TCRAP_Public/151105.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

          Thursday, November 5, 2015, Vol. 18, No. 219


                            Headlines


A U S T R A L I A

ATLAS LANDSCAPE: First Creditors' Meeting Set For November 11
AUSTRALIA: Fitch Says Profit Growth Expected to Slow for Banks
BBY LTD: Former Adviser in Fight Over Missing AUD630,000
ELLACURE PTY: First Creditors' Meeting Set For November 13
GTM FREIGHTLINES: First Creditors' Meeting Set For November 11

LIDO TIES: First Creditors' Meeting Set For November 12
ONE MILE: First Creditors' Meeting Set For November 11
PEPPER RESIDENTIAL 15: Moody's Assigns B2 Rating on Class F Notes

* Australian Auto ABS Deteriorated in August, Moody's Says


C H I N A

KU6 MEDIA: Shareholders Elect 7 Directors
MAOYE INTERNATIONAL: S&P Lowers CCR to 'B'; Outlook Negative

* China Property Sector Outlook for 2016 Stable, Moody's Says


H O N G  K O N G

CHINA MEDICAL: Ruling Sustaining Professionals' Claims Reversed


I N D I A

ADVANTAGE COMPUTERS: ICRA Assigns B+ Rating to INR13cr Loan
AKASH STEELS: CRISIL Suspends B Rating on INR50MM Cash Loan
ANALYSER INSTRUMENTS: ICRA Revises Rating on INR5.77cr Loan to B+
ANANT STEELS: Ind-Ra Assigns 'IND B+' Long-Term Issuer Rating
BORAH BROTHERS: Ind-Ra Withdraws 'IND BB' Long-Term Issuer Rating

CENTURY GLOBAL: ICRA Suspends B Rating on INR27cr Bank Loan
CHAUHAN POULTRY: CRISIL Reaffirms B Rating on INR57.5MM Loan
CINQ MICRON: CRISIL Reaffirms B+ Rating on INR50MM Cash Loan
DODHIA TECHNO: CRISIL Lowers Rating on INR60MM Cash Loan to D
ESKAY HEAT: ICRA Suspends B+ Rating on INR11.26cr Loan

GOLD MUSEUM: CRISIL Suspends 'D' Rating on INR60MM Cash Loan
HI-ROCK CONSTRUCTION: ICRA Reaffirms B+ Rating on INR20cr Loan
IDEAL ENERGY: Ind-Ra Suspends 'IND C' Rating on INR11,070MM Loan
INDO DUTCH: ICRA Reaffirms B- Rating on INR8.50cr Term Loan
JALALABAD RICE: ICRA Suspends B+ Rating on INR25cr Loan

JALARAM CERAMICS: ICRA Lowers Rating on INR12.5cr Loan to B+
JAYA SPUN: ICRA Assigns B+ Rating to INR3.0cr LT Loan
K. S. FIBER: ICRA Reaffirms B Rating on INR16.10cr Term Loan
KAMACHI SPONGE: CRISIL Suspends D Rating on INR4.86BB Loan
KASTURI DEVELOPERS: CRISIL Reaffirms B+ Rating on INR100M Loan

LAXMI INDUSTRIES: ICRA Suspends B+ Rating on INR7.20cr Loan
MADHYARANGA ENERGY: ICRA Assigns B Rating to INR30cr LT Loan
MADURAI TUTICORIN: ICRA Reaffirms 'D' Rating on INR598cr Loan
MARUDHAR FASHIONS: ICRA Suspends B+/A4 Rating on INR21.08cr Loan
NATIONAL RICE: CRISIL Reaffirms B+ Rating on INR48.9MM Loan

PERTINENT INFRA: ICRA Reaffirms B+ Rating on INR7.77cr Loan
PRAGATI ELECTROCOM: CRISIL Reaffirms B Rating on INR100MM Loan
RAPHA DIAGNOSTICS: CRISIL Reaffirms B Rating on INR35.6MM Loan
RATHNA STORES: CRISIL Suspends 'D' Rating on INR870MM Cash Loan
RESHMA FABRICS: CRISIL Assigns B+ Rating to INR72.5MM Term Loan

S. R. COTTON: CRISIL Reaffirms B+ Rating on INR75MM Cash Loan
SADASAT CORN: ICRA Reaffirms B+ Rating on INR5.50cr Loan
SDS INFRATECH: CRISIL Cuts Rating on INR750MM Term Loan to D
SHIV JYOTI: CRISIL Assigns 'B' Rating to INR45MM Cash Loan
SHREE ANUKUL: CRISIL Suspends B+ Rating on INR70MM Cash Loan

SHREENATHJI DWELLINGS: ICRA Reaffirms B Rating on INR20cr Loan
SURINDER KUMAR: ICRA Suspends B+ Rating on INR20cr Loan
SURVIVAL TECHNOLOGIES: Ind-Ra Hikes LT Issuer Rating From IND BB+
TAMIL NADU: ICRA Reaffirms 'D' Rating on INR224cr Term Loan
TIRUPATI COTEX: ICRA Reaffirms B- Rating on INR6cr Cash Loan

TRICHY THANJAVUR: ICRA Reaffirms D Rating on INR261cr Term Loan
TWILIGHT LITAKA: ICRA Withdraws 'D' Rating on INR30.52cr Loan
VIKAS TRANSPORT: CRISIL Reaffirms B+ Rating on INR38MM Cash Loan
VINAYAK COTTON: ICRA Suspends B+ Rating on INR7.78cr Loan
YOGIRAJ GINNING: ICRA Suspends B+ Rating on INR12cr Cash Loan

* Moody's Changes Outlook on India's Banking System to Stable


I N D O N E S I A

ALAM SUTERA: S&P Lowers CCR to 'B'; Outlook Stable
GAJAH TUNGGAL: S&P Affirms 'B' CCR; Outlook Negative
JAPFA COMFEED: S&P Affirms 'B' CCR; Outlook Remains Negative

* INDONESIA: Aviation Industry Suffers Major Losses Due to Haze


M A C A U

MELCO CROWN: S&P Affirms 'BB' CCR; Outlook Stable
STUDIO CITY: Moody's Revises Outlook to Neg. & Affirms B2 CFR


M O N G O L I A

GOLOMT BANK: S&P Lowers ICR to B-; Outlook Stable
MONGOLIA: S&P Cuts Sovereign Credit Rating to 'B'; Outlook Stable


P H I L I P P I N E S

RIZAL COMMERCIAL: Fitch Puts Final 'BB' Rating to USD320MM Notes


S I N G A P O R E

AVAGO TECHNOLOGIES: Fitch Hikes LT Issuer Default Rating from BB+
AVAGO TECHNOLOGIES: S&P Affirms 'BB+' CCCR; Outlook Stable


S O U T H  K O R E A

DAEWOO SHIPBUILDING: To Sell Office Bldg as Part of Restructuring


X X X X X X X X

* Asia Pacific Telcos Outlook Stable Through 2016, Moody's Says


                            - - - - -


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


ATLAS LANDSCAPE: First Creditors' Meeting Set For November 11
-------------------------------------------------------------
Christopher John Baskerville and Trent Andrew Devine of Jirsch
Sutherland were appointed as administrators of Atlas Landscape
Maintenance Pty Ltd on Oct. 30, 2015.

A first meeting of the creditors of the Company will be held at
Christie Conference Centre, Level 7, 320 Adelaide Street, in
Brisbane, Queensland, on Nov. 11, 2015, at 11:00 a.m.


AUSTRALIA: Fitch Says Profit Growth Expected to Slow for Banks
--------------------------------------------------------------
Fitch Ratings says Australia's major banks' profitability is
likely to remain solid over the next 12 months, however actual
profit growth is expected to slow. Fitch believes that slowing
credit growth and a turn in the credit cycle could put the brakes
on further strong profit growth. However, profitability should
remain strong, supporting the banks' internal capital generation.

The four major banks have announced a combined net profit of
AUD31billion at the financial year end in 2015 (FY15). This
reflects an increase of 7.6% to the previous year, driven by
improved loan growth, especially in the banks' housing loan books.
However, net interest margins (NIM) have been challenged by fierce
competition on assets while funding costs especially in the
wholesale markets, have also increased. Nevertheless, the major
banks' NIM still compares strong to similar rated peers globally.
Asset quality remained solid but it appears that the credit cycle
has bottomed as loan impairment charges increased for most banks.

Market conditions are likely to weaken slightly as Australia
transitions from the mining investment boom towards a slower but
steadier non-mining driven growth in FY16. At the same time, we
expect the residential housing boom - especially in Sydney and
Melbourne to slow. Fitch expects the major banks' FY16 results
will be impacted by a softer operating environment and slower
growth prospects, as well as continuing NIM pressure, possibly
higher impairment charges, and more technology spending
particularly when expense management experiences greater scrutiny.

NIMs of Australia's major banks are likely to remain strong
relative to its international peers. Business lending and
residential mortgage markets are likely to remain competitive and
further margin pressure may arise if funding costs increase or
interest rates fall. The announcement made by the major banks of
an increase in some mortgage rates in response to higher capital
requirements, should partly offset the NIM pressure.

Fitch believes that cost efficiency is likely to come under
pressure as all banks continue to invest in technology which
should support cost efficiency in the long-term and offset some
disruptive competition pressure. However, these additional
expenses will need to be absorbed at a time when revenue growth is
slowing. Hence, we expect that the major banks will focus on
tighter, non-technology related cost management.

Fitch expects loan impairment charges to rise from its cyclical
low, reflecting the softer economy indicated by some risk
migration, reflecting the pressure that certain industries and
regions may experience. Fitch does not foresee a sharp
deterioration in asset quality unless the banks' main markets
experience a severe economic shock or interest rates were to
increase sharply.

Fitch expects all major banks to focus on their main markets in
Australia and New Zealand where they benefit from strong market
share and pricing power. National Australia Bank (AA-/ Stable)
remains on track to refocus on its core businesses and are likely
to offload its UK business in early-2016 and reposition its wealth
management business during FY16.


BBY LTD: Former Adviser in Fight Over Missing AUD630,000
--------------------------------------------------------
Joyce Moullakis at The Sydney Morning Herald reports that an
erroneous trade in Woolworths options in March, by now defunct
broking firm BBY, has a former adviser of the firm desperately
battling lender St George Bank and receivers PPB Advisory for the
return of AUD630,000.

SMH relates that almost six months after BBY's spectacular
collapse, St George and PPB are still refusing to return the funds
as they claim they cannot prove who is legally entitled to them.
That is despite evidence provided to them by former BBY adviser
Darrell Seeto, whose junior trader executed the spurious trade,
which shows the former personally deposited the money into BBY's
operational account in April, according to the report.

SMH says the buy and sell trade instructions were entered the
wrong way around and were not picked up by the now defunct firm's
checking processes. The trade did, however, trigger alarm bells at
the ASX as it was within the bourse's Extreme Trading Range (ETR),
under its operating rules. But it was not unwound as the error was
reported roughly five minutes outside a 30-minute window for
cancelling such transactions, according to documents sighted by
Fairfax Media, the report says.

According to the report, the events and the AUD630,000 loss are
now caught up in the collapse of BBY, the first market participant
to fail in more than three decades. SMH relates that the error
shines a light on the failure of BBY's checking processes ahead of
trades being lodged, and the lengths the firm went to, to force
the adviser to wear the loss and negotiate with counterparty,
Liquid Capital, to have the funds returned.

The Australian Securities and Investments Commission also became
involved after being made aware of the trade, the report relays.

SMH notes that a former BBY trader within Mr Seeto's team executed
the erroneous trade, and a day after it was undertaken in late
March, BBY's executive chairman Glenn Rosewall made it clear that
the trader and the adviser, not BBY, would have to fund the
mistake to ensure the client was not out of pocket.

"Glenn Rosewall made it very clear BBY was not funding the error
trade and that I had to fund it," Mr Seeto told Fairfax Media, the
report relays.

SMH says Mr Seeto came to a verbal arrangement with Liquid Capital
in late March that would see the latter keep AUD75,000 of the
AUD630,000 and return the difference. He then paid the lost amount
into a BBY operational account, where the firm's client
settlements were conducted. Those plans were delayed, however,
when Mr Rosewall took a more active role in negotiations and
subsequently they were then thrown into doubt as BBY was placed in
voluntary administration in May.

Mr Seeto is now in a long-running stoush with St George and PPB
over the funds he deposited, adds SMH.

"St George has grabbed my funds through PPB and recently cut a
deal with Liquid Capital. It was only after I threatened a court
injunction, they decided to put the money into a trust account,"
the report quotes Mr. Seeto as saying.

Liquid Capital confirmed they had transferred AUD555,000 to PPB
last week, SMH recalls.

Thousands of clients entangled in the BBY saga are also yet to
find out their net positions for tax purposes, after many endured
notable losses, SMH notes. The liquidator of most BBY entities,
KPMG, also uncovered a shortfall in total client accounts of as
much as AUD16 million and, in a report to creditors, outlined
potential fraud and that BBY was likely trading insolvent since
June 2014, SMH reports.

                             About BBY

Founded in 1987, BBY Limited is a boutique investment firm that
offers brokerage and financial advisory services. The company
provides merger and acquisition, initial public offering, private
placement, equity trading, and market and business research
services. Additionally, it offers capital raising, restructuring,
due diligence, valuation, relationship management, and clearing
services.

On May 18, the Directors of BBY Limited have appointed KPMG as
Voluntary Administrators.  The appointment comes after a number of
run-ins with regulators over its capital requirements and failing
to repay an intraday loan to St George Bank, according to The
Sydney Morning Herald.

KPMG found that clients faced a combined shortfall in their
accounts of AUD16 million, SMH discloses.


ELLACURE PTY: First Creditors' Meeting Set For November 13
----------------------------------------------------------
Steven Staatz and Nick Combis of Vincents Chartered Accountants
were appointed as administrators of Ellacure Pty Ltd on Nov. 3,
2015.

A first meeting of the creditors of the Company will be held at
Vincents Chartered Accountants, Level 7, AMP Building, 1 Hobart
Place, in Canberra, on Nov. 13, 2015, at 10:00 a.m.


GTM FREIGHTLINES: First Creditors' Meeting Set For November 11
--------------------------------------------------------------
Darren Vardy of SVP Partners Insolvency (NSW) was appointed as
administrator of GTM Freightlines Pty Ltd, trading as Jack Murray
Removals, on Oct. 30, 2015.

A first meeting of the creditors of the Company will be held at
Level 2, 83-85 Market Street, in Wollongong, NSW, on Nov. 11,
2015, at 11:30 a.m.


LIDO TIES: First Creditors' Meeting Set For November 12
-------------------------------------------------------
Justin Holzman of Holzman Associates was appointed as
administrator of Lido Ties Pty Limited on Nov. 2, 2015.

A first meeting of the creditors of the Company will be held at
Level 2, 32 Martin Place, in Sydney, on Nov. 12, 2015, at
10:00 a.m.


ONE MILE: First Creditors' Meeting Set For November 11
------------------------------------------------------
Peter Dinoris and Nick Combis of Vincents Chartered Accountants
were appointed as administrators of One Mile Country Club Pty Ltd
on Oct. 30, 2015.

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


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

Issuer: Pepper Residential Securities Trust No.15

  AUD110.0 mil. Class A1-s1 Notes, Definitive Rating Assigned
   P-1 (sf)
  AUD0.0 mil. Class A1-R Notes, Definitive Rating Assigned
   Aaa (sf)
  AUD100.0 mil. Class A1-a Notes, Definitive Rating Assigned
   Aaa (sf)
  AUD36.5 mil. Class A2 Notes, Definitive Rating Assigned
   Aaa (sf)
  AUD29.5 mil. Class B Notes, Definitive Rating Assigned Aa2 (sf)
  AUD5.1 mil. Class C Notes, Definitive Rating Assigned A2 (sf)
  AUD6.0 mil. Class D Notes, Definitive Rating Assigned Baa2 (sf)
  AUD3.9 mil. Class E Notes, Definitive Rating Assigned Ba2 (sf)
  AUD3.6 mil. Class F Notes, Definitive Rating Assigned B2 (sf)

The total amount of Class A1-s1 Notes and Class A1-a Notes issued
equals AUD210,000,000.

The AUD5.4 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 are not 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 have a Aaa rating 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-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 definitive 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
     securitized 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, judgment 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:

The principal methodology used in these ratings was "Moody's
Approach to Rating RMBS Using the MILAN Framework" published in
January 2015.

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 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 Baa3,
while the ratings of the Class B and Class D Notes would drop 3
notches to A2 and Ba2 respectively.  The 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.


* Australian Auto ABS Deteriorated in August, Moody's Says
----------------------------------------------------------
Moody's Investors Service says the performance of Australian auto
ABS transactions deteriorated in August 2015 from July 2015, with
delinquencies in excess of 30 days rising to 1.23% from 1.17%.
Moreover, the year-on-year performance was worse in August 2015
when compared with the 1.04% seen in August 2014.

As for the month-on-month performance of Australian prime RMBS
deals, delinquencies in excess of 30 days fell to 1.14% in August
2015 from 1.25% in July 2015.  The year-on-year performance of
such deals also improved.  Specifically, delinquencies in excess
of 30 days fell by 9 basis points in August 2015 from the 1.25%
seen in August 2014.

In the 12 months to 30 September 2015, home prices rose in Sydney,
Melbourne and Brisbane, declined in Darwin, and remained
relatively flat in the rest of the cities.  The largest year-over-
year increase was in Sydney, at 16.72%.  The second-largest
increase was in Melbourne, at 14.22%.  On a weighted average
basis, home prices in the capital cities increased by 11.02%.

Moody's visit with investors in Japan and Hong Kong in October
found that a key concern for the Australian market is the
escalating housing prices, particularly in Sydney and Melbourne,
where housing affordability has deteriorated significantly.

In October 2015, the big four banks raised mortgage interest rates
by 15 to 20 basis points despite cash rates remaining unchanged at
2.0%. The increase could further deteriorate housing
affordability, especially in Sydney and Melbourne, since the two
cities are more sensitive to interest rates movement.

These views are outlined in Moody's recently published sector
comment on Australian RMBS and ABS titled "Heard From the Market:
Australian Housing Prices a Key Issue".  Subscribers can access
the report through the link provided at the end of this press
release.

As for the Australian economy as a whole, Moody's expects GDP
growth of 2% in 2015, after the 2.7% recorded in 2014.  The direct
and indirect effects of lower growth in China (Aa3 stable) partly
account for the below-trend growth in Australia.

Lower commodity prices will contribute to a further decline in
mining investments; a major source of growth in prior years.  As a
result, economic growth in 2015-16 will be mainly driven by
consumer spending.

With regard to unemployment, Moody's forecasts a slight increase
in Australia's unemployment rate to around 6.5% for 2015 from 6.1%
in 2014.

ABOUT MOODY'S GLOBAL STRUCTURED FINANCE COLLATERAL PERFORMANCE
REVIEW REPORT

Moody's Global Structured Finance Collateral Performance Review
Report is updated monthly and covers the collateral performance of
various structured finance sectors located globally.


The report features typical aggregate performance metrics, such as
delinquencies and losses, as well as sector-specific metrics that
include residential and commercial property prices, loans in
special servicing, refinancing profiles, average WARF levels,
senior OC levels, payment rates, and excess spread.  The
underlying data is also included.  The metrics are accompanied by
sector commentary and outlooks, and projected losses by vintage
where applicable.

The Australian data focuses on:

   -- Australian Auto ABS
   -- Australian Prime RMBS
   -- Australian Home Prices



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


KU6 MEDIA: Shareholders Elect 7 Directors
------------------------------------------
Ku6 Media Co., Ltd., announced the results of the Company's 2015
annual general meeting of shareholders held on Oct. 29, 2015, in
Hong Kong. At the 2015 AGM, the Company's shareholders:

   1. elected Feng Gao, Qingmin Dai, Yong Gui, Jun Deng, Robert
      Chiu, Mingfeng Chen and Jason Ma to serve as directors of
      the Company until the next annual general meeting of
      shareholders of the Company and until his/her successor is
      duly elected and qualified, or until his/her earlier
      removal, or earlier vacation of office; and

   2. ratified the appointment of PricewaterhouseCoopers Zhong
      Tian CPAs Limited Company as the independent auditor of the
      Company to hold office until the next annual general
      meeting of shareholders and the authorization of the Board
      of Directors of the Company to fix the auditor's
      remuneration.

                         About Ku6 Media

Ku6 Media Co., Ltd. -- http://ir.ku6.com/-- is an Internet video
company in China focused on User-Generated Content. Through its
premier online brand and online video Web site --
http://www.ku6.com/-- Ku6 Media provides online video uploading
and sharing service, video reports, information and entertainment
in China.

Ku6 Media reported a net loss of $10.7 million in 2014 following a
net loss of $34.4 million in 2013.

As of June 30, 2015, the Company had US$8.91 million in total
assets, US$14.3 million in total liabilities, and a total
shareholders' deficit of US$5.42 million.

PricewaterhouseCoopers Zhong Tian LLP, in Shanghai, the People's
Republic of China, issued a "going concern" qualification on the
consolidated financial statements for the year ended Dec. 31,
2014, citing that the Company's recurring losses, negative working
capital, net cash outflows, and uncertainties associated with
significant changes made, or planned to be made, in respect of the
Company's business model, raise substantial doubt about the
Company's ability to continue as a going concern.


MAOYE INTERNATIONAL: S&P Lowers CCR to 'B'; Outlook Negative
------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term corporate
credit rating on Maoye International Holdings Ltd. to 'B' from
'BB-'.  The outlook is negative.  S&P also lowered its long-term
issue rating on the company's senior unsecured notes to 'B-' from
'B+'.  At the same time, S&P lowered its long-term Greater China
regional scale rating on Maoye to 'cnB+' from 'cnBB' and on the
notes to 'cnB' from 'cnBB-'.  Maoye is a China-based department
store operator.

"We lowered the rating because Maoye's leverage has increased
materially more than we expected due to the company's aggressive
debt-funded acquisitions," said Standard & Poor's credit analyst
Shalynn Teo.  "We do not expect any meaningful reduction in
leverage over the next 12 months, given the company's strong
expansion appetite and weak financial control."

Maoye's refinancing risk is likely to remain high and its capital
structure should stay weak over the next 12 months because of the
company's significant short-term debt maturities, low cash
balance, and weak cash flows.

S&P don't expect Maoye to generate meaningful operating cash flows
to alleviate its high refinancing risk.  S&P believes operating
performance of the company's retail business could deteriorate and
working capital outflows for property development should remain
high.  Nevertheless, Maoye has a good track record of refinancing
its short-term debt even during liquidity crunches in China.

S&P expects Maoye's leverage to stay high over the next 12 months
because S&P believes the company will primarily use debt to fund
its recently-announced acquisitions, totaling Chinese renminbi
(RMB) 3.9 billion.  As a result, S&P estimates that Maoye's EBITDA
interest ratio will weaken to 1.5x-2.0x in 2015 and 2016, from
2.8x in 2014.  S&P lowered its assessment of the company's
financial risk profile to "highly leveraged" from "aggressive"
based on the above factors.

The Maoye management's increasing tolerance for significant debt-
funded acquisitions without corresponding consideration of
financial capacity or prudent financial control increases the risk
of the company's financial metrics deteriorating well beyond S&P's
forecast.  S&P therefore views Maoye's financial policy as
"negative" and notch down the company's stand-alone credit profile
by one level.

In S&P's view, Maoye remains highly exposed to the volatile and
capital intensive property development business.  However, the
company's large portfolio of self-owned commercial properties in
good locations allows it to sell some properties to reduce debt
and improve liquidity.  This strength is reflected in a one-notch
positive adjustment to Maoye's stand-alone credit profile for
comparable rating analysis.

S&P sees a weakening trend in Maoye's management and governance
practices, given the company's undisciplined approach to
controlling its expansion within its financial capabilities.  S
also has limited visibility on Maoye's strategy to address its
weak risk management standards.  However, S&P believes management
still has considerable expertise in the operation of its
department store business.

S&P expects rising competition and weaker consumer demand to weigh
on the outlook for sales at Maoye's department stores in the next
12 months.  The company's higher exposure to lower-tier cities,
where S&P believes oversupply of retail space is more critical
than in larger cities, also increases the difficulty of it turning
around the retail business.  However, S&P believes Maoye's good
positions in niche markets, its strong brand name, and favorable
concessionaire sales model will continue to support its "fair"
business risk profile.

"The negative outlook reflects our view that Maoye's refinancing
risk will remain high and its capital structure will be weak over
the next 12 months due to the company's significant short-term
debt maturities, low cash balance, and weak cash flows and
financial control," said Ms. Teo.  "We expect Maoye's leverage to
also remain high due to its aggressive debt-funded expansion
appetite."

S&P could lower the rating if Maoye fails to improve its capital
structure or its liquidity deteriorates more than S&P expects.
This could happen if: (1) the company fails to issue longer-term
debt; (2) its property presales are weaker than S&P expects,
resulting in inventory buildup continuing to outpace sales and
capital expenditure; (3) Maoye's retail sales and profitability
are materially weaker than S&P's expectation; or (4) the company
takes on more debt-funded expansion.

S&P could revise the outlook to stable if Maoye: (1) can improve
its debt maturity profile by securing longer-term debt to
refinance its short-term debt; (2) improves its liquidity; (3)
adopts a more consistent financial policy to control expansion;
and (4) improves communication with stakeholders.


* China Property Sector Outlook for 2016 Stable, Moody's Says
-------------------------------------------------------------
Moody's Investors Service says that its outlook for China's
property sector remains stable through 2016, but growth in
nationwide property sales will slow compared with levels achieved
in 2015.

"We expect a modest 0%-5% year-over-year growth in the value of
nationwide property sales in 2016," says Franco Leung, a Moody's
Vice President and Senior Analyst.  "By contrast, growth in
nationwide property sales should exceed 10% for full year 2015, as
the effect of the supportive monetary and regulatory policies
implemented by the government is mostly reflected in year-to-date
sales of 2015."

The lower growth for 2016 also reflects a higher base of
comparison in 2015.

According to China's National Bureau of Statistics, national
contracted sales grew strongly year-over-year, at 18.2% in the
first nine months of 2015, reaching RMB4.79 trillion.  The growth
was driven by the accommodative policies implemented by the
authorities since the second half of 2014.

"We expect that the Chinese government will continue to implement
supportive monetary policies and fine tune regulatory measures for
the property sector, against the backdrop of a slowing Chinese
economy," adds Leung.

In particular, Moody's expects that a further loosening in
regulatory measures for the property sector, if any, will focus on
lower-tier cities where demand remains weaker than for first-tier
cities.

At the same time, Moody's expects inventory levels in first- and
second-tier cities will remain between nine to 13 months and below
the recent peak of 15 months seen in March 2015 given the improved
property sales and subdued new supply on the back of weak new
construction starts.  Cumulative national new residential
construction starts in the first nine months of 2015 fell 13.5%
year-on-year.

Moody's says that the lower inventory levels will continue to
support property prices in first- and second-tier cities.

Moody's also points out that 39 of the 70 major cities in China
reported month-on-month price increases in Sept. 2015, up from 35
in August 2015, and that first-tier cities have been leading the
price recovery.

While prices in lower-tier cities will remain under pressure in
2016, such pressure should ease from the sharp falls seen during
the second half of 2014.

Moody's expects that developers' access to funding will remain
healthy, driven by benign onshore lending conditions.

As for the recent surge in domestic bond issuance - $28 billion
year to date as of Oct. 30, 2015, versus $1.9 billion for full-
year 2014 - such a situation will help developers strengthen their
liquidity profiles, lengthen their debt maturities, lower their
borrowing costs and diversify their funding channels.

However, Moody's expects that the profit margins for developers
that it rates will remain at the current low levels of 27%-28%
following declines in recent years, and debt leverage as measured
by revenue to adjusted debt will remain largely stable.

The developers' execution capabilities will be crucial in
determining their long-term business viability.  Moody's expects
that small developers with weak sales execution and liquidity
levels will be taken over or exit the industry over time.

Moody's would consider changing the outlook for China's property
sector back to negative if Moody's expects a sustained decline of
more than 5% in national contracted sales over the coming 12
months, or if the inventory to contracted sales ratio nears its
March 2015 peak of 15 months, or if the developers' liquidity
profiles deteriorate, owing to an interruption in their access to
the onshore and offshore markets.

By contrast, Moody's would consider changing the outlook to
positive if Moody's expects sustainable sales growth of 5%-10%
over the coming 12 months, or if the inventory to contracted sales
ratio trends below 2013 levels of 7-8 months, and the developers
maintain their stable access to various types of funding sources.

Moody's subscribers may access this report "2016 Outlook - China
Property: Supportive Government Policies Drive Modest Sales
Growth" here:

http://www.moodys.com/viewresearchdoc.aspx?docid=PBC_185514

The report may also be found through this link to Moody's topic
page titled China - Reform and Rebalancing at:

http://www.moodys.com/chinarebalancing.

The topic page provides subscribers with a centralized source for
Moody's research related to key credit issues in China, as the
country's rebalancing story unfolds.

Recent Moody's publications relating to China Reform and
Rebalancing include:

   -- China's Rates and Reserve Requirement Cuts Are Credit
      Positive for Banks

   -- Regional and Local Governments: Falling Land Sales to
      Weaken Chinese RLGs' Credit Profile

   -- China Property Focus - October 2015

   -- Inside China

   -- Chinese Banks: China's Latest Rate and RRR Cuts Are Positive
      for Banks' Liquidity

   -- Property - China: Developers' Increasing Use of JVs Lowers
      Corporate Transparency

   -- Asset Managers Get a Boost from China Access

   -- Chinese Auto ABS: Delinquencies Stable in Q2 2015, but
      Likely to Increase Slightly

   -- Slower Growth and Rising Credit Risk Are Symptoms of
      China's Challenge of Structural Rebalancing

   -- Chinese Banks - Latest Results and Performance Trends



================
H O N G  K O N G
================


CHINA MEDICAL: Ruling Sustaining Professionals' Claims Reversed
---------------------------------------------------------------
Kenneth M. Krys appeals from an order of the U.S. Bankruptcy Court
for the Southern District of New York sustaining the claims of
attorney-client privilege and work product protection asserted by
Paul, Weiss, Rifkind, Wharton & Garrison LLP and AlixPartners,
LLP.

Judge Ronnie Abrams of the United States District Court for the
Southern District of New York reversed the ruling of the
Bankruptcy Court and remanded the case for further proceedings.
The case is captioned IN RE: CHINA MEDICAL TECHNOLOGIES, INC.
KENNETH M. KRYS, the Foreign Representative of China Medical
Technologies, Inc., Appellant, v. PAUL, WEISS, RIFKIND, WHARTON,
GARRISON LLP, and ALIXPARTNERS, LLP, Appellees, NOS. 12-BR-13736
(REG), 15-CV-0167 (RA).

A full-text of the Opinion and Order dated September 30, 2015 is
available at http://is.gd/xB3Ifwfrom Leagle.com.

Kenneth M. Krys, Appellant, is represented by Eric L. Lewis, Esq.
-- eric.lewis@lewisbaach.com -- Lewis Baach PLLC & Jack B. Gordon,
Esq. -- jack.gordon@lewisbaach.com -- Lewis Baach Kaufmann
Middlemiss Paul, Weiss, Rifkind, Wharton & Garrison LLP, Appellee,
represented by Daniel John Toal, Esq. -- dtoal@paulweiss.com --
Paul, Weiss, Rifkind, Wharton & Garrison LLP, Robert A. Atkins,
Esq. -- ratkins@paulweiss.com -- Paul, Weiss, Rifkind, Wharton &
Garrison LLP, Stephen J. Shimshak, Esq. -- sshimshak@paulweiss.com
-- Paul, Weiss, Rifkind, Wharton & Garrison & Robert Neil Kravitz,
Esq. -- rkravitz@paulweiss.com -- Paul, Weiss, Rifkind, Wharton &
Garrison LLP.

                         About China Medical

China Medical Technologies Inc., a maker of diagnostic products,
filed a Chapter 15 bankruptcy petition in New York to locate money
fraudulently transferred by its principals.

The Debtor, which has been taken over by a trustee, is undergoing
corporate winding-up proceedings before the Grand Court of the
Cayman Islands. Kenneth M. Krys, the joint official liquidator,
wants U.S. courts to recognize the Cayman proceeding as the
"foreign main proceeding" The liquidator filed a Chapter 15
petition for China Medical (Bankr. S.D.N.Y. Case No. 12-13736) on
Aug. 31, 2012. Curtis C. Mechling, Esq., at Stroock & Stroock &
Lavan, LLP, in New York, serves as counsel.

Cosimo Borrelli and Yuen Lai Yee (Liz) on Nov. 29, 2012, were
appointed as liquidators of China Medical Technologies Inc.

The liquidators may be reached at:

         Cosimo Borrelli
         Yuen Lai Yee (Liz)
         Level 17, Tower 1
         Admiralty Centre
         18 Harcourt Road
         Hong Kong



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


ADVANTAGE COMPUTERS: ICRA Assigns B+ Rating to INR13cr Loan
-----------------------------------------------------------
ICRA has assigned its long term rating of [ICRA]B+ and short term
rating of [ICRA]A4 to the INR15.00 crore bank facilities of
Advantage Computers India Private Limited.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Long Term Fund
   Based-Cash Credit       13.00      [ICRA]B+; assigned

   Long Term Fund
   Based-Letter of
   Credit                   1.00      [ICRA]B+; assigned

   Short Term Fund
   Based-Forward
   Contract                 0.40      [ICRA]A4; assigned

   Long Term-Unallocated    0.60      [ICRA]B+; assigned

ICRA's ratings take into account the extensive experience of
ACIPL's promoters in trading of mobiles, tablets and other
electronic accessories. The ratings also factor in the steady
growth in the company's top line backed by an expanding product
portfolio and a growing pan India distribution network. ICRA also
notes that the company has received adequate enhancement in bank
limits, thereby supporting its liquidity and funding position
going forward. The ratings are, however, constrained by the
company's low operating profit margins owing to the trading nature
of its business (OPM of 1.9% in FY15) and modest coverage
indicators as reflected in NCA/Debt of 4% and Debt/OPBDITA of 6.1
times in FY2015. Further, the ratings factor in the high
competitive intensity of the business; with the presence of
various domestic and foreign brands, as well as the vulnerability
of the company's profitability to adverse exchange rate
fluctuations given its dependence on imports.

Going forward ACIPL's ability to ramp up its operating scale,
improve its profit margins and debt coverage indicators will be
the key rating sensitivities.

ACIPL was incorporated in 1996 by Mr. J.L. Bhatia and Mr. Sanjeev
Bhatia as a closely held company. The company is primarily engaged
in partial assembly, trading and distribution of mobiles, tablets
and electronic accessories. The company imports from suppliers in
China and sells online through various web-portals, large format
retail and through its dealer network comprising of around 80
distributors and 400 dealers.

Recent Results
The company reported an operating income of INR49.1 crore in FY15
with a net profit of INR0.1 crore, as compared to an operating
income of INR31.2 crore in FY14 with a net profit of INR0.1 crore.


AKASH STEELS: CRISIL Suspends B Rating on INR50MM Cash Loan
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Akash Steels (Akash).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            50       CRISIL B/Stable
   Letter of Credit       20       CRISIL A4

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

Akash, set up in 1998 is a partnership firm owned by Mr. Sandeep
Agarwal and Mr Shyam Sunder Agarwal. Mr Ankit Agarwal, (son of Mr
Shyam Sunder Agarwal) also manages the day to day operations of
the firm. The firm is engaged in trading of steel products. The
firm's office is located at Bahadurpura, Hyderabad.


ANALYSER INSTRUMENTS: ICRA Revises Rating on INR5.77cr Loan to B+
-----------------------------------------------------------------
ICRA has revised its long term rating from [ICRA]B to [ICRA]B+  on
the INR5.77 crore fund based bank facilities of Analyser
Instruments Company Private Limited. ICRA has also reaffirmed its
short term rating of [ICRA]A4 on the INR3.80 crore non fund based
bank facilities of AICPL.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long-Term Fund-
   Based Limits           5.77        [ICRA]B+; revised
                                      from [ICRA]B

   Short-Term Non
   Fund Based Limits      3.80        [ICRA]A4; reaffirmed

The revision of the rating takes into account the healthy growth
in the turnover due to increase in the order book size primarily
due to new order inflows from government entities like National
Thermal Power Corporation (NTPC) Ltd., Indian Oil Corporation Ltd.
(IOCL) and many others. The ratings takes into account the
improvement in the debt profile of the company marked by
improvement in the capital structure and coverage indicators of
the firm in FY2015. The ratings also positively factors in the
long standing experience of the promoters in the business, reputed
client base of the firm and the long term contract it has with its
key raw material suppliers. Nevertheless, the rating factors in
the small scale of business, competitive nature of the industry
and limited bargaining power of the company vis-…-vis its key
suppliers and customers who are larger entities which impacts the
business certainty and order book of the firm. The rating is also
constrained by fluctuations in the profitability metrics of the
firm due to exposure to raw material and foreign exchange
fluctuation risks as majority of raw material is imported, which
is unhedged.

Going forward, the ability of the company to successfully get new
orders to achieve adequate growth in revenue from its core
business and reporting consistent profitability will be the key
rating sensitivities.

Business was established in 1996 as a private limited company.
Promoters of the company are Mr. Satyendra Kumar Gupta, Mrs.
Pushpa Gupta, Mrs. Rupa Singhal and Mr. Sanjeev Kumar Gupta.
Company is engaged in the business of manufacturing and assembling
of analyser systems and instruments. Company has an installed
capacity of 5000 analyser systems per annum. Office as well as the
manufacturing facility of the company is located at E-29(A), Road
No. 2 Indraprastha Industrial Area, Kota, Rajasthan.

Recent Results
AICPL reported a net profit of INR1.90 crore on an operating
income of INR22.66 crore for 2014-15, as against a net profit of
INR0.40 crore on an operating income of INR7.95 crore for the
previous year.


ANANT STEELS: Ind-Ra Assigns 'IND B+' Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Anant Steels
Private Limited (ASPL) a Long-Term Issuer Rating of 'IND B+'. The
Outlook is Stable. The agency has also assigned the company's
INR60.0m fund-based working capital limits a Long-term 'IND B+'
rating with Stable Outlook.

KEY RATING DRIVERS

The ratings reflect ASPL's moderate scale of operations and weak
credit metrics. Provisional FY15 financials indicate revenue of
INR745.8m (FY14: INR665.0m), EBITDA margins of 1.6% (negative
1.8%), gross interest coverage (operating EBITDA/net interest
expenses) of 1.2x (negative 1.2x), and net financial leverage
(total Ind-Ra adjusted net debt/operating EBITDA) of 6.6x
(negative 7.2x).

The ratings also consider ASPL's moderate liquidity profile with
97% utilisation of the working capital facility for 12 months
ended September 2015.

The ratings are, however, supported by over two decades of
experience of ASPL's promoters in the steel manufacturing
business.

RATING SENSITIVITIES

Positive:  A substantial increase in the EBITDA margins along with
an improvement in other credit metrics will be positive for the
ratings.

Negative: Further deterioration in the overall credit metrics will
be negative for the ratings.

COMPANY PROFILE

ASPL was incorporated in September 1995 as a private limited
company. The registered office of the company is in Indore, Madhya
Pradesh. The company manufactures and exports TMT bars and cast
iron products.


BORAH BROTHERS: Ind-Ra Withdraws 'IND BB' Long-Term Issuer Rating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Borah Brothers
Private Limited's (BBPL) Long-Term Issuer Rating of 'IND
BB(suspended)'. The agency has also withdrawn the 'IND
BB(suspended)' rating on the company's INR100.0m fund-based
limits.

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

Ind-Ra suspended BBPL's ratings on 6 February 2015.


CENTURY GLOBAL: ICRA Suspends B Rating on INR27cr Bank Loan
-----------------------------------------------------------
ICRA has suspended its long-term rating of [ICRA]B assigned to the
INR27.0 crores bank facilities of Century Global Logistics Private
Limited. The suspension follows ICRA's inability to carry out a
rating surveillance in absence of requisite information from the
company.


CHAUHAN POULTRY: CRISIL Reaffirms B Rating on INR57.5MM Loan
------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Chauhan Poultry
Farm (CPF) continues to reflect CPF's large working capital
requirements, modest scale of operations and below-average
financial risk profile because of high gearing and modest debt
protection metrics. These rating weaknesses are mitigated by the
promoter's extensive experience in the poultry industry.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            32.5      CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     10.0      CRISIL B/Stable (Reaffirmed)

   Term Loan              57.5      CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes CPF will benefit from its promoter's extensive
industry experience. The outlook may be revised to 'Positive' in
case of increase in scale of operations or profitability
substantially leading to higher-than-expected cash accrual while
prudently managing the working capital requirement. Conversely,
the outlook may be revised to 'Negative' if the cash accrual or
working capital cycle deteriorates, or the capital structure
weakens because of a large, debt-funded capital expenditure
(capex) programme.

Update
The firm has reported revenue of INR106 million in 2014-15 (refers
to financial year, April 1 to March 31) which is in line with
CRISIL's expectation of INR110 million. Also, the firm's operating
profitability has increased to 13 per cent in 2014-15 from 9 per
cent in 2013-14 owing to low input material cost. The firm has
achieved revenue of INR60 million for the 6 months through
September 2015 and is expected to generate revenue of INR100-150
million for 2015-16.

CPF's financial risk profile is below average with modest net
worth, high gearing and below-average interest coverage. The firm
has gearing and net worth of 5.47 times and INR17 million,
respectively, as on March 31, 2015. The gearing is expected to
remain stable over the medium term owing to the absence of future
debt-funded capex while its accretion to reserves is expected to
remain low. The interest coverage is 2.15 times for 2014-15.

Interest coverage is expected to deteriorate over the medium term.

CPF keeps high inventory of five months as it tries to buy feed at
lower prices to guard against any adverse price fluctuations. The
firm sells eggs in wholesale to traders who sell eggs in Delhi,
Uttar Pradesh, and Haryana. The credit period offered is
negligible. The raw material for the feed is bajra, maize,
protein, and vitamins which are procured locally against a credit
of 30 days.

The firm is likely to generate cash accrual of INR6 million
against INR10 million of debt obligations in 2015-16. The bank
limits have been utilized at 93 per cent for the 9 months through
September 2015. CRISIL believes CPF will continue to receive need-
based funding support from its partners who extended INR12.7
million as unsecured loans as on March 31, 2015.

CPF, set up as a partnership firm in 1990s, manages a poultry farm
in Yamuna Nagar (Haryana) with a capacity of 1,80,000 egg-laying
birds. The firm is promoted by Mr. Mansingh.


CINQ MICRON: CRISIL Reaffirms B+ Rating on INR50MM Cash Loan
------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Cinq Micron
Chem Pvt Ltd (CMC; part of the Braza group) continues to reflect
the Braza group's modest scale of operations in the intensely
competitive tyre industry, and large working capital requirements.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            50       CRISIL B+/Stable (Reaffirmed)
   Term Loan               5       CRISIL B+/Stable (Reaffirmed)

The rating also factors in the group's constrained liquidity due
to high bank limit utilisation especially during the non-peak
months of December to February, and the expected outgo of funds to
associate entities in unrelated businesses.

These rating weaknesses are partially offset by the extensive
industry experience of the promoters, and the group's established
marketing network and diversified product profile. Moreover, it
has a moderate financial risk profile because of a sound capital
structure and above-average debt protection metrics, though its
net worth is small.

For arriving at the rating, CRISIL has now combined the business
and financial risk profiles of CMC and Braza Tyres Pvt Ltd (BTPL).
This is because the two companies, together referred to as the
Braza group, have a common management and promoters, operate in
the tyre replacement industry, and have significant operational
linkages. The change in approach is triggered by the extension of
corporate guarantees for each other's bank facilities and CRISIL's
belief that funds will be highly fungible between the two
companies.

Outlook: Stable

CRISIL believes the Braza group will continue to benefit over the
medium term from its promoters' extensive industry experience and
its strong marketing network. The outlook may be revised to
'Positive' in case of a substantial increase in scale of
operations while profitability and capital structure are
maintained. Conversely, the outlook may be revised to 'Negative'
in case of significantly low revenue and profitability,
considerable increase in working capital requirement, additional
debt-funded capital expenditure, or more-than-expected investment
in unrelated businesses, leading to weakening of the group's
financial risk profile.

Incorporated in 2006, BTPL was set up by Mr. Achal Dev Sharma. The
company manufactures tyres, tyre tubes, and pre-cured tread rubber
used in tyres. It initially manufactured automobile tubes for two-
wheelers and cars. In 2009, it commenced manufacturing tread
rubber and tyres for various vehicles such as scooters,
motorcycles, jeeps and light commercial vehicles, and tractors and
trucks. It sells in the replacement market under its own brand
Braza. Mr. Achal Sharma, his wife Ms. Nisha Sharma, and his
brother Mr. Kapil Dev Sharma are BTPL's directors.

Incorporated in 1994 and based in Himachal Pradesh, CMC primarily
manufactures butyl rubber inner tubes, catering to the needs of
the automobile, tractor, and commercial vehicle segments. The
company's operations are being managed by Mr. Achal Dev Sharma.
Its plant is at Paonta Sahib (Himachal Pradesh).

CMC, on a standalone basis, reported a net profit of INR12.2
million on net sales of INR350.3 million for 2014-15 (refers to
financial year, April 1 to March 31), as against a net profit of
INR11.0 million on net sales of INR317.1 million for 2013-14.

BTPL, on a standalone basis, reported a net profit of INR9.1
million on net sales of INR283.5 million for 2014-15, as against a
net profit of INR6.2 million on net sales of INR259.9 million for
2013-14.


DODHIA TECHNO: CRISIL Lowers Rating on INR60MM Cash Loan to D
-------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Dodhia Techno Engineering Pvt Ltd (DTEPL) to 'CRISIL D/CRISIL D'
from 'CRISIL B-/Stable/CRISIL A4'. The rating downgrade reflects
DTEPL's continuously overdrawn cash credit facility for more than
30 days on account of its weak liquidity.


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

   Cash Credit            60        CRISIL D (Downgraded from
                                    'CRISIL B-/Stable')

   Letter of Credit        4        CRISIL D (Downgraded from
                                    'CRISIL A4')

   Proposed Long Term     10        CRISIL D (Downgraded from
   Bank Loan Facility               'CRISIL B-/Stable')

DTEPL's operations are working-capital-intensive; its performance
is susceptible to receipt of orders and timely realisation of
receivables. However, it benefits from the extensive experience of
its promoters in undertaking turnkey projects.

DTEPL, established in 1996 by the Mumbai-based Dodhia family, is a
100-per-cent export-oriented unit. It undertakes turnkey projects
in Africa for various industries including plastics, food and
beverages, chemicals, packaging, and sugar. Mr. Bipin Dodhia
oversees the company's operations.


ESKAY HEAT: ICRA Suspends B+ Rating on INR11.26cr Loan
------------------------------------------------------
ICRA has suspended the rating of [ICRA]B+ assigned to the INR11.26
crore fund based facilities of Eskay Heat Transfers Private
Limited. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.


GOLD MUSEUM: CRISIL Suspends 'D' Rating on INR60MM Cash Loan
------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Gold Museum Jewellers Pvt Ltd (GMJPL).

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            60        CRISIL D

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

GMJPL, based in Kolhapur (Maharashtra) was promoted by Mr. Raju
Ismail Beg in 2010. It started commercial operations in February
2011. GMJPL retails in gold, diamond, silver and platinum
jewellery through its outlet in Kolhapur.


HI-ROCK CONSTRUCTION: ICRA Reaffirms B+ Rating on INR20cr Loan
--------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ to INR20
crore fund based facilities of Hi-Rock Construction Private
Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based-Term
   loan                  20.00        [ICRA]B+

The rating reaffirmation primarily takes into consideration
significant market risks that Hi-Rock Construction Pvt Ltd (HCPL)
is exposed to sluggish real estate market of Mumbai, stiff
competition from several completed and ongoing projects in the
vicinity and weak sales as indicated by just 33% flats bookings
till date September 2015 against almost 75% completion of project.
Further, funding and execution risk for the project remains
moderate as the pending construction cost, interest cost & term
loan repayments needs to be funded through unsecured loans from
promoters and customer advances. These, require timely bookings
and efficiently collecting advances from customers on regular
basis. Failure to do so on regular basis may in turn lead to tight
liquidity position and refinancing risk for the project. ICRA also
takes note of the stretched capital structure of the company
though a significant portion of the debt consists of unsecured
loans from promoters and its group companies, which leads to
moderately stretched capital structure to an extent.
The rating, however, favorably factors in the established
experience of the promoters in the real estate and construction
business along with the operational support it receives from its
group companies in the similar line of business. The rating also
considers the locational advantage and low regulatory risks since
most of the approvals for its ongoing residential redevelopment
project are in place.

Hi-Rock Construction Private Limited was incorporated in 2003 with
the objective of engaging into residential redevelopment projects
in South Mumbai. The company has a registered office in Dadar,
Mumbai. Mr. Heeralal Doshi who has experience.


IDEAL ENERGY: Ind-Ra Suspends 'IND C' Rating on INR11,070MM Loan
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated the Long-term
'IND C' rating on Ideal Energy Projects Limited's (IEPL)
INR11,070m senior project term loans to the suspended category.
The rating will now appear as 'IND C(suspended)' on the agency's
website.

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

The rating will remain suspended for a period of six months and be
withdrawn at the end of that period. However, in the event the
issuer starts furnishing information during this six-month period,
the rating could be reinstated and will be communicated through a
rating action commentary.


INDO DUTCH: ICRA Reaffirms B- Rating on INR8.50cr Term Loan
-----------------------------------------------------------
ICRA has reaffirmed the [ICRA]B- rating to the INR8.50 crore term
loan and INR1.50 crore open cash credit facility of Indo Dutch
Carpet Mfg. Pvt. Ltd.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based Limit-
   Term Loan             8.50         [ICRA]B- reaffirmed

   Fund Based Limit-
   Open Cash Credit      1.50         [ICRA]B- reaffirmed

The rating reaffirmation continues to be constrained by IDCMPL's
small scale of operations which limits economies of scale and the
weak financial profile as reflected by nominal profits, aggressive
capital structure and depressed coverage indicators. The rating
also takes into account the company's high working capital
intensive nature of operations leading to stretched liquidity
position, as also reflected by high utilization of bank limits.
ICRA notes the limited bargaining power of the company as it acts
as a backward integration unit of an established associated group
company; though it mitigates off-take risk to a large extent. ICRA
notes that the total debt has gradually reduced over the years.
However, the debt repayments continue to remain high relative to
cash accruals of the company. The rating also considers the
stressed cash flows, impacting the debt servicing capacity of the
company, in the short to medium term, though a substantial portion
of the company's debt has already been repaid. The rating factors
in the promoter's experience in the auto component industry and
its proximity to raw material sources that reduces freight costs.
In ICRA's opinion, the ability of the company to increase its
scale of operations and profitability while managing its working
capital requirements efficiently would be key rating sensitivities
going forward.

Incorporated in 2006, as PCP Infrastructure Pvt Ltd, the company
changed its name to Indo Dutch Carpet Mfg Pvt Ltd in 2008. The
manufacturing facilities of the company are located at Pathredi
and Khuskhera at Bhiwadi district, Rajasthan with a total capacity
of 500 metric tonne per annum (MTPA) of cotton felt and around 28
lac pieces of felt auto parts. The commercial production from
Pathredi and and Khuskhera facilities started from December 2010
and July 2011 respectively. Besides IDCMPL, the group has other
companies engaged in auto ancilliary business including Paracoat
Products Limited (rated at [ICRA]BB+ stable/[ICRA]A4+) and PCP
Auto Interiors Pvt Ltd.

Recent Results
IDCMPL has reported profit before tax of INR0.20 crore
(provisional) on an operating income of INR8.62 crore
(provisional) during 2014-15 as compared to a net profit of
INR0.13 crore on an operating income of INR8.63 crore during 2013-
14.


JALALABAD RICE: ICRA Suspends B+ Rating on INR25cr Loan
-------------------------------------------------------
ICRA has suspended [ICRA]B+ ratings assigned to the INR25.00 crore
fund based facilities of Jalalabad Rice Exports Pvt. Ltd. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


JALARAM CERAMICS: ICRA Lowers Rating on INR12.5cr Loan to B+
------------------------------------------------------------
ICRA has revised the long-term rating on the INR12.50 crore
(reduced from INR18.50 crore) long term fund-based limits and the
INR3.54 crore (reduced from INR3.80 crore) long term non-fund
based limits of Jalaram Ceramics Limited from [ICRA]BB- to
[ICRA]B+. ICRA has also reaffirmed the short term rating on the
INR4.50 crore short term non fund based facilities of JCL at
[ICRA]A4. Further, ICRA has also assigned a long-term rating of
[ICRA]B+ to the INR5.17 crore term loan of JCL.

                           Amount
   Facilities            (INR crore)    Ratings
   ----------            -----------    -------
   Long Term Fund Based      12.50      Revised to [ICRA]B+
   Limits-Cash Credit                   from [ICRA]BB-(Stable)

   Long Term Fund Based       5.17      [ICRA]B+ assigned
   Limits-Term Loans

   Long Term Non Fund         3.54      Revised to [ICRA]B+
   Based Limits                         from [ICRA]BB-(Stable

   Short Term Non Fund
   Based Limits               4.50      [ICRA]A4 reaffirmed

The rating revision takes into account the weakening in the
financial risk profile as reflected by de-growth in operating
income as well as the moderation in operation profitability,
widening of losses at net levels, return indicators and coverage
indicators. The ratings continue to be constrained by low plant
capacity utilization and dipping sales realization due to high
competition in the tile industry owing to the presence of a large
number of organized as well as unorganized players in the tiles
industry and slowdown in the real estate supply. The ratings also
take into account the high working capital intensity of operations
as reflected by NWC/OI of ~74% in FY 2015 due to high inventory
levels managed by the company, given wide variety and designs of
tiles offered to customers. Further, ICRA notes that the entity's
profitability remains exposed to the cyclicality associated with
the real estate industry.

The ratings however continues to favourably factor in the
longstanding experience of the promoters in the tiles industry,
the company's established marketing and distribution network and
its competitive advantage over other tile manufacturers on account
of its favourable location from a raw material procurement
perspective. ICRA also notes the improvement in capital structure
during the last two fiscals following infusion of equity by the
promoters.

Incorporated in February 1995, Jalaram Ceramics Limited (JCL) was
initially engaged in manufacturing of ceramic wall tiles (initial
production capacity of 12,000 MTPA) with its plant being located
at Kalol in Gandhinagar district of Gujarat. The company undertook
expansion efforts intermittently and also forayed into
manufacturing of floor tiles, vitrified tiles and porcelain tiles.
Its current manufacturing capacity stands at 79,000 MTPA. JCL is
managed by Mr. Bhailal Thakkar and his sons Mr. Girish Thakkar,
Mr.Ghanshyam Thakkar and Mr. Mukesh Thakkar. JCL currently
manufactures parking tiles of 12'x 12' size and vitrified tiles of
24" x 24" size and has established 'Siddharth Tiles' as the
umbrella brand for selling its products.

Recent Results
For the year ended 31st March, 2015, JCL reported an operating
income of INR44.07 crore and net loss of INR2.63 crore as against
an operating income of INR57.06 crore and net loss of INR0.06
crore for the year ended 31st March 2014.


JAYA SPUN: ICRA Assigns B+ Rating to INR3.0cr LT Loan
-----------------------------------------------------
ICRA has assigned the long-term rating of [ICRA]B+ to the INR3.00
crore fund based facilities and the INR2.50 crore non-fund based
facilities of Jaya Spun Pipes.

                            Amount
   Facilities             (INR crore)     Ratings
   ----------             -----------     -------
   Long-term-Fund based        3.00       [ICRA]B+/Assigned

   Long-term-Non-fund
   based                       2.50       [ICRA]B+/Assigned

The assigned rating considers significant experience of the
proprietor in the manufacture of reinforced cement concrete (RCC)
pipes and price escalation clauses in the contracts mitigating the
risk of fluctuations in key raw material prices to an extent. The
rating, however, remains constrained by the small scale of
operations of the entity limiting economies of scale, high
geographic concentration with its entire order book concentrated
in the Andhra Pradesh State, working capital intensive nature of
operations owing to longer collection periods and risks associated
with tender based business and proprietorship nature of the
entity.

Jaya Spun Pipes is sole proprietorship concern, established in
1993 by Mr. A Ranga Rao, engaged in manufacture and installation
of reinforced cement concrete (RCC) pipes for the lift irrigation
projects in the state of Andhra Pradesh. The entity has
manufacturing facility in Guntur district, AP with capacity to
manufacture 27 pipes per day. The major customers of the entity
include several state departments of the AP state.

Recent Results
According to provisional financials, the entity reported an
operating income of INR17.9 crore with a net profit of INR1.8
crore in FY15 as against an operating income of INR21.6 crore with
a net profit of INR2.0 crore in FY14.


K. S. FIBER: ICRA Reaffirms B Rating on INR16.10cr Term Loan
------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B assigned to
the INR16.10 crore (enhanced from INR4.20 crore) term loan and
INR8.00 crore (enhanced from INR5.25 crore) fund based cash credit
facility of K. S. Fiber. ICRA has also reaffirmed the short term
rating of [ICRA]A4 assigned to the INR2.00 crore non-fund based
facility (sublimit) of KSF.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term fund
   Based-Term Loans      16.10        [ICRA]B reaffirmed

   Long Term fund
   Based-Cash Credit      8.00        [ICRA]B reaffirmed

   Short Term Non
   Fund Based            (2.00)       [ICRA]A4 reaffirmed

The ratings reaffirmation takes into account KSF's limited track
record of operations and high competitive intensity in a
fragmented fabric manufacturing industry with presence of small
unorganised as well as large organised players. The ratings also
take into account, the highly leveraged capital structure on
account of primarily debt funded nature of the project and the
recent capacity expansion/modernization project carried out during
FY 2015; further, future growth is dependent on addition of new
capacity which would impact the gearing levels. The ratings
continue to factor in vulnerability of profitability to adverse
movements in yarn prices which may not be passed on to the
customers completely due to the limited pricing flexibility and
bargaining power given the given the high competitive intensity.
ICRA also notes that KSF is a partnership firm and any significant
withdrawals from the capital account would affect its net worth
and thereby its capital structure.

The ratings, however, favourably factors in the extensive
experience of the promoters in the textile industry through other
group entities and favourable location of the firm in Surat
providing proximity to raw material suppliers and downstream
processing units. The ratings also consider the favourable growth
prospects given the recent diversification of product mix by
introduction of higher realization designed fabrics and stable
demand scenario for textile products; although growth would remain
dependent on further addition of manufacturing capacity.

Established in the year 2011, KS Fiber (KSF) is a partnership
firm, engaged in the knitting of polyester as well as nylon yarn.
The firm has its manufacturing unit located in Surat (Gujarat) and
is equipped with ten tricot knitting machines and four Rascel
knitting machines. The firm is promoted by the Khurana family and
started commercial operations in May 2012. . The promoters have
been associated with the textile industry for over a decade
through other group companies which are engaged in diversified
textile activities like embroidery, dyeing, weaving, yarn trading
etc.

Recent Results
For the year ended on March 31, 2014, the firm reported an
operating income of INR30.02 crore and profit after tax of INR0.55
crore as against an operating income of INR22.69 crore and profit
after tax of INR1.99 crore during FY 2013. Further during FY 2015,
the firm reported an operating income of INR30.88 crores and
profit before tax of INR0.94 crores (as per unaudited provisional
financials).


KAMACHI SPONGE: CRISIL Suspends D Rating on INR4.86BB Loan
----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Kamachi Sponge and Power Corporation Ltd (KSPCL).

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         250       CRISIL D
   Cash Credit           1350       CRISIL D
   Letter of Credit      2800       CRISIL D
   Long Term Loan        4862.4     CRISIL D
   Proposed Long Term
   Bank Loan Facility     217.6     CRISIL D
   Working Capital
   Term Loan             2350       CRISIL D

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

Set up in 2003, KSPCL has an integrated steel plant including
manufacture of sponge iron, billets and thermo mechanically
treated bars and power plant. KSPCL is a part of Kamachi group of
companies set up by Mr. G L Kothari in 1978; the group is an
integrated secondary steel player in Chennai (Tamil Nadu).


KASTURI DEVELOPERS: CRISIL Reaffirms B+ Rating on INR100M Loan
--------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Kasturi
Developers (KD) continues to reflect the firm's exposure to risks
related to implementation, and saleability of its ongoing project.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            50       CRISIL B+/Stable (Reaffirmed)
   Term Loan             100       CRISIL B+/Stable (Reaffirmed)

The rating also factors in the exposure to cyclicality inherent in
the Indian real estate sector. These rating weaknesses are
partially offset by the extensive experience of promoters in the
real estate market in Pune (Maharashtra) and their committed
funding support, and advantageous location of the project.
Outlook: Stable

CRISIL believes KD will continue to benefit over medium term from
the promoters' extensive industry experience. The outlook may be
revised to 'Positive' in case of timely completion of the project
within budgeted cost, and healthy bookings of units and receipt of
customer advances, leading to strong cash inflows. Conversely, the
outlook may be revised to 'Negative' in case of significant time
and cost overruns in KD's project, or subdued bookings, or delays
in receipt of customer advances, adversely impacting the
liquidity.

KD was established in 2008, as a partnership firm. The firm was
founded by members of the Kasturi group, a renowned real estate
development group in Pune. KD is presently developing a
residential property at Wakad, Pune, entailing 97 luxurious
saleable apartments.

The Kasturi group, established by Mr. Bharat Agarwal has been
engaged in real estate development in Pune since 1998. Thus far,
the group has implemented more than seven projects aggregating
over 1.1 million square feet of saleable area.


LAXMI INDUSTRIES: ICRA Suspends B+ Rating on INR7.20cr Loan
-----------------------------------------------------------
ICRA has suspended the [ICRA]B+ rating assigned to the INR7.20
crore limits of Laxmi Industries - Bhavnagar. The suspension
follows ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.

Laxmi Industries (LI) was established in 2002 as a proprietorship
firm but was reconstituted as a partnership firm in 2006. The firm
is engaged in cotton ginning and pressing to produce cotton bales
and cottonseeds. The manufacturing unit of the firm located in
Bhavnagar, Gujarat is equipped with 18 ginning machines with an
installed capacity of producing 130 bales of ginned cotton in a
day. LI is currently managed and owned by Mr. Popatbhai S Patel,
Mr. Dhirubhai M Lakhani and Ms. Vasantben C Lakhani.


MADHYARANGA ENERGY: ICRA Assigns B Rating to INR30cr LT Loan
------------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B to the INR20.00
crore proposed long-term facilities of Madhyaranga Energy Private
Limited. ICRA also has a rating of [ICRA]B outstanding on the
INR10.00 crore proposed long-term facilities of MEPL.

                           Amount
   Facilities           (INR crore)      Ratings
   ----------           -----------      -------
   Long-term, Proposed      30.00        [ICRA]B/Assigned

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

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


MADURAI TUTICORIN: ICRA Reaffirms 'D' Rating on INR598cr Loan
-------------------------------------------------------------
ICRA has reaffirmed the long-term rating assigned to the INR598
crore term loan of Madurai Tuticorin Expressways Limited (MTEL) at
[ICRA]D.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Term Loans           598.00        [ICRA]D Reaffirmed

The rating reaffirmation takes into account continued delays in
repayment of debt obligations, as MTEL's toll collections have
been significantly below expectations on account of weak traffic
flow even though the toll road is a key feeder route for Tuticorin
port. Although the company had gone for debt restructuring in Dec,
2012, the continued under performance of traffic has constrained
the liquidity of MTEL. Since COD, the project stretch suffered due
to toll leakages at 3 locations. MTEL was able to plug leakages at
some of these locations resulting in pick up in traffic volumes
from Q4 FY 15 onwards. Traffic grew by 2% in Q4 FY 15 and 13% in
Q1 FY 16 on Q-o-Q basis. Given the poor toll collections, major
maintenance reserve could not be created, as a result MTEL would
be required to raise additional debt for major maintenance which
falls due in the medium term.

Going forward, ramp up in traffic volumes thereby increase in toll
collections and timely debt servicing will be the key rating
sensitivities.

MTEL is a special purpose vehicle (SPV) promoted by Madhucon Group
(87.77%) and Global Investment Trust Limited (12.23%). MTEL has
been formed to improve and widen a 128.15 km stretch on National
Highway (NH) - 45B on BOT basis. The stretch extends between Km
138/800 and 264/500, connecting the cities of Madurai & Tuticorin
in the State of Tamil Nadu. The project has been awarded by
National Highway Authority of India (NHAI) on Build-Operate-Toll
(BOT) basis, with a concession period of 20 years starting July
2006.The scheduled Commercial Operations Date (COD) of the project
was January 2010; however, after a delay of more than 16 months,
tolling has started in July 2011. The project road is a key
arterial route connecting Tuticorin to Madurai and the rest of
India. The only other highway that connects Tuticorin is NH-7A,
which goes towards Tirunelveli, & southern Tamil Nadu.


MARUDHAR FASHIONS: ICRA Suspends B+/A4 Rating on INR21.08cr Loan
----------------------------------------------------------------
ICRA has suspended the [ICRA]B+ and [ICRA]A4 ratings assigned to
the long term fund based term loan limits, short term fund based
post shipment credit limits and untied limits aggregating to
INR21.08 crore* of Marudhar Fashions. The suspension follows
ICRA's inability to carry out a rating surveillance in the absence
of the requisite information from the company.

Established in 1989, Marudhar Fashions (MF) a partnership firm
closely held by Rathi family is engaged in the manufacturing and
export of hand-tufted variety and loom made woolen carpets, woolen
yarn, towels and domestic sale of carpets. MF is also engaged in
electricity generation operations and has 5 Wind Turbine
Generators (WTG) in Dhulia, Sangli (Maharashtra) and Jodhpur,
Bhiyan, Akal (Rajasthan). The firm has its registered office in
Mumbai and a manufacturing facility at Mirzapur, Uttar Pradesh.


NATIONAL RICE: CRISIL Reaffirms B+ Rating on INR48.9MM Loan
-----------------------------------------------------------
CRISIL's rating on the long-term bank facilities of National Rice
Mill (NRM) continues to reflect NRM's small scale of operations in
a fragmented industry, and average financial risk profile marked
by a small net worth, moderate gearing, and average debt
protection metrics. These rating weaknesses are partially offset
by the promoters' extensive experience in the rice milling
business.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit           48.9       CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility    16.2       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that NRM will continue to benefit over the medium
term from the promoter's extensive industry experience. The
outlook may be revised to 'Positive' if improvement in the
profitability or working capital management leads to a better
financial risk profile. Conversely, the outlook may be revised to
'Negative' if any large, debt-funded capital expenditure, or low
cash accrual, or any stretch in the working capital cycle leads to
deterioration in the financial risk profile.

Formed in 2006 as a partnership concern, NRM mills and processes
par boiled rice. Its rice mill is in Hooghly (West Bengal). Its
operations are managed by the promoter Mr. Bansi Badan Dey.


PERTINENT INFRA: ICRA Reaffirms B+ Rating on INR7.77cr Loan
-----------------------------------------------------------
ICRA has reaffirmed the [ICRA]B+ rating to the INR15.0 crore long
term fund based facilities of Pertinent Infra & Energy Limited.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long term, fund
   based-Term Loan        7.23       [ICRA]B+ Reaffirmed

   Long term,
   Unallocated/Proposed   7.77       [ICRA]B+ Reaffirmed

ICRA has taken a consolidated view of all the three companies of
the group viz. Priyadarshini Polysacks Limited (PPL), Pristine
Industries Limited (PIL) and Pertinent Infra & Energy Limited
(PIEL) while arriving at the ratings, as the group derives
significant business synergies from each other.

The rating reaffirmation takes into consideration the long
standing experience of the promoters in the wind energy sector and
financial flexibility provided by the existing group business. The
rating however is constrained by small scale of operations, weak
capital structure with high gearing and weak debt coverage
indicators and exposure to plant utilization and counter party
risks. ICRA also take note of possible cash flow mismatches in
near to medium term given low accruals and sizeable repayment
obligations, financial support from group remains critical.

PIEL, a part of the Kolhapur based Sanghvi Group is engaged in
wind energy power generation business. The Company operates two
windmills with total capcity of 3.0 MW in Maharashtra.


PRAGATI ELECTROCOM: CRISIL Reaffirms B Rating on INR100MM Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Pragati Electrocom
Private Limited (PEPL) continue to reflect the company's working-
capital-intensive operations, weak debt protection metrics, and
modest net worth. These ratings weaknesses are partially offset by
the promoters' extensive experience in the power products industry
and a comfortable capital structure.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         61       CRISIL A4 (Reaffirmed)

   Cash Credit           100       CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     54       CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes PEPL will continue to benefit over the medium term
from its promoters' extensive industry experience. The outlook may
be revised to 'Positive' in case of substantial improvement in
revenue and margins, and a better working capital cycle.
Conversely, the outlook could be revised to 'Negative' in case
lower-than-expected revenue or margins, or a further stretch in
the working capital cycle, and/or large debt-funded capital
expenditure, leading to deterioration in the financial risk
profile.

Update
For 2014-15 (refers to financial year, April 1 to March 31),
PEPL's turnover was about INR262 million, slightly lower than
CRISIL expectations. The turnover has improved from INR213 million
in 2013-14 driven by the strategic shift in the customer base in
2014-15. The operating margin has also improved to 12.5 per cent
from 11.5 per cent over this period, driven by projects with
higher realisation undertaken in 2014-15. The company is expected
to report turnover of about INR290 million for 2015-16 with
operating margins in the range of 12 to 13 per cent.

The company during the year has shifted its customer base to
private players from central- and state government-run entities,
this has resulted in an improvement in the debtor collection cycle
to about 148 days as on March 31, 2015, from 197 days a year
earlier. The same is expected to improve over the medium term. As
a result, the bank limit utilisation has reduced to 95 per cent
during the 12 months through August 2015. The liquidity is further
supported by absence of any term debt obligation.

With limited debt funding, the capital structure remains
comfortable at 0.88 times as on March 31, 2015. However, due to
the small scale of operations, the interest coverage ratio remains
weak.

For 2014-15, PEPL, on a provisional basis, reported a profit after
tax (PAT) of INR4.9 million on net sales of INR262 million,
against a PAT of INR3.9 million on net sales of INR213 million for
2013-14.

Incorporated in 2002 and promoted by Mr. Virender Kumar, PEPL
manufactures and supplies power conditioning instruments;
automation, energy management, and power protection products; and
telecom and transmission towers for various industries. The
company is based in Gurgaon (Haryana).


RAPHA DIAGNOSTICS: CRISIL Reaffirms B Rating on INR35.6MM Loan
--------------------------------------------------------------
CRISIL's ratings on Rapha Diagnostics Private Limited (RDPL)
continues to reflect below-average financial risk profile because
of a small net worth and weak debt protection metrics.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit           22.5      CRISIL B/Stable (Reaffirmed)
   Letter of Credit      12.5      CRISIL A4 (Reaffirmed)
   Long Term Loan        35.6      CRISIL B/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility    29.4      CRISIL B/Stable (Reaffirmed)

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.

CRISIL had assigned its ratings on RDPL's bank facilities to
'CRISIL B/Stable/CRISIL A4' vide its rating rationale dated Oct
26, 2015.
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.


RATHNA STORES: CRISIL Suspends 'D' Rating on INR870MM Cash Loan
---------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Rathna
Stores Pvt Ltd (RSPL).

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            870       CRISIL D

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

Established in 2004, RSPL is engaged in retailing of gold,
consumer durables, and kitchenware.


RESHMA FABRICS: CRISIL Assigns B+ Rating to INR72.5MM Term Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of Reshma Fabrics Ltd (RFL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Term Loan             72.5      CRISIL B+/Stable
   Cash Credit           12        CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility    15.5      CRISIL B+/Stable

The rating reflects RFL's working-capital-intensive operations,
and average financial risk profile because of a modest net worth.
These rating weaknesses are partially offset by the extensive
experience of the company's promoters in the textile industry.
Outlook: Stable

CRISIL believes RFL will continue to benefit over the medium term
from its promoters' extensive industry experience. The outlook may
be revised to 'Positive' in case there is a significant and
sustained improvement in revenue and profitability, while the
capital structure is maintained. Conversely, the outlook may be
revised to 'Negative' in case of a significant decline in revenue
or profitability, or a stretch in the company's working capital
cycle, or larger-than-anticipated debt-funded capital expenditure,
resulting in further weakening of the financial risk profile.

RFL was incorporated in 1993. In December 2014, the management was
taken over by Mr. D N Patel, who has an experience of more than 20
years in the industry. RFL currently undertakes weaving of grey
cloth on a job-work basis at its facility in Ahmedabad (Gujarat).

For 2014-15 (refers to financial year, April 1 to March 31), RFL
reported a net profit of INR1.2 million on net sales of INR36
million, against a net loss of INR7.9 million on net sales of
INR250.4 million for 2013-14.


S. R. COTTON: CRISIL Reaffirms B+ Rating on INR75MM Cash Loan
-------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of S. R. Cotton
(SRC) continues to reflect SRC's below-average financial risk
profile, marked by a small net worth, high gearing, and weak debt
protection metrics.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            75        CRISIL B+/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility      4.6      CRISIL B+/Stable (Reaffirmed)
   Term Loan              20.4      CRISIL B+/Stable (Reaffirmed)

The rating also factors in the firm's exposure to regulatory risks
and to volatility in cotton input prices. These rating weaknesses
are partially offset by the extensive experience of SRC's
proprietor in the cotton ginning industry, and the financial
support that it receives from him and his associates in the form
of interest-bearing unsecured loans.
Outlook: Stable

CRISIL believes that SRC will continue to benefit over the medium
term from its proprietor's extensive industry experience. The
outlook may be revised to 'Positive' if the firm's financial risk
profile improves, most likely driven by improved working capital
management and profitability, or capital infusion. Conversely, the
outlook may be revised to 'Negative' in case of deterioration in
SRC's liquidity, resulting from large working capital requirements
or substantially reduced cash accruals.

SRC was set up in 2006 as a proprietorship firm by Mr. Vinit
Tayal. The firm is engaged in cotton ginning and pressing at its
two units in Beed (Maharashtra) and Sendhwa (Madhya Pradesh).


SADASAT CORN: ICRA Reaffirms B+ Rating on INR5.50cr Loan
--------------------------------------------------------
ICRA has reaffirmed its long-term rating of [ICRA]B+ on the
INR5.50 crore, fund-based bank facilities of Sadasat Corn Products
Private Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term Fund
   Based Facilities      5.50         [ICRA]B+; Reaffirmed

ICRA's ratings continue to be constrained on account of SCPL's
modest scale of operations, restricting economies of scale as well
as the high competitive intensity in the industry, resulting in
weak profitability and accruals. The ratings also take into
account the company's high working capital intensity and the
company's reliance on bank borrowings for funding the working
capital requirements, resulting in a leveraged capital structure.
The company's limited accruals along with its leveraged capital
structure and scheduled debt repayments have kept its debt
coverage indicators and the liquidity position modest. ICRA also
takes note of the company's stretched liquidity position, as
reflected in the consistent high utilisation of working capital
limits. The ratings also take into account the risks inherent in
agro based industries such as climatic conditions which can affect
the crop harvest and thereby its availability and prices. However,
the ratings positively factor in the extensive industry experience
of the promoters and advantages arising from the location of the
manufacturing facility, which is in proximity to maize cultivating
regions and also starch consuming industries. ICRA also takes note
of the improvement in the capacity utilisation of the starch
manufacturing facility which was set up in FY13, with the capacity
utilisation improving to ~72% in FY15 from 58% in FY14.

Going forward, the ability of the company to improve its
profitability would be critical to generate sufficient accruals
for debt servicing, which along with prudent management of working
capital cycle and maintaining adequate liquidity position, will be
the key rating sensitivities.

SCPL is engaged in wet milling of maize for manufacturing of
starch. The company's manufacturing facility is located in
Kurukshetra (Haryana), and has a milling capacity of 100 metric
tonnes per day (MTPD) on a three shift basis; however, the
facility is currently running on a single shift. The company
supplies starch to industrial customers across various sectors,
which include textiles, adhesives, paper, etc. The company is
promoted by the Goyal family, which has a long track record in
agro processing business, through group company, Goya Agro
Products Private Limited, which is engaged in manufacturing of
rice bran solvent oil, rice bran de-oiled cake, liquid glucose and
high protein supplements for animal feed.

Recent Results
The company reported an Operating Income (OI) of INR18.27 crore
and a net profit of INR0.17 crore for FY15, as against an OI of
INR14.31 crore and a net profit of INR0.04 crore for the previous
year.


SDS INFRATECH: CRISIL Cuts Rating on INR750MM Term Loan to D
------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of SDS Infratech Private Limited (SIPL) to 'CRISIL D' from 'CRISIL
BB-/Stable'.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Proposed Long Term       125       CRISIL D (Downgraded
   Bank Loan Facility                 from 'CRISIL BB-/Stable')

   Term Loan                750       CRISIL D (Downgraded
                                      from 'CRISIL BB-/Stable')

The downgrade reflects delays by SIPL in servicing its term debt
driven by stretched liquidity. Weak liquidity is because of delays
in payments by customers for residential projects in Noida and
Greater Noida (both in Uttar Pradesh) due to SIPL's delay in
handing over possession on account of non-receipt of completion
certificate. The projects' proximity to the Okhla Bird Sanctuary
(Uttar Pradesh) has led to clearance issues from the National
Green Tribunal. CRISIL believes SIPL's liquidity will remain
stretched over the medium term on account of delays in receivables
driven by environmental issues.

SIPL is exposed to risks related to implementation of projects and
geographical concentration in revenue, and is susceptible to
cyclicality in the real estate sector. However, it benefits from
promoters' industry experience and financial support, and low
demand risk for ongoing projects.

SIPL, formed in 2008 and based in Delhi, undertakes real estate
development. The company is promoted by Mr. Deepak Bansal. It is
developing two residential projects, both under NRI residency, at
Noida and Greater Noida.


SHIV JYOTI: CRISIL Assigns 'B' Rating to INR45MM Cash Loan
----------------------------------------------------------
CRISIL has revoked the suspension of its ratings on the bank
facilities of Shiv Jyoti Furnace Pvt Ltd (SJFPL) and has assigned
its 'CRISIL B/Stable' rating to the company's bank facilities.
CRISIL had earlier, on August 19, 2015, suspended the ratings as
SJFPL had not provided the necessary information required for a
rating review. The company has now shared the requisite
information, enabling CRISIL to assign a rating to the company's
bank facilities.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            45        CRISIL B/Stable (Assigned;
                                    Suspension Revoked)

   Long Term Loan         17.5      CRISIL B/Stable (Assigned;
                                     Suspension Revoked)

   Proposed Long Term     37.5      CRISIL B/Stable (Assigned;
   Bank Loan Facility               Suspension Revoked)

The rating reflects company's modest scale of operations,
vulnerability of operating margin to volatility in raw material
prices, and exposure to intense competition in the fragmented
steel industry. These weaknesses are partially offset by
promoters' extensive industry experience and financial support.
Outlook: Stable

CRISIL believes SJFPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if SJFPL ramps up operations,
improves profitability, and maintains working capital cycle.
Conversely, the outlook may be revised to 'Negative' in case of
lower-than-expected operating margin or sub-optimum capacity
utilisation.

Incorporated in 2010 by Mr. Harikishan Goel and Mr. Gurvinder
Garg, SJFPL manufactures mild steel ingots. Its manufacturing
facility is in Abu Road (Rajasthan).

SJFPL had profit after tax (PAT) of INR0.3 million on operating
income of INR466.2 million for 2014-15 (refers to financial year,
April 1 to March 31), against net loss of INR0.6 million on
operating income of INR333.6 million for 2013-14.


SHREE ANUKUL: CRISIL Suspends B+ Rating on INR70MM Cash Loan
------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Shree
Anukul Knitting Mills Private Limited (SAKMPL).

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

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

Incorporated in 2008, SAKMPL manufactures knitted fabrics in West
Bengal. Prior to 2008, the business was being carried out under a
proprietorship firm, Shree Anukul Knitting Mills, since 1997. The
company's day-to-day operations are being managed by Mr. Jagannath
Roy.


SHREENATHJI DWELLINGS: ICRA Reaffirms B Rating on INR20cr Loan
--------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B to the
INR20.00 crore fund based limits of Shreenathji Dwellings Private
Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Term loans            20.00        [ICRA]B reaffirmed

Rating Rationale
The rating reaffirmation continues to take into account the
established track record of the promoters in real estate
development in Varanasi region; clear land title as well as
presence of key approvals for the ongoing project; achievement of
tie up for bank funding; and favourable location of the project in
proximity to key areas of Varanasi city.

The rating, however, remains constrained on account of the
company's exposure to significant project execution related risk
in terms of cost and time overrun for the remaining construction
work; exposure to market risks given only 19% of saleable area has
been booked till September 30,2015 coupled with competition from
other ongoing projects from other developers in the vicinity.
Additionally, a significant part of the project funding is to be
met from customer advances which are contingent on timing of
bookings and collections from customers which adds on to the
funding risk further.

Established in Nov 2004, Shreenathji Dwellings Private Limited
(SDPL or the company) is involved in real estate development and
currently developing a residential real estate project in
Varanasi, Uttar Pradesh. The company is a part of a group which
has several entities engaged in real estate development in
Varanasi. The group has executed a redevelopment real estate
project in Mumbai as well. The group also has interests and
various other entities engaged in fabric exports, hotels etc.


SURINDER KUMAR: ICRA Suspends B+ Rating on INR20cr Loan
-------------------------------------------------------
ICRA has suspended [ICRA]B+ ratings assigned to the INR20.00 crore
fund based facilities of Surinder Kumar & Co. The suspension
follows ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.


SURVIVAL TECHNOLOGIES: Ind-Ra Hikes LT Issuer Rating From IND BB+
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Survival
Technologies Pvt. Ltd's (STPL) Long-Term Issuer Rating to 'IND
BBB' from 'IND BB+'. The Outlook is Stable.

KEY RATING DRIVERS

The upgrade reflects the improvement in STPL's business profile
and credit profile in FY15 over FY12 on the addition of new
products, leading to an increase in profitability. Unaudited FY15
financials indicate EBITDA margins of 20.9% (FY12: 12.5%),
interest coverage (operating EBITDA/gross interest expense) of
6.4x (FY12: 5.6x) and net leverage (Ind-Ra adjusted net
debt/operating EBITDAR) of 0.7x (1.3x). Revenue grew at a CAGR of
24.3% over FY12-FY15 and was INR874.2m in FY15.

The ratings also reflect STPL's improved liquidity position on the
back of a reduction in its net working capital cycle (FY15:
50days; FY12: 85days). The average maximum utilisation of the
fund-based limits was around 82% during the six months ended
September 2015.

Ind-Ra expects a temporary marginal deterioration in STPL's credit
metrics in FY16 as the company completes the INR300m capex for a
new industrial chemical facility in Mahad. The capex will be
funded through a mix of bank term debt and internal accruals in
the ratio of 3:1. However, the credit profile is likely to improve
by FYE17 once revenue from the new facility starts flowing in.

The ratings continue to benefit from the over 40 years of
experience of STPL's promoters in trading chemicals, enabling the
company to develop a large network of clients.

RATING SENSITIVITIES

Negative: A decline in the EBITDA margin or any large future debt-
led capex resulting in sustained deterioration in the credit
metrics could lead to a negative rating action.
Positive: Commencement of profitable operations at the new unit
leading to a significant improvement in the revenue while
maintaining the present credit metrics could lead to a positive
rating action.

COMPANY PROFILE

Established in 2005, STPL manufactures 400 different types of fine
and specialty chemicals. The company has two manufacturing units
with a total production capacity of 150mtpa. Both the facilities
are located in GIDC, Ankleswar - Asia's largest chemical
industrial zone. STPL has an in-house R&D facility, which is
certified by the Department of Scientific and Industrial Research.
This allows STPL to avail customs/excise duty exemption and tax
rebate till end-March 2016.
STPL is setting up another industrial chemical facility in Mahad
to increase its production capacity by 300-500mtpa. The facility
is scheduled to achieve the commercial operation date in September
2016.

STPL's ratings:

-- Long-Term Issuer Rating: upgraded to 'IND BBB' from 'IND BB+';
Outlook Stable
-- INR73.5m term loan (increased from INR5.8m): upgraded to 'IND
BBB'/Stable from 'IND BB+'
-- INR60m cash credit (increased from INR50m): upgraded to 'IND
BBB'/Stable from 'IND BB+'
-- INR70m packing credit limit/pre-shipment credit in foreign
currency (increased from INR30m): upgraded to 'IND BBB'/Stable
from 'IND BB+'
-- INR100m bank guarantee (increased from INR50m): upgraded to
'IND A3+' from 'IND A4+'
-- Proposed INR250m term loan: assigned 'Provisional IND
BBB'/Stable
-- INR60m letter of credit: 'IND A4 +'; rating withdrawn as the
instrument no longer exists
-- Proposed INR20m fund-based limits: 'Provisional 'IND BB+';
rating withdrawn as the issuer did not proceed with the instrument
as envisaged
-- Proposed INR60m non-fund-based limits: 'Provisional IND A4 +';
rating withdrawn as the issuer did not proceed with the instrument
as envisaged


TAMIL NADU: ICRA Reaffirms 'D' Rating on INR224cr Term Loan
-----------------------------------------------------------
ICRA has reaffirmed the long-term rating assigned to the INR224
crore term loan of Tamil Nadu Dindigul Karur Expressways Limited
(TNDK) at [ICRA]D.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Term Loan             224.00       [ICRA]D Reaffirmed

The rating reaffirmation takes into account continued delays in
repayment of debt obligations, as TNDK's toll collections have
been significantly below expectations on account of continued weak
traffic flow witnessed on the stretch. Although the company had
gone for debt restructuring in Dec, 2012, the continued under
performance of traffic has constrained the liquidity of TNDK.
ICRA notes that the toll road is a part of the arterial Bangalore-
Kanyakumari stretch, which has led to a reasonable growth in daily
toll collections compared to last year, however the downward
revision in toll rates during FY 16 has negated the effect to an
extent. Given the poor toll collections, major maintenance reserve
could not be created; as a result TNDK would be required to raise
additional debt for major maintenance which falls due in the near
term.

Going forward, ramp up in traffic volumes thereby increase in toll
collections and timely debt servicing will be the key rating
sensitivities.

TNDK is a special purpose vehicle (SPV) promoted by Madhucon
Projects Ltd (MPL), Madhucon Infra Limited and Madhucon Toll
Highways Limited. TNDK has been formed to strengthen and widen the
existing 68 long stretch between Karur-Dindigul on NH-7. The
project also includes the improvement, operations and management
of the already 4 lane stretches in adjacent section from Karur
Bypass (chainage 292.600 km) to end of Karur Bypass (chainage
305.600 km) covering total length of 9.60 km. The project has been
awarded by National Highway Authority of India (NHAI) on Build-
Operate-Toll (BOT) basis, with a concession period of 20 years
starting Oct 2006.The project has been delayed by about seven
months, with the actual COD being November 2009 instead of April
2009 scheduled earlier.

This highway is the major arterial route that serves a significant
volume of passenger traffic traveling to various important cities
in the state like Madurai, Kanyakumari, Rameswaram, Coimbatore &
Kodaikanal. This route also forms a part of the feeder to the
Tuticorin port for the Bangalore side traffic.


TIRUPATI COTEX: ICRA Reaffirms B- Rating on INR6cr Cash Loan
------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B- assigned to
the INR6.00 crore cash credit facility and INR1.00 crore term loan
facility of Tirupati Cotex.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Cash Credit           6.00       [ICRA]B- reaffirmed
   Term Loan             1.00       [ICRA]B- reaffirmed

The reaffirmation of the rating factors in TC's modest scale of
operations despite healthy growth in operating income during FY 15
and weak financial profile as reflected from the thin profit
margins, stretched capital structure and poor debt coverage
indicators. The rating is further constrained by the highly
competitive and fragmented industry structure owing to low entry
barriers; and the vulnerability of the firm's profitability to raw
material (i.e. cotton) prices, which are subject to seasonality,
crop harvest and regulatory risks. ICRA also notes that as TC is a
partnership firm; any significant withdrawals from the capital
account by the partners would adversely affect its net worth and
thereby its capital structure; this remains a key rating
sensitivity.

The assigned rating, however, favourably factors in the long track
record of the firm in the cotton ginning business and the
favourable location of the firm's manufacturing facility in Falla,
Jamnagar in Gujarat, giving it an easy access to quality raw
material.

Tirupati Cotex (TC) was established as a partnership firm in 2011
and is engaged in the business of ginning and pressing of raw
cotton. The firm commenced operations from February 2012. The
firm's manufacturing facility is located at Falla, Jamnagar in
Gujarat and is equipped with twenty four ginning machines and one
pressing machine. The firm is currently promoted by Mr. Gopal
Raithatha and five other partners.

Recent Results
In FY15, TC reported an operating income of INR51.28 crore and
profit after tax of INR0.28 crore as against an operating income
of INR35.27 crore and profit after tax of INR0.22 crore during
FY14.


TRICHY THANJAVUR: ICRA Reaffirms D Rating on INR261cr Term Loan
---------------------------------------------------------------
ICRA has reaffirmed the long-term rating assigned to the INR261
crore term loan of Trichy Thanjavur Expressways Limited at
[ICRA]D.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Term Loan            261.00        [ICRA]D Reaffirmed

The rating reaffirmation takes into account continued delays in
repayment of debt obligations, as TTEL's toll collections have
been significantly below expectations on account of weak traffic
flow and the inability to collect toll on 8km of the stretch,
which has been excluded from COD on account of encroachments.
Although the company had gone for debt restructuring in Dec, 2012,
the continued under performance of traffic has constrained the
liquidity of TTEL. ICRA notes that the prospects for traffic
growth along the route are moderate, given that the route is not
an arterial one and that it does not connect any major ports or
commercial centres as some highways do. Given the poor toll
collections, major maintenance reserve could not be created, as a
result TTEL would be required to raise additional debt for major
maintenance which falls due in the medium term.
Going forward, ramp up in traffic volumes thereby increase in toll
collections and timely debt servicing will be the key rating
sensitivities.

TTEL is a special purpose vehicle (SPV) promoted by Madhucon
Projects Ltd (MPL) for the strengthening and widening of an
existing 55.75km long stretch between Trichy-Thanjavur on National
Highway (NH) - 67. The project has been awarded by National
Highway Authority of India (NHAI) on Build-Operate-Toll (BOT)
basis, with a concession period of 20 years starting June 2006.
The scheduled Commercial Operations Date (COD) of the project was
June 2009; however, after a delay of more than 22 months, the
actual COD was May 2011. The project road connects Thanjavur, a
prominent tourist city to Trichy and other places in the western
part of South India. Trichy is a key connecting city for tourists
visiting Thanjavur, as the former houses the nearest airport.


TWILIGHT LITAKA: ICRA Withdraws 'D' Rating on INR30.52cr Loan
-------------------------------------------------------------
ICRA has withdrawn the suspended ratings of [ICRA]D assigned to
the INR30.52 crore working capital facilities and [ICRA]D rating
to the INR46.48 crore, short term, fund based & non fund based
letter of credit and bank guarantee facilities of Twilight Litaka
Pharma Limited. As per ICRA's policy on withdrawals, ICRA can
withdraw the rating in case the rating remains suspended for more
than three years.


VIKAS TRANSPORT: CRISIL Reaffirms B+ Rating on INR38MM Cash Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Vikas Transport Co.
(VTC) continue to reflect the benefits that VTC derives from its
promoters' extensive experience in the transport and logistics
industry. This rating strength is partially offset by VTC's modest
scale of operations in the intensely competitive road transport
business, and customer concentration in revenue.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         120       CRISIL A4 (Reaffirmed)
   Cash Credit             38       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes VTC will maintain a stable business risk profile
over the medium term, backed by the promoters' extensive industry
experience. The outlook may be revised to 'Positive' in case of
larger-than-expected topline, diversification in customer profile,
and improvement in profitability. Conversely, the outlook may be
revised to 'Negative' in case of increase in debtors or
substantial debt-funded expansions or if lower-than-expected
margins weaken the financial risk profile.

VTC, set up in 2000 as a partnership firm by Mr. Paramjeet Singh
with his wife Harvinder Kaur, is engaged in bulk road transport
services. The firm is based in Jammu (Jammu & Kashmir) and
provides services in Jammu & Kashmir and Punjab.

VTC reported a profit after tax (PAT) of INR10.5 million on net
sales of INR476.7 million for 2014-15, against a PAT of INR7.3
million on net sales of INR338.5 million for 2013-14.


VINAYAK COTTON: ICRA Suspends B+ Rating on INR7.78cr Loan
---------------------------------------------------------
ICRA has suspended the [ICRA]B+ rating assigned to the INR7.78
crore limits of Vinayak Cotton. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of the
requisite information from the company.

Vinayak Cotton (VC) was established in 2012 as a partnership firm,
and is engaged in cotton ginning, pressing and crushing of
cottonseeds to produce cotton bales, cottonseed oil and cottonseed
oil cake. The manufacturing unit of the firm, located in Botad,
Bhavnagar, is equipped with 24 ginning machines having an
installed capacity of producing 210 bales of ginned cotton per day
in the ginning unit. The seed crushing unit is equipped with five
expellers with installed input capacity of crushing 40 metric tons
(MT) of cottonseeds per day. The firm is currently managed and
members of the Matholiya and Kanetiya families.


YOGIRAJ GINNING: ICRA Suspends B+ Rating on INR12cr Cash Loan
-------------------------------------------------------------
ICRA has suspended the [ICRA]B+ rating assigned to the INR13.45
crore long term working capital limits and term loan limits of
Yogiraj Ginning & Oil Industries. 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
   ----------        -----------      -------
   Fund Based-Cash
   Credit                12.00        [ICRA]B+; Suspended

   Fund Based-Term
   Loans                  1.45        [ICRA]B+; Suspended

Yogiraj Ginning and Oil Industries was incorporated in 2011, to
engage in ginning of raw cotton to produce cotton bales. The firm
is promoted jointly by Mr Praful Chaniyara, Mr Anupsinh Sarvaiya
and other family members. The firm's work is located in Gondal
(Gujarat) with a processing capacity of 150 MTPD of raw cotton.
The promoters of the firm are associated with other concerns
namely Chanaria Enterprise, Yogikrupa Trading and Yogi Cotex
engaged in similar line of businesses.


* Moody's Changes Outlook on India's Banking System to Stable
-------------------------------------------------------------
Moody's Investors Service says that it has changed its outlook for
India's banking system to stable from negative because of the
gradual improvement in the operating environment for Indian banks.

"The stable outlook on India's banking system over the next 12-18
months reflects our expectation that the banks' gradually
improving operating environment will result in a slower pace of
additions to problem loans, leading to more stable impaired loan
ratios," says Srikanth Vadlamani, a Moody's Vice President and
Senior Credit Officer.

Vadlamani points out that deteriorating asset quality was the key
driver of Moody's negative outlook on India's banking system since
November 2011.

"However, the recovery in asset quality will be U-shaped rather
than V-shaped, because corporate balance sheets remain highly
leveraged," adds Vadlamani.

Moody's conclusions were contained in its just-released report on
India's banks, entitled, "Banking System Outlook - India: Gradual
Improvement in Operating Environment Drives Stable Outlook," and
is authored by Vadlamani.

The stable outlook is based on Moody's assessment of five drivers:
Operating Environment (improving); Asset Risk and Capital
(stable); Funding and Liquidity (stable); Profitability and
Efficiency (stable); and Government Support (stable).

On the operating environment, Moody's expects that India will
record GDP growth of around 7.5% in 2015 and 2016.  Growth has
been supported by low inflation and the gradual implementation of
structural reforms.  Moody's points out that an accommodative
monetary policy should support the growth environment.

As for asset risk and capital, Moody's says that asset quality
will stabilize.  In particular, while the banks' stock of non-
performing loans may continue to rise, the pace of new impaired
loan formation in the current financial year ending March 31,
2016, will be lower than the levels seen in the past four years.

Capital levels, however, are low for public-sector (PSU) banks.
Such banks exhibit common equity Tier 1 ratios of only 6%-10%, and
their coverage of non-performing loans with loan-loss reserves
averages 55%.

Moody's notes that the Indian government (Baa3 positive) announced
in July 2015 plans to inject INR700 billion into PSU banks over
the next four years.  This is a clear credit positive, but this
amount is still short of the banks' overall capital requirements.
Ability to access equity capital markets remains key if the PSU
banks have to address their capital shortfall.

By contrast, high capital levels are a credit strength of the
private-sector banks that Moody's rates.

As for funding and liquidity, these factors are credit strengths
for Indian banks because retail deposits are their primary source
of funding.  Most banks comply comfortably with required liquidity
coverage ratios, even though only part of their holdings of
government securities is categorized as high-quality liquid
assets.

In relation to government support, Moody's says the Indian
government will continue to provide a high level of support to the
banks.  For the PSU banks in particular, Moody's expects that the
government will not make any changes that could suggest the
possibility of reduced support to or differentiation among the
banks, because doing so could entail significant systemic risks.

Moody's rates 15 banks in India that together account for around
70% of system assets.  Four are private-sector banks and the
remaining 11 are PSU banks.  The PSU banks are majority owned by
the government.

The four private-sector banks exhibit an average baseline credit
assessment (BCA) of baa3; in line with their supported ratings and
India's sovereign rating of Baa3.  By contrast, the PSU banks
exhibit weaker standalone fundamentals and BCAs as low as b3.



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


ALAM SUTERA: S&P Lowers CCR to 'B'; Outlook Stable
--------------------------------------------------
Standard & Poor's Ratings Services said that it had lowered its
long-term corporate credit rating on PT Alam Sutera Realty Tbk.
(ASRI) to 'B' from 'B+'.  The outlook is stable.  S&P also lowered
its issue rating on the Indonesia-based property developer's
outstanding senior unsecured notes to 'B' from 'B+'.  In line with
the downgrade, S&P lowered its ASEAN regional scale rating on ASRI
to 'axBB-' from 'axBB'.

"The downgrade reflects our expectation that ASRI's leverage will
remain elevated in 2016-2017 due to markedly lower property sales
than we previously expected," said Standard & Poor's credit
analyst Kah Ling Chan.  "We now anticipate that the company's
EBITDA interest coverage ratio will stay below our downgrade
trigger of 3.0x in 2016 and 2017 under our revised assumptions for
marketing sales."

The Indonesian property market had been fairly resilient to
reduced domestic GDP growth prospects and weaker consumer
sentiment across other sectors until the first half of 2015.  But
the market has slowed sharply since June 2015.  Slower economic
growth, a depreciating currency, and stepped-up regulations and
checks by the authorities on errant taxpayers have taken a toll on
buyer sentiment, with a six- to nine-month lag.

S&P sees few signs so far that the market is bottoming out.  S&P's
economists expect only a very gradual improvement in Indonesia's
GDP growth prospects over the next two years.  A volatile external
environment may keep buyers cautious about committing to the
market for the next six months at least.

S&P has revised its full-year property sales projections for ASRI
because of the prospective tougher operating environment.  S&P now
forecasts maximum marketing sales of Indonesian rupiah (IDR) 3.0
trillion in 2015, compared with S&P's original forecast of IDR4.5
trillion.  S&P expects sales to stay flat in 2016, with a modest
increment of IDR3.3 trillion in 2017.

S&P notes that negotiations for the disposal of assets, including
a completed office tower and several land parcels, have been
continuously delayed.

S&P's markedly lower base case for property sales through 2017
will hamper ASRI's recognized revenues, cash collections, and
EBITDA, in S&P's view.  S&P now projects EBITDA to be about IDR2
trillion in 2016 and IDR1.96 trillion in 2017.  These revised
levels are 15%-20% less than S&P originally anticipated.

Reduced marketing sales, revenues, and EBITDA are also coinciding
with growing leverage at ASRI.  Reported debt increased to IDR7.11
trillion as of Sept. 30, 2015, from about IDR6.29 trillion as of
Dec. 31, 2014.  About 95% of the total debt is denominated in U.S.
dollars while close to 100% of the revenues are in Indonesian
rupiah.  ASRI's U.S. dollar debt is partially hedged at various
bands, with only about US$90 million hedging positions
substantially in the money.  The company also drew down on banking
facilities to manage working capital requirements and provide
standby liquidity.  Along with lower EBITDA and higher interest
servicing costs following the depreciation in the rupiah, S&P now
expects ASRI's EBITDA interest coverage to average about 2.5x over
the next two years.  This level is below S&P's tolerance level for
the 'B+' rating on the company.

S&P expects ASRI to adjust its capital spending and slow down its
land acquisitions in light of the subdued market.

S&P applied its group rating methodology to its corporate credit
rating on ASRI because the company is 52%-owned by Argo Manunggal
Group.  S&P assess Argo Manunggal Group's group rating profile at
'b'.  S&P views that ASRI is a "core" part of the group, and this
equalizes the rating on ASRI to Argo Manunggal Group's group
credit profile.

"The stable outlook reflects our expectation that ASRI's interest-
servicing capacity and leverage levels will stabilize at weaker
levels over the next 12-18 months," said Ms. Chan.

S&P expects EBITDA interest coverage to remain above 2x and the
company to manage liquidity, dispose of land or assets, or reduce
capital expenditure if market weakens further.  The stable outlook
also reflects S&P's anticipation of no further material
deterioration in the Indonesian property sector from the currently
weaker operating conditions.

S&P could lower the rating if one or more of these occur:

   -- ASRI's liquidity deteriorates substantially.  This could
      materialize if market conditions deteriorate substantially
      from the current levels and affect cash collections
      substantially more than S&P currently anticipates in the
      context of persisting high capital spending; or if ASRI
      increases its reliance on short-term working capital
      funding and starts facing refinancing risks.  S&P could
      also lower the rating if the company's EBITDA interest
      coverage falls below 2x because of lower margins or rising
      interest costs.

   -- The credit profile of parent company, Argo Manunggal Group,
      weakens because of more aggressive debt-funded expansion or
      weaker profitability at the group, or ASRI engages in
      substantial related-party transactions or develops closer
      operating and financial relationships with Argo Manunggal
      or its sister companies.

   -- ASRI's contributions to the Argo Manunggal Group decline
      significantly because of the expansion of the group's non-
      property business, such that the property business no
      longer drives the group's credit profile.

S&P could raise the rating if ASRI materially improves its
leverage and interest coverage such as by the material sale of
assets such as land or investment properties.  An indication could
be if EBITDA interest coverage stays materially above 3x.  For
either of these scenarios to occur, ASRI would need to practice
financial prudence, reining in its capital expenditure.


GAJAH TUNGGAL: S&P Affirms 'B' CCR; Outlook Negative
----------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B' long-term
corporate credit rating on PT Gajah Tunggal Tbk.  The outlook is
negative.  S&P also affirmed its 'B' long-term issue rating on the
company's senior notes and our 'axB+' long-term ASEAN regional
scale rating on the Indonesia-based tire producer.

S&P affirmed the ratings because it believes Gajah Tunggal's
capital structure and debt-servicing capacity remain exposed to a
volatile Indonesian rupiah.  S&P also expects liquidity will
continue to erode over the next 12 months because of still-high
short-term debt and residual capital spending on completing
projects.  S&P still expects Gajah Tunggal's cash flow adequacy
and interest servicing ratios to remain subdued through 2016
despite stronger-than-expected EBITDA and margins for the quarter
ended Sept. 30, 2015.

"Gajah Tunggal's capital structure, cash flow adequacy, and debt-
servicing ability will remain exposed to fluctuations in the
Indonesian rupiah over the next 18 months at least, in our view,"
said Standard & Poor's credit analyst Xavier Jean.  Almost all of
the company's debt is denominated in U.S. dollars while about 45%
of the company's revenues are from exports."

Gajah Tunggal's short-term debt, including accrued interest,
remained elevated at about IDR643 billion as of Sept. 30, 2015, in
light of S&P's forecast of more than IDR900 billion of spending on
maintenance and projects nearing completion for the next 12
months, and the payment of its semi-annual interest on the notes
in February 2016.  Barring a stabilization of input costs at
current multi-year lows and no further rupiah depreciation, S&P
expects the company to have to roll over most of its maturing
working capital facilities.

Near-term liquidity pressure on Gajah Tunggal reduced somewhat in
the third quarter, thanks to an improved operating performance and
lower input costs and working capital.  The company maintained a
cash balance of about IDR851 billion as of Sept. 30, 2015,
compared with about IDR868 billion as of June 30, 2015, despite
the payment of the semi-annual interest on its U.S. dollar notes
and still-high capital spending of about IDR380 billion.  The
company also repaid about IDR100 billion in short-term loans over
the quarter.

Gajah Tunggal also faces a lumpy debt maturity profile beyond
2016.  Its US$500 million senior secured notes mature in 2018.
This leaves the company about two and a half years to refinance
the bonds.  Still, S&P believes that obtaining a clear and
credible refinancing plan by the middle of 2016 will be critical
to Gajah Tunggal's credit quality given the volatile currency
environment and cautious investor sentiment toward emerging
markets currently.

The negative outlook reflects Gajah Tunggal's eroding liquidity.
It also reflects the prospect that the company's EBITDA interest
coverage will not recover comfortably toward 3.0x over the next 12
months if volumes remain sluggish and margins reduced.

"We could downgrade Gajah Tunggal if the company's liquidity
weakens because of a failure to roll over maturing working capital
debt, persisting covenant breaches, or a more aggressive cash
depletion because of sustained capital spending," Mr. Jean said.
A material shortfall between the cash balance and short-term debt
could lead S&P to revise its assessment of the company's liquidity
to "weak."

S&P could also lower the rating if Gajah Tunggal has not
articulated a detailed refinancing plan for its U.S. dollar notes
within the next nine months or if the company's EBITDA interest
coverage remains below 2.0x with no prospect of improvement.  This
could materialize with a combination of the following factors:
mid-single-digit revenue decline because of still-tough domestic
conditions while margins fail to recover sustainably above 11%;
capital spending substantially exceeds our expectations and the
company relies on additional debt or capital leases to fund it; or
a further deterioration of the rupiah toward 14,000 for US$1.

S&P could revise the outlook to stable if Gajah Tunggal's cash
flow adequacy stabilizes at higher levels.  S&P believes this
would require a sustainable recovery in the consolidated ratio of
FFO to debt to above 12% or an improvement in the company's EBITDA
interest coverage toward 3.0x.  A revision in the outlook would
also be contingent upon an improved debt maturity profile and
enhanced liquidity buffer.


JAPFA COMFEED: S&P Affirms 'B' CCR; Outlook Remains Negative
------------------------------------------------------------
Standard & Poor's Ratings Services said that it had affirmed its
'B' long-term corporate credit rating on PT Japfa Comfeed
Indonesia Tbk.  The outlook remains negative.  S&P also affirmed
its 'B' long-term issue rating on the senior unsecured notes that
Japfa guarantees.  At the same time, S&P affirmed its 'axB+' long-
term ASEAN regional scale rating on the Indonesia-based integrated
poultry producer.

"We affirmed the ratings because we believe Japfa continues to
face an unfavorable debt maturity profile over the next two years,
barring proactive refinancing of its lumpy maturities and further
reduction in short-term debt," said Standard & Poor's credit
analyst Xavier Jean.  "Although the company substantially improved
its profitability for the quarter ended Sept. 30, 2015, and
reduced debt, we still expect its cash flow adequacy and interest
servicing ratios to remain subdued through 2016."

Japfa's capital structure and unfavorable debt maturity profile
remain rating constraints in the current volatile environment, in
S&P's view.  They overshadow an otherwise strong improvement in
the company's quarterly profitability.  Close to 45% of Japfa's
debt is in U.S. dollar and is mostly unhedged.  The company also
faces the repayment of two tranches of Indonesian rupiah (IDR) 1.5
trillion in domestic bonds maturing in January and February 2017
besides sizable short-term debts.  The bonds still have about 14
months to maturity, and Japfa has sound access to domestic funding
sources, in S&P's view.  But the company has not yet communicated
a detailed refinancing plan for the bonds and volatile operating
conditions could complicate proactive refinancing initiatives.
Japfa also has about US$207 million in U.S. bonds maturing in May
2018.

Near-term liquidity pressure on Japfa has reduced somewhat because
the company freed up working capital of about IDR1 trillion for
the quarter ended Sept. 30, 2015.  The company also lowered its
capital spending to about IDR180 billion over the period to
preserve cash.  It repaid about IDR1.2 trillion of short-term
debt, excluding bond repurchases, quarter-on-quarter, more than
the debt repayment of about IDR800 billion S&P had earlier
anticipated.  Nevertheless, Japfa's short-term debt, including
accrued interest, remains high at about IDR2.3 trillion as of
Sept. 30, 2015, well above the company's cash balance of IDR780
billion.  Barring a further substantial decline in raw material
prices, working capital requirements may also start to increase
toward the end of the year because of seasonality.

Japfa's third quarter results were stronger than S&P had
anticipated.  The company had a record high EBITDA of about IDR820
billion for the quarter.  Reported EBITDA for the first three
quarters was about IDR1,440 billion, higher than S&P's earlier
forecast of IDR1,200 billion-IDR1,300 billion for the full year.

S&P is revising its 2015 EBITDA forecast for Japfa to IDR1,600
billion-IDR1,700 billion and S&P's EBITDA margins to about 6.5% as
a result of the better-than-expected third quarter results.  S&P
now projects funds from operations (FFO) interest coverage to be
close to 2.5x, compared with about 2.0x previously.  S&P also now
forecasts the ratio of FFO to debt to be about 11.5% in 2015,
compared with about 8% previously.

The operating performance, cash flow adequacy, and debt servicing
ratios at Japfa Ltd., which owns 57.5% of Japfa, improved as a
result of stronger operating performance at the Indonesian
operations.  EBITDA margins at the parent grew to about 9.8% for
the nine months ended Sept. 30, 2015, compared with about 8.2% for
the first half of 2015.  Japfa Ltd.'s reported debt also declined
in line with debt reduction at Japfa.

"The negative outlook reflects Japfa's unfavorable debt maturity
profile and refinancing risk associated with lumpy maturities over
the next 24 months," said Mr. Jean.  Notwithstanding a stronger
performance in the third quarter, the outlook also reflects the
prospects that the company's FFO interest coverage may not recover
toward 3.0x over the next 12 months if operating conditions remain
volatile.

S&P could downgrade Japfa if the company's liquidity weakens
because of: (1) a failure to proactively refinance maturing bonds
or bank loans or roll over maturing working capital debt; or (2)
persisting covenant breaches without timely liquidity support from
the group.

S&P could also lower the rating if it lowers its assessment of the
group credit profile.  Given Japfa's large contribution to the
parent's consolidated revenues and EBITDA, S&P could lower the
group credit profile if Japfa's FFO interest coverage fails to
recover sustainably toward 3x over the next 12 months.  This could
materialize if the Indonesia operations remain weak, Japfa's
EBITDA margin does not improve above 8.0%, and the company
maintains its capital spending.

S&P could revise the outlook to stable if Japfa's cash flow
adequacy stabilizes.  S&P believes this would require a
sustainable recovery in the consolidated ratio of FFO to debt to
well above 12%.  A revision in the outlook would also be
contingent upon a substantial lengthening of Japfa's debt maturity
profile and an improvement in its liquidity.


* INDONESIA: Aviation Industry Suffers Major Losses Due to Haze
---------------------------------------------------------------
ANTARA News reports that the aviation industry in Indonesia has
suffered huge losses due to haze arising from forest and land
fires in several provinces in the country that has, so far,
hindered flights.

"Quite thick haze in several provinces in Indonesia has forced us
to cancel flights for up to several days," the report quotes
Commercial Director of PT Citilink Indonesia Hans Nugroho as
saying.

He said thick haze had reduced visibility and could also cause
damage the engines due to which flights had to be canceled, the
report relates.

"We must prioritize the safety and comfort of passengers, and so,
if an unfavorable incident occurs that compels cancelations, we
would never take any risk," he emphasized, ANTARA relays.

ANTARA says that since forest and land fires arose in Indonesia,
the company had to cancel several flights, thereby affecting
thousands of passengers and causing losses estimated at up to
IDR25 billion, he noted.

General Manager of Garuda Indonesia of Manado Deddy Irawan
seconded Hans viewpoint, saying that Garuda Indonesia had indeed
suffered losses, according to the report.

"We, however, could not as yet ascertain the amount of losses.
What is clear is that we suffered losses as we had to pay for the
parking cost for quite a long time, hotels for crew, and also
compensation for passengers," ANTARA quotes Mr. Irawan as saying.

ANTARA adds that Mr. Irawan said this was indeed caused by natural
factors but expressed hope that the haze would soon vanish as
various efforts had been made by the government to extinguish
fires in several locations that hinder flights.



=========
M A C A U
=========


MELCO CROWN: S&P Affirms 'BB' CCR; Outlook Stable
-------------------------------------------------
Standard & Poor's Ratings Services said that it had affirmed its
'BB' long-term corporate credit rating on Melco Crown (Macau) Ltd.
The outlook is stable.  S&P also affirmed its 'cnBBB-' long-term
Greater China regional scale rating on the Macau-based gaming
company.  In addition, S&P affirmed its 'BB-' long-term issue
rating and 'cnBB+' long-term Greater China regional scale rating
on the senior notes issued by MCE Finance Ltd.  Melco Crown
guarantees the notes.

At the same time, S&P affirmed its 'BB-' long-term corporate
credit rating on Studio City Co. Ltd., a subsidiary of Melco
Crown's parent Melco Crown Entertainment Ltd. (MCE).  The outlook
is stable.  In addition, S&P affirmed its 'cnBB+' long-term
Greater China regional scale rating on the company.  S&P also
affirmed its 'B' long-term issue rating and 'cnBB-' long-term
Greater China regional scale rating on the senior unsecured notes
that Studio City Finance Ltd. issued.  Studio City Finance's
existing and future restricted subsidiaries, including Studio
City, guarantee the notes.

S&P affirmed the ratings on Melco Crown because S&P expects MCE's
credit profile to recover from 2016 onwards, driven by a
moderating decline in gross gaming revenue and the opening of
Studio City, the group's new casino in Macau," said Standard &
Poor's credit analyst Sophie Lin.

S&P continues to take a consolidated view of the MCE group when
analyzing the credit profile of Melco Crown because the company is
MCE's major operating asset and the holder of the group's gaming
subconcession.

S&P expects MCE's debt-to-EBITDA ratio to remain below 4.0x over
the next 12-24 months.  Nevertheless, S&P believes the buffer is
reducing for a further material deterioration in MCE's operational
performance at the current rating level.

"We affirmed the ratings on Studio City because we expect the
company to generate positive operating cash flows after its
opening on Oct. 27, 2015," said Ms. Lin.  "We estimate that the
company's debt leverage will materially reduce, although it will
remain high and above 5x over the next 12-24 months."

S&P anticipates that Studio City will maintain adequate liquidity
over the next 12 months.  The headroom of Studio City's debt
covenants may shrink over the next 12 months if the company fails
to secure at least 400 tables by Oct. 1, 2016, which is a
condition under its current bank loans.  S&P believes the company
is likely to renegotiate the terms of its Hong Kong dollar (HK$)
10.86 billion senior credit facilities with its creditors within
the next six months, to avoid a technical default and accelerated
payment.

The continuing weakness in gross gaming revenue in Macau in 2015-
2016 will constrain MCE's credit profile, in S&P's view.  S&P now
forecasts gaming revenue to decline 30%-35% in 2015, compared with
its previous expectation of a 20%-30% fall.  However, S&P expects
the decline to moderate to 0%-10% in 2016, given the lower base
and the opening of new casinos.  S&P views a decline up to 10% as
its downside scenario, assuming the weakness of VIP segment to
more than offset the contribution from new gaming capacity and a
stabilization of mass market.

S&P believes the opening of Studio City will support MCE's good
competitive position in Macau and temper the risks from tough
operating conditions.

In S&P's view, MCE group continues to face execution risks in
ramping up its new casino projects, particularly Studio City.
Weaker demand or higher promotional expenses than S&P expects will
hurt the company's profitability and cash flow.

"The stable outlook on Melco Crown reflects our expectation that
MCE's credit profile will improve over the next 12 months with the
ramping up of Studio City and despite tough operating conditions
in Macau," said Ms. Lin.

S&P anticipates a slower ramp-up of MCE's new projects in Macau
and the Philippines, given the negative growth outlook for the
gaming industry in Macau.

The outlook also reflects S&P's view that Crown Resorts Ltd. and
Hong Kong-based Melco International Development Ltd. will maintain
their ownership interests and close strategic relationship with
MCE.

S&P may lower the rating on Melco Crown if MCE's financial
performance materially weakens, such that the ratio of debt to
EBITDA exceeds 4.0x on a sustained basis.  This could happen if
the ramp-up of Studio City is slower than S&P expects, or the
deterioration in Macau's gaming industry is more severe and
prolonged than S&P's anticipation.  S&P could also lower the
rating if MCE has diminishing strategic importance to its ultimate
parent, the Consolidated Press Holdings Ltd. group.

S&P could raise the rating on Melco Crown if MCE prudently and
effectively manages its growth strategy -- including successfully
ramping up its projects in Philippines and Macau -- while
maintaining or strengthening its financial risk profile.

"The stable outlook reflects our expectation that Studio City will
generate positive cash flows and maintain its liquidity position
with adequate covenant headroom over the next 12 months," said Ms.
Lin.

S&P anticipates that Studio City will renegotiate the terms of its
senior credit facilities within the next six months.  The stable
outlook also reflects S&P's expectation that the company will have
high but reducing debt leverage.  S&P expects the ongoing
managerial and financial support from MCE Group to continue.

S&P could lower the rating on Studio City if S&P no longer assess
that Studio City is a "strategically important" subsidiary of MCE
Group, or if S&P believes the group credit profile of MCE Group
has weakened.  S&P could downgrade Studio City by multiple notches
if the company fails to amend the covenants of its senior bank
facilities or refinance it before June 30, 2016, if required.  But
this is a less-likely scenario.

S&P could raise the rating on Studio City if S&P raises the group
credit profile of MCE Group.  Although the scenario is less likely
over the next 12 months, S&P could also raise the rating if it
assess Studio City as a "core" entity of MCE Group.


STUDIO CITY: Moody's Revises Outlook to Neg. & Affirms B2 CFR
-------------------------------------------------------------
Moody's Investors Services has revised to negative from stable the
outlook of Studio City Finance Limited's B2 corporate family
rating and B3 senior unsecured rating.

At the same time, Moody's has affirmed Studio City Finance's
corporate family and senior unsecured ratings.

RATINGS RATIONALE

"The revision in the outlook reflects Moody's concerns that a
lower-than-expected allocation of only 250 gaming tables to the
Studio City project will restrain the company's ability to
generate cash flow, which will in turn weaken its liquidity and
delay its process of deleverage," says Kaven Tsang, a Moody's Vice
President and Senior Credit Officer.

"Moreover, we expect this situation will lead to the breach of
some of the covenants on its $1.4 billion secured credit
facilities," adds Tsang.

The Macau government has authorized that Studio City Finance's
gaming operator, Melco Crown (Macau) Limited (unrated), can
operate 250 new gaming tables at the Studio City project's gaming
areas.

The allocation is lower than the company's original plan of 400
tables.

While the Studio City project will begin to generate cash flow
with its opening in October, its initial cash flow and the
company's debt metrics will remain weak in the next 12 months.

This weakness is due to the challenging operating environment in
Macau's gaming sector and the material amount of pre-opening
expenses to be incurred in the initial phase of the operation.

In this regard, Moody's projects that Studio City Finance's
adjusted debt/EBITDA will be around 8x in 2016 -- which weakly
positions it at the B2 rating level -- before it improves to
around 5.5x-6.0x in 2017.

Although the company had $853 million (including restricted cash)
in cash as of 30 June 2015, we expect liquidity to become tight
over the next 12 months, unless the $100 million revolving credit
facility remains available, but which is uncertain.

If liquidity becomes tight, such a situation could necessitate
additional funding to meet the payments of principal and interest.

Moody's expects Studio City Finance's quarterly installment
payments for the principal amount -- around $39 million -- on the
$1.4 billion credit facilities begins by end-2016.

In addition, whether the company can successfully renegotiate with
lenders to amend the covenants in the credit facilities is
uncertain.

According to the terms and conditions of the credit facilities,
Studio City Finance has to have a minimum 400 gaming tables
available for operation by 1 October 2016 and is required to meet
certain maintenance financial covenants, both of which it is
unlikely to satisfy.

These concerns are partly mitigated by these considerations.

  (1) The Studio City project emphasizes on cinematically themed
non-gaming activities and mass-market gaming, which is less
volatile when compared to VIP gaming business.

  (2) Melco Crown (Macau)'s experience in managing both gaming and
non-gaming businesses in Macau will alleviate operational risks
during the ramp-up phase of the project.

  (3) The secured nature of the facilities and the reduced
developmental risks of the project will help the company negotiate
amendments to the terms and conditions of the facilities with
lenders.  The company has completed the development of Studio City
project on time and within budget.

  (4) Moody's believes there is a likelihood that its 60%-owned
shareholder Melco Crown Entertainment Ltd (unrated) will provide
financial support to Studio City Finance, given the project's
importance to the parent and Melco Crown's track record of support
and financial capability.  Melco Crown -- together with another
shareholder New Cotai, LLC (unrated), a holding company controlled
by private equity sponsors -- has contributed $1.25 billion
through equity, shareholders loans and completion guarantees to
the project.

As of June 2015, Melco Crown Entertainment had $3 billion
(including restricted cash) of cash on hand, of which Studio City
Finance held $853 million (including restricted cash).

The ratings could be downgraded if material progress in rectifying
the potential breach of covenants and tight liquidity fails to
occur over the next 3-6 months, resulting in increased risk of
default under its credit facilities.

Downgrade pressure would also emerge if the ramp-up in operations
and/or revenue generation are materially below expectations, such
that debt/EBITDA fails to trend down to around 6-7x and
EBITDA/interest stays below 1.5x over the next 12-18 months.

On the other hand, the outlook could return to stable if the
company (1) satisfactorily resolves the covenant issues and
improves liquidity; and (2) successfully ramps up the Studio City
project with debt/EBITDA trending down to below 6x and
EBITDA/interest trending above 1.5x in the next 12-18 months.

The principal methodology used in these ratings was Global Gaming
Industry published in June 2014.

Studio City Finance Limited is a holding company incorporated in
the British Virgin Islands.  Through its fully owned subsidiary
-- Studio City Company Limited -- it develops and operates the
Studio City project, an Asian-focused integrated gaming and
entertainment resort located at Cotai in Macau.



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


GOLOMT BANK: S&P Lowers ICR to B-; Outlook Stable
-------------------------------------------------
Standard & Poor's Ratings Services said that it had lowered the
long-term issuer credit ratings on the three banks it rates in
Mongolia.  The outlook is stable.  These banks are Development
Bank of Mongolia (DBM), Trade and Development Bank of Mongolia LLC
(TDB), and Golomt Bank of Mongolia.  S&P affirmed the short-term
issuer credit ratings on these banks and lowered the issue rating
on their debt.

RATINGS LIST

Downgraded
Development Bank of Mongolia
                              To                  From
Issuer Credit Rating          B/Stable/B          B+/Negative/B
Senior unsecured*             B                   B+
*Guaranteed by the sovereign.

Trade and Development Bank of Mongolia LLC
Issuer Credit Rating          B-/Stable/B         B/Negative/B
Senior unsecured              B-                  B
Senior unsecured*             B                   B+
*Guaranteed by the government.

Golomt Bank of Mongolia
Issuer Credit Rating          B-/Stable/B         B/Negative/B

The rating actions follow Standard & Poor's lowering the long-term
sovereign credit rating on Mongolia to 'B' from 'B+'.  S&P also
lowered Mongolia's economic risk score and Banking Industry
Country Risk Assessment to '10' from '9'.  S&P therefore lowered
the anchor stand-alone credit profile (SACP) for Mongolian banks
to 'b' from 'b+'.

In S&P's view, Mongolia's economic resilience is likely to weaken
as a result of the slowdown in economic performance and outlook.
This would heighten economic risks for the country as well as its
banking system.  In particular, S&P expects weak exports and
investment inflows to continue to weigh on Mongolia's growth
outlook.  Moreover, gaps in the country's institutional
effectiveness and predictability could hamper policy responses.

Mongolia's growth slowed to an estimated 3.5% in 2015, and S&P
expects it to be 3.6% in 2016.  This compares with average growth
of about 11% over 2010-2014, among the highest of the sovereign
S&P rates.  S&P has also seen a pick-up in systemwide credit
losses and deterioration in asset quality of banks in the past
couple of years.

S&P lowered the SACP of the Mongolian banks by one notch to 'ccc+'
for DBM and 'b-' for TDB and Golomt.

"The BICRA revisions solely drove the lowering of the SACP of the
Mongolian banks, and the other credit factors are unchanged," said
Standard & Poor's credit analyst Chris Lee.

S&P equalizes the ratings on DBM with that on the sovereign,
considering S&P's assessment of an almost certain likelihood of
government support to the bank.

"We expect Mongolian banks to maintain their current
capitalization despite us applying higher risk weights to their
credit exposures," said Mr. Lee.  "This is because of a moderation
in loan growth in recent quarters."

System loans fell about 5.4% for the eight months to August 2015,
compared with the double-digit annual growth over in past few
years.  However, these banks continue to have high concentration
risks in the real estate, construction, and mining sectors.  A
further deterioration in economic conditions from S&P's base-case
scenario could therefore hit these banks.

The stable outlook on DBM reflects the outlook on the sovereign
rating on Mongolia.  S&P expects the bank's "critical" role as the
government's sole policy bank and "integral" link with the
Mongolian government would remain unchanged over the next 12-24
months.  As a result, ratings on DBM would move in tandem with
that on sovereign.

The stable outlook on TDB and Golomt Bank reflects S&P's
expectation that the recent moderation in loan growth for these
banks may help them to preserve their capitalization and maintain
their credit profile over the next 12-18 months.

S&P could lower the ratings on TDB and Golomt if the banks'
capitalization weakens, which could be as a result of either
aggressive risk assets growth or weaker operating performance than
S&P expects.

S&P could raise the ratings on these two banks if their credit
quality and financial performance shows reasonable resilience
through the economic cycle.


MONGOLIA: S&P Cuts Sovereign Credit Rating to 'B'; Outlook Stable
-----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term sovereign
credit rating on Mongolia to 'B' from 'B+'.  The outlook on the
long-term rating is stable.  At the same time, S&P affirmed its
'B' short-term credit rating on Mongolia.  S&P has revised the
transfer and convertibility assessment to 'B+' from 'BB-'.

RATIONALE

S&P lowered the long-term sovereign credit rating on Mongolia to
reflect S&P's revised view of the country's growth prospects.
Lower economic growth will increase Mongolia's vulnerabilities
arising from its high twin deficits.  That said, two large mining
projects could markedly transform the country's external and
fiscal profile in three to four years if its terms of trade
improve and the projects come on-line as planned.

After five years of growth that is among the highest of all rated
sovereigns, Mongolia slowed to a projected 3.5% this year, and S&P
expects it to remain below 4% through 2017.  Per capita growth is
approximately 2% for 2015.  S&P now assess Mongolia's economic
performance to be similar to that of other countries with US$4,200
per capita GDP.  This lower growth stems partly from the ancillary
effects of weaker terms of trade and partly from the country's
mixed mining policies, which had discouraged foreign direct
investment.  These policies are beginning to turn more supportive.
Two large projects are underway.  The first is the Oyu Tolgio gold
and copper mine, located in the South Gobi region of Mongolia.
The US$5.4 billion mine will be one of the world's largest new
copper-gold mines.  It is owned by the government of Mongolia and
Turquoise Hill Resources and operated by Rio Tinto.  The second is
Tavan Tolgio and will be a US$4 billion coal mine in located in
the same region and operated by the Mongolian Mining Corp.,
Shenhua Energy, and Sumitomo Corp.  Although these two projects
could transform the Mongolian economy, S&P's downgrade reflects
the risks associated with these projects as they are developed.

The first risk pertains to Mongolia's external position.  Although
S&P projects the country's current account deficit will fall below
9.4% of GDP this year after five years of double-digit deficits,
S&P expects it to return to double digits for the forecast horizon
because the import content of the two big mining projects is high.
As a result of historical and projected current account deficits,
Mongolia's external debt net of public and financial sector
external assets rose to 145% of current account receipts (CARs)
this year, from 11% in 2010, and we forecast 133% by 2018.

The broader measure of net external liabilities to CARs also
deteriorated to 366% this year, from 45% in 2010, and S&P projects
it at 366% in 2018.  Similarly, gross external financing needs to
CARs plus usable reserves rose to 134% this year, from 104% in
2010, and S&P estimates it at 156% in 2018.  Central bank reserves
net of swaps with domestic banks (but including disbursements
under its IMF program) amounted to US$1.7 billion as of Aug. 2015,
or two months of current account payments, up from US$1.3 billion
at April 2015.

Although the risks to the external position are partly attenuated
by a floating currency regime, the tugrik is not an actively
traded currency and the central bank occasionally intervenes in
the market to reduce volatility.  Half of government debt and a
third of banking system loans are in foreign currency, suggesting
balance sheet vulnerabilities.  The central bank raised its policy
rate to 13% in January 2013 partly to maintain the external value
of the tugrik, although the latest consumer price index in
September rose 4.9%.  Such high real rates will dampen growth and
may cause nonperforming loans--currently at 7% of total loans--to
rise.  Mongolia's real effective exchange rate has appreciated
nearly 14% since October 2013.

Another risk relates to Mongolia's public finances.  On Oct. 30,
2015, the Mongolian parliament approved a supplementary 2015
budget, which provides for public sector jobs and wage cuts.
Although S&P expects these measures to result in general
government debt (our preferred fiscal measure, which on top of the
headline fiscal deficit captures onlending and foreign exchange
effects) rising by only 3% this year, S&P believes the government
will only achieve a debt-stabilizing deficit by 2016.  At that
point, net general government debt will reach 53% of GDP, with
downside risks to foreign exchange movements or weaker growth.
Volatile commodity prices present both upside and downside risks.
Pressing infrastructure needs are also a source of constant
expenditure pressure.

Standard & Poor's considers the Development Bank of Mongolia as
part of the general government, given its quasi-fiscal activity.
S&P views the rest of the financial and public enterprise sectors
as posing limited contingent liabilities to the government, as
S&P's criteria define the term, largely due to the small size of
Mongolia's financial sector.  S&P classifies Mongolia's banking
sector as one of the weakest among those S&P ranks under its Bank
Industry and Country Risk Assessments, mainly due to the system's
regulatory framework, its recent rapid credit growth, and its
reliance on external funding.

After the breakup of Mongolia's grand coalition in August, the
country is now ruled by the minority Democratic Party government.
S&P expects parliamentary elections to be held by June 2016.
Notwithstanding its minority status, the government passed the
supplementary 2015 budget, and S&P expects it to achieve its
objectives when it presents its 2016 budget later this month.
Mongolia's governance and policy effectiveness remains weak, in
S&P's view, and a past record in policy shifts continues to weigh
on the environment for growing business confidence and foreign
investment.

OUTLOOK

The stable outlook balances the country's low-income resource-
driven economy, weak policy environment and fiscal performance,
high external risk, and limited monetary flexibility with the
prospect that large mining projects could quickly reverse
Mongolia's sovereign credit profile during the next 12 months.

Upward pressure could build on the rating if the development of
the Oyu Tolgio and Tavan Tolgio mines accelerates economic growth
and improves fiscal and external performances than S&P currently
expects.  Downward pressure could emerge on the ratings if
Mongolia's external liquidity weakens markedly.

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

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

The committee agreed that the economic profile had deteriorated.
All other key rating factors were unchanged.

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

RATINGS LIST

Downgraded; CreditWatch/Outlook Action; Ratings Affirmed
                               To                 From
Mongolia
Sovereign Credit Rating       B/Stable/B         B+/Negative/B
Senior Unsecured              B                  B+

Ratings Affirmed

Mongolia

Senior Unsecured              cnBB-



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


RIZAL COMMERCIAL: Fitch Puts Final 'BB' Rating to USD320MM Notes
----------------------------------------------------------------
Fitch Ratings has assigned Philippines-based Rizal Commercial
Banking Corp.'s (RCBC; BB/Stable) USD320m 3.45% notes due 2021 a
final rating of 'BB'. The notes have been issued under the bank's
USD1bn medium-term note program.

This follows the receipt of final documents conforming to
information previously received. The final rating is the same as
the expected rating assigned on 19 October 2015.

KEY RATING DRIVERS

The senior notes are rated at the same level as RCBC's 'BB' Long-
Term Issuer Default Rating (IDR). This is because the notes
constitute direct, unsubordinated and unsecured obligations of the
bank, and rank equally with all its other unsecured and
unsubordinated obligations.

RATING SENSITIVITIES

The rating on the notes is sensitive to changes in RCBC's IDR,
which is driven by its Viability Rating of 'bb'.

RCBC's ratings are as follows:

Long-Term Foreign-Currency IDR 'BB'; Outlook Stable
Long-Term Local-Currency IDR 'BB'; Outlook Stable
Viability Rating 'bb'
Support Rating '3'
Support Rating Floor 'BB-'



=================
S I N G A P O R E
=================


AVAGO TECHNOLOGIES: Fitch Hikes LT Issuer Default Rating from BB+
-----------------------------------------------------------------
Fitch Ratings has upgraded the Long-Term Issuer Default Rating
(IDR) for Avago Technologies Finance Pte. Ltd. to 'BBB-' from
'BB+' and has upgraded the existing senior secured credit facility
to 'BBB' from 'BBB-/RR1'. Additionally, Fitch assigns a 'BBB'
rating to Avago Technologies Cayman Finance Limited's proposed $7
billion 7-Year Senior Secured Term Loan B. The Rating Outlook is
Stable. Pro forma for the Term Loan, Fitch's actions affect $11.5
billion, including the undrawn revolving credit facility (RCF). A
full list of Fitch's actions follows at the end of this release.

Avago will use net proceeds from the Term Loan to fund a portion
of Avago Technologies Ltd.'s (Avago) acquisition of Broadcom Corp.
(Broadcom). Avago plans to fund a significant portion of the
merger with common stock and approximately $23.3 billion with new
debt and available cash at the time of closing.

KEY RATING DRIVERS

The ratings and Outlook reflect Avago's strengthened operating
profile following the Broadcom acquisition as the acquisition is
expected to more than double revenue and diversify Avago's sales
and profit mix. Pro forma for the acquisition, Avago will be the
third largest U.S. semiconductor provider, with more than $15
billion of annual revenues. The deal also reduces Avago's reliance
on smart phones, as the wireless communications segment will
decline to 16% of sales after the combination from 38% on a
standalone basis.

Fitch believes Avago's more diversified revenue base will reduce
operating volatility over the longer-term. Fitch expects Avago
will continue to benefit from technology leadership in the Bulk
Acoustic Airwave market for smart phones with its premium FBAR
filter. However, increased sales from longer-cycle products,
including broadband and set-top boxes, will pare volatility
associated with model ramps and potential technology disruption
longer-term.

The acquisition strengthens Avago's FCF profile. Fitch expects $2
billion to $4 billion of annual FCF through the forecast.
Profitability is expected to strengthen from the $750 million of
run rate cost synergies that are forecasted to be realized within
18 months following the acquisition's close. Avago's targeted $750
million of annual cost savings are expected to offset lower
blended profit margins following the acquisition. Fitch has
confidence in Avago's costs synergy roadmap; however, the
transaction poses material integration risks, particularly given
the targeted cost synergies and research and development (R&D)
intensity divergence. Beyond duplicate cost eliminations and
purchasing efficiencies, cost cuts center on headcount reductions
in Broadcom's comparatively heavier R&D intensity. R&D constituted
22% of LTM revenues versus just 14% for Avago. Fitch expects cash
restructuring of roughly $750 million over the course of the next
two years. Additionally, Fitch anticipates operating EBITDA
margins of 35% to 40% through a normalized semiconductor cycle,
versus latest 12 month (LTM) margins of 43% for Avago and 28% for
Broadcom.

Avago has committed to using FCF for voluntary debt reduction
until the company achieves its long-term total leverage target
(total debt to operating EBITDA) of 1.5x to 2x, versus roughly 3x
at closing. Given Fitch's expectation for more than $3 billion of
annual FCF through the intermediate-term, Fitch expects Avago to
reach its total leverage target in fiscal 2016. Fitch anticipates
that Avago will limit share repurchases to offsetting dilution
until the company achieves its leverage target. Fitch anticipates
more aggressive shareholder returns thereafter, given the
significant equity issuance to fund the Broadcom acquisition.

Credit protection measures will remain strong for the rating, with
total leverage below 2x and gross interest coverage above 10x. FCF
to total debt will be roughly 20% at closing and in the 25% - 30%
range exiting fiscal 2016. Fitch believes the company will remain
acquisitive and expects Avago's acquisition strategy will focus on
smaller sized transactions until the company completes the
integration of Broadcom.

However, Fitch considers the company's track record of raising
secured debt to fund acquisitions. Future debt funded acquisitions
could delay debt reduction or replacement of the secured term
loans with an unsecured capital structure that is more consistent
with an investment grade rating.

On May 28, 2015, Avago announced a definitive agreement to acquire
Broadcom for $37 billion, the then largest ever semiconductor
deal. The deal combines Avago's leadership in radio frequency (RF)
for wireless communications and data center storage solutions with
Broadcom's leading positions in broadband and set-top boxes. The
acquisition is on track to close in the first quarter of 2016 and
is subject to customary regulatory approval.

KEY ASSUMPTIONS

Fitch's key assumptions within the rating case for Avago include:

-- The expectation for wireless communications to grow more than
10%, enterprise storage to grow in the low- to mid-single digits,
wired infrastructure to grow in the low- to mid-single digits, and
industrial and other to grow in the low-single digits annually
through the forecast. Fitch expects Broadcom's business to grow at
a more mature rate, in the low-to mid-single digits.

-- The company achieving its targeted synergies from the Broadcom
acquisition, resulting in $750 million of annual cost savings that
drive operating EBITDA margins closer to 40% through the horizon.

-- Capex as a percentage of revenue declining from nearly 10% in
fiscal 2015 to a blended rate of approximately 5%, despite ongoing
capacity additions in Avago's FBAR filters.

-- Capital allocation being focused on reducing total leverage to
1.5x to 2x, with share repurchases limited to offsetting dilution,
dividends stepping up by $250 million in fiscal 2016 and growing
10% annually thereafter, and FCF used largely for debt reduction .

RATING SENSITIVITIES

Positive rating action could occur if:

-- Avago replaces secured debt with an unsecured capital
structure more consistent with an investment grade rating and
Fitch believes the company will manage debt levels to maintain
total leverage below 2x; or

-- Fitch expects Avago will sustain operating EBITDA margins in
the high 30s to low 40s through a normalized semiconductor cycle.

Negative rating actions could occur if:

-- Fitch expects total leverage to remain above 3x from the
continuation of debt financed acquisitions or the initiation of
more aggressive shareholder returns prior to anticipated debt
reduction; or

-- Avago sustains material market share loss with its leading
customers or in aggregate, indicating a loss of technological
advantage.

LIQUIDITY

Pro forma the Broadcom acquisition, Fitch believes Avago's
liquidity will be solid, supported by:

-- More than $1 billion of cash and cash equivalents; and
-- Full availability of the company's $500 million senior secured
revolving credit facility.

Liquidity is further supported by Fitch's expectation for mid-
cycle annual FCF of more than $2.5 billion.

FULL LIST OF RATING ACTIONS

Fitch upgrades Avago Technologies Finance Pte. Ltd.'s ratings as
follows:

-- IDR to 'BBB-' from 'BB+';
-- $500 million Senior Secured Revolving Credit Facility (RCF)
    to 'BBB' from 'BBB-/RR1';
-- Senior Secured Term Loan upgraded to 'BBB' from 'BBB-/RR1'

The Rating Outlook is Stable.

Fitch has assigned the following ratings:

Avago Technologies Cayman Finance Limited:

-- $7 billion Senior Secured Term Loan B 'BBB'; Rating Outlook
Stable.


AVAGO TECHNOLOGIES: S&P Affirms 'BB+' CCCR; Outlook Stable
----------------------------------------------------------
Standard & Poor's Ratings Services said it affirmed its 'BB+'
corporate credit rating on Singapore-based Avago Technologies
Finance Pte. Ltd.  The outlook is stable.

At the same time, S&P assigned its 'BBB' issue-level ratings to
the company's $500 million first-lien revolver, $4.25 billion
first-lien term loan A, and up to $11.25 billion first-lien term
loan B.  The recovery rating is '1', indicating S&P's expectation
for very high recovery (90% to 100%) in the event of a payment
default.

"The rating on Avago is based on the company's substantially
augmented product breadth and business scale that will result from
the Broadcom merger, offset by considerable product and client
concentration in the wireless handset market, significant
acquisition appetite, and integration risks," said Standard &
Poor's credit analyst Jenny Chang.

S&P's rating also reflects leverage rising to about 3x pro forma
for the acquisition, from 1.3x at July 31, 2015, including its
adjustments for operating leases, pensions, and surplus cash.  S&P
expects the company will reduce leverage through a combination of
EBITDA growth and debt reduction.

The stable outlook reflects S&P's expectation for a largely
successful integration of Broadcom based on the company's track
record despite the size of the transaction, and that the combined
entity will achieve steady revenue growth and margin stability
while maintaining share in its key markets.  The outlook also
incorporates the likelihood that the company will continue its
acquisition spending in line with its previous practice.

S&P would consider a higher rating over the next 12 months if
Avago applies much of its discretionary cash flow toward debt
repayment, and demonstrates the adoption of a consistent financial
policy framework, whereby adjusted leverage is below 3x on a
sustained basis.

Although unlikely over the coming year, S&P could lower the rating
if Avago is unsuccessful in integrating Broadcom, leading to share
loss in key products and margin degradation, or if it engages in
large debt-funded acquisitions, such that adjusted leverage
exceeds 4x.



====================
S O U T H  K O R E A
====================


DAEWOO SHIPBUILDING: To Sell Office Bldg as Part of Restructuring
-----------------------------------------------------------------
Yonhap News Agency reports that Daewoo Shipbuilding & Marine
Engineering Co. is moving to sell its main office building in
Seoul as part of restructuring efforts to stay afloat, company
officials said on November 4.

The report relates that the officials said three companies have
already submitted closed bids to take over the building located in
downtown Seoul, estimated to be worth between KRW170 billion and
KRW180 billion (US$150 million and $159 million).

"The company will name a multiple number of preferred bidders this
weekend at the earliest and by early next week at the latest," an
official said, asking not to be identified, Yonhap relays.

According to the report, the bidders are asset management firm
Mirae Asset Global Investments, Kiwoom Asset Management Co., and
Koramco REITs Management and Trust Co.

The proposed sale comes as part of a larger restructuring plan
that will also see transactions on most of the shipbuilder's
smaller affiliates, says Yonhap.

Daewoo Shipbuilding, the world's largest shipyard by order
backlog, posted a record net loss of KRW2.39 trillion in the
second quarter, followed by an additional loss of
KRW1.36 trillion in the July-September period, Yonhap discloses.

Yonhap notes that creditors of the troubled shipbuilder, including
the state-run Korea Development Bank, have agreed to provide
KRW4.2 trillion in fresh loans and a capital increase to help put
the company back on track but only in exchange for painstaking
self-rescue efforts.

The report adds that the company's unionized workers also had to
submit a written consent, agreeing to a wage freeze for the entire
duration of restructuring and also pledging not to resort to any
collective movements, including strikes, during the process.

Company officials have said the sale of its headquarters and other
assets will help it raise up to KRW1.85 trillion on its own,
Yonhap discloses.

Yonhap reports that the company, meanwhile, said it has decided to
accumulate an additional KRW3.2 trillion through short-term loans.

In a regulatory filing posted earlier on November 4, the company
said the amount did not represent an immediate increase in its
borrowing, but that the amount will be available to the company
under a stand-by arrangement, the report adds.


===============
X X X X X X X X
===============


* Asia Pacific Telcos Outlook Stable Through 2016, Moody's Says
---------------------------------------------------------------
Moody's Investors Service says its outlook for the
telecommunications industry in Asia Pacific over the next 12-18
months is stable, reflecting the sector's revenue growth from data
services, steady EDITDA levels and strong liquidity profile.

"The average revenue of Moody's-rated telecommunications companies
in Asia Pacific will increase by 3%-4% year-on-year over the next
12-18 months, similar to the 3.8% growth seen in 2014, and
trending in line with Moody's forecast average GDP growth for the
region," says Nidhi Dhruv, a Moody's Assistant Vice President and
Analyst.

"As for aggregate adjusted EBITDA, the result will remain stable
in 2016 as against levels seen in 2014, but average EBITDA margins
will decline marginally," adds Dhruv.  "Leverage will remain at
current levels, because of higher capital spending on 3G/4G
network improvements, but liquidity will remain strong."

Moody's analysis is contained in its just-released report titled
"Industry Outlook Telecommunications - Asia Pacific: Outlook
Stable on Revenue Growth from Data Services and Steady EBITDA,"
and is co-authored by Dhruv and Maisam Hasnain, an Associate
Analyst.

Moody's report says that over the next 12-18 months, revenue
growth rates will register 1%-2% in developed markets such as
Singapore, Australia, Japan and Korea.  By contrast, emerging
markets such as China, India, Thailand and Indonesia will see
growth rates of 5%-6%.

The slower growth in developed economies reflects the maturity and
high tele-density of these markets, while the higher growth in
emerging markets will be driven by increasing smartphone
penetration and data consumption.  Overall, the companies' revenue
growth will remain broadly in line with their home countries' GDP
growth rates, given the domestic focus of their businesses.

On EBITDA, Moody's says year-on-year aggregate adjusted EBITDA
growth should register about 0%-3% over the next 12-18 months,
driven by revenue growth.

But EBITDA margins for the 22 telecommunications companies that
Moody's rates across 13 jurisdictions will likely contract
slightly to 38.7% by end-2016 from 39.1% at end-2014, owing to
rising mobile-phone penetration, ongoing competition, and higher
costs associated with a key contributor to revenue growth: data
services.

Debt-to-EBITDA will remain relatively constant at about 2.4x,
because incremental EBITDA will be offset by additional debt
raised by companies to fund capex, as well as shareholder returns
in the form of dividends or share buybacks.

Nonetheless, liquidity will remain strong, on the companies'
steady and recurring cash flows, and the resilience of demand for
telecommunications services even in a downturn.  Moody's points
out that in general, the companies have demonstrated strong access
to both bank and bond market funding, and show manageable levels
of foreign currency exposure.

Moody's has maintained a stable outlook on the telecommunications
industry in Asia Pacific since May 2005.



                             *********

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

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

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


                            *********


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

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

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

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

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



                 *** End of Transmission ***