TCRAP_Public/151026.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Monday, October 26, 2015, Vol. 18, No. 211


                            Headlines


A U S T R A L I A

BELL GROUP: Creditor Row Turns Nasty
BENSON NOMINEES: First Creditors' Meeting Set For November 2
GBI PTY: First Creditors' Meeting Slated For October 30
OSTRAVA EQUITIES: Court Appoints Provisional Liquidator
RT NO. 3: First Creditors' Meeting Set For November 2

TMIX PTY: First Creditors' Meeting Slated For November 2
YATANGO MOBILE: Two Units Placed Into Voluntary Administration


C H I N A

AGILE PROPERTY: Moody's Says Solicitation No Impact on Ba3 CFR
* China Decline May Slow US Container ABS Transaction, Fitch Says


I N D I A

AJANTA SPINTEX: CRISIL Reaffirms B- Rating on INR325MM LT Loan
ARJUN TECHNOLOGIES: CRISIL Cuts Rating on INR100MM Loan to B
ARKAOIS MULTI: ICRA Revises Rating on INR2.66cr Cert. to BB(SO)
BALAJI RICE: CRISIL Assigns B Rating to INR40MM LT Loan
BNR EGG: CRISIL Assigns B Rating to INR54MM Long Term Loan

BUSH TEA: CRISIL Reaffirms B Rating on INR200MM Cash Loan
CHARMS CHEM: ICRA Suspends 'C' Rating on INR3cr Term Loan
CRAFT INT-DECOR: CRISIL Reaffirms B+ Rating on INR35MM LT Loan
DENZONG ALBREW: CRISIL Reaffirms B- Rating on INR170MM Term Loan
DOLLY EXIM: ICRA Reaffirms B Rating on INR15.10cr LT Loan

EMPLOYEES WELFARE: CRISIL Reaffirms B+ Rating on INR140MM Loan
ESSEM JUTE: CRISIL Lowers Rating on INR55MM Cash Loan to D
EXCELLENT POWER: CRISIL Assigns B Rating to INR75MM Cash Loan
GEETANJALI AGRO: ICRA Ups Rating on INR9.30cr Cash Loan to B+
IMPHAL MUNICIPAL: Ind-Ra Withdraws 'B-' Long-Term Issuer Rating

KAIRALI EXPORTS: CRISIL Ups Rating on INR210MM LT Loan to B
KOHIMA MUNICIPAL: Ind-Ra Withdraws 'B' Long-Term Issuer Rating
KOHINOOR PLANET: ICRA Reaffirms D Rating on INR350cr Term Loan
KULGAON BADLAPUR: Ind-Ra Withdraws 'BB+' Long-Term Issuer Rating
LAXMI COTTEX: CRISIL Reaffirms B+ Rating on INR75MM Cash Loan

MADHYARANGA ENERGY: ICRA Assigns B Rating to INR10cr LT Loan
MEHRAB N: CRISIL Upgrades Rating on INR95MM Cash Loan to B+
PAGRO FOODS: ICRA Reaffirms B+ Rating on INR6.05cr Capital Loan
PLASTO ELTRONICS: CRISIL Reaffirms B+ Rating on INR30MM Loan
POWER CABLE: CRISIL Assigns B Rating to INR75MM Overdraft Loan

PRASANTHI CASHEW: CRISIL Ups Rating on INR300MM Loan to B
R D GOLDEN: CRISIL Reaffirms B+ Rating on INR70MM Cash Loan
R. R. ENERGY: ICRA Lowers Rating on INR62cr Term Loan to D
REDHU FARMS: CRISIL Lowers Rating on INR210MM Cash Loan to D
SAIMAX CERAMIC: ICRA Reaffirms B+ Rating on INR4.05cr Term Loan

SHIVAM PHOTOVOLTAICS: ICRA Suspends C Rating on INR7cr Loan
SHREE SIDDHESHWARI: ICRA Assigns B+ Rating to INR16cr Cash Loan
SHREE SIDHBALI: CRISIL Cuts Rating on INR100MM Cash Loan to D
SHREE SITA: ICRA Suspends B+ Rating on INR24.05cr Cash Loan
SUMIT GAS: CRISIL Lowers Rating on INR40MM Bank Loan to D

SURYA INDUSTRIES: CRISIL Reaffirms B Rating on INR140MM Loan
U. K. PAPER: CRISIL Assigns B- Rating to INR50MM Cash Loan
UNILOIDS BIOSCIENCES: ICRA Suspends B+ Rating on INR5.75cr Loan
UNITED WIRE: CRISIL Cuts Rating on INR119.5MM Cash Loan to D
YAMUNAJI ENTERPRISE: ICRA Assigns B+ Rating to INR4.50cr Loan

Z V STEELS: ICRA Reaffirms B+ Rating on INR18cr Cash Loan


J A P A N

TOSHIBA CORP: To Sell Image Sensor Production Line to Sony


P A K I S T A N

PAKISTAN: S&P Affirms B- Sovereign Rating & Retains Pos. Outlook


S R I  L A N K A

SANASA DEVELOPMENT: Fitch Affirms National LT Rating at BB+ (lka)


                            - - - - -


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


BELL GROUP: Creditor Row Turns Nasty
------------------------------------
Neale Prior at The West Australian reports that a veteran
litigation funder has accused the State Government's top legal
adviser of showing hubris amid a bitter creditor row over
AUD1.7 billion held in Alan Bond's failed Bell Group.

The West Australian relates that in a submission to a
parliamentary inquiry, litigation funder Hugh McLernon slammed the
approach allegedly taken by State Solicitor Paul Evans and the
Insurance Commission of WA during failed creditor mediation in
Singapore in June.

According to the report, Mr McLernon said he protested after
Mr Evans started a meeting with the statement: "We have not yet
decided which of you we are going to throw under a bus."

The report says the claim was made by Mr McLernon to a Legislative
Council committee examining proposed laws unveiled by Treasurer
Mike Nahan in May.  If passed, the laws will strip Bell liquidator
Tony Woodings and the courts of powers to resolve rival claims to
AUD1.7 billion of litigation proceeds, the report states.

The West Australian says the legislation comes amid fears that
ICWA could be left empty-handed despite spending more than
AUD200 million over two decades funding litigation against the
former bankers to Bell.

The report notes that Mr McLernon, who fronts a syndicate with a
AUD180 million-plus claim against Bell, claimed in his submission
to the committee that ICWA attended the mediation in June knowing
it was backed by the State's legislative power and "was prepared
to use it in conjunction with the State Solicitor".

According to the West Australian, the Singapore mediation was
originally due to take place in early May but had to be postponed
because the State Government unveiled its legislation on the eve
of the talks without giving prior notice to rival creditors,
including a company linked to Dutch distressed debt speculator
Louis Reijtenbagh.

The report relates that the Attorney-General's Department said in
a statement on October 13 "there is no hubris".

The department said Mr McLernon had quoted a selective extract out
of context from a lengthy and robust discussion involving a number
of parties, the report relays.

"The State Solicitor is therefore not able to put those words in
context because, unlike Mr McLernon, he has respected the
confidentiality of the mediation process, and not referred to
them," the statement, as cited by The West Australian, said.

Mr McLernon said that the confidentiality agreements of the sort
imposed by the State on the mediation were not designed to enable
the type of comments made by Mr Evans at the June meeting, the
report adds. "They're designed to protect commercial
negotiations," he said.

The committee was expected to hear evidence from ICWA on
October 14, The West Australian reports.

Bell Group Limited, formerly known as Western Australian Worsted
and Woollen Mills Limited, was delisted from the Australian
Stock Exchange on August 21, 1991, because of liquidation.  On
July 22, 2003, liquidator Tony Woodings started an action in
the WA Supreme Court against a group of 20 banks -- led by
Westpac -- in relation to their conduct in taking mortgages over
Bell Group assets in January 1990.  It was alleged the banks
knew or should have known that the company could not pay
creditors who were owed more than AUD800 million at the time.


BENSON NOMINEES: First Creditors' Meeting Set For November 2
------------------------------------------------------------
James White and Helen Newman of BDO were appointed as
administrators of Benson Nominees (Aust) Pty Ltd on Oct. 21, 2015.

A first meeting of the creditors of the Company will be held at
BDO, Level 11, 1 Margaret Street, in Sydney, on Nov. 2, 2015, at
11:00 a.m.


GBI PTY: First Creditors' Meeting Slated For October 30
-------------------------------------------------------
Christopher John Baskerville and Sule Arnautovic of Jirsch
Sutherland were appointed as administrators of GBI Pty Ltd,
trading as Warne Transport, on Oct. 20, 2015.

A first meeting of the creditors of the Company will be held at
The Phoenix Hotel, 29 Red Hill Road, in Gympie, Queensland, on
Oct. 30, 2015, at 9:00 a.m.


OSTRAVA EQUITIES: Court Appoints Provisional Liquidator
-------------------------------------------------------
Following an application by Australian Securities and Investment
Commission, the Federal Court in Melbourne has made orders
appointing a provisional liquidator to the following companies:
Ostrava Equities Pty Ltd, Ostrava Wealth Management Pty Ltd,
Ostrava Asset Management Pty Ltd, Ostrava Securities Pty Ltd,
Prometheus Capital Pty Ltd, Beta Pharmacology Pty Ltd, Thrive
Lending Pty Ltd and Trade BTC Pty Ltd.

The directors of the various companies, Mr Bradley Grimm, a
financial adviser, and Ms Vanessa Ash, a lawyer and director of
Ostrava Equities Pty Ltd, consented to the orders.

Ms Leanne Chesser and Mr Craig Shepard, of KordaMentha, have been
appointed by the Federal Court as joint and several provisional
liquidators.

ASIC's application follows an investigation by ASIC in which it
alleges that Mr Grimm and Ms Ash have been involved in multiple
contraventions of the corporations legislation including
unauthorised withdrawals of client funds and charging of fees by
Ostrava Equities Pty Ltd, a company which provides financial
services including establishment of self-managed superannuation
funds (SMSFs).

In a hearing on Oct. 20, 2015, the Federal Court ordered Ms
Chesser and Mr Shepard provide a report to the court and to ASIC
by Nov. 23, 2015. The report will include an assessment of the
financial position of each of the companies and any suspected
contravention of the Corporations Act by the companies, Ms Ash or
Mr Grimm.

The Court also made orders restraining the companies and Mr Grimm
from being involved in a financial services business. Ms Ash gave
an undertaking to the court to the same effect.

The matter is listed for a further Directions Hearing on
Dec. 18, 2015.

Investor/client queries should be directed to Annabel Martin of
Korda Mentha on 03 8623 3352 or via email at
amartin@kordamentha.com

ASIC commenced legal proceedings in April 2015 against Mr Grimm,
Ms Ash and Ostrava Equities Pty Ltd, Ostrava Asset Management Pty
Ltd and Ostrava Securities Pty Ltd.

Ms Ash is a current director of Ostrava Equities Pty Ltd and
Ostrava Asset Management Pty Ltd.  Ostrava Equities is an
authorised representative of Marigold Falconer International Ltd.
Ms Ash is also a director and authorised representative of Ostrava
Securities Pty Ltd (AFSL No 436231).

Mr Grimm is a director of Ostrava Wealth Management, a joint
director of Ostrava Asset Management Pty Ltd and former director
of Ostrava Equities Pty Ltd. Mr Grimm is also an authorised
representative of Ostrava Securities Pty Ltd and Marigold
Falconer International Limited.


RT NO. 3: First Creditors' Meeting Set For November 2
-----------------------------------------------------
Jason Bettles & Raj Khatri of Worrells Solvency & Forensic
Accountants were appointed as administrators of RT No. 3 Pty Ltd
on Oct. 21, 2015.

A first meeting of the creditors of the Company will be held at
Worrells Solvency & Forensic Accountants, Level 5, HQ@Robina,
58 Riverwalk Avenue, in Robina, Queensland, on Nov. 2, 2015, at
10:30 a.m.


TMIX PTY: First Creditors' Meeting Slated For November 2
--------------------------------------------------------
Schon Gregory Condon RFD of Condon Associates was appointed as
administrator of TMIX Pty Ltd on Oct. 21, 2015.

A first meeting of the creditors of the Company will be held at
Level 6, 87 Marsden Street, in Parramatta, on Nov. 2, 2015, at
12:00 p.m.


YATANGO MOBILE: Two Units Placed Into Voluntary Administration
--------------------------------------------------------------
Eloise Keating at SmartCompany reports that two further businesses
in the Yatango group of companies have entered voluntary
administration, less than a month after its mobile division also
collapsed.

As SmartCompany reported earlier this month, the Yatango Mobile
(Australia) entered voluntary administration on September 29, with
the first meeting of the company's creditors due to take place on
October 25.

According to records from the Australian Securities and
Investments Commission, Yatango Mobile and Yatango Holdings are
now also in voluntary administration, SmartCompany relates.

The first meeting of creditors is scheduled to take place in
Sydney on October 30.

SmartCompany, citing a company prospectus issued earlier this
year, discloses that Yatango Holdings is the controlling entity of
the entire Yatango business.

A chart in the prospectus shows Yatango Holdings owned 55.29% of
Yatango Mobile, which has also entered voluntary administration
and owns 100% of Yatango Mobile (Australia), which entered
voluntary administration at the end of September.

Yatango Holdings also owns six other entities, including
Australian based companies Yatango Travel, Yatango Taxis, eTail
Solutions and Yatango Labs (Australia) and Hong Kong based
businesses Glotech Services Limited and Yatango HK Limited.

Mark Hutchins and Jason Tang of Cor Cordis have been appointed to
manage the administration of Yatango Mobile and Yatango Holdings,
which commenced on October 20, according to SmartCompany.

The administration of Yatango Mobile (Australia) is being managed
by Hugh Armenis and Katherine Barnet of Bentleys Corporate
Recovery, the report notes.

A spokesperson for Bentleys previously told SmartCompany its
appointment only related to Yatango's "mobile platform".

"The business is still trading, it's business as usual, there is
no disruption to services," the spokesperson said in early
October.

Yatango was founded in 2013 as a consumer-focused data usage
startup. The company quickly became known for its mobile platform,
which allows users to build their own mobile plans to save money,
however, it also operates in the travel, banking and shopping
spaces.

In March, the company announced it would be seeking to raise $6
million by listing on the Australian Securities Exchange via a
reverse takeover of listed mining company Latitude Consolidated
Limited, SmartCompany recalls.

However, the reverse takeover deal with Latitude Consolidated
appears to have fallen through, with Latitude issuing a statement
to the ASX on August 12 that said the "minimum fund raising
required under the prospectus . . . has not been reached," adds
SmartCompany.



=========
C H I N A
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AGILE PROPERTY: Moody's Says Solicitation No Impact on Ba3 CFR
--------------------------------------------------------------
Moody's Investors Service says that Agile Property Holdings
Limited's consent solicitation has no immediate impact on its Ba3
corporate family rating and B1 senior unsecured debt rating, or on
its negative ratings outlook.

Agile is seeking consent from the holders of the company's USD
notes due 2019 and RMB notes due 2017 to amend their terms --
including amendments in relation to debt incurrence, certain
provisions and definitions -- to conform with its recently issued
notes due 2020.

"The proposed amendments will provide Agile with more flexibility
in financial management and in incurring debt. Consequently, the
amendments -- if approved -- will loosen existing restrictions on
the company's ability to raise debt," says Kaven Tsang, a Moody's
Vice President and Senior Credit Officer.

"However, in the event of such a loosening, Moody's does not
expect the company to change its financial policies and profile to
an extent that would pressure its ratings," says Tsang, who is
also the lead analyst for Agile.

For the first nine months of 2015, Agile achieved contracted sales
of RMB29.6 billion, representing year-over-year growth of 3.5%.
Moody's believes that the company is on track to achieve its full-
year target of RMB45 billion.

Agile's adjusted EBIT/interest coverage fell only slightly to
about 3.0x for the 12 months ending 30 June 2015 from 3.1x in
2014, while revenue/adjusted debt remained flat at round 77%.

Moody's expects EBIT/interest coverage will stand at about 3.0x
and revenue/adjusted debt at 77%-80% over the next 12-18 months,
as the company will execute its sales plan and prudently manage
its debt leverage.

Its key credit metrics remain largely stable and continue to
position the company at the Ba3 rating level.

Moody's notes that Agile will demonstrate a high level of
refinancing needs over the next 12 months, while it held around
RMB16.4 billion in short-term debt as of June 2015.

The successful term out of these loans or their repayment with
operating cash flow will be credit positive.

Agile Property Holdings Limited is one of China's major property
developers, operating in the mid- to high-end segment. At 26
August 2015, the company had a land bank with a total gross floor
area of 38.6 million square meters in 41 cities and districts in
China. Southern China -- mainly Guangdong Province -- is its
largest market, accounting for around 35% of the company's land
bank and around 48% of its pre-sales in 1H 2015.


* China Decline May Slow US Container ABS Transaction, Fitch Says
-----------------------------------------------------------------
The recent economic slowdown in China could have negative
implications for container ABS transactions, Fitch Ratings says.
Container utilization and lease rates in outstanding transactions
could come under pressure if China's manufacturing sector
continues to decline and the country enters a long-term
recessionary environment with slowed GDP growth.

Earlier this week, China's GDP growth decreased to 6.9% in the
third quarter, the first time reporting below 7% since 2009.  The
International Monetary Fund (IMF) also recently lowered global
growth forecasts for 2015 from 3.3% to 3.1% as a direct result of
China's increasingly stagnant growth, highlighting the importance
of China's role in the global economy.  China's importance to
shipping is significant.  Its ports account for over one-third of
the world's containerized traffic, by 24 equivalent units (TEUs),
with the majority of traffic traveling on the Asia-Europe and
Transpacific trade routes.

Hapag-Lloyd AG, one the largest container shipping companies in
the world and consistently one of the largest lessees in container
ABS pools, announced its worldwide cargo volumes decreased 3% in
the first half of 2015, largely due to exposure to China ports.
State-owned China Cosco Holdings (COSCO), China's largest
container shipping line, also recently announced declines in cargo
volumes and revenue declines of 9%.  With global shipping lines
already struggling in recent years, China's slowdown could
increase lessee default risk.  Despite their fairly diverse
collateral pools, lessee concentrations in container ABS
transactions are often highly concentrated among a small number of
lessees, including Hapag-Lloyd, COSCO and France's CMA CGM.

Fitch expects lease rates to remain near record lows in the
interim, generating lower amounts of monthly cash flows for
outstanding container ABS transactions.  Lease rates for 40- and
20-foot dry containers recently reached all-time record lows, due
to oversupply of containers and increased competition in the
market.  Along with 40-foot reefers, these containers are the most
popular types in securitized pools and their lease rates are the
primary drivers of cash flow.  Additionally, new build prices for
containers are at all-time lows, creating pressure on disposition
proceeds for the trust.

Fitch believes increasing LTVs, declining monthly cash flows and
an increasing probability of lessee default create a higher degree
of risk for container ABS should the situation in China worsen.
While many lessors within the market have refinanced older
transactions over the past two years, many remain at risk due the
potential for cash flows to decline.  If interest rates rise over
the next 12 months, the lessors will potentially lose their
ability to refinance outstanding debt.  In this scenario, Fitch
would expect older transaction LTVs to increase further due to the
decline in monthly cash flows.



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


AJANTA SPINTEX: CRISIL Reaffirms B- Rating on INR325MM LT Loan
--------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Ajanta Spintex
Ltd (ASL) continues to reflect ASL's below-average financial risk
profile, marked by a small net worth, high gearing, and weak debt
protection metrics and liquidity.

                       Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit           90         CRISIL B-/Stable (Reaffirmed)
   Long Term Loan       325         CRISIL B-/Stable (Reaffirmed)

The rating also factors in the company's modest scale and working-
capital-intensive nature of operations. These rating weaknesses
are partially offset by the extensive experience of ASL's
promoters in the cotton yarn industry.

Outlook: Stable

CRISIL believes that ASL will continue to benefit over the medium
term from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' if ASL registers a
substantial increase in its revenue and profitability, leading to
improvement in its financial risk profile. Conversely, the outlook
may be revised to 'Negative' if the company's profitability or
revenue declines or if its working capital cycle is stretched,
resulting in low cash accruals, or if it undertakes a large debt-
funded capital expenditure programme, leading to deterioration in
its financial risk profile.

Established in 2010 and based in Guntur (Andhra Pradesh), ASL
manufactures cotton yarn. The company is promoted by Mr. I Dhana
Reddy and his family members.


ARJUN TECHNOLOGIES: CRISIL Cuts Rating on INR100MM Loan to B
------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Arjun
Technologies India Limited (ATIL) to 'CRISIL B/Stable/CRISIL A4'
from 'CRISIL BB-/Stable/CRISIL A4+'.

                       Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Bank Guarantee        60         CRISIL A4 (Downgraded from
                                    'CRISIL A4+')

   Cash Credit          100         CRISIL B/Stable (Downgraded
                                    from 'CRISIL BB-/Stable')

   Letter of Credit      30         CRISIL A4 (Downgraded from
                                    'CRISIL A4+')

   Long Term Loan        22.8       CRISIL B/Stable (Downgraded
                                    from 'CRISIL BB-/Stable')

   Proposed Long Term    54.2       CRISIL B/Stable (Downgraded
   Bank Loan Facility               from 'CRISIL BB-/Stable')

   Standby Line of       20.0       CRISIL B/Stable (Downgraded
   Credit                           from 'CRISIL BB-/Stable')

The rating downgrade reflects CRISIL's belief that ATIL's business
risk profile will remain constrained over the medium term, marked
by decline in revenues and subdued operating profitability. The
revenue declined by around 31 per cent year-on-year to INR143. 2
million in 2014-15 on account of the subdued performance of the
paper and pulp industry. The company also reported operating
losses during the same period marked by intense competition and
high overhead costs. Deterioration in the operating performance
has resulted in weakening of liquidity marked by cash losses and
high utilisation of bank limits during the year. However, the
liquidity is partially supported by unsecured loans from promoters
and group companies which stood at INR18 million as on March 2015.

The ratings reflect ATIL's working-capital-intensive operations,
exposure to cyclicality in demand from end-user industries, and
below-average financial risk profile because of a small net worth
and weak debt protection metrics. These rating weaknesses are
partially offset by the company's established market position in
the paper-manufacturing equipment segment.
Outlook: Stable

CRISIL believes ATIL will continue to benefit over the medium term
from its established market position as a leading equipment
supplier to pulp and paper manufacturers in India. The outlook may
be revised to 'Positive' in case of significant increase in
revenue and operating profitability leading to improved liquidity.
Conversely, the outlook may be revised to 'Negative' if it the
company's financial risk profile, particularly liquidity,
deteriorates, most likely because of a decline in cash accrual, or
stretch in the company's working capital cycle.

Incorporated in 1998 and promoted by Mr. P Chandrasekhar, ATIL is
an engineering and equipment turnkey system supplier for the pulp
and paper industry.


ARKAOIS MULTI: ICRA Revises Rating on INR2.66cr Cert. to BB(SO)
---------------------------------------------------------------
ICRA has upgraded the ratings of PTCs (Pass Through Certificates)
in case of the Arkaois Multi Micro Finance Pool Trust 2015
transaction backed by Multi-Originator micro loan pools. The
rating upgrade reflects the good collection performance on the
underlying pools so far, and enhanced credit enhancement cover for
the rated instruments over the shorter residual tenure. The
summary of the rating actions taken by ICRA is given below.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   PTC Series A1         30.63       Revised from [ICRA]BBB(SO)
                                     to [ICRA]A(SO)

   PTC Series A2          2.66       Revised from [ICRA]B(SO)
                                     to [ICRA]BB(SO)

The selected pool underlying the transaction comprised of
unsecured micro loans, with moderate initial tenure of contracts
(20 months), high initial seasoning and no overdue. Moreover, the
pools comprised of Group Loans only. The instruments in the above-
mentioned transaction are backed by pools of micro loan
receivables originated by multiple originators; the originators
are as shown in table above.

According to the transaction structure, the entire pool of
selected contracts will be assigned to a Special Purpose Vehicle
(Trust) at premium. The Trust will issue two series of PTCs backed
by the receivables. Though the pool would be receiving cashflows
on a weekly/fortnightly/monthly basis, payouts to the PTCs would
be made on a monthly basis. Every month, only the interest payment
is scheduled to be paid to PTC A1. The principal repayment to PTC
A1 is scheduled to be paid on the Final Maturity Date. However,
the balance monthly excess cashflow -- excess of collections from
the loan pool over the scheduled monthly PTC payouts -- will be
first utilized for payment of principal of PTC A1 till it is fully
paid down. After PTC A1 has been fully paid out, all the cashflows
will be passed on to PTC A2 first by way of principal amortization
(till the principal balance falls to INR1,000) and later by way of
yield. On the last payment date, PTC A2 would be paid the residual
interest (such that the target yields is achieved) and payment of
INR1,000 towards PTC A2 principal, together. Any payment to PTC A2
would be made only after PTC A1 is completely paid out.


BALAJI RICE: CRISIL Assigns B Rating to INR40MM LT Loan
-------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to long-term bank
facilities of Balaji Rice Industries - Nellore (Balaji).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Proposed Long Term        5        CRISIL B/Stable
   Bank Loan Facility
   Cash Credit              25        CRISIL B/Stable
   Long Term Loan           40        CRISIL B/Stable

The rating reflects Balaji's susceptibility to regulatory changes
in the rice industry, and average financial risk profile because
of moderate gearing and small net worth. These rating weaknesses
are partially offset by the extensive experience of the firm's
promoters in the rice industry.
Outlook: Stable

CRISIL believes Balaji will continue to benefit over the medium
term from partners' experience industry experience. The outlook
may be revised to 'Positive' if firm completes project on time and
within budgeted cost, and if ramp up in plant's operations results
in faster-than-expected revenue and accrual. Conversely, the
outlook may be revised to 'Negative' if there is time or cost
overrun in implementation of project or if increase in revenue and
accrual is slower than expected.

Set up in 2011 as a partnership firm, Balaji is promoted by Mr.
Lokesh and his family members. The firm is setting up a rice mill
in Nellore (Andhra Pradesh) with processing capacity of 8 tonnes
per hour.


BNR EGG: CRISIL Assigns B Rating to INR54MM Long Term Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of BNR Egg Farms (BNR).

                       Amount
   Facilities        (INR Mln)       Ratings
   ----------        ---------       -------
   Proposed Cash
   Credit Limit          3.8         CRISIL B/Stable
   Cash Credit          17.2         CRISIL B/Stable
   Long Term Loan       54.0         CRISIL B/Stable

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

CRISIL believes that BNR will benefit from the promoter's
extensive experience in the poultry industry. The outlook may be
revised to 'Positive' if the firm reports higher than expected
revenues and profitability resulting in higher cash accruals or if
there is any significant equity infusion by the promoters
resulting in improvement in the capital structure and financial
risk profile. Conversely the outlook may be revised to 'Negative'
if there is a decline in the revenues and operating profitability
or if the firm undertakes any significant debt funded capital
expenditure plan leading to deterioration of its financial risk
profile.

Established in 2005 as a partnership firm, BNR is engaged in
production of commercial eggs. The firm is promoted by Mr.P.
Seshagiri Rao and his associates. Based out of Vishakhapatnam in
Andhra Pradesh.


BUSH TEA: CRISIL Reaffirms B Rating on INR200MM Cash Loan
---------------------------------------------------------
CRISIL's rating on the bank facility of Bush Tea Co Pvt Ltd
(BTCPL) continues to reflect the moderate financial risk profile
because of weak debt protection metrics.

                       Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit           200        CRISIL B/Stable (Reaffirmed)

The rating also reflects the continued working capital-intensive
operations because of high gross current asset days on account of
high inventory days; as a policy, the company stores good quality
tea during April-June. These rating weaknesses are partially
offset by the promoter's extensive experience in the tea industry
and reputation of group companies in the market.
Outlook: Stable

CRISIL believes BTCPL 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 better-
than-expected growth in revenue, or improved working capital
management or capital structure results in improvement in the
financial risk profile. Conversely, the outlook may be revised to
'Negative' if a further stretch in working capital cycle or lower
profitability weakens the financial risk profile.

BTCPL was taken over by the promoter Mr. Sanjay Kumar Bansal in
2009. Prior to the acquisition, the company exported conventional
tea to the US, the UK, and Gulf countries. Following the
acquisition, the company reduced its export operations and mostly
indulged in conventional tea trading in the domestic market with a
negligible proportion of organic tea trading. It procures tea in
bulk equally from auction houses and private players, blends it in
the warehouse.


CHARMS CHEM: ICRA Suspends 'C' Rating on INR3cr Term Loan
---------------------------------------------------------
ICRA has suspended [ICRA]C rating assigned to the INR3.00 crore
term loan and the INR3.50 crore cash credit facilities of Charms
Chem Private Limited. ICRA has also suspended [ICRA]A4 rating
assigned to the INR0.50 crore short term facilities of Charms Chem
Private Limited. The suspension follows ICRA's inability to carry
out a rating surveillance in the absence of the requisite
information from the company.

Charms Chem Private Limited was incorporated in 2001 promoted by
Mr. Milind Honavar and Mrs. Sangeeta Honavar as a producer and
supplier of anti-cancer ingredients to pharmaceutical companies.
The company has two manufacturing units located in Kurkumbh MIDC
and Jejuri near Pune. The Kurkumbh plant was setup in 2001, while
the Jejuri plant was bought by the company in 2009 alongwith all
the existing manufacturing machineries. The intermediates produced
by the company in the Kurkumbh plant are mainly anti-cancer
intermediates used in the production of oncology drugs. In 2007,
the company has setup an office cum R&D facility in Hadapsar area
of Pune.



CRAFT INT-DECOR: CRISIL Reaffirms B+ Rating on INR35MM LT Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Craft Int-Decor Private
Limited (CIPL) continue to reflect the modest scale of operations,
working capital-intensive operations, and susceptibility to
cyclicality in the construction sector. These rating weaknesses
are partially offset by the extensive industry experience of
promoters and the moderate financial risk profile.

                       Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Bank Guarantee        50         CRISIL A4 (Reaffirmed)
   Cash Credit           30         CRISIL B+/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility    35         CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes CIPL will continue to benefit over the medium term
from the promoters' extensive industry experience. The outlook may
be revised to 'Positive' if a significant improvement in the scale
of operations and profitability leads to higher-than-expected cash
accrual along with efficient working capital management.
Conversely, the outlook may be revised to 'Negative' if lower-
than-expected cash accrual or larger-than-expected working capital
requirement leads to deterioration in the financial risk profile.

CIPL was incorporated in 2003 by Mr. Naresh Sudra and his wife,
Mrs. Usha Sudra. The company is based in Bengaluru and has
branches in Ahmedabad (Gujarat) and Pune (Maharashtra). It
undertakes interior decoration work on the basis of drawings and
designs provided by customers. The entire business is tender-
based; CIPL primarily executes tenders floated by private
companies for its commercial office spaces.


DENZONG ALBREW: CRISIL Reaffirms B- Rating on INR170MM Term Loan
----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Denzong Albrew
Pvt Ltd (DAPL) continues to reflect the subdued financial risk
profile because of low profitability, moderate net worth, and weak
debt protection metrics.

                       Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit           10         CRISIL B-/Stable (Reaffirmed)
   Term Loan            170         CRISIL B-/Stable (Reaffirmed)

The rating also reflects the exposure to risks related to customer
concentration in revenue. These rating weaknesses are partially
offset by the extensive experience of promoters in the liquor
manufacturing business and tie-up with United Breweries Pvt Ltd
(UBL).
Outlook: Stable

CRISIL believes DAPL will continue to benefit over the medium term
from the promoters' extensive industry experience and tie-up with
UBL. The outlook may be revised to 'Positive' in case of a
sustainable increase in the revenue and profitability and
improvement in the debt protection metrics and liquidity.
Conversely, the outlook may be revised to 'Negative' if lower-
than-expected revenue or profitability, or a stretch in the
working capital cycle leads to deterioration in the financial risk
profile, particularly liquidity.

DAPL was incorporated in 1999. The promoter-directors, Mr Rishi
Kumar Mittal and his brother, Mr Sanjay Mittal, have been in the
liquor manufacturing business in North Eastern India since the
past two decades. DAPL commissioned its beer plant in June 2011,
with a production capacity of 150,000 hecto litres per annum
(hlpa). The manufacturing unit produces mild (lager) and strong
beer using malt and hops as primary raw materials. The company has
a memorandum of understanding (MOU) with UBL to manufacture and
bottle beer under the principal's brands Kingfisher and Kalyani
Black Label.


DOLLY EXIM: ICRA Reaffirms B Rating on INR15.10cr LT Loan
---------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B for INR15.10
crore (enhanced from INR12.00 crore) cash credit facilities of
Dolly Exim Private Limited. ICRA has also reaffirmed the long-term
rating of [ICRA]B to the INR2.84 crore term loans and the INR0.06
crore (reduced from INR0.16 crore) unallocated bank limits of the
company.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term, Fund
   Based Limits-
   Cash Credit          15.10         [ICRA]B/reaffirmed

   Long Term, Fund
   Based Limits-
   Term Loan             2.84         [ICRA]B/ reaffirmed

   Unallocated Long
   Term facilities       0.06         [ICRA]B/ reaffirmed

The rating reaffirmation continues to factor in the vast
experience of the promoters of over two decades in the textile
trading business and the long standing relationship with
customers. The rating, however, continues to be constrained by the
weak financial risk profile characterised by modest revenue
growth, declining profitability and weak debt coverage indicators.
The return indicators also remain subdued with large loans and
advances extended to group companies and third parties, wherein
returns remain muted. The rating also factors in the modest scale
of operations and the high geographical concentration risk as the
operations are restricted to only one city.

Dolly Exim Private Limited is engaged in the business of trading
of grey yarn and fabric for suiting and shirting. The company was
started by Mr. Vinod Deora in the year 1994 and was earlier called
'Dolly Jewels Private Limited'. DEPL primarily operates in Mumbai
area. The company has long and established relationship with most
of its customers and suppliers. Apart from fabrics, a small
proportion of the company's sales are from trading of gold
jewellery and diamonds.

Recent Results
As per the audited results for FY 2015, DEPL reported Profit after
tax (PAT) of INR0.06 crore on an operating income of INR51.93
crore as compared to PAT of INR0.12 crore on an operating income
of INR48.84 crore in FY 2014.


EMPLOYEES WELFARE: CRISIL Reaffirms B+ Rating on INR140MM Loan
--------------------------------------------------------------
CRISIL's rating on the bank facilities of Employees Welfare Fund
(EWF) continues to reflect EWF's weak capitalisation (largely
because its status - as a non-profit organisation registered as a
society - does not permit it to raise capital for its funding
needs) and earnings. These rating weaknesses are partially offset
by EWF's healthy asset quality.

                       Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit           140        CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes EWF will maintain healthy asset quality over the
medium term. The outlook may be revised to 'Positive' if EWF
reconstitutes its legal structure to facilitate smooth raising of
capital and thus improves its capitalisation and earnings.
Conversely, the outlook may be revised to 'Negative' in case of a
decline in EWF's asset quality.

EWF is a non-profit organisation registered as a society in 1975
under the Karnataka's Societies Registration Act. It caters to
employees and officers based in the Bengaluru (Karnataka) division
of Hindustan Aeronautical Ltd (HAL). The objective of EWF is to
provide financial assistance for the welfare of its members by way
of loans for education and medical treatment, and carrying out
other activities related to the welfare of the employees and their
families. Loan dues are deducted by the employer, HAL, from the
salary of the members and remitted to EWF.

For 2014-15 (refers to financial year, April 1 to March 31), EWF
reported a provisional net surplus of INR5 million on a total
income of INR33.2 million, compared to a net surplus of INR1.6
million on a total income of INR27 million for the previous year.
EWF's loans and advances reduced to INR125 million as on
March 31, 2015 from INR130 million a year ago.


ESSEM JUTE: CRISIL Lowers Rating on INR55MM Cash Loan to D
----------------------------------------------------------
CRISIL has downgraded its ratings on the bank loan facilities of
Essem Jute Industries Ltd (Essem) to 'CRISIL D/CRISIL D' from
'CRISIL BB-/Stable/CRISIL A4+'.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee         4        CRISIL D (Downgraded from
                                   'CRISIL A4+')

   Cash Credit           55        CRISIL D (Downgraded from
                                   'CRISIL BB-/Stable')

   Letter of Credit      20        CRISIL D (Downgraded from
                                   'CRISIL A4+')

   Term Loan             19        CRISIL D (Downgraded from
                                   'CRISIL BB-/Stable')

The downgrade reflects instances of delay by Essem in paying
interest on the cash credit account, resulting in the account
remaining overdrawn.

The ratings continue to reflect Essem's large working capital
requirements and exposure to risks related to the regulated nature
of the jute industry. These weaknesses are partially offset by the
promoters' extensive experience.

Essem was set up in Kolkata by Mr. Tarun Mall and Mr. Kailash
Kumar Jhawar in December 2002. The company manufactures jute
products such as jute yarn, hessian cloth, and bags. The company's
facilities are in Cooch Behar (West Bengal).


EXCELLENT POWER: CRISIL Assigns B Rating to INR75MM Cash Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank loan facility of Excellent Power Cable Pvt Ltd (EPCPL).

                       Amount
   Facilities        (INR Mln)       Ratings
   ----------        ---------       -------
   Cash Credit            75         CRISIL B/Stable

The rating reflects weak financial risk profile because of high
gearing, and modest scale of operations in the fragmented aluminum
industry. These weaknesses are partially offset by promoters'
extensive industry experience.

Outlook: Stable

CRISIL believes EPCPL will continue to benefit over the medium
term from promoters' extensive industry experience. The outlook
may be revised to 'Positive' if the company scales up operations
significantly and improves profitability, leading to better-than-
expected cash accrual and improvement in liquidity. Conversely,
the outlook may be revised to 'Negative' if financial risk
profile, particularly liquidity, deteriorates because of larger-
than-expected working capital requirement, lower cash accrual, or
sizeable debt-funded capital expenditure.

EPCPL, incorporated in 2006 in Delhi by members of the Aggarwal
family, manufactures ACSR conductors and aluminium wires. The
company is being promoted by Mr. Moolchand Aggarwal and his family
members.


GEETANJALI AGRO: ICRA Ups Rating on INR9.30cr Cash Loan to B+
-------------------------------------------------------------
ICRA has upgraded the rating assigned to the INR1.13 crore
(reduced from INR1.65 crore) term loans, INR9.30 crore (enhanced
from INR7.30 crore) long-term fund based facilities and INR2.57
crore (reduced from INR4.05 crore) proposed long-term fund based
facilities of Geetanjali Agro Industries from [ICRA]B to [ICRA]B+.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Fund Based Limits-    1.13       [ICRA]B+; Upgraded
   Term Loans                       from [ICRA]B

   Fund Based Limits-    9.30       [ICRA]B+; Upgraded
   Cash Credit                      from [ICRA]B

   Fund Based Limits-    2.57       [ICRA]B+; Upgraded
   Proposed                         from [ICRA]B

The rating upgrade takes into account the stabilisation of
operations of the rice milling facility after it commenced
operations in November 2013. The rating also favourably considers
the promoter's long standing experience in the rice milling and
processing industry, it's established distribution channel across
domestic market, proximity to paddy growing areas in Raichur
(Karnataka) facilitating easy procurement of raw materials and
stable demand outlook with rice being an important part of the
staple Indian diet. The rating, however, remains constrained by
the firm's moderate scale of operations, limited value additive
nature of business and high competitive intensity owing to the
fragmented nature of the industry resulting in minimal pricing
flexibility and vulnerability of raw material (paddy) availability
to the agro-climatic conditions. The rating also considers the
weak financial profile of the firm characterized by low
profitability and stressed capital structure. The rating also
takes note of the risk inherent in the partnership nature of the
firm such as limited ability to raise funds, funds withdrawal etc.
Going forward, the firm's ability to scale up its operations,
strengthen its margins and improve its capitalization and coverage
indicators would be the key rating sensitivities.

Established in 2011 by Mr. B. Srinivas, Mr. B. Vasanth, Mrs. B.
Prasanna and Mrs. Suchitra, Geetanjali Agro Industries ("the
Firm") is engaged in the milling and processing of rice/paddy. The
firm's major products include boiled rice, raw rice, bran, broken
rice and husk. The firm commenced its operations from November,
2013 with a new plant set-up over an area of five acres in Raichur
district of Karnataka with a capacity to process eight tonnes of
paddy per hour. Although, the firm's operations have commenced
only recently, the promoter group has been engaged in similar
business for more than 15 years.

Recent results
The Firm reported a net profit of INR0.53 crore on an operating
income of INR43.57 crore during 2014-15 against a net profit of
INR0.25 crore on an operating income of INR27.21 crore during
2013-14.


IMPHAL MUNICIPAL: Ind-Ra Withdraws 'B-' Long-Term Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Imphal Municipal
Council's 'IND B-' Long-Term Issuer Rating.  The Outlook was
Stable.

The rating was assigned to the urban local body under the
Jawaharlal Nehru National Urban Renewal Mission programme.  The
rating withdrawal follows the completion of the Ministry of Urban
Development's mandate to Ind-Ra.

The agency will no longer provide ratings or analytical coverage
for the urban local body.


KAIRALI EXPORTS: CRISIL Ups Rating on INR210MM LT Loan to B
-----------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Kairali Exports (KE) to 'CRISIL B/Stable' from 'CRISIL B-/Stable'.

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Packing Credit         120        CRISIL B/Stable (Upgraded
                                     from 'CRISIL B-/Stable')

   Proposed Long Term     210        CRISIL B/Stable (Upgraded
   Bank Loan Facility                from 'CRISIL B-/Stable')

The upgrade reflects CRISIL's belief that KE will sustain its
improved liquidity over the medium term. The firm is likely to
generate annual cash accrual of INR7.5 million against nil debt
obligation over the medium term.

The rating reflects below-average financial risk profile because
of high total outside liabilities to tangible net worth ratio,
susceptibility of operating margin to volatility in cashew prices,
and exposure to intense competition in the cashew-processing
industry. These weaknesses are partially offset by established
position in processing and export of cashew kernels.
Outlook: Stable

CRISIL believes KE will continue to benefit over the medium term
from its proprietor's industry experience. The outlook may be
revised to 'Positive' if liquidity improves because of better cash
accrual and working capital cycle. Conversely, the outlook may be
revised to 'Negative' in case of deterioration in working capital
management, or significant decline in cash accrual because of
lower revenue or operating profitability, leading to weakening of
liquidity.

KE, founded as a partnership firm by Ms. Anjana Nair and Mr. R K
Bhoodesh in 2010, processes and exports cashew kernels.


KOHIMA MUNICIPAL: Ind-Ra Withdraws 'B' Long-Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Kohima Municipal
Council's 'IND B' Long-Term Issuer Rating.  The Outlook was
Stable.

The rating was assigned to the urban local body under the
Jawaharlal Nehru National Urban Renewal Mission programme.  The
rating withdrawal follows the completion of the Ministry of Urban
Development's mandate to Ind-Ra.

The agency will no longer provide ratings or analytical coverage
for the urban local body.


KOHINOOR PLANET: ICRA Reaffirms D Rating on INR350cr Term Loan
--------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]D outstanding on
the INR350.00 crore (enhanced from INR280.00 crore) term loan
facility of Kohinoor Planet Constructions Private Limited. ICRA
has also reaffirmed the short term rating of [ICRA]D outstanding
on the INR1.00 crore non fund based facilities of KPCPL.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   LT Fund Based-
   Term Loan            350.00        [ICRA]D Reaffirmed
   ST Non-Fund Based      1.00        [ICRA]D Reaffirmed

The reaffirmation of ratings takes into account the continuing
delays in debt servicing owing to weak liquidity profile due to
lower than estimated PLF registered for the windmill which further
increased the dependence on cash flows from real estate projects
for debt servicing. Further the rating takes into account the weak
cash flows at a group level brought around by slow sales of
commercial projects, particularly the large scale project in
Mumbai where in a significant quantum of group's funds have been
deployed, as well as start up nature of operations of the group's
recent ventures in healthcare, education and hospitality segment
leading to delays in debt servicing. ICRA notes that considering
the large impending debt repayment obligations, the cash flows at
a group level are expected to remain under pressure in the near
term. KPCPL has extended significant funding support towards
various group companies and projects. As on March 31, 2015 the
company had INR477.5 crore of investments and INR647 crore of
loans and advances on its books, a large part of which was towards
group companies. This coupled with the large scale debt funded
capital expenditure being incurred for setting up a luxury hotel
in Mumbai further constrains the company's financial flexibility.

ICRA, however, has favourably taken note of the established track
record of the Kohinoor Group in the real estate market of Mumbai
and the limited execution risk as substantial construction has
been completed for both the commercial projects. Further the
project has low market risk with 95% of the total sales tied up,
however the company has witnessed considerable slowdown in the
sales velocity in the recent past.

KPCPL, promoted by the Mumbai based Kohinoor group, was
incorporated in 1996. KPCPL's board comprises of Mr. Unmesh
Manohar Joshi, Ms. Anagha Manohar Joshi and Ms. Madhavi Unmesh
Joshi. The company undertook its first real estate development in
2003 when it developed a residential project in Aundh, Pune.
Presently, KPCPL along with other Kohinoor Group companies is
undertaking the development of an integrated township (Kohinoor
City) on around 32 acres of land in the Kurla suburb of Mumbai.
Within the Kohinoor City integrated township project, KPCPL
completed the development of a residential project (0.35 million
sq ft (msf)) in FY10 and development of two commercial projects
aggregating to 1.1 msf. Apart from real estate development, KPCPL
has also set up a 24MW wind farm at Jaisalmer in Rajasthan at a
total cost of ~INR130 crore (~INR5.4 crore per MW). The wind farm
was installed and commissioned in March 2010.

Recent Results:
In FY 2015 as per the provisional results, the company recognized
a net profit before tax of INR1.66 crore on an operating income of
INR14.49 crore as against a net loss of INR1.07 crore on an
operating income of INR14.73 crore in FY 2014.


KULGAON BADLAPUR: Ind-Ra Withdraws 'BB+' Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Kulgaon Badlapur
Municipal Council's 'IND BB+' Long-Term Issuer Rating.  The
Outlook was Stable.

The rating was assigned to the urban local body under the
Jawaharlal Nehru National Urban Renewal Mission programme.  The
rating withdrawal follows the completion of the Ministry of Urban
Development's mandate to Ind-Ra.

The agency will no longer provide ratings or analytical coverage
for the urban local body.


LAXMI COTTEX: CRISIL Reaffirms B+ Rating on INR75MM Cash Loan
-------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Laxmi Cottex
(LC) continues to reflect the firm's below-average financial risk
profile because of high gearing and modest debt protection
metrics.

                       Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit            75        CRISIL B+/Stable (Reaffirmed)

The rating also factors in a modest scale of operations in the
fragmented and competitive cotton industry, and susceptibility to
regulatory changes. These rating weaknesses are partially offset
by the partners' extensive industry experience and the company's
proximity to the cotton-growing belt in Gujarat.
Outlook: Stable

CRISIL believes LC will continue to benefit over the medium term
from its partners' extensive industry experience. The outlook may
be revised to 'Positive' in case of higher-than-expected accrual,
driven by a significant increase in revenue, or if the capital
structure improves because of capital infusion. Conversely, the
outlook may be revised to 'Negative' if the financial risk
profile, including liquidity, weakens on the back of low accrual
or a stretch in the working capital cycle or any large debt-funded
capital expenditure (capex).

Update
LC's revenue declined by around 5 per cent year-on-year due to
lower prices of cotton in cotton season (CS) 2014-15, to around
INR450 million in 2014-15 (refers to financial year, April 1 to
March 31). Operating profitability, however, increased to
3.4 per cent in 2014-15 from 2.5 per cent in 2013-14; cash accrual
was INR5.0 million in 2014-15 as against INR4.4 million in 2013-
14.

Gearing was high at around 2.6 times as on March 31, 2015, because
of a small net worth, driven by limited accretion to reserves.
CRISIL expects the financial risk profile to improve over the
medium term on the back of steady accretion to reserves and
absence of any debt-funded capex. Debt protection metrics were
modest, with interest coverage and net cash accruals to total debt
ratios at 1.7 times and 0.06 time, respectively, in 2014-15.
CRISIL expects the metrics to improve marginally over the medium
term supported by an expected increase in operating profitability
and largely stable debt levels.

Working capital requirements are moderate because of gross current
assets of around 85 days as on March 31, 2015; however, with low
accrual, the working capital limits have been utilised at an
average of around 96 per cent over the 12 months through March
2015. The partners have also supported the liquidity through
unsecured loans, the balance of which was around INR19.5 million
as on March 31, 2015. The firm's cash accrual is expected at
INR6.8 million in 2015-16 against no repayment obligations.

LC had a profit after tax (PAT) of INR2.5 million on net sales of
INR453.6 million in 2014-15, against a PAT of INR1.6 million on
net sales of INR478.9 million in 2013-14.

LC is a partnership firm engaged in cotton ginning, pressing of
cotton bales, and production of cotton seeds, cotton cakes, and
cotton seed oil. The firm has a capacity of around 250 bales per
day. The partners are Mr. Mahesh Patel, Mr. Pravin Khunt, Mr.
Harshad Viramgama, Mr. Bhupat Kavathia, and Mr. Sanjay Patel.


MADHYARANGA ENERGY: ICRA Assigns B Rating to INR10cr LT Loan
------------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B for the INR10.00
crore proposed long-term facilities of Madhyaranga Energy Private
Limited.

                           Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Long-term, Proposed      10.00       [ICRA]B/Assigned

The rating takes into account the incipient stage of the project,
with MEPL yet to obtain financial closure and certain key
approvals; and that the work on the project is yet to commence.
The rating is also constrained by execution risks, including that
of time and costs overruns; and the Group's limited track record
in power generation. The rating also considers the small scale of
its planned operations with only 5MW of generation capacity, and
MEPL's modest financial risk profile with high gearing and
stretched debt protection metrics in the initial years of its
operation. The rating also takes into account MEPL's dependence on
a single customer, with risks of delay in settling dues by the
state discom which could lead to potential cash flow mismatches.
The rating however, favourably takes into account MEPL being part
of the Mallige Group of Companies -- which has presence across
diverse businesses; and the considerable experience of its
promoter group. The rating also takes comfort from the Power
Purchase Agreement (PPA) for full installed capacity with healthy
tariffs locked in for 10 years; and the limited off-take risks
given the power deficit scenario in Karnataka. The rating also
considers the favourable regulatory environment with both central
power regulators and KERC incentivizing private renewable power
generation. Timely commencement and execution of the project
without any major cost overruns remain the key rating
sensitivities.

Madhyaranga Energy Private Limited was initially formed as a One
Person Company (OPC), and was subsequently incorporated as a
private limited company in October 2014. MEPL is part of the
Mallige Group of Companies, which has footprints across diverse
businesses such as hospitals and healthcare, hospitality,
education, real-estate, construction, plantations and trading.
MEPL is in the process of setting up a 5MW small hydel power (SHP)
plant across the Bharachukki limb of River Cauvery, in Chamaraja
Nagar, Dist., Karnataka. The SHP is a run-off river project and
would generate 27.49 GWHr and export 26.43 GWHr annually, at
design levels. MEPL proposes to export power to Chamundeshwari
Electricity Supply Company (CESCOM), a Govt. of Karnataka discom.
Work on the project is expected to commence shortly, with July
2018 being the proposed Commercial Operation Date (COD). The daily
operations of MEPL are managed by its promoter, Mr. Vikram
Sreeram.


MEHRAB N: CRISIL Upgrades Rating on INR95MM Cash Loan to B+
-----------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Mehrab N Irani and Company (MNIC) to 'CRISIL B+/Stable' from
'CRISIL B/Stable'.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit            95       CRISIL B+/Stable (Upgraded
                                   from 'CRISIL B/Stable')

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

The upgrade reflects the improvement in MNIC's financial risk
profile marked by significant improvement in capital structure.
This was driven by infusion of fresh capital, which had increased
the net worth to INR37 million as on March 31, 2015 from INR13
million as on March 31, 2014. Consequently, its total outstanding
liabilities to tangible net worth (TOLTNW) ratio improved to 3.22
times from over 8.0 times a year ago. The upgrade also factors in
CRISIL's belief that the firm will sustain its capital structure
over the medium term, backed by controlled working capital
management and moderate revenue growth.

The rating continues to reflect MNIC's modest scale and working-
capital-intensive operations and its average financial risk
profile, marked by average capital structure and subdued debt
protection metrics. These rating weaknesses are partially offset
by its partners' extensive experience in the liquor trading
business and established relationships with principals.

For arriving at the rating, CRISIL has treated unsecured loans of
INR18.6 million as on March 31, 2015 from partners and associates
as neither debt nor equity. This is because these bear nominal
interest and are expected to be retained in the business over the
medium term.
Outlook: Stable

CRISIL believes MNIC will continue to benefit from its partners'
extensive experience in the liquor trading business, over the
medium term. The outlook may be revised to 'Positive' in case of
significant and sustained improvement in cash accrual or a sizable
capital infusion leading to better financial risk profile and
liquidity. Conversely, the outlook may be revised to 'Negative' in
case of weakening of financial risk profile, particularly
liquidity, on account of low cash accrual or a stretch in working
capital cycle.

MNIC, established as a proprietorship firm by Mr. Mehrab Irani in
1981, was reconstituted as a partnership firm in August 2014. Mr.
Mehrab, Mr. Laxman Tindwani, Mr. Bharat Tindwani, Mr. Karan
Valecha, and Mr. Sunil Valecha are the partners of the firm. It
trades in liquor in Pune and is exclusive dealer of Diageo India,
Sula Wines and Allied Blenders and Distillers.


PAGRO FOODS: ICRA Reaffirms B+ Rating on INR6.05cr Capital Loan
---------------------------------------------------------------
ICRA has reaffirmed its ratings of [ICRA]B+/[ICRA]A4 on the
INR19.0 crore bank facilities of Pagro Foods Limited.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Fund Based
   Facilities            12.95      [ICRA]B+/[ICRA]A4; Reaffirmed

   Working Capital
   Facilities             6.05      [ICRA]B+; Reaffirmed

ICRA's rating reaffirmation takes into account the subdued growth
in PFL's operating income, which registered a 3% year-on-year
growth in FY15*. This was primarily due to shifting of its clients
to a group company, Pagro Frozen Foods Private Limited (PFFL),
which also resulted in low plant capacity utilization of 50.5% in
FY15.

ICRA's ratings continue to factor in PFL's modest scale of
operations and the vulnerability of the company's profitability to
seasonality of agro products as well as agro climatic conditions.
Moreover, the ratings are also constrained by the company's high
working capital intensity owing to high inventory levels and early
payment to the creditors. However, the ratings positively take
into account the long track record of the company's promoters in
the agro processing sector and its strong client base, which
includes established retailers like Reliance Retail Limited,
Godrej Tyson Foods Limited and Bharti Retail Limited. ICRA also
takes note of the fact that the company does not have any long-
term debt repayment obligations.

Going forward, the key rating sensitivities would be the company's
ability to ramp up its operations and bring about a sustained
improvement in its profitability as well as its liquidity
position.

PFL was incorporated in 1999 to set up a food processing plant in
Fatehgarh Sahib, Punjab. The company is a producer and supplier of
frozen foods across India, Middle East, Europe and US. It has an
annual processing capacity of 10,000 Metric Tonnes (MT) of frozen
vegetables. The company has been promoted by Mr. N.S. Brar and Mr.
Dhillon, who have over two decades of experience in food
processing and contract farming. The promoters are also managing a
company in the same line of business, PFFL which has an automated
production capacity of 15,000 MT per annum. They have been joined
by Mr. Satpal Khattar, who has investments in PFL and PFFL,
through his investment arm, Khattar Holdings Pte Limited. The
company's registered brand 'Pagro' has visibility in North India.

Recent Results
PFL reported an Operating Income (OI) of INR22.4 crore and a net
profit of INR0.1 crore for 2013-14, as compared to an OI of
INR25.3 crore and a net profit of INR0.1 crore for the previous
year. In 2014-15, as per provisional results, PFL reported an OI
of INR23.0 crore.


PLASTO ELTRONICS: CRISIL Reaffirms B+ Rating on INR30MM Loan
------------------------------------------------------------
CRISIL's ratings on the bank loan facilities of Plasto Eltronics
Private Limited (PEPL) continue to reflect large working capital
requirements, a modest scale of operations, and exposure to
customer concentration risk in the revenue profile. These rating
weaknesses are partially offset by the extensive experience of the
promoters in the plastic industry.

                       Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Bank Guarantee        1        CRISIL A4 (Reaffirmed)

   Cash Credit          30        CRISIL B+/Stable (Reaffirmed)

   Letter of Credit     15        CRISIL A4 (Reaffirmed)

   Supplier Bill
   Discounting          35        CRISIL A4 (Reaffirmed)

Outlook: Stable

CRISIL believes that PEPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of an increase in
scale of operations and diversification in customer base, leading
to improvement in the business risk profile. Conversely, the
outlook may be revised to 'Negative' if the financial risk
profile, particularly liquidity, deteriorates, most likely driven
by low accrual, lengthening of working capital cycle, or
substantial debt-funded capital expenditure.

Incorporated in 2002, PEPL manufactures thermoplastic and
thermostat moulded, fabricated, and extruded components such as
meter covers, switch boards, and batten-holder boards. Its
operations are managed by Mr. Swarochis Ghuwalewala and Mr. Sachin
Ghuwalewala.


POWER CABLE: CRISIL Assigns B Rating to INR75MM Overdraft Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISILB/Stable' rating to the long-term
bank loan facility of Power Cable Industries (PCI).

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Overdraft Facility       75       CRISIL B/Stable

The rating reflects weak financial risk profile because of high
total outside liabilities to tangible net worth ratio, low
operating margin, and modest scale of operations in a fragmented
industry. These weaknesses are partially offset by partners'
extensive experience in the aluminium trading industry.
Outlook: Stable

CRISIL believes PCI will continue to benefit over the medium term
from its partners' extensive industry experience. The outlook may
be revised to 'Positive' if the firm scales up operations
significantly and improves profitability, leading to better-than-
expected cash accrual and improvement in liquidity. Conversely the
outlook may be revised to 'Negative' if financial risk profile,
particularly liquidity, deteriorates because of larger-than-
expected working capital requirement, lower cash accrual, or any
large debt-funded capital expenditure.

PCI was set up in 2005 as a partnership firm by members of the
Aggarwal family. It is located in Haryana and trades in aluminium
wire rods and ingots. Mr. Ajay Aggarwal and his brother Mr. Amit
Aggarwal are partners in the firm.


PRASANTHI CASHEW: CRISIL Ups Rating on INR300MM Loan to B
---------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank loan facility
of Prasanthi Cashew Company (PCC) to 'CRISIL B/Stable' from
'CRISIL B-/Stable' and reaffirmed its rating on the short-term
bank facilities at 'CRISIL A4'.

                          Amount
   Facilities            (INR Mln)     Ratings
   ----------            ---------     -------
   Foreign Bill Purchase     50        CRISIL A4 (Reaffirmed)
   Packing Credit           450        CRISIL A4 (Reaffirmed)
   Packing Credit           300        CRISIL B/Stable (Upgraded
                                       from 'CRISIL B-/Stable')

The upgrade reflects CRISIL's belief that PCC will sustain its
improved business risk profile over the medium term. The firm
reported healthy year-on-year growth of 30 per cent in revenue to
INR1.68 billion in 2014-15 (refers to financial year, April 1 to
March 31). Operating margin improved to 4.15 per cent from 3.81
per cent. Reliance on debt for funding working capital requirement
is expected to reduce over the medium term. PCC has no term debt
and its entire expected cash accrual of INR15 million in 2015-16
will be available for funding working capital requirement.

The ratings reflect below-average financial risk profile because
of high total outside liabilities to tangible net worth ratio
susceptibility of operating margin to volatility in cashew prices,
and exposure to intense competition in the cashew-processing
industry. These weaknesses are partially offset by proprietor's
extensive industry experience, and established market position in
processing and exporting cashew kernels.
Outlook: Stable

CRISIL believes PCC will continue to benefit over the medium term
from proprietor's industry experience. The outlook may be revised
to 'Positive' if liquidity improves significantly because of lower
reliance on bank borrowing to fund working capital requirement.
Conversely, the outlook may be revised to 'Negative' in case of
deterioration in working capital management, or significant
decline in cash accrual because of lower revenue or operating
profitability, leading to weakening of liquidity.

PCC, founded as a proprietorship firm by Mr. Mohan Chandra Nair in
Kerala in 1984, processes and exports cashew kernels.


R D GOLDEN: CRISIL Reaffirms B+ Rating on INR70MM Cash Loan
-----------------------------------------------------------
CRISIL's rating on the bank facilities of R D Golden Jewels Pvt
Ltd (RDGJPL) continues to reflect RDGJPL's below-average financial
risk profile marked by small net worth, high gearing, and weak
debt protection metrics. These rating weaknesses are partially
offset by the extensive experience of RDGJPL's promoters in the
gold jewellery industry.

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

Outlook: Stable

CRISIL believes that RDGJPL will benefit from its promoters'
extensive experience in the gold jewellery industry over the
medium term. The outlook may be revised to 'Positive' in case of
significant improvement in scale of operations and better-than-
expected operating margin and net cash accruals. Conversely, the
outlook may be revised to 'Negative' in case of deterioration in
the company's liquidity because of large debt-funded working
capital requirements or low cash accruals.

RDGJPL was established in Surat (Gujarat) in September 2012 by
Vaghani family. The company is engaged in retail trading and
manufacturing of gold ornaments. The promoter family has
experience of over 15 years in the retail jewellery business.


R. R. ENERGY: ICRA Lowers Rating on INR62cr Term Loan to D
----------------------------------------------------------
ICRA has revised downwards the long term rating assigned to the
INR62.00 crore term loan and INR24.00 crore cash credit facilities
of R. R. Energy Limited from [ICRA]BBB- to [ICRA]D. ICRA has also
revised downwards the short term rating assigned to the INR13.10
crore non-fund based bank facilities of RREL from [ICRA]A3 to
[ICRA]D.  The rating action takes into account the recent delays
made by the company in meeting its debt service obligations.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Fund Based Limits
   (Term Loan)          62.00       [ICRA]D downgraded

   Fund Based Limits
   (Cash Credit)        24.00       [ICRA]D downgraded

   Non-Fund Based
   Limits (Letter of
   Credit)              11.00       [ICRA]D downgraded

   Non-Fund Based
   Limits (Bank
   Guarantee)            2.10       [ICRA]D downgraded

Incorporated in 2004, RREL is currently engaged in manufacturing
of ferro alloys (silico/ferro manganese) with an annual production
capacity of 30,000 metric tonne. Besides, the company also
operates a 15 megawatt (MW) bio-mass based captive power plant and
fly ash based brick manufacturing plant in the same factory
premise. The manufacturing facilities of the company are located
at Raigarh, Chhattisgarh.


REDHU FARMS: CRISIL Lowers Rating on INR210MM Cash Loan to D
------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Redhu Farms Pvt Ltd (RFPL; part of the Redhu group) to 'CRISIL
D' from 'CRISIL BB-/Stable' on account of irregularities in bank
limits. This is based on our discussion with the banker.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           210       CRISIL D (Downgraded from
                                   'CRISIL BB-/Stable')

   Term Loan              26.9     CRISIL D (Downgraded from
                                   'CRISIL BB-/Stable')

The group also has large working capital requirements, weak
financial risk profile, and exposure to risks inherent to the
poultry industry. It however, benefits from the promoters'
extensive industry experience.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of RFPL and Redhu Hatcheries Pvt Ltd
(RHPL). This is because the two companies, together known as the
Redhu group, operate in the same line of business, and have a
common management team, along with financial and business
linkages, and intra-group transactions. Moreover, RHPL and RFPL
have extended corporate guarantees to each other's bank
facilities.

RFPL (incorporated in 1997) and RHPL (1992) are engaged in poultry
farming. The Redhu group sells day-old chicks, eggs, and culls,
and trades in poultry feed. The group entered the broiler business
in 2008-09. The hatchery units and broiler farms are at Jind
(Haryana) and near Pilani (Rajasthan).


SAIMAX CERAMIC: ICRA Reaffirms B+ Rating on INR4.05cr Term Loan
---------------------------------------------------------------
The rating of [ICRA]B+ has been reaffirmed for the INR4.00 crore
fund based cash credit facility and the INR4.05 crore (reduced
from INR5.65 crore) term loan facility of Saimax Ceramic Private
Limited. The rating of [ICRA]A4 has also been reaffirmed for the
INR2.75 crore short term non fund based facilities of SCPL.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit           4.00        [ICRA]B+; reaffirmed
   Term Loans            4.05        [ICRA]B+; reaffirmed
   Bank Guarantee        2.75        [ICRA]A4; reaffirmed

The ratings continue to be constrained SCPL's weak financial
profile as reflected by low profitability, leveraged capital
structure and modest coverage indicators. The ratings also take
into account its limited product profile and high competitive
intensity given the fragmented structure of the tiles industry,
which is expected to result in inability of the company to
entirely pass on the increase in fuel expenses. The ratings also
take into considerationthe vulnerability of profitability and cash
flows of the company to the cyclicality inherent in the real
estate industry which is the main consuming sector.

The ratings, however, favorably consider the experience of the key
promoters in the ceramic industry and the location advantage
enjoyed by SCPL with its plant located in Morbi giving it easy
access to raw materials.

Saimax Ceramic Private Limited (SCPL) is engaged in manufacturing
of ceramic wall tiles with current production capacity of 40,000
MTPA. SCPL has commenced the commercial production from April 2012
and has achieved capacity utilization of 65% in FY 2015. The
company currently manufactures wall tiles of size 10"X10",
10"X13", and 10"X15". The company has also installed digital
printing machine in February 2013 to produce digital printed
ceramic wall tiles.

Recent Results
For the year ended 31st March, 2015, SCPL reported an operating
income of INR38.24 crore and net profit after tax of INR0.31
crore.


SHIVAM PHOTOVOLTAICS: ICRA Suspends C Rating on INR7cr Loan
-----------------------------------------------------------
ICRA has suspended the [ICRA]C and [ICRA]A4 rating assigned to the
INR7.00 crore bank facilities of Shivam Photovoltaics Private
Limited. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.

Incorporated in FY2013, Shivam Photovoltaics Private Limited
(SPPL) is engaged in the business of manufacturing solar modules
ranging between 3 to 300 watts. The company is promoted by Mr
Praful Bavishiya and Mr Shailesh Bavishiya who prior to entering
the renewable energy space have been engaged in the real estate
business for more than two decades. The company's manufacturing
facility is located at Changodar near Ahmedabad with a capacity to
fabricate 25 MW's of poly crystalline based solar modules per
annum. The modules manufactured by SPPL are certified by SGS,
Germany with IEC 61215 and IEC 61730-1&2 certifications. SPPL also
undertakes execution of solar roof top projects on an EPC basis
and trading of solar modules, though the contribution of the same
remains limited.


SHREE SIDDHESHWARI: ICRA Assigns B+ Rating to INR16cr Cash Loan
---------------------------------------------------------------
The long-term rating of [ICRA]B+ has been assigned to the INR16.00
crore cash credit facility and INR3.21 crore term loan facility of
Shree Siddheshwari Ginning Company.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit          16.00        [ICRA]B+ assigned
   Term Loan             3.21        [ICRA]B+ assigned

The assigned rating factors in the weak financial risk profile of
the firm characterised by modest scale of operations, low
profitability margins, relatively high gearing levels and weak
coverage indicators. The rating is also constrained on account of
the highly competitive and fragmented industry structure with low
entry barriers; and the vulnerability of the firm's profitability
to movements in cotton prices on account of seasonality. The
rating also takes into account the firm's exposure to regulatory
risks, specifically with respect to minimum support prices and
export restrictions. ICRA also notes that SSGC is a partnership
firm and any significant withdrawals from the capital account
would affect its net worth and thereby its capital structure.
The rating, however, positively factors in the experience of over
a decade of the promoters in the cotton ginning and pressing
industry and the location advantage enjoyed by the firm by virtue
of its location in Gujarat, an area with easy availability of
quality raw cotton.

Established in 2004 as a partnership firm by the Mehta family,
Shree Siddheshwari Ginning Company (SSGC) is engaged in ginning
and pressing of raw cotton to produce cotton bales and cotton
seeds. The plant, located at Harij (Gujarat), is equipped with 38
ginning machines and 1 pressing machine with an installed capacity
of producing 12,904 MT of cotton per annum and 25,807 MT of cotton
seeds per annum. The promoters are also associated with group
concern, Shree Siddheshwari Oil Industries which is engaged in
crushing of cotton seeds and mustard seeds to extract seed oil and
cake.

Recent Results
The firm has reported an operating income of INR65.00 crore and
profit before tax of INR0.13 crore for FY15 (as per unaudited
provisional numbers) against an operating income of INR54.84 crore
and profit before tax of INR0.12 crore in FY14.


SHREE SIDHBALI: CRISIL Cuts Rating on INR100MM Cash Loan to D
-------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Shree Sidhbali Paper Mills Ltd (SSPML) to 'CRISIL D/CRISIL D' from
'CRISIL B+/Stable/CRISIL A4'.

                       Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Bank Guarantee        5.1        CRISIL D (Downgraded from
                                    'CRISIL A4')

   Buyer Credit Limit    5.0        CRISIL D (Downgraded from
                                    'CRISIL B+/Stable')

   Cash Credit         100.0        CRISIL D (Downgraded from
                                    'CRISIL B+/Stable')

   Letter of Credit      5.0        CRISIL D (Downgraded from
                                    'CRISIL A4')

   Proposed Long Term   41.4        CRISIL D (Downgraded from
   Bank Loan Facility               'CRISIL B+/Stable')

   Term Loan            73.5        CRISIL D (Downgraded from
                                    'CRISIL B+/Stable')

The downgrade reflects delays by SSPML in servicing debt because
of weak liquidity. The liquidity is weak mainly on account of
working capital-intensive operations and debt-funded capital
expenditure to enhance the installed capacity.

SSPML also has stretched liquidity owing to working capital-
intensive operations, a modest scale of operations, and
susceptibility to intense competition in the kraft paper
manufacturing industry. However, it benefits from the extensive
experience of promoters in the kraft paper industry and their
established relationships with customers.

SSPML, incorporated in 2001, manufactures kraft paper, which is
used to manufacture corrugated boxes. It has its manufacturing
facility in Muzzafarnagar (Uttar Pradesh). The company is being
managed by Mr. Raghuraj Garg, Mr. Subash Chand, Mr. Mayur Garg and
Mr. Sumit Kumar Agarwal.

SSPML had a book profit of INR2.4 million on net sales of INR351.5
million for 2013-14, against a book profit of INR2.4 million on
net sales of INR322.8 million for 2012-13.


SHREE SITA: ICRA Suspends B+ Rating on INR24.05cr Cash Loan
-----------------------------------------------------------
ICRA has suspended the [ICRA]B+ rating assigned to the INR24.05
crore cash credit facility and INR13.95 crore term loan facility
of Shree Sita Edibles Private Limited. The suspension follows
ICRA's inability to carry out a rating surveillance in the absence
of the requisite information from the company.


SUMIT GAS: CRISIL Lowers Rating on INR40MM Bank Loan to D
---------------------------------------------------------
CRISIL has downgraded its ratings on bank facilities of Sumit Gas
Agencies Private Limited (SAGPL) to 'CRISIL D/CRISIL D' from
'CRISIL B+/Stable/CRISIL A4' on account of irregularities in bank
limits. This is based on our discussion with the banker.

                       Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Bank Guarantee         40        CRISIL D (Downgraded from
                                    'CRISIL B+/Stable')

   Cash Credit            33        CRISIL D (Downgraded from
                                    'CRISIL A4')

SAGPL also has a modest scale of operations in a highly
competitive industry, large working capital requirement, and
below-average financial risk profile because of moderate gearing
and modest debt protection metrics. However, the company benefits
from the promoter's considerable experience in the industry.

SGAPL lays gas pipelines in cities such as Faridabad, Ghaziabad,
and Delhi, and undertakes sub-contract works for gas majors such
as Adani Gas Ltd, Indraprastha Gas Ltd and Gas Authority of India.
It was set up as a proprietorship firm in the 1990s and
reconstituted as a private limited company in 2006. The key
promoter and director Mr. Puneet Sehgal manages the operations.


SURYA INDUSTRIES: CRISIL Reaffirms B Rating on INR140MM Loan
------------------------------------------------------------
CRISIL's ratings on the bank facilities of Surya Industries (SI)
continue ratings reflect SI's weak financial risk profile, marked
by weak liquidity, high gearing, and weak debt protection metrics.

                         Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          0.2      CRISIL A4 (Reaffirmed)

   Cash Credit           140.0      CRISIL B/Stable (Reaffirmed)

   Proposed Long Term     65.8      CRISIL B/Stable (Reaffirmed)
   Bank Loan Facility

   Term Loan               4.0      CRISIL B/Stable (Reaffirmed)

The ratings also factor in the company's working-capital-intensive
operations and the susceptibility of its operating margin to
volatility in the raw material prices. These rating weaknesses are
partially offset by the extensive experience of the firm's
promoters in the rice industry.
Outlook: Stable

CRISIL believes SI will continue to benefit over the medium term
from the promoters' extensive industry experience. The outlook may
be revised to 'Positive' if the working capital management
improves, or significant improvement in the operating margin and
scale of operations leads to sizeable cash accrual, and
consequently, to an improved liquidity. Conversely, the outlook
may be revised to 'Negative' if any stretch in the working capital
cycle, or a decline in the operating margin or scale of operations
weakens the financial risk profile.

Update
SI's operating revenue increased to INR804 million in 2014-15
(refers to financial year, April 1 to March 31) from around INR715
million in 2013-14. The revenue was at INR290 million as on August
31, 2015 and is expected to grow at 10-12 per cent on the back of
established customer relationships. The operating margin stood at
3.4 per cent in 2014-15, lower than that of the previous year due
to increasing cost of raw material. The operating margin is likely
to remain in the same range.

The operations remain working capital intensive as reflected in
gross current assets of around 252 days as on March 31, 2015,
because of high inventory and low debtor days. This has resulted
in high bank limit utilisation, averaging about 100 per cent, over
the six months through August 2015. Low operating profitability
led to weak debt protection metrics, with interest coverage ratio
at 1.26 times and net cash accruals to total debt ratio at around
0.03 times in 2014-15. The gearing was at 1.72 times as on March
31, 2015. High reliance on bank finance for funding incremental
working capital requirement increases pressure on the financial
risk profile.

SI is expected to generate cash accrual of INR4.8-5.0 million for
FY 2016-17 against minimal debt obligation. Liquidity is
continuously supported by extension of unsecured loan from
promoters, which stood at around INR58 million in 2014-15, and a
healthy current ratio of around 1.33 times as on March 31,2015.

SI hulls and mills paddy and processes basmati rice. It was
founded by a group of locals in Ghubaya village in Jalalabad
(Punjab) in 2000. In 2009, it was taken over by Mr. Subhash
Chander and his family members. Currently, it is being managed by
Mr. Anil Josan and Mr. Raman Josan.


U. K. PAPER: CRISIL Assigns B- Rating to INR50MM Cash Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-term
bank facility of U. K. Paper Converters Pvt Ltd (UKPC).

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

The rating reflects the exposure to implementation risks of UKPC's
upcoming project, weak financial risk profile marked by weak
capital structure and weak debt protection metrics and competition
in the intensely fragmented writing and printing paper and
notebooks paper industry. These weaknesses are partially offset by
its promoters' extensive industry experience.
Outlook: Stable

CRISIL believes that UKPC will benefit, over the medium term, from
its promoters' established track record in the paper industry.
However, its liquidity will remain constrained by large working
capital requirements, over the period. The outlook may be revised
to 'Positive' if timely commencement of UKPC's upcoming project
results in improved profitability and accruals, or if
significantly better working capital management leads to improved
liquidity. Conversely, the outlook may be revised to 'Negative' if
UKPC's financial risk profile, particularly its liquidity, weakens
significantly because of time or cost overruns in its proposed
project, or if the project does not reap the expected benefits.

UKPC was set up as a partnership concern, U K Paper Converters
(UKP), in 2012. UKP was converted into a private-limited company
on April 1, 2014, and is managed by directors, Mr. Arvinder Singh
and Mr. Jaskirath Singh. UKPC manufactures note books and writing
and printing paper and trades paper. The company's plant is
situated in Kashipur (Uttarakhand).

UKPC reported net profit of INR1.7 million on net sales of INR209
million for 2013-14 (refers to financial year, April 1 to
March 31) as against INR0.8 million on INR22 million for 2012-13.
The company reported an estimated turnover of INR399 million for
2014-15.


UNILOIDS BIOSCIENCES: ICRA Suspends B+ Rating on INR5.75cr Loan
---------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B+ assigned to
INR5.75 crore fund based Term Loan limits and INR1.75 crore
unallocated limits of M/s Uniloids Biosciences Private Limited.
The suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


UNITED WIRE: CRISIL Cuts Rating on INR119.5MM Cash Loan to D
------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of United Wire Products (UWP) to 'CRISIL D' from 'CRISIL
B+/Stable'.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit          119.5      CRISIL D (Downgraded from
                                   'CRISIL B+/Stable')

   Proposed Long Term    28.8      CRISIL D (Downgraded from
   Bank Loan Facility              'CRISIL B+/Stable')

   Term Loan              1.7      CRISIL D (Downgraded from
                                   'CRISIL B+/Stable')

The rating downgrade reflects deterioration in the financial risk
profile, particularly liquidity, marked by instances of delay in
servicing its debt obligations by UWP due to demise of one of the
partner leading to the disruption in the operations of the
company. CRISIL believes that the liquidity will remain weak over
the medium term due to expected delay in stabilisation of
operations.

CRISIL's rating on the long-term bank facilities of United Wire
Products (UWP) continues to reflect UWP's below-average financial
risk profile, marked by a small net worth, high gearing, and weak
debt protection metrics. The rating also factors in the firm's
small scale of operations, with constrained profitability, in the
intensely competitive wire manufacturing industry, and its
working-capital-intensive operations. These rating weaknesses are
partially offset by the extensive industry experience of UWP's
partners and its diversified customer profile.

UWP, set up in 1994, manufactures several types of mild steel
wires such as galvanised wires, earth wires, barbed wires, binding
wires, chain-link fencing, stitch wires, and black annealed wires.
These products are used by the automobile, construction, and
agricultural-based industries, and electricity boards, among
others.


YAMUNAJI ENTERPRISE: ICRA Assigns B+ Rating to INR4.50cr Loan
-------------------------------------------------------------
ICRA has assigned the long-term rating of [ICRA]B+ to the INR4.50
crore* cash credit facility of Yamunaji Enterprise. ICRA has also
assigned the short-term rating of [ICRA]A4 to the INR1.00 crore
short term non fund based facility of YE.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit           4.50        [ICRA]B+ assigned
   Bank Guarantee        1.00        [ICRA]A4 assigned

The assigned ratings are constrained by the firm's relatively
modest scale of operations and the high counter party credit risk
as well as low net-worth base of the firm in comparison to
exposure to high level of clean credit. The ratings also take into
account the continued vulnerability to high interest regime
leading to diminishing interest arbitrage, weak debt coverage
indicators and high working capital requirements in relation to
profits.

However, the ratings favourably take into account the established
track record of YE in the polymers distribution business,
established customer base in the plastic industry and steady
domestic demand prospects for high-density poly ethylene (HDPE)
and low-linear density polyethylene (LLDPE).

YE is one of the three del credere agents (DCAs) of Reliance
Industries Limited for Kutch and Saurashtra region for
distribution of high-density poly ethylene (HDPE), low-linear
density polyethylene (LLDPE), polypropylene (PP) and poly vinyl
chloride (PVC).YE has been associated with RIL as a distributor
since 2007, post merger of Indian Petrochemical Corporation
Limited (IPCL) with RIL. YE also has dealership of Polyethylene
Terephthalate (PET) Chips manufactured by Reliance Industries
Limited for Gujarat region, wherein the firm maintains stock of
PET Chips for sales to customers.

Recent Results
For the year ended 31st March 2015, the firm reported an operating
income of INR89.66 crore and profit after tax of INR0.61 crore as
against an operating income of INR80.94 crore and profit after tax
of INR0.47 crore during FY 2014.


Z V STEELS: ICRA Reaffirms B+ Rating on INR18cr Cash Loan
---------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ assigned to
the INR18.00 crore fund based bank facility of Z V Steels Private
Limited. ICRA has also reaffirmed the short term rating of
[ICRA]A4 to the INR10.00 crore non fund based bank facility
(sublimit of cash credit facility) of the company.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term Fund
   Based Limit-
   Cash Credit           18.00        [ICRA]B+ Reaffirmed

   Short Term Non
   Fund Based Limits
   Letter of Credit      10.00        [ICRA]A4 Reaffirmed

The reaffirmed ratings continue to factor in the adverse financial
profile characterized by low profitability, leveraged capital
structure and weak coverage indicators The rating also factors in
ZVSPL's exposure to price risks on account of fluctuation in steel
prices and the company's exposure to cyclicality associated with
the steel prices and steel industry, which is currently going
through a slowdown.

However, the ratings continue to favorably factor in the
experience of promoters in the steel trading business resulting in
established relationships with reputed suppliers which enhances
the procurement efficiency.

Z V Steels Private Limited was established in 1997 and the company
is a trading house engaged in the business of trading of steel
products such as cold rolled cold annealed, hot rolled, cold
rolled etc. The company has its office in Mumbai and its warehouse
in Navi Mumbai.

Recent results
For the financial year ending March 31, 2015, the company reported
a profit before tax of INR0.80 crore an operating income of
INR166.17 crore (Provisional numbers).



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


TOSHIBA CORP: To Sell Image Sensor Production Line to Sony
----------------------------------------------------------
The Japan Times reports that in an effort to restructure its
semiconductor business and help rebuild its operations hit by an
accounting scandal, Toshiba Corp. is finalizing arrangements to
sell off its production line for image sensors at a plant in Oita
Prefecture to Sony Corp., company sources said October 24.

According to the report, the deal, expected to amount to around
JPY20 billion, will mark Toshiba's effective withdrawal from the
image sensor business. The plant, in the city of Oita, accounts
for most of Toshiba's output of the product, which is used in
smartphone cameras and other devices, the report notes.

The Japan Times relates that the sources said the plant's image
sensor production line mainly produces CMOS image sensors for
processing images as part of its system LSI business.

As Toshiba will try not to fire the nearly 2,600 employees working
at the factory, says The Japan Times. Some of the workers will be
transferred to Sony while others will be moved to Toshiba's
mainstay Yokkaichi factory in Mie Prefecture, which produces NAND
flash memory chips, the sources added, the report relays.

Following the scandal in which Toshiba padded profits over several
years, leading it to lag in restructuring loss-making businesses,
President Masashi Muromachi has indicated there are plans to
restructure the semiconductor and home appliance businesses with
an announcement that could come as early as November, according to
the Japan Times.

The report notes that the scandal has forced its three successive
presidents to step down from their executive posts, and caused the
company to revise downward its profits for the period from April
2008 to December 2014 by a total of JPY224.8 billion on a pretax
basis and JPY155.2 billion on a net basis.

Sony controlled about 40 percent of the $8.7 billion image sensor
market last year, compared with about 16 percent for its next
biggest competitor, Techno System Research estimates. The market
is forecast to rise to about $12 billion by 2019, and the company
expects its sales to climb as much as 62 percent to JPY1.5
trillion in three years, The Japan Times reports.

A Japan Inc. stalwart, Toshiba makes everything from nuclear power
plants to laptop computers and memory chips, the report notes.

In September, the company sold its stake in medical equipment
maker Topcon Corp. in a JPY49 billion deal for a gain of about
JPY30 billion, the Japan Times recalls.

Also in September, Toshiba agreed to sell a 30 percent stake in a
building it owns for JPY37 billion and prior to that sold its 4.6
percent stake in Finnish elevator and escalator maker Kone Oyj,
for a gain of about JPY113 billion, the report says.

According to the report, Mr. Muromachi in September pledged to
prune underperforming businesses, including workforce reductions
in appliances, personal computers, televisions and semiconductors.

Toshiba had about 198,700 employees as of March 31, the lowest
since at least 2009, according to data compiled by Bloomberg.

About JPY491 billion of Toshiba's market value has vanished since
the company withdrew its earnings forecast in May and announced an
accounting probe that was later expanded, the report discloses.

The Tokyo Stock Exchange has fined the conglomerate JPY91 million
for the profit misstatements, adds The Japan Times.

                        About Toshiba Corp.

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

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

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

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

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

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

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



===============
P A K I S T A N
===============


PAKISTAN: S&P Affirms B- Sovereign Rating & Retains Pos. Outlook
----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B-' long-term and
'B' short-term foreign and local currency sovereign credit ratings
on the Islamic Republic of Pakistan.  S&P also retained a positive
outlook on the long-term sovereign credit ratings.

RATIONALE

S&P's sovereign credit ratings on Pakistan reflect the country's
legacy constraints, such as the economic dislocations brought on
by past extra-constitutional changes in government, an ongoing
low-intensity civil war, and by regional conflicts with
neighboring countries.  These factors have weakened Pakistan's
institutional and governance effectiveness and depressed the
prosperity of the nation.  S&P estimates its per capita GDP in
2015 at about US$1,400.  The economy lumbers under inadequate
infrastructure, most critically for power supply.  The government,
however, is taking steps to improve domestic security, remove
infrastructure bottlenecks, realign its monetary policy toward
market mechanisms, and bolster public finances.

In 2013, for the first time in Pakistan's 65-year history, one
democratically elected government transitioned to another when
Nawaz Sharif led the Pakistan Muslim League to power.  The
government embarked on a number of reforms, many under the aegis
of an Extended Fund Facility (EFF) arrangement with the IMF.  The
government has completed eight reviews of the EFF, enabling the
IMF to disburse US$4.54 billion.  Separately, following the
massacre at the Peshawar Army School last year, the government has
authorized the military to adopt a tougher approach toward the
Taliban. Internal security has improved in most parts of the
country as a result.

Although Pakistan's economy is low income, it is diversified
compared with other economies at a similar stage of development.
S&P expects Pakistan's economy to grow by about 4.5% each year on
average in 2015-2018, supported by strong services and
construction, the spillover effects of rising remittance inflows,
improving energy (gas and electricity) supplies, lower oil prices,
and higher investment.  A key investment driver will be related to
the China-Pakistan Economic Corridor.  S&P expects per capita GDP
growth, a better indicator of rising prosperity, to average 2.5% a
year over the same period.

Pakistan's fiscal performance has strengthened, with the general
government deficit estimated at 5.1% of GDP in 2015 (from a recent
peak of 8.1% in 2013) and declining.  The improvements reflect a
combination of better revenue collections and restrained
expenditure, largely in line with the reforms under the EFF
arrangement.  S&P believes Pakistan's public finances would
strengthen further as the government implements its IMF program
through broadening the tax base, reducing tax concessions, and
improving compliance, while addressing expenditure-side rigidities
(such as through lowering subsidies and public-sector salaries).

S&P believes these measures will become increasingly difficult to
enact, and its hesitation to raise its credit rating on Pakistan
partly reflects S&P's preference to see more data corroborating
the effectiveness of those measures.  S&P forecasts Pakistan's
general government fiscal deficits to only fall below 3% of GDP by
2018 and its ratio of net general government debt to GDP to
decline only modestly from 56.5% currently.  Interest expense
consumes nearly a third of government revenues.  Enacting
thoroughly the government's fiscal reform agenda will lead to
better outcomes than our forecasts and improve the government's
credit standing.

Cyclical and structural developments have affected Pakistan's
external performance. Low oil prices have offset weak exports of
manufactured goods.  Remittances (principally from the Gulf
states) remain robust.  S&P estimates the current account deficit
will decline to 1% of GDP in 2015 (2014: 1.3%).  S&P expects
Pakistan's current account deficit to average 2% of GDP over the
next four years, partly reflecting higher capital goods imports
and continued weak export performance because new power supply
takes time to come on line.  Gross foreign exchange reserves of
the State Bank of Pakistan (SBP, the central bank) rose to
US$18.5 billion as of August 2015, up threefold from 2013.  Usable
reserves (which exclude foreign exchange sold forward) are
slightly less than gross foreign exchange reserves and cover just
under three months of current account payments, or 120% of short-
term external debt by remaining maturity.  SBP's liquidity is also
bolstered by contingent financing facilities of US$68 billion
through bilateral swaps and contingency reserve arrangements.  As
an example, the SBP withdrew US$500 million from the People's Bank
of China under a currency swap facility at the end of 2014.

S&P expects Pakistan's external debt burden to remain moderate,
with narrow net external debt (the ratio of gross external debt
less official reserves and financial sector external assets to
current account receipts [CARs]) averaging 75% over 2015-2018.
S&P projects Pakistan's gross external financing needs will also
slightly exceed the sum of CARs and usable reserves over the
period.  S&P acknowledges some upside to these forecasts if the
government's reform program induces more foreign direct investment
(FDI) than S&P currently expects or if quicker progress on
building the nation's energy infrastructure boosts exports of
manufactured goods.  At the same time, S&P notes that the real
effective exchange rate of the rupee has appreciated 20% in the
past two years and commercial external financing costs have become
expensive for the government.

Pakistan's banking system appears sound, reflecting its high
profitability and strong capitalization.  A nonperforming loan
ratio of 12.4% as of June 2015 and the industry's still-developing
risk assessment continue to pose some risks.

Combining S&P's view of Pakistan's government-related entities and
its financial system, S&P views the country's contingent fiscal
risks as limited, as defined in its criteria.

"We believe the SBP's autonomy will be strengthened through the
establishment of an independent monetary policy council for rate
setting.  We also believe its credibility has risen with the
introduction in May of an interest rate corridor.  This step
should improve the monetary transmission mechanism through having
a stronger direction for short-term market interest rates and
boost liquidity management and activity in the interbank market.
The ceiling of the interest rate corridor (the reverse repo rate)
is currently 6.5% while the floor (the repo rate) is 4.5%, and the
new policy rate (the target for short-term money-market rates
within the corridor) is 6%.  This framework, combined with the
cyclical boost from lower food and energy prices, should keep
inflation in check, averaging less than 5% over 2015-2018.  Under
the EFF, the SBP has been able to reduce its direct financing of
the government.  We expect this to improve further," S&P said.

OUTLOOK

The positive outlook indicates that S&P could raise its rating on
Pakistan in 2016.  Steady progress on the government's reform
program will be a necessary condition.  Such progress would likely
be signaled through better credit metrics (either posted or
forecast).

S&P may raise its ratings on Pakistan if fiscal consolidation is
faster than it expected, the government interest burden as a share
of revenue falls faster than S&P's projection (due for example to
a broadening of the tax base), and FDI inflows are stronger than
forecast (thus lowering debt-creating external requirements).

On the other hand, S&P may revise the outlook to stable if the
government's reform program stalls or if internal security worsens
to the point of the turmoil seen earlier this decade.

In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the
methodology applicable.  At the onset of the committee, the chair
confirmed that the information provided to the Rating Committee by
the primary analyst had been distributed in a timely manner and
was sufficient for Committee members to make an informed decision.

After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.

The committee agreed that the monetary assessment had improved.
All other key rating factors were unchanged.

The chair ensured every voting member was given the opportunity to
articulate his/her opinion.  The chair or designee reviewed the
draft report to ensure consistency with the Committee decision.
The views and the decision of the rating committee are summarized
in the above rationale and outlook.  The weighting of all rating
factors is described in the methodology used in this rating
action.

RATINGS LIST

Ratings Affirmed

Pakistan (Islamic Republic of)
Sovereign Credit Rating                B-/Positive/B

Pakistan (Islamic Republic of)
Senior Unsecured                       B-
Short-Term Debt                        B

Second Pakistan International Sukuk Co. Ltd. (The)
Senior Unsecured                       B-



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


SANASA DEVELOPMENT: Fitch Affirms National LT Rating at BB+ (lka)
-----------------------------------------------------------------
Fitch Ratings has affirmed the National Long Term Ratings on five
small and mid-sized Sri Lankan banks.  Nations Trust Bank PLC
(NTB) has been affirmed at 'A(lka)', Pan Asia Banking Corporation
PLC (PABC) at 'BBB(lka)', Sanasa Development Bank PLC (Sanasa) at
'BB+(lka)', Union Bank of Colombo PLC's (UB) at 'BB+(lka)' and
Amana Bank PLC (Amana) at 'BB(lka)'.

The ratings are all based on the banks' intrinsic strengths.  The
main development affecting their business profiles is the banks'
initiatives to expand their small franchises.  The banks' unique
business models have led to growth in different areas.  While UB
has shifted to larger corporates, the other banks are more focused
on the SME and retail segments.  All of their loans grew faster
than that of the overall banking sector, resulting in continued
decline in their capital ratios.  The capitalizations of NTB, UB
and Sanasa have remained satisfactory, but Amana and PABC have yet
to maintain capital of at least LKR10bn, which would be required
by Jan. 1, 2018.

The NPL ratios of the banks have been decreasing.  This has been
largely a function of the strong growth in loans, which could lead
to asset-quality pressure as the loan book seasons.  The banks'
deposit franchises are weak in relation to more established banks
and all except Amana have a small share of current and savings
accounts (CASA) in the deposit mix.

KEY RATING DRIVERS

NATIONAL RATINGS AND SENIOR DEBT

NTB's ratings reflect its expanding franchise, improved efficiency
and its high and increasing exposure to products and customer
segments that are more susceptible to economic cycles.

The bank's SME and retail exposure increased to 25% of gross loans
at end-June 2015 from 12% at end-2010.  Consumer lending continued
to account for a large portion of NTB's loan portfolio, with
leases accounting for 27% of gross loans while credit cards and
personal loans together accounted for a further 22% of gross loans
at end-June 2015.  Fitch believes that these exposures could put
pressure on NTB's asset quality.  Its reported gross NPL ratio was
4.02% at end-June 2015 and 4.14% at end-2014 (end-2013: 3.51%),
with leasing NPLs accounting for an increasing share.  The ratio
of the bank's reserves for impaired loans to gross loans was 2.26%
at end-June 2015, which remained lower than that of its peers.

CASA accounted for 32% of overall deposits, which Fitch expects to
remain lower than that of higher-rated peers, although this has
increased from the 26% at end-2013, driven by the recent branch
expansion.

PABC's rating reflects improving but still-weak asset quality
relative to higher-rated peers, its moderate franchise and
improving profitability.  The Negative Outlook on PABC's rating
reflects continued deterioration in its capitalization amid rapid
loan growth.  Fitch believes that PABC's aggressive growth could
put pressure on asset quality over the medium term, even though
the bank's NPLs have declined.  ROA improved to 1.1% at end-June
2015 from 0.6% at end-2014 due to expansion in net interest margin
(NIM) and improved cost-to-income ratio.

PABC's senior debentures are rated in line with its National Long-
Term Rating of 'BBB(lka)', as they rank equally with the claims of
the bank's other senior unsecured creditors.

Sanasa's rating captures the bank's high exposure to the retail
and lower-end SME segments and its weak asset quality, which are
counterbalanced by above-average NIM stemming from its high-
yielding loan book.  Fitch believes that Sanasa will need a
capital injection as internal capital generation will likely
remain insufficient to support strong loan growth.  The slight
improvement in its reported gross NPL ratio to 3.2% at end-June
2015 from 3.8% at end-2014 stems from rapid loan growth and Fitch
expects asset quality to deteriorate as the loans season.

UB's rating reflects ongoing structural improvements, a still-
small franchise and higher capitalization compared with that of
its peers.  Fitch expects capitalization to gradually decline over
the next 12-18 months to levels more comparable to that of its
peers, but believes that it could sustain stronger capitalisation
in the medium term than in the past.  Its Fitch Core Capital ratio
decreased to 29.1% at end-June 2015 after being boosted to 35.8%
at end-2014 following an LKR11.4 bil. capital injection from an
affiliate of Texas Pacific Group (TPG).  UB's profitability is low
with an ROA of 0.3% at end-June 2015 and Fitch believes that the
low internal capital generation may not keep pace with rapid loan
growth.

Fitch believes UB's risk profile has improved following a shift
towards loans to larger corporates from SMEs, which are more
vulnerable in economic downturns, and better risk management.
This could support better asset quality than in the past.  There
has been a sharp decline in UB's reported gross NPL ratio to 4.87%
at end-June 2015 from 8.25% at end-2014.  This figure excludes
NPLs at its subsidiary UB Finance, which remained significant and
accounted for 33.5% of the groups' total NPLs at end-June 2015.

The rating on Amana, which is a Sharia-compliant bank, reflects
its still-small and developing franchise and short operating
history.  The rating also captures the bank's relatively high risk
appetite, which is evident in the rapid growth in retail and SME
segments, which could result in pressure on asset quality as the
loan book seasons.  Liquid assets are mostly placements overseas
as the bank cannot invest in domestic government securities, which
are not Sharia-compliant.  The deterioration of its capitalisation
weighs on its rating.  Amana's profitability metrics have improved
with ROA reaching 0.4% in 1H15 from -0.27% in 2014.

SUBORDINATED DEBT

NTB's and PABC's subordinated debentures are rated one notch below
their National Long-Term Ratings to reflect the subordination to
senior unsecured creditors.

RATING SENSITIVITIES

NATIONAL RATINGS AND SENIOR DEBT

NTB's rating may be upgraded if it demonstrates progress in
building a strong commercial banking franchise with enhanced
funding stability, improved capitalization and asset quality
levels that are in line with higher-rated banks.  An increase in
risk appetite and rapid expansion in segments that are susceptible
to economic cycles could result in a rating downgrade.  This may
be evident through aggressive loan growth or loan pricing that may
lead to weaker asset quality or capital levels.

PABC's rating would remain at the current level if it is able to
significantly and sustainably improve its capitalisation, mostly
likely through a timely capital infusion and slower growth in its
loan book.  Failure to materially improve its capital ratios or
indications of a higher risk appetite would result in a downgrade.
The rating of PABC's senior debt will move in tandem with PABC's
National Long-Term Rating.

Aggressive loan growth that could increase Sanasa's capital
impairment risks, either through greater unprovided NPLs or a
continued deterioration in capitalization, could lead to a
downgrade.  An upgrade would be contingent upon fundamental
improvements in its asset quality and moderation of its risk
appetite alongside asset growth.

The upgrade of UB's rating could stem from a sustained improvement
in its asset quality, sustainable and improved earnings,
moderation in its risk appetite and a stronger franchise.  Capital
impairment risks stemming from sustained rapid loan expansion or
deterioration in asset quality could pressure UB's rating.

Fitch would downgrade Amana's rating if the bank fails to maintain
adequate capital levels relative to risk-weighted assets that are
commensurate with its above-average loan growth and lower
provisioning for NPLs.  A rating upgrade is contingent upon the
expansion of Amana's franchise and improved and sustained
performance to levels similar to higher-rated peers.

SUBORDINATED DEBT

NTB's and PABC's subordinated debt ratings will move in tandem
with the banks' National Long-Term Ratings.

The rating actions are:

Nations Trust Bank PLC:
  National Long-Term Rating: affirmed at 'A(lka)'; Outlook Stable
  Basel II compliant outstanding subordinated debentures: affirmed
   at 'A-(lka)'

Pan Asia Banking Corporation PLC:
  National Long-Term Rating: affirmed at 'BBB(lka)'; Outlook
   Negative

Sri Lanka rupee-denominated senior unsecured debentures: affirmed
at 'BBB(lka)'
  Basel II compliant outstanding subordinated debentures: affirmed
   at 'BBB-(lka)'

Sanasa Development Bank PLC:
  National Long-Term Rating: affirmed at 'BB+(lka)'; Outlook
   Stable

Union Bank of Colombo PLC:
  National Long-Term Rating: affirmed at 'BB+(lka)'; Outlook
   Stable

Amana Bank PLC:
  National Long-Term Rating: affirmed at 'BB(lka)'; Outlook
  Stable


                             *********

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

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

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


                            *********


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

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

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

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

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



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