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        T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Friday, November 13, 2015, Vol. 18, No. 225


                            Headlines


A U S T R A L I A

DEXTER GLOBAL: Clifton Hall Appointed as Liquidators
EVOLVE SALONS: Heads into Liquidation After Aggressive Growth
PRANA BIOTECHNOLOGY: Gets Nasdaq Listing Non-Compliance Notice
RAPTIS GROUP: Prepares To Relist Stock Exchange
TITAN TECHNICIANS: First Creditors' Meeting Set For Nov. 23

WALTON CONSTRUCTION: NAB Accused of 'Corporate Manoeuvre'


C H I N A

CHINA FISHERY: Moody's Lowers CFR to Caa2; Outlook Negative
CHINA SHANSHUI: Investors Prefer Safer Bonds After Default
CHINA SHANSHUI: Fitch Lowers Issuer Default Rating to 'RD'
GOLDEN EAGLE: Nanjing Acquisition No Impact on Moody's Ba1 Rating
WUZHOU INT'L: Moody's Puts B2 CFR Under Review for Downgrade


I N D I A

ALASHORE MARINE: CRISIL Reaffirms B+ Rating on INR50MM Term Loan
AMCON CONSTRUCTION: CRISIL Assigns B+ Rating to INR20MM Cash Loan
BANSAL STARCH: CRISIL Assigns B Rating to INR44MM LT Loan
BARNALA STEEL: CRISIL Lowers Rating on INR600MM Cash Loan to B+
CHARMING PRINTING: CRISIL Reaffirms B Rating on INR40M Loan

CLAVECON INDIA: CRISIL Assigns B+ Rating to INR120MM LT Loan
GANPATI ISPAT: CRISIL Reaffirms B Rating on INR85MM Cash Loan
GOPAL COTTON: CRISIL Reaffirms B+ Rating on INR70MM Cash Loan
JALSA BANQUETS: CRISIL Cuts Rating on INR57.5MM Term Loan to B-
JAWAHAR SHETKARI: CRISIL Reaffirms B- Rating on INR400MM Loan

KOCHAR RICE: CRISIL Assigns 'B' Rating to INR55MM LT Loan
LANCER LASER: CRISIL Ups Rating on INR55MM Term Loan to 'B'
MARUTII QUALITY: CRISIL Reaffirms B- Rating on INR66MM LT Loan
METROPOLE TILES: CRISIL Assigns B+ Rating to INR315MM LT Loan
MUTYAM STEEL: CRISIL Assigns 'B' Rating to INR50MM e-DFS

NILA SANDROCK: CRISIL Assigns 'B' Rating to INR58.5MM LT Loan
OM FIRE: CRISIL Cuts Rating on INR40MM Bank Loan to D
POLYCHEM EXPORTS: CRISIL Reaffirms B+ Rating on INR110MM Loan
QUADRA INFRATEL: CRISIL Ups Rating on INR50MM Loan to 'B'
RESONANCE PAPER: CRISIL Assigns 'B' Rating to INR136MM LT Loan

SAMSON AND SONS: CRISIL Assigns B+ Rating to INR140MM Loan
SANDHA HEEMGHAR: CRISIL Assigns B+ Rating to INR113.5MM Loan
SAURASHTRA GINNING: CRISIL Assigns B Rating to INR67.5MM Loan
SAWARIYA INTERNATIONAL: CRISIL Assigns B Rating to INR70MM Loan
SIFTI RICE: CRISIL Reaffirms B Rating on INR200MM Cash Loan

SOCIAL CHANGE: CRISIL Cuts Rating on INR292.5MM Cash Loan to D
SOOD STEEL: CRISIL Cuts Rating on INR65MM Cash Loan to B
SOURABH GILTS: CRISIL Suspends 'D' Rating on INR270MM Loan
SPEL SEMICONDUCTOR: CRISIL Cuts Rating on INR367.2MM Loan to D
UDIT CONTRACTORS: CRISIL Cuts Rating on INR50MM Cash Loan to D

USHA SPINNERS: CRISIL Reaffirms B+ Rating on INR120MM Cash Loan
VATCO ELEC-POWER: CRISIL Assigns B+ Rating to INR75MM Loan
VRAJPACK INDUSTRIES: CRISIL Rates INR59.5MM Cash Loan at 'B'


I N D O N E S I A

MNC INVESTAMA: S&P Lowers CCR to 'B'; Outlook Negative


J A P A N

TOYO TIRE: Shareholders OK President's Exit, New Management


P H I L I P P I N E S

RURAL BANK OF TAYSAN: Former Chairman, Directors Charged


S I N G A P O R E

STATS CHIPPAC: Moody's Affirms B1 CFR & Rates Proposed Notes B1


S O U T H  K O R E A

* SOUTH KOREA: 175 SMEs to Be Placed Under Debt Restructuring


X X X X X X X X

* Global Auto Sector Faces Long-Term Pressures, Moody's Says


                            - - - - -


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A U S T R A L I A
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DEXTER GLOBAL: Clifton Hall Appointed as Liquidators
----------------------------------------------------
Daniel Lopresti of Clifton Hall was appointed Official Liquidator
of Dexter Global Pty Ltd on Nov. 11, 2015, by Order of the Federal
Court of Australia.


EVOLVE SALONS: Heads into Liquidation After Aggressive Growth
-------------------------------------------------------------
Marika Dobbin at The Sydney Morning Herald reports that one of
Australia's largest hairdressing franchises which has 53 salons
nationwide is heading into liquidation after its board walked out.

More than 300 hairdressers and some beauty therapists in News
South Wales, Victoria and Queensland are facing the chop, with
many salons closed this week and other staff choosing to work
without knowing if they'll be paid, according to The Sydney
Morning Herald.

Evolve Salons, which owns a host of businesses that operate under
many different names, has run into millions of dollars of debt,
the report says.

The report notes its aggressive growth strategy last year saw it
buy many previously-profitable salons, including the trendy
Melbourne-based chain Mieka Hairdressing and the award-winning
Lattouf Hair & Day Spas in Sydney.

However, Evolve came undone by a failed attempt to list on the
stock exchange.

Product suppliers blitzed all the salons to take back their
shampoos and other products before administrators seized them.
Locks were then changed and staff kept out unexpectedly, the
report says.

Those still working have been told not to explain what has
happened to clients or the media, or risk losing whatever
entitlements administrators recover, the report notes.

The report discloses the company's accounts have been frozen, so
some salons still operating are accepting cash only.

One Melbourne-based hairdresser said staff are devastated and
angry at the news. Some hairdressers from overseas are facing
deportation because they've lost their Australian sponsor, she
said, the report adds.


PRANA BIOTECHNOLOGY: Gets Nasdaq Listing Non-Compliance Notice
--------------------------------------------------------------
Prana Biotechnology Limited has received notification from the
Listing Qualifications Department of NASDAQ advising the Company
that it is currently non-compliant with NASDAQ's requirement that
listed securities maintain a minimum bid price of $US1.00 per
share on NASDAQ as outlined in the NASDAQ Listing Rules.

The NASDAQ notification has no effect at this time on the listing
of the Company's American Depositary Shares ("ADSs") and the ADSs
will continue to trade uninterrupted on NASDAQ under the symbol
"PRAN". The Company's ordinary shares which are traded on the
Australian Securities Exchange ("ASX") under the symbol "PBT" are
in full compliance with ASX listing requirements and are
completely independent of the NASDAQ listing. Prana's management
intends to actively monitor the bid price for its ADSs and will
consider all available options to regain compliance with the
NASDAQ minimum bid price requirement.

Prana has a compliance period of 180 calendar days (until May 2,
2016) to regain compliance with the minimum bid price requirement.

If at any time during the 180 day compliance period, the closing
bid price per ADS is at least $US1.00 for at least ten
consecutivebusiness days, NASDAQ will provide the Company a
written confirmation of compliance and the matter will be closed.
In the event Prana does not regain compliance, the Company may be
eligible for an additional 180 calendar days' extension to regain
compliance. To qualify, the Company will be required to meet the
continued listing requirement for market value of publicly held
shares and all other initial listing standards for The NASDAQ
Capital Market, with the exception of the bid price requirement,
and will need to provide written notice of its intention to cure
the deficiency during the second compliance period, by effecting a
reverse stock split, if necessary. If the NASDAQ staff concludes
that the Company will not be able to cure the deficiency or if the
Company is otherwise not eligible, the Company's ADSs will be
subject to delisting by NASDAQ.

                About Prana Biotechnology Limited

Prana Biotechnology was established to commercialize research into
Alzheimer's disease and other major age-related neurodegenerative
disorders. The Company was incorporated in 1997 and listed on the
Australian Stock Exchange in March 2000 and listed on NASDAQ in
September 2002. Researchers at prominent international
institutions including The University of Melbourne, The Mental
Health Research Institute (Melbourne) and Massachusetts General
Hospital, a teaching hospital of Harvard Medical School,
contributed to the discovery of Prana's technology.


RAPTIS GROUP: Prepares To Relist Stock Exchange
-----------------------------------------------
Jenny Rogers at Gold Coast Bulletin reports that veteran developer
Jim Raptis said he has been overwhelmed with messages of support
as the Raptis Group prepares to resume trading on the stock
exchange.

"I've had contractors ringing me saying "congratulations it's been
too long"," Mr Raptis told the Gold Coast Bulletin on
Nov. 12.  "People are consistently ringing me saying "it's good to
see you back" and "you're tenacious".

This is despite the pain dealt to a long line of subcontractors,
many who lost millions and were sent to the wall when the Raptis
Group collapsed twice in two decades, the report relates.

The report notes that shares in the company last traded on
Sept. 12, 2008 when the group was delisted after collapsing for
the second time, owing creditors almost $1 billion.

The Bulletin relates that as the Raptis Group prepares to hold its
first annual general meeting in six years in Sydney on
Nov. 12, Mr Raptis said this time he will do things differently.

Subject to the approval of shareholders, he hopes the group will
resume trading on the ASX within a fortnight, the report notes.

According to the report, Mr Raptis said he is holding the
company's first annual meeting in Sydney rather than the Gold
Coast "to be closer to our financial advisers", not because he
fears a backlash from angry creditors.

"I have no fear of that, no," said Mr Raptis, who previously told
the Bulletin his "greatest regret" was not paying subcontractors.

The first Raptis Group project to relaunch the listed company will
be a 60-townhouse project on a 12,000sq m site in Springwood, the
report says.

The Bulletin notes that subject to council approval, Mr Raptis
said the project would begin construction in early 2016 and have
an end value of $25 million.

The group's latest incarnation was stalled while the Raptis Group
managed to whittle down a $30 million Australian Taxation Office
bill to just $6.

Mr Raptis blamed his last collapse on carrying too much debt
during the GFC, says the Bulletin.

"I will be focusing on low rise and medium rise projects, not
super skyscrapers," the report quotes Mr. Raptis as saying.  "The
new model is to start and finish a project within 12 months and
not carry too much debt; the aim is slow, steady growth."

The Bulletin says the group will concentrate on projects on the
Gold Coast and Brisbane growth corridors.

The board will be restructured with a new chief executive, two new
directors and Mr Raptis will step aside as CEO and become
chairman, the report adds.

                        About Raptis Group

Based in Sydney, Australia, Raptis Group Limited (ASX:RPG) --
http://www.raptis.com/-- engaged in property development,
property investment, residential property management and resort
hotel operations.  Its projects include Platinum on the river
Brisbane, Southport Central Tower 1 Southport Gold Coast and
Southport Central Tower 2 Southport Gold Coast.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on Feb. 5,
2009, that Raptis Group appointed Brian Silvia and Andrew Cummins
of BRI Ferrier (NSW) Pty Ltd as administrators to the company.

Raptis Group has more than 90 subsidiary entities, with all
assets having been mortgaged to 27 banks and financiers owed in
excess of AUD940 million, Mr. Silvia said.  Raptis Group,
according to The Australian, has more than AUD1 billion in total
liabilities.

The TCR-AP, citing The Australian, reported on April 2, 2009,
that Raptis Group's creditors approved a restructure plan.  The
proposed deed of company arrangement (DOCA) was approved on
March 31, 2009, by two meetings of creditors on the Gold Coast.

The DOCA involves a debt-for-equity swap that will result in
creditors owning 40 million shares in the publicly listed group.
It also paves the way for the group's relisting on the Australian
Stock Exchange, after being suspended since Sept. 12, 2008.


TITAN TECHNICIANS: First Creditors' Meeting Set For Nov. 23
-----------------------------------------------------------
Paul William Gidley of Shaw Gidley was appointed as administrator
of Titan Technicians Enterprise Pty Ltd on Nov. 11, 2015.

A first meeting of the creditors of the Company will be held at
Shaw Gidley, Level 6, 384 Hunter Street, in Newcastle, on
Nov. 23, 2015, at 3:00 p.m.


WALTON CONSTRUCTION: NAB Accused of 'Corporate Manoeuvre'
---------------------------------------------------------
Kara Vickery at news.com.au reports that one of Australia's
biggest banks has been accused of orchestrating a "corporate
manoeuvre" to squeeze out small businesses and ensure its debts
were paid first when a Victorian-based business collapsed.

According to news.com.au, Labor Senator Doug Cameron has called on
the National Australia Bank to come clean about its dealings with
Walton Construction ahead of a Senate hearing into construction
industry insolvency being held on Nov. 4.

"We have had allegations that the NAB was involved in a corporate
manoeuvre to ensure that its debts were recovered in the Walton
Construction insolvency in Queensland," the report quotes Senator
Cameron as saying.

"NAB were looking at establishing some process to keep this
company going that in reality resulted in many, many, hundreds if
not thousands of small businesses losing every cent.

"We've got allegations that during the period NAB were seeking to
do this corporate manoeuvre with Walton that small business were
not being paid; that Walton was trading for a period of time up to
about 15 months (while) insolvent and small businesses in
Queensland and around that country have been the ones that have
suffered."

A NAB spokesman said the bank did not believe Walton Construction
was insolvent, the report relates.

"As we have repeatedly said NAB has acted in good faith at all
times under the belief that all parties were working to keep
Waltons operating so the company's 120 employees could keep their
jobs and the company could service their customers," the
spokesman, as cited by news.com.au, said.

According to the report, Senator Cameron, who is the Shadow
Minister for Human Services, said NAB must be "completely open
about why it was dealing with a company when we have evidence that
the company was trading while insolvent".

"This is a significant problem in the industry," he said.

"It seems to me that the big end of town looks after themselves in
this area and that the small business are left to look after
themselves.

"And they can't do that very well when the power and control is
with the big end of town."

                     About Walton Construction

Walton Construction was a Melbourne-based builder.  The company
was founded in 1993 by Craig Walton and had offices in Melbourne,
Sydney and Brisbane.

Glenn Franklin, Stirling Horne, and Jason Stone were appointed as
voluntary administrators of Walton Construction Pty Ltd and Walton
Construction (Qld) Pty Ltd on Oct. 3, 2013. They were
subsequently appointed as liquidators on Nov. 8, 2013.

The Walton Construction owed about AUD69 million to unsecured
creditors, according to the Australian Securities and Investments
Commission.



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CHINA FISHERY: Moody's Lowers CFR to Caa2; Outlook Negative
-----------------------------------------------------------
Moody's Investors Service has downgraded to Caa2 from Caa1 China
Fishery Group Limited's corporate family rating and the rating on
the senior unsecured bond issued by its subsidiary -- CFG
Investment S.A.C. -- and guaranteed by China Fishery.

The outlook on the ratings remains negative.

RATINGS RATIONALE

"The downgrade is driven by the high likelihood of reduced
recovery prospects for senior unsecured bondholders in the event
that China Fishery defaults on its obligations," says Lina Choi, a
Moody's Vice President and Senior Credit Officer.

On Nov. 4, the Peruvian government (A3 stable) announced that the
total allowable catch for anchovy will be 1.1 metric tons for the
upcoming November-January fishing session, which is less than half
of the 2.58 metric tons allowed for the April-July season.

Consequently, Moody's expects China Fishery's revenue will fall
below $300 million in 2016, from $488 million for the 12 months to
ended 28 June 2015, and for its EBITDA to drop to $100-$110
million from $240 million over the same period.

The company reported cash of $41 million and inventory of $235
million as of June 30, 2015.  In addition, it expects a $80
million cash repatriation from its Russian suppliers in the next
12 months.

These cash sources are insufficient to cover the company's
operating and debt servicing expenses over the next 12 months,
absent additional operating cash flow from its Peruvian
operations.  As such, the company remains at a high risk of
default.

In addition, the recovery prospects for senior unsecured
bondholders will reduce given the company's lower inventory
compared with the level in June 2015.

The negative ratings outlook reflects the high probability of
default of the company and the risk of a further decline in
recovery prospects for bondholders.

Further downward ratings pressure could emerge if the company
fails to serve its interest payments or meet its principal
repayment obligations.

Upward ratings pressure could arise if the company takes measures
to significantly improve its liquidity position to avoid default.

The principal methodology used in these ratings was Global Protein
and Agriculture Industry published in May 2013.

China Fishery Group Limited is headquartered in Hong Kong and
listed in Singapore.  It is engaged in the Peruvian fishmeal and
fish oil business and fishing fleet operations.  China Fishery is
46.5% effectively owned by the Pacific Andes group, through
Pacific Andes International Holdings Limited (PAIH, unrated), a
Hong Kong-listed integrated fish and seafood products processor.
The Carlyle Group, a global alternative asset management firm,
holds a 6.02% stake in the company.


CHINA SHANSHUI: Investors Prefer Safer Bonds After Default
----------------------------------------------------------
Bloomberg News reports that Chinese investors showed a preference
for the safest corporate debt after a default by a cement maker
fueled speculation that failures among lower-rated borrowers may
spread.

The yield premium on one-year AA- graded bonds over AAA notes rose
two basis points on Nov. 12, the most since Sept. 25, after China
Shanshui Cement Group Ltd. said it will fail to pay 2 billion yuan
($314 million) of securities amid a shareholder tussle. The
company, whose onshore subsidiary has a CC credit score, is at
least the sixth this year to default in the local note market as a
slowing economy drags on earnings.

"Investors should be cautious of what's to come," Bloomberg quotes
Gao Qunshan, credit analyst at Tianfeng Securities Co., as saying
"We have seen a lot of credit events this year and we expect more
companies in the overcapacity sectors such as steel, coal and
cement to fail."

Bloomberg notes that more Chinese firms are struggling to repay
obligations after the yuan's fall, a stock rout and speculation
that the debt market is overheating. Bloomberg says defaults are
mounting as economic growth cools to its weakest in a quarter
century, with data Wednesday showing the nation's October
industrial output matched the weakest gain since the global credit
crisis. Manufacturing firms account for five of the six major bond
failures this year.

"In the long run, as the economy slows, we are going to see more
consolidation in overcapacity industries in China," Bloomberg
quotes Liu Dongliang, a senior analyst at China Merchants Bank Co.
in Shenzhen., as saying.  "So we expect more shareholder fights in
those sectors and investors will be more exposed to such risks."

Companies with less cash than short-term debt, net losses and
contracting revenue jumped to 200 from 115 the previous year,
according to filings through June 30 compiled by Bloomberg from
firms listed on the Shanghai and Shenzhen stock exchanges. About
half are in the commodities sector while about 20 percent are
industrial companies, Bloomberg notes.

Bloomberg notes that as investors look for clues to other stresses
in China's credit markets, Guotai Junan Securities Co. flagged
high default risks at developer Ordos City Huayan Investment Group
in a report last month, ahead of an option date of Dec. 17.

An executive who oversees China's top bond fund, which returned 24
percent in the first nine months, predicts a "substantial
correction" in riskier debt after authorities announced the
restart of initial public offerings, which may drive money back
into shares, according to Bloomberg.

Cash that piled into lower-rated notes after a stock rout in June
is likely to return to equities, Bloomberg relates citing Shao
Jiamin, head of fixed income investment at HFT Investment
Management Co. in Shanghai.

"The renewal of IPOs, along with the year-end effect of tighter
liquidity, will lead to a jump in bond yields in general," Shao,
as cited by Bloomberg, said. "For those lower-rated bonds whose
valuations are unreasonable, there will be a substantial
correction."

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 10, 2015, Standard & Poor's Ratings Services lowered its
long-term corporate credit rating on China-based cement producer
China Shanshui Cement Group Ltd. to 'CC' from 'CCC'.  The outlook
is negative.  S&P also lowered the rating on the company's
outstanding senior unsecured notes to 'CC' from 'CCC-'.  At the
same time, S&P lowered its long-term Greater China regional scale
ratings on Shanshui to 'cnCC' from 'cnCCC', and that on its notes
to 'cnCC' from 'cnCCC-'.

"The downgrade reflects our view that there is a high likelihood
that Shanshui will not repay its Chinese renminbi [RMB] 2 billion
onshore super short-term commercial paper due Nov. 12, 2015," said
Standard & Poor's credit analyst Jian Cheng.  "A failure to repay
this debt would trigger a cross-default of the company's other
financial obligations, including that of its outstanding U.S.
dollar notes."

China Shanshui Cement Group Limited is engaged in manufacturing
and sale of cement and clinker, and limestone mining. The Company
is engaged in the production and sales of various types of
cements, and the production of commodity clinker necessary for
various types of high grade cements in Shandong and Liaoning
Provinces. The commodity clinker produced by the Company is mainly
sold to clients with cement grinding station. The cement produced
by the Company under the brand of Shanshui Dongyue is widely used
in construction works for roads, bridges, housing and various
types of construction projects. The Company operates in four
geographical areas: Shandong Province, Northeastern China,
Xinjiang Region and Shanxi Province.


CHINA SHANSHUI: Fitch Lowers Issuer Default Rating to 'RD'
----------------------------------------------------------
Fitch Ratings has downgraded China Shanshui Cement Group Limited's
Long-Term Issuer Default Rating to 'RD' from 'C'.  The downgrade
follows the company's announcement that it filed a winding up
petition and an application for the appointment of provisional
liquidators with the Grand Court of the Cayman Islands on Nov. 10,
2015.  The filing constitutes an event of default under the
USD500m offshore notes due 2020.

Shanshui's senior unsecured rating is affirmed at 'C', while the
Recovery Rating is downgraded to 'RR6' from 'RR4' as the filing of
the winding-up petition when the company's business remains viable
raises uncertainties over how offshore creditors, who do not
benefit from guarantees from onshore operating entities, will be
treated during any recovery process.

The company also said that it is not able not repay around CNY2bn
of onshore debt due Nov. 12, 2015.

The Cayman Islands court will hear the winding up petition on
Nov. 11, 2015.

RATING SENSITIVITIES

Negative: Future developments that may, individually or
collectively, lead to negative rating action include:

   -- Approval of the winding-up petition by Cayman Islands court
      will result in the IDR being downgraded to 'D'.

Positive: Future developments that may, individually or
collectively, lead to positive rating action include:

   -- Rejection by the Cayman Islands court of the winding-up
      petition
   -- Shanshui repays the onshore debt due 12 November 2015
   -- Redemption of 2020 notes and other debt is not accelerated


GOLDEN EAGLE: Nanjing Acquisition No Impact on Moody's Ba1 Rating
-----------------------------------------------------------------
Moody's Investors Service says Golden Eagle Retail Group Ltd's
acquisition of Nanjing Global Era Group Co., Ltd. (unrated) is
credit negative but has no immediate rating impact on its Ba1
issuer and senior unsecured ratings.

The ratings outlook remains stable.

Golden Eagle announced on 5 November 2015 that it would acquire
all the equity interests of Nanjing Global Era Group Co., Ltd. --
which includes five properties in Nantong, Jiangsu Province and
Wuhu, Anhui Province -- for RMB100 million.

On October 30 the company also announced the termination of its
proposed acquisition of Orient Gate, a Suzhou property project,
which was first announced in December 2014.

"We view this development as credit negative because Golden
Eagle's interest in pursuing property development in lower-tier
cities remains unchanged, despite the termination of the Suzhou
transaction," says Lina Choi, a Moody's Vice President and Senior
Credit Officer.

While Golden Eagle's regional presence in its home market will be
strengthened with the acquisition, these are projects in lower-
tier cities with limited near-term operating cash flow and
properties still under construction.

The acquisition will increase the volatility of Golden Eagle's
business performance and its financial leverage, because (1) these
projects add liabilities, which Moody's estimates at up to RMB2.3
billion -2.4 billion, based on the total liabilities of the target
assets. These liabilities include costs to fund the development
and completion of projects; and (2) demand and spending levels are
uncertain in lower-tier cities during China's slowing economy.

At 30 June 2015, Golden Eagle's recurring cash flow/net debt stood
at 27%. The Nanjing Global Era acquisition will weaken the
company's coverage ratio to around 16%-17% and reduce the headroom
under the 16% downgrade trigger.

Supporting Golden Eagle's Ba1 level is the company's strong
liquidity position. At 30 June 2015, Golden Eagle had cash and
equivalents of RMB4.3 billion, which are sufficient to cover its
short-term debt of RMB644 million, fund the Nanjing Global Era
Group acquisition and negative free cash flow over the next 12
months.

The principal methodology used in these ratings was Retail
Industry published in October 2015. Please see the Credit Policy
page on www.moodys.com for a copy of this methodology.

Golden Eagle Retail Group Ltd is one of the largest department
store operators in China. Based in Nanjing, the company is
strategically positioned in second- and third-tier cities,
catering to mid- to high-end customers. In August 2015, the
company operated 21 stores and seven lifestyle centers across four
provinces and 16 cities in China.


WUZHOU INT'L: Moody's Puts B2 CFR Under Review for Downgrade
------------------------------------------------------------
Moody's Investors Service, ("Moody's") has placed on review for
downgrade Wuzhou International Holdings Limited's B2 corporate
family rating and B3 senior unsecured debt rating.

RATINGS RATIONALE

"The review for downgrade reflects our concerns over Wuzhou's
announced proposed share transfer by its controlling shareholders,
which could potentially impact the company's daily operations and
compliance with one of the change of control provisions in its
bond document," says Stephanie Lau, a Moody's Assistant Vice
President and Analyst.

On November 9, Wuzhou announced a trading suspension on its shares
and notes, effective 10 November 2015, pending the release of an
announcement in relation to certain share transfers by the
company's controlling shareholders.

Any unfavourable change to Wuzhou's ownership and management could
affect the company's ability to improve its credit metrics,
especially its interest coverage and revenue recognition.

The suspension of share trading impairs its funding options
through equity and convertible bonds.

Moody's will focus its review on: (1) Wuzhou's new controlling
shareholders, management team and compliance with the change of
control provisions; (2) any change in business strategy; (3) any
impact on contracted sales from a change in controlling
shareholders; (4) the company's liquidity position; and (5) a
trading resumption of shares and notes.


Wuzhou International Holdings Limited specializes in the
development and operation of wholesale markets and multi-
functional commercial complexes in China.

At June 30, 2015, the company had a total of 37 projects in 11
provinces and municipal cities, including 20 merchandising and
logistics centers and 17 multi-functional commercial complexes.
Its land bank totaled approximately 7.4 million square meters in
gross floor area in the same period.

Listed on the Hong Kong Stock Exchange in June 2013, Wuzhou was
68.39% owned by its two founders, Mr. Shu Cecheng and Mr. Shu
Cewan, at end-June 2015.



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ALASHORE MARINE: CRISIL Reaffirms B+ Rating on INR50MM Term Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Alashore Marine Exports
Pvt Ltd (AMEPL; formerly Accenture Marine Exports Pvt Ltd)
continue to reflect AMEPL's below-average financial risk profile
marked by small net worth, moderate gearing, and average debt
protection metrics.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Proposed Export        40        CRISIL A4 (Reaffirmed)
   Packing Credit

   Proposed Non Fund       2.5      CRISIL A4 (Reaffirmed)
   based limits

   Proposed Term Loan     50.0      CRISIL B+/Stable (Reaffirmed)

The ratings also factor in the firm's susceptibility to
fluctuations in foreign exchange rates and exposure to risks
inherent in the seafood industry. These rating weaknesses are
partially offset by the promoters' extensive industry experience.
Outlook: Stable

CRISIL believes AMEPL will continue to benefit over the medium
term from its promoters' extensive industry experience and
established relations with customers. The outlook may be revised
to 'Positive' if there is a substantial and sustained improvement
in revenue and profitability margin, or if a sizeable equity
infusion from the promoters drives a considerable increase in net
worth. Conversely, the outlook may be revised to 'Negative' in
case of a steep decline in profitability margin, significant
deterioration in capital structure (caused most likely by a large
debt-funded capital expenditure) or a stretch in working capital
cycle.

Incorporated in December 2012, AMEPL processes and exports sea
food, especially prawns. It has a processing facility in Balasore,
Odisha. The company is promoted and managed by Mr. Gyan Ranjan
Dash. The unit has an installed capacity of processing around 3000
metric tonnes per annum.


AMCON CONSTRUCTION: CRISIL Assigns B+ Rating to INR20MM Cash Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank loan facilities of Amcon Construction Co (ACC).

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee          40       CRISIL A4
   Cash Credit             20       CRISIL B+/Stable

The ratings reflect working capital intensity in, and small scale
of, operations in the intensely competitive construction industry
and partnership nature of the business. These rating weaknesses
are partially offset by the promoters' experience, and the
company's stable revenue and moderate debt protection metrics.
Outlook: Stable

CRISIL believes that ACC will maintain a stable business risk
profile over the medium term backed by the promoters' experience
in the construction industry, and steady order inflows and revenue
visibility. The outlook may be revised to 'Positive' if the
revenue continues to grow at healthy rates while the financial
risk profile remains healthy. Conversely, the outlook may be
revised to 'Negative', if major cost or time overruns on projects,
or large capital expenditure programmes weaken the financial risk
profile.

Set up as a partnership firm in 1983, ACC undertakes construction
of roads in Gujarat and Madhya Pradesh. The firm is 'AA' class
civil contractor with the Government of Gujarat and is promoted by
Mr. Pravin Patel.


BANSAL STARCH: CRISIL Assigns B Rating to INR44MM LT Loan
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Bansal Starch and Foods Pvt. Ltd. (BSFPL).

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Proposed Long Term
   Bank Loan Facility      6        CRISIL B/Stable
   Cash Credit            10        CRISIL B/Stable
   Long Term Loan         44        CRISIL B/Stable

The rating reflects BSFPL's start-up nature of operations,
moderate project implementation risk and below-average financial
risk profile, because of weak capital structure. These weaknesses
are partially offset by the promoters' extensive entrepreneurial
experience.
Outlook: Stable

CRISIL believes BSFPL will commence commercial operations without
any time or cost overruns. The outlook may be revised to
'Positive' in case of substantial ramp up in revenue and
profitability, backed by efficient working capital management,
resulting in healthy cash accrual. Conversely, the outlook may be
revised to 'Negative' in case the project faces significant time
or cost overruns, leading to delay in commencement of operations,
resulting in low cash accrual.

Incorporated in 2014, BSFPL is setting up a unit in Solan
(Himachal Pradesh) to manufacture malto-dextrin powder and cattle
feed. Operations of the company will be managed by Mr. Rakesh
Kumar Bansal and Mr. Anuj Bansal.


BARNALA STEEL: CRISIL Lowers Rating on INR600MM Cash Loan to B+
---------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Barnala Steel Industries Ltd (BSIL) to 'CRISIL B+/Negative/CRISIL
A4' from 'CRISIL BB+/Stable/CRISIL A4+'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bill Discounting        50      CRISIL A4 (Downgraded
   under Letter of                 from 'CRISIL A4+')
   Credit

   Cash Credit            600      CRISIL B+/Negative (Downgraded
                                   from 'CRISIL BB+/Stable')

   Term Loan               60      CRISIL B+/Negative (Downgraded
                                   from 'CRISIL BB+/Stable')

The rating action is based upon the management interaction and
limited financial information available.

The downgrade reflects CRISIL's belief that BSIL's financial risk
profile and liquidity will deteriorate mainly on account of
expected weak profitability due to a sharp fall in steel
realisations. The decline in realisations will lead to
insufficient net cash accrual to meet short-term debt obligation
and any increase in working capital requirement. The downgrade
also factors in expected sharp deterioration in gearing and debt
protection metrics mainly owing to increasing working capital
borrowing to fund the operations.

The ratings continue to reflect BSIL's modest scale of operations
in the fragmented steel rolled products industry, susceptibility
to volatility in raw material prices, and below-average financial
risk profile because of a moderate net worth, high gearing, and
weak debt protection metrics. These rating weaknesses are
partially offset by the extensive experience of promoters in the
steel industry, and the established market position and strong
brand name.
Outlook: Negative

CRISIL believes BSIL will continue to benefit over the medium term
from the established position in northern India. The outlook may
be revised to 'Stable' if the profitability is significantly
better than CRISIL's expectations, leading to sustained net cash
accrual consequently improving the financial risk profile,
primarily debt protection metrics, or if there is significant
equity infusion by the promoters. Conversely, the rating may be
downgraded if the liquidity deteriorates mainly on account of a
further decline in the profitability most probably because of
pressure on realisations of steel products.

BSIL, incorporated in 1994, manufactures thermo-mechanically
treated bars, mild-steel tor bars, coils, wire rods, and other
steel-rolled products. The company has a manufacturing plant in
Muzaffarnagar (Uttar Pradesh), with installed capacity of 150,000
tonnes per annum. BSIL is promoted by two brothers, Mr. Sajid Mian
Nasir and Mr. Hamid Mustafa, along with a family friend, Mr. Ameed
Ahmed Khan.

BSIL achieved a profit after tax (PAT) of Rs.3.3 million on sales
of Rs.2926.4 million in 2014-15 (refers to financial year, April 1
to March 31), against a PAT of Rs.7.8 million on sales of
Rs.3208.9 million in 2013-14.


CHARMING PRINTING: CRISIL Reaffirms B Rating on INR40M Loan
-----------------------------------------------------------
CRISIL's ratings on the bank facilities of Charming Printing and
Graphics Pvt Ltd (CPGL) continue to reflect CPGL's weak financial
risk profile marked by small net worth and weak interest coverage
ratio, and working-capital-intensive operations. These rating
weaknesses are partially offset by the extensive experience of
CPGL's promoters in the paper trading industry.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            40        CRISIL B/Stable (Reaffirmed)
   Letter of Credit      130        CRISIL A4 (Reaffirmed)

Outlook: Stable

CRISIL believes that CPGL will benefit over the medium term from
its promoters' extensive industry experience and its established
relationship with customers and suppliers. The outlook may be
revised to 'Positive' if CPGL scales up operations while improving
its profitability and improves its financial flexibility through
effective working capital management. Conversely, the outlook may
be revised to 'Negative' in case of decline in revenue or
operating margin, or stretch in working capital cycle, weakening
the company's financial risk profile.

CPGL, incorporated in 2005, is based in Delhi. The company trades
in paper and related products in the export and domestic markets.
It is promoted by Mr. Surinder Garg and his family members.


CLAVECON INDIA: CRISIL Assigns B+ Rating to INR120MM LT Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Clavecon India Private Limited (CIPL).

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            30        CRISIL B+/Stable
   Long Term Loan        120        CRISIL B+/Stable

The rating reflects CIPL's limited track record and small scale of
operations, average financial risk profile constrained by small
net worth, and intense competition in the autoclaved aerated
concrete (AAC) block industry. These weaknesses are partially
offset by the promoter's extensive industry experience.
Outlook: Stable

CRISIL believes CIPL will benefit over the medium term from the
promoter's extensive industry experience. The outlook may be
revised to 'Positive' in case the financial risk profile improves
driven by healthy revenue and profitability, along with
improvement in capital structure. Conversely, the outlook may be
revised to 'Negative' in case the financial risk profile
deteriorates owing to subdued cash accrual, driven by low capacity
utilisation or a large debt-funded capital expenditure.

Established in 2013 by Mr. B B Goyal, CIPL manufactures AAC
blocks. The company, based in Ghaziabad, commenced commercial
operations in June 2015.


GANPATI ISPAT: CRISIL Reaffirms B Rating on INR85MM Cash Loan
-------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Ganpati Ispat
(GI) continues to reflect GI's average scale of operations in the
highly fragmented mild steel (MS) ingots industry, low
profitability, and susceptibility to economic downturns in end-
user industry and to volatility in steel prices. These rating
weaknesses are partially offset by the firm's moderate financial
risk profile because of low gearing, and promoters' extensive
industry experience.

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

Outlook: Stable

CRISIL believes GI will continue to benefit over the medium term
from promoters' extensive industry experience. The outlook may be
revised to 'Positive' if scale of operations and profitability
improve, resulting in substantial increase in cash accrual and
better debt protection metrics. Conversely, the outlook may be
revised to 'Negative' if financial risk profile, particularly
liquidity, weakens because of large incremental working capital
requirement, low cash accrual, or considerable debt-funded capital
expenditure.

GI was taken over by its present promoters, members of the Raipur-
based Goyal family, in 2004. The firm manufactures MS ingots and
channels at its unit in URLA Industrial Area, Raipur.


GOPAL COTTON: CRISIL Reaffirms B+ Rating on INR70MM Cash Loan
-------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Gopal Cotton
Industries (GCI) continues to reflect the firm's modest scale of
operations in a highly fragmented industry. The rating also
factors in GCI's exposure to intense competition and
susceptibility to changes in government policies. These weaknesses
are partially offset by the extensive experience of GCI's partners
in the cotton industry.

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

Outlook: Stable

CRISIL believes GCI will continue to benefit over the medium term
from its partners' extensive industry experience. The outlook may
be revised to 'Positive' if the firm reports substantial cash
accrual on the back of a significant increase in its scale of
operations and profitability. Conversely, the outlook may be
revised to 'Negative' if GCI's financial risk profile weakens,
caused most likely by an increase in its working capital
requirements, or if there is a decline in profitability or large,
debt-funded capital expenditure.

Update
GCI, on a provisional basis, reported net sales of Rs.382.8
million for 2014-15 (refers to financial year, April 1 to March
31) as against net sales of Rs.453.9 million for the year before.
The decline in net sales is mainly on account of lower realisation
from cotton and low availability of cotton. Till October 7, 2015,
GCI had been able to register sales of around Rs.230 million;
hence, CRISIL believes full year sales will remain above Rs.400
million. Operating margin improved marginally to 2.70 per cent in
2014-15 as compared with 1.20 per cent a year ago mainly on
account of moderation in raw material prices. The operations
remained working capital intensive with gross current assets of
108 days as on March 31, 2015, as against 57 days a year ago.
Working-capital-intensive operations, combined with low credit
availed of from suppliers, led to moderately high reliance on
external short-term debt; average bank limit utilisation remained
at 79 per cent for the 12 months ended September 30, 2015. The
financial risk profile remains weak with high gearing of 1.79
times as on March 31, 2015, and a weak interest coverage ratio of
1.9 times in 2014-15. Liquidity remains supported by the absence
of any term debt and accrual of around Rs.4.5 million, adequate
for meeting incremental working capital requirements, over the
medium term.

The firm, on a provisional basis, reported profit after tax (PAT)
of Rs.2.50 million on net sales of Rs.382.8 million in 2014-15
against PAT of Rs.3.0 million on net sales of Rs.453.9 million in
2013-14.

Formed in 2006, Bhavnagar (Gujarat)-based GCI is a partnership
firm managed by Mr. Sanjay Herma, Mr. Mahendra Herma, Mr.
Vallabhbhai Herma, Mr. Popatbhai Herma, Mr. Miteshbhai Vadhel, and
Mr. Bhupatbhai Vadhel. The firm is engaged in the business of
cotton ginning and pressing.


JALSA BANQUETS: CRISIL Cuts Rating on INR57.5MM Term Loan to B-
---------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
Jalsa Banquets Pvt Ltd (JBPL) to 'CRISIL B-/Stable' from 'CRISIL
B+/Stable'.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Term Loan             57.5       CRISIL B-/Stable (Downgraded
                                    from 'CRISIL B+/Stable')

The downgrade reflects CRISIL's belief that JBPL's financial risk
profile, particularly liquidity, will remain constrained over the
medium term with lower than expected cash accrual along with high
debt repayment obligations. Because of subdued demand, revenue, at
about Rs.22.0 million in 2014-15 (refers to financial year, April
1 to March 31), was 10 per cent lower than previous year. Further,
high fixed costs led to a decline in operating profitability to
about 32 per cent for 2014-15 from 56 per cent in 2013-14. With
insufficient cash accrual to meet term debt obligation of Rs. 7 to
9 million over the medium term, CRISIL believes that the company's
financial risk profile will remain constrained over the medium
term.  However, recent addition of new banquet facilities and
rooms is expected to improve JBPL's scale of operations and cash
accrual.

The rating reflects JBPL's below-average financial risk profile
with leveraged capital structure and weak debt protection metrics,
geographical concentration in revenue profile, and susceptibility
to cyclicality in the hospitality industry. These weaknesses are
partially offset by established market position and promoters'
industry experience.
Outlook: Stable

CRISIL believes JBPL will continue to benefit over the medium term
from its established market position. The outlook may be revised
to 'Positive' in case of significant improvement in average room
rate (ARR) and occupancy rate, leading to substantial cash
accrual, or equity infusion leading to considerably better
financial risk profile. Conversely, the outlook may be revised to
'Negative' in case of low occupancy or ARR, adversely impacting
cash accrual and leading to pressure on liquidity.

Incorporated in 2009, JBPL is promoted by the Indore (Madhya
Pradesh)-based Kakkar and Juneja families. The company owns and
operates marriage lawns, banquet hall and rooms near Indore, and
organises social and corporate events, targeting the luxury
segment.


JAWAHAR SHETKARI: CRISIL Reaffirms B- Rating on INR400MM Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Jawahar Shetkari
Sahakari Soot Girni Ltd (Jawahar Shetkari) continue to reflect
Jawahar Shetkari's weak financial risk profile, marked by modest
net worth, highly leveraged capital structure, and inadequate debt
protection metrics.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee        60.3       CRISIL A4 (Reaffirmed)

   Cash Credit          400.0       CRISIL B-/Stable (Reaffirmed)

   Letter of Credit     200.0       CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility    21.7       CRISIL B-/Stable (Reaffirmed)

The ratings also factor in the society's large working capital
requirements, and susceptibility to volatility in cotton prices.
Jawahar Shetkari, however, benefits from its established position
in the yarn-manufacturing segment.
Outlook: Stable

CRISIL believes Jawahar Shetkari's financial risk profile will
remain constrained over the medium term, by a highly leveraged
capital structure and low profitability. The society will,
however, continue to benefit over this period from its established
position in the yarn manufacturing industry. The outlook may be
revised to 'Positive' if the society reports significant and
sustained improvement in profitability and sales, coupled with
improvement in its capital structure most likely through infusion
of funds by the promoters. Conversely, the outlook may be revised
to 'Negative' if Jawahar Shetkari's liquidity weakens, most likely
due to lower-than-expected accruals or deterioration in working
capital management.

Jawahar Shetkari was registered as a co-operative society in 1981
in Dhule (Maharashtra). It was set up by Mr. Rohidas Patil. The
society manufactures yarn in counts of 24s to 42s, and sells to
wholesalers and hosiery garment manufacturers in India and abroad.
Jawahar Shetkari has a cotton spinning mill in Dhule with capacity
of 88,704 spindles.


KOCHAR RICE: CRISIL Assigns 'B' Rating to INR55MM LT Loan
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' rating to the
long-term bank facilities of Kochar Rice Exim Pvt Ltd (KRE).

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Proposed Long Term
   Bank Loan Facility      55       CRISIL B/Stable

   Foreign Bill Purchase   35       CRISIL B/Stable

   Packing Credit          30       CRISIL A4

The rating reflects the modest scale of operations and below-
average financial risk profile because of high gearing. These
rating weaknesses are partially offset by the extensive experience
of promoters in the rice industry and their established customer
relationships.
Outlook: Stable

CRISIL believes KRE will continue to benefit over the medium term
from the promoters' extensive industry experience. The outlook may
be revised to 'Positive' if a significant increase in the revenue
and profitability improves the financial risk profile. Conversely,
the outlook may be revised to 'Negative' if the revenue and
profitability decline, or the working capital cycle stretches,
leading to deterioration in the financial risk profile.

KRE, incorporated in 2012, is a Delhi-based company that processes
and trades in rice. The company is promoted by Mr. Rajinder Singh
Kochar and Mr. Jasmeet Singh Kochar.


LANCER LASER: CRISIL Ups Rating on INR55MM Term Loan to 'B'
-----------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Lancer Laser Tech Ltd (LLTL) to 'CRISIL B/Stable' from 'CRISIL B-
/Stable', and reaffirmed its rating on the short-term facility at
'CRISIL A4'.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bill Discounting        3        CRISIL B/Stable (Upgraded
                                    from 'CRISIL B-/Stable')

   Cash Credit            50        CRISIL B/Stable (Upgraded
                                    from 'CRISIL B-/Stable')

   Letter of credit &
   Bank Guarantee         10        CRISIL A4 (Reaffirmed)

   Proposed Long Term     33.9      CRISIL B/Stable (Upgraded
   Bank Loan Facility               from 'CRISIL B-/Stable')

   Term Loan              55        CRISIL B/Stable (Upgraded
                                    from 'CRISIL B-/Stable')

The upgrade reflects the improvement in LLTL's financial risk
profile, especially liquidity because of better-than-expected
profitability. Operating profitability increased to 14.9 per cent
in 2014-15 (refers to financial year, April 1 to March 31) from 13
per cent in 2013-14, on the back of improved operating efficiency
resulting from higher capacity utilisation. The scale of
operations too has been improving, with a volume growth of about
20 per cent year-on-year in 2014-15; however, revenue declined by
14 per cent on account of a decline in the price of steel in 2014-
15.

Backed by an improving scale of operations and profitability, LLTL
had cash accrual of Rs.15.8 million, against repayment obligation
of Rs.14.0 million, in 2014-15. The improvement in operating
efficiency has resulted in low incremental working capital
requirement, which, along with reduction in long-term debt, led to
a decline in gearing to 2.2 times as on March 31, 2015, from 3.2
times as on March 31, 2013; however, the gearing remains high.
Debt protection metrics have also improved, with interest coverage
ratio of 1.6 times and net cash accrual to total debt ratio of
0.15 times for 2014-15. With expected growth in cash accrual and
absence of significant capital expenditure (capex) plans; CRISIL
believes that LLTL will continue to improve its financial risk
profile over the medium term.

The ratings reflect LLTL's average financial risk profile because
of a low net worth and average debt protection metrics and
liquidity. This rating weakness is partially offset by the
extensive experience of the company's promoters in the engineering
industry.
Outlook: Stable

CRISIL believes LLTL will continue to benefit over the medium term
from its promoters' extensive industry experience. The outlook may
be revised to 'Positive' in case of a substantial increase in
revenue and operating margin, leading to significant improvement
in cash accrual and liquidity. Conversely, the outlook may be
revised to 'Negative' if liquidity deteriorates, most likely
because of a stretch in the company's working capital cycle, low
cash accrual, or large debt-funded capital expenditure.

LLTL, established in 1999, manufactures agricultural rotovators
and undertakes customised sheet-metal fabrication works such as
metal cutting, bending, and welding. The company also undertakes
job work based on customers' requirements. It is managed by Mr.
Harshadbhai Patel, Mr. Dhirajbhai N Patel, Mr. Dahyabhai B Patel,
and Mr. Narsinhbhai Patel. The company is based at Rajpur in
Mehsana (Gujarat).


MARUTII QUALITY: CRISIL Reaffirms B- Rating on INR66MM LT Loan
--------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Marutii
Quality Products Pvt Ltd (MQPPL) continues to reflect MQPPL's
modest scale of operations, and weak financial risk profile, with
high gearing, subdued debt protection metrics and stretched
liquidity. These rating weaknesses are mitigated by the promoters'
extensive experience in the packaged food industry.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit             30       CRISIL B-/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      66       CRISIL B-/Stable (Reaffirmed)

   Term Loan               69.7     CRISIL B-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that MQPPL will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of higher-than-
expected operating income and cash accrual, along with improved
working capital management, leading to improvement in the overall
financial risk profile. Conversely, the outlook may be revised to
'Negative' if the financial risk profile, particularly liquidity
weakens, most-likely because of decline in its operating income
and cash accrual, or stretch in the working capital cycle, or any
debt-funded capital expenditure programme.

MQPPL was established in 2009 by Mr. Deepak Agarwal and his
father, Mr. Shyam Sunder Agarwal. The company manufactures noodles
and wheat flour in Guwahati (Assam). The company has also set up a
ready-to-eat food facility and a polyvinyl chloride (PVC) pipes
manufacturing facility.


METROPOLE TILES: CRISIL Assigns B+ Rating to INR315MM LT Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISILB+/Stable/CRISILA4' ratings to the
bank facilities of Metropole Tiles Pvt Ltd (MTPL).

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Long Term Loan        315        CRISIL B+/Stable
   Bank Guarantee         50        CRISIL A4
   Cash Credit            85        CRISIL B+/Stable

The ratings reflect MTPL's start-up phase and expected modest
scale of operations in the highly competitive ceramic tiles
industry. The ratings also factor in the company's large expected
working capital requirements. These rating weaknesses are
partially offset by the extensive industry experience of MTPL's
promoters and the benefits it derives from its favourable location
in Morbi (Gujarat), the hub of the ceramics industry in India.
Outlook: Stable

CRISIL believes MTPL will benefit over the medium term from its
promoters' extensive experience in ceramic industry. The outlook
may be revised to 'Positive' if MTPL stabilises its operations on
time, leading to substantial cash accruals. Conversely, the
outlook may be revised to 'Negative' if low order flow or
profitability, or substantial working capital requirements or
debt-funded capital expenditure.

Incorporated in 2015 and based in Morbi (Gujarat), MTPL is
promoted by Mr. Nilesh Makadia, Mr. Viral Ghodasia and their
family members. The company is setting up a facility for
manufacturing glazed vitrified tiles; it will commence operations
by the end of January 2016.


MUTYAM STEEL: CRISIL Assigns 'B' Rating to INR50MM e-DFS
--------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Mutyam Steel Private Limited (MSPL).

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

   Electronic Dealer
   Financing Scheme
   (e-DFS)                50        CRISIL B/Stable


The rating reflects MSPL's below-average financial risk profile
marked by its small net worth, high total outside liabilities to
tangible net-worth ratio, and below-average debt protection
metrics. The rating of the company is also constrained on account
its modest scale of operations, and its exposure to intense
competition in the steel trading industry resulting in its low
profitability margins. These rating weaknesses are partially
offset by MSPL's extensive experience of its promoters in the
steel industry.
Outlook: Stable

CRISIL believes that MSPL will continue to benefit over the medium
term from its promoters' extensive industry experience and its
established relations with customers. The outlook may be revised
to 'Positive' if the company registers a substantial and sustained
increase in its profitability margins, or there is a substantial
improvement in its capital structure on the back of sizeable
equity infusion from its promoters. Conversely, the outlook may be
revised to 'Negative' in case of a steep decline in the company's
profitability margins, or significant deterioration in its capital
structure caused most likely by a stretch in its working capital
cycle.

MSPL set up in 2012 is promoted by Mr. Mahender Reddy. The company
is an exclusive distributor for Tata Steel Ltd's structural steel
products in Andhra Pradesh and Telangana. It is headquartered in
Hyderabad (Telangana).


NILA SANDROCK: CRISIL Assigns 'B' Rating to INR58.5MM LT Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Nila Sandrock Granites Private Limited (NSPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Proposed Long Term
   Bank Loan Facility      21.5       CRISIL B/Stable
   Cash Credit             10         CRISIL B/Stable
   Long Term Loan          58.5       CRISIL B/Stable

The rating reflects NSPL's exposure to risks related to
implementation and stabilisation of its stone-crushing unit. The
rating is also constrained on account of the company's below-
average financial risk profile marked by its small net worth and
high gearing. These weaknesses are partially offset by the
promoters' extensive entrepreneurial experience.
Outlook: Stable

CRISIL believes NSPL will continue to benefit over the medium term
from its promoters' extensive entrepreneurial experience. The
outlook may be revised to 'Positive' if the project completes
within the scheduled time and budgeted cost, and stabilises its
operations. Conversely, the outlook may be revised to 'Negative'
if time or cost overrun in project completion or the off-take is
lower-than-expected thereby adversely affecting its debt-servicing
capability.

NSPL was incorporated in 2011 by Mr. Mahesh Jayantilal Shah and
Mr. Sudeesh Babu. The company is setting up a stone-crushing unit
in Palakkad (Kerala); the unit is expected to commence operations
by December 2015.


OM FIRE: CRISIL Cuts Rating on INR40MM Bank Loan to D
-----------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Om Fire Safety Company Pvt Ltd (OFSC) to 'CRISIL D/CRISIL D' from
'CRISIL BB-/Stable/CRISIL A4+'.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee          40       CRISIL D (Downgraded from
                                    'CRISIL A4+')

   Cash Credit             17       CRISIL D (Downgraded from
                                    'CRISIL BB-/Stable')

   Term Loan                4       CRISIL D (Downgraded from
                                    'CRISIL BB-/Stable')

The rating downgrade reflects instances of delay by OFSC in
repayment of its term debt. The delay was caused by weakening of
the company's liquidity as a slowdown in the real estate sector
resulted in delayed payments from customers.

OFSC also has high exposure to risks inherent in the real estate
sector, and a small scale and working capital intensive
operations. However, it benefits from its promoters' extensive
industry experience and an established customer base.

OFSC, incorporated in 2000, provides engineering, procurement, and
commissioning (EPC) services and solutions for firefighting,
sanitary, and plumbing works. The company is promoted by Mr. Bhanu
Pal Singh and Mrs. Premsuta Singh.

OFSC had a net profit of around INR16.2 million and net sales of
about INR350 million in 2014-15 (refers to financial year,
April 1 to March 31), against a net profit of INR12.9 million on
net sales of INR379 million in 2013-14.


POLYCHEM EXPORTS: CRISIL Reaffirms B+ Rating on INR110MM Loan
-------------------------------------------------------------
CRISIL's ratings on Polychem Exports (PE) continue to reflect PE's
modest scale of operations in the highly fragmented chemical
trading industry and working capital-intensive operations.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            110       CRISIL B+/Stable (Reaffirmed)
   Inland/Import
   Letter of Credit       130       CRISIL A4 (Reaffirmed)

The ratings also factor in the below-average financial risk
profile because of modest net worth, high gearing and subdued debt
protection metrics. These weaknesses are mitigated by the
partners' extensive experience in the textile dyes and chemicals
manufacturing and trading industry.
Outlook: Stable

CRISIL believes PE will benefit over the medium term from its
partners' extensive industry experience. The outlook may be
revised to 'Positive' if higher-than-expected revenue is
generated, with stable profitability and improved capital
structure. Conversely, the outlook may be revised to 'Negative' if
the revenue or margins decline or the working capital cycle
stretches or any large, debt-funded capital expenditure is
undertaken, thereby weakening the financial risk profile.

PE was established in 1994 as a partnership firm by Mr. Brijlal
Bhatia and his family. The firm trades in textile dyes and
chemicals and its administrative office is located in Surat
(Gujarat).

PE, , reported a profit after tax (PAT) of Rs.4.9 million on net
sales of Rs.1 billion in 2014-15 (refers to financial year,
April 1 to March 31) against a PAT of Rs.3.5 million on net sales
of Rs.577.9 million in 2013-14.


QUADRA INFRATEL: CRISIL Ups Rating on INR50MM Loan to 'B'
---------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of Quadra
Infratel Synergies Pvt Ltd (QISPL) to 'CRISIL B/Stable' from
'CRISIL B-/Stable' and reaffirmed its rating on the short-term
facility at 'CRISIL A4'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee          20      CRISIL A4 (Reaffirmed)

   Cash Credit             50      CRISIL B/Stable (Upgraded from
                                   'CRISIL B-/Stable')

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

The rating upgrade reflects significant improvement in QISPL's
business risk profile, with an increase in scale of operations and
diversification in revenue profile. The revenue increased
estimated at around INR74.3 million in 2014-15 (refers to
financial year, April 1 to March 31) from INR61.3 million in 2013-
14. QISPL has diversified its revenue stream through different
segments such as site acquisition, site electrification, telecom
infrastructure development, operations & management, etc. Company
also has unexecuted order book of over INR190 million to be
executed by March 31, 2016. Though the estimated operating
profitability of the company declined to around 17.5 per cent in
2014-15 from 22.45 per cent in 2013-14 on account of increase in
direct expenses due to increase in number of sites, however the
operating margin is expected to remain sustainable over the medium
term driven by increase in order flow leading to economies of
scale. The liquidity of the company has also been supported by
nil-term debt obligations and funding support from the promoters
in the form of unsecured loans.

The ratings reflect QISPL's modest scale of operations in the
telecommunication (telecom) tower civil and electrification work
industry along with large working capital requirements. The
ratings also factor in the company's below-average financial risk
profile marked by high gearing. These rating weaknesses are
partially offset by the promoters' extensive industry experience
and long-standing relationships with the customers.
Outlook: Stable

CRISIL believes that QISPL will continue to benefit over the
medium term from the promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of significant
improvement in the financial risk profile, particularly liquidity,
driven by substantial increase in accrual and better working
capital management. Conversely, the outlook may be revised to
'Negative' in case of aggressive, debt-funded expansions, a
substantial decline in revenue and profitability, or a stretch in
the working capital cycle, resulting in weakening of the financial
risk profile.

QISPL, a Noida (Uttar Pradesh) based company is an EPC contractor
for telecom projects. The company is engaged in providing services
to telecom operators such as site acquisition, civil construction,
site electrification, operations and management of telecom towers.


RESONANCE PAPER: CRISIL Assigns 'B' Rating to INR136MM LT Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Resonance Paper Mill Pvt Ltd (RPMPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Proposed Long Term
   Bank Loan Facility      136        CRISIL B/Stable

   Proposed Short Term
   Bank Loan Facility        4        CRISIL A4

The ratings reflect RPMPL's initial phase of operations in the
highly fragmented and competitive paper industry, and
susceptibility to fluctuations in waste paper prices. These
weaknesses are partially offset by advantageous location of plant
because of proximity to packaging industry.
Outlook: Stable

CRISIL believes RPMPL will benefit over the medium term from the
promoters' extensive industry experience. The outlook may be
revised to 'Positive' in case of timely stabilisation of
operations at the proposed plant, and higher-than-expected revenue
and profitability, leading to substantial cash accrual.
Conversely, the outlook may be revised to 'Negative' if there are
delays in commencement of operations, or cash accrual is lower
than expected during the initial phase, resulting in pressure on
liquidity.

Incorporated in 2015 and promoted by Mundadiya and Agarwal
families, RPMPL is setting up a plant to manufacture Kraft paper
in Morbi (Gujarat). Commercial production is expected to start in
April 2016.


SAMSON AND SONS: CRISIL Assigns B+ Rating to INR140MM Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facility of Samson and Sons Builders and Developers Pvt Ltd
(SSBDPL).

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Project Loan           140       CRISIL B+/Stable

The rating reflects SSBDPL's exposure to implementation related
risks, accentuated by the initial stage of construction in most of
its projects, high dependence on timely receipt of customer
advances for funding the projects, and susceptibility to
cyclicality in the real estate industry. These weaknesses are
partially offset by extensive experience of the promoters in the
real estate industry and moderate initial bookings for the ongoing
projects.
Outlook: Stable

CRISIL believes SSBDPL will benefit from extensive industry
experience of the promoters. The outlook may be revised to
'Positive' if timely receipt of customer advances and
implementation of the projects lead to healthy cash inflows.
Conversely, the outlook may be revised to 'Negative' if there are
time and cost overruns in the projects or if delays in receipt of
customer advances lead to low cash inflows, impacting SSBDPL's
liquidity.

SSBDPL was set up in 2005 as a partnership firm by Mr. John Jacob
and Mr. Samuel Jacob. In 2009, the firm was reconstituted as a
private limited company. SSBDPL undertakes residential real estate
development in and around Trivandrum.


SANDHA HEEMGHAR: CRISIL Assigns B+ Rating to INR113.5MM Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Sandha Heemghar Pvt Ltd (SHPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Term Loan              9.2      CRISIL B+/Stable
   Cash Credit          113.5      CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility     7.3      CRISIL B+/Stable

The rating reflects SHPL's weak financial risk profile and
exposure to significant ongoing capex plan, the rating also
reflects highly regulated and fragmented nature of the West Bengal
cold storage industry. These weaknesses are mitigated by moderate
scale of operations and the promoters' extensive experience.
Outlook: Stable

CRISIL believes SHPL will benefit over the medium term from its
promoters' extensive industry experience. The outlook may be
revised to 'Positive' if higher-than-expected operating income and
profitability, and better-than-expected accrual improves the
financial risk profile, particularly liquidity. Conversely, the
outlook may be revised to 'Negative' if liquidity weakens owing to
delay in realisation of rental from and loans extended to farmers,
stretched working capital management, or significant debt-funded
capital expenditure plan.

SHPL was incorporated in 2003 to provide cold storage facility to
potato farmers and traders. The company is currently running two
cold storages, both in Paschim Medinipur (West Bengal). SHPL is
owned by the Nayak family who have extensive industry experience
of around three decades.


SAURASHTRA GINNING: CRISIL Assigns B Rating to INR67.5MM Loan
-------------------------------------------------------------
CRISIL has revoked the suspension of its rating on the long-term
bank facilities of Saurashtra Ginning Pvt Ltd (SGPL), and assigned
its 'CRISIL B/Stable' rating to these facilities. CRISIL had
suspended the rating on August 30, 2015, as the company had not
provided the necessary information required for a rating review.
SGPL has now shared the requisite information enabling CRISIL to
assign rating to the bank facilities.


                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit           67. 5      CRISIL B/Stable (Assigned;
                                    Suspension Revoked)

   Proposed Long Term      4.1      CRISIL B/Stable (Assigned;
   Bank Loan Facility               Suspension Revoked)

   Term Loan              18.4      CRISIL B/Stable (Assigned;
                                    Suspension Revoked)

The rating reflects SGPL's modest scale of operations in the
highly fragmented cotton industry, and the subdued financial risk
profile because of modest net worth, high gearing, and weak debt
protection metrics. These rating weaknesses are partially offset
by the extensive experience of promoters in the cotton industry
and the proximity of the production facility to the cotton-growing
belt of Gujarat.
Outlook: Stable

CRISIL believes SGPL will continue to benefit over the medium term
from the promoters' extensive industry experience. The outlook may
be revised to 'Positive' if the company significantly improves the
scale of operations and operating margin while strengthening the
capital structure, leading to improvement in the financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
cash accrual is lower than expected, or if the company undertakes
any substantial, debt-funded capital expenditure, or if the
working capital management weakens, leading to deterioration in
the financial risk profile.

SGPL, based in Gariyadhar (Gujarat), was incorporated in 2004 by
the Bhilakhiya family. The company gins cotton and presses cotton
seeds to extract oil.

SGPL, on a provisional basis, reported a net profit of INR0.2
million on sales of INR267.1 million for 2014-15 (refers to
financial year, April 1 to March 31), against a net profit of
INR0.5 million on sales of INR274.3 million for 2013-14.


SAWARIYA INTERNATIONAL: CRISIL Assigns B Rating to INR70MM Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Sawariya International Pvt Ltd (SIPL).

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

The rating reflects the company's modest scale of operations and
its low operating profitability in the intensely competitive and
fragmented textile industry. These weaknesses are partially offset
by the promoters' extensive experience in the wholesale sari
segment.
Outlook: Stable

CRISIL believes SIPL will continue to benefit over the medium term
from the extensive experience of the promoters. The outlook may be
revised to 'Positive' in case of more-than-expected increase in
the scale of operations resulting in large cash accrual or in case
of any substantial capital infusion. Conversely, the outlook may
be revised to 'Negative' if SIPL faces any further stretch in the
working capital cycle leading to deterioration in its financial
risk profile.

Incorporated in 2012, SIPL is promoted by Mr. Sumit Bodra and Mr.
Mukund Kurne. The company trades in saris and dress materials and
carries out its operations in Surat (Gujarat).

For 2014-15 (refers to financial year, April 1 to March 31), SIPL
reported profit after tax (PAT) of INR1.08 million on total sales
of INR324.1 million as against PAT of INR1.29 million on total
sales of INR276.02 million in 2013-14.


SIFTI RICE: CRISIL Reaffirms B Rating on INR200MM Cash Loan
-----------------------------------------------------------
CRISIL's ratings on the bank facilities of Sifti Rice Mills (SRM)
continue to reflect SRM's working-capital-intensive operations,
high gearing, small net worth, and weak debt protection metrics,
resulting in a weak financial risk profile.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            200       CRISIL B/Stable (Reaffirmed)
   Packing Credit          50       CRISIL A4 (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility       3.5     CRISIL B/Stable (Reaffirmed)
   Term Loan                7.0     CRISIL B/Stable (Reaffirmed)

The ratings also factor in a modest scale of operations, and
susceptibility to volatility in raw material prices and to
regulatory changes. These rating weaknesses are partially offset
by the extensive experience of the firm's promoters in the rice
milling industry, and benefits expected from the healthy growth
prospects for the industry.
Outlook: Stable

CRISIL believes SRM will continue to benefit over the medium term
from its promoters' extensive industry experience. The outlook may
be revised to 'Positive' in case of an increase scale of
operations and profitability, leading to more-than-expected cash
accrual, or if there is significant improvement in the capital
structure, most likely because of sizable equity infusion.
Conversely, the outlook may be revised to 'Negative' if the
capital structure and liquidity deteriorate significantly, most
likely because of larger-than-expected working capital
requirement, debt-funded capital expenditure, or constrained
profitability.

Update
In 2014-15 (refers to financial year, April 1 to March 31), SRM
had revenue of INR712.80 million against INR741.4 million in 2013-
14. The marginal decline was mainly because of low realisation due
to a slowdown in the rice industry. Operating profitability is
expected to remain at 5.5-6.0 per cent over the medium term.

The financial risk profile is weak because of a small net worth,
high gearing, and weak debt protection metrics. The net worth has,
however, increased to INR61.6 million as on March 31, 2015, from
INR54.2 million a year earlier, and is expected to improve
gradually over medium term on the back of expected sustained
profitability. The gearing was around 4.52 times as on March 31,
2015, mainly due to large bank borrowing for funding working-
capital-intensive operations. Gross current assets were at 234
days as on March 31, 2015, with inventory of 212 days and
receivables of 28 days. SRM's interest coverage and net cash
accrual to total debt ratios are expected to remain in the range
of 1.50 to 1.75 times and 0.01 to 0.05 time, respectively, over
the medium term.

The firm has moderate liquidity because of sufficient cash accrual
to meet short-term debt repayment obligations, moderate bank limit
utilisation, and unsecured loans from promoters. Bank limits were
utilised at an average of around 76 per cent during the 12 months
ended June 30, 2015. Cash accrual is expected at INR10-15 million
in 2015-16 and 2016-17, against short-term debt repayment
obligation of INR13 million, in each year. The unsecured loan of
INR22.3 million as on March 31, 2015, is expected to remain in the
business over medium term.

SRM reported a profit after tax (PAT) of INR7.5 million on net
sales of INR712.40 million for 2014-15, as against a PAT of INR7.6
million on net sales of INR741.40 million for 2013-14.

Established in 2000 as a partnership firm, SRM mills and processes
basmati and non-basmati rice. The firm presently processes two
types of basmati rice: Permal and Pusa 1121. It is currently being
managed by Mr. Satish Kumar, Mr. Vinod Kumar, Mr Kunal Dhawan, and
Mr. Sourav Chada.


SOCIAL CHANGE: CRISIL Cuts Rating on INR292.5MM Cash Loan to D
--------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Social Change and Development Trust (SCAD) to 'CRISIL D' from
'CRISIL B+/Stable'.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit/Overdraft   292.5      CRISIL D (Downgraded
   facility                           from 'CRISIL B+/Stable')

   Long Term Loan          205.7      CRISIL D (Downgraded
                                      from 'CRISIL B+/Stable')

The downgrade reflects instances of delay by SCAD in servicing its
term debt; the delays have been caused by the trust's weak
liquidity arising from mismatches in its cash flows.

The trust is also susceptible to regulatory changes, intense
competition in the education sector, and geographical
concentration in its revenue profile. However, it benefits from
its established market position in Tamil Nadu.

SCAD was set up in 1994 in Tirunelveli (Tamil Nadu) by Dr. Cletus
Babu. The trust operates various institutes offering graduate and
postgraduate courses.


SOOD STEEL: CRISIL Cuts Rating on INR65MM Cash Loan to B
--------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Sood Steel Industries (SSI) to 'CRISIL B/Stable' from 'CRISIL
B+/Stable'.

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

   Proposed Long Term
   Bank Loan Facility       3.5     CRISIL B/Stable (Downgraded
                                    from 'CRISIL B+/Stable')

   Term Loan                6.5     CRISIL B/Stable (Downgraded
                                     from 'CRISIL B+/Stable')

The downgrade reflects deterioration in the business risk profile
in 2014-15 (refer to financial year, April 1 to March 31) on
account of slowdown in the industry because of lower realisation
in the steel industry leading to a decline in operating margin to
2.2 per cent from 4.0 per cent in 2013-14. The reduction in
operating margin is also attributable to SSI's low bargaining
power. However, the revenue was high at Rs.804 million in 2014-15
against Rs.689.50 million in 2013-14 on account of high-volume
sales. CRISIL believes SSI's business risk profile will remain
under pressure over the near term because of slowdown in the steel
industry.

The downgrade also factors in weakening of the financial risk
profile, particularly liquidity, as on March 31, 2015, owing to a
decline in cash accrual. The cash accrual was insufficient, as
only 20 per cent of total incremental working capital requirement
and debt obligation was met by internal accrual; the remaining was
met through unsecured loans from the promoters which provide
liquidity cushion. CRISIL believes SSI's liquidity will remain
under pressure over the near term on account of reduced internal
accrual due to slowdown in the steel industry.

The rating reflects SSI's modest scale of operations and customer
and geographical concentration in the revenue profile, and the
susceptibility to fluctuations in raw material prices. These
rating weaknesses are partially offset by the comfortable
financial risk profile because of healthy debt protection metrics,
moderate working capital requirement, and the extensive experience
of promoters in the steel industry.
Outlook: Stable

CRISIL believes SSI will continue to benefit over the medium term
from the promoters' extensive industry experience. The outlook may
be revised to 'Positive' in case of improvement in the capital
structure either by equity infusion or a substantial increase in
cash accrual, backed by significant improvement in the scale of
operations or operating margin. Conversely, the outlook may be
revised to 'Negative' if the financial risk profile weakens, most
likely because of large, debt-funded capital expenditure or a
decline in operating margin.

SSI was set up in 2010 by the Kangra (Himachal Pradesh)-based Sood
family as a partnership between Mrs. Meenakshi Sood, her son Mr.
Sidharth Sood, and daughter Mrs. Naina Sood. The firm manufactures
thermo-mechanically treated bars from mild steel billets and
ingots.


SOURABH GILTS: CRISIL Suspends 'D' Rating on INR270MM Loan
----------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Sourabh
Gilts and Securities Limited (SGSL).

                               Amount
   Facilities                 (INR Mln)     Ratings
   ----------                 ---------     -------
   Cash Credit                    270       CRISIL D
   Proposed Cash Credit Limit      50       CRISIL D

The suspension is on account of non-cooperation by SGSL with
CRISIL's efforts to undertake a review of the ratings. Despite
repeated requests by CRISIL, SGSL is yet to provide adequate
information to enable CRISIL to assess SGSL'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 credit factor in
its rating process and non-sharing of information as a first
signal of possible credit distress, as outlined in its criteria
'Information Availability Risk in Credit Ratings'.

SGSL started in June 2000 and primarily trades in fixed income
securities on a principal to principal basis. It is also engaged
in fee-based activities, including distribution of financial
products such as mutual funds, private placement of equity, and
fixed deposit mobilisation activities. The company, through its
network of branches and franchisees, has presence in New Delhi,
Mumbai (Maharashtra), Chennai (Tamil Nadu), Bengaluru (Karnataka),
Guwahati (Assam), Jamshedpur (Jharkhand), Bhubaneshwar (Orissa),
Lucknow (Uttar Pradesh), and Hyderabad (Andhra Pradesh).


SPEL SEMICONDUCTOR: CRISIL Cuts Rating on INR367.2MM Loan to D
--------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
SPEL Semiconductor Ltd (SPEL; part of the SPEL group) to 'CRISIL
D/CRISIL D' from 'CRISIL BB+/Stable/CRISIL A4+'.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Letter of Credit       105       CRISIL D (Downgraded from
                                    'CRISIL A4+')

   Long Term Loan         227.8     CRISIL D (Downgraded from
                                    'CRISIL BB+/Stable')

   Overdraft Facility      10.0     CRISIL D (Downgraded from
                                    'CRISIL BB+/Stable')

   Packing Credit          40.0     CRISIL D (Downgraded from
                                    'CRISIL A4+')

   Proposed Long Term     367.2     CRISIL D (Downgraded from
   Bank Loan Facility               'CRISIL BB+/Stable')

The rating downgrade reflects instances of delay by the SPEL group
in meeting its term-debt obligations; the delays have been caused
by the company's weak liquidity due to working-capital-intensive
operations.

The SPEL group also has high customer concentration in its revenue
profile and is susceptible to pricing pressures in the intensely
competitive global semiconductor industry. However, the company
benefits from its established market position in the integrated
circuit (IC) segment, backed by an experienced and qualified
management.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of SPEL and its wholly owned subsidiary,
SPEL America Inc, USA, together referred to as the SPEL group.

Set up by Southern Petrochemical Industries Corporation Ltd in
1984 in Chennai, SPEL assembles, tests, and packs ICs. Its
products are used mostly in cell phones, computers, notebooks, and
personal digital assistants. The company's wholly owned subsidiary
in the US, SPEL America, commenced operations in 2005-06 (refers
to financial year, April 1 to March 31) mainly to support SPEL's
marketing activities and to expand its clientele.


UDIT CONTRACTORS: CRISIL Cuts Rating on INR50MM Cash Loan to D
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Udit Contractors India Pvt Ltd (UCIPL) to 'CRISIL D' from
'CRISIL B/Stable' on account of irregularities in bank limits.
This is based on our discussion with the banker.

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

   Proposed Long Term      50       CRISIL D (Downgraded from
   Bank Loan Facility               'CRISIL B/Stable')

UCIPL was incorporated in 2013 to take over operations of
proprietorship firm Sri Balaji Enterprises, which was set up in
1993. UCIPL undertakes civil construction of residential buildings
in Delhi. It is promoted by Ms. Tara Joshi and Mr. Kailash Joshi
and is headquartered in Delhi.


USHA SPINNERS: CRISIL Reaffirms B+ Rating on INR120MM Cash Loan
---------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Usha Spinners
(Usha) continues to reflect the firm's below-average financial
risk profile because of high gearing and weak debt protection
metrics, and modest scale of operations in a fragmented industry.
These rating weaknesses are partially offset by the extensive
experience of promoter in the textile industry.

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

Outlook: Stable

CRISIL believes Usha will maintain its business risk profile over
the medium term on the back of the proprietor's extensive industry
experience. The outlook may be revised to 'Positive' if healthy
growth in the scale of operations and profitability leads to
better debt protection metrics, or the capital structure improves
because of infusion of substantial equity by the promoter.
Conversely, the outlook may be revised to 'Negative' if the
operating margin declines further or the financial risk profile
deteriorates owing to a stretch in the working capital cycle.

Update
Usha's operating income increased 16 per cent to reach INR523.4
million in 2014-15 (refers to financial year, April 1 to
March 31) from INR450.7 million in 2013-14. The topline improved
owing to addition of new customers and an increase in the product
portfolio. CRISIL believes Usha's scale of operations will remain
moderate over the medium term.

For 2014-15, Usha reported an operating margin of 2.8 per cent, in
line with historical levels of 2.8-3.4 per cent. The margin has
remained low because of trading nature of operations. CRISIL
believes the margin will remain at similar levels over the medium
term.

Usha's working capital requirement has remained high as reflected
in gross current assets at 112 days as on March 31, 2015; its
debtor and inventory remained at 68 days and 39 days,
respectively. Against this, Usha receives limited trade credit
from its suppliers as reflected in payables at 1 day as on
March 31, 2015, leading to high reliance on bank borrowings.
CRISIL believes Usha's operations will remain working capital
intensive over the medium term.

Usha has a weak financial risk profile because of high gearing of
around 2 times as on March 31, 2015, on account of large working
capital requirement. However, gearing is expected to reduce
marginally over the medium term driven by funding support from the
promoters as the management has infused around INR20.3 million and
INR11.6 million as capital over the two years ended March 31,
2015, and have plans to infuse additional INR14.0 million in 2015-
16. CRISIL believes Usha's financial risk profile will remain weak
over the medium term.

Set up in 1998, Usha is a Ludhiana-based proprietorship concern
that trades in cotton, polyester yarn and cloth. The operations
are managed by Mr. Gautam Thapar.

Usha reported a book profit of INR3.14 million on sales of
INR523.4 million for 2014-15, as against a book profit of INR2.03
million on sales of INR450.7 million for 2013-14.


VATCO ELEC-POWER: CRISIL Assigns B+ Rating to INR75MM Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Vatco Elec-Power Pvt Ltd (VEPPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Proposed Long Term
   Bank Loan Facility       5         CRISIL B+/Stable
   Letter of Credit        30         CRISIL A4
   Bill Discounting
   under Letter of
   Credit                  60         CRISIL A4
   Cash Credit             75         CRISIL B+/Stable

The ratings reflect VEPPL's below-average financial risk profile
because of high gearing and subdued debt protection metrics,
average scale and working capital-intensive nature of operations.
These weaknesses are mitigated by the promoters' extensive
industry experience, reflected in established relationship with
key customers.
Outlook: Stable

CRISIL believes VEPPL will benefit over the medium term from its
promoters' industry experience, and established relations with key
customers. The outlook may be revised to 'Positive' if the
significant and sustained improvement in scale of operation and
profitability lead to higher cash accruals and improvement in
financial risk profile. Conversely, the outlook may be revised to
'Negative' if the accrual declines significantly owing to
substantial reduction in revenue or profitability, or significant
stretch in working capital cycle, a large debt-funded capital
expenditure programme weakens the financial risk profile
especially liquidity.

VEPPL was incorporated in 1992 and is currently managed by Mr.
Vijay Mody, Mr. Haresh Mody and Mr. Bipin Mody. The company is
based in Navi Mumbai and manufactures infrastructure and utility
products particularly for the power industry.

VEPPL reported profit after tax of Rs.2.6 million with operating
income of Rs.597.5 million in 2014-15 (refer to financial year,
April 1 to March 31) against net loss of Rs.1 million with
operating income of Rs.663.9 million in 2013-14.


VRAJPACK INDUSTRIES: CRISIL Rates INR59.5MM Cash Loan at 'B'
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facilities of Vrajpack Industries.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit           59.5       CRISIL B/Stable
   Term Loan             40.5       CRISIL B/Stable

The rating reflects VPI's susceptibility to risks associated with
its ongoing project and expected average capital structure during
the initial stage of operations. These rating weaknesses are
partially offset by its promoters' extensive experience in the
packaging industry.
Outlook: Stable

CRISIL believes that VPI will benefit over the medium term from
its promoters' extensive industry experience. The outlook may be
revised to 'Positive' if VPI stabilises operations at its proposed
plant in time and reports significant revenue and profitability.
Conversely, the outlook may be revised to 'Negative' if the
company faces significant delay in commencement of operations,
generates lower-than-expected cash accruals during the initial
phase of operations, or witnesses substantial increase in working
capital requirements resulting in weak liquidity.

Incorporated in 2015, Vrajpack Industries is a Partnership firm
promoted by Mr. Jatin Dharsandiya along with family members and
others. The firm is setting up manufacturing unit for production
of corrugated boxes unit in Morbi, Gujarat.



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


MNC INVESTAMA: S&P Lowers CCR to 'B'; Outlook Negative
------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term corporate
credit rating on PT MNC Investama Tbk. to 'B' from 'B+'.  The
outlook is negative.  S&P also lowered its long-term ASEAN
regional scale rating to 'axB+' from 'axBB-'.  In addition, S&P
lowered its long-term issue rating on the senior secured notes
guaranteed by MNC Investama to 'B' from 'B+'. Ottawa Holdings Pte.
Ltd. issued the notes.

MNC Investama is an Indonesia-based holding company with sizable
media interests and growing operations in financial services.

"The downgrade reflects our expectation that the company's
financial strategy will remain aggressive despite a heavy debt
maturity profile over the next two to three years and a tougher
operating environment," said Standard & Poor's credit analyst
Katsuyuki Nakai.  "MNC Investama's key subsidiaries started buying
back shares in September and the company's growth appetite remains
high."

In addition, S&P believes MNC Investama's interest servicing
capacity will remain thin over the next 12-18 months because of
stagnant performance in the company's media operations and higher
financing costs.

MNC Investama's aggregate spending, excluding investments in
subsidiaries, reached about Indonesian rupiah (IDR) 1.75 trillion
for the nine months ended Sept. 30, 2015.  At the same time, MNC
Investama has about IDR4.2 trillion of debt due in 2016, mostly
from a bank loan at pay-TV subsidiary PT MNC Sky Vision Tbk. that
the company has not yet refinanced.

MNC Investama also faces the repayment of about IDR3.5 trillion in
2017 at PT Media Nusantara Citra Tbk. (PT MNC Tbk.) and the
repayment of the U.S.-dollar-denominated notes at MNC Investama's
holding level in 2018.

S&P's base case earlier assumed that MNC Investama and its
subsidiaries were not going to undertake any share repurchases.
These buybacks are so far limited and have no material
implications on consolidated cash balances yet.  Nevertheless,
they are taking place when company has sizable refinancing
requirements over the next three years and still-high growth
spending.

"In our view, buybacks during a time when the company has material
refinancing needs and high spending could indicate a lack of
prudent financial management and management's priority on growth
and shareholder returns," Mr. Nakai said.

S&P believes MNC Investama's liquidity has eroded over the past 12
months and will continue to do so, unless it refinances maturing
bank loans at its operating subsidiaries.  Interest expense from
MNC Investama's US$365 million notes has increased nearly 15% over
the past 12 months following the rupiah depreciation and could
exceed IDR300 billion if the rupiah remains above 13,500 for US$1.

S&P expects MNC Investama's coverage of interest expense at the
holding company with dividends from operating companies to remain
thin and could go below 1.0x over the next 12-18 months.

MNC Investama has control over the dividend payout at its
operating subsidiaries, particularly at its main dividend-
producing subsidiary, PT MNC Tbk., which S&P estimates will
contribute more than half of the total dividends received at the
holding level over the next 12-18 months.  S&P believes MNC
Investama could increase dividend payouts if necessary to cover
cash shortfalls.  Nevertheless, S&P believes management may not
elect to raise payout too substantially, given the 2017
refinancing requirement.

The negative outlook reflects the prospect of a further rating
downgrade over the next six to 12 months, barring refinancing of
sizable debt maturities at MNC Investama's main operating
subsidiaries, and persistent thin interest coverage.

S&P may lower the rating if MNC Investama fails to articulate a
credible refinancing strategy for the coming maturities at MNC Sky
Vision within the next six months and does not show credible
progress in addressing its unfavorable debt maturity profile
across the other group companies within the next 12 months.  S&P
may also lower the rating if: (1) the company undertakes further
aggressive debt-funded acquisitions or sizable share repurchases
that push its debt-to-EBITDA ratio above 5x for an extended
period; or (2) liquidity at the holding company level falls
materially below 1.0x with no prospect of recovery.

Although S&P believes this as unlikely over the next 12 months, it
may also lower the rating if MNC Investama's market position
significantly weakens because of increased competition, an
economic slowdown, or unfavorable regulations.

S&P may revise the outlook to stable if MNC Investama or its
operating subsidiaries manage their refinancing schedules and
substantially lengthen their debt maturity profiles.  A revision
of the outlook to stable would also be contingent upon the
company: (1) improving its debt-to-EBITDA ratio, based on
proportionate consolidation, close to 4.0x; and (2) raising its
coverage of interest expense at the holding company with dividends
from operating companies comfortably above 1.0x.



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


TOYO TIRE: Shareholders OK President's Exit, New Management
-----------------------------------------------------------
Kyodo News reports that Toyo Tire & Rubber Co. shareholders on
Nov. 12 approved the resignation of President Takuji Yamamoto and
the appointment of a new management lineup to win back public
trust following a data falsification scandal.

Kyodo says Senior Corporate Officer Takashi Shimizu, 54, will
replace Yamamoto, 58, while Katsumi Komaguchi, 64, former deputy
chairman of Kyocera Document Solutions Inc., will become chairman.

Kyodo relates that before the personnel changes were approved at
an extraordinary shareholders' meeting in Osaka, Yamamoto
apologized for the data falsification that led to the installation
of defective earthquake shock absorbers in many buildings in
Japan. He also expressed his intention to leave the company at the
end of the year, a Toyo Tire official said.

Asked about the possibility of filing a damages suit against
former managements, Yamamoto denied it, saying he believes they
exercised due care, the official said, the report relays.

Kyodo notes that the shareholders' meeting, which was not open to
the media, came days after Toyo Tire reported a group net loss of
JPY4.32 billion ($35 million) for the January-September period of
fiscal 2015 as the scandal forced it to book a special loss of
JPY39.50 billion.

According to the report, the Osaka-based company said in March it
had falsified data on quake-absorbing devices used in hospitals,
schools, and other buildings across the country.

In October, it came to light that the company had falsified data
or skipped required tests on some of its vibration-absorbing
products used mainly in trains and ships, the report recalls.

"The company is in a severe situation but all I can do is hope
that the new management will rebuild it," said a 72-year-old male
shareholder from Hannan city in Osaka, Kyodo reports.

Kyodo quoted another shareholder in his 70s from Hyogo Prefecture
near Osaka as saying that: "I'm not satisfied with the company's
explanation. We've seen one problem after another."

Toyo Tire & Rubber Co., Ltd. is a Japan-based company mainly
engaged in the tire business. The Company operates in three
business segments. The Tire segment manufactures and sells various
tires, as well as tubes for tires, flaps, camel backs, aluminum
wheels and other related products. The Diver Tec segment is
engaged in the manufacture and sale of industrial and construction
materials, transportation equipment, heating insulating and
waterproof materials, as well as other materials, such as office
equipment components. The Others segment is involved in the
financing, credit purchase and real estate businesses.



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


RURAL BANK OF TAYSAN: Former Chairman, Directors Charged
--------------------------------------------------------
The Philippine Deposit Insurance Corporation (PDIC) filed with the
Department of Justice (DOJ) criminal charges against the former
Chairman and Directors of the Board of the closed Rural Bank of
Taysan (Batangas), Inc. for large-scale estafa, falsification of
commercial documents under Article 172 of the Revised Penal Code,
and for conducting business in an unsafe and unsound manner in
violation of Republic Act 3591, as amended, otherwise known as the
PDIC Charter. The DOJ is conducting preliminary investigation of
the case.

Specifically those charged were Belen B. Gutierrez, former
Chairman of the Board; her husband Nicanor T. Gutierrez, former
Director; and their daughters Grace Gutierrez-Buencamino, former
President and Director; and Shirley Maribel B. Gutierrez, former
Director and Assistant Cashier. The complaint, docketed as XVI-
INV-15J-00381, was filed before the DOJ on October 14, 2015.

The complaint alleged that the respondents conspired and took
advantage of their positions to make several unauthorized
withdrawals from 2012 to 2014 from Rural Bank of Taysan
aggregating PHP3.8 million. To cover up the scheme, the
respondents made it appear that several depositors made
withdrawals from the bank. This was done either by forging
withdrawal slips, or by printing of replica copies of certificates
of deposits and having these stamped as paid.

According to the complaint, when PDIC took over the closed bank,
there was a cash shortage of about PHP4 million, of which
PHP3.8 million, according to the Cashier/Treasurer, were personal
advances of Spouses Belen and Nicanor Gutierrez, the bank's
Chairperson and Board Member, respectively.

As alleged in the complaint, the Cashier/Treasurer narrated that
these unauthorized advances were not booked as receivables from
Spouses Gutierrez upon the instructions of the Bank President and
Director, Ms. Grace Gutierrez-Buencamino, who happens to be the
daughter of Spouses Gutierrez. The Cashier/Treasurer said that the
advances were covered up through recording of unauthorized
withdrawals against several deposit accounts.

In the complaint, PDIC said that when the bank was taken over, the
respondents submitted a promissory note to acknowledge their
indebtedness to the bank in the amount of PHP3.8 million.

The complaint further showed that respondents conducted business
in an unsafe and unsound manner by violating restrictions on loans
granted to Directors, Officers, Stockholders and Related Interests
(DOSRI). Prior to the bank's closure, the Bangko Sentral ng
Pilipinas (BSP) has found that the bank violated DOSRI rules.

The PDIC remains relentless in its pursuit of legal action against
erring bank owners, officers and personnel to serve justice these,
protect the interests of the depositors and creditors; and send a
stern warning against unscrupulous individuals who intend to take
advantage of the deposit insurance system.

The Monetary Board (MB) placed Rural Bank of Taysan (Batangas),
Inc. under the receivership of the Philippine Deposit Insurance
Corporation (PDIC) by virtue of MB Resolution No. 1001.B dated
June 26, 2015. As Receiver, PDIC took over the bank on June 29,
2015.

Rural Bank of Taysan is a single-unit rural bank with Head Office
located at J.P. Rizal St., Brgy. Poblacion East, Taysan, Batangas.
Based on the Bank Information Sheet filed with the PDIC as of
December 31, 2014, the bank is owned by Grace G. Buencamino
(17.67%), Belen B. Gutierrez (15.83%), Crisanto S. Bautista III
(9.06%), Shirley Maribel B. Gutierrez (6.21%), Renato Z. Loza
(5.84%), Arturo T. Gutierrez (5.52%), Ma. Antonio F. Bonifacio
(5.08%), Wendelina S. Bautista (4.96%), Gabriella Victoria G.
Buencamino (3.07%), Patrocinia B. Gutierrez (2.92%) and Jose G.
Alcantara (2.23%). The Bank's President is Grace G. Buencamino and
its Chairman is Belen B. Gutierrez.



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


STATS CHIPPAC: Moody's Affirms B1 CFR & Rates Proposed Notes B1
---------------------------------------------------------------
Moody's Investors Service has affirmed STATS ChipPAC Ltd.'s B1
corporate family rating and has assigned a (P)B1 rating to STATS
ChipPAC Ltd.'s proposed USD senior secured notes.

The notes will be unconditionally guaranteed by all STATS
ChipPAC's subsidiaries except for STATS ChipPAC Shanghai Co.,
Limited, STATS ChipPAC (Thailand) Limited, and STATS ChipPAC
Services (Thailand) Limited.

The proposed notes and the guarantees by the subsidiary guarantors
are expected to be secured, subject to certain permitted liens, on
an equal and rateable basis with certain senior debt and certain
future additional pari passu debt of the Company by first priority
liens over shares of certain of the Company's subsidiaries and
certain of the Company's and its subsidiaries' assets.

Moody's will remove the provisional status on the bond after
completing a satisfactory review of the final documentation,
including confirmation that the bonds rank pari passu with all
existing bank loan debt.

At the same time, Moody's has downgraded STATS ChipPAC's existing
senior unsecured notes to B2 from B1, reflecting the technical and
legal subordination to the existing senior secured bridge loan
(unrated).

The outlook on all ratings is negative.

RATINGS RATIONALE

The affirmation of STATS ChipPAC's B1 rating reflects the
company's weakening operating performance, as evidenced by its low
adjusted operating margin for 3Q 2015, and its high leverage, as
measured by adjusted debt/EBITDA of around 4.0x for the 12 months
ended Sept. 30, 2015.

Moody's expects sluggish demand in the semiconductor industry over
the next 12-18 months, particularly given the slowing demand in
the high-end smartphone market, which uses wafer-level packaging
and advance packaging, two of STATS ChipPAC's key areas of product
focus.  The lower levels of demand will limit revenue growth and
profitability.

Furthermore, given STATS ChipPAC's high fixed-cost structure and
lack of clear near-term catalysts for revenue growth, Moody's
expects profitability to remain muted over the next 6-12 months
and adjusted debt (including the perpetual security)/EBITDA to
climb into the 4.2x-4.4x range for full year 2015, and which
Moody's expects will be sustained into 2016.

STATS ChipPAC was acquired by a leading semiconductor packaging
and testing company in China -- Jiangsu Changjiang Electronics
Technology Co., Ltd. (JCET, unrated) -- in August 2015, as well as
by consortium members, The National Integrated Circuit Industry
Investments Fund Co, Ltd (IC Fund, unrated) and SilTech
Semiconductor (Shanghai) Corporation Limited (SilTech, unrated),
which is an indirect wholly-owned subsidiary of Semiconductor
Manufacturing Int'l Corp. (SMIC, Baa3).

In September, STATS ChipPAC launched a concurrent Change of
Control Offer, Tender Offer and Consent Solicitation related to
its then outstanding $811 million senior unsecured bonds maturing
in 2016 and 2018.

In total, 79.32% ($158.6 million) of the 2016 notes and 87.81%
($536.7 million) of the 2018 notes were redeemed and funded with a
$538 million drawdown under its $890 million six-month senior
secured bridge loan facility, and proceeds from its $200 million
Perpetual Securities Offering on Oct. 16, 2015.

After the Tender Offer and Change of Control Offer were completed,
$115.9 million in principal amount related to the existing notes -
- comprising $41.4 million of the 2016 notes and $74.5 million of
the 2018 notes -- remained outstanding.  These notes are unsecured
and have been stripped of all financial covenants and are
structurally subordinated to all senior secured bank debt,
including the outstanding drawn under the bridge facility.
Reflecting the positioning of these notes in the capital
structure, the ratings on the existing unsecured notes have been
downgraded to B2.

"We expect that proceeds from the proposed bond issuance will be
used to refinance a portion of the company's outstanding debt,
which includes the bridge loan and around $180 million of senior
secured bank credit facilities at STATS ChipPAC Korea," says
Annalisa Di Chiara, a Moody's Vice President and Senior Credit
Officer.

Moody's understands from STATS ChipPAC that all of the
prerequisite approvals have been obtained from the lenders of the
outstanding $180 million senior secured bank credit facilities at
STATs ChipPAC Korea.  As such, all creditors will be parties to
the inter-creditor agreement, and share the same security pool,
and rank pari passu with the proposed bond at closing.

"A successful bond transaction will help STATS ChipPAC reduce its
reliance on short-term financing, and we further expect the
company will drawdown on a committed term loan in 1Q 2016 to
complete its debt restructuring and ensure permanent financing to
extend its debt maturity profile," added DiChiara.

DBS Bank Ltd. (Aa1 stable), Barclays Bank PLC (A2 stable) and ING
Bank NV (A1 stable) have committed to providing a five-year senior
secured term loan of up to $500 million via Senior Take-Out
Facilities.

Moody's B1 rating also reflects the complex acquisition funding by
JCET and STATS ChipPAC's debt restructuring, which may give rise
to contingent liabilities and additional refinancing risks.  For
example, the perpetual securities may require additional funding
by STATS ChipPAC -- or JCET as guarantor -- in 2018, should the
securities be redeemed at that time as structured.

Moody's understands that the IC Fund and SilTech intend to remain
strategic investors in JCET.  The exit of either shareholder would
be credit negative for JCET and STATS ChipPAC.

The outlook on STATS ChipPAC's ratings is negative, and reflects
the company's weakening operating performance and refinancing
risks, including its liabilities under its bridge loan facility.

Moody's believes the company's liquidity position will remain
fragile until permanent long-term financing is put in place, and
the company's profitability is restored, with adjusted quarterly
EBITDA exceeding $85-90 million on a sustained basis.

Negative ratings pressure could arise if STATS ChipPAC continues
to demonstrate lower asset utilization rates, decreasing
profitability, and weaker cash flow-generating capability, such
that its adjusted debt/EBITDA exceeds 4.5x and/or its cash balance
falls below $75 million.  Any exit by its key shareholders would
also be negative for the ratings.

Upwards ratings pressure is unlikely over the near-term, given the
negative outlook.

However, the ratings outlook could stabilize, if STATS ChipPAC
successfully address its near term refinancing needs; in
particular, if the ongoing erosion in its financial metrics
reverses, such that its adjusted debt/EBITDA stays below 4.0x, and
the company moves toward a positive free cash flow position while
maintaining a cash balance of $100-$125 million.

The principal methodology used in these ratings was Global
Semiconductor Industry Methodology published in December 2012.

STATS ChipPAC Ltd. is the fourth-largest player in the
outsourcing, semiconductor assembly and test industry by revenues
according to Gartner, Inc. a leading technology research firm.  It
provides full turnkey solutions to semiconductor companies across
the US, Europe and Asia, among them, foundries, integrated device
manufacturers, and fabless companies.



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


* SOUTH KOREA: 175 SMEs to Be Placed Under Debt Restructuring
-------------------------------------------------------------
Kim Boram at Yonhap News Agency reports that South Korea's
financial watchdog said on Nov. 11 that it has picked 175 small
and medium enterprises (SMEs) to be placed under debt
restructuring this year as part of government-led efforts to sort
out highly indebted firms and prevent their sudden collapse.

The Financial Supervisory Service (FSS) said the number of debt-
heavy firms selected for 2015 rose by 50 to 175 this year from a
year earlier, with 70 of them given a rating of "C" and the
remaining 105 graded a "D".

The C-rated companies are subject to a debt workout program led by
their creditor banks, while those given a D have no potential to
stay afloat, the report notes.

Yonhap notes that as part of its regular corporate oversight, the
FSS releases the watch list of highly indebted companies once a
year based on a survey on 17,594 SMEs conducted by local creditor
banks between June and October.

According to the report, the FSS said that the sharp on-year gain
is attributable to a protracted slump in demand at home and
abroad, while it has implemented stricter criteria for the credit
risk assessment.

The manufacturing industry was hit hardest as the number of listed
manufacturers soared to 105 from 76 over the cited period.

Electronics and machinery companies saw their figures rise to 19
and 14, respectively, this year, up from 14 and nine, the report
discloses.

Yonhap relates that the watchdog said local banks and other
financial institutions have extended a combined KRW2.2 trillion
(US$1.9 billion) worth of loans to the 175 troubled firms.

The lenders need to set aside an additional KRW450.4 billion
against potential defaults, it added, the report relays.

Yonhap adds that the FSS noted that it is unlikely for such risks
to have a remarkable impact on the banks' balance sheet as the
additional bad loan expenses are expected to drag down their
capital adequacy ratio by 0.03 percentage point to 14.06 percent
from 14.09 percent tallied in June.

Yonhap says the Seoul government has called for harsh corporate
restructuring, pushing local banks and financial institutions to
eliminate highly indebted and unprofitable companies from the
market amid lingering economic uncertainties at home and abroad.

South Korean banks have been struggling from mounting bad loans
extended especially to the shipbuilding sector, which posted
unprecedented massive losses this year stemming from a worldwide
slump in the industry, Yonhap reports.



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


* Global Auto Sector Faces Long-Term Pressures, Moody's Says
------------------------------------------------------------
The already challenging conditions in the global automotive
manufacturing industry will likely worsen over the long term, says
Moody's Investors Service.

"The industry is currently extremely cyclical, competitive,
capital intensive and burdened with excess capacity," said Bruce
Clark, a Moody's Senior Vice President. "What's more, automotive
manufacturers face increasingly demanding fuel economy, emissions
and safety standards, which will require significant investments
from these companies."

The greatest credit risk for the sector is cyclicality,
particularly in the most profitable regional markets, including
North America, Europe, Japan and Latin America, according to the
report, "Increasing Risks in Global Auto Sector." Down-cycles will
periodically hit every regional market. China, now the largest
automotive market in the world, is also growing vulnerable
toslowdowns and will eventually see a cyclical contraction in
sales.

"A key component of our assessment of an automotive issuer is its
ability to contend with such cycles, primarily through the breadth
of its geographic presence, a low breakeven operating model and a
strong liquidity position," added Clark.

Moody's expects the sector to face additional pressure from (1)
the uncertainty around the multiple technological paths that could
be pursued in order to achieve emission and fuel economy
objectives; (2) the need to incorporate a host of connectivity
features into vehicles; and (3) emerging competitors in the
already crowded market.



                             *********

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.

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