow in the coming 2-3
years.

Upward pressure on the ratings could arise if Banglalink: (1)
significantly improves its market position without compromising
its EBITDA margins; (2) continues to grow its revenue and earnings
by expanding its number of subscribers and data revenue; (3)
achieves net profit and generates positive free cash flow on a
sustained basis; and (4) significantly improves its liquidity
profile.

Specific indicators that we would consider in upgrading the
ratings include: (1) adjusted EBITDA margins rising towards 50%;
(2) adjusted debt/EBITDA falling below 2.0x; (3) adjusted FCF/debt
in excess of 5%-10%; and (4) adjusted debt/capitalization falling
below 60% on a sustained basis.

Downward pressure on the ratings could also emerge if Banglalink:
(1) experiences a significant deterioration in market share and a
material slowdown in revenue and earnings growth; (2) fails to
improve its free cash flows in the coming 2-3 years; (3)
encounters difficulty in accessing capital to fund growth or
repay/refinance debt, as and when it falls due; (4) experiences a
fall in financial assistance from GTH or VimpelCom; or (5)
implements aggressive polices on investment and returns to
shareholders.

Specific indicators that we would consider for a downgrade
include: (1) adjusted EBITDA margins falling below 40%; (2)
adjusted debt/EBITDA in excess of 3.0x; and (3) adjusted
debt/capitalization in excess of 80% on a sustained basis.

The principal methodology used in these ratings was Global
Telecommunications Industry published in December 2010.

Banglalink Digital Communications Ltd, established in 1998, is the
second-largest mobile operator in Bangladesh (Ba3 stable) by
subscribers, which totaled 33 million at end-August 2015,
according to the Bangladesh Telecommunication Regulatory
Commission (BTRC).  This number is equivalent to a market share of
25.1%. Banglalink's subscribers are mostly pre-paid users.



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


CAR INC: Moody's to Retain Ba1 CFR on Proposed Stake Reduction
--------------------------------------------------------------
Moody's Investors Service says that two recent developments -- the
proposed Online Chauffeured Car Services Regulation and Legend's
reduction of its stake in CAR Inc. -- will not affect CAR's Ba1
corporate family and senior unsecured debt ratings or its stable
ratings outlook.

On Oct. 10, 2015, China's Ministry of Transport released a draft
of its proposed Online Chauffeured Car Services Regulation.  The
regulation, which will now be open to consultation for one month,
lays down guidelines and a regulatory framework for service
providers, vehicles and drivers operating in the online
chauffeured car services industry.  Local governments will be
responsible for fine-tuning and implementing the regulation.

"If implemented, the proposed regulation will be credit positive
to CAR," says Gerwin Ho, a Moody's Vice President and Senior
Analyst.

The company's chauffeured car service partner UCAR Technology Inc.
(unrated) has an operational model which substantially complies
with the proposed regulations, and UCAR will thus be among those
pioneering companies which will operate online chauffeured car
services under the proposed regime.

CAR leases vehicles to 9.85%-owned UCAR on both long-term and
short-term bases at market prices.  UCAR operates leased vehicles
and employs professional drivers, an operational model that is
already -- as indicated -- in line with the proposed regulations.

UCAR's competitors, however, will need to adjust their business
models in terms of vehicles and drivers to comply with the
proposed regulations, as their services are mostly provided by
individuals operating private vehicles.  Such adjustments will
likely increase their cost structures, and hence lead to price
increases both for UCAR's competitors and the overall online
chauffeured car services industry.  A more favorable pricing
environment will in turn improve UCAR's profitability.

If UCAR is successful in its chauffeured car services, CAR will
benefit by receiving a good stream of leasing revenue from UCAR.
CAR has grown both its revenue and profits at a fast pace since it
started its collaboration with UCAR in January 2015.  As of end-
June 2015, UCAR was renting 16,136 vehicles from CAR under long-
term contracts, representing 19% of CAR's total fleet.

Although CAR will need to purchase more vehicles to lease to UCAR,
Moody's expects it will exercise prudence in managing its debt
leverage and priority debt.  As such, Moody's expects the
company's leverage, as measured by debt/EBITDA, will remain at
3.0x-3.5x over the next 12 months, which is within the rating
downgrade trigger of 3.5x.

Separately, CAR announced on Oct. 12, 2015, that Grand Union
Investment Fund, L.P. (unrated) executed a share purchase
agreement with UCAR Technology Inc. for the transfer of CAR shares
from Grand Union to UCAR.  After the disposal, Grand Union's stake
in CAR will fall to 23.7% from 29.0% and UCAR will hold a 5.3%
stake in CAR.  Legend Holdings (unrated) is CAR's largest
shareholder and holds its stake in CAR through Grand Union.

Despite the reduced stake, Moody's does not expect any weakening
in support from Legend, because Legend will maintain its
representation on CAR's board of directors and continue its
existing guarantee on CAR's debt.

The principal methodology used in these ratings was Equipment and
Transportation Rental Industry published in December 2014.

CAR Inc., founded in 2007 and headquartered in Beijing, provides
car rental services, including short-term rental, long-term rental
and leasing in China.  CAR listed on the Hong Kong Stock Exchange
in September 2014.

As of June 30, 2015, CAR had a total fleet of 84,719 company-owned
cars.  CAR commands a leadership position in terms of fleet size,
revenue and network coverage.  In the 12 months ended
June 30, 2015, CAR reported net sales of RMB4.0 billion (USD641
million).

CAR's key shareholders include Legend Holdings (unrated; 29.0%);
the world's second-largest car rental company, The Hertz
Corporation (B1 stable; 16.1%); its chairman, founder and CEO,
Mr. Charles Lu (14.7%); and private equity firm Warburg Pincus
(11.1%).


FU CHANG: Shuts Down Operations Due to Liquidity Issues
-------------------------------------------------------
WantChinaTimes, citing Shanghai's China Business News, reports
that the recent announcement by a technology company that it is to
shut down its operations in Shenzhen was the latest in a wave of
closures of hardware supply companies in the Pearl River Delta
Economic Zone.

According to the report, Fu Chang Electronic Technology Co
announced a few days ago that it is being forced to shut down due
to financial problems, but did not offer its employees any
severance pay.

That closure is just one of many among suppliers in the economic
zone and the situation has been getting worse since the beginning
of this year, the report says. Prior to Fu Chang's decision, a
plastic components and modules supplier to Hewlett-Packard
announced it was ending its operations in the economic zone
because its payments to its upstream suppliers were in arrears.

It is rare to see upstream and midstream suppliers such as Fu
Chang go out of business, the report states. Fu Chang's decision
could trigger a chain reaction, causing capital disruption in the
industry's downstream supply chain and leading to bigger waves of
company closures, WantChinaTimes notes.

WantChinaTimes relates that Fu Chang issued a statement on
Oct. 8, saying it would stop all operations immediately because it
was having liquidity problems after facing legal and debt issues.
Last year, the company reported CNY459 million (US$72.6 million)
in business turnover, CNY19.05 million (US$3 million) in net
profits and CNY560 million (US$88.6 million) in debt, the report
discloses.

In August, 10 suppliers brought a lawsuit against Fu Chang over
its outstanding payments of around CNY80 million (US$12.7
million). The company owes all of its suppliers an estimated
CNY270 million (US$42.7 million) in total, a company spokesperson
said.

WantChinaTimes notes that Fu Chang is the latest telecom device
parts supplier in China to go bankrupt. Last month, two other
plastic hardware suppliers in Guangdong reportedly went out of
business.

Some experts have said the closures were due to high labor costs,
low profit margins and the companies' failure to come up with
innovative ideas. But according to others, the situation reflects
the competitiveness of the telecommunication industry and will
benefit the sector in the long run, WantChinaTimes adds.

Fu Chang is an electronic parts supplier to domestic
telecommunication giants such as Huawei Technologies Co, ZTE Corp
and TCL and was a star enterprise in Shenzhen.


SINOSTEEL CO: Faces Potential Bond Default
------------------------------------------
Bloomberg News reports that state-owned steel trader Sinosteel Co.
whose parent warned of financial stress last year, may have to
honor CNY2 billion ($315 million) of principal on October 20 when
bondholders can exercise an option forcing the notes' redemption
two years before they mature. If that should happen, China
Merchants Securities Co. thinks the firm will struggle to repay,
Bloomberg says.

A default would be the first by a Chinese steel company in the
local bond market, which has had five missed payments this year,
Bloomberg reports citing China International Capital Corp.

Bloomberg says Premier Li Keqiang is allowing more defaults to
weed out the weakest firms as he seeks to rebalance a slowing
economy.  China Investment Securities Co. said steel issuers'
revenue fell about 20 percent in the first half from a year
earlier and over half of the firms suffered losses, Bloomberg
reports.

"Sinosteel's default risks are very high," the report quotes Sun
Binbin, a bond analyst at China Merchants Securities in Shanghai,
as saying. "If there is no external help, its own financials won't
allow them to repay the bonds if investors exercise the option to
sell."

Sinosteel Corporation is a central state owned enterprise,
primarily in mining, trading, equipment manufacturing and
engineering, under the supervision of the State-owned Assets
Supervision and Administration Commission.



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


AKULA BOARDS: CRISIL Ups Rating on INR110MM LT Loan to 'B'
----------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Akula Boards Limited (ABL) to 'CRISIL B/Stable' from 'CRISIL B-
/Stable', and reaffirmed its rating on the short-term bank
facility at 'CRISIL A4'.

                         Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             90       CRISIL B/Stable (Upgraded
                                    from 'CRISIL B-/Stable')

   Letter of Credit        30       CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     110       CRISIL B/Stable (Upgraded
                                    from 'CRISIL B-/Stable')

The upgrade reflects consistent improvement in ABL's performance,
as reflected in growth in turnover and profitability in 2014-15
(refers to financial year, April 1 to March 31). Liquidity
improved on account of healthy net cash accrual against modest
loans outstanding. The net cash accrual is likely to be INR22-24
million over the medium term against no debt obligation. Liquidity
will also be supported by fund support from promoters and absence
of major capital expenditure (capex) plan over the medium term.
The promoters have consistently supported the company through
unsecured loans to fund the working capital requirement.

The ratings reflect ABL's below-average financial risk profile
marked by modest net worth, high gearing, and below-average debt
protection metrics, modest scale - and working capital intensive
nature - of operations in the competitive paper manufacturing
industry. These rating weaknesses are partially offset by the
extensive industry experience of ABL's promoters.

Outlook: Stable
CRISIL believes ABL will maintain the business risk profile over
the medium term backed by the promoters' extensive industry
experience. The outlook may be revised to 'Positive' if a
significant increase in the revenue and profitability leads to
substantial cash accrual and improved liquidity. Conversely, the
outlook may be revised to 'Negative' if low revenue and
profitability, or any large, debt-funded capital expenditure
weakens the financial risk profile.

ABL, promoted by Mr. A G V V N Satyanarayana and his family
members, and commenced operations in 2008; it manufactures writing
and printing paper along with newsprint paper.

The profit after tax (PAT) stood at INR2.7 million on sales of
INR345 million in 2013-14, against a PAT of INR1.5 million on
sales of INR270 million in 2012-13.


ARYA COTTON: ICRA Reaffirms B+ Rating on INR15cr Cash Loan
----------------------------------------------------------
The rating of [ICRA]B+ has been reaffirmed for the INR15.00 crore
fund based cash credit facility of Arya Cotton Industries.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Cash Credit           15.00        [ICRA]B+ reaffirmed

The rating continues to be constrained by Arya Cotton Industries'
(ACI) weak financial profile as reflected by de growth in OI in
FY15, thin profitability, moderate capital structure and weak debt
coverage indicators. The rating also takes into account the low
value additive nature of operations and intense competition on
account of the fragmented industry structure that exerts pressure
on profit margins. The rating is further constrained by
vulnerability to fluctuations in raw material prices which are
subject to seasonal availability of raw cotton and government
regulations on MSP and export quota. Further, ACI being a
partnership firm, any significant withdrawals from the capital
account would affect its net worth adversely.

The rating, however, positively considers the long experience of
the partners in the cotton ginning and pressing industry. The
rating also favourably considers the advantage that the firm
enjoys by virtue of its location in the cotton producing region
giving it easy access to raw cotton.

Established in 2005, Arya Cotton Industries is engaged in ginning
and pressing operations. The business is owned and managed by Mr.
Kishor Vadia, Mr. Lakhamshi Patel and other family members. The
firm's manufacturing facility is located in Naya Anjar, Kutch,
Gujarat. The firm has 38 ginning machines and 1 pressing machine
with a cumulative processing capacity of 192 TPD of raw cotton.

Recent Results
For the year ended 31st March, 2015, ACI reported an operating
income of INR 117.39 crore and profit after tax of INR 0.11 crore.


BAJAJ BASMATI: CRISIL Lowers Rating on INR380MM Cash Loan to D
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Bajaj Basmati Pvt Ltd (BBPL) to 'CRISIL D' from 'CRISIL
B+/Stable'.  The downgrade reflects BBPL's delays in meeting term
loan obligations.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit            380       CRISIL D (Downgraded from
                                    'CRISIL B+/Stable')

   Term Loan              190       CRISIL D (Downgraded from
                                    'CRISIL B+/Stable')

   Warehouse Financing    100       CRISIL D (Downgraded from
                                    'CRISIL B+/Stable')

BBPL's financial risk profile has weakened because of increase in
gearing and decline in net worth to 3.06 times and INR444 million,
respectively, as on March 31, 2015, from 2.03 times and INR475
million, respectively, a year earlier. CRISIL believes the
financial risk profile will remain weak over the medium term of
account of modest net cash accrual.

BBPL has large working capital requirements, and its operating
margin is susceptible to changes in government regulations, extent
of rainfall, and volatility in raw material prices. The company
has a weak financial risk profile because of high gearing and weak
debt protection metrics. However, it benefits from promoters'
extensive experience in rice milling and established relationships
with customers.

BBPL was incorporated in April 2010 by Mr. Krishan Bajaj and Mr.
Sahil Bajaj. It mills and processes paddy into rice, rice bran,
broken rice, and husk. Its two rice mills, in Jalalabad and
Muktsar (both in Punjab), have combined installed paddy milling
capacity of 17 tonnes per hour.


BRISTOL TOURIST: CRISIL Reaffirms 'B' Rating on INR500MM Loan
-------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Bristol Tourist
Complex (BTC) continues to reflect high geographical concentration
in BTC's revenue profile, exposure to intense competition and to
cyclicality in the hotel industry, and weak financial risk profile
because of small net worth, high gearing, and muted debt
protection metrics. These rating weaknesses are partially offset
by the extensive industry experience of BTC's partners and their
funding support.

                       Amount
   Facilities        (INR Mln)       Ratings
   ----------        ---------       -------
   Term Loan             500         CRISIL B/Stable(Reaffirmed)

Outlook: Stable

CRISIL believes BTC will continue to benefit over the medium term
from partners' extensive experience in the hospitality industry.
The outlook may be revised to 'Positive' if the firm's cash
accrual is more than expected or capital structure improves due to
sizeable equity infusion by partners. Conversely, the outlook may
be revised to 'Negative' in case of lower-than-anticipated ramp-up
in hotel's operations, resulting in weak cash accrual.

BTC was set up by Mr. Gurpreet Singh and his mother, Ms. Sharanjit
Kaur. The firm operates a five-star hotel in Zirakpur, a satellite
town near Chandigarh. BTC has tied up with Park Plaza to manage
its hotel's operations.


D. S. DEVELOPERS: ICRA Assigns B Rating to INR10cr Term Loan
------------------------------------------------------------
ICRA has assigned its long term rating of [ICRA]B to the INR10.0
crore term loans of D. S. Developers.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Term Loan             10.00        [ICRA]B; Assigned

ICRA's rating positively factors in the satisfactory initial
construction (54% of project cost has been incurred) achieved by
the firm for its maiden real estate project "Marwar Heights" in
Jodhpur, Rajasthan. The rating also factors in the low approval
risk on account of the paid up land bank and all necessary
approvals for construction being in place. The firm is also
exposed to market risk with respect to the unsold portion (24% of
saleable area booked) in order to bridge the gap between committed
receivables to committed payables (Committed receivables/payables
ratio stands weak at 0.1 times). ICRA also notes that while the
initial construction has been satisfactory, given its intermediate
stage, the project remains exposed to residual execution risk.
With the debt repayment having already commenced from June 2015,
the rating remains sensitive towards timely receipt of customer
advances, additional sales and balance promoter funds for smooth
cash flow management and project execution.

Incorporated in FY2012, D S Developers is a special purpose
vehicle based in Jodhpur, Rajasthan. The firm is promoted by the
Jajra family of Jodhpur and is undertaking its maiden project in
the name of "Marwar Heights" at Dileep Garden, PWD Road, Jodhpur.
The project comprises of 80 flats with a total built up area of 1,
39,100 Square Feet. The said project is to be taken up at a total
cost of INR26.05 crore being funded by debt of INR10.00crore,
promoter's funds of INR8.21 crore, and balance customer advances.


EPSON VITRIFIED: CRISIL Assigns B+ Rating to INR83.5MM Term Loan
----------------------------------------------------------------
CRISIL has revoked the suspension of its rating on the bank
facilities of Epson Vitrified Private Limited, and has assigned
its 'CRISIL B+/Stable/CRISIL A4' ratings to these facilities.
CRISIL had suspended the rating on Aug. 29, 2015, as the company
had not provided the necessary information required for a rating
view. EVPL has now shared the requisite information, enabling
CRISIL to assign rating to the company's bank facilities.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee       22.5       CRISIL A4 (Assigned;
                                   Suspension Revoked)

   Cash Credit          75         CRISIL B+/Stable (Assigned;
                                   Suspension Revoked)

   Rupee Term Loan      83.5       CRISIL B+/Stable (Assigned;
                                   Suspension Revoked)

The ratings reflect EVPL's modest scale of operations, and
susceptibility of its operating margin to volatility in raw
material prices and to intense competition in the ceramic
industry. These rating weaknesses are partially offset by the
promoters' extensive industry experience and the company's
advantageous location.
Outlook: Stable

CRISIL believes EVPL will continue to benefit over the medium term
from its promoters' extensive industry experience. The outlook may
be revised to 'Positive' in case of better-than-expected sales
growth and higher profitability, and if the financial risk profile
improves because of a stronger capital structure. Conversely, the
outlook may be revised to 'Negative' in case of any debt-funded
capacity expansion, and/or more-than-expected stretch in the
working capital cycle, and/or less-than-anticipated revenue or
profitability.

Incorporated in August 2010, EVPL manufactures vitrified ceramic
tiles. Its manufacturing unit is in Morbi (Gujarat). The company
is promoted by Mr. Haresh Patel and Mr. Ramniklal Patel.

For 2014-15 (refers to financial year, April 1 to March 31), EVPL
reported total sales of INR370 million and a net profit of INR2.5
million, as against total sales of INR311 million and net profit
of INR4.1 million for 2013-14.


FOODS AND FEEDS: ICRA Lowers Rating on INR13cr LT Loan to D
-----------------------------------------------------------
ICRA has revised the long-term rating outstanding on the INR13.00
crore fund based bank facilities of Foods and Feeds to [ICRA]D
from [ICRA]BB, 'stable' outlook.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long-term, Fund-      13.00        [ICRA]D; revised
   based limits-                      from [ICRA]BB (stable)
   Cash Credit

The rating revision takes into account the recent delays in debt
servicing owing to stretched liquidity position consequent to
adverse cost structure and the deteriorated in credit risk profile
of parent group.

Incorporated in January, 2014, Foods and Feeds (F&F) is a
partnership concern engaged in trading of wheat flour and soya-
based products like liquid lecithin, DOC (D Oil Cake) and Acid
Oil. Until FY14, the business was carried out through the
proprietorship firm in the name of Mr. Sandeep Maniyar since 2007.
In Apr-14, the assets and liabilities of the proprietorship
concern was taken over by F&F. The ownership of the firm continues
to be with the Maniyar family with Raj Maniyar and Brij Maniyar
being the other two partners, apart from the erstwhile proprietor.


JAYASWAL NECO: ICRA Lowers Rating on INR3355.25cr Loan to D
-----------------------------------------------------------
ICRA has downgraded the ratings to the INR3355.25 crore long term
loans, INR580.0 crore fund based facilities and the INR425.0
crore, short term, non-fund based bank facilities of Jayaswal Neco
Industries Limited to [ICRA]D on account of delays in servicing
debt obligations. The ratings continue to remain suspended.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Term loans          3355.25       Downgraded to [ICRA]D
                                     from [ICRA]BBB-(Negative);
                                     rating remain suspended

   Long Term, Fund      580.00       Downgraded to [ICRA]D
   based facilities                  from [ICRA]BBB-(Negative);
                                     rating remain suspended

   Short Term, Non      425.00       Downgraded to [ICRA]D
   fund based                        from [ICRA]A3;
   facilities                        rating remain suspended

JNIL, incorporated in 1972, began operations with foundry units at
Nagpur and subsequently integrated backward by setting up a pig
iron (with captive power) manufacturing unit at Raipur in 1995.
Following the mergers, expansions and group restructuring, JNIL
currently operates a 0.75 Mtpa pig iron unit, 0.2 Mtpa coke oven
plant, 0.8 Mtpa sinter plant, 0.255 Mtpa sponge iron unit, 0.3
Mtpa billet making unit, 0.40 Mtpa rolling mills, 54.5 MW captive
thermal/waste heat recovery based power plants and the company has
also been allocated couple of iron ore mines which are at various
stages of development. JNIL also has an iron and steel castings
capacity of 0.2 million tonnes, with its facilities located in
Nagpur, Bhilai and Anjora.


K. M. COTEX: CRISIL Reaffirms B+ Rating on INR55MM Cash Loan
------------------------------------------------------------
CRISIL's rating on the bank facility of K. M. Cotex Private
Limited (KMCPL) continue to reflect the company's average
financial risk profile marked by modest net worth, high gearing,
and weak debt protection metrics.

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

The ratings are also constrained by the susceptibility of its
operations to changes in government policies and fluctuations in
cotton prices. These rating weaknesses are partially offset by the
benefits that KMCPL derives from its promoters' extensive
experience in the cotton ginning and pressing industry.
Outlook: Stable

CRISIL believes that KMCPL will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company's revenue and
profitability increase substantially, leading to higher cash
accruals and improvement in its financial risk profile.
Conversely, the outlook may be revised to 'Negative' if KMCPL
undertakes large debt-funded capital expenditure, or its revenue
and profitability decline substantially, or if its working capital
cycle stretches, leading to weakening of its financial risk
profile, especially liquidity.

KMCPL, incorporated in 2007, is promoted by Mr. Vipin Jain and Mr.
Manoj Jain. The company gins and presses cotton and its factory is
based in Anjad (Madhya Pradesh).

It reported, on a provisional basis, profit after tax (PAT) of
INR0.7 million on net sales of INR511 million in 2014-15 (refers
to financial year, April 1 to March 31) against PAT of INR0.8
million on net sales of INR527.4 million for 2013-14.


M.M.COTTON: CRISIL Assigns 'B' Rating to INR50M Whse Loan
---------------------------------------------------------
CRISIL has revoked the suspension of its rating on the long-term
bank facilities of M.M.Cotton Factory (MMCF), and has assigned its
'CRISIL B/Stable' rating. CRISIL had suspended the rating on Dec.
8, 2014, as MMCF had not provided the necessary information for a
rating review. The firm has now shared the requisite information,
enabling CRISIL to assign rating to its facilities.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           30        CRISIL B/Stable (Assigned;
                                   Suspension Revoked)

   Rupee Term Loan        3.7      CRISIL B/Stable (Assigned;
                                   Suspension Revoked)

   Warehouse Financing   50        CRISIL B/Stable (Assigned;
                                   Suspension Revoked)

The rating reflects MMCF's weak financial risk profile because of
small net worth, high gearing, and weak debt protection metrics.
The rating also factors in the firm's small scale of, and working-
capital-intensive, operations, and susceptibility of operating
margin to volatility in cotton prices and to regulatory framework
governing the cotton industry. These rating weaknesses are
partially offset by the extensive experience of MMCF's promoters
in the cotton ginning industry.
Outlook: Stable

CRISIL believes MMCF will continue to benefit over the medium term
from promoters' extensive industry experience. The outlook may be
revised to 'Positive' if scale of operations and profitability
improve considerably, leading to better-than-expected cash
accrual, or if promoters infuse significant equity and efficiently
manage working capital. Conversely, the outlook may be revised to
'Negative' if revenue or profitability declines, or if financial
risk profile, particularly liquidity, deteriorates because of
larger-than-expected working capital requirement.

MMCF was set up by Mr. Surinder Pal as a proprietorship firm in
2006, and was reconstituted as a partnership concern in 2012. The
firm gins and presses cotton at its unit in Malhout district
(Punjab).


MEHTA GOLD: CRISIL Reaffirms B+ Rating on INR120MM Cash Loan
------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Mehta Gold
(MG) continues to reflect MG's weak financial risk profile, marked
by a high total outside liabilities to tangible net worth ratio
and low interest coverage ratio.

                       Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit           120        CRISIL B+/Stable (Reaffirmed)

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

The rating also factors in the firm's exposure to intense
competition in the jewellery business. These rating weaknesses are
partially offset by the extensive experience of MG's promoter in
the gold jewellery manufacturing and trading business.
Outlook: Stable

CRISIL believes MG will continue to benefit over the medium term
from its promoter's extensive industry experience. The outlook may
be revised to 'Positive' if the firm's financial risk profile
improves substantially, marked by better debt protection metrics,
most likely led by increased operating profitability, or if its
capital structure improves significantly because of large equity
infusion. Conversely, the outlook may be revised to 'Negative' if
MG's capital structure and liquidity weaken, on account of stretch
in of receivables, or any large debt-funded capital expenditure.

Update
MG's revenue grew 38 per cent to a healthy INR520 million in 2014-
15 (refers to financial year, April 1 to March 31) over the
previous year, backed by strong demand, fueled by average decline
in gold price by 6 per cent. The gold industry, since August 2013,
witnessed the Reserve Bank of India (RBI) and government
announcing measures to restrict rising gold imports and to curb
its impact on the current account deficit. However since November
2014, RBI had relaxed the 80:20 rule and CRISIL expects the
material cost for 2015-16 and ahead to normalise at 83 per cent,
which would support the operating margins over the medium term.

MG's operations are moderately working-capital intensive, given
its large inventory, with low debtors due to cash/retail model. MG
follows the inventory replenishment model and maintains a constant
inventory across show rooms.

The financial risk profile as on March 2015 has been constrained
on account of its low net worth, large working capital debt, weak
interest coverage ratio and leveraged capital structure. The total
outside liabilities to tangible networth (TOL/TNW) stood at 2.0
times as on March 31, 2015. CRISIL believes MG's financial risk
profile will remain moderate, with moderate net worth and high
gearing.

Net cash accrual is expected at INR5-7 million over the medium
term against nil long-term debt repayments.  However, its bank
lines continue to remain fully utilised with constant ad-hoc
facilities to support its rising scale of operations. CRISIL
believes MG will continue to be highly dependent on its bank lines
to meet incremental working capital requirements.

MG is a proprietorship firm set up in 2003 by Mr. Dilip Mehta, a
first-generation entrepreneur. The firm manufactures gold
ornaments and jewellery, and sells them in the wholesale market.
MG operates only in the domestic market and sells to retailers
based in South India and Maharashtra.

MG reported a profit after tax (PAT) of INR1.3 million on net
sales of INR520 million for 2014-15, against a PAT of INR1.2
million on net sales of INR377 million for 2013-14.


NARAYAN COLD: ICRA Assigns 'B' Rating to INR8.35cr Loan
-------------------------------------------------------
ICRA has assigned an [ICRA]B rating to the INR8.35 crore dropline
overdraft limit and INR0.65 crore untied fund based bank facility
of Narayan Cold Storage Private Limited.


                         Amount
   Facilities         (INR crore)    Ratings
   ----------         -----------    -------
   Fund Based Limits-      8.35      [ICRA]B assigned
   Dropline Overdraft
   Limit

   Fund Based Limits-      0.65      [ICRA]B assigned
   Untied Limit

The assigned rating takes into consideration NCSPL's small scale
of current operations, highly leveraged capital structure owing to
predominantly debt funded capital expenditure incurred in the
recent past, weak debt protection metrics and a high working
capital intensity of operations impacting the company's liquidity
position. ICRA notes that the company has significant debt service
obligations in near to medium term, which is likely to exert
pressure on its cash flows. The rating also takes into account
NCSPL's exposure to agro-climatic risks, with its business
performance being entirely dependent upon a single agricultural
commodity, i.e. potato and counter party risk arising from loans
extended to farmers by NCSPL, which may lead to delinquency, if
potato prices fall to a low level. The rating, however, favourably
considers the experience of the promoters in the cold storage
business for more than three decades and the locational advantage
NCSPL enjoys by way of its presence in West Bengal, a state with
large potato production.

NCSPL was incorporated in October, 1995 by the members of the
Kundu family based in West Bengal. The company is engaged in
providing cold storage facility to potato farmers and traders on a
rental basis. The cold storage unit is located at Hooghly, West
Bengal with a total storage capacity of 29,844 metric tones (MT).
Jyoti Vincom Private Limited, a company operating under the same
management, is engaged in the cold storage business of storing
potato and other fruits/ vegetables and is rated at [ICRA]B- and
[ICRA]A4.

Recent Results
In 2014-15, the company reported a net profit of INR0.15 crore on
an operating income of INR3.00 crore, as compared to a net profit
of INR0.15 crore on an operating income of INR2.48 crore in 2013-
14.


PRABIR FOODSTUFF: CRISIL Cuts Rating on INR150MM Whse Loan to D
---------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Prabir Foodstuff Factory (Prabir) to 'CRISIL D/CRISIL D' from
'CRISIL B/Stable/CRISIL A4'.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           130       CRISIL D (Downgraded from
                                   'CRISIL B/Stable')

   Warehouse Financing   150       CRISIL D (Downgraded from
                                   'CRISIL A4')

The downgrade reflects instances of delay by Prabir in servicing
its debt. The delays were because the firm's factory has been non-
operational for three months from July to September 2015, the off-
season period, due to the weaker industry scenario largely because
of the declining price of rice.

CRISIL ratings on the bank facilities of Prabir Foodstuff Factory
(Prabir) continue to reflect Prabir's below-average financial risk
profile, marked by high gearing and weak debt protection metrics,
its large working capital requirements leading to stretched
liquidity, and its susceptibility to volatility in raw material
prices. These rating weaknesses are partially offset by the
extensive experience of the firm's promoter in the rice business.

PFF, set up in 2005 by Mr. Kuljit Singh, mills and sorts basmati
and non-basmati rice. It sells its rice under the brands Victoria,
777, KR, and Flying Horse. The firm has a rice milling and sorting
facility in Amritsar (Punjab), with a capacity of 12 tonnes per
hour.


RAM COTEX: CRISIL Reaffirms 'B' Rating on INR65MM Cash Loan
-----------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Ram Cotex (RC)
continues to reflect RC's modest scale of operations in the highly
competitive cotton ginning industry, and exposure to risks
relating to any adverse impact of changes in regulations. These
rating weaknesses are partially offset by the extensive industry
experience of the partners, leading to established relationships
with customers and suppliers, and the advantageous location of its
plant.

                       Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit           65         CRISIL B/Stable (Reaffirmed)
   Term Loan             20         CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes RC will continue to benefit over the medium term
from its partners' extensive industry experience. The outlook may
be revised to 'Positive' if the profitability and scale of
operations improve substantially, leading to higher-than-expected
accrual, while the net worth increases most likely due to
substantial equity infusion. Conversely, the outlook may be
revised to 'Negative', if the financial risk profile weakens due
to a decline in profitability, or increase in working capital
requirements, or large capital withdrawals.

Update:
RC's reported book sales of INR400.3 million for 2014-15 (refers
to financial year, April 1 to March 31), as compared to INR341.2
million for 2013-14. On account of moderation in raw material
prices, the firm's operating margin, though low, has improved to
2.6 per cent during 2014-15 from 1.9 per cent in the previous
year. Its working capital requirements are moderate with gross
current assets (GCAs) of 27 days as on March 31, 2015. The GCAs
are likely to remain at 40-50 days over the medium term due to
moderate debtors and inventory requirements. RC's has aggressive
capital structure marked by gearing of 2.98 times as on March 31,
2015. The debt protection metrics remained moderate, with interest
coverage and net cash accruals to total debt ratios of 2.2 times
and 0.13 times, respectively, as on March 31, 2015. RC is expected
to generate cash accrual of around INR6 million, against scheduled
annual repayment obligation of around INR4 million during 2015-16.
Accruals are expected to remain adequate against repayment
obligation over the medium term. However, due to nascent stage of
operations, net worth remained small at 13.9 million as on March
31, 2015, restricting the financial flexibility available to firm.

RC reported a book profit of INR0.21 million on book sales of
INR400.3 million for 2014-15, against a book profit of INR0.18
million on book sales of INR341.2 million for 2013-14.

Set up in 2013, RC is promoted by the Kadi (Gujarat)-based Patel
family and others. The firm is in the cotton ginning and pressing
business. The firm started its operations from December-2013.


REALITY TEX: ICRA Assigns B Rating to INR15cr Proposed Loan
-----------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B to the INR15.00
crore proposed facilities of Reality Tex Yarn India Private
Limited.

                          Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Proposed facilities     15.00       [ICRA]B/Assigned

The rating favourably takes into account the experience of the
directors in the textile industry and the continued association
with the customers through the erstwhile promoters which is
expected to support an early scale up of operations. The rating
also draws comfort from the financial support in the form of
equity and unsecured loans to be made in the near term to support
the operations and servicing the debt obligations during the
period. The ratings are, however, constrained by the expected
stress on the financial profile given the debt to be availed for
funding the acquisition and the debt-funded expansion plans
scheduled in the near to medium term. The ratings are further
constrained by the Company's small scale of operations which
limits the benefits from scale economies and financial
flexibility. Coupled with the intense competition arising from the
highly fragmented nature of the domestic textile industry, this
also limits its financial flexibility. Going forward, given the
existing repayment obligations and the incremental obligations
expected to arise from the capital expenditure plans in the medium
term, the company's ability to improve its revenues and profit
margins amid a volatile operating environment and manage its
working capital cycle efficiently will be critical to improving
its credit profile.

Reality Tex Yarn India Private Limited was incorporated in 2015
and will be engaged in the manufacturing of cotton yarn, both
open-ended and ring spun. The company has purchased the
manufacturing facilities of M/s RJ Spinning Mills India Private
Limited located at Coimbatore and Palladam (Tamil Nadu) and
operating with an installed capacity of 5,000 spindles. The
company procures cotton from Maharashtra and other suppliers,
processes it into yarn and sells the produce in the domestic
markets. The promoters are also engaged in the trading of medical
equipments under the name M/s MSS Medical Equipments and Services
Private Limited.


RUBY MICA: CRISIL Reaffirms B+ Rating on INR20.6MM Loan
-------------------------------------------------------
CRISIL's ratings on the bank loan facilities of Ruby Mica Company
Ltd (RMCL) reflect RMCL's modest scale of operations in the
competitive mica industry, and its working-capital-intensive
operations. These rating weaknesses are mitigated by RMCL's
moderate financial risk profile, with comfortable capital
structure and moderate debt protection metrics and with the
promoters' extensive industry experience.

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

   Cash Credit-Book
   Debt                     8       CRISIL B+/Stable (Reaffirmed)

   Cash Credit-Stock       12       CRISIL B+/Stable (Reaffirmed)

   Export Packing
   Credit                  19       CRISIL A4 (Reaffirmed)

   Letter of Credit         5       CRISIL A4 (Reaffirmed)

   Post Shipment Credit     6       CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      20.6     CRISIL B+/Stable (Reaffirmed)

   Standby Line of
   Credit                   9       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes RMCL will continue to benefit over the medium term
from the promoters' extensive industry experience. The outlook may
be revised to 'Positive' in case of higher-than-expected cash
accrual, driven by improvement in the scale of operations, and in
its working capital cycle. Conversely, the outlook may be revised
to 'Negative' if the financial risk profile, particularly its
liquidity weakens, because of decline in profitability or
stretched working capital cycle, or any debt-funded capital
expenditure plans.

RMCL, started as a partnership firm in 1968, and was reconstituted
as a closely held public limited company in 2009-10 (refers to
financial year, April 1 to March 31). RMCL manufactures and
exports synthetic mica paper and other products and is managed by
Jharkhand-based Bagaria family.


SAI JYOT: CRISIL Lowers Rating on INR100MM LT Loan to 'D'
---------------------------------------------------------
CRISIL has downgraded its rating to the long term bank facilities
of Sai Jyot Textiles (SJT) to 'CRISIL D' from 'CRISIL B+/Stable'

                         Amount
   Facilities          (INR Mln      Ratings
   ----------          ---------     -------
   Cash Credit/             50       CRISIL D (Downgraded from
   Overdraft facility                'CRISIL B+/Stable')

   Proposed Long Term      100       CRISIL D (Downgraded from
   Bank Loan Facility                'CRISIL B+/Stable')

The rating downgrade reflects instances of delay by SJT in meeting
its debt servicing obligations. The delay was primarily due to the
firm's weak liquidity,

The firm also has small scale of operations in highly fragmented
textile industry and low profitability margins. However, SJT
benefits from its promoters' extensive experience in textile
industry.

Set up as a partnership in 2003 by Mr Sunder Wadhwani, SJT
manufactures denim wear. Its office is in Ulhasnagar (Maharashtra)
and operations are managed by Mr. Sunder Wadhwani and Mr. Pradeep
Agicha.


SANGAM FORGINGS: CRISIL Reaffirms B Rating on INR50MM Cash Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Sangam Forgings Pvt Ltd
(SFPL) continue to reflect the company's working capital intensive
operations, and modest financial risk profile. These weaknesses
are partially offset by the benefits that SFPL derives from its
promoters' extensive experience in the industrial forgings
segment.

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

   Letter of credit
   & Bank Guarantee      45        CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility    19        CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SFPL will maintain its credit profile backed
by the experience of its promoters in the forgings business. The
outlook may be revised to 'Positive' in case of significant
improvement in SFPL's scale without impacting operating
profitability, or further weakening financial risk profile.
Conversely, the outlook may be revised to 'Negative' if SFPL's
capital structure weakens considerably on account of a large,
debt-funded capital expenditure programme, or due to lower-than-
expected profitability and cash accruals.

SFPL, set up in 1976, is in the business of open dye forging of
wheels, shafts and gear blanks, which are used in the steel,
cement, and fertiliser industries, among others. SFPL is managed
by Mr. Arvind Shah.


SHANKER COTGIN: CRISIL Reaffirms B+ Rating on INR60MM Cash Loan
---------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Shanker Cotgin
Industries (SCI) continues to reflect SCI's modest scale of
operations in the fragmented cotton industry and susceptibility of
profitability to volatility in cotton prices. The rating also
factors in the firm's below-average financial risk profile because
of modest net worth, high gearing, and weak debt protection
metrics. These rating weaknesses are partially offset by the
extensive industry experience of SCI's partners and their funding
support.

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

Outlook: Stable

CRISIL believes SCI will continue to benefit over the medium term
from partners' extensive industry experience and funding support.
The outlook may be revised to 'Positive' if high cash accrual or
substantial capital infusion leads to a better capital structure.
Conversely, the outlook may be revised to 'Negative' if financial
risk profile, particularly liquidity, deteriorates because of low
cash accrual, large working capital requirement, or debt-funded
capital expenditure (capex).

Update
SCI's revenue reduced to INR360 million in 2014-15 (refers to
financial year, April 1 to March 31) from INR692 million in the
previous year due to low realisations from cotton. However, it
sustained operating profitability at previous year's level, 1.5-
2.0 per cent, in 2014-15. The firm's revenue for the six months
ended September 2015 was INR100 million, and is expected to be
INR300-400 million for 2015-16. CRISIL believes SCI will sustain
its operating margin over the medium term.

Financial risk profile is driven by modest net worth, high
gearing, and below-average interest coverage ratio. Gearing and
net worth were 5.12 times and INR14 million, respectively, as on
March 31, 2015. Gearing is expected to improve gradually over the
medium term due to absence of debt-funded capex. SCI's interest
coverage ratio was 1.29 times for 2014-15, and is expected to
remain at a similar level over the medium term.

The firm prudently manages working capital cycle, reflected in
gross current assets of 86 days. It procures raw cotton from
farmers and local mandis in Sirsa, which offer credit of 4 days to
the firm and charge penal interest in case of delay in payments.
SCI offers credit of 8 days to customers and charges interest for
delays. The firm's receivables remain at 8-10 days. Inventory was
15-20 days as on March 31, 2015.

SCI has low cash accrual against nil debt obligation, and high
bank limit utilisation, which was at an average of 92 per cent for
the six months ended September 2015. The firm's accrual will be
INR2 million against nil debt obligation in 2015-16. Also,
liquidity is backed by need-based funds from partners.

SCI is a partnership firm established in 2005. It gins and presses
cotton and extracts cotton oil at its unit in Sirsa (Haryana). The
firm is owned and managed by Mr. Ved Prakash Gandhi and his family
members.


SHIVSHAKTI BARRELS: CRISIL Assigns 'B' Rating to INR45MM Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Shivshakti Barrels Pvt Ltd (SBPL).

                         Amount
   Facilities          (INR Mln)       Ratings
   ----------          ---------       -------
   Proposed Long Term
   Bank Loan Facility      1.5         CRISIL B/Stable

   Bank Guarantee         13.5         CRISIL A4

   Cash Credit            45.0         CRISIL B/Stable

The ratings reflect SBPL's large working capital requirement,
small scale of operations, and weak financial risk profile because
of average gearing and subdued debt protection metrics. These
weaknesses are partially offset by its promoters' extensive
experience in the steel barrels industry and its established
relationships with customers and suppliers.
Outlook: Stable

CRISIL believes SBPL will continue to benefit over the medium term
from its promoters' extensive industry experience. The outlook may
be revised to 'Positive' if scale of operations increases
significantly and operating margin remains steady, leading to a
better financial risk profile. Conversely, the outlook may be
revised to 'Negative' if financial risk profile deteriorates
because of large debt for capital expenditure or working capital
requirement, or decline in operating profitability.

Incorporated in 2000, SBPL manufactures steel barrels. Its
manufacturing facility is at Halol in Vadodara (Gujarat). The
company is promoted and managed by Parihar family and has capacity
to produce 25,000 barrels per months.

On a provisional basis, SBPL reported profit after tax (PAT) of
INR2.1 million on net sales of INR144.3 million for 2014-15
(refers to financial year, April 1 to March 31), against net loss
of INR0.5 million on net sales of INR86.1 million for 2013-14.


SHREE GEETA: ICRA Assigns B+ Rating to INR43.46r LT Loan
--------------------------------------------------------
ICRA has assigned its long term rating of [ICRA]B+ and short term
rating of [ICRA]A4 to the bank facilities of INR 58.71 crore of
Shree Geeta Textile Mills Pvt. Ltd.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long term fund
   Based-Cash credit
   limit                 13.50        [ICRA]B+; assigned

   Long term fund
   based-Term Loan       43.46        [ICRA]B+; assigned

   Long term/short
   term non fund
   based-Bank
   Guarantee              1.75        [ICRA]B+/A4; assigned

ICRA's ratings take into account the risks involved in ramping up
of capacity utilisation of the greenfield spinning facility being
set up by SGTM, which is scheduled to commence commercial
operations from October, 2015 and for which the loan repayments
will start from April, 2016, thereby leaving little room for
missteps and which could also result in short term stress on
liquidity. Further, the financial profile of the company is
expected to remain under pressure with high gearing, and weak
coverage indicators which could be affected by the fluctuation in
the raw material prices, and competitive pressures. Further, the
ratings also factors in the challenging business environment for
the spinning business on account of reduced demand for yarn in the
overseas markets leading to increased supply in the domestic
markets. The ratings are however supported by the extensive
experience of SGTM's promoters in the textile industry. ICRA
favourably factors in the various fiscal incentives provided under
the Madhya Pradesh State's Textile Policy and Technology
Upgradation Fund Scheme, these fiscal benefits are expected to
support the cash flows.

Going forward, the company's ability to commence commercial
production in October'15 within estimated costs and achieve
adequate capacity utilisation with efficient working capital
management and liquidity will be the key rating sensitivities.
Timely receipt of fiscal incentives will also be a key
monitorable.

SGTM was incorporated by the Madhya Pradesh based Mittal family in
2008. The company is setting up an integrated greenfield textile
project (spinning and knitting) at an estimated cost of INR 67.04
crore (debt-equity ratio of 1.85:1) at Burhanpur, Madhya Pradesh.
The company is scheduled to commence operations of the spinning
division by October 2015, while the knitting division is expected
to commence trial runs by the end of Novemeber, 2015. The company
will have 15,840 spindles and eight circular and open width
knitting machines. The capacity of the spinning division will be
3,698 metric tonnes per annum (MTPA) while the knitting division's
capacity will be 3,780 MTPA. The company plans to manufacture 100%
cotton yarn of 28 counts (averaged) which finds application in the
manufacturing of hosiery garments, and bed sheets.


SHRESID INTERIORS: CRISIL Lowers Rating on INR35MM Loan to B-
-------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
Shresid Interiors Pvt Ltd (SIPL) to 'CRISIL B-/Stable' from
'CRISIL B/Stable', while reaffirming its rating on the short-term
facility at 'CRISIL A4'.

                       Amount
   Facilities        (INR Mln)       Ratings
   ----------        ---------       -------
   Bank Guarantee        45          CRISIL A4 (Reaffirmed)
   Cash Credit           35          CRISIL B-/Stable (Downgraded
                                     from 'CRISIL B/Stable')

The rating downgrade reflects SIPL's constrained business risk
profile due to slow-down in end-user industry leading to pressure
on realizations alongwith stretch in debtor collection cycle. SIPL
made operating losses of around INR20 million in 2014-15 (refers
to financial year, April 1 to March 31) due to non-profitable
orders. The debtor days were high at more than 250 as on March
31st 2015.CRISIL expects business risk profile to remain weak
because of continued slow-down in end user industry keeping its
margins under pressure. The financial risk profile has also
weakened due to continued losses leading to poor debt protection
metrics.

The ratings reflect SIPL's small scale of operations in the
intensely competitive furnishing and interior decoration industry,
and large working capital requirements. The ratings also factor in
a weak financial risk profile because of poor debt protection
metrics. These rating weaknesses are partially offset by the
promoters' extensive industry experience.
Outlook: Stable

CRISIL believes SIPL's business profile will remain subdued
because of slow-down in industry demand scenario. The outlook may
be revised to 'Positive' in case of a significant increase in
revenue and profitability, leading to higher-than-expected cash
accrual. Conversely, the outlook may be revised to 'Negative' if
the financial risk profile, particularly liquidity, deteriorates
because of a further decline in revenue and profitability, larger-
than-expected debt-funded capital expenditure, or an increase in
working capital requirements.

SIPL, incorporated in 1995, is promoted by Delhi-based Mr. Sanjiv
Lamba. The company undertakes turnkey projects, primarily interior
designing for hospitality and real estate projects; it also trades
in ready-made furniture through its retail showroom in Delhi.


SIDDHI COTTON: ICRA Reaffirms B+ Rating on INR8.0cr Loan
--------------------------------------------------------
ICRA has reaffirmed an [ICRA]B+ rating to INR8.00 crore fund based
cash credit facility of Siddhi Cotton Ginning & Pressing Private
Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Cash Credit Limit      8.00        [ICRA]B+ reaffirmed

The rating continues to remain constrained by the company's modest
scale of operations with financial profile characterized by de-
growth in operating income during FY15, losses incurred at the net
level as well as weak coverage indicators. The rating also
considers the low operating profit margin on account of limited
value addition and highly competitive and fragmented industry
structure due to low entry barriers. The rating are further
constrained by vulnerability of profitability to raw material
prices, which are subject to seasonality and crop harvest and
regulatory risks with regard to minimum support price (MSP) of raw
cotton and export of cotton bales.

The rating, however, favorably considers the extensive experience
of the promoters in the cotton industry, favorable location of the
company giving it easy access to high quality raw cotton and
support from the group concern into similar line of business.

Siddhi Cotton Ginning & Pressing Private Limited (SCGPPL)) was set
up in 2007 as a private limited company by family members and
relatives having a long experience in cotton industry. The cotton
ginning and pressing unit is located at Rasnal (Dhasa), Bhavnagar.
It is also engaged in trading activities of cotton bales and
cottonseed. At present, the company has installed 48 ginning
machines and 1 pressing machine. Some of the shareholders of the
company are associated with other two group companies namely
Siddhi Cotton industries & Shivam Cotton Industries which are
engaged in similar line of ginning & pressing of raw cotton to
produce cotton bales and cotton seeds.

Recent Results
For the year ended 31st March, 2015, the company reported an
operating income of INR29.91 crore with net losses of INR0.01
crore.


SILVER PROTEINS: CRISIL Cuts Rating on INR120MM Loan to 'D'
-----------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Silver Proteins Pvt Ltd (SPPL; part of the Silver Mahendra group)
to 'CRISIL D/CRISIL D' from 'CRISIL B+/Stable/CRISIL A4'.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           120       CRISIL D (Downgraded from
                                   'CRISIL B+/Stable')

   Packing Credit         60       CRISIL D (Downgraded from
                                   'CRISIL A4')

   Proposed Long Term      2.7     CRISIL D (Downgraded from
   Bank Loan Facility              'CRISIL B+/Stable')

   Term Loan              11.3     CRISIL D (Downgraded from
                                   'CRISIL B+/Stable')

The rating downgrade reflects instances of delay by SPPL in
servicing its term debt; the delays resulted from weak liquidity
stemming from low net cash accrual and stretched working capital
cycle.

The ratings also reflects firms weak financial risk profile marked
by high gearing, modest debt protection metrics, and small net
worth, and exposure to intense competition in the fragmented
edible oils industry. These rating weaknesses are partially offset
by the extensive industry experience of the group's promoters.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of SPPL and Mahendra Oil Cake Industries
Ltd (MOCIL), together referred to as the Silver Mahendra group.
Both the companies have common ownership and operational linkages;
MOCIL has leased its manufacturing facilities to SPPL. The
management plans to merge the two companies over the medium term.

SPPL was incorporated in 1999 by the Damodia family of Jamnagar
(Gujarat). The company primarily sells groundnut de-oiled cakes,
filtered groundnut oil, and refined edible oils. It operates by
leasing out MOCIL's manufacturing facility in Jamnagar.

SPPL reported on a provisional basis, profit after tax (PAT) of
INR0.8 million on net sales of INR708.2 million in 2014-15 (refers
to financial year, April 1 to March 31), as against PAT of INR2.9
million on net sales of INR755 million in 2013-14.


STONE CONCERN: CRISIL Reaffirms B+ Rating on INR100MM Cash Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Stone Concern
Infrastructure Development Pvt Ltd (SIPL) continue to reflect
SIPL's modest scale of operations and its susceptibility to
intense competition in the fragmented civil construction segment.
These weaknesses are partially offset by the promoters' extensive
industry experience.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee        150       CRISIL A4 (Reaffirmed)
   Cash Credit           100       CRISIL B+/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility      5       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes SIPL will maintain its healthy business risk
profile over the medium term, supported by its strong order book.
The outlook may be revised to 'Positive' in case of continued
improvement in the company's revenue and profitability.
Conversely, the outlook may be revised to 'Negative' if SIPL
undertakes a large debt-funded capital expenditure programme,
leading to deterioration in its financial risk profile.

SIPL was originally established in Kolkata in the early 1990s as a
proprietorship concern; this firm was reconstituted as a private-
limited company in 2008. The company is a Class-A civil contractor
specialising in road projects. Mr. Kanak Changlani oversees its
operations.


SUDHAMA HOSIERIES: CRISIL Suspends 'C' Rating on INR29.1MM Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Sudhama Hosieries (Sudhama; part of the Sudhama group).

                            Amount
   Facilities             (INR Mln)     Ratings
   ----------             ---------     -------
   Export Packing Credit      25        CRISIL A4
   Foreign Bill Discounting    5        CRISIL A4
   Proposed Long Term
   Bank Loan Facility         29.1      CRISIL C
   Standby Line of Credit      5        CRISIL A4

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

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of Sudhama and Krishna Textile Process
(KTP). This is because the two entities, together referred to as
the Sudhama group, have a common management, are in the same line
of business, and have strong operational and financial linkages
with each other.

Set up in 1978 by Mr. P Gopalakrishnan, Sudhama manufactures
knitted garments and exports the same to European countries. Set
up in 2002, KTP is involved in dyeing of polyester, cotton and
viscose fabrics.


SUN AGENCY: CRISIL Lowers Rating on INR90MM Cash Loan to D
----------------------------------------------------------
CRISIL has downgraded its rating to the long term bank facility of
Sun Agency (SA) to 'CRISIL D' from 'CRISIL B+/Stable'.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           90        CRISIL D (Downgraded from
                                   'CRISIL B+/Stable')

The rating downgrade reflects deterioration in ST's liquidity with
its cash credit limit remaining over-utilised for more than 30
days due to muted accruals.

SA also has a weak financial risk profile marked by stretched
liquidity and working capital intensive operations. These rating
weaknesses are partially offset by the extensive experience of the
proprietor in the mobile handset trading business.

SA is a proprietorship concern established by Mr. Hitesh L Pandya
in the year 2011-12 (refers to financial year, April 1 to
March 31). The firm is the sole distributor of Code Division
Multiple Access (CDMA) handsets and recharge vouchers of RCL for
Navi Mumbai (Maharashtra).


VIRENDRA KUMAR: ICRA Lowers Rating on INR4cr Cash Loan to B+
------------------------------------------------------------
ICRA has revised downwards the long term rating assigned to the
INR4.00 crore fund based, INR2.00 crore non fund based bank
facilities and INR0.50 crore untied limit of Virendra Kumar Singh
(VKS) from [ICRA]BB- to [ICRA]B+.


                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Fund Based Limit-
   Cash Credit           4.00       [ICRA]B+ downgraded

   Non Fund Based
   Limit-Bank
   Guarantee             2.00       [ICRA]B+ downgraded

   Untied Limit          0.50       [ICRA]B+ downgraded

The downward revision of the rating primarily takes into account
the significant increase in working capital intensity of
operations, driven by an increase in the receivables position in
2014-15 over the previous fiscal and consistent decline in the
top-line of the firm during the past two years along with a weak
order book position, which provides limited revenue visibility in
the near term at least. The rating continues to be constrained by
a highly competitive business environment, characterized by the
presence of a large number of players along with a tender based
contract award system, both of which keep profitability under
check and high geographical concentration risk, with the firm's
operations being limited to the state of Chhattisgarh only. The
rating, however, favourably considers the experience of the
promoter of around four decades in the civil construction business
and its clientele comprising of Government and semi-Government
bodies, leading to relatively low counterparty risk. Nevertheless,
the risks associated with VKS's status as a proprietorship firm
including the risk of withdrawal of capital, will remain as a
credit concern going forward.

Established in 1972 as a proprietorship firm, VKS is primarily
engaged in the civil construction business. VKS's core area of
operations include construction of roads, dams and canals. The
firm's operations are limited to the state of Chhattisgarh, with
the firm executing contracts for various Government and Semi-
Government agencies.

Recent Results
VKS reported a net profit of INR0.82 crore (provisional) on an
operating income of INR16.42 crore (provisional) during 2014-15,
as against a net profit of INR1.21 crore on an operating income of
INR34.55 crore during 2013-14.



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


SOLID ENERGY: Cargill International Challenges Creditors Deal
-------------------------------------------------------------
Tim Fulton at Stuff.co.nz reports that Solid Energy faces a court
action to cancel its scheme to repay creditors.

Stuff.co.nz says Cargill International has filed in the High Court
for termination of Solid's Energy's scheme to pay back trading
creditors, banks and bondholders.

Solid Energy was in partnership with Cargill at the Spring Creek
mine on the West Coast from 2007 to 2012, when a crash in world
coal prices started Solid Energy's slide into voluntary
administration, according to the report.

Stuff.co.nz relates that Cargill said it lost US$42.4 million
(NZ$63.5m) in the mine and undelivered volumes of coal from the
Spring Creek Mining Company.

Cargill said Solid Energy owed it NZ$27.5 million and that the
state-run miner agreed to pay it that sum in a settlement in 2012.
Solid Energy has guaranteed that obligation, the report says.

Stuff.co.nz notes that Solid Energy was placed into voluntary
administration in August, having concluded it would not
realistically be able to refinance NZ$239 million of debt before a
deadline next year.  Its deed of company arrangement had trading
creditors paid in full, while other obligations to banks and
bondholders would be paid back in a restructured two-and-a-half
year facility. Creditors were to get back between 35c and 40c in
the dollar.

According to the report, Cargill vice president of corporate
affairs, Bruce Blakeman, said it should have been classed as a
trading creditor rather than a participant creditor.

"We just feel that we fit that (trading creditor) definition," the
report quotes Mr. Blakeman as saying.  Cargill had owned
49 per cent of the Spring Creek mine at one time "and the
relationship in the mine has been non banking".

Stuff.co.nz relates that Mr. Blakeman said it had tried to get a
hearing with all parties before filing in the High Court but no-
one had responded.

Cargill had been excluded from creditor talks before the deed of
arrangement was agreed and "all attempts" to negotiate had failed,
he said, Stuff.co.nz relays.

Stuff.co.nz adds that Solid Energy's deed administrators, Brendon
Gibson and Grant Graham of KordaMentha, said they would oppose
Cargill's application to terminate the deed of company
arrangement.

Mr. Gibson said "given the dire situation facing the company, the
DOCA was -- and remains -- in the best interests of the company,
its staff and participating creditors which explains why it was
almost unanimously supported, the report relates. The grounds for
this application are without merit and will be defended."

Solid Energy chairman Andy Coupe said his board was "confident
that the voluntary administration outcome, the deed of company
arrangement, was properly undertaken," adds Stuff.co.nz.

                         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.



                             *********

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 ***