TCRAP_Public/151030.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

          Friday, October 30, 2015, Vol. 18, No. 215


                            Headlines


A U S T R A L I A

DR DENT: First Creditors' Meeting Set For November 5
PEPPER RESIDENTIAL: Moody's Assigns B2 Rating on Class F Notes
RAIL SKILLS: First Creditors' Meeting Set For November 6
RUM BAR: First Creditors' Meeting Set For November 6


C H I N A

AGFEED INDUSTRIES: Regnante's Accounting Scandal Suit Dismissed
* Chinese Banks' Liquidity to Improve on PBOC Cuts, Moody's Says


H O N G  K O N G

* Late Payment of B2B Invoices to Hit Liquidity of HK Businesses


I N D I A

ACCURATE INFRA: CRISIL Assigns B Rating to INR80MM Term Loan
AIG INFRATECH: Ind-Ra Hikes Long-Term Issuer Rating to 'IND BB-'
AMARPARKASH RICE: CRISIL Lowers Rating on INR79MM LT Loan to D
AQVAL CERAMIC: ICRA Suspends B+ Rating on INR3cr Cash Credit
BABA BHUBANESWAR: CRISIL Assigns B- Rating to INR50MM Term Loan

BABA ONKARNATH: CRISIL Assigns B Rating to INR59MM Cash Loan
BAGWAN COTEX: CRISIL Reaffirms B+ Rating on INR40MM Term Loan
BIOP STEELS: ICRA Reaffirms B+ Rating on INR30cr FB Term Loan
CAPITAL AGRO: CRISIL Assigns B Rating to INR70MM Cash Loan
HINDUSTAN CLOTHING: ICRA Puts B Rating on Notice of Withdrawal

INDIAN SCHOOL: Ind-Ra Assigns 'IND BB+' Rating on INR120MM NCDs
INLAND POWER: Ind-Ra Withdraws 'IND BB+(suspended)' Rating
INNOVA CHILDRENS: CRISIL Assigns 'D' Rating to INR117.5MM Loan
JINDAL INDIA: Ind-Ra Withdraws 'IND BB+(suspended)' Ratings
JMK ENTERPRISES: CRISIL Assigns B+ Rating to INR110MM Loan

JMK MOTOWHEELS: CRISIL Assigns B Rating to INR70MM Loan
JSW STEEL: Moody's Affirms Ba1 Corp. Family Rating; Outlook Neg.
K.S. CAPITAL: CRISIL Suspends B Rating on INR495MM LT Loan
KANODIA CEMENT: Ind-Ra Assigns 'IND BB' Long-Term Issuer Rating
M P K STEELS: Ind-Ra Withdraws 'IND B+' Long-Term Issuer Rating

MALHOTRA CONSTRUCTIONS: CRISIL Assigns B+ Rating to INR30MM Loan
MARUTI METAL: ICRA Suspends B+ Rating on INR5cr Cash Credit
MILANO IMPEX: CRISIL Reaffirms B+ Rating on INR50MM Cash Loan
MODERN INDUSTRIES: CRISIL Assigns B+ Rating to INR30.5MM Loan
N. R. C. INDUSTRIES: CRISIL Cuts Rating on INR220MM Loan to B+

NAVKAR AGRO: ICRA Assigns 'B' Rating to INR3.50cr Cash Loan
NEW STEEL: ICRA Suspends B Rating on INR17.50cr Loan
P.R. ACOUSTICAL: CRISIL Assigns B+ Rating to INR32.5MM Loan
PLASTO MANUFACTURING: CRISIL Reaffirms B+ Rating on INR20MM Loan
PREMIUM FOODS: CRISIL Reaffirms B+ Rating on INR57.5MM Loan

PRIMORDIAL SYSTEMS: CRISIL Ups Rating on INR67.5MM Loan to B+
R.B. RICE: ICRA Reaffirms 'B' Rating on INR13.50cr Loan
RAMPRASTHA PROMOTERS: ICRA Assigns D Rating to INR137.75cr Loan
RAPHA DIAGNOSTICS: CRISIL Assigns B Rating to INR65MM LT Loan
S.R.S. EXPORTS: ICRA Reaffirms B+ Rating on INR2cr LT Loan

SELVARANI DHALL: CRISIL Assigns B Rating to INR100MM Cash Loan
SHARAD EXPORTS: CRISIL Assigns 'B' Rating to INR20MM Term Loan
SHREE DEVELOPERS: CRISIL Assigns B+ Rating to INR56.5MM Loan
SHREE JEE: CRISIL Upgrades Rating on INR97.5MM Cash Loan to B
SIDDHI VINAYAK: CRISIL Assigns B Rating to INR46MM Term Loan

SRS AGRI: ICRA Reaffirms B Rating on INR14cr LT Loan
SUJALA INFRASTRUCTURE: ICRA Suspends B Rating on INR16cr Loan
SUVARNA FIBROTECH: ICRA Reaffirms B Rating on INR9.75cr Loan
SWASTIK OVERSEAS: CRISIL Reaffirms B Rating on INR5MM Loan
TEESTA URJA: ICRA Lowers Rating on INR2,800cr Term Loan to D

V. T. ADASKAR: CRISIL Assigns 'B' Rating to INR80MM Term Loan
VAISHANAVI ISPAT: CRISIL Reaffirms D Rating on INR615MM Loan
VICTORIAN MARKETING: CRISIL Reaffirms B Rating on INR85MM Loan
VIJAYA ENERGY: CRISIL Cuts Rating on INR65MM Cash Loan to B+


I N D O N E S I A

(PERSERO) ASURANSI: Fitch Affirms 'BB+' IFS Rating
* Indonesian Banking System Resilient to Tail Risks, Moody's Says


J A P A N

TOSHIBA CORP: Chip Reform Progressing, But Rocky Road Still Ahead


M O N G O L I A

DEVELOPMENT BANK: Moody's Assigns B2 Issuer Rating


N E W  Z E A L A N D

FISHER & PAYKEL: S&P Puts 'BB/B' Rating on CreditWatch Developing
PYNE GOULD: Chairman Steps Down For Personal Reasons


S R I  L A N K A

SRI LANKA: S&P Assigns 'B+' Issue Rating on Global Bonds


                            - - - - -


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A U S T R A L I A
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DR DENT: First Creditors' Meeting Set For November 5
----------------------------------------------------
Bradd William Morelli of Jirsch Sutherland was appointed as
administrator of Dr Dent Pty Limited on Oct. 26, 2015.

A first meeting of the creditors of the Company will be held at
the Offices of Jirsch Sutherland, Level 4, 55 Hunter Street, in
Sydney, on Nov. 5, 2015, at 10:00 a.m.


PEPPER RESIDENTIAL: Moody's Assigns B2 Rating on Class F Notes
--------------------------------------------------------------
Moody's Investors Service has assigned these provisional ratings
to notes to be issued by Permanent Custodians Limited (Trustee) as
trustee of Pepper Residential Securities Trust No.15.

Issuer: Pepper Residential Securities Trust No.15

  AUD 100.0 million - AUD 150 million Class A1-s1 Notes, Assigned
   (P) P-1 (sf)

  AUD 0.0 million Class A1-R Notes, Assigned (P) Aaa (sf)

  AUD 60.0 million - AUD 110 million Class A1-a Notes, Assigned
   (P) Aaa (sf)

  AUD 36.5 million Class A2 Notes, Assigned (P) Aaa (sf)

  AUD 29.5 million Class B Notes, Assigned (P) Aa2 (sf)

  AUD 5.1 million Class C Notes, Assigned (P) A2 (sf)

  AUD 6.0 million Class D Notes, Assigned (P) Baa2 (sf)

  AUD 3.9 million Class E Notes, Assigned (P) Ba2 (sf)

  AUD 3.6 million Class F Notes, Assigned (P) B2 (sf)

The total amount of Class A1-s1 Notes and Class A1-a Notes to be
issued will equal AUD 210,000,000.

The AUD 5.4 million Class G Notes are not rated by Moody's.

The ratings address the expected loss posed to investors by the
legal final maturity.  The structure allows for timely payment of
interest and ultimate payment of principal with respect to the
rated Notes by the legal final maturity.

RATINGS RATIONALE

The transaction is an Australian non-conforming RMBS secured by a
portfolio of residential mortgage loans.  A substantial portion of
the portfolio consists of loans extended to borrowers with
impaired credit histories (41.1%) or made on a limited
documentation basis (37.3%).

This transaction features five possible classes of A Notes (Class
A1-s1, Class A1-s2 (if issued), Class A1-R, Class A1-a, and Class
A2), Class B Notes, Class C Notes, Class D Notes, Class E Notes,
Class F Notes and Class G Notes (split into Class G1 and Class
G2).  The Class A1-s1 Notes are AUD denominated bullet notes with
a legal final maturity of one year.  The Class A1-s2 (if issued)
will also have legal final maturity of one year.

The Class A1-R Notes are floating rate, pass-through AUD
denominated notes that will not be issued at the close of the
transaction, but will be subscribed for (either publicly or by the
redemption facility) in order to fund the maturity of the Class
A1-s1 Notes or the Class A1-s2 Notes (as applicable).  Class A1-R
Notes will have a (P)Aaa rating assigned at closing.

In order to ensure that the Class A1-s1 Notes will be fully repaid
on the legal final maturity date, the Trustee has entered into a
Redemption Facility Agreement with National Australia Bank Limited
(NAB, Aa1 (cr)/P-1 (cr)) (Redemption Facility Agreement).  If
required, NAB as redemption facility provider must subscribe for
Class AR-u Notes up to an amount being the difference between the
stated amount of the Class A1-s1 Notes or Class A1-s2 Notes (as
applicable) less the balance of the redemption fund.  As such, the
(P)P-1 (sf) rating of the Class A1-s1 Notes is linked to the P-1
(cr) rating of NAB.

To facilitate the redemption of the Class A1-s1 Notes at their
legal final maturity, the Trustee will try to issue new Class A1-
s2 Notes with a legal final maturity of one year.  Alternatively,
the Trustee can issue new floating rate, pass-through Class A1-R
Notes publicly.

To facilitate redemption of the Class A1-s2 Notes (if issued) at
their legal final maturity, floating rate, pass-through AUD
denominated Class A1-R Notes will be issued.

If there are insufficient proceeds from the proposed issuance to
fully repay the Class A1-s1 Notes or Class A1-s2 Notes (as
applicable), NAB (subject to the terms of the Redemption Facility
Agreement) must subscribe for the Class A1-R Notes and no Class
A1-s2 Notes or Class A1-R Notes (as applicable) will be issued to
investors.  The note proceeds together with the balance of the
redemption fund will be used to repay the Class A1-s1 Notes or
Class A1-s2 Notes stated amount (as applicable).

The provisional ratings take account of, among other factors:

   -- Class A1-s1 Notes and Class A1-a Notes benefit from 30.00%
credit enhancement (CE) and Class A2 Notes benefit from 17.80% CE,
while Moody's MILAN CE assumption, the loss Moody's expects the
portfolio to suffer in the event of a severe recession scenario,
is substantially lower at 16.7%.  Moody's expected loss for this
transaction is 1.70%.  The subordination strengthens ratings
stability, should the pool experience losses above expectations.

   -- A liquidity facility equal to the lesser of: (1) 2.5% of the
aggregate invested amount of the notes less the redemption fund
balance, subject to a floor of AUD 1,000,000; (2) The amount
agreed from time to time in writing by the liquidity facility
provider and the Trustee provided that the Trust Manager has
notified the rating agency and determined that the change will not
result in any downgrade, qualification or withdrawal of the rating
of the notes; and (3) The aggregate outstanding principal amount
of all mortgage loans not in arrears by more than 90 days, as at
that payment date.

   -- The experience of Pepper Group Limited (Pepper, unrated) in
servicing residential mortgage portfolios.  This is Pepper's 15th
non-conforming securitisation, which highlights the lender's
experience as a manager and servicer of securitised transactions.

   -- Interest rate mismatch arises when the movements of the 30-
day BBSW are not (simultaneously) passed on to the variable rate
loans.  To mitigate the basis risk, the Trust Manager will
calculate the threshold rate for the variable rate loans to ensure
that the weighted average interest on all loans is at least the
rate required to meet the Trust's obligations (up to Class F
interest in the income waterfall), plus 0.25% p.a.

The key transactional and pool features are:

   -- The notes will initially be repaid on a sequential basis
until (although pro-rata between all Class A Notes), amongst other
stepdown conditions, the latter of: (1) the second anniversary
from closing; or (2) the Class A subordination is at least 35.6%.
After that point, the Class A1-s1, A1-a, A2, B, C, D, E, F and G
Notes will receive a pro-rata share of principal payments (subject
to additional conditions).  The Class G principal payments will be
applied as an allocation to the turbo principal allocation. The
turbo principal allocation is applied in reverse sequential order,
from Class F Notes up the capital structure.  The principal pay-
down switches back to sequential pay, once the aggregate loan
amount falls below 10% of the aggregate loan amount at closing or
if there are any unreimbursed charge-offs.

   -- The yield enhancement reserve account is available to meet
losses and charge-offs whilst any Class A Notes are outstanding.
The reserve account is funded by trapping excess spread at,
initially, an annual rate of 0.30% of the outstanding principal
balance of the portfolio up to a maximum amount of AUD 1,500,000.

   -- The portfolio is geographically well diversified due to
Pepper's wide distribution network.

   -- The portfolio contains 41.1% exposure with respect to
borrowers with prior credit impairment (default, judgement or
bankruptcy).  Moody's assesses these borrowers as having a
significantly higher default probability.

    -- 37.3% of loans in the portfolio were extended to borrowers
on a limited documentation basis. Of the 37.3% loans, 80.8% are
classified as 'alternative documentation'.  For these alternative
documentation loans Pepper performs additional verification checks
over and above the typical checks for a traditional low
documentation product.  These checks include a mandatory call from
a Pepper credit assessor, a declaration of financial position and
either six months of bank statements, six months of Business
Activity Statements or an accountant's letter in a format
specified by Pepper.  Pepper's alternative documentation loans
have substantially lower arrears when compared to Pepper's
traditional low documentation loans.  Given the additional
verification checks and the stronger arrears performance, these
alternative documentation loans have been assessed to have a lower
default frequency than standard low documentation loans.

   -- 44.6% of the loans in the portfolio were extended to self-
employed borrowers. Moody's analysis of historical delinquency and
default data has indicated that loans granted to self-employed
borrowers have a greater propensity to default compared to loans
granted to employed PAYG borrowers.

Methodology Underlying the Rating Action:

Factors that would lead to an upgrade or downgrade of the ratings:

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

A factor that could lead to a downgrade of the notes is worse-
than-expected collateral performance.  Other reasons for worse
performance than Moody's expects include poor servicing, error on
the part of transaction parties, a deterioration in credit quality
of transaction counterparties, fraud and lack of transactional
governance.

Moody's Parameter Sensitivities:

Parameter Sensitivities are designed to provide a quantitative
calculation of how the initial rating might change if key input
parameters used in the initial rating process -- here the MILAN CE
and mean expected loss -- differed.  The analysis assumes that the
deal has not aged.  Parameter Sensitivities only reflect the
ratings impact of each scenario from a quantitative/model-
indicated standpoint.

Based on the current structure, if the Aaa losses were to be
25.1%, versus the 16.7% Moody's credit enhancement and the median
expected loss were 2.55% as opposed to 1.70%, the model-indicated
rating for the Class A1-a Notes and Class A2 Notes would drop one
notch to (P)Aa1.  The over-subordination at closing reduces the
probability of ratings migration.  Using these same assumptions,
the ratings on the Class C Notes would drop 4 notches to (P)Baa3,
while the ratings of the Class B and Class D Notes would drop 3
notches to (P)A2 and (P)Ba2 respectively.  The (P)P-1 rating of
the Class A1-s1 Notes is linked to the P-1 (cr) rating of NAB as
the redemption facility provider.

Moody's ratings address only the credit risks associated with the
transaction.  Other non-credit risks have not been addressed, but
may have a significant effect on yield to investors.  Moody's
ratings are subject to revision, suspension or withdrawal at any
time at our absolute discretion.  The ratings are expressions of
opinion and not recommendations to purchase, sell or hold
securities.

Moody's issues provisional ratings in advance of the final sale of
securities and these ratings reflect Moody's preliminary credit
opinion regarding the transaction.  Upon a conclusive review of
the final versions of all the documents and legal opinions,
Moody's will endeavour to assign a definitive rating to the
transaction.  A definitive rating may differ from a provisional
rating.


RAIL SKILLS: First Creditors' Meeting Set For November 6
--------------------------------------------------------
Mark Pearce & Michael Dullaway of Pearce & Heers were appointed as
administrators of Rail Skills Australasia Ltd on Oct. 27, 2015.

A first meeting of the creditors of the Company will be held at
Level 12, 127 Creek Street, in Brisbane, Queensland, on Nov. 6,
2015, at 11:00 a.m.


RUM BAR: First Creditors' Meeting Set For November 6
----------------------------------------------------
Stephen Hundy & Graeme Beattie of Worrells Solvency & Forensic
Accountants were appointed as administrators of The Rum Bar
Canberra Pty Limited, trading as The Rum Bar, on Oct. 27, 2015.

A first meeting of the creditors of the Company will be held at
Worrells Solvency & Forensic Accountants, Level 2 AMP Building, 1
Hobart Place, in Canberra, on Nov. 6, 2015, at 11:30 a.m.



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AGFEED INDUSTRIES: Regnante's Accounting Scandal Suit Dismissed
---------------------------------------------------------------
Judge Katherine Polk Failla of the United States District Court
for the Southern District of New York granted the Securities and
Exchange Officials, et al.'s Motion to Dismiss an action arising
from an accounting scandal involving AgFeed Industries, Inc.'s
agricultural operations in China.

Investigation into these accounting irregularities culminated in
March 2014 enforcement action brought against AgFeed by the
Securities and Exchange Commission which, in turn, yielded an $18
million disgorgement penalty. After AgFeed sought protection in
the Bankruptcy Court, the AgFeed Sanction was disbursed through
the company's court-approved reorganization plan.

However, Plaintiff James Regnante claimed that in accordance to
the Dodd-Frank Wall Street Reform and Consumer Protection Act, the
AgFeed Sanction should have been deposited into the Securities and
Exchange Commission Investor Protection Fund, rather than
distributed in connection with the bankruptcy proceeding. More
importantly, the Plaintiff claimed that because of information
that he provided to the SEC regarding AgFeed, he is entitled to an
award under the whistleblower program established by Dodd-Frank.
Relatedly, the Plaintiff contended that certain official SEC
notices regarding the whistleblower program in general, and the
AgFeed action in particular, were misleading.

The case is captioned JAMES REGNANTE, Plaintiff, v. SECURITIES AND
EXCHANGE OFFICIALS, et al., Defendants, No. 14 CIV. 4880
(KPF)(S.D.N.Y.).

A full-text copy of Judge Failla's Opinion and Order dated
September 28, 2015, is available at http://is.gd/HOgMk0from
Leagle.com.

James Regnante, Plaintiff, Pro Se.

Defendants are represented by Rebecca Sol Tinio, U.S. Attorney's
Office, U.S. Bankruptcy Court for the Southern District of New
York.

                         About AgFeed Industries

AgFeed Industries, Inc., has 21 farms and five feed mills in China
producing more than 250,000 hogs annually. In the U.S., the
business included 10 sow farms in three states and two feed mills
producing more than one million hogs a year. AgFeed's revenue in
2012 was $244 million.

AgFeed and its affiliates filed voluntary petitions under Chapter
11 of the Bankruptcy Code (Bankr. D. Del. Case No. 13-11761) on
July 15, 2013, with a deal to sell most of its subsidiaries to The
Maschhoffs, LLC, for cash proceeds of $79 million, absent higher
and better offers. The Debtors estimated assets of at least $100
million and debts of at least $50 million.

Keith A. Maib signed the petition as chief restructuring officer.
Hon. Brendan Linehan Shannon presides over the case. Donald J.
Bowman, Jr., and Robert S. Brady, Esq., at Young, Conaway,
Stargatt & Taylor, serve as the Debtors' counsel. BDA Advisors
Inc. acts as the Debtors' financial advisor. The Debtors' claims
and noticing agent is BMC Group, Inc.

The U.S. Trustee has appointed a five-member official committee of
unsecured creditors to the Chapter 11 cases. The Creditors'
Committee tapped Lowenstein Sandler as lead bankruptcy counsel and
Greenberg Traurig, LLP, as co-counsel. CohnReznick LLP serves as
the Creditors' Committee's financial advisor.

An official committee of equity security holders was also
appointed to the Chapter 11 cases. The Equity Committee tapped
Sugar Felsenthal Grais & Hammer LLP and Elliott Greenleaf as
co-counsel.

Jefferies Leveraged Credit Products and Claims Recovery Group are
represented by Lawrence J. Kotler, Esq., and Catherine B.
Heitzenrater, Esq., at Duane Morris, LLP.

AgFeed USA, LLC, et al., notified the Bankruptcy Court that the
Effective Date of the Revised Second Amended Plan of Liquidation
occurred on Nov. 10, 2014.

As reported in the Troubled Company Reporter on Nov. 7, 2014, the
Court confirmed the revised second amended plan, which was
supported by the Official Committee of Equity Security Holders.


* Chinese Banks' Liquidity to Improve on PBOC Cuts, Moody's Says
----------------------------------------------------------------
Moody's Investors Service says that the People's Bank of China's
(PBOC) lowering of benchmark lending and deposit rates, and
removal of the rate cap on all categories of bank deposits will
improve the liquidity levels of Chinese banks and drive down their
borrowing costs; thereby mitigating the effects of China's slower
economic growth.

However, the PBOC's actions will also pressure the banks'
profitability levels.

On Oct. 24, 2015, the PBOC reduced its benchmark lending and
deposit rates by 25 basis points, and removed the rate cap on all
categories of bank deposits.  It also lowered by 50 basis points
the reserve requirement ratio (RRR) for banks as a whole, and
lowered the ratio by an additional 50 basis points for qualified
financial institutions that support the agriculture sector and
small- and mid-size enterprises.

Moody's points out that the PBOC's moves constitute the fifth
round of base rate cuts in 2015 and fourth round of broad RRR cuts
in the same year.

The PBOC's actions are credit positive for Chinese banks, mainly
because the banks' liquidity profiles will improve.

"We estimate that the lowering of the reserve requirement ratio
will free up RMB600-RMB700 billion of mandatory reserves that the
banks have placed with the PBOC," says David Yin, a Moody's
Assistant Vice President and Analyst.

"The multiple cuts to the reserve requirement ratio, along with
the PBOC's liquidity injections through open market operations and
its medium-term lending facility, have helped keep China's
interbank rates at very low levels since the start of 2015," adds
Yin.

Moody's analysis is contained in its just-released report titled
"Chinese Banks: China's Latest Rate and RRR Cuts Are Positive for
Banks' Liquidity", and is authored by Yin.

The removal of the rate cap for all categories of deposits marks
the completion of China's interest rate liberalization; a multi-
year initiative to lift the controls on lending and deposit rates.
As a result of the PBOC's gradual approach towards the
liberalization of deposit rates, Moody's expects that the final
removal of the deposit rate cap will have a limited immediate
effect on the banks' borrowing costs.

Nevertheless, the interest rate cuts, in conjunction with the rate
liberalization will pressure the banks' profitability because
their deposits are usually repriced more slowly than loans, and
many banks have so far reduced their offered deposit rates by a
lower amount than the change in the benchmark deposit rate.

On asset quality, Moody's report says that the PBOC's moves will
have a mixed effect on the banks' asset quality.  In particular,
the lower lending rates will lighten the repayment burden of high-
leverage borrowers, such as government-related investment
vehicles.

However, the effects of the rate cuts will not immediately counter
macroeconomic headwinds.  Sectors such as manufacturing, wholesale
and retail -- which make up the major source of the banks'
incremental non-performing loans -- will remain under pressure
from China's slower economic growth.

The potential for an additional increase in leverage in a low
interest rate environment will also increase systematic risk.

Moody's report further points out that lower margins may prompt
some banks to seek higher loan yields by increasing their exposure
to higher-risk clients, thereby putting their risk-control
capabilities at risk in the short term.

But the lower margins could also lead to the banks shifting their
lending portfolios towards small- and mid-size enterprises and
sectors that have shown poor formal access to credit; thereby
benefitting China's economic rebalancing over the long run.

Subscribers can access the report at:

http://www.moodys.com/viewresearchdoc.aspx?docid=PBC_1009512

Moody's offers complimentary access to its new topic page, China -
- Reform and Rebalancing, a centralized source for Moody's
research related to key credit issues in China as the country's
rebalancing story unfolds.  This report is part of Moody's ongoing
coverage on this theme.



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* Late Payment of B2B Invoices to Hit Liquidity of HK Businesses
----------------------------------------------------------------
CFO Innovation reports that there is an uptick in late payment of
B2B invoices in China, an Atradius survey showed. This can have a
knock-on effect on the liquidity of businesses in Hong Kong, the
report says. Already, nearly two in five respondents from
Hong Kong indicated liquidity issues as the main cause of late
payment.

CFO Innovation relates that the Atradius Payment Practices
Barometer 2015 -- survey results for Asia Pacific revealed that
62.0% of the businesses surveyed in China (compared to 46.3% in
Asia Pacific) reported that domestic B2B customers have slowed
invoice payment due to liquidity problems over the past year.

Late payment of invoices due to the formal insolvency of the
domestic buyer was experienced by 27.3% of the businesses surveyed
in China (compared to 21.4% in Asia Pacific), the report
discloses.

Moreover, the value of domestic B2B invoices more than 90 days
past due of respondents from China nearly doubled over the past
year (7.5% in 2015, up from 4.2% one year ago), according to the
report.  The longer receivables remain outstanding, the higher the
likelihood that they turn into bad debts and write-offs,
negatively impacting the cash flow and profitability of
businesses, CFO Innovation notes.

CFO Innovation says the managed slowdown of China's economy, which
appears to be having a severe impact on its insolvency
environment, is forecast to trigger a worsening of B2B trade
credit risk in the region.

CFO Innovation notes that Hong Kong is especially affected given
that it holds the one of the most liberal stance towards offering
trade credit terms to their B2B customers along with India (96% of
respondents in Hong Kong reported having granted trade credit to
their B2B customers over the past year compared to 91% in Asia
Pacific).

Despite overall prevalent use of trade credit in Hong Kong, the
proportion of credit-based sales to foreign B2B buyers recorded an
average 10% point decrease, says CFO Innovation. This is in
contrast to the 5.5% point increase recorded at the regional
level.

This contrast likely reflects the economic slowdown in China,
which has largely impacted Hong Kong's export flows, CFO
Innovation states.

Further confirming the likely contagion effect from China's
slowdown, 92.1% of respondents from Hong Kong (compared to 90.2%
of respondents in Asia Pacific) reported having experienced
invoice late payment from their B2B customers over the past year,
according to CFO Innovation.

The report says nearly two in five respondents from Hong Kong
indicated liquidity issues as the main cause of late payment.
Respondents in Hong Kong were also the hardest hit by
uncollectable receivables, the report relates.  CFO Innovation
reports that 2.3% of the average total value of B2B receivables
was reported as uncollectable, above the 2.0% regional average and
is the highest in the region.

For 44.4% of respondents in Asia Pacific, receivables were most
often written off due to the customer being bankrupt or out of
business. This reflects the challenging business climate in which
many businesses in the region still operate, the report discloses.

"The rebalancing of the Chinese economy has a significant impact
on the whole Asia Pacific region, as well as on the global
economy," CFO Innovation quotes Eric den Boogert, Director of
Atradius Asia, as saying. "Reflecting this, B2B trade volumes in
the region have weakened especially in emerging economies. We have
seen an upswing in payment defaults, raising trade credit risks in
some economies in Asia Pacific."



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ACCURATE INFRA: CRISIL Assigns B Rating to INR80MM Term Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank loan
facilities of Accurate Infra Industries Private Limited (AIIPL).

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            30        CRISIL B/Stable
   Term Loan              80        CRISIL B/Stable

The ratings reflect AIIPL's working-capital-intensive operations,
average financial risk profile with a high gearing, and modest
scale of operations. These rating weaknesses are partially offset
by the promoters' extensive experience in the industry.
Outlook: Stable

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

Incorporated in 2012, Accurate Infra Industries Private Limited
(AIIPL) is promoted by Mr. Jagdish Poriya. The company
manufactures Autoclave Aerated Conctrete Blocks (AAC) which are
used in building construction.


AIG INFRATECH: Ind-Ra Hikes Long-Term Issuer Rating to 'IND BB-'
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded AIG Infratech
(India) Private Limited's (AIG) Long-Term Issuer Rating to 'IND
BB-' from 'IND B'. The Outlook is Stable. The agency has also
upgraded AIG's INR280 million term loan to Long-term 'IND BB-
'/Stable from 'IND B'.

KEY RATING DRIVERS

The upgrade reflects a significant improvement in AIG's cash
inflow due to better-than-expected sales, equity infusions and
other promoter's contribution over FY14-FY15. In FY15, AIG sold
115 flats (FY14: 64 flats). The ratings also draw comfort from
AIG's timely project execution.

The ratings continue to draw support from the promoter's over two-
decade-long experience in the real estate construction business
and the project's locational advantage as it is just 7km away from
the Noida City Centre metro station and 11km from Kalindi Kunj.
Also, a proposed metro station is just 800m away.

RATING SENSITIVITIES

Negative: Time and cost overruns or the cancellations of sold
units leading to stressed cash flow could lead to a negative
rating action.

Positive: An improvement in the sales along with the timely
receipt of advances from customers, leading to stronger cash flow
could lead to a positive rating action.

COMPANY PROFILE

AIG was incorporated in 2009 and undertakes the construction of
residential and commercial real estate projects in the National
Capital Territory region. Its registered office is in Gurgaon
(Haryana).

This company is an amalgam of three reputed builders - Aggarwal
Homes Private Limited, Indus Assotech Private Limited and GSM
Infratech Private Limited.

The project 'Park Avenue' is a residential township with amenities
including schools, service apartments and a mall and multiplex.


AMARPARKASH RICE: CRISIL Lowers Rating on INR79MM LT Loan to D
--------------------------------------------------------------
CRISIL has downgraded the rating of Amarparkash Rice Exports Pvt.
Ltd. (AREPL) on long term bank facilities to 'CRISIL D' from
'CRISIL B/Stable'.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Proposed Long Term       79        CRISIL D (Downgraded
   Bank Loan Facility                 from 'CRISIL B/Stable')

   Proposed Term Loan       61        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 AREPL due to delay in
stabilisation of operations leading to nil cash accruals in 2014-
15 (refer to financial year April 1-March 31). CRISIL believes
that the liquidity will remain weak over the medium term due to
expected delay in stabilisation of operations.

The rating reflects susceptibility to funding and implementation
risks for its on-going project and its susceptibility to
fluctuations in raw material prices, to unfavourable monsoons and
to central government policies. These rating weaknesses are
partially offset by the extensive experience of AREPL's promoter
in the rice industry, and AREPL's proximity to sources of paddy.

AREPL promoted by Mr. Rupinder Pal and Mr. Narinder Kumar, is
setting up a rice milling unit with Rice colour sorter and par
boiling plant at Sangrur, Punjab.


AQVAL CERAMIC: ICRA Suspends B+ Rating on INR3cr Cash Credit
------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B+ assigned to
the INR1.89 crore fund based term loan facility, INR3.00 crore
fund based credit facility of Aqval Ceramic (AC). ICRA has also
suspended the [ICRA]A4 rating assigned to the INR1.00 crore non
fund based bank guarantee facility of AC. The suspension follows
ICRAs inability to carry out a rating surveillance in the absence
of the requisite information from the company.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit          3.00         [ICRA]B+ suspended
   Term Loans           1.89         [ICRA]B+ suspended
   Bank Guarantee       1.00         [ICRA]A4 suspended

Aqval Ceramic (AC) is a wall tiles manufacturer with its plant
situated at Morbi, Gujarat. The firm was established in August
2009, while the firm commenced its operations in July 2010. AC is
managed by Mr. Deepak Kanjiya and other partners. The plant has an
installed capacity to produce 21060 MTPA of wall tiles. AC
currently manufactures wall tiles of size 8" X 18", 12" X 12" and
12" X 18 and "24 X 12 with the current set of machineries at its
production facilities.The firm has also installed digital printing
machine in June 2012 to produce digital printed ceramic wall tiles
which is expected to support revenue growth in near future.


BABA BHUBANESWAR: CRISIL Assigns B- Rating to INR50MM Term Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-term
bank loan facilities of Baba Bhubaneswar Cold Storage Pvt Ltd
(BBSCPL).

                        Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Working Capital
   Term Loan              4.5        CRISIL B-/Stable
   Cash Credit           50.0        CRISIL B-/Stable
   Term Loan             50.0        CRISIL B-/Stable

The rating reflects BBSCPL's below average financial risk profile
and exposure to risks related to the highly regulated and
fragmented nature of the West Bengal cold storage industry. These
rating weaknesses are partially offset by the promoters' extensive
industry experience.
Outlook: Stable

CRISIL believes BBCSPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of a significant and
sustained increase in scale of operations and cash accrual or
substantial infusion of capital, leading to a better capital
structure and overall financial risk profile. Conversely, the
outlook may be revised to 'Negative' in case of pressure on
liquidity on account of delays in repayment of loans by farmers,
or considerably low cash accrual, or large capital expenditure.

BBCSPL was incorporated in 2015, promoted by Mr. Radha Raman
Mondal, Mr. Rajib Kumar Nandy, Mr. Manas Kumar Dhara, Mr. Swapan
Kumar Ghosh, and Mr. Basudeb Majhi. Its unit in Burdwan (West
Bengal) has a storage capacity of 19,500 million tonnes, which is
divided into two chambers. The promoters have extensive experience
in this line of business.


BABA ONKARNATH: CRISIL Assigns B Rating to INR59MM Cash Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Baba Onkarnath Multipurpose Himghar Pvt Ltd
(BOCSPL).

                        Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Term Loan             29.5        CRISIL B/Stable
   Bank Guarantee         1.5        CRISIL A4
   Cash Credit           59          CRISIL B/Stable

The ratings reflect BOCSPL's weak financial risk profile along
with highly regulated and fragmented nature of the West Bengal
cold storage industry. These weaknesses are mitigated by the
promoters' extensive experience.
Outlook: Stable

CRISIL believes BOCSPL will benefit over the medium term from its
promoters' extensive industry experience. The outlook may be
revised to 'Positive' if expansion work of the storage facility is
successfully completed and generates adequate cash accrual, or if
larger-than-expected capital infusion by promoters improves the
overall financial risk profile, particularly liquidity.
Conversely, the outlook may be revised to 'Negative' if liquidity
is constrained by delayed project completion, delayed loan
repayments by farmers, or considerably low cash accrual.

BOCSPL was incorporated in December 2010 by Mr. Nimai Chandra
Manna and Mr. Tara Chand Dey of Paschim Mednipur (West Bengal).
The company provides cold storage facility to potato farmers and
traders in Paschim Mednipur. It is owned by the Mednipur-based
Manna and Roy families who have around three decades' industry
experience.


BAGWAN COTEX: CRISIL Reaffirms B+ Rating on INR40MM Term Loan
-------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Bagwan Cotex
(BC) continues to reflect the firm's modest scale of operations in
the fragmented cotton industry, and susceptibility of
profitability to volatility in cotton prices.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            35        CRISIL B+/Stable (Reaffirmed)
   Rupee Term Loan        40        CRISIL B+/Stable (Reaffirmed)

The rating also factors in its below-average financial risk
profile because of a modest net worth, high gearing, and sub-par
debt protection metrics. These rating weaknesses are partially
offset by the extensive industry experience of the partners and
funding support received from them.
Outlook: Stable

CRISIL believes BC will continue to benefit over the medium term
from its partners' extensive industry experience and funding
support. The outlook may be revised to 'Positive' in case of
significantly better-than-expected cash accrual or substantial
capital infusion. Conversely, the outlook may be revised to
'Negative' in case of deterioration in the financial risk profile,
particularly liquidity, owing to lower-than-expected cash accrual,
larger-than-anticipated working capital requirement, or debt-
funded capital expenditure.

Update
BC had a turnover of INR392.8 million in 2014-15 (refers to
financial year, April 1 to March 31), its first full year of
operations. However, the operating margin for the year was low at
4.1 per cent on account of limited value addition, and the highly
fragmented and competitive nature of the cotton industry. Working
capital requirement was moderate with gross current assets of 69
days as on March 31, 2015. Working capital requirements are
susceptible to the seasonal nature of operations and increase
significantly during the peak season of November to March.

BC has a below-average financial risk profile because of a small
net worth of INR34.7 million and high gearing of 2.18 times as on
March 31, 2015. Also, it has sub-par debt protection metrics with
interest coverage ratio of 1.95 times and net cash accrual to
total debt ratio of 0.10 times for 2014-15. Its liquidity is
constrained by low net cash accrual, driven by a small scale of
operations with modest operating profitability. CRISIL, however,
expects the firm's liquidity to remain adequate over the medium
term supported by the cushion available in its cash credit limit
of INR35 million, which was utilised at an average of 44 per cent
over the 12 months through June 2015.

Set up in 2013, BC undertakes cotton ginning and pressing. It
commenced commercial operations in January 2014. The firm, owned
and managed by Mr. Sayyad Yunus and his family members, is
headquartered at Aurangabad (Maharashtra).


BIOP STEELS: ICRA Reaffirms B+ Rating on INR30cr FB Term Loan
-------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ to INR19.00
crore fund based limits and the short term rating of [ICRA]A4 to
the INR14.50 crore non fund based limits of BIOP Steels and Power
Private Limited (BSPPL).

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based Limits/
   CC Limits            10.00         [ICRA]B+/ Reaffirmed

   Fund Based Limits/
   Term Loans           30.00         [ICRA]B+/ Reaffirmed

   Non Fund Based
   Limits               23.50         [ICRA]A4/ Reaffirmed

The reaffirmation of the rating takes into consideration the
highly leveraged capital structure and weak debt protection
metrics, characterised by gearing of 16.89 times and interest
coverage ratio of 0.91 times in the FY2014-15; however, support
for timely debt servicing by the promoters and the pre-payment of
INR30 crore term-loans in Aug 2015 through unsecured loans from
promoters underpin the current ratings. The rating also takes a
note of the relatively modest operational track record of its
sponge iron unit and power plant facilities, with operations
commencing from July 2013 and October 2015 onwards, respectively.
Also, the rating continues to factor in the volatility in raw
material prices, and sluggish demand outlook for the steel sector
with continued decline in sponge iron prices.

Nevertheless, the rating continues to draw comfort from the long
standing experience of the promoters in mining and sponge iron
industry. The rating also favourably factors in the high net worth
of promoters and history of funding support. Also, ICRA takes note
of the successful commission of the 6MW Power Plant which is
expected to boost the revenues and profitability, given the low
cost of generation.

Going forward, BSPPL's revenue for FY2015-16 is likely to be
impacted by lower realizations, due to the unfavorable demand
outlook of sponge iron industry. Also, profitability is expected
to be lower than FY2014-15 owing to inventory valuation losses.
However, contribution from the power division, which commenced its
operations from October 2015, is likely to support both revenue
and profitability to an extent.

BIOP Steels & Power Private Limited (BSPPL) is part of the "Modi
Group of Companies" headed by Mr. Santosh Kumar Modi. BSPPL was
incorporated in the year 2010 and is engaged in the manufacture of
sponge iron. The plant is located in Bellary district of Karnataka
and has its own sponge iron manufacturing unit in Belagal (near
Bellary) with the capacity of 200 MT per day using iron ore and
coal as the basic raw materials. BSSPL also has a 6MW power plant,
which commenced operations in July 2015, and obtained COD on 14th
October 2015.

Recent Results
BSPPL recorded an operating income of INR95.27 Crore and net loss
(after tax) of INR3.39 Crore for FY15 as compared to an operating
income of INR43.10 Crore and net loss (after tax) of INR1.99 Crore
in FY14.


CAPITAL AGRO: CRISIL Assigns B Rating to INR70MM Cash Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank loan facilities of Capital Agro Export Pvt Ltd (CAEPL).

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

   Proposed Long Term
   Bank Loan Facility     30        CRISIL B/Stable

The rating reflects small scale of operations in a highly
fragmented industry, below-average financial risk profile because
of high total outside liabilities to tangible net worth (TOLTNW)
ratio, and large working capital requirement. These weaknesses are
partially offset by promoters' extensive experience in the rice
industry.
Outlook: Stable

CRISIL believes CAEPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if capital structure
improves, either because of equity infusion or larger-than-
expected cash accrual backed by increase in scale of operations
and better working capital management. Conversely, the outlook may
be revised to 'Negative' if financial risk profile deteriorates on
account of decline in revenue and profitability, or larger-than-
expected debt-funded capital expenditure, or significant weakening
of liquidity because of higher than expected increase in working
capital requirement.

CAEPL, incorporated in 1998 and based in Delhi, mills and sorts
basmati rice for domestic market. It is promoted by Mr. Hari
Prakash Sharma, Mr. Rajan Sharma, Mr. Surendar Kumar Agarwal and
Mr. Vaishno Das Agarwal.

CAEPL  had profit after tax (PAT) of INR2.8 million on net sales
of INR100.6 million in 2014-15 (refers to financial year, April 1
to March 31), as compared to a PAT of INR2.0 million on net sales
of INR65.4 million in 2013-14.


HINDUSTAN CLOTHING: ICRA Puts B Rating on Notice of Withdrawal
--------------------------------------------------------------
ICRA has placed the long term rating of [ICRA]B assigned to the
INR5.00 crore long term fund based facilities of Hindustan
Clothing and Marketing Limited on notice of withdrawal for a month
as there is no amount outstanding against the rated bank
facilities. As per ICRA's 'Policy on Withdrawal of Credit Rating',
the aforesaid rating will be withdrawn after one month from the
date of this withdrawal notice.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long Term Fund
   based facilities      5.00        [ICRA]B put on notice
                                     of withdrawal

   Short Term Fund
   based facilities      1.00        [ICRA]A4 withdrawn

ICRA has withdrawn the short term rating of [ICRA]A4 assigned to
the INR1.00 crore short term fund based facilities of Hindustan
Clothing and Marketing Limited. The rating has been withdrawn as
the working capital facility has been closed by the company. There
is no amount outstanding against the rated instrument.

Hindustan Clothing and Marketing Limited was set up as a
proprietorship firm in 2008 by Mrs. Sushila Mukesh Agarwal. In
2010, a new closely held company, HCML, was incorporated, which
took over the operations of the proprietorship firm in 2011. The
company is primarily engaged in the business of manufacturing and
export of all kind of readymade garments and has two manufacturing
facilities in Bangalore.


INDIAN SCHOOL: Ind-Ra Assigns 'IND BB+' Rating on INR120MM NCDs
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Indian School
Finance Company Private Limited's (ISFC) proposed INR120m non-
convertible debentures (NCDs) an 'IND BB+' rating with a Stable
Outlook.

The rating reflects ISFC's moderate profitability buffers, its
small franchise, and relatively untested risk management systems.
The rating also reflects ISFC's reasonable asset quality, adequate
capitalisation, improving funding profile, well-matched asset-
liability maturity tenors and expected continued equity injections
either from ISFC's largest shareholder Gray Ghost Ventures (GGV;
68.11% shareholding) or from other sources. GGV is a private
equity fund located in Atlanta, US.

KEY RATING DRIVERS

ISFC's profitability is moderate (pre-provision operating
profitability/total average loans in 1QFY16: 2.30%, FYE15: 2.06%;
1HFY15: 1.89%) when compared with that of similarly/higher rated
peers, and is constrained by high operating costs. Furthermore,
although the net interest margin is reasonable (FYE15: 8.7% of
average earning assets), it benefits from ISFC's low leverage, as
the cost of funds is still fairly high (interest expenses/total
average borrowings in 1QFY16: 13.7%; 1HFY15: 13.9%). ISFC's
cost/income ratio is high (1QFY16: 78.5%; FYE15: 83.7%), though on
a declining trend (average cost/income ratio over FY12-FY15: 83%).
As ISFC scales up its business over the near-to-medium term, some
operating leverage benefit is likely to come in over the medium
term, and the net interest margin is likely to then become more
range-bound.

87% of ISFC's overall loan portfolio was secured as of 1HFY16
(1HFY15: 81%) and comprised large ticket size loans (averaging
around INR3m) extended to school owners largely for renovating
school buildings. Around 30% of this secured portfolio is
collateralised by school buildings (along with the promoters'
personal guarantees). Although these buildings are owned by the
respective school promoters, it could be difficult to enforce such
collateral in the event of a default. As far as this part of the
portfolio is concerned, ISFC's risk management systems are
untested as it has not experienced defaults in this portfolio. The
remaining 70% of the secured portfolio is secured by the school
promoters' residential or other personal property along with
personal guarantees.

The unsecured portion of the overall loan portfolio has declined
(1HFY16: 13%; 1HFY15: 19%) and comprises low ticket size loans
(maximum of INR0.5m) extended for the purpose of financing smaller
expenses such as equipment and hardware purchase in schools. ISFC
states that for these loans, it receives post-dated cheques from
clients and can initiate penal provisions under Section 138 of the
Negotiable Instruments Act in case of the cheques bounce. Ind-Ra
understands that ISFC's unsecured loan portfolio has slightly
better asset quality metrics and repayment performance than the
secured portfolio.

ISFC's asset quality thus far has exhibited stable trends. The
company recognises non-performing loans at 90 days past due. The
gross NPL ratio was 1.10% at 1HFYE16 (FYE15: 0.99%; FYE14: 1.62%).
That being said, the credit costs (FYE15: 0.35%; FYE14: 0.96%) may
exhibit volatility given the rapid loan growth in FY15 (54%,
albeit on a small base) and projected loan growth of 78% CAGR over
FY16-FY17.

ISFC is capitalised to support its projected loan growth for the
next 12-15 months. Equity injections will become necessary after
the next 12-15 months, given the company's rapid loan growth
targets. ISFC's Tier 1 capital ratio at 1QFYE16 was 18.5% (FYE15:
20.7%; 1HFY15: 24.4%). The company's assets under management are
projected to grow at a CAGR of 78% between FY16 and FY18. ISFC
projects large equity injections during FY17-FY20. These equity
injections either from the majority shareholder GGV or from other
sources will be important for ISFC to meet its loan growth
targets. Leverage (debt/equity) has increased (1QFY16: 3.4x,
1HFY15: 2.9x) and is projected to increase to 5.1x by FYE16 as the
company scales up its operations.

Term loans from one bank and several non-bank financial
institutions accounted for around 63% of ISFC's sanctioned funding
limits at 1HFYE16. The remainder funding comprises a mix of bonds
and working capital lines. Over the last nine months, ISFC has on-
boarded some new lenders, besides getting fresh sanctions from
some of its existing lenders. The management also expects several
new lenders to come on board during 2HFY16 and FY17. Total
securitised portfolio (INR143m at end-July 2015) has also
increased over the recent past and is equal to around 11% of the
total assets under management (AUM; end-September 2014: 4.4% of
total managed assets). ISFC projects an increase in the
securitised AUM to around 21% of the total AUM by FYE16, which
should also help the company control its funding costs.

The company's asset-liability maturity profile is well-matched as
the duration of its liabilities and advances (which are amortised
monthly) is matched at around three years. The company had cash
and cash equivalents at end-September 2015 to cover around 93% of
its six-month obligations.

RATING SENSITIVITIES

Positive: ISFC's rating could be upgraded on the back of sustained
access to equity and more diversification in the funding profile,
maintenance of comfortable capital and liquidity ratios, and
stable asset quality trends while it scales up its operations and
simultaneously manages its planned rapid growth.
Negative: A negative rating action could result from signs of
deterioration in the company's funding access or rising
delinquencies that in Ind-Ra's expectations could lead to a marked
weakening of the profitability and capital buffers.

COMPANY PROFILE

ISFC is a New Delhi-based non-deposit accepting non-banking
financial company that provides loans to private schools (K-12)
for the purpose of renovation of school buildings and improvements
in school infrastructure and facilities. ISFC focuses on funding
affordable private schools (minimum monthly tuition fees of
INR300) located in the tier 2 and tier 3 cities and on the
peripheries of metro cities.

ISFC started operations in 2008, after taking over the portfolio
of a non-banking financial company Corporate Deposits and
Investments Pvt Ltd. ISFC's registered office is in Hyderabad, and
its corporate office is in New Delhi.

GGV provides capital to social ventures. The Gray Ghost
Microfinance Fund (established in 2003) was one of the earliest
private investors in microfinance in India. The remainder 31.89%
of ISFC's equity is held by a company called Caspian Advisors Pvt
Ltd. Caspian Advisors is an investment advisory services company
based in Hyderabad that invests capital in socially responsible
businesses. Caspian has two funds - Bellwether Microfinance Fund
and India Financial Inclusion Fund - through which it makes its
investments in India.

ISFC plans to grow its branch network to 48 by FYE16 from 35 at
present; many of the new branches are planned in NCR, Rajasthan,
Punjab, Uttar Pradesh, and Bihar.
ISFC's ratings (including the above) are as follows:

-- Proposed INR120m non-convertible debentures: 'IND BB+'/Stable
-- INR200m bank loan programme: 'IND BB+'
-- INR125m non-convertible debentures: 'IND BB+'


INLAND POWER: Ind-Ra Withdraws 'IND BB+(suspended)' Rating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn the 'IND
BB+(suspended)' rating on Inland Power Limited's (IPL) INR2,274.4m
senior project loan.

The rating has been withdrawn due to lack of adequate information.
Ind-Ra will no longer provide ratings or analytical coverage of
IPL.

Ind-Ra suspended IPL's rating on April 15, 2015.


INNOVA CHILDRENS: CRISIL Assigns 'D' Rating to INR117.5MM Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long-term bank
facilities of Innova Childrens Heart Hospital Pvt Ltd (ICHPL). The
rating reflects delays by ICHPL in servicing its debt; the delays
have been caused by weak liquidity, driven by moderate working
capital requirement.

                        Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit           47.5        CRISIL D
   Term Loan            117.5        CRISIL D

ICHPL also has a below-average financial risk profile, with highly
leveraged capital structure, which is susceptible to risks arising
from modest scale of operations and from geographical
concentration in revenues. These rating weaknesses are mitigated
by the promoters' extensive industry experience and the
advantageous location of the hospital.

Incorporated in 2006, ICHPL operates a 100-bed multi-specialty
hospital in Hyderabad. The operations of the hospital are managed
by its promoter, Dr. KS Murthy and Dr. K Sujanee Murthy.

ICHPL reported, on provisional basis a net profit of INR2.20
million on net sales of INR221.7 million for 2014-15 (refers to
financial year, April 1 to March 31), as against a net loss of
INR3.7 million on net sales of INR211.3 million for 2013-14.


JINDAL INDIA: Ind-Ra Withdraws 'IND BB+(suspended)' Ratings
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn the ratings on
Jindal India Thermal Power Limited's (JITPL) bank loans as
follows:

-- Phase I - INR 21,490m long-term senior bank loans (includes
    an external commercial borrowing (ECB) of USD75m):
    'IND BB+(suspended)'; rating withdrawn

-- Phase I - INR1,430m long-term subordinated bank loans:
    'IND BB(suspended)'; rating withdrawn

-- Phase II - INR23,220m long-term senior bank loans
    (includes an ECB of USD75m): 'IND BB+(suspended)'; rating
     Withdrawn

-- Phase II - INR1,550m long-term subordinated bank loans:
    'IND BB(suspended)'; rating withdrawn

The rating has been withdrawn due to lack of adequate information.
Ind-Ra will no longer provide ratings or analytical coverage for
JITPL.

Ind-Ra suspended IPL's ratings on February 27, 2015.


JMK ENTERPRISES: CRISIL Assigns B+ Rating to INR110MM Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of JMK Enterprises Pvt Ltd (JEPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Proposed Long Term
   Bank Loan Facility       9.5       CRISIL B+/Stable

   Long Term Loan          42.5       CRISIL B+/Stable

   Cash Credit             19         CRISIL B+/Stable

   Channel Financing      110         CRISIL B+/Stable

The rating reflects JEPL's average financial risk profile because
of average debt protection metrics and working-capital-intensive
operations. These strengths are partially offset by the extensive
experience of the promoters in the jewellery dealership industry.
Outlook: Stable

CRISIL believes that JEPL will benefit from the extensive industry
experience of its promoters in the jewellery business over the
medium term. The outlook may be revised to 'Positive' if the
company reports large cash accrual most likely due to significant
increase in the scale of operations leading to further improvement
in the financial risk profile. Conversely, the outlook may be
revised to 'Negative' if there is lower-than-expected growth in
revenue and operating margin or its working capital cycle
lengthens, or if JEPL undertakes a large, debt-funded capital
expenditure leading to deterioration in its financial risk
profile.

JEPL was incorporated in 2007 by Jhansi (Uttar Pradesh)-based
Baghel family. It is engaged in running a Tanishq Jewellery (Titan
Company Ltd) dealership in Jhansi. Mr. Rakesh Singh Baghel and Ms.
Pratibha Singh Baghel are the directors in the company. Mr. Baghel
manages the company's operations.


JMK MOTOWHEELS: CRISIL Assigns B Rating to INR70MM Loan
-------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long term
bank facilities of JMK Motowheels Pvt Ltd (JMMPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Proposed Long Term
   Bank Loan Facility      16.5       CRISIL B/Stable

   Cash Credit             10         CRISIL B/Stable

   Channel Financing       70         CRISIL B/Stable

The rating reflects JMMPL's modest scale of operations with low
bargaining power with its principal, and susceptibility to intense
competition in automobile industry. The rating also factors in
company's weak financial risk profile with negative total-outside-
liabilities-to-adjusted-net worth (TOLANW). These rating
weaknesses are partially offset by the extensive experience of its
promoters and its established market position in automobile
dealership industry.
Outlook: Stable

CRISIL expects JMMPL to maintain its stable business risk profile
over the medium term, backed by its promoter's extensive
entrepreneurial experience. The outlook may be revised to
'Positive' if the company significantly expands its scale of
operations along with an improvement in operating profitability,
resulting in higher than expected cash accruals and also improves
its liquidity position by effectively managing its working capital
needs or if a sizeable equity infusion strengthens its capital
structure. Conversely, the outlook may be revised to 'Negative' if
the company's scale of operations reduces significantly thus
impacting the cash accruals adversely, or deterioration in its
liquidity position on account of higher than expected working
capital requirements or larger than expected debt funded capital
expenditure.

Incorporated in 2013 by Mr. Rakesh Singh Bhagel and his son Mr.
Ratnesh Singh Bhagel, JMMPL is an authorised dealer and service
centre of Toyota Kirloskar Motor Pvt Ltd (TKMPL) in Jhansi
district of Uttar Pradesh. The company currently deals with the
passenger vehicles segments of TKMPL. It is currently managed by
Mr. Rakesh Singh Bhagel and his son Mr. Ratnesh Singh Bhagel.


JSW STEEL: Moody's Affirms Ba1 Corp. Family Rating; Outlook Neg.
----------------------------------------------------------------
Moody's Investors Service has affirmed the Ba1 corporate family
rating and senior unsecured ratings on JSW Steel Limited (JSW).
At the same time the outlook on all the ratings has been changed
to negative from stable.

RATINGS RATIONALE

The rating action reflects the sharp drop in steel prices and the
resulting impact that sustained lower prices will have on JSW's
credit profile.

While JSW can increase domestic sales by diverting export volumes
to the Indian market and through its retail network, the severe
drop in prices is already pressuring its credit metrics.

JSW's results for the first half of the fiscal year ending March
2016 (H1 FY16) were weak, with reported consolidated revenues of
INR221.3 billion and consolidated EBITDA of INR33.5 billion, down
18% and 39% respectively from last year.  Standalone revenues and
EBITDA were down 16% and 40% respectively at INR196.3 billion and
INR30.7 billion for the same period.

Moody's notes that the pressure on steel prices persists with the
continuation of imports into India from China, Korea and Japan.
Imports were up 42% on a volume basis in H1 FY16 from the same
period last year.  As a result, Indian hot rolled coil (HRC)
prices fell 37%, leading JSW's blended realizations to fall 20% to
INR31,215/tonne from INR39,152/tonne.  EBITDA/tonne fell 41% to
INR4,882 from INR8,553 a year ago.

"Our change in the rating outlook to negative from stable has been
prompted by the continuing deterioration in steel prices because
of cheaper imports and expectations of only a modest recovery,"
says Kaustubh Chaubal, a Moody's Vice President and Senior
Analyst.

Moody's expects the Government of India's (Baa3 positive)
imposition of a 20% safeguard duty -- effective from 14 September
and levied for a period of 200 days -- on certain categories of
hot rolled coil steel imports to support, although modestly,
prices for the rest of FY16.

"Despite management's best efforts, the drop in steel prices
cannot be easily offset and so, in view of reported consolidated
EBITDA of INR94 billion in FY15, we expect EBITDA of around INR76
billion in FY2016," adds Chaubal, who is the Lead Analyst for JSW.

"With leverage, we estimate consolidated adjusted debt/EBITDA of
around 5.5x at end-September 2015, negatively impacted by the last
three weak quarters of EBITDA and the rise in gross debt of INR28
billion since March 2015.  As a result, we expect gross leverage
to stand at 5.4x at the end of FY2016 compared with 3.8x for
FY2015, after an expected peak of 5.9x at end-December 2015," says
Chaubal.

The rise in gross debt was mainly on account of increase in
working capital requirements and capital expenditure.  Of the
INR403.9 billion outstanding gross debt as of Sept. 2015, INR38.6
billion was on account of the company's ongoing capital
expenditure towards brownfield capacity expansion from the present
14 mtpa to 18 mtpa; the incremental 4 mpta capacity is likely to
come on stream by Q4 FY16.

Moody's expects increase in production and the continued growth of
retail sales through the expansion of its "Shoppe" outlets, and
generally robust demand in India to enable JSW to expand its
EBITDA, such that leverage trends back towards 4.5x in FY17.

However, Moody's does not expect EBITDA per tonne to return to the
levels seen in prior years.  Instead, Moody's expects it to
increase by INR600 -- INR800/ tonne for the remainder of FY16, and
then to gradually rise by 1% - 3% in FY17.

JSW's Ba1 rating continues to reflect its large scale and
competitive conversion costs, supported by its wide range of
furnace technology and the coastal locations of its operations.
Moreover, the company's management has a track record of managing
growth and the effects of cyclical downturns, while also keeping
consolidated leverage to moderate levels relative to those of its
industry peers.

At Sept. 3 2015, JSW had cash and cash equivalents of INR13.8
billion, compared to short term borrowings of INR28 billion and
INR30 billion of long term debt maturing within the next 12
months.  The parent company has sanctioned working capital
consortium limits of INR140 billion, renewable every year, of
which INR65 billion is currently undrawn.

JSW's weak operating performance required it to obtain waivers to
prevent a potential breach of one of the leverage covenants as of
September 2015, under some of its bank facilities.  The company
obtained the necessary waivers ahead of the covenant testing date.
It has also received relaxation for future periods from some of
its major lenders, and is in the process of obtaining similar
relaxations on the balance.

The negative outlook reflects the pressure on leverage arising
from weak steel prices and, while measures to conserve cash may
well be undertaken, the decline in EBITDA is likely to outpace any
reduction in debt from current levels.  The ratings could also
come under pressure if the company adopts an overly aggressive
acquisition or capex policy.

Moody's could downgrade the rating if: (1) JSW's profitability
further weakens, with EBIT margins falling below 8% -10% on a
sustained basis; (2) its operating cash flow generation
deteriorates because of weak sales and unfavorable market
dynamics, dampening liquidity; and as a result (3) its financial
metrics fail to improve over the next 6 months; or (4) the company
fails to receive approvals under its relevant facilities for
relaxation on its financial covenants.

Financial indicators that Moody's would consider for a downgrade
include adjusted debt/EBITDA remaining above 5x, or EBIT interest
coverage remaining below 2x on a sustained basis.

Moody's notes that following the issuance of its bond last year,
secured debt/total assets on its standalone balance sheet had
improved to 19% at 31 March 2015, down from 27% a year before.
But, the senior unsecured bond rating could be notched down if the
proportion of secured debt to total assets trends up from current
levels.

At this time, an upgrade is unlikely, given that the company's
credit metrics are weak.  Furthermore, the industry's challenging
conditions preclude a material improvement in these metrics over
the next 12-18 months.

Moody's could return the outlook to stable if: (1) domestic steel
prices recover or, on the back of an increase in steel volumes,
the company shows a substantial improvement in profitability with
EBITDA/tonne in the INR6,000 area; or if (2) the company is
successful in preserving cash flow during the current downturn by
cutting capex, such that free cash flows turn positive.

Adjusted leverage returning to 3.5 -- 4.0x would also be a leading
indicator for a change in outlook.

The principal methodology used in these ratings was Global Steel
Industry published in October 2012.

JSW Steel Limited is a leading manufacturer of a wide range of
steel products. I t has an installed steel-making capacity of 14.3
million tonnes per annum (mtpa), and is one of the largest steel
producers in India.  In FY15, the company's revenue increased by
2% year-on-year to INR520.5 billion from INR512.2 billion a year
ago.  Crude steel volumes increased by 4% year-on-year to
12.6mtpa, which is equivalent to capacity utilization of 88%.


K.S. CAPITAL: CRISIL Suspends B Rating on INR495MM LT Loan
----------------------------------------------------------
CRISIL has suspended its rating on the long-term bank facilities
of K.S. Capital Services Private Limited (KS Capital) because of
non-cooperation by KS Capital with CRISIL's efforts to undertake a
review of the rating. Despite repeated requests, KS Capital is yet
to provide adequate information to enable CRISIL to assess its
ability to service debt.

                        Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit             5         CRISIL B/Stable

   Proposed Long Term
   Bank Loan Facility    495         CRISIL B/Stable

The suspension reflects CRISIL's inability to maintain a valid
rating in the absence of adequate information. CRISIL considers
information availability risk as a key credit factor in its rating
process and non-sharing of information as a first signal of
possible credit distress, as outlined in its criteria 'Information
Availability Risk in Credit Ratings'.

KS Capital (incorporated in 1987) is a part of the KS group,
promoted by Mr. Kishor Singh Gehlot. The group is one of the
leading automobile dealers in Rajasthan. KS Capital is a non-
banking financial company (NBFC) registered in 1989. Till 2005, it
sourced retail finance business for Mahindra & Mahindra Financial
Services Ltd. In 2005, it started sourcing business for banks and
other NBFCs. In 2008, it started growing its own retail finance
business. The company provides loans for the purchase of two-
wheelers, light commercial vehicles, and tractors. It also extends
unsecured personal loans.

KS Capital had assets under management of INR336 million, with
portfolio at risk of over 90 days at 1.8 per cent as on June 30,
2013. Its adjusted net worth was INR53 million as on July 31,
2013.


KANODIA CEMENT: Ind-Ra Assigns 'IND BB' Long-Term Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Kanodia Cement
Limited (KCL) a Long-Term Issuer Rating of 'IND BB'. The Outlook
is Stable. The agency has also assigned the following ratings to
KCL's bank facilities:

                        Amount
   Facilities         (INR Mln)       Ratings
   ----------         ---------       -------
Long-term loans         39.42        'IND BB'/Stable

Fund-based working
capital limits          48.00        'IND BB'/Stable

KEY RATING DRIVERS

The ratings reflect KCL's moderate scale of operations as well as
credit profile. In FY15, revenue was INR726m with net financial
leverage (net debt/EBITDA) of 4.1x and EBITDA interest coverage
(EBITDA/gross interest) of 2.2x. Operating EBITDA margins improved
to 4.1% in FY15 (FY14: 3.8%) due to a fall in raw material prices.
The liquidity is moderate with the average utilisation of the
fund-based limits being around 95% over the 12 months ended
September 2015.

The ratings are however supported by the over a decade-long
experience of KCL's directors in the cement industry.

RATING SENSITIVITIES

Positive: An increase in the revenue along with maintenance of the
credit metrics could result in a positive rating action.
Negative: A decline in the operating profitability resulting in
deterioration of the credit profile could lead to a negative
rating action.

COMPANY PROFILE

Incorporated in 2009, KCL is into cement manufacturing and
trading. The company has manufacturing facilities in Sikandrabad,
Uttar Pradesh with total installed capacity of 300,000tpa.
KCL is managed by its promoters namely Mr. Vishal Kanodia, Mr
Gautam Kanodia and Mrs Manju Kanodia.


M P K STEELS: Ind-Ra Withdraws 'IND B+' Long-Term Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn M P K Steels (I)
Private Limited's (MPK) Long-Term Issuer Rating of 'IND
B+(suspended)'.

The ratings have been withdrawn due to lack of adequate
information. Ind-Ra will no longer provide ratings or analytical
coverage for MPK.

Ind-Ra suspended  MPK's ratings on 27 February 2015.
MPK's ratings are as follows:

-- Long-Term Issuer Rating: 'IND B+(suspended)'; rating
    Withdrawn

-- INR37.58m term loan: Long-term 'IND B+(suspended)'; rating
    withdrawn

-- INR130m fund-based limits: Long-term 'IND B+(suspended)' and
    Short-term 'IND A4(suspended)'; ratings withdraw


MALHOTRA CONSTRUCTIONS: CRISIL Assigns B+ Rating to INR30MM Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Malhotra Constructions Pvt Ltd (MCPL).

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee        110        CRISIL A4
   Cash Credit            30        CRISIL B+/Stable

The ratings reflect the company's modest scale of operations with
geographical concentration in revenue and volatility associated
with the tender-based nature of business. These weakness are
partially offset by the company's strong order book position and
the extensive experience of its promoters in civil construction.
Outlook: Stable

CRISIL believes that MCPL will continue to benefit over the medium
term from its promoters' extensive experience in civil
construction. The outlook may be revised to 'Positive' in case of
significant and sustained increase in the company's scale of
operations and/or profitability while efficiently maintaining its
working capital management resulting in an improvement in
company's credit profile. Conversely, the outlook may be revised
to 'Negative' if low cash accruals, or large working capital
requirements or large, debt-funded capital expenditure constrains
MCPL's liquidity.

MCPL, managed by Mr. Malhotra, was incorporated as a private
limited company in 1989 and is engaged in the business of civil
construction.

MCPL is estimated to have made a profit after tax (PAT) of INR2.2
million on revenue of INR105.5 million in 2014-15 (refers to
financial year, April 1 to March 31) as against PAT of INR1.9
million on revenue of INR82.7 million.


MARUTI METAL: ICRA Suspends B+ Rating on INR5cr Cash Credit
-----------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B+ assigned to
the INR5.00 crore fund based credit facility of Maruti Metal (MM).
ICRA has also suspended the [ICRA]A4 rating assigned to the
INR2.00 crore non fund based letter of credit facility of MM. ICRA
has also suspended the [ICRA]B+/A4 rating assigned to the INR0.20
crore credit exposure limit of MM. The suspension follows ICRAs
inability to carry out a rating surveillance in the absence of the
requisite information from the company.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit           5.00        ICRA]B+ suspended
   Letter of Credit      2.00        ICRA]A4 suspended
   Credit Exposure
   Limits                0.20        ICRA]B+/A4 suspended

Incorporated in 1999 as proprietorship firm by Mr. Mukesh, MM is
involved in business of trading of ferrous and non ferrous metal
scrap particularly stainless steel, copper, nickel, zinc etc. The
firm is located in Bhavnagar, Gujarat.


MILANO IMPEX: CRISIL Reaffirms B+ Rating on INR50MM Cash Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Milano Impex Pvt Ltd
(MIPL) continue to reflect the company's small scale of operations
in the intensely competitive footwear industry, and large working
capital requirements.

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

   Inland/Import
   Letter of Credit       40       CRISIL A4 (Reaffirmed)

   Proposed Non Fund
   based limits           10       CRISIL A4 (Reaffirmed)

The ratings also factor in the below-average financial risk
profile, with modest net worth, high total outside liabilities to
tangible net worth (TOLTNW) ratio, and subdued debt protection
metrics. These ratings weaknesses are partially offset by the
promoters' extensive industry experience and relationship with
principal, Egle Collection (EC), Russia.

Update
For 2014-15 (refers to financial year, April 1 to March 31),
MIPL's turnover of around INR276 million and operating margin of
2.5 per cent were lower than CRISIL's expectations on account of
intensifying competition in the footwear industry. The total
outstanding liabilities to tangible net worth (TOL/TNW) ratio and
debt protection metrics, however, were in line with CRISIL's
expectation. The TOL/TNW ratio was high at an estimated 5.59 times
as on March 21, 2015 on account of sizeable working capital
borrowings, while the debt protection metrics were average - with
net cash accruals to total debt and interest coverage ratios of
0.06 time and 2.3 times for 2014-15.

Operations continue to be working capital intensive, with sizeable
debtors (148 days as on March 31, 2015), and high utilisation of
bank lines of INR50 million at an average of 90 per cent over the
12 months through September 2015. However, the shift from a sale-
on-return model in operations to a shipment model in 2015-16 is
expected to reduce pressure on the working capital cycle. Absence
of maturing term debt continues to support liquidity.
Outlook: Stable

CRISIL believes MIPL will continue to benefit over the medium term
from the promoter's extensive industry experience and relationship
with principal. The outlook may be revised to 'Positive' if the
financial risk profile improves significantly most likely because
of a substantial increase in cash accruals or efficient management
of working capital cycle. Conversely, the outlook may be revised
to 'Negative' if lower-than-expected cash accrual, or stretch in
working capital cycle further weakens the financial risk profile.

MIPL was set up in Delhi in 2006 by Mr. Alok Rai, Mr. Vivek Rai
and Mr. Prem Raj Sharma. The company is the sole authorised
distributor for EC's entire footwear range in India.

For 2014-15, MIPL had an estimated profit after tax of INR2.3
million on net sales of INR276.6 million (Rs.2.8 million and
INR295 million, respectively, for 2013-14).


MODERN INDUSTRIES: CRISIL Assigns B+ Rating to INR30.5MM Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Modern Industries - Bhavnagar (MI).

                        Amount
   Facilities         (INR Mln)       Ratings
   ----------         ---------       -------
   Term Loan             30.5         CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility    19.1         CRISIL B+/Stable
   Inland/Import
   Letter of Credit      15.          CRISIL A4
   Bank Guarantee         4.9         CRISIL A4
   Cash Credit           30.5         CRISIL B+/Stable

The ratings reflect MI's average financial risk profile because of
high gearing and modest debt protection metrics, large working
capital requirement, and modest scale of operations. These
weaknesses are partially offset by promoters' extensive experience
in the steel forging industry leading to established relationships
with customers and suppliers.
Outlook: Stable

CRISIL believes MI will benefit over the medium term from its
promoters' extensive industry experience. The outlook may be
revised to 'Positive' if the firm reports better-than-expected
revenue and profitability, and manages working capital cycle
efficiently. Conversely, the outlook may be revised to 'Negative'
in case of considerable decline in revenue and profitability, or
deterioration in working capital management impacting liquidity,
or large debt-funded capital expenditure weakening financial risk
profile.

Set up in 2015 and based in Bhavnagar (Gujarat), MI manufactures
ingots. It is promoted and managed by Mr. Himanshu Kalra, Mr.
Nandan Chawala, and Mr. Sahil Trikha.

For the period from January to March 2015, MI reported net loss of
INR1.8 million on net sales of INR95.4 million.


N. R. C. INDUSTRIES: CRISIL Cuts Rating on INR220MM Loan to B+
--------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
N. R. C. Industries Limited (NIL) to 'CRISIL B+/Stable/CRISIL A4'
from 'CRISIL BB-/Stable/CRISIL A4+'.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            220       CRISIL B+/Stable (Downgraded
                                    from 'CRISIL BB-/Stable')

   Letter of credit
   & Bank Guarantee       360       CRISIL A4 (Downgraded from
                                    'CRISIL A4+')

The rating downgrade reflects CRISIL belief that liquidity of NRC
Industry Limited will remain constrained over the medium term due
to stretched working capital requirements. Due to increase in
inventory holding and high debtor days, the bank limits were fully
utilised, with instances of adhoc limits leading to high reliance
on external borrowings.

The rating also reflects the Nil's large working capital
requirements, modest scale of operations, and susceptibility to
cyclicality in its end-user industries (mining and capital goods).
These rating weaknesses are partially offset by extensive
experience of NIL's promoter in the rubber conveyor belts industry
and the company's moderate order book.

NIL had interest-free unsecured loans of INR54.1 million as on
March 31, 2015, provided by its promoter and shareholders. For
arriving at its ratings, CRISIL has treated these unsecured loans
as neither debt nor equity, as the loans are interest free and
subordinated to bank borrowings.
Outlook: Stable

CRISIL believes that NIL will benefit over the medium term from
its promoter's extensive industry experience. The outlook may be
revised to 'Positive' if NIL records substantial increase in
revenue, profitability, and cash accruals, thereby easing the
pressure on its financial risk profile, particularly its
liquidity. Conversely, the outlook may be revised to 'Negative' if
NIL has large working capital requirements or undertakes a large
debt-funded capital expenditure programme, weakening its financial
risk profile, especially its liquidity.

Promoted by Mr. Ranbir Singh, NIL manufactures rubber conveyor
belts and transmission belts. The company has two manufacturing
units at Amritsar (Punjab); one for fabric-reinforced rubber
conveyor belts and the other for rubber transmission belts.


NAVKAR AGRO: ICRA Assigns 'B' Rating to INR3.50cr Cash Loan
-----------------------------------------------------------
ICRA has assigned [ICRA]B rating to the INR3.50 crore working
capital facility and INR1.65 crore term loan facility of Navkar
Agro Industries (NAI).

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit           3.50        [ICRA]B assigned
   Bank Guarantee        1.65        [ICRA]B assigned

The assigned ratings is constrained by Navkar Agro Industries
(NAI)'s relatively small scale of operations and vulnerability to
profitability towards regulatory and agro climatic risks. The
assigned ratings also consider the limited value addition in wheat
operations and highly competitive and fragmented industry
structure and vulnerability of firm's profitability to regulatory
and agro climatic risks, which affects availability and prices of
wheat. The ratings, further takes note of the weak financial
profile characterized by thin profit margins, stretched capital
structure and weak return indicators in FY 15 and risks associated
with partnership firm of business in terms of continuity, capital
infusions and withdrawals.

The assigned ratings however, derive comfort from NAL' past
experience of the promoters in the food grains processing and agro
commodities trading business ; favorable location of the firm with
proximity to wheat grown on close proximity and stable demand
prospects for wheat due to increasing population and varied
applications of the crop.

Navkar Agro Industries (NAI) was incorporated in 2011 and
commenced commercial production from 2012. The firm is engaged in
the business of processing of wheat. The company operates from its
plant located at Himmatnagar in the state of Gujarat, with an
installed capacity of 18000 MTPA (Metric Tonne Per Annum). The
company is promoted by Mr. Yogesh Patel, Mr.Umesh Patel, Mr.
Jayesh Patel and Mr. Pankaj Patel.

Recent Results
For the year ended 31st March, 2015, the company reported an
operating income of INR30.89 crore and profit after tax (PAT) of
INR0.16 crore.


NEW STEEL: ICRA Suspends B Rating on INR17.50cr Loan
----------------------------------------------------
ICRA has suspended the [ICRA]B and [ICRA]A4 ratings assigned to
the INR30.70 crore bank facilities of New Steel Trading Private
Limited*. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of requisite information from
the company.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   LT - Fund Based
   Limit-Term Loan        2.20       [ICRA]B suspended

   LT - Fund Based
   Limit-Cash Credit     10.00       [ICRA]B suspended

   ST - Non Fund
   Based Limit-Letter
   of Credit             17.50       [ICRA]A4 suspended

   ST - Non Fund
   Based Limit-Bank
   Guarantee              1.00       [ICRA]A4 suspended

Established in 1994, New Steel Corporation which was later
incorporated as a private limited company under the name New Steel
Trading Private Limited (NSTPL) in the year 1999. The company is
engaged in the business of trading of steel products, import and
trading of ferrous and non ferrous scrap. From May 2010, onwards
the company has also started manufacturing of MS Ingot by
acquiring a furnace at Wada, Thane. The company has its registered
office in Masjid (Mumbai), administrative office at Thane and
Manufacturing unit located at Wada, Thane. The company also has 3
warehouses at Kalamboli.


P.R. ACOUSTICAL: CRISIL Assigns B+ Rating to INR32.5MM Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings on
the bank loan facilities of P.R. Acoustical and Engineering Works
Pvt Ltd (PRAE). The ratings reflect the modest scale of the
operations and below-average financial risk profile.

                        Amount
   Facilities         (INR Mln)       Ratings
   ----------         ---------       -------
   Proposed Working
   Capital Facility      22.5         CRISIL B+/Stable
   Bank Guarantee        45.0         CRISIL A4
   Cash Credit           32.5         CRISIL B+/Stable

These rating weaknesses are partially offset by the extensive
experience of promoter in the acoustical engineering industry.
Outlook: Stable

CRISIL believes PRAE will continue to benefit from the promoter's
extensive industry experience. The outlook may be revised to
'Positive' if the company scales up revenue and operating
profitability, while improving the working capital management,
resulting in an improvement in the financial risk profile.
Conversely, the outlook may be revised to 'Negative' if the
accrual declines significantly, or the working capital management
deteriorates leading to weak liquidity, or if any large, debt-
funded expansion project, leads to deterioration in the financial
risk profile.

Incorporated in 1996, PRAE manufactures noise control systems such
as boiler silencers and acoustic enclosures primarily used in the
engineering, procurement and construction industry. The operations
are managed by the promoter Mr. Govindaraj.

On a provisional basis, PRAE reported a profit after tax (PAT) of
INR0.82 million on a total revenue of INR76.7 million for 2014-15
(refers to financial year, April 1 to March 31), against a PAT of
INR4.1 million on a total revenue of INR90.47 million for 2013-14.


PLASTO MANUFACTURING: CRISIL Reaffirms B+ Rating on INR20MM Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Plasto Manufacturing
Co. (PMC) continue to reflect modest scale of operations and
average financial risk profile because of small net worth and weak
debt protection metrics. These weaknesses are partially offset by
promoters' extensive experience in the packaging industry and
established relationships with customers and suppliers.

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

   Letter of Credit       20        CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      5        CRISIL B+/Stable (Reaffirmed)

   Term Loan              10        CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes PMC will continue to benefit over the medium term
from promoters' extensive experience and established relationships
with customers and suppliers. The outlook may be revised to
'Positive' in case of higher-than-expected accrual supported by
improvement in revenue and profitability, and stable capital
structure. Conversely, the outlook may be revised to 'Negative' in
case of significant decline in revenue and margins, or stretch in
working capital cycle, or any debt-funded capital expenditure,
leading to deterioration in financial risk profile.

Established as a partnership firm in 2005, PMC manufactures
plastic bags, rolls, and sheets, used in the pharmaceuticals,
chemicals, pesticides, and household appliances industries. Its
operations are managed by Mr. Mohammed Ashfaq and Mr. Riyaz Ahmed.


PREMIUM FOODS: CRISIL Reaffirms B+ Rating on INR57.5MM Loan
-----------------------------------------------------------
CRISIL's rating on the long term bank facilities of Premium Foods
(PF) continues to reflect the firm's below average financial risk
profile, marked by its modest net worth and high total outside
liabilities to tangible net-worth ratio, and susceptibility of its
operating margins to intense competition in the cashew processing
business. These rating weaknesses are partially offset by the
promoters' long standing industry experience and efficient working
capital management.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            57.5      CRISIL B+/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility     42.5      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that PF will continue to benefit from its
promoters extensive industry experience and established relations
with customers. The outlook may be revised to 'Positive' if there
is a substantial and sustained improvement in the firm's revenues
and profitability margins from the current levels or if there is
substantial increase in net-worth on the back of equity infusion
from promoters. Conversely, the outlook may be revised to
'Negative' if there is a steep decline in the company's
profitability margins from the current levels or if there is a
significant deterioration in its capital structure on account of
larger-than-expected working capital requirements.

Established in 2001 by Mr. Chetan Dalal and his wife Mrs. Shradha
Dalal, PF is a Mumbai based partnership firm that processes and
trades in cashew nuts.


PRIMORDIAL SYSTEMS: CRISIL Ups Rating on INR67.5MM Loan to B+
-------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Primordial Systems Pvt Ltd (PSPL) to 'CRISIL B+/Stable' from
'CRISIL B-/Stable'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Overdraft Facility     55       CRISIL B+/Stable (Upgraded
                                   from 'CRISIL B-/Stable')

   Proposed Long Term     27.5     CRISIL B+/Stable (Upgraded
   Bank Loan Facility              from 'CRISIL B-/Stable')

   Term Loan              67.5     CRISIL B+/Stable (Upgraded
                                   from 'CRISIL B-/Stable')

The rating upgrade reflects PSPL's improved liquidity driven by
the reduction in annual term debt repayment obligations post re-
schedulement by the bank in November 2014. Consequently, the
company's repayment obligations have reduced to INR9.7 million for
2015-16 and 2016-17, each, as against INR25 million each, prior to
the re-schedulement. The company is expected to generate cash
accruals of INR16 million and INR20 million in 2015-16 and 2016-
17, respectively, reflecting the sufficient cushion in the cash
accruals versus repayment situation. Additionally, the promoters
have infused INR12 million of unsecured loans in 2014-15,
increasing the unsecured loans levels to INR35.3 million (treated
as neither debt nor equity due to subordination to bank debt and
low interest bearing nature) as on March 31, 2015.

Further, CRISIL believes that PSPL will maintain its track record
of growth over the medium term, driven by a change in model of
operations to offering the two-year Master of Business
Administration (MBA) programme from the earlier one year Post
Graduate Program which will ensure higher revenue visibility from
the existing students.

The rating reflects PSPL's weak financial risk profile because of
high gearing, average debt protection metrics, and a small net
worth. The rating also factors in the company's limited track
record and modest scale of operations. These rating weaknesses are
partially offset by academic partnerships with institutions such
as India Tourism Development Corporation Ltd (ITDC), Mewar
University, and Indian Medical Association (IMA), and benefits
expected from the healthy growth prospects for the education
sector.
Outlook: Stable

CRISIL believes PSPL will continue to benefit from its academic
partnerships with institutions such as ITDC and IMA, and the
healthy demand prospects for the education sector, over the medium
term. However, its financial risk profile is expected to remain
weak over this period because of high gearing and moderate debt
protection metrics. The outlook may be revised to 'Positive' in
case of a significant increase in intake of students, leading to
improvement in cash accrual and hence in liquidity, capital
structure, and debt protection metrics. Conversely, the outlook
may be revised to 'Negative' in case of low occupancy, resulting
in further deterioration in liquidity or capital structure.

Incorporated in 1999, PSPL runs the Indian Institute of Learning
and Advanced Development in Gurgaon; the institute offers
postgraduate programmes in Event Management, Healthcare
Administration, International Hotel Management, Advertising and
Public Relations, Corporate Administration & Facility Management
and Certified Hospital Administration. The institute started its
programmes in February 2010 and currently has a capacity of 1200
students.


R.B. RICE: ICRA Reaffirms 'B' Rating on INR13.50cr Loan
-------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B for INR13.50
crore bank lines of R.B. Rice Industries.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based Limits      13.50       [ICRA]B (reaffirmed)

The rating action factors in weak financial profile and stretched
liquidity position of the firm as reflected by low profitability,
high working capital limits utilization and high gearing level.
The rating continues to be constrained by high intensity of
competition in the industry and agro climatic risks, which can
affect the availability of paddy in adverse weather conditions.
ICRA has also taken note of the risks inherent in a partnership
firm like limited ability to raise equity capital, risk of
dissolution due to death/retirement/insolvency of partners etc.
The rating, however favorably takes into account long standing
experience of promoters in rice industry and the proximity of the
mill to major rice growing area which results in easy availability
of paddy.

R.B. Rice Industries (RBRI) is a partnership firm established in
2000. The firm is primarily engaged in milling of basmati rice.
RBRI's milling unit is based out of Fazilka, Ferozepur, Punjab
with an installed capacity of 4 tons/hr. The firm purchases paddy
from the local markets in and around Jalalabad. The firm is also
involved in export of rice to countries like Iran, UAE and Iraq.

Recent Results
The firm reported a PAT of INR0.23 crore on an operating income of
INR63.40 crore in FY2015 against PAT of INR0.19 crore on an
operating income of INR53.22 crore in FY2014.


RAMPRASTHA PROMOTERS: ICRA Assigns D Rating to INR137.75cr Loan
---------------------------------------------------------------
ICRA has assigned the long term rating of [ICRA]D to the INR50.0
crore fund based limits of Ramprastha Promoters and Developers
Private Limited. ICRA has also assigned the [ICRA]D rating to
INR137.75 crore (enhanced from INR100.00 crore) term loans and
INR127.13 (enhanced from INR18.95 crore) non fund based limits of
RPDPL.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Term Loans           137.75       [ICRA]D assigned/outstanding
   Fund based limits     50.00       [ICRA]D assigned
   Non Fund based
   limits               127.13       [ICRA]D assigned/outstanding

The rating factors in the delays in interest servicing by RPDPL in
the current financial year. This could be attributed to stretched
liquidity condition of the company resulting from cash flow
mismatches given the poor sales velocity in recent quarters amid
subdued demand conditions for real estate industry. ICRA also
notes that the plans to monetize a portion of its land bank to
meet its funding requirements could not be materialised by the
company. The overall debt levels of the company has increased
significantly from INR654 crore as on FY14 end to INR958 crore as
on FY15 end primarily to meet External development charge (EDC)/
Internal development charge(IDC) payments which were made in last
financial year. The pressure on cash flows is likely to continue
given significant debt repayments due in FY17 and FY18. RPDPL may
have to resort to refinancing in the absence of revival in
industry or monetization of land parcels. Going forward, the
ability of the company to meet its debt obligations in a timely
manner, achieve more bookings and efficiently collect the
committed inflows will be crucial for the project execution
progress and the company's liquidity profile. These factors apart,
monetization of its land parcels could avert any cash flow
mismatches.

Ramprastha Promoters & Developers Private Limited is a part of the
Ramprastha Group, a real estate developer based out of National
Capital Region (NCR). Ramprastha group has till date completed
more than 20 msqft of development in last five decades. The
completed projects by the promoters comprising residential
township, Plotted colony, commercial development and group housing
are located in Ghaziabad, Gurgaon and New Delhi.

RPDPL was set up as a Special Purpose Vehicle (SPV) in June, 2007
to develop an integrated township "Ramprastha City" in sector 37D,
Gurgaon, spread across the land area of close to 420 acres. The
total land is jointly owned by the company itself, its wholly
owned subsidiary, and group companies that have already
transferred licenses/development rights for the same in favour of
the company. The company proposes to focus only on the Group
housing and plotted colony in the next couple of years and has
launched six group housing projects in the township projects under
the names- 'The Edge Towers', 'The Atrium', 'The View', 'The Skyz'
,'The Rise' and 'Primera'. Further, RPDPL plans to launch a
plotted colony on a land of 105 acre in the same township. In
addition to this, RPDPL also plans to develop two projects in Sec
92-93: a group housing project (saleable area of 3.5 msqft) and a
plotted colony (129 acre). The project implementation for Atrium
and View, Edge towers and Skyz is final stages and are expected to
be completed by the end of FY16.

Recent Results RPDPL has recorded an operating income and PAT of
INR414.02 crore and INR11.32 crore respectively for FY2015 as
against an operating income and PAT of INR493.82 crore and
INR10.44 crore respectively reported for FY2014.


RAPHA DIAGNOSTICS: CRISIL Assigns B Rating to INR65MM LT Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Rapha Diagnostics Private Limited (RDPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Proposed Long Term
   Bank Loan Facility       65        CRISIL B/Stable

   Cash Credit              22.5      CRISIL B/Stable

   Letter of Credit         12.5      CRISIL A4

The ratings reflect RDPL's below-average financial risk profile
because of a small net worth and weak debt protection metrics. The
ratings also factor in its small scale and working capital
intensive nature of operations in the intensely competitive
healthcare supplies industry. These rating weaknesses are
partially offset by the extensive industry experience of the
promoters.
Outlook: Stable

CRISIL believes RDPL will continue to benefit over the medium term
from its promoters' extensive industry experience. The outlook may
be revised to 'Positive' in case of substantial increase in scale
of operations or profitability, leading better cash accrual and
financial risk profile. Conversely, the outlook may be revised to
'Negative' in case of deterioration in liquidity, most likely
because of larger-than-expected working capital requirement or
lower-than-anticipated cash accrual.

Incorporated in 2002, RDPL trades in diagnostic kits used for HIV
test, pregnancy detection, urine test, malaria test, and others.
It imports strips and technology used for testing from China,
Canada, Finland, and other countries and sells under its own brand
name RAPHA. RDPL is promoted by Dr. Isac John. It has a
warehousing facility in Vasai (Maharashtra). The company is
undertaking a capital expenditure programme for setting up a
facility to manufacture all the products which it currently
imports.


S.R.S. EXPORTS: ICRA Reaffirms B+ Rating on INR2cr LT Loan
----------------------------------------------------------
ICRA has reaffirmed the short term rating at [ICRA]A4 for the
INR30.00 crore non-fund based bank facility of S.R.S. Exports
Private Limited. ICRA has also reaffirmed the long term rating at
[ICRA]B+ for the INR2.00 crore fund based bank facility, which is
the sub-limit of short-term non-fund based bank facility, of SEPL.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Short Term Non
   Fund Based Limit      30.00       [ICRA]A4 Reaffirmed

   Long Term Fund
   Based Limit            2.00       [ICRA]B+ Reaffirmed

The reaffirmation of ratings continues to reflect S.R.S Exports
Private Limited's (SEPL) weak financial profile characterized by
subdued profit margin, weak coverage indicators and high reliance
on external parties as evident from TOl/Net Worth of 9.04 times.
The ratings also take into account the margin susceptibility to
commodity price fluctuation and adverse foreign exchange
volatility. ICRA notes that the company's operations are
susceptible to regulatory risks with the change in government's
policy regarding participation in import, the duty structures and
restriction on stock holding limits of the commodity and high
competitive intensity due to the presence of numerous players.
The ratings, however, favorably consider the established
experience of the promoters in the trading of agro commodities and
operational synergies with associate concerns engaged in the same
line of business

Incorporated in 1995, S.R.S. Exports Private Limited (SEPL) is
engaged in trading of pulses and food products in domestic as well
as overseas market. The company derives majority of the revenue
from import of pulses such as chick peas, dun peas, yellow peas,
green peas, lentils etc and selling in the domestic market. While,
a small portion is also derived from export of food items such as
bakery items, packed food & beverages and papad to overseas
market. The company has its head office in Jalandhar and an
administrative office in Navi Mumbai. SRS Agri Foods (rated at
[ICRA]B), Shadiram & Sons (rated at [ICRA]A4+), SRS Commodities,
SRS Import Export and Shadiram Mohan Cold Storage are the
associate concerns of the firm.

Recent Result:
During the financial year 2014-15, SEPL registered a profit after
tax of INR0.46 crore on an operating income of INR130.98 crore.


SELVARANI DHALL: CRISIL Assigns B Rating to INR100MM Cash Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Selvarani Dhall Industries (SDI).

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

The rating reflects SDI's nascent stage of operations and exposure
to intense competition in the agro trading industry. These rating
weaknesses are partially offset by extensive industry experience
of the firm's proprietor.
Outlook: Stable

CRISIL believes SDI will continue to benefit over the medium term
from proprietor's extensive industry experience. The outlook may
be revised to 'Positive' if the firm reports higher-than-expected
profitability and revenues, resulting in significant improvement
in financial risk profile. Conversely, the outlook may be revised
to 'Negative' if financial risk profile deteriorates due to lower-
than-expected margins or revenue, large debt-funded capital
expenditure, or higher than expected debt to fund working capital
requirements.

Set up in June 2015, SDI trades in and processes pulses. The firm
is promoted by Mr. Surulivel and started operations from October
2015. Firm is based out of Madurai.


SHARAD EXPORTS: CRISIL Assigns 'B' Rating to INR20MM Term Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Sharad Exports (SE).

                          Amount
   Facilities            (INR Mln)     Ratings
   ----------            ---------     -------
   Term Loan                 20        CRISIL B/Stable
   Foreign Bill Purchase     15        CRISIL B/Stable
   Packing Credit            25        CRISIL A4

The ratings reflect SE's modest scale of operations in a highly
competitive textile processing industry, large working capital
requirement, and below-average financial risk profile because of
small net worth and high gearing. These weaknesses are partially
offset by promoters' extensive experience in the textile industry.
Outlook: Stable

CRISIL believes SE will continue to benefit over the medium term
from promoters' industry experience and established customer base.
The outlook may be revised to 'Positive' in case of significant
improvement in scale of operations and profitability, or
substantial equity infusion, leading to a better financial risk
profile. Conversely, the outlook may be revised to 'Negative' in
case of aggressive debt-funded expansion or significant stretch in
working capital cycle, or lower-than-expected revenue and
operating margin, leading to deterioration in financial risk
profile.

Established as a partnership firm in 1999, SE manufactures and
exports home furnishing products such as carpets, cushions,
towels, and curtains. Its manufacturing facility is in Panipat
(Haryana). It is promoted by Mr. Ajay Kumar Aneja and Mr. Vijay
Kumar Aneja.


SHREE DEVELOPERS: CRISIL Assigns B+ Rating to INR56.5MM Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Shree Developers - Jhansi (SDJ).

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Term Loan              56.5      CRISIL B+/Stable
   Working Capital
   Facility               23.5      CRISIL B+/Stable

The rating reflects SDJ's exposure to risks related to completion
and saleability of its ongoing project, and to risks inherent in
the real estate industry. These rating weaknesses are mitigated by
the promoters' extensive experience in the residential real estate
development business, and liquidity supported by healthy advance
received from customers.
Outlook: Stable

CRISIL believes SDJ will benefit over the medium term from its
promoters' extensive industry experience. The outlook may be
revised to 'Positive' if SDJ completes its projects earlier than
expected or in case of more-than-expected sales realisations from
ongoing projects, leading to substantial cash flow. Conversely,
the outlook may be revised to 'Negative' if there are any delays
in project completion, in the receipt of advances from customers,
or if SDJ undertakes a large, debt-funded project.

Established in 2009 with commercial operations beginning in 2012,
SDJ is a Jhansi (Uttar Pradesh)-based partnership firm that
undertakes residential real estate development projects. The firm
is promoted by 11 members which includes Mr. Rakesh Bhagel and JMK
Motors Pvt Ltd. The firm is currently executing a residential
project in Jhansi.


SHREE JEE: CRISIL Upgrades Rating on INR97.5MM Cash Loan to B
-------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facility of
Shree Jee Trading Company (SJTC) to 'CRISIL B/Stable' from 'CRISIL
B-/Stable'.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            97.5      CRISIL B/Stable (Upgraded
                                    from 'CRISIL B-/Stable')

The upgrade reflects CRISIL's belief that SJTC's business risk
profile will improve over the medium term supported by sustained
revenue growth while sustaining the operating profitability over
the medium term. SJTC has registered healthy year-on-year growth
of around 26 per cent in SJTC's operating revenue because of
higher volume off-take coupled with increased realization of
pulses. The company reported an operating of around INR2880
million in 2014-15 (refers to financial year, April 1 to
March 31).

The upgrade is also supported by improvement in liquidity because
of efficient working capital cycle marked by Gross Current Asset
days at 9 days as on March 31st 2015 resulting in low utilisation
of bank lines at an average of around 45 per cent for the 12
months through August 2015 and need support from promoters. The
improvement in liquidity profile is also supported by absence of
any fixed repayment obligation and capex plan over the medium
term.

The rating reflects SJTC's constrained financial risk profile
because of a small net worth, weak debt protection metrics, and a
high total outside liabilities to tangible net worth ratio.
Furthermore, the firm is exposed to intense competition in the
agro commodities trading business. These rating weaknesses are
partially offset by the extensive industry experience of the
promoter.
Outlook: Stable

CRISIL believes SJTC will continue to benefit over the medium term
from its promoter's extensive industry experience. The outlook may
be revised to 'Positive' in case of an improvement in
profitability or if there is equity infusion, leading to
improvement in net worth and capital structure. Conversely, the
outlook may be revised to 'Negative' if the working capital cycle
lengthens, resulting in deterioration in the financial risk
profile.

SJTC was established as a proprietorship firm in 2001. The firm
trades in pulses, such as moong, masoor, channa, and urad, and is
managed by Mr. Sanjay Bansal. Moong comprises more than 70 per
cent of the firm's traded volumes.


SIDDHI VINAYAK: CRISIL Assigns B Rating to INR46MM Term Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Siddhi Vinayak Alloys (SVA).

                        Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit            34         CRISIL B/Stable
   Term Loan              46         CRISIL B/Stable

The rating reflects SVA's initial phase and modest scale of
operations, and its expected large working capital requirements.
These rating weaknesses are partially offset by the extensive
experience of SVA's promoters in the industry.
Outlook: Stable

CRISIL believes that SVA will continue to benefit over the medium
term from its promoters' extensive industry experience. However,
the firm's financial risk profile is expected to remain average
over the medium term, marked by high gearing and average debt
protection metrics due to low accruals during the initial phase of
its operations. The outlook may be revised to 'Positive' if the
firm stabilizes its operations earlier than expected, leading to
improvement in its financial risk profile. Conversely, the outlook
may be revised to 'Negative' if SVA's operating margin is low or
if the firm undertakes considerable debt-funded expansion or if
its working capital management deteriorates, weakening its
financial risk profile.

SVA was incorporated in September 2014 as Partnership firm. The
firm is promoted by Mr. Jigarbhai Patel and family. The company
shall manufacture M.S castings for engineering companies. The
production facility is located in Mehsana, Gujarat.


SRS AGRI: ICRA Reaffirms B Rating on INR14cr LT Loan
----------------------------------------------------
ICRA has reaffirmed the long-term rating at [ICRA]B for the
INR14.00 crore term loan facility of SRS Agri Foods.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term-Fund
   Based Limit           14.00        [ICRA]B Reaffirmed

The rating continues to remain constrained by SRS Agri Foods
(SAF)'s weak financial profile as characterized by small scale of
operations, low profit margin, moderate gearing and depressed
coverage indicators. The rating also reflects the vulnerability of
the firm's margin to commodity price fluctuation and adverse
foreign exchange volatility. ICRA notes that the firm's business
is susceptible to regulatory risks with the change in government's
policy regarding participation in import, restriction on stock
holding limits of the commodity and the duty structures and high
competitive intensity due to the presence of numerous players.
Besides, SAF is a partnership concern and any significant
withdrawals from the capital account will affect its capital
structure, as witnessed in the past.

The rating, however, favorably considers the promoters' extensive
experience in the trading of agro commodities and operational
synergies with concerns engaged in the same line of business.

SRS Agri Foods (SAF) is a partnership firm, which commenced
operations in 2002 and is engaged in the business of trading of
pulses, edible oil, wheat, oil, coal etc. The firm has its
registered office in Tuticorin and a warehouse in Manali New Town
(a northern suburb of Chennai in Tamil Nadu) which has four sheds
across a total area of ~1,32,337 square feet. Shadiram & Sons
(rated at [ICRA]A4+), SRS Exports Pvt Ltd (rated at
[ICRA]B+/[ICRA]A4), SRS Commodities, SRS Import Export and
Shadiram Mohan Cold Storage are the associate concerns of the
firm.

Recent Result:
During the financial year 2014-15, SAF registered a profit before
tax of INR0.06 crore on an operating income of INR29.68 crore.


SUJALA INFRASTRUCTURE: ICRA Suspends B Rating on INR16cr Loan
-------------------------------------------------------------
ICRA has suspended [ICRA]B rating assigned to the INR16.00 crore
fund based facilities and INR2.00 crore interchangable limits and
[ICRA]A4 rating assigned to the INR34.00 crore non-fund based
facilities and INR15.00 crore interchangable limits of Sujala
Infrastructure Private Limited. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of the
requisite information from the company.

Originally incorporated as CIDR Constructions Private Limited in
2005 and later taken over by Nandi Group in the year 2008, the
company was renamed as M/s Sujala Infrastructure Private Limited
(SIPL). At present the portfolio of the projects handled includes
infrastructure projects in wide range of areas across various
government departments. The company has expertise and experience
of executing projects in the following areas: Lift Irrigation
Systems; Water Supply - PVC (Polyvinyl Chloride), MS (Mild Steel),
HDPE (High-Density Polyethylene) Pipe lines, Summer Storage Tanks
& OHBRs; Canals & Transportation - Roads & Bridges.


SUVARNA FIBROTECH: ICRA Reaffirms B Rating on INR9.75cr Loan
------------------------------------------------------------
ICRA has reaffirmed the [ICRA]B rating for the INR11.05 crore long
term fund based facilities and also reaffirmed the [ICRA]A4 to the
INR0.95 crore short term non fund based facility of Suvarna
Fibrotech Private Limited.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long term, fund
   based limits-
   Cash Credit           9.75       [ICRA]B Reaffirmed

   Long term, fund
   based limits-
   Term Loan             1.30       [ICRA]B Reaffirmed

   Short term, non
   fund based            0.95       [ICRA]A4 Reaffirmed

The rating reaffirmation favorably factors in the healthy revenue
growth over the past two fiscals as well as the adequate revenue
visibility for the near future in the backdrop of healthy order
book. ICRA also notes the long standing experience of the
promoters in the FRP and allied composite industry and moderate
financial profile characterized by comfortable operating margins
and satisfactory coverage indicators. The ratings, however, remain
constrained by the stretched working capital cycle resulting in
tight liquidity condition, leveraged capital structure and modest
debt coverage indicators. ICRA also notes the client concentration
risk where top three customers constitute ~64% of the total sales,
however, established business in diversified industries like
defense, energy, automobile, etc. mitigates the risk to an extent.
ICRA believes that in order to support growth, company will have
to rely on external financing to finance its increasing working
capital requirement, which will keep capital structure under
pressure in the near to medium term. In absence of any major capex
in the near term, SFPL's ability to manage its working capital
cycle prudently will be the key rating sensitivity going forward.

Established in 1985 in the industrial belt of MIDC, Bhosari, Pune,
the company is engaged in manufacturing of wide range of Fibre
Reinforced Plastic(FRP), Sheet Moulding Compound(SMC), Resin
Transfer Moulding(RTM) and Vacuum assisted Resin Transfer
Moulding(VRTM) for Automobile, Chemical Industries, Defense
Services, Wind Energy Industries, Infrastructure (Civil
Construction), Marine, Furniture, water treatment plants,
aerospace, hydrospace, etc. It has three plants: two in Pune
(Bhosari and Chakan) mainly to look after the railway, automobile
and electrical sector and the third in Vellore (Tamil Nadu).

Recent Results
As per provisional results, SFPL reported a profit after tax (PAT)
of INR2.8 crore in FY15 on an operating income of INR65.4 crore.
The company has reported operating profit before depreciation,
interest, amortization and tax (OPBDITA) of INR7.8 crore in the
same period.


SWASTIK OVERSEAS: CRISIL Reaffirms B Rating on INR5MM Loan
----------------------------------------------------------
CRISIL's ratings on the bank facilities of Swastik Overseas
continue to reflect its small scale of operations, the exposure of
its operating margin to volatility in foreign exchange (forex)
rates, and its average financial risk profile, marked by a small
net worth though partially supported by low total outside
liabilities to tangible net worth (TOLTNW) ratio.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit             5        CRISIL B/Stable (Reaffirmed)
   Letter of Credit       55        CRISIL A4 (Reaffirmed)

These rating weaknesses are partially offset by the extensive
experience of the firm's promoters in the silk yarn and fabric
trading business, and its efficient working capital management.
Outlook: Stable

CRISIL believes that Swastik Overseas will continue to benefit
from the extensive experience of its promoters in the silk yarn
and fabric trading business. The outlook may be revised to
'Positive' in case of significant improvement in the firm's
revenues and profitability while maintaining its working capital
cycle, or if its promoters infuse substantial capital, thereby
improving its net worth. Conversely, the outlook may be revised to
'Negative' if Swastik Overseas' working capital cycle
deteriorates, or if there is a sharp decline in its profitability,
most likely due to any adverse forex rate movement.

Set up in 2010 and based in Bengaluru, Swastik Overseas trades in
silk yarn and fabric. The firm also recently started trading of
spices and pulses. The firm's operations are managed by Mr. Sachin
Kumar.


TEESTA URJA: ICRA Lowers Rating on INR2,800cr Term Loan to D
------------------------------------------------------------
ICRA has revised the long term rating assigned to the INR2800
crore long-term loans of Teesta Urja Limited from [ICRA]B- to
[ICRA]D.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Term Loans            2800        [ICRA]D revised from
                                     [ICRA]B-

The rating revision takes into account delays in servicing of debt
by Teesta Urja Limited, which is developing a 1200 MW hydro power
project in the state of Sikkim. This followed delays in securing
equity and debt funding for meeting cashflow requirements,
including debt servicing costs. The project has faced cost and
time overrun. While time overruns have followed geological
surprises and natural calamities including a landslide at the dam
site in June 2010, earthquake in September 2011, collapse of
Rangchang Khola bridge (which was a critical link for transferring
heavy equipment to the dam site), and flash floods in September
2012, cost overruns have arisen because of damages and change in
design aspects following the aforementioned events as well as
significant increase in the interest during construction (IDC)
element of the project cost because of hardening in the interest
rates and also on account of time overrun. Thus ICRA now expects
the project to be completed in the last quarter of FY 2017 as
against its last estimate of completion of project by first half
of FY 2016 while the final project cost is expected to be INR13965
crores as against an initial approved cost of INR5760 crores.
Moreover, with the project funding tied up in a debt: equity of
80:20, the financial risk profile is also high. The increase in
project cost will have to be approved by CERC for recovery of
costs through tariffs for regulated sales.

While the rating had been factoring strengths such as acquisition
of majority stake by Government of Sikkim (which now owns 51%
shareholding in the company), support extended by investors (Asian
Genco and PTC India Ltd) and the consultant (Energy Infratech
Limited); limited offtake risk given the expectations of continued
energy deficit, signing of firm offtake arrangements for 70%;
potential upside in tariff as 30% of the power generated will be
sold through merchant route, and deemed generation clauses
providing cushion against hydrological and silting risks;
improvement in debt servicing will remain the key trigger for
change in rating apart from completing the project without any
further time and cost overrun.

Teesta Urja Limited (TUL) is a Special Purpose Vehicle (SPV)
incorporated on March 11, 2005 for the development of the 1200 MW
Teesta Stage III Hydroelectric Electric Project. The company has
been promoted by a consortium comprising of Asian Genco Pte
Limited, Government of Sikkim (GoS), Athena Projects Private
Limited (APPL), PTC India Limited (PTC) and having percentage
equity holding shares of 50.1%, 26%, 12.9%, and 11% respectively.
However, in August 2015, GoS has increased its stake to 51%
(stakes of other shareholders has come down). Till date, the
promoters have infused equity of INR2420.45 crore in the project.
The company has signed a PPA with Power Trading Corporation (PTC)
for sale of power wherein PTC will sell 70% of the total
generation on Long term basis and rest 30% on merchant basis.


V. T. ADASKAR: CRISIL Assigns 'B' Rating to INR80MM Term Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of V. T. Adaskar and Company (VTAC).

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            10        CRISIL B/Stable
   Term Loan              80        CRISIL B/Stable

The rating reflects high project implementation and funding risk
due to initial phase of project and upcoming debt-servicing
obligation. The rating also factors susceptibility to risks and
cyclicality inherent in the Indian real estate industry. These
weaknesses are partially offset by the promoter's extensive
industry experience and their established track record, coupled
with healthy booking in the ongoing project.
Outlook: Stable

CRISIL believes VTAC will benefit over the medium term from its
promoter's extensive industry experience. The outlook may be
revised to 'Positive' in case of considerable increase in customer
advances, leading to substantial cash inflows, along with
retention of profits in the firm. Conversely, the outlook may be
revised to 'Negative' if VTAC faces significant pressure on its
liquidity because of delays in receipt of customer advances or
sluggishness in new bookings.

Set up by Mr. Vinod Adaskar, VTAC is proprietorship firm engaged
in civil construction for real estate players. The promoters have
also ventured into real estate development. VTAC is currently,
undertaking a residential project, Shantai Greens, in Ravel
(Pune).


VAISHANAVI ISPAT: CRISIL Reaffirms D Rating on INR615MM Loan
------------------------------------------------------------
CRISIL's ratings on the bank facilities of Vaishanavi Ispat Ltd
(VIL) continue to reflect instances of delay by VIL in servicing
its debt; the delays have been caused by the company's weak
liquidity.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit           532.9      CRISIL D (Reaffirmed)

   Letter of Credit      75         CRISIL D (Reaffirmed)

   Term Loan            615         CRISIL D (Reaffirmed)

   Working Capital
   Term Loan            240.7       CRISIL D (Reaffirmed)

VIL also has a weak financial risk profile and working-capital-
intensive operations in the highly fragmented steel industry. The
company, however, benefits from the extensive entrepreneurial
experience of its promoters.

VIL was initially incorporated as a private limited company on
April 13, 2005, promoted by Mr. Giriraj Ratan Binani and Mr.
Subhendu Bhattacharjee. Subsequently, this company was
reconstituted as a limited company with the current name in 2010-
11 (refers to financial year, April 1 to March 31). VIL set up a
steel melting shop comprising an induction furnace with a capacity
of 8 tonnes per annum (tpa) and a 16-inch rolling mill of 12 tpa
capacity to manufacture stainless steel products (ingots, rounds,
and bars). The total installed capacity of the plant, located at
Bamunara, in the Burdwan district of West Bengal, is now 66,000
tpa.


VICTORIAN MARKETING: CRISIL Reaffirms B Rating on INR85MM Loan
--------------------------------------------------------------
CRISIL's rating on the long term bank facilities of Victorian
Marketing Pvt Ltd (VMPL) continue to reflect its modest scale of
operations, and below-average financial risk profile, with a
modest net worth, high gearing and subdued debt protection
metrics. These rating weaknesses are mitigated by its promoters'
extensive experience in the coal trading industry.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            85        CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that VMPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the financial risk profile
improves due to higher-than-expected cash accrual, or with
significant equity infusion, leading to correction in capital
structure. Conversely, the outlook may be revised to 'Negative' if
the financial risk profile, particularly its liquidity weakens,
because of lower-than-expected cash accrual, or stretched working
capital cycle.

Update
VMPL's average business risk profile is marked by a small scale of
operations. The company's revenues declined to INR423 million in
2014-15 (refers to financial year, April 1 to March 31) from
INR796 million during 2013-14 owing to a change in its revenue
profile. The company changed started selling to end users as
against its previous policy of selling to coal traders till 2013-
14. However, the margins improved to 7.4 per cent during 2014-15
from 3.7 per cent during 2013-14 supported by a change in the
customer profile. CRISIL believes that the company will continue
to maintain its average business risk profile over the medium
term.

VMPL has a below-average financial risk profile as reflected from
its small net worth of INR38 million, and a high total outside
liability to tangible net worth (TOLTNW) of 3.71 times as of March
31, 2015. The net worth is expected to improve over the medium
term supported by capital infusion of INR20 million over the
medium term. The debt protection metrics remain weak with low
interest coverage of 1.41 times in March 2015. However, the risk
coverage remains healthy at 5.02 times in March 2015. CRISIL
believes that the company's financial risk profile will remain
constrained by its weak capital structure.

VMPL's liquidity is weak as reflected from its low cash accrual of
INR9 million against debt obligation of INR1-6 million over the
medium term. The bank limits remained moderately utilised at 69.8
per cent for the 12 months through August 2015. While the
company's liquidity will be supported by capital infusion of INR20
million and need-based unsecured loans, the liquidity will remain
stretched owing to its large working capital requirements. CRISIL
believes that the company's liquidity will remain weak over the
medium term.

VMPL, based in Nagpur (Maharashtra) was taken over in 1995 by the
Agrawal family. It trades in coal, which is procured mainly from
the different subsidiaries of Coal India Ltd. VMPL's operations
are managed by Mr. G K Agrawal.


VIJAYA ENERGY: CRISIL Cuts Rating on INR65MM Cash Loan to B+
------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Vijaya
Energy Plus Pvt Ltd (VEPPL) to 'CRISIL B+/Stable/CRISIL A4' from
'CRISIL BB-/Stable/CRISIL A4+'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         50       CRISIL A4 (Downgraded
                                   from 'CRISIL BB-/Stable')

   Cash Credit            65       CRISIL B+/Stable (Downgraded
                                   from 'CRISIL BB-/Stable')

The downgrade reflects VEPPL's stretched liquidity and working
capital intensive operations. Sizeable gross current assets of
around 11 months as on March 31, 2015 lead to fully utilised bank
lines, limiting the cushion available in the event of an exigency.
Debtors and inventory are large, primarily due to low bargaining
power with customers and long gestation periods and delays in
projects, respectively. However, unsecured loans of INR39 million
as on March 31, 2015 (including INR11 million extended by the
promoters in 2014-15) support the liquidity. Working capital
intensity in operations and the extent of support available from
the promoters will be key rating sensitivity factors over the
medium term.

The ratings continue to reflect VEPPL's weak financial risk
profile, with average capital structure and stretched liquidity,
driven by working capital intensity in, and modest scale of,
operations in the intensely competitive electrification contracts
business. These rating weaknesses are mitigated by the promoters'
extensive experience.
Outlook: Stable

CRISIL believes VEPPL's liquidity will remain under pressure over
the medium term on account of working capital intensity in
operations. The outlook may be revised to 'Positive' if ramp-up in
scale of operations, efficient management of working capital
cycle, better cash accrual, or fund infusions by the promoters
strengthen key credit metrics. Conversely, the outlook may be
revised to 'Negative' if significant pressure on working capital
management due to stretch in receivables or lower-than-expected
support from suppliers and promoters, further weakens the
liquidity.

Incorporated in 2005, by Mr. K Vishwanath and his family, VEPPL
undertakes electrification (low- and high-tension) contracts for
real estate projects, sub-station works, railways, and government
bodies.



=================
I N D O N E S I A
=================


(PERSERO) ASURANSI: Fitch Affirms 'BB+' IFS Rating
--------------------------------------------------
Fitch Ratings Indonesia has affirmed PT (Persero) Asuransi Kredit
Indonesia's (Askrindo) National Insurer Financial Strength (IFS)
Rating of 'AA+(idn)'. Fitch Ratings has also affirmed the
company's IFS Rating of 'BB+'. The Outlooks are Stable.

'AA' National IFS Ratings denote a very strong capacity to meet
policyholder obligations relative to all other obligations or
issuers in the same country, across all industries and obligation
types. The risk of ceased or interrupted payments differs only
slightly from the country's highest rated obligations or issuers.

KEY RATING DRIVERS
The company's ratings reflect Askrindo's 100% state ownership and
history of government support through a series of capital
injections over the last five years. Askrindo is one of the two
institutions mandated to provide credit guarantee services in the
form of Kredit Usaha Rakyat (KUR), or People's Business Credit,
which was established mainly to support micro, small and medium
enterprises.

The ratings also takes into consideration Askrindo's high business
concentration risk, with its entire book of business sourced
locally, and business focus on KUR, making it vulnerable to
Indonesia's economic conditions. The ratings also consider
Askrindo's market position as a leading credit insurer with robust
capitalisation and healthy financial performance.

Askrindo is one of the leading credit insurers and non-life
insurers in Indonesia with a market share of around 4.67% of the
total industry's gross written premiums at end-2014. The company's
capitalisation, as measured by its risk-based capitalisation (RBC)
ratio, has been maintained at a strong level. Its RBC ratio was
608.6% (on a standalone basis) as of end-August 2015, much higher
than the minimum regulatory requirement of 120%. Fitch expects
Askrindo to maintain a sound capital buffer to support its
underwriting and business expansion.

The company has maintained a favourable underwriting margin with
its combined ratio staying below 90% as of end-August 2015, based
on its standalone financials. Fitch expects the company to
evaluate at regular intervals the impact the terms and conditions
and standard operating procedures of its KUR business has on its
underwriting results so as to maintain sound operating
profitability. Askrindo aims to enhance business monitoring and
increase cooperation with banks to minimise the volatility of its
underwriting performance, including swings resulting from changes
to the KUR scheme. For example, the tariff for the KUR scheme was
reduced effective in 2015.

RATING SENSITIVITIES

Key rating triggers for a downgrade include weakening of
government support or downgrade of Indonesia's sovereign rating
(BBB-/Stable). A significant deterioration in Askrindo's financial
fundamentals, such as weakening market franchise, financial
performance and capitalisation relative to its business profile,
with combined ratio above 100% and RBC ratio below 300% on a
prolonged basis, could also lead to a downgrade. A rating upgrade
is unlikely in the near term.


* Indonesian Banking System Resilient to Tail Risks, Moody's Says
-----------------------------------------------------------------
Moody's Investors Service says that the Indonesian banking system
is well-placed to weather ongoing tail risks.

"Recent volatility in emerging markets has led investors to
examine the risks faced by Indonesian banks," says Srikanth
Vadlamani, a Moody's Vice President and Senior Credit Officer.

Moody's identifies two key potential sources of tail risks for the
system: high external debt and the presence of weak banks, but
concludes that the risks are more than manageable for the banking
system.

Its analysis is contained in a recently published report
"Indonesian Banking System Well Placed to Manage Tail Risks" by
Vadlamani.

Outstanding Indonesian private external debt more than doubled to
$170 billion at end-June 2015 from $84 billion at end-2010, notes
Moody's.  This rapid growth, coupled with the 10% depreciation in
the rupiah since the beginning of 2015, has created potential
vulnerability for the system.

But the risks are lower than implied, as over 70% of this debt
comprises debt owed to related parties, debt owed by state-owned
enterprises, or debt in sectors with a natural hedge.

Moody's notes that at 30 June 2015, 25% of all corporate external
debt -- excluding the external debt owed by banks -- was payable
to a related party, in the form of either a parent or an affiliate
company.  Most of this debt should be essentially interpreted as
foreign direct investment into Indonesia by overseas investors,
rather than pure financial borrowings by the respective domestic
entities, says the rating agency.

Around 17% of this outstanding debt was to Indonesian state-owned
enterprises, excluding state-owned banks, which have adequate
capacity to withstand currency fluctuations through natural hedges
or protective subsidy arrangements, says Moody's.

The second risk highlighted by the rating agency is contagion risk
to the banking system from weaker banks.  The 10 Moody's-rated
banks in Indonesia -- which together accounted for 65% of total
system assets at 30 September 2015 -- exhibit strong buffers in
the form of high capital and profitability metrics to withstand
asset-quality stress.

In the top 20 largest banks by assets, those banks not rated by
Moody's are owned by highly-rated foreign parents that are highly
rated.  The remaining smaller banks in the system do pose some
risk, but most generally exhibit healthy financial metrics.



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


TOSHIBA CORP: Chip Reform Progressing, But Rocky Road Still Ahead
---------------------------------------------------------------
Nikkei Asian Review reports that Toshiba Corp.'s plans to reform
its chipmaking business are just a prelude to the tougher task of
tackling home appliance operations, made more difficult by the
Japanese company's lagging behind competitors in restructuring
this area.

The current restructuring plans cover system large-scale
integration -- or LSI -- chips and discrete semiconductors. In the
LSI category, Toshiba will sell fabrication equipment for
complementary metal-oxide semiconductor, or CMOS, image sensors at
its Oita plant to Sony this fiscal year, the report relates citing
an announcement on Oct. 28. The price apparently is
JPY20 billion ($164 million). The remaining operations there will
be consolidated into subsidiary Iwate Toshiba Electronics in April
2016.

Nikkei Asian Review relates that in the discrete semiconductor
business, Kaga Toshiba Electronics will end production of white
light-emitting diodes at the end of fiscal 2015.

In conjunction with these moves, Toshiba will transfer up to 1,100
engineering personnel to Sony, according to the report. It also
plans to remove as many as 1,200 employees from the sales and
staff departments of the semiconductor business via transfers or
early retirement. Toshiba aims to cut costs in the two businesses
by JPY26 billion in fiscal 2016 and bring them into the black, the
report relays.

"It was easy to talk to Sony," the report quotes a Toshiba
executive as saying. The two are longtime allies in the chipmaking
industry. Sony once sold a plant in Nagasaki to Toshiba, then
later bought it back. This time, Sony will take on staff to be cut
from Toshiba's payroll, helping overcome a major obstacle to
restructuring. Full-fledged talks took only about a month because
of that longstanding relationship.

According to the report, restructuring of home appliance
operations is unlikely to go so smoothly. The business reported an
operating loss of more than JPY100 billion in fiscal 2014.
Improper accounting inflated profits in the television and
computer businesses by JPY64 billion over more than six years
starting in fiscal 2008.

The report notes that while the strong profits on paper led
Toshiba to put reform on the back burner, its rivals took the
initiative. Panasonic exited the plasma TV business, while Hitachi
bowed out of chipmaking and TVs and Sony sold off its computer
business in 2014. Outside Japan, General Electric and other
manufacturers left the home appliance business.

Nikkei Asian Review says Toshiba outsourced white goods sales in
China to local appliance giant Skyworth Digital Holdings this
month and sold a washing machine factory in Indonesia. Those steps
are just the beginning, President Masashi Muromachi said.

Because competitors had offloaded their unwanted businesses
earlier, Toshiba is having trouble finding buyers now, the report
states. Negotiating with foreign manufacturers with tougher
standards for profitability is no easy task. Toshiba had discussed
selling an Indonesian television factory alongside the washing
machine plant, but the talks reportedly dragged on longer than
planned, says Nikkei Asian Review.

The report adds that Toshiba's book-cooking left domestic home-
appliance sales untouched, but the business's cost structure
remains high, and it holds only a small share of the TV and other
markets.  Mr. Muromachi told reporters on Oct. 1 that he hoped to
offer some direction on restructuring the TV and computer
businesses in early November. Whether the company will be able to
restructure such a tough area quickly and thoroughly will serve as
a key test of the new president's system, the report notes.

                      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.



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


DEVELOPMENT BANK: Moody's Assigns B2 Issuer Rating
--------------------------------------------------
Moody's Investors Service has assigned a B2 issuer rating to
Development Bank of Mongolia LLC (DBM).

Moody's has also assigned a caa1 baseline credit assessment (BCA)
and adjusted BCA to the bank, as well as a B2(cr)/NP(cr) long- and
short-term Counterparty Risk Assessment (CR Assessment) to DBM.

In addition, Moody's affirms the B2 ratings on DBM's outstanding
foreign currency debt and the (P)B2 ratings on DBM's medium-term
note (MTN) program.  The debt and the MTN program are guaranteed
by the government of Mongolia (B2 negative).

The outlook for all the ratings is negative.

RATINGS RATIONALE

"The B2 issuer rating assigned to DBM incorporates a two-notch
uplift from the bank's BCA of caa1, due to our assessment of full
government support to DBM in times of need," says Hyun Hee Park, a
Moody's Assistant Vice President and Analyst.  "Such support
mitigates the bank's weak standalone credit strength."

"Our assumption of full government support for DBM is underpinned
by the DBM Law, which stipulates DBM's clear public policy mandate
and full government ownership," adds Park.  "In particular, under
Article 4 of the DBM Law, the government is required to maintain
sole and direct ownership of the bank."

Proposed amendments to the DBM Law, if approved as scheduled in
the 2015 fall parliamentary session, will further reinforce the
provision of public support.  One of the changes put forward will
hold the government responsible for DBM's solvency, by creating a
legal obligation on the government to replenish any deficit if
DBM's reserves are insufficient to absorb losses.

The negative ratings outlook is in line with Moody's negative
outlook on Mongolia's B2 sovereign rating.

The key drivers of DBM's caa1 BCA are its:

  1) Adequate capital adequacy.  In particular, its tangible
common equity (TCE) ratio stood at 10.95% at end-2014, despite a
288% compound annual loan growth from 2012-2014.  The improvement
in its TCE ratio was aided by capital injections from the
government.  The ratio is slightly better than the 10.0% average
for Moody's-rated Mongolian banks.

  2) Evolving asset quality, owing to DBM's limited track record,
and given that the bank plans to transfer MNT2.5 trillion in
assets to the Ministry of Finance over the next two years.
Currently, its problem loans ratio - or impaired loans under the
international financial reporting standard on gross loans - well
exceeds that of its peers, reflecting its strong focus on policy
lending.

  3) Heavy reliance on wholesale funding from international
markets.  Its use of market funding was at around 94% at end-2014;
which was substantially higher than the 38% among the five
Moody's-rated commercial banks in Mongolia.

4) Weak profitability, given that as a policy bank, DBM generally
offers concessionary lending rates for policy-favored industries
and projects.  DBM's net interest margin was at 2.66% in 2014,
which was far lower than the 4.11% average for the other five
Moody's-rated commercial banks in Mongolia.

What Could Change the Rating -- Up

Because the bank's B2 issuer rating is at the same rating level as
the sovereign's rating, an upgrade of the bank's B2 ratings is
unlikely, unless Mongolia's sovereign rating is upgraded.  Given
the bank's 100% ownership by the government of Mongolia, an
upgrade of the bank's ratings at the same time as an upgrade of
the sovereign rating is likely, but not automatic.

Moody's will consider raising the caa1 BCA if DBM demonstrates a
record of stable asset quality over the next 4-6 quarters, and at
the same time, improves its capitalization profile, while
maintaining its current liquidity position.

What Could Change the Rating -- Down

DBM's issuer rating could be downgraded if the sovereign rating is
downgraded, or if there is a large increase in the losses incurred
from its policy function, without a corresponding increase in
capital.

The bank's BCA could be lowered if: (1) its TCE capital ratio
falls below 7.0%; (2) its annual net income to tangible assets
ratio falls below 0.7%, due to a sharp increase in credit losses;
or (3) a significant deterioration occurs in asset quality; for
example new past due loans to gross loans exceed 5.0%.

Counterparty Risk (CR) Assessments

CR Assessments are opinions of how counterparty obligations are
likely to be treated if a bank fails and are distinct from debt
and deposit ratings in that they (1) consider only the risk of
default rather than both the likelihood of default and the
expected financial loss suffered in the event of default and (2)
apply to counterparty obligations and contractual commitments
rather than debt or deposit instruments.  The CR assessment is an
opinion of the counterparty risk related to a bank's covered
bonds, contractual performance obligations (servicing),
derivatives (e.g., swaps), letters of credit, guarantees and
liquidity facilities.

The CR Assessment is positioned at B2(cr).

DBM's CR Assessment is positioned, prior to government support, at
one notch above the Adjusted BCA and therefore above senior
unsecured debt ratings, reflecting Moody's view that its
probability of default is lower than those of deposits and senior
unsecured debts.  Moody's believe that senior obligations
represented by the CR Assessment will be more likely preserved in
order to limit contagion, minimize losses and avoid disruption of
critical functions.

However, DBM's CR Assessments do not benefit from government
support.  Consequently, the banks' issuer rating is rated at B2
- which is on par with Mongolia's sovereign debt rating - and its
CR Assessment is rated at B2(cr).

The methodologies used in these ratings were Banks published in
March 2015 and Government-Related Issuers published in October
2014.

Development Bank of Mongolia LLC, headquartered in Ulaanbaatar,
exhibited consolidated assets of MNT5.6 trillion (USD2.8 billion)
at June 30, 2015.



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


FISHER & PAYKEL: S&P Puts 'BB/B' Rating on CreditWatch Developing
-----------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'BB/B' issuer credit
rating on New Zealand-based Fisher & Paykel Finance Ltd. (F&PFL)
on CreditWatch with developing implications.

The CreditWatch placement follows the announcement that Fisher &
Paykel Appliances has agreed to the sale of F&PFL to Australian-
based FlexiGroup Ltd. (FXL; not rated), subject to regulatory
approval.

To resolve the CreditWatch, S&P will undertake further analysis of
the (conditional) sale and its expected impact on F&PFL's SACP,
which will include an updated view with respect to FXL's
intentions for F&PFL's capitalization and funding, as well as its
strategic direction going forward, which by extension will include
an assessment of its strategic importance to FXL.  S&P will also
need to assess the creditworthiness of the consolidated FXL group
(including F&PFL), which will be used as an input to determine any
impact it has on F&PFL's issuer credit rating as a result of its
new ownership.

CREDITWATCH

S&P expects to resolve the CreditWatch within the next three
months, dependent on S&P's assessment of the sale on both F&PFL's
SACP and its issuer credit rating, which includes an assessment of
FXL group's creditworthiness, and F&PF's strategic importance to
FXL.  The CreditWatch placement indicates a one-in-two likelihood
that the rating on F&PFL will change within the next three months.
The developing designation reflects S&P's belief that the rating
on F&PFL may be raised or lowered.

S&P believes there are a number of scenarios that could result in
the ratings on F&PFL moving upward or downward (or remaining
unchanged); for example, the ratings on F&PFL could be raised if
S&P believes the creditworthiness of the consolidated FXL group
was stronger than that of F&PFL's SACP (currently 'bb'), and S&P
believes F&PFL's strategic importance to the consolidated group
was sufficiently strong to support rating uplift based upon S&P's
expectation that the consolidated group would provide timely
financial support to F&PFL if required.

On the other hand, the ratings on F&PFL could be lowered if S&P
believed that F&PFL's capitalization would be reduced
significantly and S&P believed that there was a low likelihood of
timely financial support from the consolidated group if required.
Furthermore, if the creditworthiness of the consolidated group was
assessed at a lower level than F&PFL's SACP, this could also
result in a lower rating for F&PFL.

Finally, other things being equal, S&P would expect to affirm the
ratings on F&PFL if the sale did not proceed.


PYNE GOULD: Chairman Steps Down For Personal Reasons
----------------------------------------------------
BusinessDesk reports that Pyne Gould Corp chairman Bryan Mogridge
has left the financial services firm effective from October 29
"for personal reasons", while the company contends with its second
share trading suspension in as many years.

According to the report, the Guernsey-based, NZX-listed firm said
Mr. Mogridge told the board on October 28 of his "decision to step
down for personal reasons" effective from October 29, and the firm
will appoint a new chair at its next meeting. That leaves Pyne
Gould with just one independent director, putting it in breach of
NZX listing rules unless it's granted a waiver by the stock market
operator, the report says.

BusinessDesk relates that the company's shares have already been
suspended after failing to file its annual report on time for a
second year running, and Pyne Gould has been censured and fined by
the stock market operator three times for governance and other
listing rule failures. The firm has previously said it expects to
file its annual report before the end of this month, the report
notes.

According to BusinessDesk, managing director George Kerr, who has
a controlling stake in Pyne Gould, said Mr. Mogridge "was a key
figure and showed clear leadership through a difficult
restructuring period beginning in 2009, which saw PGC rescued
through a recapitalisation and led to the formation of the
Heartland Bank and the Torchlight Group."

Earlier this month the New Zealand Shareholders' Association said
the NZX should consider delisting Pyne Gould to protect the
integrity of the market, calling the situation "farcical when a
company that continually fails to meet its obligations is allowed
to remain listed," BusinessDesk recalls.

BusinessDesk relates that NZX rejected the suggestion it should
proactively delist the company, saying it didn't consider the
current circumstances justified such a move.

Last week, Pyne Gould won a court battle with Australian
businessman John Grill, whose Wilaci investment unit was seeking
AUD33.6 million from the financial services firm in late payment
fees over a short-term loan, BusinessDesk reports.

Pyne Gould shares last traded at 24.5 cents before they were
suspended, less than the 33 cents Kerr and Californian investment
fund Baker Street Capital offered to try and take the company
private in 2011, notes BusinessDesk.

Pyne Gould Corporation Limited, together with its subsidiaries,
provides financial, trustee, and asset management services
primarily in New Zealand.



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


SRI LANKA: S&P Assigns 'B+' Issue Rating on Global Bonds
--------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B+' issue rating
to the global bond issued by the Democratic Socialist Republic of
Sri Lanka (B+/Stable/B).

The senior unsecured bond constitutes direct, unconditional,
unsubordinated, and unsecured general obligations of the issuer,
and payments will be backed by the full faith and credit of Sri
Lanka.  The bond has a 10-year maturity.

The sovereign credit rating on Sri Lanka reflects the country's
relatively low wealth, improving but still moderately weak
external liquidity, and a high government debt and interest
burden.  In addition, while the government has recently taken
steps to strengthen governance, S&P considers the current gaps in
institutional capacity to pose risks to Sri Lanka's institutional
and governance effectiveness.

These rating constraints weigh against the country's robust growth
prospects.  The factors that help Sri Lanka's growth are
government investment, including measures to reconstruct the
northern districts, the improving financial performance of public
enterprises, increasing tourist arrivals, and declining inflation,
which S&P expects to remain in the single digits.



                             *********

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
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related conferences are encouraged.  Send announcements to
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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
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Information contained herein is obtained from sources believed
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