TCRAP_Public/151116.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Monday, November 16, 2015, Vol. 18, No. 226


                            Headlines


A U S T R A L I A

AP AND KJ: Worrells Solvency Appointed as Liquidators
APN NEWS: Fitch Affirms 'BB-' IDR; Outlook Stable
D & R COMMUNITY: First Creditors' Meeting Set For Nov. 23
GO PACIFIC: First Creditors' Meeting Set For Nov. 26
RESIPRO HOMES: First Creditors' Meeting Set For Nov. 23

S CENTRAL: Former CEO Jailed Following ASIC Probe


C H I N A

AMERICAN NANO-SILICON: Has US$23.3MM Current Deficit at June 30
CHINA: Banks' Troubled Credit Swells to Sweden-Sized $628 Billion
CHINA SHANSHUI: Receives Creditors Repayment Demand
CHINA XD PLASTICS: Fitch Lowers IDR to 'B+'; Outlook Stable
MIE HOLDINGS: Weak Oil Prices Pressure 'B' Rating, Fitch Says

* Weak China Power Demand Dampens Coal Consumption, Fitch Says


H O N G K O N G

BANK OF EAST: Moody's Rates AT1 Capital Securities 'Ba2(hyb)'
BANK OF EAST: S&P Assigns 'BB' Rating to Proposed AT1 Securities


I N D I A

A.V.R.N. HOTELS: CRISIL Cuts Rating on INR270MM Term Loan to B-
AISWARYA INFRASTRUCTURE: CRISIL Rates INR60MM LT Loan at 'C'
AKSHAYA BUILDERS: CRISIL Reaffirms B Rating on INR100MM Loan
ALVI TECH: ICRA Lowers Rating on INR10.63cr LT Loan to B
AMRUTHA VARSHINI: CRISIL Cuts Rating on INR125MM Cash Loan to D

ASPI CARS: ICRA Puts B+ Rating on Notice of Withdrawal
AUTO POINT: ICRA Suspends B+ Rating on INR8cr LOC
BAHRA EDUCATIONAL: ICRA Suspends 'D' Rating on INR45cr LT Loan
BEST BUILDWELL: CRISIL Reaffirms 'B+' Rating on INR130MM Loan
CHINTAMANI GEMS: ICRA Reaffirms B+ Rating on INR20cr Cash Loan

ECOBOARD INDUSTRIES: ICRA Reaffirms 'D' Rating on INR23cr Loan
FINESSAC FOOD: CRISIL Reaffirms B+ Rating on INR57.5MM Term Loan
GOLDSTAR METAL: ICRA Assigns 'D' Rating to INR10cr Loan
GURU NANAK: ICRA Reaffirms 'B' Rating on INR12cr LT Loan
HIMACHAL SOAP: CRISIL Assigns B- Rating to INR50MM Cash Loan

HOSHIARPUR ROLLER: CRISIL Reaffirms B- Rating on INR85M Loan
ICON CABLES: CRISIL Assigns B+ Rating to INR50MM Cash Loan
KMG INFOTECH: ICRA Assigns B- Rating to INR7.30cr Term Loan
MAHALAXMI PADDY: CRISIL Reaffirms B+ Rating on INR67.6MM Loan
NAXALBARI FLOUR: CRISIL Reaffirms B Rating on INR90MM Term Loan

PAMPAR OVENFRESH: CRISIL Ups Rating on INR152.7MM LT Loan to B+
PARAMOUNT STEELS: ICRA Reaffirms B+ Rating on INR10cr Loan
R. S. ENTERPRISES: CRISIL Cuts Rating on INR140MM Loan to 'D'
RAJRANI STEEL: ICRA Assigns B- Rating to INR13cr Cash Loan
S.K. GOLD: ICRA Revises Rating on INR15cr Loan to 'D'

SEPAL CERAMIC: ICRA Reaffirms B+ Rating on INR4.40cr Loan
SHRAMAN STRIPS: ICRA Assigns 'B' Rating to INR9.0cr Loan
SHREE RAJA: CRISIL Assigns B- Rating to INR80MM Cash Loan
SHREE RAJARAM: CRISIL Assigns 'B' Rating to INR100MM Cash Loan
SHRI GAUTAM: CRISIL Cuts Rating on INR122.5MM LT Loan to B

SITA POLYWEAVE: ICRA Assigns 'B+' Rating to INR4.93cr Term Loan
SRI HANUMA: ICRA Reaffirms B+ Rating on INR9.0cr Cash Loan
SRI SAI AGRO: ICRA Assigns 'B' Rating to INR4.0cr LT Loan
UTM ENGINEERING: CRISIL Assigns B Rating to INR15MM Cash Loan
V CARE: ICRA Reaffirms 'B' Rating on INR3.0cr Fund Based Loan

VENKATESWARA ENTERPRISES: CRISIL Reaffirms INR5MM Loan B+ Rating
VINAYAK POLYPIPES: CRISIL Reaffirms 'B' Rating on INR90MM Loan


I N D O N E S I A

ECOGREEN OLEOCHEMICAL: Shuts Operations Due to Soaring Gas Prices


J A P A N

LIBERTY INTERACTIVE: Moody's Affirms Ba3 Corporate Family Rating
TOSHIBA CORP: U.S. Unit Books $1.3BB Impairment Loss
TOSHIBA CORP: Lawsuit Highlights Lack of Reform, Lawyers Say


M O N G O L I A

MONGOLIA: Moody's Says B2 Rating Supported by Growth Potential


N E W  Z E A L A N D

WILD PAIR: Shoe Shop Goes Into Receivership


S I N G A P O R E

BERAU CAPITAL: Debt Indenture Satisfies Ch. 15 Eligibility


                            - - - - -


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A U S T R A L I A
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AP AND KJ: Worrells Solvency Appointed as Liquidators
-----------------------------------------------------
Cliff Sanderon at Dissolve.com.au reports that AP and KJ Hewton
Investments Pty Ltd, which trades as Flash Harry's, has gone into
liquidation. Morgan Gerard Lane and Paul Eric Nogueira of Worrells
Solvency and Forensic Accountants were appointed as liquidators of
the business on Nov. 10, 2015, the report discloses.

According to Dissolve.com.au, Flash Harry's has terminated 50
employees across five locations.  The company owed around
AUD1.2 million to creditors aside from what it owed to employees
and banks, the report says.


APN NEWS: Fitch Affirms 'BB-' IDR; Outlook Stable
-------------------------------------------------
Fitch Ratings has affirmed APN News & Media Limited's Long-Term
Foreign-Currency Issuer Default Rating at 'BB-'.  The Outlook
remains Stable.

Fitch has affirmed APN's IDR despite a small increase in reported
leverage to 2.9x (end-2014: 2.8x) during 1H15, following the
partially debt-funded acquisition of Perth radio station, 96FM.
This acquisition represented the last major fill-in acquisition
for the Australian Radio Network (ARN) business, giving APN access
to advertisers looking to campaign across all the major Australian
capitals.

Post-acquisition APN has remained committed to achieving its
guided net debt/EBITDA target (company defined) of 2.5x, with this
measure declining to 2.9x at 1H15 from 3.1x immediately following
the acquisition.

The rating continues to reflect APN's strong radio and publishing
brands in Australia and New Zealand, despite the on-going
structural challenges confronting its publishing business.  In
Fitch's view, ARN underpins the group's growth opportunities, with
ARN's higher earnings and cash flow visibility likely to help
mitigate the structurally weaker publishing businesses.

KEY RATING DRIVERS

Australian Radio Network Underpins Growth Opportunities: APN now
has the maximum two radio licenses allowed in each of the five
Australian-mainland capital cities and is the second-largest
commercial radio operator in Australia by overall market following
the acquisition of 96FM in Perth.  APN aims to take advantage of
its reach to market national advertising opportunities.  While APN
has been successful in building programmes with high ratings in
each of the major cities, the Australian radio market is becoming
increasingly competitive, which represents a risk to APN's
strongest business.

Leading Positions; Unique Assets: The ratings reflect APN's strong
radio and publishing brands in Australia and New Zealand, which
should enable the company to maintain its market positions.  The
ratings also reflect APN's unique asset combination and its
ability to offer cross-platform advertising over its publishing,
radio, outdoor and digital assets.  The higher earnings and cash
flow visibility from its radio networks help mitigate the
structurally weaker publishing businesses.

Resilient Radio Networks: Fitch expects that APN's radio business
will remain less vulnerable to the growing popularity of
alternative media platforms, such as the internet, and therefore
continue to exhibit greater resilience in revenues.  APN's
rebranding and talent recruitment is showing success in helping to
gain audience and revenue market shares.  Radio has historically
been a more defensive medium than newspapers and other advertising
platforms.  Further, advertising revenues for commercial radio
broadcasters are less subject to fluctuations in global and
national advertising budgets, as local advertising sales dominate
radio advertising revenue.

Structural Challenges for Print: The rating reflects the on-going
structural challenges confronting APN's publishing business.  APN
has a strong position in the New Zealand national newspaper market
and Australian regional newspaper market, but Fitch expects APN's
publishing business to remain under pressure due to the on-going
migration of advertising expenditure to digital platforms and the
associated media fragmentation.

High Leverage: APN plans to delever over the next four years, with
a company-defined net debt/EBITDA target of 2.5x (1H15: 2.9x).
Fitch expects FFO-adjusted net leverage to stay at a relatively
high level of over 3.5x over the next 24 months (end-2014: 4.4x),
with structural challenges in the print media and slowdown of the
Australian and New Zealand economies affecting overall advertising
spend.

Steady Cash Generation: APN's radio and print businesses are cash
generative, with low capex requirements.  Fitch expects APN to
continue to generate steady FCF over the rating horizon with the
FCF margin to remain between 5%-10%, despite the challenges in the
print business and the expected recommencement of dividends in
2016.

Potential Impact of NZ IPO: In the event that an IPO of the New
Zealand business were to go ahead, the resulting geographical
concentration would be likely to constrain the rating at 'BB-',
even if the proceeds were used to pay down debt.

Sufficient Liquidity: Fitch expects APN's liquidity to be strong
in 2015 and 2016 following the refinancing of its bank facilities.
Short-term debt at end-2014 amounted to AUD1.6 mil.  In October
2015, APN's total committed bank facilities were AUD645 mil., of
which around AUD145 mil. remained undrawn.

KEY ASSUMPTIONS

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

   -- Total revenue to continue to decline in 2015-2018, with the
      continued decline in print revenue offsetting growth in
      Australian radio revenue.  Print revenue to continue to
      decline in the next two years before flattening out;

   -- EBITDA margin to widen moderately in 2015-2018, driven by
      increased revenues from the higher-margin radio business
      and cost-saving initiatives implemented in the print
      business;

   -- Capital expenditure to remain at AUD20 mil.-25 mil. a year
      until 2018.  An additional AUD20 mil. in one-off capital
      expenditure relating to the New Zealand integration
      programme in 2015; and

   -- Cash dividends to recommence in 2016.  Fitch has included a
      30% dividend payout ratio in 2016 in the rating case,
      increasing to 50% gradually over the remainder of the
      rating horizon.

RATING SENSITIVITIES

Positive: Positive rating action is unlikely while APN continues
to have exposure to the declining publishing sector in Australia
and New Zealand.  Future developments that may, individually or
collectively, lead to positive rating action include:

   -- Success of the digital transition;

   -- Material diversification of cash generation and growth in
      EBITDA; or

   -- FFO-adjusted net leverage sustained below 3.0x.

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

   -- Significant deterioration in the operating profile amid on-
      going competitive pressures, changing media consumption
      patterns and evolving technology platforms;

   -- Large debt-funded acquisitions indicating a significant
      increase in APN's risk tolerance;

   -- Sustained negative FCF margins; or

   -- FFO-adjusted net leverage sustained above 4.0x.


D & R COMMUNITY: First Creditors' Meeting Set For Nov. 23
---------------------------------------------------------
Justin Denis Walsh and Adams Pauls Nikitins of Ernst & Young were
appointed as administrators of D & R Community Services Pty Ltd on
Nov. 11, 2015.

A first meeting of the creditors of the Company will be held at
Pacific Hotel Cairns, Corner of The Esplanade and Spence Street,
in Cairns, Queensland, on Nov. 23, 2015, at 12:30 p.m.


GO PACIFIC: First Creditors' Meeting Set For Nov. 26
----------------------------------------------------
Mitchell Ball of BPS Recovery was appointed as administrator of Go
Pacific Retail Pty Ltd on Nov. 12, 2015.

A first meeting of the creditors of the Company will be held at
BPS Recovery, Level 18, 201 Kent Street, in Sydney, on Nov. 26,
2015, at 11:00 a.m.


RESIPRO HOMES: First Creditors' Meeting Set For Nov. 23
-------------------------------------------------------
Gavin Charles Morton of Morton's Solvency Accountants was
appointed as administrator of Resipro Homes Pty Ltd on Nov. 12,
2015.

A first meeting of the creditors of the Company will be held at
Morton's Solvency Accountants, Level 11, 410 Queen Street, in
Brisbane, Queensland, on Nov. 23, 2015, at 10:00 a.m.


S CENTRAL: Former CEO Jailed Following ASIC Probe
-------------------------------------------------
Mr Peter Mavridis, the former chief executive of the S Central
Group of companies, has been jailed following an Australian
Securities and Investment Commission investigation.

Appearing before the County Court of Victoria on Nov. 12, 2015, Mr
Mavridis, 43, of Craigieburn, was sentenced to 4 years and 8
months jail with a non-parole period of 3 years.

The sentencing of Mr Mavridis follows a guilty verdict by a jury
in relation to 33 charges of obtaining financial advantage by
deception and false accounting.

Between January and September 2009, Mr Mavridis directed the
financial controller of the group to submit duplicated and/or
falsely inflated invoices to National Australia Bank Ltd under a
debtor factoring agreement, which led to credit totalling
approximately AUD4.8 million being advanced to companies within
the S Central Group.

In handing down his sentence, His Honour Judge Punshon said that
Mr Mavridis conduct was 'deliberate, repetitive and systemic' and
that he had 'used and exploited an employee' as part of the
offending.

'Mr Mavridis' sentence sends a strong message, particularly to
heads of companies,' ASIC Commissioner John Price said.

'ASIC will use all means necessary to take strong action against
those considering fraud or encouraging employees to behave in this
dishonest manner.'

Mr Mavridis' conviction automatically disqualifies him from
managing corporations for a period of five years following his
release from prison.

The Commonwealth Director of Public Prosecutions prosecuted the
matter.

Debtor factoring involves the assigning of debts that are owed in
exchange for credit advanced by a finance provider. In order to
retain ongoing access to bank credit, Mr Mavridis signed end-of-
month reconciliations that disguised the falsifications and had
them submitted to the bank.

The S Central Group -- which consisted of S Central Pty Ltd, S
Central (NSW) Pty Ltd, S Central Products Pty Ltd, Expressapps Pty
Ltd and Infotronics Software Pty Ltd -- provided information
technology services to customers in Victoria, New South Wales and
Queensland. The S Central Group companies entered into liquidation
at various times between November 2009 and
April 2010, leaving total deficiencies in excess of
AUD10 million.

In April 2014, Mr Mavridis appeared before the Melbourne
Magistrates Court after an ASIC investigation led to him being
charged with 24 charges of obtaining financial advantage by
deception, 10 charges of false accounting and 1 charge of
dishonest use of position as a director.

Following a two-day committal hearing in Melbourne Magistrates'
Court that concluded on Aug. 12, 2014, Mr Mavridis was ordered to
stand trial on deception charges.

In October 2015, Mr Mavridis was found guilty in relation to 33
charges brought by ASIC.



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AMERICAN NANO-SILICON: Has US$23.3MM Current Deficit at June 30
---------------------------------------------------------------
American Nano-Silicon Technologies, Inc. (ANNO:OTC US)'s working
capital deficit was US$23.3 million at June 30, 2015.  The deficit
was US$14.8 million as of September 30, 2014.

At June 30, 2015, the Company had total current assets of US$1.0
million and total current liabilities of US$24.4 million.  At
September 30, 2014, the Company had total current assets of US$1.4
million and total current liabilities of US$16.2 million.

The Company said: "At June 30, 2015 we had a working capital
deficiency of $23,353,383, representing an increase of $8,513,052
in the deficit during the nine months ended June 30, 2015.  In
addition to our net loss for the nine month period, the primary
cause of the increase in working capital deficit was the
reclassification of approximately $4.7 million in bank loans from
long-term to current liabilities.

"Our current assets on June 30, 2015 were only $1,022,266, of
which only $279,820 were liquid.  Our current liabilities are
primarily composed of short term loans totaling $11,654,503, short
term related parties payables totaling $3,971,962 due to Mr. Pu
Fachun and entities owned by Mr. Pu, the single largest
shareholder and president of our company, and $6,103,110 being the
current portion of our long term loans.  Due to our negative cash
flow and working capital deficit, our auditors expressed
substantial doubt about our ability to continue as a going concern
in the audit report on our financial statements for the year ended
September 30, 2014.

"Our operations used $1,909,007 in cash during the nine months
ended June 30, 2015. Our use of cash fell short of our net loss of
$4,878,309, as the net loss included depreciation and amortization
expense of $1,168,125 and imputed interest of $179,832.  In
addition, during the nine months ended June 30, 2015, we reduced
our accounts receivable balance by $467,737 and increased our
accrued expenses by $950,473, both of which events reduced our use
of cash during the period.

"Our operations used $3,182,788 in cash during the nine months
ended June 30, 2014.  Our use of cash fell short of our net loss
of $4,440,454, as the net loss included depreciation and
amortization expense of $1,112,307 and imputed interest of
$148,001.

"For the nine months ended June 30, 2015 and 2014, we used
$126,380 and $294,912 in investing activities, consisting of
additions to property and equipment.

"Our financing activities in the nine months ended June 30, 2015
provided cash of $2,106,983, including proceeds of $792,086 from
related parties' loans, proceeds of $1,512,509 from short term
loans, net of repayment of long term loans of $197,612.

"Our financing activities in the nine months ended June 30, 2014
included proceeds of $5,288,223 from short-term loans and proceeds
from long term loans of 3,711,343.  From those proceeds, we used
$3,582,616 to repay a portion of the sums we have borrowed from
related parties.

"As of the date of this report, we do not have sufficient cash to
operate for the next 12 months.  We expect, but provide no
assurance, that affiliate companies owned by our largest
shareholder and president, Mr. Pu, will continue to provide
necessary funding for our normal operations."

A copy of the Form 10-Q is available at http://is.gd/nfbPSK

American Nano-Silicon Technologies, Inc. (ANNO:OTC US) is engaged
in the production and distribution of refined consumer chemical
products through its subsidiaries.  The Company is headquartered
in Sichuan, China.


CHINA: Banks' Troubled Credit Swells to Sweden-Sized $628 Billion
-----------------------------------------------------------------
Bloomberg News reports that Chinese banks' troubled loans swelled
to almost CNY4 trillion ($628 billion) by the end of September,
more than the gross domestic product of Sweden, according to
figures released by the industry regulator.

Banks' profit growth slumped to 2 percent in the first nine months
from 13 percent a year earlier, Bloomberg discloses citing data
released on November 12 by the China Banking Regulatory
Commission.

According to Bloomberg, the numbers come as a debt crisis at China
Shanshui Cement Group Ltd. prompts lenders including China
Construction Bank Corp. and China Merchants Bank Co. to demand
immediate repayments and as weakness in October credit growth
shows the risk of a deeper economic slowdown.

Bloomberg relates that while the official data shows
non-performing loans at 1.59% of outstanding credit, or
CNY1.2 trillion, that rises to 5.4%, or CNY3.99 trillion, if
"special mention" loans, where repayment is at risk, are also
included.

The report says the amount of bad debt piling up in China is at
the center of a debate about whether the country will continue as
a locomotive of global growth or sink into decades of stagnation
like Japan after its credit bubble burst.

"Evergreening," which is when banks roll over debt that hasn't
been repaid on time, may contribute to the official bad-loan
numbers being understated, the report notes.  Bloomberg recalls
that the Bank for International Settlements cautioned in September
that China's credit to gross domestic product ratio indicated an
increasing risk of a banking crisis in coming years.

Bloomberg says bad-loan provisions, shrinking lending margins and
weakness in demand for credit are eroding banks' profits just as
financial deregulation boosts competition. Ramped-up stimulus,
with the central bank cutting interest rates six times in a year,
failed to prevent the nation's broadest measure of new credit
slumping to the lowest in 15 months in October, Bloomberg adds.


CHINA SHANSHUI: Receives Creditors Repayment Demand
---------------------------------------------------
Reuters reports that China Shanshui Cement has received several
demands for repayments from creditors, following a default even as
it had started winding up proceedings, it said in a stock exchange
filing.

The default was on a CNY2 billion bond which was due on Nov. 12,
about which the company had warned a day before, Reuters says.

According to Reuters, the company said that China Construction
Bank had demanded repayment of a $50 million loan by Nov. 12
failing which it would institute legal proceedings against its
subsidiary China Pioneer Cement, which owed the debt.

Another subsidiary Shandong Shanshui Cement Group, had also
received notices and letters from creditors demanding immediate
repayment of their dues, Reuters relays. Those moving against
Shandong Shanshui included China Merchants Bank which had
accelerated a CNY600 million revolving loan.

Reuters relates that China Shanshui said such creditor action
could destabilise the company and that a winding up petition had
been filed in a Cayman Islands court.

The application was heard by the court on Nov. 11 and adjourned to
be heard on November 18, the company said, Reuters relays.

The default on the CNY2 billion onshore debt had triggered cross
default provisions on a $500 million bond due 2020 and other debt,
Reuters notes. The bonds fell by a point to 63 cents on the
dollar.

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 XD PLASTICS: Fitch Lowers IDR to 'B+'; Outlook Stable
-----------------------------------------------------------
Fitch Ratings has downgraded China XD Plastics Co Ltd's Long-Term
Issuer Default Rating to 'B+' from 'BB-'.  The Outlook is Stable.
Fitch has also downgraded the senior unsecured rating of the
company and the rating on the outstanding senior unsecured US
dollar notes issued by Favor Sea Limited, a wholly owned company
by XD Plastics, to 'B' from 'B+', with a Recovery Rating of 'RR5'.

The downgrade reflects the company's inability to defend its
margin as demand slows.  Fitch believes the company's credit
profile is more consistent with the 'B' rating category, due to
its lack of diversification.  However, its strong market position
and comfortable leverage and coverage ratios support its 'B+'
rating.

KEY RATING DRIVERS

Pricing Power Deteriorates: XD Plastics has failed to defend its
margin as demand from auto manufacturers slows down and
competition intensifies.  EBITDA margin fell to 10% in 3Q15 from
18% in 2014 while revenue fell by 24% yoy in 3Q15 to USD239 mil.
The sharp fall in EBITDA margin reflects XD Plastics' weak
negotiation power against its customers.

XD Plastics' competitors are adding production capacity
aggressively while domestic auto demand is decelerating.  Fitch
expects domestic auto sales to recover slightly in 2016, but this
is likely to be offset by the strong supply coming online, which
will continue to put pressure on margins.

Near-Term Deleveraging Unlikely: New projects in Sichuan (300 kilo
tonnes) and Dubai (16.2 kilo tonnes) would continue to stretch XD
Plastics' balance sheet.  The company has total payments of
USD298m due within a year on property, plant and equipment, and
Fitch expects the company will require an additional USD200 mil.
of working capital for the operation of the new facilities.
Therefore, the deleveraging process is unlikely to happen before
2017.

Bumpy Overseas Development: XD Plastics has halted supplies to a
new, direct customer in South Korea that accounted for 12.6% of
total revenue in 2014 because of payment collection issues.  The
incident was one of the key reasons for its weak 3Q15 performance.
Without this customer, the top five distributors would account for
about 70% XD Plastics' total revenue, raising concentration risk.
The management has been actively resolving the dispute and believe
they could resume business with the same customer by January 2016
at the latest.  In addition, the company is committed to develop
its overseas presence through its investment in a Dubai project.

Comfortable Liquidity and Leverage: Fitch expects the company's
FFO-adjusted net leverage ratio to peak at 3.5x in 2016 when the
Sichuan project comes online, a level that supports its new
rating.  XD Plastics had USD243m in cash on hand and USD234 mil.
in unused credit facilities at end September 2015.  This, and
operating cash flow, should be sufficient to cover the USD266 mil.
of short-term debt (including long-term debt due within one year)
and required capex of USD300 mil.

Sichuan Project Key to Deleveraging: Fitch believes XD Plastics'
Sichuan project, which will increase capacity by 77%, is
strategically important to the company.  Completion of the plant
will not only enhance XD Plastics' market leadership in China, but
also diversify its operation base, which is now at Harbin.  The
new plant's location is much closer to end-clients, which would
greatly reduce transportation costs and improve XD Plastics'
competitive position in the expanding market in south-west China.

If the Sichuan project can reach full capacity in 2017 and achieve
financial performance comparable to the company's existing plant,
the strong cash flow could help XD Plastic to deleverage.
However, should risks commonly associated with new chemical
facilities - including project delays, unstable initial operation
and capacity absorption - materialize, XD Plastics' credit profile
would be negatively affected.

KEY ASSUMPTIONS

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

   -- Revenue to decrease 15% in 2015, and increase 10% in 2016,
      50% in 2017 and 20% in 2018

   -- EBITDA margin to recover to 15%-16% in 2015-2018

   -- Capex of USD250m and USD200m in 2015 and 2016, respectively

RATING SENSITIVITIES

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

   -- FFO-adjusted net leverage sustained above 3.5x

   -- EBITDA margin sustained below 12%

   -- Significant cost overruns and/or delays in expansion
       projects

Fitch does not envisage any positive action until XD Plastics
demonstrates margin stability.


MIE HOLDINGS: Weak Oil Prices Pressure 'B' Rating, Fitch Says
-------------------------------------------------------------
The introduction of a JV partner by China's MIE Holdings
Corporation will reduce the immediate negative credit impact from
funding its acquisition of Canada's Long Run Exploration Ltd (Long
Run), says Fitch Ratings.  Nonetheless, sustained weak oil prices
continue to pressure MIE's 'B' ratings.

Fitch placed MIE on Rating Watch Negative on Aug. 6, 2015,
following the announcement of its acquisition of a 49.3% stake in
Long Run, an upstream oil & gas company.  MIE was exploring
various options to fund the CAD201.5 mil. upfront payment, plus
another CAD99.2 mil. for attached warrants.

MIE announced a JV arrangement for the acquisition on Nov. 11,
2015, and a revision of the acquisition terms.  Fitch believes the
new arrangement and terms have substantially reduced MIE's up-
front funding needs and potential near-term pressure on its
financial profile.

A 60% JV partner would co-invest with MIE for a 38.7% stake in
Long Run.  The total acquisition consideration is reduced to
CAD100 mil.  Another CAD100 mil. is payable, should MIE and its JV
partner decide to exercise the 12-month warrants in full to raise
their stake to 52.15%.  The transaction is likely to complete by
Jan. 30, 2016, later than the company's previous expectation of
end-November 2015.

MIE's immediate funding needs would be reduced significantly.  To
complete the transaction, MIE needs to pay HKD232.8 mil. for its
40% share in the stake in Long Run to be acquired.  Another
payment of about HKD230 mil. is needed if the warrants are
exercised.  Under the original transaction terms, the acquisition
consideration would be equivalent to a much higher HKD1.2 bil.,
with another CAD99.2 mil. payment (equivalent to about HKD590m) if
the warrants are exercised.

Fitch does not expect MIE's net debt to increase substantially
from its June 2015 position, at HKD4 bil., as a direct result of
the acquisition with the revised funding structure.  MIE's other
near-term funding requirement is to retire a maturing USD35 mil.
bank facility (equivalent to about HKD273 mil.) before end-
Nov. 2015.  MIE raised net proceeds of HKD245m from issuing equity
in October 2015.  Including these proceeds, it has unrestricted
cash of around HKD650 mil.  MIE also has an undrawn revolving
facility of CNY498 mil., which will mature in December 2015, and
the company states that it has commenced the renewal process.

The new transaction structure is favorable for MIE's near-term
liquidity position, while MIE has an option upon completion of the
acquisition (at its discretion) to increase its stake in the JV
from 40% to 76% between the seventh and 30th month after the
transaction closes.  In addition, its JV partner has an option,
during the 36th month after completion, to put back its entire
investment amount to MIE at a price which would deliver the JV
partner a 13% return per annum, which would be close to the final
maturity of MIE's USD500 mil. 2019 bonds.

Fitch will resolve the Negative Rating Watch after the transaction
is consummated.  Fitch will take into consideration the final
funding structure for the acquisition, and the operating and
liquidity situation at Long Run - including its ability to reduce
debt and maintain adequate debt facilities to sustain its
operations without support from its owners, including MIE.  The
low-oil-price environment means that Fitch expects no substantial
dividends from Long Run to its shareholders in the next 12-24
months.

MIE's financial profile continues to be affected by low oil
prices.  Fitch revised down its 2016 oil price assumption on 9
November 2015, reflecting the near-term pressure on oil prices and
the agency's view that the market is unlikely to reach an
equilibrium until 2H16 at the earliest.  Without Long Run, we
expect MIE's credit metrics to remain stretched in 2015-2016, with
FFO net leverage at 6.5-7.5x and FFO gross interest coverage at
around 2x (negative rating guidelines: above 3x and below 4.5x,
respectively, on a sustained basis), indicating pressure on MIE's
'B' ratings.


* Weak China Power Demand Dampens Coal Consumption, Fitch Says
--------------------------------------------------------------
The weak growth in China's electricity consumption in 2015,
together with increasing non-thermal power generation capacity are
exerting more pressure on the thermal coal market, which is
already suffering from over capacity, says Fitch Ratings.

Overcapacity looms in China's power generation industry, with
coal-fired power at most risk.  China is experiencing the slowest
power consumption growth in three decades - power consumption only
increased 0.8% yoy during 9M15, largely due to a 0.9% yoy drop in
industrial demand that accounts for 70% of overall power usage.
Despite weak electricity demand, generation capacity increased by
9.4% yoy in the same period, of which half came from renewable and
nuclear generation sources.  Coal-fired power supply contracted
2.2% yoy during 9M15. China's total coal consumption in 9M15 was
2.9 bil. metric tonnes (MT), down 4.6% from the same period last
year.

Consumption of coal-fired power is unlikely to increase
significantly in the next 12 to 18 months, given our expectation
of weaker economic growth in China, as well as the overall
reduction in the energy intensity of the Chinese economy.

Furthermore, we expect significant addition of renewable-energy
generation capacity in the medium term, which is likely to further
depress utilization levels of coal-fired power plants in the
absence of a substantial pick up in the energy-intensive
industries.  Some 177GWs of new generation capacity was under
construction as of September 2015, or 13% of 2014 total installed
capacity; clean energy sources account for just over 50% of this
additional capacity.

China's key thermal coal reference price, the Qinhuangdao 5,500-
kilocalorie power coal price, has fallen 30% to CNY360/MT at end-
October 2015, from CNY515/MT at the beginning of 2015.  Prices
have continued to be under pressure despite imports falling 29.8%
yoy to 156 mil. MT in 9M15, and domestic production falling 4.3%
yoy to 2.7 bil. MT in 9M15 following production cuts, including
cuts by large operators such as China Shenhua Energy Company
Limited (A+/Stable) and China Coal Energy Company Limited.

Fitch expects sustained low coal prices and the limited potential
for further cost cuts to lead to more mine closures, which will
bring some balance to the market over the medium-term.  This may
also lead to some consolidation in the highly fragmented coal
mining industry in China, with large players increasing their
market share - this is more likely to happen via stronger players
sustaining or increasing their production as the weak leave the
market, than by strong players acquiring distressed assets.



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


BANK OF EAST: Moody's Rates AT1 Capital Securities 'Ba2(hyb)'
-------------------------------------------------------------
Moody's Investors Service has assigned a Ba2(hyb) rating to Bank
of East Asia, Limited's (A2 negative) proposed USD-denominated,
perpetual, non-cumulative and subordinated Additional Tier 1 (AT1)
capital securities.

The AT1 capital securities will be a drawdown from the bank's
existing USD Medium Term Note (MTN) programme. The terms and
conditions of the capital securities incorporate Basel III-
compliant non-viability language in accordance with Hong Kong
capital rules, and will qualify as regulatory AT1 capital.

The rating is subject to the receipt of final documentation, the
terms and conditions of which are not expected to change in any
material way from the draft documents that Moody's has reviewed.

RATINGS RATIONALE

The Ba2(hyb) rating is positioned three notches below the bank's
baseline credit assessment (BCA) and Adjusted BCA of baa2; in
accordance with Moody's standard notching guidance for preferred
securities with loss triggered at the point of non-viability on a
contractual basis.

The three-notch difference from the Adjusted BCA reflects the
probability of impairment associated with non-cumulative coupon
suspension, as well as the likelihood of high loss severity when
the bank reaches the point of non-viability.

Under the terms and conditions, the principal and any accrued but
unpaid distribution on these capital securities would be written
down, partially or in full, in the event that the Hong Kong
Monetary Authority notifies the bank that without such write-off,
the bank would become non-viable, or if the relevant government
body, government officer or regulatory body decides to make a
public sector injection of capital without which the bank would
become non-viable. The amount of write-off has to be sufficient to
ensure that the non-viability event ceases to continue.

In addition, to be classified as AT1 capital, Bank of East Asia,
as a going concern, may choose not to pay distributions on a non-
cumulative basis. As such, the distributions on these capital
securities are fully discretionary. However, a common share
dividend stopper applies, if a distribution is missed.

These securities are senior to common shareholders, but junior to
all depositors, general creditors, senior debt and subordinated
debt holders.

The bank's standalone credit assessment takes into account its
sound liquidity profile and capitalization. Bank of East Asia's
large and growing Mainland exposures weigh negatively on its
credit profile.

The bank's long-term deposit ratings of A2 incorporate three
notches of systemic support.

Its ratings carry a negative outlook, reflecting Moody's concerns
that the Hong Kong government's (Aa1 stable) intention to limit
the use of public funds in the resolution of distressed financial
institutions -- as indicated in the government's consultation
paper for revising the bank resolution regime -- will lead to a
lower likelihood of support for Bank of East Asia.

Bank of East Asia's ratings are as follows:

-- Long-term/short-term deposits ratings: A2/P-1

-- Senior unsecured debt: A2

-- Senior unsecured MTN programme rating: (P)A2

-- Legacy subordinated debt: Baa3(hyb)

-- PONV subordinated debt: Ba1(hyb)

-- Subordinated MTN programme rating: (P)Ba1

-- Senior unsecured commercial paper: P-1

-- Counterparty Risk Assessment: A1(cr)/P-1(cr)

-- Baseline credit assessment: baa2

-- Adjusted baseline credit assessment: baa2

The outlook on the bank's deposit and senior unsecured ratings is
negative.

What could change the ratings up/down

The rating of this capital securities could be upgraded if Bank of
East Asia's BCA is adjusted upwards. If the bank can maintain good
asset quality and effective risk controls -- against the backdrop
of the current challenging credit environment in China
-- and maintain consistent strong capitalization levels following
its share placement with Sumitomo Mitsui Banking Corporation (A1
stable), its standalone assessment may be upgraded.

Conversely, downward pressure on the rating of this instrument
could materialize if Bank of East Asia's BCA were adjusted
downwards.

The bank's BCA may be adjusted downwards if strong loan and asset
growth outpace capital generation, leading to a tangible common
equity/risk weighted assets ratio below 10.5%.

Further material increases in Mainland exposures, or a worse than
expected economic slowdown in Hong Kong and China may also trigger
a review for downgrade.

A significant deterioration in the bank's asset quality metrics,
with impaired loans exceeding 1.5%, may also trigger a review for
a downward adjustment.

The principal methodology used in this rating was Banks published
in March 2015. Please see the Credit Policy page on www.moodys.com
for a copy of this methodology.

Bank of East Asia, Limited, headquartered in Hong Kong, held total
assets of HKD816 billion at 30 June 2015.


BANK OF EAST: S&P Assigns 'BB' Rating to Proposed AT1 Securities
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB' long-term
issue rating to a proposed issuance of additional tier-1 (AT1)
perpetual subordinated capital securities by The Bank of East Asia
Limited (BEA: A/Negative/A-1; cnAA+/cnA-1).  At the same time, S&P
also assigned its 'cnBBB' long-term Greater China regional scale
rating to the securities.  The issue rating is subject to S&P's
review of the final issuance documentation.

S&P is assigning an issue rating to these notes in accordance with
its criteria for hybrid capital instruments.  The rating reflects
S&P's assessment of BEA's stand-alone credit profile of 'bbb+' and
these deductions:

   -- One notch because the notes are contractually subordinated;

   -- Two notches because we expect the notes to have
      discretionary and mandatory nonpayment clauses leading to
      coupon nonpayment, and the regulator classifies it as
      tier-1 regulatory capital; and

   -- One notch because the notes contain a contractual principal
      write-down clause.

S&P's view of these notes as having "intermediate" equity content
is based on several factors.  In particular, the issue will be
regulatory additional Tier-1 capital instruments and will have no
coupon step-up.  In addition, the notes can absorb losses on a
going-concern basis.  The issuance of this hybrid instrument
further reinforces S&P's view that the group's risk-adjusted
capital ratio would stay comfortably within what S&P considers as
an "adequate" range within the next two to three years.



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


A.V.R.N. HOTELS: CRISIL Cuts Rating on INR270MM Term Loan to B-
---------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of A.V.R.N. Hotels Private Limited (AHPL) to 'CRISIL B-/Stable'
from 'CRISIL B/Stable'.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Proposed Long Term   180         CRISIL B-/Stable (Downgraded
   Bank Loan Facility               from 'CRISIL B/Stable')

   Term Loan             270        CRISIL B-/Stable (Downgraded
                                    from 'CRISIL B/Stable')

The rating downgrade reflects expected stretch in AHPL's liquidity
due to low cash accrual and sizeable capital expenditure programme
undertaken to construct two hotels. Furthermore, operating margins
are also likely to remain exposed to sales risk: lower-than-
expected occupancy of hotels will adversely affect profitability.
While promoters are expected to infuse equity, timeliness and
adequacy of funding will remain a key monitorable.

The rating reflects AHPL's below-average financial risk profile
because of highly leveraged capital structure. This weakness is
partially offset by the company's established track record in the
hospitality industry.

Outlook: Stable

CRISIL believes AHPL will benefit over the medium term from its
established track record in the hospitality industry. The outlook
may be revised to 'Positive' if higher-than-expected occupancy
rates result in greater-than-expected cash flows, or if promoters
infuse large equity. Conversely, the outlook may be revised to
'Negative' in case of lower-than-expected revenue or
profitability, resulting in further stretch in liquidity.

Incorporated in 1992, AHPL operates a three-star hotel under the
brand, Vijay Park. The company's operations are managed by Mr. A
Vijayaraghavan. AHPL is currently constructing hotels in Alandur
and Kolathur in Chennai.


AISWARYA INFRASTRUCTURE: CRISIL Rates INR60MM LT Loan at 'C'
------------------------------------------------------------
CRISIL has assigned its 'CRISIL C' rating to the long-term bank
facilities of Aiswarya Infrastructure and Services (AIS).

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Long Term Loan          60       CRISIL C
   Proposed Long Term
   Bank Loan Facility      20       CRISIL C

The rating reflects delays by AIS in repayment of debt that is
unrated by CRISIL. The delays are on account of weak liquidity.

The rating also reflects AIS's modest scale of operations and weak
financial risk profile. These weaknesses are partially offset by
promoters' extensive industry experience and strategic location of
warehouse.

Set up in 2007, AIS leases warehouses and commercial spaces in and
around the industrial hub of Kakinada (Andhra Pradesh). Mr. M
Venkata Sasidhar, Mr. M Gowtham, and Mr. M Naveen Krishna are
partners in the firm.


AKSHAYA BUILDERS: CRISIL Reaffirms B Rating on INR100MM Loan
------------------------------------------------------------
CRISIL's ratings on the bank facilities of Akshaya Builders (AB)
continue to reflect AB's small scale of operations in the
intensely competitive civil construction industry, the firm's
large working capital requirements, and below-average financial
risk profile marked by high gearing. These rating weaknesses are
partially offset by the extensive experience of AB's promoters in
the civil construction industry.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         40       CRISIL A4 (Reaffirmed)
   Cash Credit           100       CRISIL B/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility     10       CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that AB will benefit over the medium term from its
promoters' extensive industry experience. The outlook may be
revised to 'Positive' if the firm scales up its operations
significantly while improving its profitability, leading to
improved cash accruals and liquidity. Conversely, the outlook may
be revised to 'Negative' if the firm's financial risk profile,
particularly its liquidity, weakens because of low revenue or
profitability, or deterioration in working capital management, or
any large debt-funded capital expenditure.

Update
AB's business risk profile remains moderate marked by moderate
scale of operations. The firm's revenue increased to INR177
million in 2014-15 (refers to financial year, April 1 to
March 31) from INR118 million in 2013-14 supported by its steady
order inflows. AB currently has an order book of INR250 million
which includes seven ongoing works with National Highways
Authority of India. CRISIL expects AB's revenue to improve
moderately over the medium term supported by healthy order book
from NHAI. The firm reported healthy operating margin of 14 per
cent for 2014-15. CRISIL believes that AB's operating margin will
remain stable, at 14 per cent, over the medium term.

AB's financial risk profile remains below-average, marked by
moderate net worth and weak debt protection metrics. Its net worth
increased to INR92 million as on March 31, 2015, from INR87
million a year earlier. The net worth is expected to increase
moderately and range from INR98 million to INR106 million over the
medium term. Also, its debt protection metrics remain moderate,
with estimated interest coverage ratio of 1.78 times and net cash
accruals to total debt ratio of 0.09 times for 2014-15.. CRISIL
believes that AB's financial risk profile will remain below-
average, marked by moderate net worth and weak debt protection
metrics, over the medium term.

AB's liquidity remains weak marked by high bank limit utilization
though supported by adequate cash accruals. Its net cash accruals
are expected at around INR12 million per annum against annual debt
obligations of INR4 million over the medium term. Its bank limit
was utilised extensively, at an average of 96.4 per cent over the
13 months through April 2015. CRISIL believes that AB's liquidity
will remain stretched over the medium term marked by extensively
utilized bank limit and moderately matched cash accruals and debt
obligations.

Set up in 2013 and based in Kerala, AB executes road construction
projects for government undertakings. The firm's operations are
managed by managing partner Mr. Ajith Kumar P.


ALVI TECH: ICRA Lowers Rating on INR10.63cr LT Loan to B
--------------------------------------------------------
ICRA has downgraded the long term rating of [ICRA]B+ to [ICRA]B
for INR10.63 Crore (reduced from INR13.48 Crore) fund based limits
and has reaffirmed the short term rating at [ICRA]A4  to INR6.00
Crore non fund based facilities of Alvi Tech Services Private
limited. ICRA has also downgraded/reaffirmed the [ICRA]B/[ICRA]A4
ratings to INR3.37 Crore (enhanced from INR0.52 Crore) untied
limits of ATSPL.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   LT - Fund Based
   Limits                10.63       Downgraded to [ICRA]B

   ST - Non Fund
   Based Limits           6.00       [ICRA]A4 reaffirmed

   Untied Limits          3.37       [ICRA]B/[ICRA]A4
                                     Downgrade/reaffirmed

The rating revision reflects sharp dip in operating income of Alvi
Tech Services Private Limited (ATSPL) in FY15 owing to industry
slowdown. The ratings reflects ATSPL's deteriorating liquidity
position emanating from significant delays in realizations from
debtors entailing high working intensity almost full utilization
of bank limits and consequently a stretched capital structure.
ICRA also takes into account susceptibility of revenues to the
uncertainties involved in the bidding process of the tender based
business given the highly competitive and fragmented industry
segment in which it operates. The rating however considers ATSPL's
established client base and experienced management, with a
reasonable track record in engineering business.

ATSPL was incorporated in 2006 as a private limited company and is
engaged in the business of engineering, erection, commissioning
and construction of electrical, mechanical and instrumentation
components of offshore projects in oil and gas fields.
It also undertakes system integration in the field of fire and gas
detection, process automation, power generation and power
management system on a turnkey basis in addition to the
maintenance of mechanical, electrical and instrumentation systems.
The company has its works unit in MIDC, Dombivli and
administrative office at Kalyan.

Recent Results:
ATSPL earned a net profit of INR0.25 Crore on an operating income
of INR12.73 Crore for the year ending March 31, 2015 (Provisional
numbers).


AMRUTHA VARSHINI: CRISIL Cuts Rating on INR125MM Cash Loan to D
---------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Amrutha Varshini Dairy Farms Private Limited (AVDF) to 'CRISIL
D' from 'CRISIL BB+/Stable'

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            125       CRISIL D (Downgraded from
                                    'CRISIL BB+/Stable')

   Long Term Loan          45       CRISIL D (Downgraded from
                                    'CRISIL BB+/Stable')

The downgrade reflects instances of delay by AVDF in servicing its
debt, as per information provided by the company's banker to
CRISIL.

AVDF has a high degree of geographic concentration in its revenue
profile, and is exposed to risks related to the dairy industry
such as changes in government regulations and epidemic-related
factors. However, the company benefits from its promoters'
extensive industry experience.

AVDF was set up in 2001 by Mr. A V S N Rao and his family members;
it is a part of the Agri Gold group. The company, based in
Hyderabad, processes and sells milk and milk products.


ASPI CARS: ICRA Puts B+ Rating on Notice of Withdrawal
------------------------------------------------------
ICRA has placed the [ICRA]B+ rating assigned to the INR18.00 crore
bank limits of Aspi Cars Private Limited on notice for withdrawal
for one month at the request of the company. As per ICRA's 'Policy
on Withdrawal of Credit Rating', the aforesaid rating will be
withdrawn after one month from the date of this withdrawal notice.


AUTO POINT: ICRA Suspends B+ Rating on INR8cr LOC
-------------------------------------------------
ICRA has suspended the ratings of [ICRA]B+ rating assigned to the
INR8.00 crore line of credit of Auto Point Car Division. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

Established in 2000, Auto Point Car Division (APCD) is an
authorized dealer of Tata Motors Ltd for the sale of its passenger
vehicles in Surat and adjoining areas. The firm is engaged in the
sale of new cars, spare parts and servicing of vehicles.
Currently, the operations of the firm are being carried out from
its 3S (sales, service and spares) facility located in Magob,
Surat.


BAHRA EDUCATIONAL: ICRA Suspends 'D' Rating on INR45cr LT Loan
--------------------------------------------------------------
ICRA has suspended the long-term rating of [ICRA]D assigned
earlier to the INR45 crore fund-based bank facilities of Bahra
Educational and Charitable Society. The suspension follows ICRA's
inability to carry out a rating surveillance in absence of the
requisite information from the society.

                           Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Long-term fund-based
   bank facilities            45       [ICRA]D Rating Suspended

Bahra Educational and Charitable Society (BECS) was formed in 2009
and has set up a state private university in Shimla named Bahra
University. Bahra University has five constituent colleges which
offer engineering, management, computer applications, pharmacy,
hospitality and law courses.

BECS is a part of Rayat-Bahra Group, which operates more than 35
colleges spread across 5 campuses and one university The Rayat-
Bahra Group was established in the year 2001 and the first college
was opened under the trust, Rayat Educational and Research Trust
at Ropar, Punjab. The group is mainly present in Punjab, Himachal
Pradesh and Delhi.


BEST BUILDWELL: CRISIL Reaffirms 'B+' Rating on INR130MM Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Best Buildwell Pvt Ltd
continue to reflect BBPL's large working capital requirements,
susceptibility to intense competition in the civil construction
industry, low bargaining power with key customers, and customer
and geographic concentration in the revenue profile. These rating
weaknesses are partially offset by moderate capital structure and
promoter's extensive industry experience.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         70        CRISIL A4 (Reaffirmed)

   Drop Line Overdraft
   Facility              130        CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes BBPL will continue to benefit over the medium term
from its moderate order book, though the outlook will remain
highly dependent on timely completion of its projects for the
Delhi Development Authority (DDA). The outlook may be revised to
'Positive' if BBPL achieves significantly higher revenue while
sustaining its operating margin, or improves its working capital
management. Conversely, the outlook may be revised to 'Negative'
in case the capital structure deteriorates owing to low revenue or
profitability, or large working capital requirements.

BBPL was set up in 1996 by Mr. Sanjeev Malhotra and Mr. Harjeet
Singh in New Delhi. The company provides turnkey construction
services mainly for civil works, and for erection and
commissioning of projects in group housing schemes. The company
has executed and is in the process of executing a few projects for
DDA.


CHINTAMANI GEMS: ICRA Reaffirms B+ Rating on INR20cr Cash Loan
--------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ to the
INR20.00 crore (enhanced from INR15.00 crore) fund based
facilities of Chintamani Gems & Jewellery Private Limited. ICRA
has also withdrawn the short term rating of [ICRA]A4 outstanding
on the INR5.00 crore short term unallocated limits of CGJPL.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term, Fund-
   Based Facilities-
   Cash Credit          20.00       [ICRA]B+/reaffirmed

   Short-term,
   Unallocated           5.00       [ICRA]A4/ withdrawn

The ratings reaffirmation favourably factors in the promoter's
long term experience of almost three decades in the gems and
jewellery industry and the improvement in capital structure due to
conversion of promoter debt into equity in FY 2015.
The ratings however continue to be constrained due to the
stretched liquidity position on account of elongated receivable
cycle and high customer concentration risk. The margins also
remain thin given the trading nature of business with exposure to
intense competition.

Incorporated up in Sept-2012, Chintamani Gems & Jewellery Private
Limited (CGJPL) is a closely held company with 100% holding with
the promoter family. The day-to-day operations are managed by Mr.
Balasaheb Kadam who has almost three decades of experience in the
industry. CGJPL is engaged in trading of gold jewellery in the
domestic market. The manufacturing is outsourced to job workers in
Zaveri Bazaar, Mumbai. The company has also set up a manufacturing
facility in Surat SEZ for manufacturing of gold jewellery
(bangles, chains, rings etc.). However, the facility is not
operational at present.

Recent results
As per audited results, for the financial year ending March 2015,
CGJPL reported operating income of INR132.32 crore and profit
after tax (PAT) of INR0.60 crore as compared to operating income
of INR160.70 crore and PAT) of INR0.67 crore in the previous year.


ECOBOARD INDUSTRIES: ICRA Reaffirms 'D' Rating on INR23cr Loan
--------------------------------------------------------------
ICRA has re-affirmed the long-term rating of [ICRA]D assigned to
the INR23.00 crore fund based facilities of Ecoboard Industries
Limited. ICRA has also re-affirmed the short-term rating of
[ICRA]D assigned to the INR6.00 crore non-fund based facility of
the company. ICRA has also withdrawn the long-term rating of
[ICRA]D assigned to the INR16.00 crore long term fund based bank
facility, as the company has not raised funds against the rated
instrument and there is no amount outstanding against the said
rated instrument.

                           Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Fund Based Limit (CC)     23.00      [ICRA]D Re-affirmed
   Fund Based Limit (TL)     16.00      [ICRA]D withdrawn
   Non-Fund Based Limits
   (LC/BG)                    6.00      [ICRA]D Re-affirmed

The ratings reaffirmation continues to factor in the instances of
delays in debt servicing in the recent past owing to a stretched
liquidity.

Ecoboard Industries Limited, formerly known as Western Bio Systems
Ltd., was incorporated in 1991 as a public limited company. The
company manufactures particle boards and undertakes turnkey
implementation of environment-friendly effluent treatment projects
(referred to as its bio-systems business). The firm is engaged in
two lines of business -- particle boards and bio systems. The
particle board business involves manufacturing and sale of wood-
free particle boards from non-conventional renewable materials
such as agro-residue; while bio systems involves the supply and
erection of effluent treatment plants for distilleries and allied
industries.

For the full year FY15, the reported a net loss of INR6.99 crore
on a topline of INR16.93 crore, as compared to a net loss of
INR8.98 crore on a topline of INR28.08 crore during the previous
year.


FINESSAC FOOD: CRISIL Reaffirms B+ Rating on INR57.5MM Term Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Finessac Food
Ingredients and Colours Pvt Ltd's continue to reflect Finessac's
small scale of operations in the fragmented food colours and dyes
industry and average financial risk profile because of small net
worth and high gearing. These rating weaknesses are partially
offset by its promoters' extensive industry experience.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            30        CRISIL B+/Stable (Reaffirmed)
   Letter of Credit        6        CRISIL A4 (Reaffirmed)
   Term Loan              57.5      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes Finessac will benefit from its promoters'
extensive industry experience over the medium term. The outlook
may be revised to 'Positive' in case of significant improvement in
scale of operation while sustaining the profitability, leading to
sizable cash accrual and improvement in financial risk profile.
Conversely, the outlook may be revised to 'Negative', if the
company's financial risk profile and liquidity owing to stretch in
working capital cycle.

Update
The company had revenue of about INR100 million in 2014-15 (refers
to financial year, April 1 to March 31) being the first year of
operation. However, operating margin was high at 23 per cent for
the year. The company is expected to maintain its revenue and
profitability during 2015-16. It had moderate gross current assets
of 183 days as on March 31, 2015 on account of moderate debtors
and inventory of 64 days and 76 days, respectively.

It had a small net worth of INR16 million and high gearing of 4.5
times as on March 31, 2015. Gearing is expected to improve, but
will remain high over the medium term. However, the debt
protection metrics were moderate with interest coverage and net
cash accrual to total debt ratios of 3.1 times and 23.0 per cent,
respectively, for 2014-15; these metrics are expected to remain at
moderate levels over the medium term. Though the cash accruals of
the company are expected to be sufficient in the medium term to
meet debt repayments liquidity is partially constrained by its
large working capital requirements leading to high cash credit
utilisation. However, the liquidity is supported by need-based
funding support from the promoters.

Finessac, incorporated in July 2013 by Mr. Ravindra Kedia and
family, is setting up a plant for manufacturing food ingredients
and colours. The unit is located in Roha (Maharashtra). It began
commercial operations in March 2014 when it started production of
intermediates.


GOLDSTAR METAL: ICRA Assigns 'D' Rating to INR10cr Loan
-------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]D  to the INR10.00
crore fund-based bank facilities (sub-limit of short-term
facilities) of Goldstar Metal Solutions Private Limited. ICRA has
also assigned a short-term rating of [ICRA]D to the INR10.00 crore
fund-based bank facilities of the company.

                          Amount
   Facilities           (INR crore)      Ratings
   ----------           -----------      -------
   Long-term fund-
   Based-Cash Credit       (10.00)       [ICRA]D; assigned

   Short-term fund-
   Based-Packing Credit     10.00        [ICRA]D; assigned

The assigned ratings take into account the delays in debt
servicing obligations (payment of interest on cash credit
facilities) by the company during the past three months. The
delays are largely on account of stretched liquidity profile of
the company owing to the on-going cash losses in its recently
commenced trading business as well as loans and advances to group
companies. While ICRA takes note of the long experience of the
promoters in trading business as well as company's limited
exposure to metal price fluctuations owing to its order backed
procurement process, these strengths are largely mitigated by the
concerns highlighted above.

Incorporated in 2005, Goldstar Metal Solutions Private Limited
(GMSPL) is promoted by Mr. Prem Prakash Saraogi. The company was
earlier involved in trading of iron ore in domestic and
international markets from three mines located in Satheli village
in Sinddhudurg district of Maharashtra. However, in December 2013,
the business was acquired by a third party. Currently, the company
is involved in trading of TMT bars.

Recent Results

As per the unaudited results for FY2015, GMSPL has registered net
loss of INR5.66 crore on an operating income of INR41.20 crore.


GURU NANAK: ICRA Reaffirms 'B' Rating on INR12cr LT Loan
--------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B  to the
INR12.00 crore (enhanced from INR10.0 crore) long term fund based
limits of M/s Guru Nanak Rice Mills.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long Term Fund
   Based Limits          12.00       [ICRA]B; (reaffirmed)

The assigned rating is constrained by low value add nature of
operations and intensely competitive nature of the rice milling
industry which has led to low profitability margins. In addition
the company has high gearing arising out of large working capital
requirements which have primarily been funded by working capital
borrowings. Low profitability margins coupled with high gearing
has led to weak coverage indictors as reflected by low interest
coverage of 1.18 times during March 2015. Nevertheless the ratings
favourably take into account the long standing experience of
promoters with strong relationships with several customers and
suppliers coupled with proximity of the mill to major rice growing
area which results in easy availability of paddy.

Guru Nanak Rice Mills (GNRM) is a partnership firm, was set up in
1983 by Mr. Joginder Singh and family. Further, the partnership
deed was revised in FY 2015 on account of death of one partner.
The firm is engaged in milling of basmati paddy and produces raw
and boiled rice. It has a plant at Fazilka (Punjab) which has a
milling capacity of 4 tonnes per hour and 2 sortex machines with a
capacity of 10 ton/hr and has a fully automated plant.

Recent Results
GNRM reported a net profit of INR0.08 crore on an operating income
of INR23.21 crore in FY 2014-15, as compared to a net profit of
INR0.06 crore on an operating income of INR24.31 crore in the
previous year.


HIMACHAL SOAP: CRISIL Assigns B- Rating to INR50MM Cash Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-term
bank facilities of Himachal Soap and Detergents Pvt Ltd (HSDPL).

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

The rating reflects the company's small scale of operations in the
intensely competitive fast-moving consumer goods (FMCG) industry,
and weak financial risk profile because of high gearing and weak
debt protection metrics. The rating also factors in the company's
working-capital-intensive operations. These weaknesses are
partially offset by the extensive industry experience of the
promoters and their established relations with its key customer.
Outlook: Stable

CRISIL believes HSDPL's business risk profile will benefit from
the extensive demand for its products and tie-ups with large
corporates. The outlook may be revised to 'Positive' in case of
higher-than-expected ramp up of operational income and efficient
working capital management leading to better-than-expected cash
accrual. Conversely, the outlook may be revised to 'Negative' in
case of lower-than-expected capacity ramp up, pressure on
profitability negatively affecting its cash accrual, or more-than-
expected reliance on debt to fund working capital requirements,
leading to deterioration in its financial risk profile.

HSDPL was incorporated in 2009 by Gurgaon (Haryana)-based Saxena
family. It manufactures household FMCG goods at its unit in
Parwanoo (Himachal Pradesh). The unit's operations are managed by
Mr. Ram Kishore Saxena.

HSDPL, on a provisional basis, is estimated to report net profit
of INR0.31 million on net sales of INR165.38 million for 2014-15
(refers to financial year, April 1 to March 31), against a net
profit of INR0.66 million on net sales of INR250.63 million for
2013-14.


HOSHIARPUR ROLLER: CRISIL Reaffirms B- Rating on INR85M Loan
------------------------------------------------------------
CRISIL has reaffirmed the rating on the long-term bank facilities
of Hoshiarpur Roller Flour Mill Pvt Ltd (HRFPL) at 'CRISIL B-
/Stable' and re-assigned the rating on the short-term bank
facilities at 'CRISIL A4'.
                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit             85       CRISIL B-/Stable (Reaffirmed)
   Overdraft Facility      30       CRISIL A4 (Assigned)
   Proposed Long Term
   Bank Loan Facility      2.6      CRISIL B-/Stable (Reaffirmed)

CRISIL's rating on the bank facilities of HRFPL continues to
reflect weak financial risk profile and modest business risk
profile. The financial risk profile is marked by high gearing and
small net worth expected over the medium term on account of small
scale of operations in the fragmented flour mill industry leading
to low cash accruals. These rating weaknesses are partially offset
by the extensive industry experience of HRFPL's promoters and its
established customer profile.
Outlook: Stable

CRISIL believes that HRFPL will benefit over the medium term from
its established customer base and promoters' extensive experience
in the agricultural commodities industry. The outlook may be
revised to 'Positive' if there is a substantial improvement in the
company's revenue while it maintains its profitability margins, or
if there is an improvement in its working capital cycle.
Conversely, the outlook may be revised to 'Negative' if there is a
steep decline in the company's profitability margins or a
significant deterioration in its capital structure on account of
larger-than-expected working capital requirements or large debt-
funded capital expenditure.

Set up in 1981 by Mr. Anil Kumar Gupta and his family members,
HRFPL manufactures fine and coarse flour at its facilities in
Hoshiarpur (Punjab).


ICON CABLES: CRISIL Assigns B+ Rating to INR50MM Cash Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Icon Cables Ltd (ICL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Term Loan              2.4      CRISIL B+/Stable
   SME Credit             2.5      CRISIL B+/Stable
   Proposed Fund-Based
   Bank Limits           12.1      CRISIL B+/Stable
   Letter of Credit       4.0      CRISIL A4
   Bank Guarantee        29        CRISIL A4
   Cash Credit           50        CRISIL B+/Stable

The ratings reflect high working capital intensity leading to high
bank limit utilisation and moderate scale of operations. These
weaknesses are partially offset by the promoter's extensive
experience in electric cables' industry and the moderate financial
risk profile because of low gearing.
Outlook: Stable

CRISIL believes ICL will continue to benefit from the promoter's
extensive experience in copper cables segment over the medium
term. The outlook may be revised to 'Positive' if the revenue and
margins increase substantially, along with improvement in working
capital cycle. Conversely, the outlook may be revised to
'Negative' if the financial risk profile weakens on account of
decline in revenue and profitability or in case of large, debt-
funded capital expenditure programme or if the liquidity weakens
significantly on account of increase in working capital
requirements.

Established in 1986, ICL manufactures various types of control and
instrumentation cables. It was taken over by Mr. N K Rathi in 2004
and since then has been managed by him and is based out of Delhi.
Its plant based in Neemrana, Rajasthan.


KMG INFOTECH: ICRA Assigns B- Rating to INR7.30cr Term Loan
-----------------------------------------------------------
ICRA has assigned its long term rating of [ICRA]B- to the INR12.80
crore bank limits of KMG Infotech Ltd.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit           4.00        [ICRA]B- (Assigned)
   Term Loan             7.30        [ICRA]B- (Assigned)
   Cash Credit/Packing
   Credit (Proposed)     1.50        [ICRA]B- (Assigned)

The assigned rating is constrained by KMG's modest scale of
operations and weak financial profile characterised by low
profitability margins, weak debt protection metrics along with
tight liquidity position owing to elongated receivable cycle as
reflected by high working capital intensity of operations. The
rating also takes into account the intensely competitive business
segment featuring numerous moderate sized players along with the
presence of a few large sized entities and vulnerability of
company's profitability to receipt of orders from customers as
well as foreign exchange rates. The rating, however, takes comfort
from extensive experience of the management in software
development business and its long term association with customers
in insurance and healthcare sector.

Going forward, the ability of the company to abridge its
receivable cycle, ensure timely receipt of rentals from Mohali
building and improve its profitability and liquidity profile would
be the key rating sensitivities.

KMG was incorporated in 1990 and is engaged in software
development and providing high quality IT solutions to primarily
players operating in healthcare and P&C insurance sectors. Some of
the services offered by the company include application
development, Web enablement, legacy support, web maintenance,
legacy modernisation, product solutions, healthcare IT solutions
etc. KMG operates from its offices located in Gurgaon, Kolkata,
Bangalore, Mohali in India and other onsite offices in New York
and New Jersey, USA.

Recent Results
As per 2014-15 financials, KMG reported a net loss of INR0.32
crore on an operating income of INR29.58 crore as against a net
profit of INR0.79 crore on an operating income of INR31.96 crore
in the previous year.


MAHALAXMI PADDY: CRISIL Reaffirms B+ Rating on INR67.6MM Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Mahalaxmi Paddy
Products (P) Ltd (MPPL) continue to reflect MPPL's below-average
financial risk profile, because of modest net worth, high gearing
and weak debt protection metrics, and modest scale of operations
in a fragmented industry. These rating weaknesses are mitigated by
the promoters' extensive experience in the rice milling industry,
and funding support.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            67.6      CRISIL B+/Stable (Reaffirmed)
   Letter of Credit       16        CRISIL A4 (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility     45.6      CRISIL B+/Stable (Reaffirmed)
   Term Loan              20.8      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes MPPL will continue to benefit over the medium term
from the promoters' extensive industry experience and funding
support. The outlook may be revised to 'Positive' in case of
better-than-expected cash accrual or substantial capital infusion
by promoters along with efficient working capital management.
Conversely, the outlook may be revised to 'Negative' if MPPL
generates lower-than-expected cash accrual or if the working
capital requirements are larger, or it undertakes a larger-than-
expected, debt-funded capital expenditure (capex) programme.

Update
MPPL's operating revenue declined to INR78.3 million in 2014-15
(refers to financial year, April 1 to March 31) from INR98.1
million in 2013-14 mainly due to work halted for 1-2 months due to
up gradation activity at the plant. The company has reported a
revenue of INR78.9 million as on September 30, 2015, which is
expected to grow at 10-12 per cent during the next year backed by
established customer relationship. The operating margin has been
low at 4-6 per cent over the three years ended March 31, 2015 and
is expected to remain stable over the medium term.

The operations remain working capital intensive as reflected in
the gross current assets of 448 days as on March 31, 2015, because
of high inventory of 351 days and average debtor of 49 days. Low
operating profitability led to weak debt protection metrics, with
interest coverage ratio at 0.12 time in 2014-15. The gearing was
2.58 times as on March 31, 2015 which has deteriorated compared to
the previous year. In the absence of any large debt-funded capex
plan and utilisation of enhanced capacity, the financial risk
profile is expected to improve over the medium term.
MPPL is likely to generate cash accrual of INR6-7 million for
2016-17 against minimal debt obligation of INR4.8 million.
Liquidity is continuously supported by the funding support of
INR29.3 million from the promoters as on March 31, 2015.

Set up in 1990, MPPL is promoted by Mr. Arun Kumar Maheshwari and
family. The company mills and processes basmati and non-basmati
rice at its production facility in Mainpuri (Uttar Pradesh).


NAXALBARI FLOUR: CRISIL Reaffirms B Rating on INR90MM Term Loan
---------------------------------------------------------------
CRISIL's rating on the bank facilities of Naxalbari Flour and Rice
Mill Pvt Ltd (NFRM) continues to reflect its exposure to risks
related to the initial stage of operations, regulatory changes,
volatility in raw material prices, and vagaries of the monsoons.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit             40       CRISIL B/Stable (Reaffirmed)
   Letter Of Guarantee      6       CRISIL A4 (Reaffirmed)
   Term Loan               90       CRISIL B/Stable (Reaffirmed)

These rating weaknesses are partly offset by stable demand for
rice.

Outlook: Stable

CRISIL believes that NFRM will benefit from healthy prospects for
the rice processing segment, over the medium term. The outlook may
be revised to 'Positive' if the company considerably improves its
financial risk profile, and liquidity, and generates substantial
cash accruals, thus improving its working capital management.
Conversely, the outlook may be revised to 'Negative' if NFRM's
liquidity weakens, with deficient working capital management, or
low cash accruals.

Established in 2012, NFRM mills non-basmati parboiled rice. The
company has a manufacturing facility at Naxalbari, Darjeeling
(West Bengal) with a processing capacity of 8 tonnes per hour. Mr.
Manish Rungta oversees NFRM's daily operations.


PAMPAR OVENFRESH: CRISIL Ups Rating on INR152.7MM LT Loan to B+
---------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Pampar Ovenfresh Foods Pvt Ltd (POFPL) to 'CRISIL B+/Stable' from
'CRISIL B/Stable', while reaffirming its rating on the short term
facilities at 'CRISIL A4'.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee          5        CRISIL A4 (Reaffirmed)

   Cash Credit            13        CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B/Stable')

   Funded Interest
   Term Loan              12.3      CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B/Stable')

   Letter of Credit       10        CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility    152.7      CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B/Stable')

   Term Loan              40        CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B/Stable')

   Working Capital
   Term Loan              17        CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B/Stable')

The rating upgrade reflects improvement in POFPL's overall
performance. Net sales increased by around 31 per cent year-on-
year to INR248.3 million in 2014-15 from INR189.4 million. In
2013-14 (refers to financial year, April 1 to March 31), leading
to growth in profit levels. Gearing has improved over the years
and the company also has sufficient net cash accruals to meet its
debt obligations. POPL had entered into a job work for Bikaji
Foods International Ltd in July 2015, which is one of the leading
snacks manufacturing company in West Bengal. CRISIL believes that
the successful implementation of the expansion capacity and
implementation of the additional packaging machines and the job
work of Bikaji Foods International will further improve the
capacity and is expected to boost the revenue profile as well as
profitability margin of the company in the medium term.

The ratings reflect POFPL's weak financial risk profile because of
a small net worth, high gearing, and weak debt protection metrics.
The ratings also factor in a modest scale of operations and
exposure to intense competition in the highly fragmented snacks
industry. These rating weaknesses are partially offset by the
extensive entrepreneurial experience of the company's promoters,
and its established marketing and distribution network.
Outlook: Stable

CRISIL believes the extensive experience of POFPL's promoters and
its established marketing and distribution network will help it to
gradually improve its scale of operations and profitability over
the medium term. The outlook may be revised to 'Positive' in case
of a substantial improvement in the financial risk profile,
particularly liquidity, driven most likely by a substantial
increase in revenue and accrual along with prudent working capital
management. Conversely, the outlook may be revised to 'Negative'
if the revenue and accrual decline, working capital management
weakens, or if there is a significant time/cost overrun in the
company's proposed project, leading to further deterioration in
the financial risk profile, especially liquidity.

Pampar Ovenfresh Foods Pvt Ltd (POFPL) is engaged in manufacturing
and marketing of potatoes and cereal based packaged snacks. The
company also undertakes job work for other potato and cereal based
snack manufacturers. POFPL's manufacturing unit located at Howrah
(West Bengal) commenced commercial operation in 2008-09. The
company sells its products under the brand name 'Timbaktoo'.


PARAMOUNT STEELS: ICRA Reaffirms B+ Rating on INR10cr Loan
----------------------------------------------------------
ICRA has reaffirmed its long term rating of [ICRA]B+ on the
INR10.00 crore fund based limits (reduced from INR14.3 crore) of
Paramount Steels Limited.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit Limit     10.00       [ICRA]B+; Reaffirmed

ICRA's rating continues to factor in PSL's moderate scale of
operations, which coupled with its weak profitability and high
dependence on external borrowings for working capital funding, has
resulted in weak debt protection indicators and high gearing of
4.69 times as on March 31, 2015. The rating also takes into
account the company's operations in a highly competitive industry
and vulnerability of its profits to fluctuations in steel prices.
However, ICRA favourably factors in the rich experience of the
promoters, strategic location of its integrated manufacturing
facility and established relationships with key customers.
Going forward, PSL's ability to increase its scale of operations,
accompanied by an improvement in profit margins and optimally
manage its working capital cycle leading to a prudent capital
structure, will be the key rating sensitivities.

PSL incorporated in 1981, manufactures steel ingots and rolls them
into hex bars and rounds. The manufacturing unit of the company
located in Ludhiana, Punjab has a rolling unit and induction
furnace with annual capacities of 19,000 metric tonnes each.

Recent Results
The company reported a net profit of INR0.27 crore on an operating
income of INR65.83 crore in FY15, as against a net profit of
INR0.19 crore on an operating income of INR59.74 crore in the
previous year.


R. S. ENTERPRISES: CRISIL Cuts Rating on INR140MM Loan to 'D'
-------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
R. S. Enterprises (Ludhiana) [RSE] to 'CRISIL D/CRISIL D' from
'CRISIL B/Stable/CRISIL A4' on account of irregularities in bank
limits.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            140       CRISIL D (Downgraded from
                                    'CRISIL B/Stable')

   Foreign Exchange
   Forward                 30       CRISIL D (Downgraded from
                                    'CRISIL A4')

   Proposed Long Term
   Bank Loan Facility      29.5     CRISIL D (Downgraded from
                                    'CRISIL B/Stable')

   Term Loan               60.5     CRISIL D (Downgraded from
                                    'CRISIL B/Stable')

The downgrade reflects significant delays in payment of
installments of term loan and interest thereupon on account of
weak liquidity impacted by working capital intensive operations
and debt funded capital expenditure undertaken by the firm. The
rating downgrade also reflects continuous over-dues in cash credit
limit beyond 30 days. The increase in working capital requirements
led to negative cash flow from operations. However, RSE benefits
from extensive experience of promoters.

RSE was established in 2001 as a proprietorship concern in
Ludhiana (Punjab) by Mr. Rachit Tuli. The firm manufactures
textiles and trades in fabric and has a knitting capacity of 8
tonnes per day. The proprietor's family has over six decades of
experience in the textiles industry.


RAJRANI STEEL: ICRA Assigns B- Rating to INR13cr Cash Loan
----------------------------------------------------------
ICRA has assigned [ICRA]B- rating to the INR3.00 crore term loan
and INR13.00 crore long term, fund based working capital
facilities of Rajrani Steel Casting Private Limited. ICRA has also
assigned [ICRA]A4 rating to the INR1.75 crore short term non fund
based facilities of RSCPL.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long term fund
   based limits-
   Cash Credit          13.00       [ICRA]B- assigned

   Long term fund
   based limits-
   Term Loan             3.00       [ICRA]B- assigned

   Short term, non
   fund based limits     1.75       [ICRA]A4 assigned

The assigned ratings take into consideration the long standing
experience of the promoters in the steel industry along with the
support provided by them in the form of interest free unsecured
loans which provides cushion to the aggressive capital structure
of the company. The ratings assigned are however constrained on
account of relatively small scale of operations, low profitability
as well as high competitive intensity in the business. The ratings
also take into consideration the weak financial profile
characterized by aggressive capital structure and weak coverage
indicators. ICRA also notes the vulnerability of margins to raw
material price fluctuations as well as the risk of cyclicality as
inherent to the steel industry.

Incorporated in 2003, Rajrani Steel Casting Private Limited
(RSCPL) is engaged in the manufacturing of steel ingots and
billets which are the basic input for manufacturing TMT steel bars
or structured steel, angles, flats, bars, etc. The company has an
installed capacity of 50,000 TPA for the manufacturing of billets.
The promoters of the company, Mr. Arvind Agarwal and Mr. Narendra
Agarwal have two decades of experience in the steel industry.


S.K. GOLD: ICRA Revises Rating on INR15cr Loan to 'D'
-----------------------------------------------------
ICRA has revised its long-term rating on the INR15.0 crore fund
based limits of S.K. Gold Chain Company Private Limited to [ICRA]D
from [ICRA]B+.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based Limits     15.00        [ICRA]D; Revised

ICRA's rating action is driven by delays in debt servicing by
SKGCL due to its stretched liquidity position. ICRA takes note of
the high competitive intensity and fragmented nature of the
jewellery business and the company's thin profitability margins,
which have resulted in weak coverage indicators.

Going forward, the company's ability to demonstrate a track record
of timely debt servicing, driven by a sustained improvement in its
liquidity position, will be the key rating sensitivity.

SKGCL was incorporated in 1998 and is engaged in the manufacture
and trading of all types of jewellery made of precious, semi
precious metal and stones. The showroom of the company is located
at Chandni Chowk (Delhi); one of the largest wholesale jewellery
markets in Asia. The company is a closely held entity and promoter
driven with Mr. Suresh Verma and his son, Mr. Sanjeev Verma
involved in the operations of the company. The promoters have been
in the business for a long time, with Mr. Sanjeev Verma operating
another company, S.K. Jewels Private Limited, engaged in a similar
business.


SEPAL CERAMIC: ICRA Reaffirms B+ Rating on INR4.40cr Loan
---------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ to the
INR4.40 crore fund based cash credit facility and the INR3.03
crore term loan facility of Sepal Ceramic. ICRA has also
reaffirmed the [ICRA]A4 rating to INR0.70 crore bank guarantee
limits of SC.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit Limit     4.40        [ICRA]B+; Reaffirmed
   Term Loans            3.03        [ICRA]B+; Reaffirmed
   Bank Guarantee        0.70        [ICRA]A4; Reaffirmed

The ratings continue to remain constrained by Sepal Ceramic's
small scale of operations and it's weak financial profile
characterized by thin profitability, weak coverage indicators and
stretched receivables and inventory position resulting in high
working capital intensity. The ratings also factors in the firm's
dependence on the performance of real estate industry which is the
main consuming sector, intense competition with the presence of
large established organized tile manufacturers and unorganized
players, vulnerability to volatility in prices of raw material and
to availability and fluctuating prices of gas, as gas is its major
source of fuel. ICRA also takes a note that SC being a partnership
firm, any substantial withdrawal from the capital account would
adversely impact the net worth and thereby the capital structure.

The ratings, however, favorably consider the experience of the key
promoters in the ceramic industry as well as location advantage
enjoyed by SC giving it easy access to raw material.

Sepal Ceramic is a digitally printed ceramic wall tiles
manufacturer with its plant situated at Morbi, Gujarat. The firm
was established in the year 2007 with the commencement of
commercial production in April 2008. The firm is managed by Mr.
Paresh Vilpara and other family members. The plant has an
installed capacity to produce 38,500 metric tons of wall tiles per
annum.

Recent Results
For the year ended 31st March, 2015, the firm reported an
operating income of INR14.72 crore with profit after tax of
INR0.04 crore.


SHRAMAN STRIPS: ICRA Assigns 'B' Rating to INR9.0cr Loan
--------------------------------------------------------
ICRA has assigned its long term rating of [ICRA] B to the INR11.90
crore fund based bank facilities of Shraman Strips Pvt Ltd. ICRA
has assigned its long term rating of [ICRA] B to the INR4.10 crore
unallocated fund based facilities of SSPL.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   CC                     9.00        [ICRA]B; assigned
   SLC                    0.90        [ICRA]B; assigned
   Term Loan              2.00        [ICRA]B; assigned
   Unallocated fund
   based Facilities       4.10        [ICRA]B; assigned

ICRA's rating is constrained by the moderate and declining
revenues of SSPL over the last two years, vulnerability of the
company's profitability to fluctuations in steel prices and
intense competition prevailing in the industry. The rating also
takes into account the company's high working capital intensity
because of high receivable levels and the company's low net profit
margins due to the limited value additive nature of work, which
has resulted in stretched cash flows. The rating also factors in
the company's weak capitalization and coverage indicators and its
high gearing of 6.43 times as on March 31, 2015. The rating,
however, favorably takes into account the established track record
of the promoters in the steel industry and the low inventory
levels maintained by the company, which reduces its exposure to
volatility in steel prices.

Going forward, the company's ability to augment its revenue growth
and profitability while improving its capital structure by
efficiently managing the working capital requirements, will be the
key rating sensitivities.

SSPL was incorporated in 1988 by Mr Satish Jain and Mr Jaineshwar
Jain, and trades in iron and steel products. The company processes
HR and CR coils into strips, sheets and tubes of varying sizes, as
per customer specifications. SSPL has its administrative and
processing unit in Ludhiana, Punjab.

Recent Results
The company incurred a net loss of INR0.08 crore on an operating
income of INR50.48 crore in FY15 as against a net profit of
INR0.07 crore on an operating income of INR60.31 crore in FY14.


SHREE RAJA: CRISIL Assigns B- Rating to INR80MM Cash Loan
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-term
bank facilities of Shree Raja Ram Prints Pvt Ltd (SRPPL).

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            80        CRISIL B-/Stable
   Term Loan              70        CRISIL B-/Stable

The ratings reflect SRPPL's large working capital requirement and
exposure to intense competition in the textile-processing and
trading industry. The rating also factors in a weak financial risk
profile because of high gearing and below-average debt protection
metrics. These rating weaknesses are partially offset by the
extensive industry experience of the company's promoters.
Outlook: Stable

CRISIL believes SRPPL will continue to benefit over the medium
term from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' in case of significant
improvement in working capital management, scale of operations,
and profitability, leading to a better financial risk profile.
Conversely, the outlook may be revised to 'Negative' if working
capital requirement increases more than expected or in case of any
significant debt-funded capital expenditure, leading to
deterioration in the financial risk profile.

SRPPL was incorporated in 2010, promoted by Mr. Suresh Chand
Gupta. The company, in its initial stage, started trading in all
type of fabrics. In June 2015, it set up a plant for processing
and printing cotton and other fabrics in Pali (Rajasthan). The
plant has an installed capacity of around 100,000 metres per day,
which is utilised at around 80 per cent.

SRPPL reported a profit after tax (PAT) of INR0.05 million on net
sales of INR196.0 million for 2014-15 (refers to financial year,
April 1 to March 31), against a net profit of INR0.07 million on
net sales of INR415.0 million for 2013-14.


SHREE RAJARAM: CRISIL Assigns 'B' Rating to INR100MM Cash Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Shree Rajaram Mills (SRM).

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

The rating reflects SRM's large working capital requirement,
exposure to intense competition in the textile processing
industry, and weak financial risk profile because of high gearing
and subdued debt protection metrics. These weaknesses are
partially offset by promoter's industry experience.
Outlook: Stable

CRISIL believes SRM will continue to benefit from its promoter's
extensive experience in the textile industry. The outlook may be
revised to 'Positive' in case of better-than-expected working
capital management, scale of operations, and profitability,
leading to improvement in financial risk profile. Conversely, the
outlook may be revised to 'Negative' if working capital
requirement increases more than expected, or if the firm
undertakes any significant debt-funded capital expenditure
programme, leading to deterioration in financial risk profile.

SRM set up in 2007 by Mr. Suresh Chand Gupta as a proprietorship
firm, processes and dyes cotton and other fabric into rubia and
poplin. Its manufacturing unit is in Pali (Rajasthan) and has
installed capacity of 65,000 metres per day, of which, 75-80 per
cent is utilised.

SRM reported profit after tax (PAT) of INR0.03 million on net
sales of INR434.0 million for 2014-15 (refers to financial year,
April 1 to March 31), against PAT of INR0.04 million on net sales
of INR415.3 million for 2013-14.


SHRI GAUTAM: CRISIL Cuts Rating on INR122.5MM LT Loan to B
----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Shri Gautam Ship Breaking Ind. Private Limited (SGSBIPL) to
'CRISIL B/Stable' from 'CRISIL B+/Stable', while reaffirming its
rating on the short-term facility at 'CRISIL A4'.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit             40       CRISIL B/Stable (Downgraded
                                    from 'CRISIL B+/Stable')

   Letter of Credit       360       CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     122.5     CRISIL B/Stable (Downgraded
                                    from 'CRISIL B+/Stable')

The rating downgrade reflects CRISIL's belief that SGSBIPL's
business risk profile will remain under pressure on account of
slowdown prevailing in end user industry and steel scrap prices
lagging correction. Though SGSBIPL reported net sales of INR843.4
million during 2014-15 (refers to financial year, April 1 to March
31), with net sales of around INR50 million in seven months ended
October, 2015 and minimal inventory outstanding, CRISIL believes
net sales to witness sharp decline in 2015-16. SGSBIPL reported
profit after tax (PAT) of INR5.4 million during 2014-15 as
compared to INR19.3 million a year ago. With scrap prices lagging
correction, CRISIL believes profitability might remain under
pressure over medium term.

The ratings reflect SGSBIPL's weak financial risk profile because
of small net worth, and susceptibility to cyclicality in ship-
breaking industry and to volatility in steel scrap prices and
forex rates. These weaknesses are partially offset by extensive
experience of the company's promoters in the ship-breaking
industry.
Outlook: Stable

CRISIL believes SGSBIPL will continue to benefit over the medium
term from promoters' extensive industry experience. The outlook
may be revised to 'Positive' if SGSBIPL significantly improves its
scale of operation and profitability, while following a prudent
forex management policy. Conversely, the outlook may be revised to
'Negative' if SGSBIPL's liquidity weakens because of any adverse
movement in steel scrap prices, resulting in its inability to
recover the cost of ship purchase, or unfavorable movements in
forex rates, leading to substantial losses.

Set up in 1983, SGSBIPL is in the ship-breaking business. It is
based in Alang (Gujarat). The company buys old ships and breaks
them into steel plates, which it then supplies to rolling mills in
Gujarat. SGSBIPL was formed by Mr. Vinod Bhayani and his family.
His son, Mr. Samir Bhayani, looks after the company's operations.

SGSBIPL reported a profit after tax (PAT) of INR5.40 million on
net sales of INR843.4 million for 2014-15, against a PAT of
INR19.3 million on net sales of INR915.4 million for 2013-14.


SITA POLYWEAVE: ICRA Assigns 'B+' Rating to INR4.93cr Term Loan
---------------------------------------------------------------
ICRA has assigned the long term rating of [ICRA]B+ to INR6.12
crore fund based bank facilities of Sita Polyweave Private
Limited. ICRA has also assigned a long term rating of [ICRA]B+ and
short term rating of [ICRA]A4 to INR0.07 crore fund based and non-
fund based unallocated limits of the company.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund based-Term
   loan I                0.69        [ICRA]B+

   Fund based-Term
   Loan II               4.93        [ICRA]B+

   Fund based-Cash
   Credit                0.50        [ICRA]B+

   Non-fund based-
   LC (Sub-limits)       6.19        [ICRA]A4

   Fund based & Non
   fund based-
   Unallocated limits    0.07        [ICRA]B+/[ICRA]A4

ICRA has assigned the short term rating of [ICRA]A4 to INR6.19
crore non-fund based limits which are sub-limits of fund based
facilities of the company.

The ratings assigned to Sita Polyweave Private Limited (SPPL) are
constrained by execution risks associated with Greenfield project
to manufacture knitted fabrics and the risks associated with the
stabilization of plant as per expected parameters post
commencement of operations. The company's financial profile is
likely to remain stretched in the near term due to debt-funded
nature of project. ICRA further notes that the company's
operations post commencement remain vulnerable to both the highly
competitive nature of industry and any adverse fluctuations in the
raw material prices.

ICRA however favorably takes note of the locational advantages in
Surat which will lead to easy availability of key raw materials.
ICRA also take note of proximity of the plant to its customers as
well as operational support derived from the associate/group
concerns which are in the same line of business.

Sita Polyweave Pvt Ltd (SPPL) was incorporated in May 2014 by Mr.
Pramodkumar Kanodia and his three sons with the aim to carryout
manufacturing operations of Knitted fabrics (net fabrics). The
company has both registered office and manufacturing unit in Surat
which is one of the biggest textile hubs in Gujarat. The company
is a part of kanodia group of companies which are engaged into
manufacturing of grey fabrics and texturized yarn for around 20
years. Sita Polyweave Pvt Ltd is a newly incorporated Private
Limited company by the group in textile industry.


SRI HANUMA: ICRA Reaffirms B+ Rating on INR9.0cr Cash Loan
----------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ assigned to
INR9.00 crore Cash Credit and INR1.75 crore unallocated limits of
Sri Hanuma Enterprises (SHE).

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit            9.00       [ICRA] B+ reaffirmed
   Unallocated            1.75       [ICRA] B+ reaffirmed

The reaffirmed of the rating continues to factors in low
profitability margins inherent to tobacco trading business and
weak financial profile of the firm characterized by moderate
gearing, weak coverage indicators, and constrained liquidity
position as indicated by high average utilization of working
capital limits. The assigned rating is also constrained by high
working capital intensive nature of the business on account of
high inventory due to seasonality associated with tobacco
availability and susceptibility to agro climatic risks affecting
the raw material availability. Tobacco is a seasonal crop and its
production and auctioning are controlled by the Tobacco Board of
India. The board prescribes the quantity of tobacco to be
cultivated and also the prices for its auction.

However, the rating of the firm continues to derive comfort from
long-standing experience of over 30 years of the promoter in
tobacco industry, established relationship with tobacco players
obtained from the previous ventures of the promoters as they were
involved in cultivation and sales of tobacco through other firms
earlier, and the relatively stable demand prospects for tobacco
and its related products.

The ability of the firm to improve its profitability significantly
while it continues to increase the scale of operations would be
the key rating sensitivity for the firm going forward.

Sri Hanuma Enterprises (SHE) was incorporated in September 2009 by
Mr. Chunduri Venkateswarlu. The firm is owned by Mr. Venkateswarlu
(managing partner) and his family (wife and two sons). The unit is
registered with the Tobacco Board as a tobacco dealer and can
participate in the auctions conducted by the same. The firm is
involved in trading of tobacco leaves, primarily Virginia Flue
Cured (VFC) and Virginia Air Cured (VAC). The firm is situated in
Prakasam district of Andhra Pradesh which is among high tobacco
growing regions in the state.

Recent Results
According to audited results, the firm reported profit after tax
of INR0.12 crore on an operating income of INR47.28 crore during
FY2015 as against profit after tax of INR0.13 crore on an
operating income of INR50.90 crore during FY2014.


SRI SAI AGRO: ICRA Assigns 'B' Rating to INR4.0cr LT Loan
---------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B to the INR6.50
crore bank facilities of Sri Sai Agro Industries.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long term scale-
   Cash Credit           4.00        [ICRA]B assigned

   Long term scale-
   Term loan             2.50        [ICRA]B assigned

The rating is constrained by the modest scale of operations
limiting operational and financial flexibility to an extent and
the weak financial profile characterised by thin margins, high
gearing and moderate coverage indicators. The rating takes into
account the vulnerability of margins to Government regulations
restricting bargaining power in terms of purchase price, the high
competitive intensity in the business with existence of large
number of players and the susceptibility of the firm's revenues to
unfavourable monsoons, epidemics in paddy crop and such other
natural factors. ICRA takes note of the high geographic
concentration with ~75% of the sales from Maharashtra and the rest
from Tamil Nadu and Karnataka. The rating, however, positively
takes into account the expected revenue growth supported by the
capacity expansion, the extensive experience of the promoters in
the rice milling and processing industry and the proximity of the
firm to paddy growing areas facilitating easy procurement of raw
materials.

Sri Sai Agro Industries was incorporated in 2014, promoted by Mr.
Balarammurthy, Mr.Prasad and Mr. Venkateshwar Rao and is engaged
in milling, processing and selling of boiled rice, raw rice, bran
and husk. The firm started its operations in April, 2015 after the
promoters had winded up the operations of another entity, Sri Guru
Sai Rice Industries, engaged in the same line of business. The
firm procures majority of its raw material requirements from
farmers located in Raichur and its neighbouring districts in
Karnataka and sells them in the domestic market (mainly
Maharashtra) to rice traders mainly under the brand name "RB
Gold". The firm's manufacturing facilities are located in
Sindhanur in Karnataka spread over 6 acres land with an aggregate
installed capacity of 6 tons per hour of milling.


UTM ENGINEERING: CRISIL Assigns B Rating to INR15MM Cash Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of UTM Engineering Pvt Ltd (UTM).

                              Amount
   Facilities                (INR Mln)     Ratings
   ----------                ---------     -------
   Proposed Bank Guarantee       65        CRISIL A4
   Proposed Cash Credit Limit    15        CRISIL B/Stable

The ratings reflect UTM's vulnerability to tender-based business,
short track record of operations and a weak capital structure.
These weaknesses are partially offset by the promoters' extensive
experience in the mining and tunnel construction industry.
Outlook: Stable

CRISIL believes UTM will benefit over the medium term from its
promoters' extensive industry experience. The outlook may be
revised to 'Positive' if on-time commissioning of the ongoing
project leads to comfortable accruals and improved scale of
operations. Conversely, the outlook may be revised to 'Negative'
if significant time and cost overruns on the project lead to lower
than expected accruals thereby constraining its liquidity.

Established in 2014, UTM is Gurgaon (Haryana) based company
promoted by Mr. Krupa Sindhu Mandal and Mr. Rajesh Singh. It is
engaged in tunnel construction and mining activities for both the
government and privately owned companies. The company commenced
operations in April 2015.

UTM is expected to report revenue of INR190 million in FY 2015-16.


V CARE: ICRA Reaffirms 'B' Rating on INR3.0cr Fund Based Loan
-------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B  assigned to
INR3.00 crore fund based limits of V Care Agritech. ICRA has also
reaffirmed ratings of [ICRA]B/[ICRA]A4 to INR5.00 crore
unallocated limits of V Care Agritech.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Fund Based Limits     3.00       [ICRA]B reaffirmed
   Unallocated Limits    5.00       [ICRA]B/[ICRA]A4 reaffirmed

The reaffirmation of ratings continues to be constrained by high
working capital intensive nature of the firm due to inventory
stocking resulting from seasonal nature of the business; and
financial profile characterized by high gearing and weak coverage
indicators. The reaffirmation also takes into consideration the
firm's high dependence on soya bean which stood at 90% of the
total sales in FY2015, and presence in a highly competitive market
exposed to agro-climatic conditions. The ratings, however,
continue to positively factor in the established presence of the
promoters in the seeds industry and the client-relationships built
by the V-care group over the years with various government
agencies.

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

V Care Agritech is a partnership firm incorporated in the year
2009 and is run by five partners Mr. S Rajashekharappa, Mr.D.
Kotiswamy, Mr.D. Venkata Rao, Mr. D. Kiran Kumar and Mr. A.
Babaiah. The firm started commercial operations in 2010-11 and is
into the business of commercial seeds processing .The firm has a
production facility with a processing capacity of 100 MT per day
at Mahbubnagar in Telangana. The firm procures breeder seeds from
various agricultural universities in Andhra Pradesh and then
supplies the same to farmers for multiplication to commercial
seeds, which are then processed by the firm and sent for
certification. The firm sells the processed and certified seeds
mainly to group concern V Care Seeds Private Limited (VSPL).

Recent Results
As per the audited financial results for FY 2015, the firm
reported a profit after tax of INR0.12 crore on a turnover of
INR12.62 crore as against profit after tax of INR0.10 crore on
turnover of INR8.03 crore for FY 2014.


VENKATESWARA ENTERPRISES: CRISIL Reaffirms INR5MM Loan B+ Rating
----------------------------------------------------------------
CRISIL rating reflects Venkateswara Enterprises (Venkateswara)
below-average financial risk profile marked by modest net worth
and weak debt protection metrics; the rating also factors the
firm's small scale of operations, in the intensively competitive
trading industry. These rating weaknesses are partially offset by
proprietor's extensive experience in the plywood and veneer
trading industry.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Letter of Credit       200       CRISIL A4 (Reaffirmed)

   Overdraft Facility       5       CRISIL B+/Stable (Reaffirmed)

CRISIL had assigned its rating on the bank facilities of
Venkateswara to 'CRISIL B+/Stable/CRISIL A4' through its rating
rationale dated October 07, 2015.
Outlook: Stable

CRISIL believes Venkateswara will continue to benefit over the
medium term from proprietor's extensive industry experience. The
outlook may be revised to 'Positive' in case increase in scale of
operations and profitability leads to higher-than-expected net
cash accrual and adequate liquidity. Conversely, the outlook may
be revised to 'Negative' in case lower-than-expected cash accrual
or larger-than-expected working capital requirement puts pressure
on liquidity.

Set up as a proprietorship firm in 2006 by Mr. Devender Goel in
Chennai, Venkateswara trades in veneer and plywood.


VINAYAK POLYPIPES: CRISIL Reaffirms 'B' Rating on INR90MM Loan
--------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Vinayak
Polypipes Pvt Ltd (VPPL) continues to reflect VPPL's modest scale
of operations in a fragmented industry, large working capital
requirements, and susceptibility of the company's operating margin
to volatility in raw material prices. These rating weaknesses are
partially offset by the extensive experience of VPPL's promoters
in the pipe manufacturing industry.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            50        CRISIL B/Stable (Reaffirmed)
   Term Loan              90        CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that VPPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company significantly
scales up its operations and improves its profitability margins,
leading to improvement in financial risk profile, particularly
liquidity. Conversely, the outlook may be revised to 'Negative' if
VPPL's financial risk profile deteriorates either due to lower-
than-expected profitability, or sizeable working capital
requirements or debt-funded capital expenditure.

Incorporated in 2011, VPPL manufactures PVC, HDPE, and UPVC pipes.
The company is owned and managed by Mr. Dilipkumar Patel and his
family members. VPPL commenced production from April 2012 onwards.

VPPL reported a profit after tax (PAT) of INR3.2 million on net
sales of INR92.4 million for 2014-15; the company reported a PAT
of INR0.4 million on net sales of INR76 million for 2013-14.



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


ECOGREEN OLEOCHEMICAL: Shuts Operations Due to Soaring Gas Prices
-----------------------------------------------------------------
The Jakarta Post reports that manufacturing companies in North
Sumatra have had to close operations after soaring gas prices
forced them to lay off some 20,000 employees.

The report says the number of layoffs will potentially rise as
prices increase wildly due to a continuous shortage in supply.

According to the report, Johan Brien, chairman of the association
of gas-consuming companies (Apigas), said conditions in North
Sumatra were worrying.

"At least 20,000 people have lost their jobs due to the closures
of companies," the Post quotes Johan as saying.

The companies that have ceased operations include PT Glovindo, PT
WRP, PT Flora Sawit, PT Cakra Compact, PT Abdi Raya Bakti and PT
Ecogreen Oleochemical, the report discloses.

The Post relates that a former employee with PT Ecogreen
Oleochemical, Nelson Manalu, said his employer had laid off a
total of 200 people. "The prolonged gas crisis has made us lose
our jobs as the companies have had to close operations," the
report quotes Nelson as saying.

The report says Johan added that the number of layoffs would
likely increase as several other companies that switched to
alternative fuels have come to realize that these alternative
sources are more expensive. Some others, including PT Kedaung, PT
Gunung Gahapi, PT Growth Sumatera, PT Intan Mas Indo Logam and PT
Intan Swarkatika, have reduced their production capacity by more
than 50 percent from normal conditions.

"It's possible that this crisis will continue into the near
future, causing an increase in the number of unemployed," Johan,
as cited by the Post, said.

He said the gas crisis began when gas stocks for industrial use
decreased from 29.54 million standard cubic feet per day (mmscfd)
to only 5 mmscfd by July 31 of this year. The declining gas
reserves caused the price to double, pricing out many operators in
the industry, the report relays.

The Post adds that Johan said the gas price in the area soared to
US$14 per million British thermal unit (mmbtu), the most expensive
compared to prices in other regions in the country.

Java and Batam in Riau Islands, by way of comparison, sell the gas
at prices of $9 per mmbtu and $6 per mmbtu, respectively, the
report notes.



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


LIBERTY INTERACTIVE: Moody's Affirms Ba3 Corporate Family Rating
----------------------------------------------------------------
Moody's Investors Service affirmed Liberty Interactive LLC's
Corporate Family Rating at Ba3. Moody's also affirmed the Ba2
rating of debt instruments issued by its wholly owned subsidiary
QVC Inc. and the B2 rating assigned to the unsecured debt issues
of Liberty Interactive LLC. The rating outlook remains stable.

The affirmation of the company's ratings reflects the company's
announcement that it plans to pursue the spin-offs of two newly
formed companies to be called CommerceHub Inc. and Liberty Expedia
Holdings to holders of Liberty Venture Group Stock. CommerceHub
would be comprised of the CommerceHub business and Liberty Expedia
Holdings would be comprised of Liberty Interactive's entire
ownership in Expedia, Inc (which has a current market value of
approximately $3 billion), as well as Liberty Interactive's
subsidiary Bodybuilding.com.

The separation of a meaningful amount of assets in the spin-off
transaction is a credit negative, as the asset base supporting the
unsecured debt obligations is meaningfully reduced. That said
Moody's existing ratings contemplate that Liberty was likely to
continue with a track record of spinning off assets in a manner to
benefit shareholders as evident in this transaction and most
recently its 2014 spin-off of its stake in TripAdvisor. Moody's
also notes that the assets being spun out are solely those
currently owned by Liberty Interactive LLC, and there is no impact
to any assets or cash flows of its wholly owned subsidiary QVC
Inc. Pro-forma for this transaction we expect leverage will be in
the low five times range for Liberty Interactive LLC (which does
not include earnings from recently acquired zulily, which is a
subsidiary of Liberty Interactive LLC's parent Liberty Interactive
Corp). While this is high for the current rating we expect the
company to moderately delever which could come through reductions
in gross debt at QVC as QVC migrates leverage toward its 2.5
target range. The company could also deleverege as should the
proposed merger of Time Warner Cable and Charter Communications
conclude on the current terms Liberty would be required to utilize
cash proceeds to reduce the principal amount of a portion of its
outstanding debt that is exchangeable into a basket of securities
which includes Time Warner Cable.

The affirmation of the SGL-1 ratings reflects the company's still
significant levels of cash and meaningful cash flow, though
tempered in part by the company's high utilization of the QVC
revolver following the zulily acquisition.

The following ratings were affirmed:

-- Issuer: Liberty Interactive LLC

-- Probability of Default Rating, Affirmed Ba3-PD

-- Speculative Grade Liquidity Rating, Affirmed SGL-1

-- Corporate Family Rating, Affirmed Ba3

-- Senior Unsecured Conv./Exch. Bond/Debenture, Affirmed B2,
    LGD5

-- Senior Unsecured Regular Bond/Debenture, Affirmed B2, LGD5

-- Issuer: QVC, Inc.

-- Senior Secured Regular Bond/Debenture, Affirmed Ba2, LGD3

Outlook Actions:

-- Issuer: Liberty Interactive LLC

-- Outlook, Remains Stable

-- Issuer: QVC, Inc.

-- Outlook, Remains Stable

RATINGS RATIONALE

Liberty's Ba3 CFR reflects the good operating margins and cash
flow generated from its portfolio of operating assets led by QVC,
its moderate leverage with debt/EBITDA in the low five times range
pro-forma for the spin-off of various units announced in November
2015. The ratings reflect the risks that assets will be utilized
in a manner that benefits shareholders more than bondholders,
evidenced in the November 2015 announcement and similar
separations in the past, such as it spin-off of its interest in
TripAdvisor. The rating also recognizes QVC's sizable position in
the television shopping industry, its international expansion and
strong capabilities in online shopping. The ratings also take into
account the company's solid overall liquidity profile with its
high cash balances and long term debt maturity profile.

The stable rating outlook reflects our expectation that Liberty
will consider opportunistic transactions including share
repurchases and that financial policies will primarily benefit
shareholders such as the proposed spin-off of CommerceHub and
Liberty Expedia Holdings and strategic transactions such as the
recent acquisition of zulily. The stable rating outlook also
reflects our expectations that QVC will maintain debt/EBITDA
within its target range of 2.5 times, though it may be elevated
for a period of time after the zuliliy acquisition.

In view of the company's history of aggressive financial policies,
there is limited upward rating momentum in the near term. Over
time maintaining balanced financial policies and continued
meaningful debt reductions could lead to an upgrade.

The ratings could be downgraded if liquidity weakens, the asset
composition or risk profile meaningfully changes, QVC's operating
performance deteriorates meaningfully, or debt-to-EBITDA is
sustained above 5.25x. We note the company is near this level at
the current time, pro-forma for the spin-offs of Liberty Expedia
and CommerceHub, thus there is limited capacity for further
erosion in leverage beyond current levels.

Liberty Interactive Corporation (Liberty), headquartered in
Englewood, Colorado, is a holding company that is the parent
company of QVC. It also holds significant equity positions in HSN,
and other smaller issuers. QVC was founded in 1986 and has
operations in the U.S., United Kingdom, Germany, Japan, Italy,
France and China.


TOSHIBA CORP: U.S. Unit Books $1.3BB Impairment Loss
----------------------------------------------------
The Japan Times reports that U.S. nuclear plant builder
Westinghouse Electric Co., a unit of Japanese machinery giant
Toshiba Corp., wrote down assets by a total of $1.3 billion in
fiscal 2012-2013.

The report says the parent company has not reflected the losses in
its consolidated earnings reports, saying there is no need to do
so under relevant accounting rules.

According to the report, sources in Toshiba said Westinghouse
booked impairment losses of $900 million in fiscal 2012 and $400
million in fiscal 2013, due to business uncertainties following
the March 2011 meltdowns at Tokyo Electric Power Co.'s disaster-
crippled Fukushima No. 1 nuclear power plant.

On Westinghouse, Toshiba executives have earlier said write-downs
are not necessary, the report relays.

The Japan Times relates that on Nov. 12, a public and investor
relations official at Toshiba said the past remarks were made in
light of Toshiba's consolidated accounting.

Westinghouse's overall profitability is high, the official said,
noting the unit is performing well in its business related to
replacement of fuel rods at existing nuclear power plants and
other operations, according to the Japan Times.

There is no need for Toshiba to write down goodwill on
Westinghouse in its group accounting, the official added, the
report says.

                        About Toshiba Corp.

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

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

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

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

On Nov. 12, 2015, the TCR-AP reported that Moody's Japan K.K. has
downgraded the issuer rating and long-term senior unsecured bond
ratings of Toshiba Corporation to Baa3 from Baa2, as well as its
subordinated debt rating to Ba2 from Ba1. Moody's has also changed
the rating outlook to negative from stable. At the same time,
Moody's has downgraded Toshiba's short-term rating to Prime-3 from
Prime-2.

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


TOSHIBA CORP: Lawsuit Highlights Lack of Reform, Lawyers Say
------------------------------------------------------------
Reuters reports that Toshiba Corp's lawsuit against former
executives linked to a JPY150 billion accounting scandal is a
defensive maneuver that highlights a lack of sincere reform,
lawyers and corporate governance experts said.

Reuters relates that the JPY300 million in damages Toshiba is
seeking pales in comparison with the over JPY740 billion decline
in its stock market value since the accounting problems came to
light in early April.

Moreover, lawyers said, Toshiba has yet to fully explain why it is
limiting its lawsuit to just five former executives, effectively
absolving some current officials who were in senior roles during
the years it was padding profits, according to the report.

Such doubts highlight worries that Japan's newly-implemented
corporate governance guidelines could fail to bring about
substantial improvements in management accountability, Reuters
states.

According to the report, the laptops-to-nuclear conglomerate said
on Nov. 7 that it sued five former executives, including three
former CEOs, for mismanagement.  The report relates that the move
came after an individual investor threatened to sue executives
including current CEO Masashi Muromachi, unless Toshiba did so
itself.

"What investors are most concerned about is whether the current
top executives, including the chairman and CEO, are responsible
. . . It feels strange that the company has not touched on why the
current CEO is not held accountable," Reuters quotes Nobuo Gohara,
a lawyer who took part in an audit of Olympus Corp after its
accounting scandal in 2011, as saying.  "You can't really say
we're seeing better corporate governance at work when the company
has sued just so that it won't get sued."

Reuters reports that the unnamed investor had demanded that
Toshiba sue 28 former and current executives including Muromachi
for 1 billion yen in damages. Yoshihiko Kin, a lawyer representing
the investor, said the lawsuit, while better than nothing, was
lacking, the report relays.

"We're considering a lawsuit against the executives who were not
sued by the company," he told Reuters.

Previous CEO Hisao Tanaka, his two predecessors, and a string of
other senior officials resigned in July. Muromachi, a director
during most of the period the company inflated its earnings, was
promoted to CEO, Reuters notes.


                        About Toshiba Corp.

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

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

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

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

On Nov. 12, 2015, the TCR-AP reported that Moody's Japan K.K. has
downgraded the issuer rating and long-term senior unsecured bond
ratings of Toshiba Corporation to Baa3 from Baa2, as well as its
subordinated debt rating to Ba2 from Ba1. Moody's has also changed
the rating outlook to negative from stable. At the same time,
Moody's has downgraded Toshiba's short-term rating to Prime-3 from
Prime-2.

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



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


MONGOLIA: Moody's Says B2 Rating Supported by Growth Potential
--------------------------------------------------------------
Moody's Investors Service says Mongolia's B2 government bond
rating is supported by the country's strong growth potential,
driven in large part by its abundant natural resource wealth.
However, slowing growth due to falling commodity prices, coupled
with sizeable fiscal deficits and a thin foreign reserve cover
have weighed on credit quality.

The negative outlook on Mongolia's rating -- in place since July
2014 -- incorporates external pressures, including those stemming
from a low level of foreign exchange reserves of $1.4 billion as
of September 2015 relative to Moody's estimates of maturing public
and private sector external debt in 2015 and 2016.

Moody's conclusions were contained in its just-released credit
analysis "Mongolia", which looks at the country's credit profile
in terms of Economic Strength [assessed as "Low (+)"];
Institutional Strength ["Very Low (+)"]; Fiscal Strength ["Low
(+)"]; and Susceptibility to Event Risk ["High"]. These represent
the four main analytic factors in Moody's Sovereign Bond Rating
Methodology. The analysis constitutes an annual update to
investors and is not a rating action.

Moody's "Low (+)" assessment of Mongolia's economic strength
reflects the country's small size and very strong but volatile
growth performance.

During 2015, authorities have begun unwinding monetary and quasi-
fiscal stimulus undertaken to support growth in the previous two
years. Consequently, inflation and credit growth have moderated
and the current account deficit is projected to fall sharply, to
3.2% of GDP in 2015 from 11.7% of GDP in 2014.

However, as a commodity exporter, Mongolia still faces
considerable external challenges stemming largely from its high
exposure to China (Aa3 stable) -- accounting for close to 90% of
its exports -- and from the sharp fall in mineral prices over the
year.


Further, the recent resolution of a three-year long dispute
between the government and Rio Tinto over the development of the
second phase of the large Oyu Tolgoi copper and gold mining
project will boost export revenues once production ramps up. But
until such time, Mongolia will remain reliant on support from
multilateral and bilateral lenders to bridge its external
financing needs.

The "Very Low (+)" assessment of institutional strength reflects
the degree of government effectiveness. Inflation levels in
Mongolia have been relatively low compared with other sovereigns
Moody's rates, but inflation volatility has been high, partly
mirroring the volatility in GDP growth.

Moody's "Low (+)" assessment for fiscal strength takes into
account the sovereign's moderate but rising debt burden, and
relatively strong debt affordability metrics. A high proportion of
foreign currency-denominated debt relative to the total adds
foreign exchange risk to the government's debt repayment profile.
The government's annual refinancing requirements are also subject
to shifts in international capital market sentiment.

The "High" assessment for susceptibility to event risk is driven
by external vulnerability that has arisen as foreign reserves
remain low, even as external debt is edging higher. Exposure to
China and falling commodity prices add to these external
pressures. Political uncertainty is also likely to increase ahead
of parliamentary elections next year.



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


WILD PAIR: Shoe Shop Goes Into Receivership
-------------------------------------------
Catherine Harris of Stuff.co.nz reports that Wild Pair, formerly
Payless Shoes, went into receivership on Nov. 12 at the request of
its owners Michael and Paul Donovan.

Receivers William Black and Andrew Grenfell of McGrathNicol said
in a statement that the company would continue to trade while they
worked with management, creditors and staff, the report relates.

According to the report, Mr. Grenfell indicated that the company
was up for sale, saying the receivers would receive expressions of
interest.

There was no mention of the receivership on Wild Pair's website,
which said the chain had 22 stores, the report says.

Stuff.co.nz notes that Wild Pair is the latest apparel retailer to
strike difficulties in New Zealand as physical retailers struggle
to compete with online competitors, both here and overseas.

In the last two years, Identity Clothing, Jean Jones, Shanton and
Postie Plus have all been in receivership or administration, the
report says.

Hellaby Holdings has also put its Hannahs and Number One Shoes
footwear businesses up for sale, adds Stuff.co.nz.

Chris Wilkinson, of retail consultancy First Retail Group said
Wild Pair's collapse demonstrated the vulnerability of mid-size
retail companies, even those with a unique brand, Stuff.co.nz
relates.

He said it was sad for New Zealand's independent retailers "as
this brand has been contemporary in retailing style and product
ranges," the report relays.

"We need more of this type of diversity in the retail mix to break
up the emerging sameness of shopping," the report quotes Mr.
Wilkinson as saying.

According to the report, Mr. Wilkinson said Wild Pair would also
be a good "bolt-on" for other medium-sized retail groups, but the
shoe and apparel business had "had a pretty challenging time of
late."

"So few may necessarily have the resources necessary to purchase
all or some of the chain."

Stuff.co.nz says Wild Pair customers who have gift cards are being
told that the receivers will honour them, even though they are not
legally obliged to do so.

Customers have been asked to wait a few days until the gift card
system is reconfigured to take account of the receivership, the
report adds.


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


BERAU CAPITAL: Debt Indenture Satisfies Ch. 15 Eligibility
----------------------------------------------------------
An issue in Chapter 15 cases is whether a foreign debtor must have
a place of business or property in the United States to be
eligible to file a chapter 15 petition.

Foreign debtors who wish to file chapter 15 cases in New York
often have no place of business in the United States; therefore,
the focus shifts to whether the foreign debtor has property in New
York that will establish eligibility and venue in this district.

Section 109(a) of the Bankruptcy Code does not specify how much
property must be present or when or for how long property has had
a situs in New York.

Foreign debtor Berau Capital Resources Pte Ltd. does not have a
place of business in the United States.  Berau filed an insolvency
proceeding in Singapore, where the company has its headquarters.
The foreign representative originally focused solely on the
attorney retainer held by the foreign representative's New York
counsel as the basis for eligibility.  The United States
Bankruptcy Court for the Southern District of New York is
satisfied that the retainer provides a sufficient basis for
eligibility in this case.  However, it is apparent that another
substantial (and frequently recurring) basis for chapter 15
eligibility exists here, the Court noted.

Berau is an obligor on over $450 million of U.S. dollar
denominated debt; New York law expressly governs the debt
indenture, which also includes a New York choice of forum clause.
Under the indenture, Berau appointed an authorized agent for
service of process in New York, and numerous acts must be
performed in New York City.  The debt was in default when the
foreign representative filed the chapter 15 case.

In a Memorandum Opinion dated October 28, 2015 which is available
at http://is.gd/g4GwMafrom Leagle.com, Judge Martin Glenn of the
United States Bankruptcy Court for the Southern District of New
York ordered that the debt indenture satisfies the Section 109(a)
requirement of "property in the United States," as the foreign
debtor has property in the United States.  Venue in the Southern
District of New York was likewise established, Judge Glenn ruled.

The case is In re: BERAU CAPITAL RESOURCES PTE LTD, Chapter 15,
Debtor in a Foreign Proceeding, CASE NO. 15-11804 (MG)(Bankr.
S.D.N.Y.).

Berau Capital Resources Pte Ltd, Debtor, is represented by:

          Edward J. LoBello, Esq.
          MEYER, SOUZZI, ENGLISH & KLEIN, P.C.
          1350 Broadway
          Suite 501
          P.O. Box 822
          New York, NY 10018
          Phone: 212-239-4999
          Fax: 212-239-1311
          Email: elobello@msek.com

                      About Berau Capital

Berau Capital Resources Pte Ltd., is incorporated under the laws
of the Republic of Singapore and is a wholly-owned subsidiary of
PT Berau Coal Energy Tbk ("BCE"), a public company incorporated
under the laws of the Republic of Indonesia.  Berau Capital was
incorporated in 2010, by BCE as a special purpose vehicle to raise
funds for and on behalf of the BCE Group.

In order to prevent recovery or enforcement efforts by creditors
that would jeopardize the BCE Group's and BCR's restructuring, on
July 4, 2015, BCR initiated proceedings in the High Court of the
Republic of Singapore (the "Singapore Court").

Berau Capital filed a Chapter 15 petition (Bankr. S.D.N.Y. Case
No. 15-11804) in Manhattan in the United States on July 10, 2015,
to seek recognition of its restructuring proceedings in Singapore.

Kin Chan, the chairman of the board of ARMs, signed the Chapter 15
petition and is serving as foreign representative.

The U.S. case is assigned to Judge Martin Glenn.

The Debtor tapped Edward J. LoBello, Esq., at Meyer, Suozzi,
English & Klein, P.C., in Garden City, New York, as counsel.





                             *********

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

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

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


                            *********


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

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

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

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

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



                 *** End of Transmission ***