TCRAP_Public/151112.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 12, 2015, Vol. 18, No. 224


                            Headlines


A U S T R A L I A

FIRSTMAC MORTGAGE: S&P Assigns Prelim. BB Rating to Class D Notes
GIBYAR PTY: First Creditors' Meeting Slated For Nov. 19
NOOSA COOLOOLA: Pool Builder Goes Into Administration
PINNACLE PAINTING: First Creditors' Meeting Set For Nov. 19
QUEENSLAND IRISH: Club Placed Into Liquidation

SELLARS CONTRACTING: First Creditors' Meeting Set For Nov. 19
TOWNSEND GROUP: First Creditors' Meeting Set For Nov. 20
VALUE WORLD: Placed in Liquidation


C H I N A

FAR EAST ENERGY: Files Voluntary Ch. 7 Petition, Halts Operations
GOLDEN EAGLE: S&P Puts 'BB+' CCR on CreditWatch Negative
YINGDE GASES: Fitch Affirms 'BB' Long-term Issuer Default Rating


I N D I A

ARIHANT INDUSTRIES: ICRA Suspends B Rating on INR7cr Cash Loan
ASAI VISHWA: CARE Assigns B+ Rating to INR22.65cr LT Loan
ASVINI FOUNDATIONS: CRISIL Assigns B Rating to INR150MM LT Loan
AUTO CARRIAGE: Ind-Ra Withdraws 'IND BB-' LT Issuer Rating
BASANT BETONS: CRISIL Ups Rating on INR143.5MM LT Loan to B+

CHETAN STONE: CARE Assigns B+ Rating to INR18cr LT Loan
ESHAAN EXPORTS: ICRA Assigns B Rating to INR7cr Cash Credit
FROSTEES EXPORT: Ind-Ra Withdraws 'IND BB+' LT Issuer Rating
GANPATI EDUCATION: Ind-Ra Suspends 'IND BB' Rating on INR48M Loan
GAYATRI COTTON: CARE Assigns B+ Rating to INR8cr LT Loan

GURUKRUPA METALS: ICRA Reaffirms B- Rating on INR10cr Loan
ISMT LTD: Ind-Ra Affirms 'IND D' Long-Term Issuer Rating
JAISWAL STEEL: Ind-Ra Assigns 'IND B' LT Issuer Rating
JALARAM COTTON: ICRA Suspends B+ Rating on INR7cr Cash Loan
JEYENKAY PETROGELS: ICRA Cuts Rating on INR3.40cr Loan to B+

JUPITER INTERNATIONAL: CARE Reaffirms B Rating on INR93.83cr Loan
LAKSHMI VACUUMHEAT: CARE Assigns B+ Rating to INR9.14cr Loan
MUJAWADIA TRACTORS: CRISIL Assigns B+ Rating to INR1cr Loan
NATIONAL MOTORS: CRISIL Suspends B Rating on INR60MM LT Loan
NAVKAR IRON: Ind-Ra Assigns 'IND B-' LT Issuer Rating

PARVATI SOLVENT: ICRA Lowers Rating on INR10cr Cash Loan to D
PHOSPHATE COMPANY: Ind-Ra Affirms 'IND B' LT Issuer Rating
PREMIER LIMITED: CARE Lowers Rating on INR310cr LT Loan to D
PUSHPAK BULLIONS: ICRA Revises Rating on INR140cr Loan to B+
R. S. FIBERS: CARE Assigns 'B' Rating to INR12.75cr LT Loan

RAJGANGPUR ISPAT: ICRA Assigns B- Rating to INR3.0cr Cash Loan
RAM SAROOP: Ind-Ra Assigns 'IND BB-' LT Issuer Rating
RITU CARGO: CARE Reaffirms B+ Rating on INR15.05cr LT Loan
S.M. CONSTRUCTIONS: CARE Assigns 'C' Rating to INR7.02cr Loan
SAIFUDDIN APPALAL: CARE Assigns B+ Rating to INR0.60cr LT Loan

SAMARPAN SYNTHETICS: CARE Ups Rating on INR33.92cr Loan to BB-
SANKAR COTTON: CARE Assigns B+ Rating to INR10cr LT Loan
SATYAM SUITINGS: CARE Reaffirms B+ Rating on INR5.55cr LT Loan
SHIV SHAKTI: CARE Reaffirms B+ Rating on INR25cr LT Loan
SHIV SHAMBHU: Ind-Ra Assigns 'IND BB-' LT Issuer Rating

SHRI BALAJI: ICRA Suspends D Rating on INR12cr LT Loan
SIYARAM METAL: ICRA Revises Rating on INR35cr Cash Loan to B
SOLANKI CONSTRUCTION: CRISIL Assigns B Rating to INR30MM Loan
SURAJ INDUSTRIES: CRISIL Reaffirms B+ Rating on INR65MM Loan
THRIARR POLYMERS: CRISIL Cuts Rating on INR51.7MM Loan to C

TRUBA ADVANCE: CARE Lowers Rating on INR8.97cr LT Loan to D
V CARE: ICRA Reaffirms B+ Rating on INR6cr Fund Based Loan
VADODARA STOCK: Board to Meet on Nov. 16 After Sebi Closure Order
VISHNU COTTON: CARE Assigns B+ Rating to INR15.22cr LT Loan


I N D O N E S I A

PETRAL GROUP: Investigation Into Petral 'Mafia' Ends


J A P A N

TAKATA CORP: Senators Want Plan For Possible US Unit Bankruptcy
TOSHIBA CORPORATION: Moody's Lowers Rating on Sub. Debt to Ba2


N E W  Z E A L A N D

AGRIBUSINESS TRAINING LTD: Students Looking for School Options
HEALTHY SOILS: Purchased Out of Liquidation
HERITAGE CANTERBURY: Goes Into Voluntary Liquidation


S I N G A P O R E

STATS CHIPPAC: S&P Assigns 'BB-' Rating to Proposed US$ Sr. Notes


T A I W A N

ACER INC: Fitch Affirms 'BB-' Long-Term Issuer Default Ratings


X X X X X X X X

* Asian LSI Rises to 27.4% in October, Moody's Says


                            - - - - -


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A U S T R A L I A
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FIRSTMAC MORTGAGE: S&P Assigns Prelim. BB Rating to Class D Notes
-----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
ratings to seven of the eight classes of prime residential
mortgage-backed securities (RMBS) to be issued by Firstmac
Fiduciary Services Pty Ltd. as trustee for Firstmac Mortgage
Funding Trust No.4 Series 2-2015.

The preliminary ratings reflect:

   -- S&P's view of the credit risk of the underlying collateral
      portfolio, including the fact that this is a closed
      portfolio, which means no further loans will be assigned to
      the trust after the closing date.

   -- S&P's view that the credit support is sufficient to
      withstand the stresses it applies.  This credit support
      comprises lenders' mortgage insurance to 54.8% of the
      portfolio, which covers 100% of the face value of these
      loans, accrued interest, and reasonable costs of
      enforcement, as well as note subordination for all rated
      notes.

   -- S&P's expectation that the various mechanisms to support
      liquidity within the transaction, including an amortizing
      liquidity reserve equal to 1.2% of the invested amount of
      all notes that is to be provided through note overissuance,
      principal draws, a spread reserve that builds from
      available excess spread, and 24 months' timely payment
      cover on approximately 31.1% of loans in the portfolio, are
      sufficient under S&P's stress assumptions to ensure timely
      payment of interest.

   -- The extraordinary expense reserve of A$150,000, funded from
      day one by Firstmac Ltd., available to meet extraordinary
      expenses.  The reserve will be topped up via excess spread
      if drawn.

   -- S&P's view of the underwriting standards and centralized
      approval processes of the originator, Firstmac Ltd.,
      together with S&P's view on the servicing standards of
      Firstmac Ltd. as the servicer of the loans.

   -- The fixed-to-floating interest-rate swap provided by
      Australia and New Zealand Banking Group Ltd. to hedge the
      mismatch between receipts from fixed-rate mortgage loans
      and the variable-rate RMBS.

   -- The liability swap provided by National Australia Bank Ltd.
      to hedge the mismatch between the fixed interest rate
      payable semi-annually on the class A-1b notes and the
      monthly interest rate received on the underlying mortgages.
      The liability swap will mature on the class A-1b
      refinancing date, where the notes will either be repaid or
      convert to floating-rate payments.

A copy of Standard & Poor's complete report for Firstmac Mortgage
Funding Trust No.4 Series 2-2015 can be found on RatingsDirect,
Standard & Poor's Web-based credit analysis system, at:

                 http://www.globalcreditportal.com

The issuer has not informed Standard & Poor's (Australia) Pty
Limited whether the issuer is publicly disclosing all relevant
information about the structured finance instruments that are
subject to this rating report or whether relevant information
remains non-public.

RELIMINARY RATINGS ASSIGNED

Class       Rating         Amount (A$ mil.)
A-1a        AAA (sf)       400.0
A-1b        AAA (sf)        25.0
A-2         AAA (sf)        25.0
AB          AAA (sf)        30.0
B           AA- (sf)        12.5
C           A (sf)           3.1
D           BB (sf)          3.3
E           NR               1.1
NR--Not rated.


GIBYAR PTY: First Creditors' Meeting Slated For Nov. 19
-------------------------------------------------------
Richard Albarran -- ralbarran@hallchadwick.com.au -- Cameron Shaw
-- cshaw@hallchadwick.com.au -- and Carl Huxtable --
chuxtable@hallchadwick.com.au -- of Hall Chadwick Chartered
Accountants were appointed as administrators of Gibyar Pty. Ltd.,
trading as Cafe Georgiou, on Nov. 9, 2015.

A first meeting of the creditors of the Company will be held at
Hall Chadwick Chartered Accountants, Level 11, 16 St Georges,
Terrace, in Perth, on Nov. 19, 2015, at 10:00 a.m.


NOOSA COOLOOLA: Pool Builder Goes Into Administration
-----------------------------------------------------
Bill Hoffman at Sunshine Coast Daily reports that Noosa Cooloola
Pools has been placed in voluntary administration leaving an as
yet unknown number of clients and creditors in its wake.

The report relates that a Pelican Waters family has been left
ruing its decision to choose the most expensive quote for a
swimming pool based on the company's 25 years of experience.

According to the report, Chris Fuller of Pelican Waters said what
was supposed to by now be a completed pool ready for summer is a
concrete pond with only half the plumbing done, and none of the
filtration equipment, coping glass fencing, lights or covers
fitted.

"We went for the dearest quote because we wanted a good job, a
quality job done and the builder could do the whole lot," the
report quotes Ms. Fuller as saying. "He had 25 years in the
industry."

Ms Fuller had tried repeatedly to get in touch with Noosa Cooloola
Pool proprietor Brett Thomas to no avail, the report says.

Administrator Dane Hammond of Worrells Maroochydore said it was
too early to tell the full extent of the debt left in the
company's wake, the Daily reports.


PINNACLE PAINTING: First Creditors' Meeting Set For Nov. 19
-----------------------------------------------------------
Brendan Nixon of Stanley Morgan Chartered Accountants was
appointed as administrator of Pinnacle Painting Services (Aust)
Pty Ltd on Nov. 10, 2015.

A first meeting of the creditors of the Company will be held at
Level 8/490 Upper Edward Street, Spring Hill, on Queensland, on
Nov. 19, 2015, at 10:00 a.m.


QUEENSLAND IRISH: Club Placed Into Liquidation
----------------------------------------------
Jessica Hinchliffe at ABC News reports that Queensland's Irish
community plans to keep its culture and history strong in the
state's capital even after its clubhouse changes hands for the
first time in almost 100 years.

Tara House on Elizabeth Street in Brisbane has been the perennial
home to the Queensland Irish Club (QIA).  But the club announced
on its Facebook page in October that it had been placed into
liquidation, with David Clout and Associates appointed as
liquidator, the report discloses.

ABC News relates that the sale would see the 2,200-square-metre
heritage-listed building changing hands and closing its doors.

According to the report, Billy Cantwell, Irish expat and co-
founder of Australia's longest-running Irish newspaper, the Irish
Echo, said the closure would see the whole of Brisbane lose
something.

"It's a very sad day when it closes. I think it's an end of an era
and the club is probably the most iconic Irish building in
Australia," he told 612 ABC Brisbane's Emma Griffiths.

"It has beautiful heritage with a beautiful hall and it's
heritage-listed, but it seems it's been lost to the community.
People look at that building as the Irish Club and the sad part is
it will be the Irish Club no more."

ABC News says the club had been struggling financially for a
number of years and was placed into administration in January
after accumulating a large amount of debt.

"There were a number of efforts to come up with a rescue plan but
none were accepted by the administrator," ABC News quotes
Mr. Cantwell as saying.  "As a result the building, which was the
primary asset of the business, had to be sold."


SELLARS CONTRACTING: First Creditors' Meeting Set For Nov. 19
-------------------------------------------------------------
Anne Meagher and Terry Grant van der Velde of SV Partners were
appointed as administrators of Sellars Contracting Pty Ltd on Nov.
9, 2015.

A first meeting of the creditors of the Company will be held at
SV Partners, SV House, 138 Mary Street, Brisbane, in Queensland,
on Nov. 19, 2015, at 11:00 a.m.


TOWNSEND GROUP: First Creditors' Meeting Set For Nov. 20
--------------------------------------------------------
Nicholas Crouch and John McInerney of Crouch Amirbeaggi were
appointed as administrators of Townsend Group Pty. Limited on Nov.
10, 2015.

A first meeting of the creditors of the Company will be held at
Chartered Accountants Australia and New Zealand, Level 1, King
Room, 33 Erskine Street, in Sydney, on Nov. 20, 2015, at
11:00 a.m.


VALUE WORLD: Placed in Liquidation
----------------------------------
Cliff Sanderson at Dissolve.com.au reports that Value World Travel
Pty Ltd, which is based in Blacktown, has gone into liquidation
not long after it reportedly changed hands. Reports said a number
of customers who made recent bookings were left with cancelled
tickets, Dissolve.com.au relates.

Jirsch Sutherland is the appointed liquidator, Dissolve.com.au
discloses.



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FAR EAST ENERGY: Files Voluntary Ch. 7 Petition, Halts Operations
-----------------------------------------------------------------
Far East Energy Corporation, the U.S. listed company that operates
the Shouyang Coalbed Methane Production Sharing Contract in Shanxi
Province, People's Republic of China, on Nov. 10 disclosed that it
has ceased operations and commenced bankruptcy proceedings by
filing a voluntary petition for relief under provisions of Chapter
7 of Title 11 of the United States Code to initiate an orderly
liquidation of the assets of the Company. The Chapter 7 Case is
entitled "In re Far East Energy Corporation" and is being
administered under case number 15-35970 in the United States
Bankruptcy Court for the Southern District of Texas.

Based in Houston, Texas, with offices in Beijing, China, Far East
Energy Corporation is focused on coalbed methane exploration and
development in China.


GOLDEN EAGLE: S&P Puts 'BB+' CCR on CreditWatch Negative
--------------------------------------------------------
Standard & Poor's Ratings Services said that it had placed its
'BB+' long-term corporate credit rating on Golden Eagle Retail
Group Ltd. and the 'BB' long-term issue rating on the company's
senior unsecured notes on CreditWatch with negative implications.
S&P also placed its 'cnBBB' long-term Greater China regional scale
rating on the China-based department store operator and the
'cnBBB-' long-term Greater China regional scale rating on the
notes on CreditWatch with negative implications.

S&P placed the ratings on CreditWatch following Golden Eagle's
plan to acquire several companies mainly involved in the operation
of department stores/shopping malls and property development
projects.

"Golden Eagle's financial risk profile could deteriorate if the
debt or future capital expenditure of the target companies is
materially high, with no corresponding significant earnings or
cash flow contribution," said Standard & Poor's credit analyst
Shalynn Teo. "Golden Eagle's termination of a previously announced
acquisition of a property development project will temper the
risk, in our view."

S&P has limited information about the debt, cash inflows, future
capital expenditure needs, and potential revenues from property
sales of the target companies.  As of June 30, 2015, Golden
Eagle's debt-to-EBITDA ratio was about 2.7x and its total cash
balance was Chinese renminbi (RMB) 4.3 billion.  S&P believes
Golden Eagle faces high operational risks from one of the acquired
property projects because this project is still under development.
In S&P's view, the experience of Golden Eagle's controlling
shareholder in property development projects should temper the
risk.

On Nov. 4, 2015, Golden Eagle announced that it proposes to
acquire Nantong Global Era Real Estate Development Co. Ltd.,
Nantong Global Era Enterprises Co. Ltd., and Wuhu Global Era
Enterprises Co. Ltd. for a cash consideration of RMB100 million.
The acquisitions are subject to shareholder approval.

"We aim to resolve the CreditWatch within 90 days once we have
greater clarity from Golden Eagle on the financial strength of the
target companies and their future investment requirements, and if
the company receives shareholders' approval for the transaction,"
said Ms. Teo.  "We will assess the potential impact of the
acquisitions on Golden Eagle's profitability, leverage, and
liquidity."

S&P could lower the rating on Golden Eagle by at least one notch
pending this review.  S&P could affirm the rating if the
acquisition doesn't proceed and the company's debt-to-EBITDA ratio
remains below 3.0x after considering the financial impact of the
acquisition.


YINGDE GASES: Fitch Affirms 'BB' Long-term Issuer Default Rating
----------------------------------------------------------------
Fitch Ratings has affirmed Yingde Gases Group Company Limited's
(Yingde) Long-Term Issuer Default Rating (IDR) at 'BB'. The agency
has also affirmed at 'BB' the senior unsecured debt ratings of
Yingde and Yingde Gases Investment Limited, and the USD425m 8.125%
senior unsecured notes due 2018 and the USD250m 7.25% senior
unsecured notes due 2020 issued by Yingde Gases Investment
Limited.

Fitch's Outlook on Yingde remains Negative, as we expect the
working capital position to remain a significant risk. This is
despite less volatility in cash collection in 1H15, and
deleveraging from 2015 to 2017 due to capex reduction.

KEY RATING DRIVERS

Working Capital Remains a Burden: Fitch expects Yingde's working
capital cycle to stay at above 50 days in 2015, driven mostly by a
rise in account receivable collection days. This is in turn due in
large part to weak cash generation and tighter liquidity for steel
makers.

The domestic steel sector is still plagued with overcapacity, low
utilisation rates and soft ASP. Yingde is subject to uncertainties
regarding cash collection and further additions to its delinquent
accounts should operating conditions deteriorate. An increased
working-capital position has hindered the ability to generate
sustainable positive FCF - even during an industry downturn when
significant capex reductions have taken place.

De-leveraging Trend Evident: Fitch expects Yingde's FFO-adjusted
net leverage to improve to 3.5x-3.7x in 2015/2016 from 4.5x in
2014, due to lower capex and stable EBITDA generation. We see
capex dropping to CNY1.0bn/1.5bn in 2015/2016 from CNY2.0bn in
2014, and the EBITDA margin to remain stable at 32%-33% between
2015 and 2017.

De-leveraging is expected to come from capex reduction, driven
mostly by the weak industry fundamentals of the steel sector in
China, which accounts for approximately two thirds of Yingde's
projects. While this translates into slower top-line growth, the
company's 'take-or-pay' business model with a pre-contracted
average selling price (ASP) also warrants a relatively stable
EBITDA margin.

Stable Profitability: Yingde enjoys more stable profitability than
its peers. This is due to the high contribution from its on-site
business, the bulk of which employs the take-or-pay business model
with pre-contracted ASP. The EBITDA margin was stable and remained
within 30%-32% between FY11 and FY14. Yingde's competitors, on the
other hand, tend to have more unpredictable earnings profiles as
they have higher exposure to the merchant gas sales segment, which
has wider gross margins but is subject to greater volatility in
demand and pricing.

Small by Global Standards: Yingde has a firm hold on the Chinese
on-site segment, but its scale is still small by global standards.
The international industrial gases sector is dominated by the big
players with strong market positions in the merchant market, and
the financial strength to compete in the on-site business.

KEY ASSUMPTIONS

Fitch's key assumptions within our rating case for the issuer
include:
-- 3%-6% revenue growth between 2015 and 2017;
-- Capex of CNY1.0bn/1.5bn in 2015/2016, respectively;
-- 32%-33% gross margin between 2015 and 2017.

RATING SENSITIVITIES

Negative: Developments that may, individually or collectively,
lead to negative rating action include:
-- EBITDA margin sustained below 30%;
-- Working capital days sustained above 50 days;
-- Sustained negative FCF generation;
-- FFO-adjusted net leverage sustained above 4.0x.

Positive: Developments that may, individually or collectively,
lead to positive rating action include:
-- The negative triggers are not met over the next 12 months.



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ARIHANT INDUSTRIES: ICRA Suspends B Rating on INR7cr Cash Loan
--------------------------------------------------------------
ICRA has suspended the [ICRA]B rating assigned to the INR7.00
crore long term fund based limits of Arihant Industries. ICRA has
also suspended [ICRA]A4 rating assigned to the INR8.00 crore short
term non fund based limits of Arihant Industries. The suspension
follows ICRA's 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                   7.00      [ICRA]B suspended


   Non Fund based Limits    8.00      [ICRA]A4 suspended

Incorporated as a partnership firm in 2010, AI belongs to the
Bhavnagar, Gujarat based UB Aggarwal Group (UBAG). The firm is
involved in manufacturing of steel structurals such as mild steel
(MS) channels, angles, flats and bars. The manufacturing plant of
the firm, which has a steel rolling mill with an annual production
capacity of 48,000 metric tonne (MT), is located at Ghanghali in
the Bhavnagar district of Gujarat. Besides AI, UBAG has a number
of other companies engaged in, steel manufacturing, steel re-
rolling, steel trading and coke manufacturing.


ASAI VISHWA: CARE Assigns B+ Rating to INR22.65cr LT Loan
---------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Asai
Vishwa Speciality Chemicals Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     22.65      CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of aSai Vishwa
Speciality Chemicals Private Limited (AVSCPL) is constrained by
the inherent project execution & stabilization risk, fluctuation
in the raw material prices, highly regulated industry and presence
in a highly competitive and fragmented pharma industry.

These factors far offset the benefits derived from experienced
management, location advantage of the project and favorable
industry scenario.

The ability of AVSCPL to successfully complete and stabilize the
project within the envisaged time and cost and thereafter
achieving the envisaged sales and profitability are the key rating
sensitivities.

Incorporated in 2012 by Dr Archis A. Yawalkar, Dr Manish V.
Mandlecha, Mrs Rupali P. Joshi and Dr Kishore N. AVSCPL is
currently setting up unit to manufacture active pharmaceutical
ingredients (API) and intermediaries at Rasayani MIDC (Panvel),
Maharashtra and also planning to apply for cGMP certification for
the said facility.

The manufacturing facility will be spread across 25,000 sq. feet
and would have total installed capacity of 200 metric tons
of API's per annum. The company plans to manufacture anti-cancer,
anti-glaucoma, anti-asthma and several other products in different
segments. The company proposes to import 25% of its raw material
and 75% would be purchased from domestic market. Furthermore,
AVSCPL plans to export 80% of API's to countries like US, UK and
others and remaining would be sold domestically. The company has
already setup in-house research and development facility at
Taloja.


ASVINI FOUNDATIONS: CRISIL Assigns B Rating to INR150MM LT Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Asvini Foundations Pvt Ltd (Asvini).

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Long Term Loan        150        CRISIL B/Stable

The rating reflects Asvini's susceptibility to risks related to
completion and saleability of its ongoing real estate residential
project in Coimbatore (Tamil Nadu), and to cyclicality in the
Indian real estate industry. These rating weaknesses are partially
offset by the extensive experience and established track record of
Asvini's promoters in the residential real estate development
business.
Outlook: Stable

CRISIL believes that Asvini will continue to benefit over the
medium term from its promoters' extensive experience and
established track record in the real estate industry in Tamil
Nadu. The outlook may be revised to 'Positive' if the firm
completes and sells its projects sooner than expected, leading to
an improvement in its financial risk profile. Conversely, the
outlook may be revised to 'Negative' in case of delays in project
completion or in receipt of advances from customers, or if the
firm undertakes a large debt-funded project, weakening its
financial risk profile.

Set up as a private limited company in 2006, Asvini is involved in
the construction and sale of residential apartments in Tamil Nadu.
The firm is promoted by Mr. Sivagurunathan along with his friends
and family.

The company reported a net loss of INR25 million on net sales of
INR78 million for 2014-15 (refers to financial year, April 1 to
March 31), against a net loss of INR5 million on net sales of
INR140 million for 2013-14.


AUTO CARRIAGE: Ind-Ra Withdraws 'IND BB-' LT Issuer Rating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Auto Carriage
Pvt Ltd's (ACPL) 'IND BB-(suspended)' Long-Term Issuer Rating.

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

Ind-Ra suspended ACPL's ratings on 16 March 2015.


BASANT BETONS: CRISIL Ups Rating on INR143.5MM LT Loan to B+
------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Basant Betons (Basant) to 'CRISIL B+/Stable' from 'CRISIL
B/Stable'.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            35        CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B/Stable')

   Long Term Loan       116.5       CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B/Stable')

   Proposed Long Term   143.5       CRISIL B+/Stable (Upgraded
   Bank Loan Facility                from 'CRISIL B/Stable')

The rating upgrade reflects CRISIL's belief that Basant's business
and financial risk profiles will improve over the medium term.
Profitability remains stable at 38-40 per cent, and expected cash
accrual of INR55-60 million will be sufficient to meet repayment
obligation of about INR38 million in 2015-16 (refers to the period
between April 1 to March 31). In the absence of any debt-funded
capital expenditure (capex) plan, the firm's capital structure is
expected to remain above average, with a gearing of less than 0.5
times and comfortable interest coverage ratio of more than 6 times
over the medium term.

The rating reflects Basant's small scale of operations and
exposure to cyclicality in end-user industry. These rating
weaknesses are partially offset by the promoters' extensive
experience in the concrete segment.
Outlook: Stable

CRISIL believes Basant will continue to benefit over the medium
term from the promoters' extensive industry experience. The
outlook may be revised to 'Positive' if significant improvement in
cash accrual leads to a better liquidity. Conversely, the outlook
may be revised to 'Negative' if financial risk profile weakens due
to lower-than-expected cash accrual, larger-than-expected working
capital requirement or debt-funded capex, or capital withdrawal.

Set up in 1993, Basant manufactures concrete products used in
making paving pathways, car parks, and other areas. The firm also
sells granite products used in landscaping.


CHETAN STONE: CARE Assigns B+ Rating to INR18cr LT Loan
-------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Chetan
Stone Crusher.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities       18       CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Chetan Stone Crusher
is constrained by project execution and funding risk, relatively
small scale of operation with moderate profit margins. The rating
is further constrained by partnership constitution of the entity,
regulatory risk pertaining to environmental issues and presence in
the highly fragmented and competitive industry.

The rating however derives strength from experienced of management
in the industry, comfortable capital structure and debt coverage
indicators and wide customer base.

Ability of the entity to scale up to operations, along with the
financial closure for the project and timely completion of the
project are the key rating sensitivities.

Established in 2011, Chetan Stone Crusher (CSC) is a partnership
firm engaged in the business of stone crushing. CSC owns stone
quarry and crushing plant in Palghar with current capacity of
processing 200 tons per hour wherein the commercial production
started in December 2012. The entity breaks down stone boulders
into aggregates primarily used in the real estate and construction
industry and sells to the client base located in Mumbai and Thane.
CSC has been catering primarily to ARC Construction Pvt. Ltd and
others as well. The existing partners of CSC have signed an MOU to
sell the business to Mr Sachin Vartak (engaged in real estate
development under his company namely Navkar Homes & Estate Pvt.
Ltd.).

During FY15 (refers to the period April 1 to March 31), CSC posted
total operating income of INR10.07 crore (vis-a-vis INR4.82 crore
in FY14) and PAT of INR0.76 crore (vis-a-vis INR0.24 crore in
FY14).


ESHAAN EXPORTS: ICRA Assigns B Rating to INR7cr Cash Credit
-----------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B to the INR7.00
crore fund based bank limits and the INR3.00 crore unallocated
limits of Eshaan Exports.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term, Fund
   Based-Cash Credit      7.00        [ICRA]B/Assigned

   Long Term, Non
   Fund Based             3.00        [ICRA]B/Assigned

The assigned rating takes into account the nascent stage of
operations with FY15 being the first year of operations for the
firm, weak financial profile characterised by high gearing and
weak coverage indicators and stretched liquidity position
emanating from elongated receivable days. The risk is further
accentuated by the small scale of operations, exposure to intense
competition, low entry barriers and the thin margins in trading
business. ICRA however favourably factors in the promoters'
experience of over a decade in the textiles trading industry.

Set up in the year 2013, Eshaan Exports is a partnership firm set
up by Mr. Ravi Shah and Mr. Alok Jain, who have more than a decade
of experience in the textiles industry. The firm is engaged in
trading of greige cloth that finds diverse application in the
textile business. Greige fabrics are extensively used for various
end-uses like apparel, industrial and furnishings. The entity
sells its products primarily in the export market (70% of total
sales) with Dubai, Hong Kong and Saudi Arabia being the major
export destinations. The registered office of the company is
located at Belapur, Navi Mumbai.

Recent Results
As per audited results, for the financial year ending March 2015,
Eshaan Exports reported operating income of INR23.87 crore and
profit after tax (PAT) of INR0.05 crore.


FROSTEES EXPORT: Ind-Ra Withdraws 'IND BB+' LT Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Frostees Export
(India) Pvt Ltd (Frostees) 'IND BB+(suspended)' Long-Term Issuer
Rating. The agency has also withdrawn the 'IND BB+(suspended)'
rating on Frostees' INR140m 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 Frostees.

Ind-Ra suspended Frostees' ratings on March 16, 2015.


GANPATI EDUCATION: Ind-Ra Suspends 'IND BB' Rating on INR48M Loan
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Ganpati Education
Trust's INR48.48m term loans' long-term rating of 'IND BB' to the
suspended category.

The rating has been migrated to the suspended category due to the
lack of adequate information. Ind-Ra will no longer provide
ratings or analytical coverage for Ganpati Education Trust.

The rating will remain in the suspended category 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 re-instated and will be
communicated through a rating action commentary.


GAYATRI COTTON: CARE Assigns B+ Rating to INR8cr LT Loan
--------------------------------------------------------
CARE assigns the rating of 'CARE B+' to the bank facilities of
Gayatri Cotton Mills.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities       8        CARE B+ Assigned

Rating Rationale
The rating assigned to the bank facilities of Gayatri Cotton Mills
(GCM) is constrained by relatively small scale of operations,
volatility associated with raw material price, low profit level
and cash accrual, working capital intensive nature of operation
with leveraged capital structure and highly regulated industry
with government fixing the Minimum Support price of cotton. The
rating is, however, underpinned by the satisfactory experience of
partners, adequate availability of raw material due to presence of
facility in cotton growing area of Andhra Pradesh, growth in total
operating income during the lasts three years, diversified
geographical and customer base. Going forward, the ability of the
firm to increase the scale of operations with improvement in
profitability and liquidity, improve the capital structure and
adequately manage the working capital requirements are the key
rating sensitivities.

GCM was established in June 2012 as a partnership firm by Mr
Innamuri Basavaiah and Mr Innamuri Subrahmanyam. The firm is
engaged in the manufacturing and processing of Kappas into cotton
lint. The firm has its facilities (14 ginners and 1 cotton baling
press) located at Guntur District of Andhra Pradesh. The firm
acquires cotton directly from the farmers and after ginning, sells
the same in the domestic market.

For FY15 (Prov.) (refers to the period April 1 to March 31), GCM
registered a total income of INR36.05 crore (INR12.73 crore in
FY14) with a PAT of INR0.18 crore in FY15 (INR0.13 crore in FY14).
During Q1FY16 (Provisional), GCMhas reported total income of
INR7.7 crore and PAT of INR0.04 crore.


GURUKRUPA METALS: ICRA Reaffirms B- Rating on INR10cr Loan
----------------------------------------------------------
The rating of [ICRA]B- has been reaffirmed for the INR10.00 crore
cash-credit facility of Gurukrupa Metals.

                          Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Cash Credit Facility     10.00       [ICRA]B- reaffirmed

The reaffirmation of rating continues to take into account limited
diversification of product profile; revenue de-growth in FY15 and
the weak financial profile characterized by modest profitability
indicators, adverse capital structure and weak debt protection
metrics. Further, the significant increase in the working capital
intensity driven by stretched receivables coupled with limited
cushion on working capital limits has exerted pressure on the
liquidity position of the company. The rating also takes into
account the risks arising out of volatility in brass prices as
well as vulnerability to foreign exchange rate fluctuations due to
reliance on imports for procurement. While assigning the rating,
ICRA has also noted the risks of capital withdrawals that are
inherent in proprietorship firms.

However, the rating continues to draw comfort from the experience
of the promoters in the non-ferrous metals industry as well as the
established relationships of the promoters with suppliers and
customers.

Incorporated in May 2011 as a proprietorship firm by Mr. Ramgopal
O. Maheshwari, GM is a metal merchant based out of Jamnagar,
Gujarat. The firm commenced the trading operations in September
2011 and has been involved in the business of trading of non-
ferrous metal scrap, mainly brass scrap. The firm caters to the
domestic market, particularly Jamnagar and surrounding areas.

Recent Results
For the year FY 2015, the firm reported an operating income of
INR55.40 crore and profit after tax of INR0.82 crore as against
operating income of INR67.70 crore and profit after tax of INR0.38
crore during FY 2014.


ISMT LTD: Ind-Ra Affirms 'IND D' Long-Term Issuer Rating
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed ISMT Ltd's Long-
Term Issuer Rating at 'IND D'.

KEY RATING DRIVERS

The affirmation reflects ISMT's continuing delays in debt
servicing as reported in the latest available annual report for
FY15. Ind-Ra has not been provided with the other details of the
default.

RATING SENSITIVITIES

Timely debt servicing for at least three consecutive months will
be positive for the ratings.

COMPANY PROFILE

ISMT is a Pune-based manufacturer of seamless tubes and ferro
alloys. It has three manufacturing plants, one each in Jejuri,
Baramati and Ahmednagar. Its current tube making capacity is
465,000mtpa and steelmaking capacity is 350,000mtpa.


JAISWAL STEEL: Ind-Ra Assigns 'IND B' LT Issuer Rating
------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Jaiswal Steel
Industries Pvt Ltd (JSIPL) a Long-Term Issuer Rating of 'IND B'.
The Outlook is Stable.

KEY RATING DRIVERS

The ratings reflect JSIPL's small scale of operations as reflected
in its net revenue of INR69.09m, according to the provisional
financials for FY15. Moreover, the credit metrics are weak with
interest coverage of 1.1x and net financial leverage of around
7.3x during FY15.

The ratings further reflect the weak liquidity profile of the
company as reflected in its full working capital utilisation along
with instances of overutilisation during the 12 months ended
August 2015 which were regularised within three days.

However, the ratings benefit from the directors' over five-decade-
long experience in the iron and steel industry.

RATING SENSITIVITIES

Positive: An increase in the scale of operations along with an
improvement in the credit metrics will be positive for the
ratings.

Negative: Further liquidity deterioration will be negative for the
ratings.

COMPANY PROFILE

Incorporated in 2005, JSIPL started its commercial operations from
2014. It manufactures casting products and mild steel ingots. The
company is managed by Sambhunath Jaiswal and has a registered
office in Jamshedpur.


JALARAM COTTON: ICRA Suspends B+ Rating on INR7cr Cash Loan
-----------------------------------------------------------
ICRA has suspended the [ICRA]B+ rating assigned to the INR7.00
crore long term fund based limits of Jalaram Cotton Ginning and
Pressing Factory. The suspension follows ICRA's 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                 7.00       [ICRA]B+ suspended

Established in 1993, Jalaram Cotton Ginning and Pressing Factory
is engaged in cotton ginning and pressing business. The business
is owned and managed by Mr. Hitesh Thakkar and Mr Nilesh Patel.
The firm's manufacturing facility is located in Baroda, Gujarat.
The firm has twenty five ginning machines and one pressing machine
with the manufacturing capacity of 120 bales per day.


JEYENKAY PETROGELS: ICRA Cuts Rating on INR3.40cr Loan to B+
------------------------------------------------------------
ICRA has downgraded the long-term rating assigned to the Rs.3.40
crore fund based limit of Jeyenkay Petrogels Private Limited to
[ICRA]B+ from [ICRA]BB-. ICRA has reaffirmed the short-term rating
of [ICRA]A4 assigned to the Rs.11.00 crore non-fund based limits
of the company.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Fund        3.40        [ICRA]B+; downgraded
   Based Limit-Cash
   credit

   Short-term Non-      11.00        [ICRA]A4;reaffirmed
   Fund Based Limit
   Letter of Credit/
   Buyer's Credit

   Short-term Non-      (0.05)       [ICRA]A4;reaffirmed
   Fund Based Limit
   Bank guarantee

   Unallocated limits    3.60        [ICRA]B+/[ICRA]A4;
                                     downgraded/reaffirmed

ICRA has also downgraded the long term rating of the unallocated
amount of INR3.60 crore to ICRA]B+ from [ICRA]BB- and reaffirmed
the short term rating at [ICRA]A4.

The revision in the ratings reflects the deterioration in
profitability metrics of the company as a result of huge
volatility observed in its raw material prices which are crude oil
derivatives. With more than 50% of the raw material requirement
met through imports, the company's margins remain vulnerable to
volatility in foreign currency exchange rates. The revision
further reflects the strained liquidity position of the company
following an increase in inventory levels which also led to
stretching of payables resulting in an adverse TOL/TNW ratio of
19.23 times as on March 31, 2015. The ratings take into account
the highly leveraged capital structure of the company on the back
of heavy external borrowings against a low net worth base arising
from modest accruals. The ratings are further constrained by the
restricted pricing flexibility in the business due to fragmented
nature of the industry and intense competition among the players.

The ratings however, continue to factor in the established
experience of the promoter in the petrogel and specialty oil
industry. ICRA also notes the fiscal benefits enjoyed by the
company in the form of sales tax exemptions by virtue of its
factory location in Silvassa.

Jeyenkay Petrogels Pvt. Ltd. (JPPL) was initially established as a
partnership concern in the year 2007 and was later converted to a
private limited company in 2010. The company has been promoted by
Mr. Nilesh Patel who has an experience of over 20 years in the
manufacturing of petrogels. JPPL is engaged in the manufacture of
petrogels and specialty grade oils. The company has its registered
office at Ghatkopar, Mumbai and manufacturing facility at Silvassa
having a production capacity of 15,000 tonnes per annum.

Recent Results
The company has recorded a net profit after tax of Rs.0.03 crore
on an operating income of Rs.58.71 crore in FY15.


JUPITER INTERNATIONAL: CARE Reaffirms B Rating on INR93.83cr Loan
-----------------------------------------------------------------
CARE reaffirms the ratings assigned to bank facilities of Jupiter
International Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     93.83      CARE B Reaffirmed
   Long/Short term Bank          12.87      CARE B/CARE A4
   Facilities                               Assigned

Rating Rationale
The ratings of Jupiter International Limited (JIL) continue to be
constrained by the weak financial profile of the company with
continued losses in FY15 (refers to the period April 1 to
March 31) and high overall gearing, exposure towards foreign
exchange fluctuation risk, intense competition and significant
exposure in subsidiary company.

The aforesaid ratings also take into account the experience of the
promoters, established brand in domestic market with gradual
diversification into high margin products and leading distributor
status of reputed international brands in India. Improvement in
profitability and capital structure through new initiatives
undertaken by the management are the key rating sensitivities.

JIL was promoted by Mr. Raj Kumar Garodia of Kolkata in 1978. The
company is engaged in manufacturing of CD-Rs and DVD-Rs at its
manufacturing facility at Baddi, Himachal Pradesh (installed
capacity of 77.7 million pieces), trading of computer peripherals
(CD-Rs, DVD-Rs & computer accessories, etc) and strategic products
(solar UPS, solar battery, Tablets and Toner cartridges
manufactured in China & Taiwan) in the domestic market under the
brand name of 'Frontech'. JIL is also engaged in distribution of
computer hardware & peripherals of internationally reputed brands
in the domestic market. Trading sales constituted about 82% of
gross sales in FY15.

JIL had applied to its bankers for debt restructuring in October
2014. The restructuring proposal was approved by the
bankers in December 2014, with cut-off date as September 1, 2014.
On the total operating income of INR130.32 crore, JIL reported
loss of INR3.96 crore in FY15 vis-…-vis loss of INR7.91 crore
on total operating income of INR164.27 crore in FY14.


LAKSHMI VACUUMHEAT: CARE Assigns B+ Rating to INR9.14cr Loan
------------------------------------------------------------
CARE assigns 'CARE B+' ratings to the bank facilities of Lakshmi
Vacuumheat Treaters Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      9.14      CARE B+ Assigned

Rating Rationale

The ratings assigned to the bank facilities of Lakshmi Vacuum Heat
Treaters Pvt. Ltd. (LVHTPL) are constrained by weak capital
structure with debt funded land acquisition and weak liquidity
profile with increasing stretch in creditors' days. The ratings,
however, derive strength from LVHTPL's experienced promoters, well
established customer relationships, geographical diversification,
growth in total operating income and strong profit margins.

The ability of the company to increase its scale of operations and
deleverage its capital structure forms the key rating
sensitivities.

Incorporated in the year 2008, Lakshmi Vacuum Heat Treaters Pvt.
Ltd. (LVHTPL) is engaged in providing heat treatment service to
attain different levels of hardness. The company's customers
mainly belong to automobile engineering, textile engineering,
medical engineering, aerospace, and other allied engineering
industries.

Mrs K S Varalakshmi, director of the company, also operates a
proprietorship firm viz. Lakshmi Vacuum Technologies (LVT) engaged
in manufacturing of vacuum furnaces. The firm is a sole supplier
of furnaces to LVHTPL.

The company reported PAT of INR0.54 (Provisional) crore on total
operating income of INR13.10 crore in FY15 (refers to the period
April 1 to March 31) as against PAT of INR0.59 crore on total
operating income of INR11.25 crore in FY14.


MUJAWADIA TRACTORS: CRISIL Assigns B+ Rating to INR1cr Loan
-----------------------------------------------------------
CRISIL has revoked the suspension of its rating on the bank
facilities of Mujawadia Tractors Pvt Ltd (MTPL) and has assigned
its 'CRISIL B+/Stable/CRISIL A4' rating to the facility.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         70        CRISIL A4 (Assigned;
                                    Suspension Revoked)

   Cash Credit             1        CRISIL B+/Stable (Assigned;
                                    Suspension Revoked)

The rating was 'Suspended' by CRISIL by the Rating Rationale dated
May 29, 2014, since MTPL had not provided the necessary
information required for a rating review. The company has now
shared the requisite information, enabling CRISIL to assign rating
to the bank facility.

The ratings reflect MTPL's modest net worth levels, low operating
profitability and exposure to high supplier concentration risk.
Moreover, its revenue is susceptible to fluctuations in
agricultural output. These rating weaknesses are partially offset
by the company's established position in the tractor distribution
sector driven by healthy relationship with the principal
International Tractors Ltd (ITL), and comfortable debt protection
metrics due to limited debt levels.
Outlook: Stable

CRISIL believes that MTPL will continue to benefit over the medium
term from its association with ITL. The outlook may be revised to
'Positive' in case of a significant increase in revenue and
profitability, resulting in substantial cash accrual, while the
working capital cycle improves. Conversely, the outlook may be
revised to 'Negative' if the financial risk profile weakens
because of low cash accrual or large working capital requirements
or any large debt funded capex plans.

Incorporated in 1999, MTPL is promoted Mr. Krishan Gopal Mujawadia
and his cousin, Mr. Pramod Mujawadia. It has a distributorship for
ITL's tractors, which are sold under the brand Sonalika. The
company caters to 35 dealers of ITL located in and around Indore
(Madhya Pradesh). The sales are mainly of tractors with 41-50
horse power capacities.

The company reported a profit after tax (PAT) of INR3.3 million on
net sales of INR662.3 million for 2013-14 (refers to financial
year, April 1 to March 31), against a PAT of INR2.6 million on net
sales of INR447.8 million for 2012-13. Its gross sales for 2014-15
are estimated at INR506.8 million.


NATIONAL MOTORS: CRISIL Suspends B Rating on INR60MM LT Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
National Motors (National).

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         10        CRISIL A4
   Cash Credit             5        CRISIL B/Stable
   Inventory Funding
   Facility               15        CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility     60        CRISIL B/Stable

The suspension of ratings is on account of non-cooperation by
National with CRISIL's efforts to undertake a review of the
ratings outstanding. Despite repeated requests by CRISIL, National
is yet to provide adequate information to enable CRISIL to assess
National'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'

National, based in Alwar (Rajasthan), was established in August
16, 2010, as a partnership firm by Mr. Mukesh Gupta and his wife,
Mrs. Shashi Gupta. The firm is an authorised dealer of M&M's
tractors in Alwar. The firm has presence in eight other tehsils in
Rajasthan. The company is the only authorised dealer for M&M
tractors in these regions.


NAVKAR IRON: Ind-Ra Assigns 'IND B-' LT Issuer Rating
-----------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Navkar Iron &
Steels Pvt. Ltd. (NISPL) a Long-Term Issuer Rating of 'IND B-'.
The Outlook is Stable.

KEY RATING DRIVERS

The ratings reflect NISPL's small scale of operations coupled with
its weak credit profile. In FY15, revenue was INR212m (FY14:
INR51m), interest coverage was 0.8x (0.8x) and net financial
leverage (Ind-Ra adjusted net debt/operating EBITDA) was 9.9x
(47.2x). Operating EBITDA margins have been low in the range of
1.5%-4% over FY12-FY15.

The ratings also consider NISPL's tight liquidity position due to
its stretched working capital cycle. There were instances of
overutilisation of the fund-based working capital limits by the
company over the 12 months ended September 2015.

The ratings, however, benefit from the company's founder's
experience of more than two decades in the iron and steel industry
and the established customer base of the company.

RATING SENSITIVITIES

A positive rating action could result from a substantial increase
in the scale of operations along with an improvement in the
profitability leading to an overall improvement of the credit
metrics.

COMPANY PROFILE

NISPL was incorporated in 2004 and manufactures mild steel bars,
angels, channels and thermo mechanically treated round and steel
bars. The company has its manufacturing facilities in Indore,
Madhya Pradesh.


PARVATI SOLVENT: ICRA Lowers Rating on INR10cr Cash Loan to D
--------------------------------------------------------------
ICRA has revised the long-term rating assigned to the Rs.10.00
crore cash credit facility and Rs.2.71 crore term loan facility of
Parvati Solvent Extraction Private Limited to [ICRA]D from
[ICRA]B+.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Fund Based-Cash
   Credit Limits         10.00       Revised to [ICRA]D
                                     from [ICRA]B+

   Fund Based-Term        2.71       Revised to [ICRA]D
   loan                              from [ICRA]B+

The rating revision takes into account the irregularity in debt
servicing and overdrawals from the cash credit account over the
last few months. The rating also takes into account the weak
financial profile of the company characterised by a decline in
operating income, low net profit margins and highly stretched
capital structure. ICRA also notes the high competitive intensity
arising from a highly fragmented industry and the vulnerability of
the company's profitability to availability and prices of soya
given its limited ability to pass on the price rise to its
customers.

The rating, however, favourably factors in the long experience of
the promoters in the solvent extraction business and location
advantage that the company enjoys being situated in the soya belt
region of the country.

Parvati Solvent Extraction Private Limited (PSEPL) was
incorporated as a private limited company in 2009. The company
commenced operations from July 2010 and is engaged in solvent
extraction and production of soya products viz. crude oil and DOC.
It has an extraction unit at Jalna, Maharashtra with an intake
capacity of 250 MT per day. The day-to day operations is looked
after by Mr. Pritam Longaonkar, director of the company along with
his expert and experienced management team.

Recent Results
PSEPL recorded a net profit of INR0.17 crore on an operating
income of INR78.82 crore for the year ending 31st March 2014.


PHOSPHATE COMPANY: Ind-Ra Affirms 'IND B' LT Issuer Rating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed The Phosphate
Company Limited (TPCL) a Long-Term Issuer Rating of 'IND B'. The
Outlook is Stable.

KEY RATING DRIVERS

The affirmation reflects TPCL's moderate scale of operations with
revenue of INR715.3m during FY15 (FY14: INR696.6m). The ratings
also reflect TPCL's weak credit profile with interest coverage of
0.9x in FY15 (FY14: 0.9x), net financial leverage 8.4x (8.2x) and
EBITDA margins of 6.9% (6.7%).

The ratings also consider TPCL's moderate liquidity profile with
77% utilisation of the working capital facility for the 12 months
ended October 2015.

The ratings are supported by the over three decades of experience
of TPCL's directors in manufacturing fertilisers and the company's
strong relationships with its customers and suppliers.

RATING SENSITIVITIES

Positive: A sustained improvement in the credit metrics will be
positive for the ratings.

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

COMPANY PROFILE

TPCL is one of the oldest single super phosphate manufacturing
units in eastern India. The company was incorporated in 1949. Its
registered office is in Kolkata and its manufacturing unit is in
Rishra, Hooghly district - West Bengal.

TPCL manufactures fertilisers and has an installed capacity of
9,400mtpa. It supplies goods to local wholesale dealers who then
sell the fertilisers to farmers and other consumers under the
brand name of Lakshmi Brand. The management is also planning to
launch a new product line of pesticides and herbicides.


PREMIER LIMITED: CARE Lowers Rating on INR310cr LT Loan to D
------------------------------------------------------------
CARE revises the ratings assigned to the bank facilities and
instrument of Premier Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities    310.00      CARE D Revised from
                                            CARE BB

   Short term Bank facilities    75.00      CARE D Revised from
                                            CARE A4

   Fixed Deposit Programme       46.00      CARE D Revised from
                                            CARE BB

Rating Rationale
The revision in the ratings of Premier Limited takes into account
the ongoing delay in servicing of debt obligations due to weak
liquidity position.

Premier Limited (formerly Premier Automobiles Ltd.), established
in 1944, operates in two segments -- Engineering and Automotive.
The engineering segment contributed 92.24% to total operating
income during FY15 (refers to period April 1 to March 31) has two
activities -- CNC (computer numerical control) machine division
and heavy engineering. Under CNC machine division, company
manufactures CNC gear cutting machines, vertical and horizontal
machining centres and special purpose machines. The heavy
engineering serves the general engineering and windmill turbine
sectors. The automotive segment consists of Light Utility Vehicles
(LUVs) and Sports Utility Vehicles (SUVs). This division is
engaged in assembling of vehicles parts comprising imported
painted bodies and indigenous production of vehicle bodies. This
assembly line is proposed to be closed temporarily on account of
lower demand.

During FY15 (refers to the period April 1 to March 31), Premier
Ltd reported Net Loss of INR45.8 Crore on a Total Income from
operations of INR169.55 crore. During Q1FY16 (refers to the period
April 1to June 30) Premier Ltd reported Net Profit of INR31.57
Crore (includes exceptional income of INR49.15 Crore) on a Total
income from operations of INR35.21 Crore.


PUSHPAK BULLIONS: ICRA Revises Rating on INR140cr Loan to B+
------------------------------------------------------------
ICRA has revised the long-term rating to [ICRA]B+ from [ICRA]BB+
for the INR140.00 crore fund based limits and INR10.00 crore
unallocated limits of Pushpak Bullions Private Limited.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund-Based Limits     140.00      [ICRA]B+; Revised from
                                     [ICRA]BB+(Stable)

   Unallocated Limits     10.00      [ICRA]B+; Revised from
                                     [ICRA]BB+(Stable)

The revision in rating takes into account the slowdown in demand
leading to decline in realizations along with its tight liquidity
position emanating from elongation in debtor realization in the
jewellery business. The rating continues to be constrained by the
highly competitive nature of the industry and PBPL's exposure
towards regulatory risks, wherein; any change in the market
dynamics and regulatory environment may impact its revenues as
well as profitability as observed during FY 2015. The rating also
takes into account PBPL's modest operating profitability and cash
accruals owing to the trading nature of operations, exposure to
group companies by way of investments and corporate guarantees,
where commensurate returns from investments and any material
liability from guarantees will remain a key rating sensitivity.
The ratings, however, favourably factors in the long experience of
the promoters in the bullion trading business and its diverse
streams of revenue with foray into jewellery manufacturing and
exports.

Pushpak Bullions Private Limited (PBPL) is among one of the
leading bullion dealers in the country. It was incorporated on
17th December 1999 and is promoted by Mr. Chandrakant Patel. The
company is engaged in trading of gold and silver bullion. Apart
from this, the company is also involved in manufacturing and
wholesale trading and export of plain gold jewellery, diamond
studded jewellery, gold and silver coins, medallions, bullion bars
and precious stones.

Recent Results
PBPL reported profit before tax (PBT) of INR6.40 crores on
Operating Income (OI) of INR2536.45 crores in FY 2015 provisional
results as against PAT of INR9.07 crores on OI of INR4591.86
crores in FY 2014.


R. S. FIBERS: CARE Assigns 'B' Rating to INR12.75cr LT Loan
-----------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of R. S.
Fibers.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     12.75      CARE B Assigned

Rating Rationale

The rating of R. S. Fibers (RSF) is constrained by very short
track record of operation, high leverage and weak debt coverage
indicators. The rating is further constrained by its
susceptibility to volatile cotton prices, its presence in a highly
fragmented and working capital intensive cotton ginning industry.

The rating however derives strength from vast experience of the
promoters of RSF in the cotton ginning industry and its favourable
location.

The ability of RSF to increase its scale of operation, improve its
profitability and efficiently manage the working capital
requirement would be the key rating sensitivities.

RSF is promoted by three brothers, Mr Gopal Agrawal, Mr Shyam
Agrawal and Mr Sanjay Agrawal as partnership firm in June 2014 to
carry business of Cotton ginning & Pressing and trading of agro
commodities including raw cotton, cotton seed and soya seeds. The
firm's manufacturing facility is situated at Maddarki in Yadgiri
district of Karnataka with an installed manufacturing capacity of
63,000 cotton bales per annum.

During FY15 (refers to the period April 1 to March 31), RSF
reported PBILDT and PAT of INR0.85 crore and INR0.09 crore
respectively on TOI of INR17.22 crore.


RAJGANGPUR ISPAT: ICRA Assigns B- Rating to INR3.0cr Cash Loan
--------------------------------------------------------------
ICRA has assigned the [ICRA]B- rating to the INR3.00 crore cash
credit limit of Rajgangpur Ispat Udyog on the long term scale.
ICRA has also assigned a short term rating of [ICRA]A4 to the
INR5.00 crore fund based bank limits of the firm.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based Limit
   Cash Credit           3.00         [ICRA]B- assigned

   Fund Based Limit
   Bills discounting     5.00         [ICRA]A4 assigned

The assigned ratings take into account RIU's small scale of
current operations as well as low value additive nature of iron
ore crushing unit leading to nominal profits and cash accruals.
Moreover, its financial profile also remained weak as reflected by
a high gearing of 3.60 times, as on 31st March, 2015 and depressed
debt coverage indicators. The assigned rating is further
constrained by the firm's exposure to risks associated with the
volatility in key raw material prices as well as its corporate
status as that of a partnership concern which exposes it to the
risks of capital withdrawals, risk of dissolution etc. ICRA also
takes note of the regulatory risks applicable to the mining
industry as well as the inherent cyclicality in the iron and steel
industry which is likely to impact the operations of major
industry players, including RIU. The ratings however derives
comfort from the long experience of the partners in the iron and
steel industry and the close proximity of RIU's operations to iron
mines and its customer base, which provides cost advantage in
terms of lower freight costs, although concentration of customers
in Odisha and neighbouring states leads to geographical
concentration.

Rajgangpur Ispat Udyog, promoted in the year 1982, is a
partnership concern promoted by the Agarwal family based out of
Odisha. The firm has an installed annual crushing capacity of
90000MT for iron ore lumps and 30000MT for iron ore fines.

Recent Results
RIU reported a profit after tax of INR0.07 crore on an operating
income of INR28.49 crores during FY15 as against a profit after
tax of INR0.04 crore on an operating income of INR29.13 crore
during FY14.


RAM SAROOP: Ind-Ra Assigns 'IND BB-' LT Issuer Rating
-----------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Ram Saroop Deepak
Kumar (RSDK) a Long-Term Issuer Rating of 'IND BB-'. The Outlook
is Stable. The agency has also assigned RSDK's INR240m fund-based
working capital limits Long-term 'IND BB-'/Stable and Short-term
'IND A4+' ratings.

KEY RATING DRIVERS

The ratings are constrained by RSDK's weak credit metrics with
gross interest coverage (operating EBITDA/gross interest expense)
of 1.27x and net leverage (total Ind-Ra adjusted net
debt/operating EBITDAR) of 9.17x in FY15.

The ratings are also constrained by the commodity based nature of
business which generates low operating margins (FY15: 2.02%). The
ratings factor in the proprietorship based organisational
structure of RSDK.

The ratings are, however, supported by the company's comfortable
liquidity position as evident from its average working capital
utilisation of 69% during the 12 months ended September 2015. The
ratings further factor in the promoter's experience of around two
decades in the trading of basmati rice and paddy.

RATING SENSITIVITIES

Negative: Deterioration in the credit metrics will be negative for
the ratings.

Positive:  An improvement in the overall credit metrics will be
positive for the ratings.
COMPANY PROFILE

RSDK is based out in Delhi and was established in 1999. It is
involved in the trading of basmati rice and paddy. It mainly sells
its products to exporters in Delhi.


RITU CARGO: CARE Reaffirms B+ Rating on INR15.05cr LT Loan
----------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Ritu Cargo Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     15.05      CARE B+ Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of Ritu Cargo Private
Limited (RCPL) continues to remain constrained on account of its
financial risk profile marked by low PAT margin, leveraged capital
structure and moderate liquidity position. The rating is, further,
continued to remain constrained on account of competitive nature
of the transportation and logistics business with customer
concentration risk.

The rating, however, continued to derive strength from the
experienced promoters with established presence of the Ritu
group in the transportation business and its reputed clientele
base.

The ability of the company to increase its scale of operations
with stable profitability margins and improvement insolvency
position are the key rating sensitivity.

Jodhpur-based (Rajasthan) RCPL was incorporated as a private
limited company by Ritu Group in July 2013. The Ritu group is
engaged in the transportation services since 1991 and has about
457 carriers/tankers as on June 30, 2014, running in the
transportation of oil, lubricants, bitumen, emulsion and
commercial vehicles. RCPL was promoted with an objective to
transport goods from port to various plants and vice versa and
have fleet size of 104 vehicles as on March 31, 2015. RCPL has an
arrangement with Mumbai-based Om Shree Ganesh Containers Private
Limited (OMPL) in September 2013 for running of its vehicles in
the state of Maharashtra with imported raw materials and coming
back with finished goods export material for a time period of 3
years.

During FY15, RLT has reported a total operating income of INR45.39
crore against INR41.67 crore during FY14 and PAT of INR0.12 crore
during FY15 against INR0.66 crore during FY14.


S.M. CONSTRUCTIONS: CARE Assigns 'C' Rating to INR7.02cr Loan
-------------------------------------------------------------
CARE assigns 'CARE C' rating to bank facilities of S.M.
Constructions.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      7.02      CARE C Assigned

Rating Rationale
The rating assigned to the bank facilities of S.M. Constructions
(SMC) is constrained due to stretched liquidity position
evident through irregularities in debt servicing of bank
facilities (not rated by CARE), weak financial risk profile marked
by deteriorating gearing ratios and weak debt coverage indicators,
exposure to highly regulated mining industry and small scale of
operations.. The rating is also constrained due to geographical
and customer concentration risk, limited scope for
growth in operations and high exposure in its group companies in
the form of loans and advances and proprietorship nature of the
entity involving the risk of withdrawal of capital by the
proprietor.

The rating, however, continues to factor in the long track record
of the business operations, considerable experience of the
promoter and long-term association with the mine owner.

The ability to the entity to increase the scale operations coupled
with improvement in profitability in light of stringent
governmental regulations and export bans imposed along with
reduction in exposure in group entities are the key rating
sensitivities.

Goa based S.M. Constructions (SMC) was established as a
proprietorship concern in the year 1994 by Mrs. Shamshun Shaikh,
with the assistance of her husband Mr. Muktar Shaikh. The entity
was initially engaged in industrial construction and real estate
development in the state of Goa. However, later the entity entered
into mining activities. The firm belongs to the Shaikh Muktar
Group (SMG) of companies based out of Goa, which has interests in
mining, construction, engineering, logistics, hospitality,
shipping and automobiles. The flagship entity of the group is
Muktar Minerals Private Limited, which is also involved in mineral
exploration, mining, processing and exporting of iron ore in Goa.
In 2006, the business of SMC of real estate and construction was
transferred to Muktar Infrastructure Private Limited and SMC has
primarily undertaken iron ore extraction services business since
then. Muktar Automobiles Private Limited (MAPL; rated 'CARE B' and
'CARE A4') is also a group company of SMC engaged in the exclusive
trading and servicing of vehicles of Mahindra & Mahindra Limited
(MML).

SMC has a long standing contract with Nadeem Minerals (NM), a
partnership concern which is a mine owner, for raising iron ore in
the mine; Sandur- Hospet located in Karnataka. SMC has been
extracting iron ore for NM since 2006 which it further sub-
contracts to its group entity MMPL. The e-auction of the mined
iron ore is undertaken by NM in its name, while SMC has no role to
play in the sale of iron ore to third parties. The agreement for
extraction of iron ore are fixed price in nature and the price of
mining of iron ore is pre-determined through mutual consent. The
agreement is entered into for tenure of three years and was last
renewed in March, 2013. The total estimated quantity of resources
available at NM's mine at Karnataka is about 27,30,000 MT.

During FY15(Provisional) (refers to period from April 1 to
March 31), the total operating income of the firm stood at INR37.7
crore and a PAT of INR1.60 crore.


SAIFUDDIN APPALAL: CARE Assigns B+ Rating to INR0.60cr LT Loan
--------------------------------------------------------------
CARE assigns CARE B+/CARE A4 rating to the bank facilities of
Saifuddin Appalal Mulla.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      0.60      CARE B+ Assigned
   Short term Bank Facilities     6.00      CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Saifuddin Appalal
Mulla (SAM) are constrained by small scale of operations with
limited order book, working capital-intensive nature of operations
and leveraged capital structure. The ratings, however, derives
strength from the experience of the proprietor with established
track record of operations. Going forward, the firm's ability to
complete its contract on a timely manner and efficient management
of working capital are the key rating sensitivities.

SAM is a proprietorship firm based out of Nipani, Karnataka. The
firm was established in the year 1989 by Mr. Saifuddin Appalal
Mulla and is presently being managed by his sonMr.MainuMulla.
SAM is a Class I government civil contractor and is engaged in
construction of roads, bridges, canals etc in the states of
Karnataka and Maharashtra. The firm receives government contracts
on tender basis. The outstanding order book of the firm was
INR11.60 crore as on March 31, 2015.

The firm has achieved PAT of INR0.93 crore on a total operating
income of INR11.43 crore in FY15(Prov.,refers to the period
April 1 to March 31) compared with a PAT of INR0.52 crore on a
total operating income of INR6.99 crore in FY14.


SAMARPAN SYNTHETICS: CARE Ups Rating on INR33.92cr Loan to BB-
--------------------------------------------------------------
CARE revises the long term rating assigned to bank facilities of
Samarpan Synthetics Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     33.92      CARE BB- Revised from
                                            CARE B+

Rating Rationale

The revision in the long-term rating of Samarpan Synthetics
Private Limited (SMSPL) takes into consideration improvement in
its solvency position. The rating also favourably takes into
account the vast experience of the promoters and location
advantage by way of its presence in textile cluster at Bhilwara.

The rating, however, continues to remain constrained on account of
its modest scale of operations with steady growth in Total
Operating Income (TOI) in FY15 (FY refers to the period from April
1 to March 31), moderate profitability margins, moderate solvency
position and stressed liquidity profile. The ratings are also
constrained on account of its limited presence in the textile
value chain, vulnerability of margins to fluctuation in the raw
material prices and its presence in a highly fragmented and
competitive textile industry. The rating is, further, constrained,
due to debt funded expansion project undertaken by the company.

The ability of the company to increase its scale of operations
while maintaining profitability margins and completion of
the project within envisaged time and cost parameters with
achieving of envisaged level of capacity utilization would be
the key rating sensitivity.

SMSPL incorporated in 2003, is promoted by Kabra family of
Bhilwara (Rajasthan). SMSPL started the commercial operations of
manufacturing of cotton grey fabrics from its greenfield plant
since May 2012. It gets the processing work done on grey fabrics
from other processors on job work basis. The manufacturing
facility of SMSPL is located at Bhilwara having total 36 airjet
looms with an installed capacity of 48 Lakh Meters Per Annum
(LMPA) as on March 31, 2015 for manufacturing of cotton fabrics.
It is also engaged in the weaving of cotton fabrics on job work
basis as well as trading of grey and finished fabrics. It sells
its product under the brand name of 'Samarpan'.

The group concern of SMSPL includes Satyam Suitings Private
Limited (SSPL, incorporated in 1987, rated 'CARE B+/CARE
A4') which is engaged in the manufacturing of synthetic fabrics at
Bhilwara.

During FY15 (FY refers to the period of March 31 to April 1),
SMSPL has reported a total operating income of INR33.69
crore (FY14: INR33.44 crore) with a net profit of INR 0.21 crore
(FY14: INR1.60 crore).


SANKAR COTTON: CARE Assigns B+ Rating to INR10cr LT Loan
--------------------------------------------------------
CARE assigns rating of 'CARE B+' to the bank facilities of Sankar
Cotton Traders.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities       10       CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Sankar Cotton
Traders (SCT) is constrained by volatility associated with raw
material price, low profit level and cash accrual, working capital
intensive nature of operation with leveraged capital structure and
highly regulated industry with Government fixing the Minimum
Support price of cotton. The rating is however underpinned by the
satisfactory experience of the promoters, adequate availability of
raw material due to presence of facility in the cotton-growing
area of Andhra Pradesh, volatility in total operating income
during the last three years and diversified geographical and
customer base. Going forward, the ability of the firm to increase
the scale of operations with improvement in profitability and
liquidity and ability of the firm to improve the capital structure
and adequately manage the working capital requirements are the key
rating sensitivities.

Sankar Cotton Traders (SCT) was originally started as a propriety
concern in 2003 by Mr Innamuri Basavaiah. In May 2014, the firm
was reconstituted as a partnership firm with addition of another
partner; Ms Innamuri Dhana Lakshmi (w/o Mr Innamuri Basavaiah).
The firm is engaged in manufacturing and processing of Kappas into
cotton lint. The firm has its facilities (9 ginners) located at
Guntur District of Andhra Pradesh. The firm acquires cotton
directly from the farmers and after ginning, sells the same in the
domestic market.

For FY15 (Provisional) (refers to the period April 1 to
March 31), SCT registered a total income of INR67.28 crore (Rs.40
crore in FY14) with a PAT of INR0.32 crore in FY15 (Rs.0.23 crore
in FY14). During Q1FY16 (Provisional), SCT has reported total
income of INR9.12 crore and PAT of INR0.04 crore.


SATYAM SUITINGS: CARE Reaffirms B+ Rating on INR5.55cr LT Loan
--------------------------------------------------------------
CARE reaffirms the ratings assigned to bank facilities of Satyam
Suitings Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      5.55      CARE B+ Reaffirmed
   Short-term Bank Facilities     0.50      CARE A4 Reaffirmed

Rating Rationale

The ratings continue to remain constrained on account of modest
scale of operations of Satyam Suitings Private Limited (SSPL) with
moderate profit margins, highly leveraged capital structure and
stressed liquidity profile. The ratings are, further, continue to
remain constrained on account of SSPL's limited presence in the
textile value chain, vulnerability of margins to fluctuation in
the raw material prices and its presence in a highly fragmented
textile industry.

The ratings, however, favourably take into account the vast
experience of promoters and location advantage by way of its
presence in textile cluster at Bhilwara.

The ability of the company to increase its scale of operations
while improving profitability margins in light of volatile raw
material price and efficient management of liquidity position
would remain the key rating sensitivity.

SSPL, incorporated in 1987, is promoted by Kabra family of
Bhilwara (Rajasthan). SSPL is engaged in the business of
manufacturing of synthetic grey fabrics from polyester yarn and
also does trading of grey and finished fabrics. It also
manufacturers grey fabrics on job work basis. The company
outsources the processing work required for the manufacturing of
finished grey fabrics on job work basis to the nearby process
house located at Bhilwara. The manufacturing facility of SSPL is
located at Bhilwara having total 44 looms with an installed
capacity of 27.50 Lakh Meters Per Annum (LMPA) as on March 31,
2015 for manufacturing of synthetic fabrics. The company sells its
product under the brand name of "Avishkar Suitings".

The other group concern of SSPL includes Samarpan Synthetics
Private Limited (SMSPL, incorporated in 2003, rated CARE BB-)
which is engaged in manufacturing of cotton grey fabrics. During
FY15 (FY refers to the period of March 31 to April 1), SSPL has
reported a total operating income of INR24.71 crore (FY14:
INR23.53 crore) with a net profit of INR 0.12 crore (FY14: INR0.06
crore).


SHIV SHAKTI: CARE Reaffirms B+ Rating on INR25cr LT Loan
--------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of Shiv
Shakti Ginning And Pressing Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities       25       CARE B+ Reaffirmed

Rating Rationale
The rating of Shiv Shakti Ginning and Pressing Private Limited
(SSGPL) continues to remain constrained on account of decline in
its scale of operations, high leverage, thin profitability and
modest debt protection indicators. The rating is further
constrained by the susceptibility of its operating margins to the
volatile cotton prices, its presence in a highly fragmented and
working capital intensive cotton ginning industry.

The rating, however, continues to derive strength from the vast
experience of the promoters in the cotton ginning business and
benefits derived from its favourable location - cotton-growing
belt of Gujarat.

The ability of SSGPL to significantly increase its scale of
operations and improve its profitability by moving up the cotton
value chain along with an improvement in its capital structure
would be the key rating sensitivities.

SSGPL was incorporated in 2007, and the commercial production
started in December 2008. It has a composite cotton ginning and
pressing unit at Anjar in the Kutch district of Gujarat. SSGPL is
promoted by Mr Nilesh VThacker and had an installed production
capacity of 97,440 cotton bales per annum as on March 31, 2015.
SSGPL also trades agricultural commodities such as cotton, cotton
seeds, ground nut oil, sugar and palmoline oil.

As per the audited results for FY15, SSGPL reported a total
operating income (TOI) of INR189.06 crore with a profit after
tax (PAT) of INR0.14 crore as against a TOI of INR313.26 crore
with a PAT of INR0.56 crore in FY14.


SHIV SHAMBHU: Ind-Ra Assigns 'IND BB-' LT Issuer Rating
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Shiv Shambhu Iron
& Steel Private Limited (SSISPL) a Long-Term Issuer Rating of 'IND
BB-'. The Outlook is Stable. The agency has also assigned SSISPL's
INR145m fund-based working capital limits an 'IND BB-' rating with
Stable Outlook.

KEY RATING DRIVERS

The ratings reflect SSISPL's moderate scale of trading operations
as well as credit metrics. According to the unaudited financials
of FY15, the company's revenue was INR503m, interest coverage was
1.4x and net financial leverage (Ind-Ra adjusted net
debt/operating EBITDA) was 4.9x.

The ratings are constrained by SSISPL's weak liquidity profile
with full utilisation of its working capital limits along with
instances of overutilisation during the 12 months, which was
regularised within 12 days.

The ratings, however, benefit from SSISPL's founder's experience
of over five decades in the scrap trading business.

RATING SENSITIVITIES

Positive: A positive rating action could result from a substantial
increase in the scale of operations along with an improvement in
the credit profile.

Negative: A negative rating action could result from deterioration
in the credit profile.

COMPANY PROFILE

Incorporated in 1960, SSISPL is engaged in the trading of scrap,
processing of iron and steel, manufacturing of mild steel wires,
etc. The company has its manufacturing unit in Adityapur. It is
managed by Mr Shambhu Nath Jaiswal.


SHRI BALAJI: ICRA Suspends D Rating on INR12cr LT Loan
------------------------------------------------------
ICRA has suspended the long-term rating of [ICRA]D assigned
earlier to the INR12 crore fund-based bank facilities of Shri
Balaji Literary and Charitable Society. The suspension follows
ICRA's inability to carry out a rating surveillance in absence of
the requisite information from the society.

                          Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Long-term fund-based     12         [ICRA]D Rating Suspended
   bank facilities

Operational since 2009, SBLCS is a part of Punjab based Rayat-
Bahra Group, which operates more than 35 colleges spread across 5
campuses and one Private University. SBLCS operates five colleges
through one campus which is located at Patiala (Punjab) and offers
engineering, management, computer applications, pharmacy and
diploma courses under various colleges in the campus. The group is
mainly present in Punjab, Himachal Pradesh and Delhi.


SIYARAM METAL: ICRA Revises Rating on INR35cr Cash Loan to B
------------------------------------------------------------
ICRA has revised the long term rating assigned to INR35.00 crore
cash credit facility of Siyaram Metal Udyog Private Limited from
[ICRA]B+ to [ICRA]B.

                           Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Cash Credit facility     35.00      [ICRA]B; revised from
                                       [ICRA]B+

The reaffirmation of rating takes into account the weak financial
profile characterized by modest profitability indicators, adverse
capital structure and debt protection metrics along with high
working capital intensity and tight liquidity position as
reflected by regular over-drawls in the cash credit facility of
the company. The rating also takes into account the lack of
diversification in product profile and the risks arising out of
volatility in brass prices as well as to foreign exchange rate
fluctuations due to reliance on imports for procurement.
However, the rating draws comfort frosm the experience of the
promoters and the established position of the company within the
non-ferrous metals industry as well as the established
relationships with suppliers and customers.

SMUPL is a metal merchant based out of Jamnagar, Gujarat and has
been in operation for the last two decades; the company has
primarily been involved in the business of trading of non-ferrous
metallic scrap. The company was operated as a proprietorship
concern called Siyaram Metal Udyog till April 2010, when it was
converted to a private limited company. SMUPL mainly imports non-
ferrous scrap; the product profile largely includes brass scrap,
ingots and other copper alloys, besides zinc. The company caters
to the Indian market, particularly Jamnagar and surrounding areas.

Recent Results
For the year FY 2015, the company reported an operating income of
INR228.27 crore and profit after tax of INR0.46 crore as against
an operating income of INR271.13 crore and profit after tax of
INR0.21 crore during FY 2014.


SOLANKI CONSTRUCTION: CRISIL Assigns B Rating to INR30MM Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Solanki Construction (Solanki).

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         35        CRISIL A4
   Cash Credit            30        CRISIL B/Stable

The ratings reflect Solanki's working capital intensive nature of
operations; and exposure to risks related to tender-based business
and to intense competition in construction industry resulting in
low operating margins. These rating weaknesses are partially
offset by extensive experience of the promoter and moderate
financial risk profile with low gearing and average debt
protection metrics.
Outlook: Stable

CRISIL believes that Solanki will continue to benefit over the
medium term from its promoters' extensive experience in civil
construction industry and healthy order book. The outlook may be
revised to 'Positive' if the firm significantly scales up its
operations and operating margins and geographically diversifying
its revenue profile. Conversely, the outlook may be revised to
'Negative' if Solanki's capital structure and liquidity weaken,
most likely due to substantial debt-funded capex or a stretch in
its working capital cycle, or if execution bottlenecks restrict
its revenue growth.

Solanki Construction (Solanki) was set up in 2000 as a partnership
firm by Mr. Bhalji Solanki and is managed by him and his family.
It undertakes projects in civil construction, primarily road
constructions and also, outsources the same to sub- contractors.

In the year 2014-15 (refer to financial year, April 1 to
March 31), the company reported profit after tax (PAT) of INR0.8
million with operating income of INR276 million against PAT of
INR0.7 million with operating income of INR194.4 million in 2013-
14.


SURAJ INDUSTRIES: CRISIL Reaffirms B+ Rating on INR65MM Loan
------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Suraj Industries
- Mantha (SI) continues to reflect the firm's modest scale of
operations in the fragmented cotton industry and the
susceptibility of its profitability to volatility in cotton
prices.

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

The rating also factors in SI's below-average financial risk
profile because of modest net worth, high gearing, and below-
average debt protection metrics. These weaknesses are partially
offset by the extensive industry experience of the partners.
Outlook: Stable

CRISIL believes SI will continue to benefit from the extensive
experience of its partners over the medium term. The outlook may
be revised to 'Positive' if the firm reports substantial and
sustained improvement in revenue and operating margin or
significant capital infusion by the partners leading to
improvement in its capital structure. Conversely, the outlook may
be revised to 'Negative' in case of further deterioration in its
financial risk profile, particularly liquidity, owing to lower-
than-expected cash accrual or large incremental working capital
requirements or considerable debt-funded capital expenditure.

Update
SI reported revenue of INR490 million in 2014-15 (refers to
financial year, April 1 to March 31), a decline of 10 per cent
year-on-year. The decrease in revenue was driven by a weaker
cotton crop resulting in inadequate availability of good quality
cotton and a lack of price parity during 2014-15. In 2015-16, the
firm is expected to sustain its revenue backed by expected steady
crop arrival. Operating margin remained steady around 2.1 per cent
in 2014-15. Working capital intensity remained moderate with gross
current assets of 69 days as on March 31, 2015, primarily driven
by sizeable inventory of 45 days and moderate debtors of 20 days.

The financial risk profile remained below average as reflected by
modest net worth of INR33 million and high gearing of around 3
times as on March 31, 2015. The debt protection metrics were
constrained with interest coverage ratio of 2 times and net cash
accruals to total debtratio of 0.05 time. Liquidity was marked by
modest accrual of INR3.6 million against no term debt obligations
in 2014-15; the limits are fully drawn during the crop season by
the firm.

Established in 2008, SI, a partnership firm based in Mantha, Jalna
(Maharashtra), gins and presses cotton. It has a manufacturing
capacity of 1000 quintals per day. The firm is promoted by the
Garg family from Sendhwa (Madhya Pradesh).


THRIARR POLYMERS: CRISIL Cuts Rating on INR51.7MM Loan to C
-----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Thriarr Polymers Pvt Ltd (TPPL) to 'CRISIL C' from 'CRISIL BB-
/Stable'.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit           51.7       CRISIL C (Downgraded
                                    from 'CRISIL BB-/Stable')

   Proposed Long Term    19.8       CRISIL C (Downgraded
   Bank Loan Facility               from 'CRISIL BB-/Stable')

The rating downgrade reflects the instances of delays by TPPL in
servicing its term loans (Not rated by CRISIL). The delays have
been caused by the company's weak liquidity with its depressed
cash accruals being inadequate to meet its term debt repayment
obligations.

The rating continues to reflect the company's below-average
financial risk profile because of high gearing, subdued debt
protection metrics, and vulnerability of its revenue profile to
customer concentration risks. These weaknesses are partially
offset by the extensive industry experience of the promoters in
the plastic industry.

TPPL was set up in 1977 by Mr. S Thyagarajan. The company
manufactures plastic products such as switchgear components,
kitchenware, and automobile components. It has three manufacturing
facilities in Maharashtra.


TRUBA ADVANCE: CARE Lowers Rating on INR8.97cr LT Loan to D
-----------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of Truba
Advance Sciences Kombine.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      8.97      CARE D Revised from
                                            CARE B

   Short-term Bank Facilities     5.00      CARE D Revised from
                                            CARE A4

Rating Rationale
The revision in the ratings assigned to the bank facilities of
Truba Advance Sciences Kombine (Truba) was primarily on account of
ongoing delays in servicing of debt obligations due to weak
liquidity position.

Establishing a clear track record of timely servicing of debt
obligations along with improvement in the liquidity position
remain the key rating sensitivities.

Bhopal-based (Madhya Pradesh), Truba was formed in August, 2000 as
a Society under the Madhya Pradesh Registrar Firm and Society,
1973 by Mr Shyam Rathor, Mr Dharmendra Singh Raghuvanshi and Mr
Sunil Dandir with the object of setting up professional education
institutions. Presently, Truba offers various graduation and post-
graduation courses in Engineering and Pharmacy through three
educational institutions named Truba Institute of Engineering and
Information Technology (TIEIT; started in 2000), Truba College of
Science and Technology (TCST; started in 2009), Truba Institute of
Pharmacy (TIP; started in 2005).

The trust started offering post-graduation courses of Engineering
in TIEIT in the Academic Year (AY) 2007 and in TCST in AY12. Truba
has also started post-graduation courses in Pharmacy in AY08.
Engineering colleges of Truba are affiliated to Rajiv Gandhi
Prodhoyogic Vishva Vidhyalaya, Bhopal and Pharmacy College is
recognized by the Council of Pharmacy.

As per the audited results of FY15 (FY refers to period from April
1 toMarch 31), Truba has reported surplus of INR2.37 crore
on a total operating income (TOI) of INR23.84 crore as against the
surplus of INR2.26 crore on a TOI of INR24.49 crore. As per
the provisional results during H1FY16, Truba reported turnover of
INR12.50 crore.


V CARE: ICRA Reaffirms B+ Rating on INR6cr Fund Based Loan
----------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ assigned to
INR6.00 crore fund based limits and the short-term rating of
[ICRA]A4 to INR1.00 crore non fund based limits of V Care Seeds
Private Limited. ICRA has also reaffirmed the ratings of
[ICRA]B+/[ICRA]A4 assigned to INR4.00 crore unallocated limits of
VSPL.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund based limits      6.00       [ICRA]B+ reaffirmed

   Non fund based
   Limits                 1.00       [ICRA]A4 reaffirmed

   Unallocated Limits     4.00       [ICRA]B+/[ICRA]A4 reaffirmed

The reaffirmation of ratings continues to be constrained by high
working capital intensive nature of business due to seasonal
inventory stocking and stretched receivables, and moderate
financial profile of the company characterized by thin
profitability margins due to limited value addition coupled with
high interest and depreciation costs. The ratings are also
constrained by the company's high dependence on soya bean, ground
nut and Bengal gram which accounted for 85-90% of the total sales
over the last three years; and the delays faced in receiving
payments from various government agencies which could stretch the
liquidity of the company.. The ratings, however, favourably factor
in the extensive experience of over two decades of the promoters
in the seeds industry and the established relationships with
various government agencies built by the company over the years.

The ability of the company to manage its working capital
requirements effectively and also improve in terms of scale of
operations and profitability remains the key rating sensitivity.

V Care Seeds Private Limited (VSPL), incorporated in the year 2009
by Mr D. Koti Swamy (Managing Director) and his brother Mr. D.
Venkata Rao, is into the business of commercial seeds processing.
The company procures the breeder seeds from various agricultural
universities in Andhra Pradesh and then supplies the same to
farmers for multiplication to commercial seeds which are then
processed by the company and sent for certification. VSPL sells
the certified seeds to various government agencies such as
National Agricultural Cooperative Marketing Federation of India
Limited (NAFED Limited), Hyderabad Agricultural Cooperative
Association Limited (HACA Limited) etc. The company has a
production facility with a processing capacity of 200 MT per day
at Mahbubnagar district in Telangana.

Recent Results
As per the audited financial results for FY 2015, the company has
reported a profit after tax of INR0.47 crore on turnover of
INR48.62 crore as against a profit after tax of INR0.44 crore on a
turnover of INR38.08 crore for FY2014.


VADODARA STOCK: Board to Meet on Nov. 16 After Sebi Closure Order
-----------------------------------------------------------------
Press Trust of India reports that the board of the defunct
Vadodara Stock Exchange, which has been ordered by regulator Sebi
to close business, will meet on November 16 to discuss the future
course of action.

According to the report, the Sebi on Nov. 9 issued an order asking
the management to down the shutters on the exchange, which came
into being in January 1990.

Exchange president Sushl Samdhani told PTI that at the forthcoming
board meeting on Nov. 16 will see three of the six Sebi-appointed
directors resigning, while remaining three other directors who are
elected by exchange members, will continue to remain directors.

The Sebi-appointed directors are Samdhani Sunder Rajan and Ajit
Solanki, while the elected three directors are Daxay Thakkar,
Markand Desai and Himanshu Parekh, the report discloses.

PTI notes that as per the Sebi norms, a stock exchange, whose
annual trading turnover is less than INR1,000 crore can apply for
voluntary surrender of recognition and exit.

According to the news agency, Samdhani said the Vadodara exchange
had complied with the Sebi conditions for exit and is thus "a fit
case to allow exit" from capital markets.

The Sebi has said the exchange has cleared all the dues to the
regulator, including 10% of the listing fee and the annual
regulatory fee, the report relays.

Allowing to exit, Sebi has asked the bourse to change its name and
not to use the expression "stock exchange" or any variant of this
expression in its name, PTI adds.


VISHNU COTTON: CARE Assigns B+ Rating to INR15.22cr LT Loan
-----------------------------------------------------------
CARE assigns 'CARE B+' & 'CARE A4' ratings to bank facilities of
Vishnu Cotton Mills Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     15.22      CARE B+ Assigned
   Short-term Bank Facilities     6.16      CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Vishnu Cotton Mills
Ltd (VCML) are primarily constrained by its moderate scale of
operations with negative PAT margin, low debt protection metrics
and low capacity utilizations. The ratings are further constrained
by its working capital intensive nature of operations, highly
labour-intensive nature of industry and raw material prices
dependent on government policies and its exposure to agro-climatic
risks. The ratings, however, derive strength from the experience
of the management along with satisfactory track record of
operations, part of Four Star group and promoters support in term
of infusion of funds in the business.

The ability of VCML to increase its scale of operation and earns
profits, its ability to manage working capital effectively will be
the key rating sensitivities.

Kolkata-based VCML; incorporated on April 21, 1994 by Mr Pran
Krishna Dey has commenced operations since May 1994. Since its
inception, VCML has been engaged in the manufacturing of cotton
yarn with its manufacturing facility located at Barasat, West
Bengal, with an aggregate installed capacity of 4,200 metric ton
per annum (MTPA). Presently, the company has 36,864 spindles in
its manufacturing unit and manufactures 30s to 40s count yarn. The
company caters to domestic as well as international markets. Apart
from this, VCML is also engaged in fabric dyeing and bleaching
services which accounts for 13.71% of total operating income for
FY15 (11.72% in FY14; refers to the period April 1 to March 31).

VCML was taken over by the Four Star group of Kolkata in
June 2013. The group was set up by Mr Ashish Kumar Saha and his
brother, Mr Samir Kumar Saha, in 1997. The group has various
companies or firm which are engaged in manufacturing of knitted
fabric, dyeing and bleaching services, export of cotton and yarn
and redistribution stockiest business of Hindustan Unilever Ltd.

Presently, VCML is managed by Mr Ashish Kumar Saha (Director)
having about two decades of experience in same line of business.
He is also supported by Mr Samir Kumar Saha and other three
directors who are also having about two decades of experience in
this business.

During FY15, VCML has reported total operating income of INR86.60
crore (INR74.84 crore in FY14) with a net loss of INR1.18 crore
(INR1.63 crore in FY14).



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


PETRAL GROUP: Investigation Into Petral 'Mafia' Ends
----------------------------------------------------
The Jakarta Post reports that an investigation into Pertamina
Energy Trading Ltd (Petral) and its subsidiaries has ended,
finding that government officials and Pertamina, as holding
company, played no role in oil and gas mafia practices.

The report relates that Energy and Natural Resources Minister
Sudirman Said stated that the results of the investigation and
audit had been reported to President Joko "Jokowi" Widodo, and
that the government was proceeding with their initial plan to
liquidate Petral.

"The audit has been completed. On Thursday night [Nov. 5] I
received the report from Pertamina management. Then, I discussed
it with the state-owned enterprises minister on Nov. 6 during the
President's visit to Lampung," said Said on Nov. 7 as quoted by
kompas.com, the Post relays.

Based on the findings, Said continued, some third parties -- not
Pertamina management -- intervened in the procurement and
purchasing process of oil and fuel for Pertamina Energy Services
(Petral's subsidiary), according to the report.

The report notes that due to the interference, Pertamina received
crude oil and fuel supplies at uncompetitive prices. Any discounts
that Pertamina should have enjoyed in the process were stolen by
the third parties.

"We're evaluating whether the findings are worth following up in
the pro justitia process. Just be patient. We will hand over the
details to law enforcement authorities," Said stated, highlighting
that he could not publicly mention the identity of the third
parties.

The Post relates that Said further explained that the Petral
Group's liquidation was necessary as part of an effort to improve
Pertamina's supply chain management, and to complement a plan to
reactivate Integrated Supply Chains (ISC).

He believed the Petral Group liquidation and the revitalization of
the role of ISC's would attract traders as the system would be
more transparent, competitive and reliable, the report relays.

"As a regulator, we have commanded Pertamina to make sure that the
liquidation process continues, without hitch, and to make sure
that similar mistakes aren't repeated," the report quotes Said as
saying.

The liquidation of Petral Group is among the recommendations
issued by the reform team for the oil and gas sector, led by a
well-known economist Faisal Basri, the Post reports. The team was
formed to study mafia practices in Pertamina Group's oil and gas
procurement process.



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


TAKATA CORP: Senators Want Plan For Possible US Unit Bankruptcy
---------------------------------------------------------------
Jody Godoy at Bankruptcy Law360 reported that two democratic
senators asked regulators on Nov. 9 to outline their game plan if
Takata Corp.'s U.S. subsidiary goes bankrupt, saying that lost
business, lawsuits and penalties over airbags linked to eight
deaths seriously jeopardize Takata's ability to fulfill a recall
affecting millions of vehicles, concerns the company dismissed.

Bankruptcy Law360 says Sens. Richard Blumenthal, D-Conn., and Ed
Markey, D-Mass., expressed their "grave concern" with the
financial outlook of TK Holdings Inc., the U.S. arm of Tokyo-based
Takata Corp., in a letter to the National Highway Traffic Safety
Administration.

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 24, 2014, 24/7 Wall St. said Takata Corporation faces huge
fines, and almost certainly lawsuits (which have already begun),
over its defective airbags.  The report related that some experts
believe that the Japanese company was not forthcoming about the
technical failure that caused several serious accidents and
deaths. If Takata goes bankrupt, which could certainly happen,
claims against the company would be in limbo, 24/7 Wall St. said.

Takata Corporation (TYO:7312) develops, manufactures and sells
safety products for automobiles.  The Company offers seatbelts,
airbags, steering wheels, child seats and trim parts. The Company
has subsidiaries located in Japan, the United States, Brazil,
Germany, Thailand, Philippines, Romania, Singapore, Korea, China
and other countries.


TOSHIBA CORPORATION: Moody's Lowers Rating on Sub. Debt to Ba2
--------------------------------------------------------------
Moody's Japan K.K. has downgraded the issuer rating and long-term
senior unsecured bond ratings of Toshiba Corporation to Baa3 from
Baa2, as well as its subordinated debt rating to Ba2 from Ba1.

Moody's has also changed the rating outlook to negative from
stable.

At the same time, Moody's has downgraded Toshiba's short-term
rating to Prime-3 from Prime-2.

RATINGS RATIONALE

"The rating action was prompted by Toshiba's announcement of its
1H FYE3/2016 results, which indicated that profitability and cash
flow generation have both declined materially," says Masako
Kuwahara a Moody's Vice President and Senior Analyst.

"Furthermore, we expect that Toshiba's earnings deterioration will
result in protracted high leverage and significantly weaker cash
flow when compared to our previous expectations", adds Kuwahara.

"The negative outlook reflects our ongoing concerns over the
company's operations and ability to sustainably reduce its current
high leverage as well as restructure its operations in a
sustainable and profitable manner", says Kuwahara, who is also the
lead analyst for the company.

In addition, the downgrade reflects Moody's concerns that the
operating performance of Toshiba's 2 main segments -- Energy &
Infrastructure and Electronic Devices & Components -- are likely
to remain weak even after completion of its FYE3/2015 asset write-
downs.

Both segments will also prove unlikely to sustain in the future
material levels of profitability appropriate for the previous
rating level.

Moody's further says that of the 2 segments, its primary concern
relates to the Memories business which faces intense global
competition, rapid changes in technology, and increasing price
pressures.

The downgrade further reflects the consideration that Toshiba
still has unprofitable businesses, such as Home Appliances in its
Lifestyle Products & Services segment and Discretes and System
LSIs in its Electronic Devices & Components segment.

In its announcement, Toshiba also said that the company will start
restructuring these unprofitable businesses.  But it is uncertain
whether it can complete the exercise during FYE3/2016 and whether
their operating performance will improve in the next period.

On Nov. 7, Toshiba released its financial result for 1H FYE3/2016.

The results showed that the operating performance of 5 major
segments had worsened, and 3 of them had reported operating
losses.

The company's overall operating loss was JPY90.5 billion,
significantly below the operating profit of JPY137.9 billion a
year ago.

Nevertheless, Toshiba reported an overall JPY37.3 billion in
consolidated net profit in 1H FYE3/2016 because it posted a one-
off gain from the sale of investment securities.

Moody's notes that Toshiba has already announced its plan for the
structural reform of its Discretes and System LSIs businesses,
aiming to turn both businesses positive within FYE3/2017 by
cutting fixed costs by about JPY26 billion in total.  Furthermore,
Toshiba is focused on concluding its restructuring plan for its
Home Appliances business within this fiscal year.

Although such an accomplishment would mitigate any further
deterioration in its overall operating performance, Moody's is
concerned whether this is achievable.

Looking ahead, Moody's believes Toshiba will generate positive
free cash flow in FYE3/2016 due to one-time gains from the sales
of investment securities.

But, it is uncertain as to whether it can continue to generate
positive free cash flow in future, given the large scale of
capital expenditure needed -- on an ongoing basis -- to maintain
production capacity and competitiveness for its Memories business.

Adjusted debt/EBITDA will worsen to 9.9x from 5.0x in FYE3/2016,
and after excluding a non-cash impairment loss from EBITDA, the
ratio will measure 7.7x.

Moody's does not believe that the ratio will improve significantly
in the next 12-18 months, given the presence of negative free cash
flow.

Downward rating pressure could emerge if earnings weaken, possibly
from a delay in restructuring its unprofitable segments as
planned, resulting in higher operating losses in these segments;
or, for example, from a significant deterioration in the
semiconductor business beyond our expectations, such that its
reported operating profit margin fails to improve above 2% in the
next 18-24 months, and/or adjusted debt/EBITDA remains above 6.0x.

Moreover, if Toshiba's revised corporate governance structure
fails to function properly, leading to an additional deterioration
in its financial results or metrics, then immediate negative
rating pressure is likely.

In the context of Toshiba's earnings results for 1H FYE3/2016 and
the persistence of unprofitable businesses in the company, upward
rating pressure is unlikely over the short and medium term.

Beyond this point, positive rating pressure could emerge if
Toshiba is able to increase and stabilize its overall
profitability by further enhancing the competitiveness of its
business segments, such that its reported operating profit margin
exceeds 3.5%, and/or adjusted debt/EBITDA falls below 4.0x, both
on sustained multi-year basis.

Toshiba's ratings also incorporate a two-notch uplift, given that
it is one of the largest companies in Japan with about 200,000
employees and that it occupies a significant position in the
economy and society.  It maintains stable relationships with its
main banks.

The principal methodology used in these ratings was Global
Manufacturing Companies (Japanese) published in August 2014.

Toshiba Corporation, headquartered in Tokyo and founded in 1875,
is one of the largest integrated electronics companies in Japan.
Its businesses range from electronic devices and digital products
to home appliances and electric power generating facilities.



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


AGRIBUSINESS TRAINING LTD: Students Looking for School Options
--------------------------------------------------------------
Ben Mack at stuff.co.nz reports that students of a liquidated
education provider have limited options to continue their studies
in the south.

Agribusiness Training Ltd went into liquidation on October 21. It
owes more than NZ$10 million to creditors, according to a report
by Insolvency Management Limited, stuff.co.nz relates.  The
Dunedin-based group had been appointed as liquidators for
Agribusiness Training Ltd.

The report discloses that Agribusiness Training Ltd had been told
to repay the Tertiary Education Commission (TEC) NZ$6.24 million
in tuition subsidies after an independent investigation found it
under-delivered several of its programs.

The report notes that Agribusiness Training Ltd has disputed the
findings that it under-delivered on programs.

The New Zealand Qualifications Authority, Wellington-based Primary
ITO the Southern Institute of Technology and Telford in South
Otago would recognize credits students had earned at Agribusiness
Training Ltd, the report adds.


HEALTHY SOILS: Purchased Out of Liquidation
-------------------------------------------
Allison Bekcham at Otago Daily Times reports that a Bahrain-based
company planning to build a fertiliser factory near Invercargill
has bought financially troubled Dunedin company Healthy Soils.

Healthy Soils, placed in voluntary liquidation in August owing
more than NZ$390,000, offered customised farm fertiliser advice
and produced solid and liquid fertilisers from a leased factory on
Dukes Rd, near Mosgiel.

Otago Daily relates that Taha International director Maurice Shaw
said Taha had already taken over Healthy Soils and planned to
"resurrect" it.

Three previous staff members had been employed and business would
resume from the Dukes Rd site, he said, the report relays.

"Potentially, we hope to grow the business . . . and employ more
of the previous staff," the report quotes Mr. Shaw as saying.

According to the report, Taha arrived in Southland about five
years ago and in 2011 built a multimillion-dollar plant at the
Tiwai aluminium smelter.

Aluminium is recycled from the smelting dross and Taha plans to
turn the leftover material, known as Ouvea premix, into mineral
fertilizer, the report says.

Otago Daily states that the company has run into legal trouble and
community opposition after incorrectly storing the premix, which
is classified as a hazardous product, at four sites in Southland.

In September, it lodged resource consent for a storage facility
and small processing facility on Invercargill City Council-owned
land in the Awarua Industrial Park, about 20km south of
Invercargill, the report recalls.

Mr Shaw said Ouvea premix would not be processed at Mosgiel.

Taha had purchased Healthy Soils because its business complemented
Taha's business, he said, the report relays.

He declined to say how much Taha had paid for Healthy Soils and
said Taha was not responsible for the previous company's debts,
according to the report.

The new company would be known as Taha Healthy Soils, adds Otago
Daily.


HERITAGE CANTERBURY: Goes Into Voluntary Liquidation
----------------------------------------------------
Jack Montgomerie at stuff.co.nz reports that the company which
holds the GJ Gardner Homes Mid and South Canterbury franchise is
in voluntary liquidation.

A notice appeared on the franchise's Hilton Highway offices on
Nov. 9.

Insolvency specialists Rodgers Reidy were appointed as liquidators
of Heritage Canterbury Limited, which traded as GJ Gardner Mid and
South Canterbury, according to stuff.co.nz.

The report notes that Ken Wills Complex owner Ken Wills said the
liquidation was unfortunate for everyone involved.

The report discloses that furniture from Mr. Wills' furniture shop
was still in the company's offices.

The report relates that several South Canterbury trades firms are
understood to be among the franchise's creditors, and the
company's website lists five staff members who were not
shareholders in the company.

Rodgers Reidy associate Geoff Brown said the firm would issue a
liquidators' first report to creditors, says stuff.co.nz.

The report says father and son team John and Tobie Hartley became
the new owner-operators of the Mid and South Canterbury franchises
in August 2014.  Hartley and his family moved to Ashburton from
the North Island 2001.

Master Builders South Canterbury president Shane Bray said the
liquidation was "a surprise" and not representative of the state
of the region's "buoyant" building industry, the report notes.

Reader's Digest named GJ Gardner New Zealand's most trusted home
building brand in June after a brand survey.

The report relays that creditors said they retained their trust in
the GJ Gardner brand.  The liquidation gave them an unpleasant
surprise weeks before Christmas, they said.



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


STATS CHIPPAC: S&P Assigns 'BB-' Rating to Proposed US$ Sr. Notes
-----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB-' long-term
issue rating to a proposed issue of U.S. dollar-denominated senior
secured notes by STATS ChipPAC Ltd. (BB-/Stable/--; axBB+/--).
STATS ChipPAC expects to use the proceeds to repay its outstanding
debt including a bridge loan facility.  The issue rating is
equalized with the corporate credit rating on STATS ChipPAC and is
subject to S&P's review of the final issuance documentation.

The stable outlook on the corporate credit rating on STATS ChipPAC
reflects S&P's view that the company's financial position is
unlikely to deteriorate significantly over the next 12-18 months,
given STATS ChipPAC's lower capital expenditure and the expected
benefit from its position in the fast-growing China market.  S&P
also assumes that STATS ChipPAC's integration with JCET group will
not cause material problems for its operations or a major loss of
existing customers.



===========
T A I W A N
===========


ACER INC: Fitch Affirms 'BB-' Long-Term Issuer Default Ratings
--------------------------------------------------------------
Fitch Ratings has affirmed Taiwan-based Acer Inc.'s (Acer) Long-
Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) at
'BB-'. The agency has also affirmed Acer's National Long-Term
Rating at 'BBB(twn)'. The Outlooks are Stable. The agency has
simultaneously withdrawn all the ratings.

The ratings have been withdrawn as they are no longer considered
by Fitch to be relevant to the agency's coverage because Acer has
no international public bonds outstanding and is no longer
considered essential for our peer analysis or sector commentary.
Fitch will no longer provide rating or analytical coverage of this
issuer.

KEY RATING DRIVERS

Deleveraging Continues: The Stable Outlook reflects our
expectations that Acer's funds flow from operations (FFO)-adjusted
leverage will improve to below 4.0x in 2016 (2014: 4.3x), through
further debt reduction and disciplined capex. However, free cash
flows are likely to turn negative due to weak cash flow generation
on subdued PC demand, and ongoing investments in working capital
and capex.

Weak Market Position: Acer's relatively weak position in the
highly competitive PC market will continue to constrain its
ratings. We believe the company will face challenges in defending
its market share because of its significant exposure to weaker PC
segments, such as consumer and emerging markets. Acer's global
market share by unit sales fell to 7.0% in 3Q15 from 8.5% in 3Q14,
according to technology research company International Data Corp.
(IDC).

Subdued Demand: Acer, like most PC makers, will continue to have
to cope with the slowing demand in emerging markets, currency
swings, and uncertainty over demand for PCs running the new
Windows 10 operating system. The threat of substitution by mobile
devices remains, although competition from tablets has eased. IDC
expects worldwide PC shipments to fall 8.7% in 2015 (2014: 3.6%
decline) and demand to stay subdued until 2017.

Focused on PCs: Acer's near-term prospects will hinge on its
ability to raise revenues in a tough PC market. Fitch believes it
is unlikely that the cloud strategy - branded under Build Your Own
Cloud (BYOC) - will transform the company from a hardware, PC-
centric firm in the next three years. We expect Acer to make small
investments to support the build-out of its BYOC strategy.

Low Profitability: Fitch believes it will be difficult for Acer to
significantly improve its profitability above the breakeven level
given the current subdued PC demand environment and Acer's weak
competitive position. However, we think Acer's profit-focused
strategy and the gradual shift to the more profitable Chromebooks
and 2-in-1 segment as well as gaming notebooks and monitors should
help stabilise its profitability. Our forecast assumes operating
EBIT margins will remain below 1% (9M15: 0.3%).

LIQUIDITY

Adequate Liquidity: Fitch expects the company to maintain a net
cash position, which has become increasingly important to partly
offset the company's weak cash generation. Acer's cash balance of
TWD36.4bn at end-September 2015 - inclusive of the TWD5.4bn raised
from new equity in 1H15 - will comfortably cover its total debt of
TWD11.8bn.

KEY ASSUMPTIONS

Fitch's key assumptions within the rating case for the issuer
include:
-- Declining revenue to persist through to 2016;
-- Operating EBIT margin below 1%;
-- Disciplined annual capex of 0.1%-0.2% of revenue in line with
    historical trends;
-- No dividends in 2015 and 2016.

RATING SENSITIVITIES

No longer relevant as the ratings have been withdrawn.

FULL LIST OF RATING ACTIONS

Acer Inc.
Long-Term Foreign-Currency IDR affirmed at 'BB-'; Outlook Stable
Long-Term Local-Currency IDR affirmed at 'BB-'; Outlook Stable
National Long-Term Rating affirmed at 'BBB(twn)'; Outlook Stable
All the ratings have been simultaneously withdrawn.



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


* Asian LSI Rises to 27.4% in October, Moody's Says
---------------------------------------------------
Moody's Investors Service says that its Asian Liquidity Stress
Index (LSI) rose to 27.4% in October from 26.6% in September.

The increase came as the number of rated high-yield companies with
the weakest speculative-grade liquidity score (SGL-4) rose to 34
from 33, while the number of rated high-yield companies remained
at 124.

The index measures the percentage of high-yield companies with
SGL-4 scores and increases when speculative-grade liquidity
appears to deteriorate.

"The October decline marks the third straight month in which the
Asian LSI has deteriorated, bringing it to a level last seen in
late 2012," says Brian Grieser, a Moody's Vice President and
Senior Analyst.

"When combined with trends witnessed -- which includes downgrades
consistently outpacing upgrades and the number of issuers with a
negative leaning outlook rising -- the situation highlights the
broad weakening of the credit profiles of high-yield issuers
across the region," adds Grieser.

However, the October index remains well below the record high of
37% reached in December 2008 amid the global financial crisis.

Grieser was speaking on conclusions contained in Moody's just-
released report, Asian Liquidity Stress Index, a monthly
publication.

The liquidity stress sub-index for North Asian high-yield issuers
was 28.8% in October, compared to 27.4% in September 2015.  Within
this portfolio, the Chinese sub-index remained at 28.1%, as the
number of Chinese companies with SGL-4 scores stayed flat at 18,
while the total number of high-yield Chinese companies remained at
64.

The Chinese high-yield property sub-index was unchanged at 24.3%
as the number of companies with SGL-4 scores remained at 9, and
the total number of rated property developers stayed at 37.

Meanwhile, the Chinese high-yield industrial sub-index remained at
33.3%, as the number of industrial issuers was unchanged at 27,
while companies with SGL-4 scores stayed at 9.

The liquidity stress sub-index for South and Southeast Asian high-
yield issuers remained at 25.5% in October.  The Indonesian sub-
index was still elevated at 20.8% as the number of Indonesian
companies with SGL-4 scores remained at 5 and the total number of
high-yield Indonesian companies stayed at 24.

Moody's further notes the absence of any rated high-yield bond
issuance in October, the third month in 2015 with no recorded
issuance.  In fact, Asian high-yield issuance in 2015 has slowed
to the lowest level since 2012.

In addition, in October, Moody's downgraded three high-yield
issuers and upgraded two, closing out the month with a
downgrade/upgrade ratio of 1.50x.

Across Moody's portfolio of 124 rated high-yield issuers, the
percentage of negative leaning outlooks -- meaning ratings with
either a negative outlook or on review for downgrade -- increased
to 30.6% in October from 28.2% in September.



                             *********

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 ***