TCRAP_Public/151117.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

          Tuesday, November 17, 2015, Vol. 18, No. 227


                            Headlines


A U S T R A L I A

BOUNTY MINING: First Creditors' Meeting Set For Nov. 23
JARC INDUSTRIAL: First Creditors' Meeting Set For Nov. 26
KOKO BLACK: Administrators Seek Buyers For Choco Manufacturer
MELBOURNE COOL: First Creditors' Meeting Set For Nov. 24
RESIPRO HOMES: First Creditors' Meeting Slated For Nov. 23

SHERWIN IRON: Placed Into Liquidation
STORM FINANCIAL: Federal Court Appoints Liquidators
SUSHI TRIBE: First Creditors' Meeting Set For Nov. 26


C H I N A

CHINA SHANSHUI: S&P Lowers Corporate Credit Rating to 'D'
HENGSHI MINING: Fitch Affirms Then Withdraws 'B+' LT IDR
INTERNATIONAL TEXTILE: Posts $1.6 Million Net Income for Q3
KAISA GROUP: Bonds Rally After Rival Debt Restructuring Proposals


I N D I A

AP INC: CRISIL Assigns 'B' Rating to INR260MM Term Loan
BHAURAO CHAVAN: ICRA Revises Rating on INR92cr Loan to B+
EMPLOYEES WELFARE: CRISIL Reaffirms B+ Rating on INR142.5MM Loan
FRESCO PLUS: CRISIL Cuts Rating on INR60MM Term Loan to 'B'
GAURAV BHARTI: CRISIL Ups Rating on INR100MM Term Loan to C

GURUNANAK EDUCATIONAL: ICRA Suspends D Rating on INR16.75cr Loan
HARIOM INDUSTRIES: CRISIL Reaffirms B+ Rating on INR42.5MM Loan
JAI BHARAT: CRISIL Reaffirms 'B' Rating on INR250MM Cash Loan
KAAS FOOTWEAR: CRISIL Assigns B Rating to INR67.1MM Term Loan
KARIKALI AMMAN: ICRA Ups Rating on INR3.41cr Loan to B+

KUMAR DRINKS: CRISIL Reaffirms B+ Rating on INR70MM Cash Loan
LAKSHMI COTFAB: CRISIL Assigns 'B' Rating to INR100MM Cash Loan
MADHAV CONSTRUCTIONS: CRISIL Reaffirms B Rating on INR20MM Loan
MULTICHEM SPECIALITIES: ICRA Reaffirms B+ Rating on INR4cr Loan
NEEL KANTH: CRISIL Ups Rating on INR35MM LT Loan to B

OMNE AGATE: Ind-Ra Cuts Long-Term Issuer Rating to 'IND BB+'
PAWANSUT CONSTRUCTION: CRISIL Ups Rating on INR30MM Loan to B+
PLY COM: CRISIL Reaffirms 'B' Rating on INR50MM Cash Loan
PUNALUR PAPER: CRISIL Assigns B- Rating to INR100MM Loan
RAJHANS IMPEX: CRISIL Ups Rating on INR100MM Cash Loan to B+

SAGAR METALLICS: Ind-Ra Assigns 'IND BB-' Long-Term Issuer Rating
SAMRUDDHA RESOURCES: ICRA Lowers Rating on INR30cr Loan to D
SANATAN MERCHANTS: Ind-Ra Assigns 'IND BB+' LT Issuer Rating
SANKALP ENGINEERING: ICRA Reaffirms 'D' Rating on INR45cr Loan
SANMAAN RICE: CRISIL Reaffirms B Rating on INR150MM Cash Loan

SANVI SPINNING: CRISIL Assigns B+ Rating to INR345MM Term Loan
SHUBHAM POLYSPIN: CRISIL Ups Rating on INR29MM Term Loan to B+
SOLARIUM CERAMIC: CRISIL Reaffirms B Rating on INR71MM LT Loan
SPECIFIC ALLOYS: CRISIL Suspends B+ Rating on INR55MM Cash Loan
TEZPUR INSTITUTE: ICRA Assigns B- Rating to INR13.96cr Loan

THAKARDHANI AGROPRODUCT: CRISIL Reaffirms B+ INR60MM Loan Rating
UJALA PUMPS: CRISIL Cuts Rating on INR300MM Cash Loan to 'D'
V.K. SOOD: ICRA Suspends 'D' Rating on INR2.90cr Loan
VINIL TRADING: CRISIL Reaffirms 'B' Rating on INR180MM Loan
WADHWANI COMMODITIES: CRISIL Suspends B Rating on INR60MM Loan

WILLIAM INDUSTRIES: ICRA Reaffirms B Rating on INR1.5cr Loan


J A P A N

JAPAN: Falls Back Into Recession
LEOPARD TWO FUNDING: Fitch Affirms BBsf Rating on Class E Notes


N E W  Z E A L A N D

BULLET FREIGHT: Owes Creditors Almost NZ$10 Million
ENCELL GROUP: Placed Into Liquidation
TRUE GREEN: Fined for Inadequate Employee Safety Measures
WELLINGTON DRIVE: Loss Narrows to NZ$388K in Q3 Ended Sept. 30


X X X X X X X X

* Credit Trend for AP Cos. Remains Neg. in 3Q 2015, Moody's Says
* BOND PRICING: For the Week Nov. 9 to Nov. 13, 2015


                            - - - - -


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


BOUNTY MINING: First Creditors' Meeting Set For Nov. 23
-------------------------------------------------------
Martin Green & Robyn Karam of BRI Ferrier (NSW) Pty Limited were
appointed as administrators of Bounty Mining Ltd, Bounty
Operations Pty Ltd, Bounty Equipment Leasing Pty Ltd, and Bounty
Mining Investments Pty Ltd on Nov. 11, 2015.

A first meeting for each of the Companies will be held at BRI
Ferrier (NSW) Pty Limited, Level 30, Australia Square, 264 George
Street, in Sydney, on Nov. 23, 2015, at 10:00 a.m.


JARC INDUSTRIAL: First Creditors' Meeting Set For Nov. 26
---------------------------------------------------------
Mark William Pearce and Michael Dullaway of Pearce & Heers
Insolvency Accountants were appointed as administrators of Jarc
Industrial Enterprises Pty Ltd on Nov. 16, 2015.

A first meeting of the creditors of the Company will be held at
Pearce & Heers Insolvency Accountants, Level 12, 127 Creek Street,
in Brisbane, Queensland, on Nov. 26, 2015, at 10:00 a.m.


KOKO BLACK: Administrators Seek Buyers For Choco Manufacturer
-------------------------------------------------------------
Eloise Keating at SmartCompany reports that prospective buyers
have a "unique" opportunity to buy part or all of Koko Black,
according to the administrators of the chocolate manufacturer and
retailer.

Deloitte is calling for expressions of interest in the Koko Black
group of companies, which entered voluntary administration on
November 9, SmartCompay discloses.

According to the report, Koko Black is continuing to trade as the
busy Christmas period quickly approaches.

SmartCompany, citing an advertisement in the Australian Financial
Review on Nov. 15, discloses that administrators Salvatore Algeri
and Glen Kanevsky are seeking expressions of interest for either
the recapitalisation or the sale of part or all of the chocolate
brand.

"This is a unique opportunity to make a strategic investment or
acquire all or part of one of Australia's leasing specialty
manufacturers and retailers within the high-end chocolate and
confectionary market," the administrators, as cited by
SmartCompany, said.

The "highlights" of the potential sale listed in the ad include a
"strong and valuable brand" that is recognised internationally; a
"strong retail footprint" based on outlets in premium locations;
and wholesale and online businesses.

SmartCompany relates that the administrators said the Koko Black
business is also scalable, as "significant investment to provides
an opportunity to further exploit existing retail outlets and
manufacturing capacity to achieve additional economies of scale".

New owners or investors would also have the "potential to pursue
further geographic expansion and increase distribution across
various channels", according to the administrators.

According to the SmartCompany, Mr. Algeri said in a statement last
week Deloitte's appointment would not have any impact on Koko
Black's operations.

"The business expanded very rapidly and undertook a series of
major projects over the past 18 months," he said, notes the
report. "In combination, the level of activity was beyond the
resources of the business."

In the same statement, Mr. Algeri urged the public to continue
supporting the business through the Christmas period, which is
"historically the strongest trading period of the year,"
SmartCompany relays.

"It's important that customers, suppliers and employees understand
that it's business as usual," SmartCompany quotes Mr. Algeri as
saying.  "We will be examining all options to recapitalise and
restructure the business with a view to underpinning its future
viability and growth."

Koko Black made headlines in April 2014 as one of the recipients
of the Victorian Government's Melbourne's North Innovation and
Investment Fund, SmartCompany recalls.

The report says the business received a AUD3 million grant from
the fund, which was to contribute to a AUD10.9 million project to
establish its new headquarters in Melbourne's northern suburbs,
called 'The Alchemy Hall Project'.

The first meeting of Koko Black creditors will be held on
Nov. 19.


MELBOURNE COOL: First Creditors' Meeting Set For Nov. 24
--------------------------------------------------------
Glenn J Spooner & Daniel P Juratowitch of Cor Cordis Chartered
Accountants were appointed as administrators of Melbourne Cool
Rooms Pty Ltd on Nov. 12, 2015.

A first meeting of the creditors of the Company will be held at
Cor Cordis Chartered Accountants, Level 29, 360 Collins Street, in
Melbourne, Victoria, on Nov. 24, 2015, at 2:30 p.m.


RESIPRO HOMES: First Creditors' Meeting Slated 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.


SHERWIN IRON: Placed Into Liquidation
-------------------------------------
At the meeting of creditors on Nov. 5, 2015, creditors resolved to
wind up Sherwin Iron Limited, an ASX-listed Company, and of two
subsidiaries, Sherwin Iron (NT) Pty Limited and South Murchison
Mines Pty Limited with Peter Gothard and John Melluish of Ferrier
Hodgson subsequently appointed as liquidators of the group.

"As there will be insufficient funds to pay a dividend to
unsecured creditors, we do not intend on calling for Formal Proof
of Debts to be submitted. If creditors have not already done so,
they should now write off their debt by the Group as
irrecoverable.

"The liquidators will now proceed with the necessary tasks to wind
up the Group, which will include collection of debtors in respect
of both pre and post appointment debtors ledgers and finalization
of all matters associated with trading the business. All
realizations, if any, will be paid to the secured creditor,"
Ferrier Hodgson said in a statement.

As reported in the Troubled Company Reporter-Asia Pacific on
July 14, 2014, Peter Gothard and John Melluish of Ferrier Hodgson
were appointed Voluntary Administrators of Sherwin Iron Limited,
and of two subsidiaries, Sherwin Iron (NT) Pty Limited and South
Murchison Mines Pty Limited on July 10, 2014.

Janna Robertson and Scott Kershaw of KordaMentha were appointed
receivers and managers to each of these entities by the Group's
major lender.

The appointment follows the decision by the Group's major
shareholder not to support the recent Rights Issue and Share
Purchase Plan which placed a strain on the ability of the Group to
continue as a going concern and the lack of cash funding
available.


STORM FINANCIAL: Federal Court Appoints Liquidators
---------------------------------------------------
Cliff Sanderson at Dissolve.com.au reports that Storm Financial is
in liquidation after a Federal Court decision.  The court
appointed Ivor Worrell and Raj Khatri from Worrells Solvency and
Forensic Accountants as the group's liquidators, the report says.

Worrells has been reportedly working as Storm Financial's
administrators since January 2015, the report notes.

Storm Financial Limited -- http://www.stormfinancial.com.au/--
operated in the Australian wealth management industry.  The
company managed over one trillion dollars in investment fund
assets for over nine million investors, distributed through
investment administration providers and financial adviser.  The
funds were invested through different investment products and
structures, including superannuation, non-superannuation managed
funds and life insurance products.  Non-superannuation managed
funds, which form the majority of Storm's products, total
approximately 26.5% of total investment fund assets in Australia,
as of June 30, 2007.

In 2009, Storm Financial Ltd. appointed Worrells Solvency &
Forensic Accountants as voluntary administrators after the
Commonwealth Bank of Australia demanded debt repayment of around
AUD20 million.  Storm later closed its business and fired all of
its 115 staff.  The closure, the company's administrators said,
was due to the significant reduction in Storm's income resulting
in trading losses being incurred "at a rate which the company
could no longer absorb."

The Commonwealth Bank of Australia, Storm's largest creditor,
lodged a AUD27.09 million debt claim at a first meeting of the
company's creditors on Jan. 20, 2010.  The group's remaining
creditors are owed AUD51 million, plus a provision for dividends
of AUD10 million.

In March 2009, the Australian Securities and Investments
Commission won its bid to liquidate Storm Financial after the
Federal Court ruled that the Company be wound up.  Federal court
Justice John Logan appointed Ivor Worrell and Raj Khatri of
Worrells Solvency and Forensic Accountants as liquidators for the
Company.


SUSHI TRIBE: First Creditors' Meeting Set For Nov. 26
-----------------------------------------------------
Mitchell Warren Ball of BPS Recovery was appointed as
administrator of Sushi Tribe Pty Ltd on Nov. 16, 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 10:00 a.m.



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


CHINA SHANSHUI: S&P Lowers Corporate Credit Rating to 'D'
---------------------------------------------------------
Standard & Poor's Ratings Services said that it had lowered its
long-term corporate credit rating on China Shanshui Cement Group
Ltd. to 'D' from 'CC'.  At the same time, S&P lowered its long-
term Greater China regional scale rating on the company to 'D'
from 'cnCC'.

S&P also lowered its issue rating on Shanshui's U.S. dollar-
denominated senior unsecured notes to 'D' from 'CC' and the
Greater China regional scale rating on the notes to 'D' from
'cnCC'. Shanshui is a China-based cement producer.

"We lowered the rating because Shanshui failed to repay its
Chinese renminbi 2 billion onshore super short-term commercial
paper due Nov. 12, 2015," said Standard & Poor's credit analyst
Jian Cheng.  "In our view, the failure to repay this debt will
trigger a cross-default of the company's other financial
obligations, including some onshore bank loans and outstanding
U.S. dollar notes."

Shanshui does not have enough financial capacity to fulfill its
financial obligations due.  S&P therefore assess that the
company's general default is commensurate with a rating of 'D'
instead of 'SD'.

Shanshui's winding-up petition and an application to the Grand
Court of Cayman Islands to appoint provisional liquidators for
restructuring also constitute an event of default under the terms
of the company's outstanding U.S. dollar notes and resulted in an
acceleration of payment of the notes.

"We believe that a shareholders' dispute over the board members at
Shanshui has damaged the company's funding ability and
operations," said Mr. Cheng.

Shanshui's largest shareholder, Tianrui (International) Holding
Co. Ltd., continues to push for the replacement of the existing
board at extraordinary general meetings.

Shanshui's liquidity has deteriorated significantly since the
redemption of its U.S. dollar notes due 2016 in July 2015 and its
onshore super short-term commercial paper in August 2015.  Onshore
banks are reluctant to provide further financing due to the
uncertainty over management.  In addition, weaker demand
associated with lower cement prices is exerting pressure on the
company's financial and liquidity positions.


HENGSHI MINING: Fitch Affirms Then Withdraws 'B+' LT IDR
--------------------------------------------------------
Fitch Ratings has affirmed Chinese iron ore miner Hengshi Mining
Investments Limited's (Hengshi Mining) Long-Term Foreign Currency
Issuer Default Rating (IDR) at 'B+' with Stable Outlook, and
senior unsecured rating at 'B+', with Recovery Rating of 'RR4'.

Simultaneously, Fitch has chosen to withdraw these ratings for
commercial reasons.

Hengshi Mining's rating is constrained by its small size and short
operational track record, and underpinned by its low-cost
position. Recent plunges in iron ore price have put pressure on
Hengshi Mining's margins, while the poor liquidity of downstream
steel makers and a build-up in the company's inventory have
increased working capital requirements.

KEY RATING DRIVERS

Small Scale: The company generated revenue of CNY1.1bn (USD174m)
and operating EBITDAR of CNY494m in 2014. It is small compared
with global peers, and in an industry where capex is usually high,
its limited size reduces funding flexibility.

Low-Cost Position: Hengshi Mining's rating is primarily supported
by its low-cost position. The company sits in the first quartile
of China's iron ore concentrate cost curve. Compared with
international rivals, the company's costs, adjusted for total
freight costs, are also highly competitive for its customers in
Hebei province, China's largest steel producing province.

KEY ASSUMPTIONS

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

-- Capex of CNY250m in 2015 and CNY50m in 2016
-- Price assumptions for iron ore: USD50/tonne in 2015-2016,
    USD55/tonne in 2017 and USD60/tonne over the long term


INTERNATIONAL TEXTILE: Posts $1.6 Million Net Income for Q3
-----------------------------------------------------------
International Textile Group, Inc., filed with the Securities and
Exchange Commission its quarterly report on Form 10-Q disclosing
net income attributable to common stock of $1.57 million on $158
million of net sales for the three months ended Sept. 30, 2015,
compared to net income attributable to common stock of $11.8
million on $154 million of net sales for the same period a year
ago.

For the nine months ended Sept. 30, 2015, the Company reported net
income attributable to common stock of $1.29 million on $460
million of net sales compared to a net loss attributable to common
stock of $11.3 million on $455 million of net sales for the same
period during the prior year.

The Company's balance sheet as of Sept. 30, 2015, shows $330
million in total assets, $383 million in total liabilities and a
$53.8 million total stockholders' deficit.

A full-text copy of the Form 10-Q is available for free at:
http://is.gd/WQOAbf

                    About International Textile

International Textile Group, Inc., is a global, diversified
textile manufacturer headquartered in Greensboro, North Carolina,
with current operations principally in the United States, China,
Mexico, and Vietnam. ITG's long-term focus includes the
realization of the benefits of its global expansion, including
reaching full production at ITG facilities in China and Vietnam,
and continuing to seek other strategic growth opportunities.
International Textile reported a net loss attributable to common
stock of $15.4 million on $595 million of net sales for the year
ended Dec. 31, 2014, compared to a net loss attributable to common
stock of $10.9 million on $600 million of net sales in 2013.


KAISA GROUP: Bonds Rally After Rival Debt Restructuring Proposals
-----------------------------------------------------------------
David Yong, Lianting Tu and Christopher Langner at Bloomberg News
report that the bonds of Kaisa Group Holdings Ltd. rallied the
most since September after two groups of creditors put forward
rival restructuring proposals.

A group of noteholders submitted a non-binding letter of support
for a restructuring proposal whose terms were agreed to in
principle with Kaisa, Bloomberg relates citing a Nov. 6 company
filing.  Bloomberg says the plan would replace the builder's
current offshore bonds with new notes of maturities ranging from
four to six years.  According to Bloomberg, San Francisco-based
hedge fund Farallon Capital offered a competing proposal which
entails the injection of $150 million in cash through the
acquisition of an equity stake in the company, in addition to
warrants to purchase common equity that would total about $500
million.

Bloomberg says the offer from the bondholders could see
noteholders recover at least 75% of their investments, according
to calculations of Citic Securities International Co. Under the
Farallon plan, restructuring terms may allow bondholders to
recover 85 to 100 percent of their money, the person familiar with
the matter said, Bloomberg relays.  Kaisa bonds due in 2018 rose 4
cents on the dollar to 69 cents as of 12:13 p.m. [Nov. 9] in Hong
Kong, the most since Sept. 11, according to prices compiled by
Bloomberg.

"The issue here is whether Chairman Kwok Ying Shing is prepared to
cede some of his holdings and control," Bloomberg Charles
Macgregor, the Singapore-based head of Asian high-yield research
at Lucror Analytics, as saying. "Offshore creditors do not have a
strong bargaining position and may have to accept Chairman Kwok's
offer if he does not support the Farallon bid."

Shenzhen-based Kaisa became the first Chinese developer to default
on dollar-denominated debt when it failed to pay the coupon on two
securities earlier this year, Bloomberg notes. In October the
builder reached an agreement with Bank of China Ltd. that enabled
it to restart sales of some projects, Bloomberg says. China's
slowest growth since 1990 is crimping cash flows at miners,
steelmakers and developers and more pain may be in store after
record rating downgrades on the nation's borrowers this year,
according to Bloomberg.

"It's good to see an official company plan with some non-binding
support from the steering committee and a counter proposal from
Farallon at the same time," Bloomberg quotes Zhi Wei Feng, credit
analyst at Standard Chartered Plc., as saying.  "It gives
bondholders more bargaining power for an upside in recovery."

China-based Kaisa Group Holdings Ltd. (HKG:1638) --
http://www.kaisagroup.com/english/-- is an investment holding
company, and its subsidiaries are engaged in property development,
property investment and property management.



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


AP INC: CRISIL Assigns 'B' Rating to INR260MM Term Loan
-------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of AP Inc Lic (APIL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Term Loan              260      CRISIL B/Stable

The rating reflects geographical concentration in APIL's revenues
and susceptibility to cyclicality in the hospitality industry. The
rating also factor firms below average financial risk profile
marked by weak debt protection metrics. These rating weaknesses
are partially offset by extensive experience of promoters in the
industry and funding support from the Group.
Outlook: Stable

CRISIL believes that APIL will maintain its financial risk profile
over the medium term backed by the promoters' industry experience
and funding support from the Group. The outlook may be revised to
'Positive' if the firm registers a healthy revenue growth marked
by stable occupancy levels. Conversely, the outlook may be revised
to 'Negative' if APIL's financial risk profile deteriorates on
account of a sharp decline in revenue and profitability or any
other additional debt funded capex plans.

APIL was established as a partnership firm by Mr. Ashok Saxena and
Met Brass Plasssim India Limited (a unit of the MMG group) in
September 2006. The firm operates a 4 star hotel under the name
'Fortune Landmark' in Ahmedabad.


BHAURAO CHAVAN: ICRA Revises Rating on INR92cr Loan to B+
---------------------------------------------------------
ICRA has revised the long-term rating assigned to the term loans
and fund based limits of Bhaurao Chavan Sahakari Sakhar Karkhana
Limited (BCSSKL) aggregating to INR146.00 crore1 from [ICRA]BB
with stable outlook to [ICRA]B+.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Term Loans            45.00        Revised from [ICRA]BB
                                      (stable) to [ICRA]B+

   Fund Based Limits     92.00        Revised from [ICRA]BB
                                      (stable) to [ICRA]B+

   Basal Dose Loan        9.00        Revised from [ICRA]BB
                                      (stable) to [ICRA]B+

The downgrade of rating takes into account the depressed sugar
prices in the domestic market coupled with high sugarcane costs
which has led to sizeable losses for the company, both at
operating and net levels in FY 2015. Going forward, ICRA expects
the company's profits to be weak in the near term due to
continuing glut in sugar supplies leading to unremunerative
prices, albeit on an improving trend. In addition, the reduction
in net worth of the company coupled with higher borrowing levels
has led to increase in its leveraging levels. ICRA notes that the
company's debt repayment obligations in the near to medium term
remain high and thus improvement in the company's cash flows would
remain important.

The rating continues to remain constrained by the high working
capital intensity inherent in the business which results in high
reliance on working capital borrowings. The rating continues to
take into account the inherent cyclicality and agro-climatic risks
in sugar operations and vulnerability to Government regulations.
ICRA further notes that the company's net profitability is
expected to remain subdued in the long term given the co-operative
structure of the company, wherein profits from sugar business are
largely distributed amongst the farmers who are also equity
holders in the company, through increase in cane costs.

The rating however favourably takes into account the existing
forward integration of one sugar plant into distillery operations
which negates sugar cyclicality to some extent and provides
support to overall profitability levels of the company. Further,
the company has increased its focus on ethanol production in
recent years resulting in higher average realisation from
distillery products. The rating also takes into account the
relatively flexible FRP (Fair & Remunerative Price) based cane
pricing regime in Maharashtra which offers some hedging during
times of supply induced pressures on sugar prices as well as the
limited competition from other sugar factories reducing pressures
on sugarcane supply.

Bhaurao Chavan Sahakari Sakhar Karkhana Limited (BCSSKL) was
incorporated in 1990. It is a co-operative sugar factory with
about 10,000 farmers as members. BCSSKL has four sugar factories
(Unit-1: 2500 TCD, Unit-2: 1250 TCD, Unit-3: 1250 TCD & Unit-4:
2500 TCD). The chief promoter (and currently a member) of the
company was Mr. Ashok Chavan, the ex-Chief Minister of
Maharashtra.

The company initially setup its first sugar unit of 2500 TCD
crushing capacity which commenced crushing operations from SY
1997. Subsequently, due to higher cane availability and limited
crushing capacity of its own plant, the company purchased two
additional sugar factories, i.e. Unit-2 and Unit-3, which
commenced crushing operations from SY 2007. Further, the company
setup a 30 KLPD distillery unit which also started operations from
SY 2007, to utilize the molasses available from crushing
operations of Unit-1. The company purchased another sugar factory
in Nanded district of 2500 TCD crushing capacity which commenced
operations from SY 2014.


EMPLOYEES WELFARE: CRISIL Reaffirms B+ Rating on INR142.5MM Loan
----------------------------------------------------------------
CRISIL's rating on the bank facilities of Employees Welfare Fund
(EWF) continues to reflect EWF's weak capitalisation (largely
because its status'as a non-profit organisation registered as a
society'does not permit it to raise capital) and earnings. These
rating weaknesses are partially offset by EWF's healthy asset
quality.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit          142.5      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes EWF will maintain healthy asset quality over the
medium term. The outlook may be revised to 'Positive' if EWF
reconstitutes its legal structure to facilitate smooth raising of
capital and thus improves its capitalisation and earnings.
Conversely, the outlook may be revised to 'Negative' in case of a
decline in EWF's asset quality.

EWF is a non-profit organisation registered as a society in 1975
under the Karnataka's Societies Registration Act. It caters to
employees and officers based in the Bengaluru (Karnataka) division
of Hindustan Aeronautical Ltd (HAL). The objective of EWF is to
provide financial assistance for the welfare of its members by way
of loans for education and medical treatment, and carrying out
other activities related to the welfare of the employees and their
families. Loan dues are deducted by the employer, HAL, from the
salary of the members and remitted to EWF.

For 2014-15 (refers to financial year, April 1 to March 31), EWF
reported a provisional net surplus of INR5 million on a total
income of INR33.2 million, compared to a net surplus of INR1.6
million on a total income of INR27 million for the previous year.
EWF's loans and advances reduced to INR125 million as on
March 31, 2015 from INR130 million a year ago.


FRESCO PLUS: CRISIL Cuts Rating on INR60MM Term Loan to 'B'
-----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Fresco Plus Ceramic Pvt Ltd (FPCPL) to 'CRISIL B/Stable' from
'CRISIL B+/Stable', and reaffirmed its rating on the short-term
facility at 'CRISIL A4'.

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

   Cash Credit            22.5     CRISIL B/Stable (Downgraded
                                   from 'CRISIL B+/Stable')

   Proposed Term Loan     37.5     CRISIL B/Stable (Downgraded
                                   from 'CRISIL B+/Stable')

   Term Loan              60.0     CRISIL B/Stable (Downgraded
                                   from 'CRISIL B+/Stable')

The downgrade reflects CRISIL's belief that FPCPL's business risk
profile will remain under pressure on account of intense
competition and slowdown in end-user industry. FPCPL reported low
net sales of INR38.2 million during 2014-15 (refers to financial
year, April 1 to March 31), and of INR34.5 million for the six
months ended September, 2015. CRISIL believes net sales will
remain low over the medium term.

The ratings reflect FPCPL's nascent stage and small scale of
operations, exposure to intense competition, and large working
capital requirement. These weaknesses are partially offset by
promoters' established track record in the ceramic tiles industry,
and strategic location of plant ensuring availability of raw
materials and labour.
Outlook: Stable

CRISIL believes FPCPL will continue to benefit from promoters'
industry experience. The outlook may be revised to 'Positive' if
FCPL significantly scale up operations with sustained
profitability, leading to higher-than-expected accrual, and if
capital structure improves because of substantial equity infusion.
Conversely, the outlook may be revised to 'Negative' if liquidity
weakens because of decline in profitability, or stretch in working
capital cycle, or any large debt-funded capital expenditure.

Incorporated in 2013 and promoted by Mr. Ghanshyambhai Maganbhai
Dhoriyani and others, FPCPL manufactures wall tiles. The company
started commercial operations in May 2014. Its promoters have been
in the ceramic tiles industry for more than 10 years.


GAURAV BHARTI: CRISIL Ups Rating on INR100MM Term Loan to C
-----------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facility of
Gaurav Bharti Shiksha Sansthan (GBSS) to 'CRISIL C' from 'CRISIL
D'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Term Loan             100       CRISIL C (Upgraded from
                                   'CRISIL D')

The rating upgrade reflects GBSS's timely servicing of debt after
it was restructured. Cash accrual will be sufficient to meet debt
obligation of INR14.4 million in 2015-16 (refers to financial
year, April 1 to March 31). Liquidity, though expected to improve
in 2016-17 with opening of new college, is likely to remain weak.

The rating reflects GBSS's small scale of operations, low
profitability, and exposure to regulatory risks associated with
the education industry. However, the company benefits from
trustees' extensive industry experience and healthy demand
prospects for the education sector.

GBSS was established in 1994 by Mr. S Gurcharan Singh. The trust
runs an educational institute, Sardar Bhagwan Singh (PG) Institute
of Biomedical Sciences & Research, at Balawala in Dehradun
(Uttarakhand). The institute is recognised by the All India
Council for Technical Education. GBSS is setting up an engineering
college at a total cost of INR153 million.


GURUNANAK EDUCATIONAL: ICRA Suspends D Rating on INR16.75cr Loan
----------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]D assigned to
INR16.75 crore fund based and INR2.32 crore unallocated facilities
of M/s Gurunanak Educational Society. The suspension follows
ICRA's inability to carry out a rating surveillance in the absence
of the requisite information from the company.

According to its suspension policy, ICRA may suspend any rating
outstanding if in its opinion there is insufficient information to
assess such rating during the surveillance exercise.


HARIOM INDUSTRIES: CRISIL Reaffirms B+ Rating on INR42.5MM Loan
---------------------------------------------------------------
CRISIL's rating on the bank facilities of Hariom Industries (HI)
continues to reflect its susceptibility to changes in government
regulations and working capital intensity in operations. The
rating also factors in the below-average financial risk profile,
with modest debt protection metrics. These rating weaknesses are
partially offset by the benefits that HI is expected to derive
from the promoters' extensive experience in the cotton ginning
business.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit           42.5      CRISIL B+/Stable (Reaffirmed)
   Long Term Loan        12.5      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes HI will continue to benefit over the medium term
from the promoters' extensive experience. The outlook may be
revised to 'Positive' if a substantial increase in revenue and
profitability or a sizeable capital infusion results in a stronger
financial risk profile. Conversely, the outlook may be revised to
'Negative' if a considerable decline in revenue and profitability,
or any large debt-funded expansion or capital withdrawal weakens
the financial risk profile.

Update
Net sales increased to INR287.7 million in 2014-15 (refers to
financial year, April 1 to March 31) from INR10.1 million the
previous year, led by stabilisation in operations. The firm
reported provisional net sales of INR57.9 million for the quarter
through June 2015. Sales is expected to grow at 10 per cent over
the medium term. Operating margin (3.3 per cent in 2014-15) is
expected to remain at 3.3-3.5 per cent over the medium term.
Operations are working capital intensive with gross current assets
and inventory of 62 and 48 days, respectively, as on
March 31, 2015. However, liquidity remains moderate, with cash
accrual expected at INR4.8-5.6 million a year over the medium term
against maturing term debt of around INR2.4 million. Moderate
accretion to reserve will enhance net worth, despite the absence
of equity infusions by the promoters.

Debt protection metrics are moderate with net cash accrual to
total debt and interest coverage ratios of 0.08 time and 1.6
times, respectively, for 2014-15; the ratios are expected at 0.1-
0.12 time and 2-2.2 times, respectively, over the medium term.

HI reported a profit after tax of INR0.2 million on net sales of
INR287.7 million for 2014-15 as against net loss of INR2.3 million
on net sales of INR10.1 million in 2013-14.

Set up in 2012, HI is a partnership firm based in Bhavnagar
(Gujarat). It gins and presses raw cotton, and sells cotton lint
and cotton seeds. Mr. Vallabhbhai Solanki and Mr. Jinabhai Solanki
are the partners.


JAI BHARAT: CRISIL Reaffirms 'B' Rating on INR250MM Cash Loan
-------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Jai Bharat
Rice Mills (Partnership) (JBRM) continues to reflect JBRM's weak
financial risk profile, marked by high gearing and below-average
debt protection metrics, driven by large working capital
requirements. The rating also reflects the firm's modest scale of
operations in a highly fragmented industry. These rating
weaknesses are partially offset by the extensive experience of
JBRM's promoters in the rice milling business.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            250      CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      50      CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes JBRM will continue to benefit over the medium term
from the promoters' extensive experience in the rice milling
business. The outlook may be revised to 'Positive' if JBRM's sales
and profitability are better than expected, leading to substantial
cash accrual, or if capital infusion by the partners strengthens
the financial risk profile. Conversely, the outlook may be revised
to 'Negative' if decline in JBRM's revenue or profitability,
capital withdrawal by the promoters, or substantial debt-funded
expansions weaken the financial risk profile, especially
liquidity.

Update
Revenue has reduced to INR567.4 million in 2014-15 (refers to
financial year, April 1 to March 31) from INR784.9 million in
2013-14, due to lower realisations from rice sales. Revenue was
around INR350 million for the six months through September 2015,
and is expected at INR600-650 million for 2015-16. Operating
profitability has been very volatile over the past three years
owing to fluctuations in raw material prices.

Gearing and net worth were 20.63 times and INR21 million as on
March 31, 2015. The gearing is expected to remain above 10 times
over the medium term, despite reducing on account of absence of
debt-funded capex. Net worth may remain modest owing to low
accretion to reserve. High gearing and modest profitability have
led to below-average interest coverage of 1.30 times for 2014-15;
the ratio is expected to remain at the current level over the
medium term.

JBRM procures paddy from local mandis and farmers in Punjab at a
credit of 10-15 days. Paddy is procured through mandis in the crop
season (October to December) for the entire year, resulting in
sizeable inventory of 4-5 months. Basmati rice is sold at a credit
of 12-20 days to merchant exporters in Haryana, Delhi and Punjab,
who in turn export to Middle East markets.

Liquidity is sufficient, with cash accrual of INR6 million against
nil repayment obligations and moderate bank line utilisation (at
75.05 per cent for the 12 months through July 2015). Unconditional
need-based fund support from the promoters also supports
liquidity; as of March 2015, they have extended unsecured loans of
INR130 million through affiliates.

JBRM processes and sells basmati rice. It has a milling facility
in Fazilka (Punjab). It is currently managed by Mr. Surinder Pal
and Mr. Sukhwinder Singh.


KAAS FOOTWEAR: CRISIL Assigns B Rating to INR67.1MM Term Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Kaas Footwear Industries Pvt Ltd (KAAS).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit           36.7      CRISIL B/Stable
   Term Loan             67.1      CRISIL B/Stable

The rating reflects KAAS's average financial risk profile along
with modest scale due to start up nature of operations. These
weaknesses are mitigated by the promoters' extensive experience in
the footwear industry and their funding support.
Outlook: Stable

CRISIL believes KAAS will maintain its business risk profile,
supported by the promoter's extensive experience. The outlook may
be revised to 'Positive' if significant increase in scale of
operations and profitability improves the financial risk profile,
particularly liquidity. Conversely, the outlook may be revised to
'Negative', if the financial risk profile weakens owing to lower-
than-expected cash accrual resulting from modest scale of
operations and profitability.

KAAS was incorporated in February 2014 and started its commercial
operations in June 2015. Promoted by Mr. Rajesh Karande and his
family, the company manufactures shoes for both men and women in
Khed city near Rajgurunagar, Pune district in Maharashtra under
its own brands, Kaas and Toechi.


KARIKALI AMMAN: ICRA Ups Rating on INR3.41cr Loan to B+
-------------------------------------------------------
ICRA has upgraded the long-term rating outstanding on the INR3.41
crore term loan facilities and INR9.50 crore fund based facilities
of Karikali Amman Spinning Mills Private Limited to [ICRA]B+ from
[ICRA]B. ICRA has reaffirmed the short-term rating of [ICRA]A4
outstanding on the INR5.58 crore non-fund based facilities of
KSMPL. For the unallocated limits of Rs 4.00 crore, rating of
[ICRA]B+/[ICRA]A4 shall apply depending on the tenor of the
facility availed.

                           Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Term loan facilities      3.41       [ICRA]B+/upgraded from
                                        [ICRA]B
   LT-Fund based
   facilities                9.50

   ST-Non fund based
   facilities                5.58       [ICRA]A4/reaffirmed

   LT/ST-Unallocated
   limits                    4.00       [ICRA]B+/[ICRA]A4

The rating upgrade considers the improvement in operational and
financial performance of the Company over the past two years,
characterized by fair growth in revenues on the back of higher
volumes, improvement in operating margin aided by lower power
costs, and improvement in debt metrics on the back of higher
accruals from operations aiding in repayment of term debt. The
ratings continue to factor in the experience of promoter in the
textile industry, support from the promoters in the form of
unsecured loans and the company's established relationship with
its customers, which ensure repeat orders in the domestic market.
However, KSMPL's financial profile continues to remain moderate
characterised by stretched capital structure, thin profit margins
and high working capital intensity. Further, the ratings remain
constrained by the Company's moderate scale of operations which
restricts the benefits from economies of scale; intense
competition prevalent in the industry which restricts pricing
flexibility; and the vulnerability of earnings to volatility in
yarn prices.

KSMPL is engaged in manufacturing and selling of polyester cotton
yarn based out of Erode, Tamil Nadu. KSMPL largely focuses on the
medium counts in the range of 31-60s, and markets its products
primarily to Eastern and Western India. The Company has a total
installed capacity of 28,512 spindles. The company has also
installed wind mills with a generation capacity of 750 KW.

Recent Results
The Company reported a net profit of INR0.7 crore on an operating
income of INR50.8 crore during 2014-15, as against a net profit of
INR0.02 crore on an operating income of INR50.2 crore during 2013-
14.


KUMAR DRINKS: CRISIL Reaffirms B+ Rating on INR70MM Cash Loan
-------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Kumar Drinks
(KD) continues to reflect the firm's below-average financial risk
profile because of small net worth, low debt protection metrics,
and a modest scale of operations due to intense competition in the
trading business. These weaknesses are partially offset by the
extensive experience of the partners and the firm's diversified
revenue profile.

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

   Proposed Long Term
   Bank Loan Facility      10      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes KD will be able to maintain its business risk
profile over the medium term on the back of the partners'
extensive experience in the business. Its financial risk profile
is, however, expected to remain weak on account of low
profitability. The outlook may be revised to 'Positive' in case of
improvement in the firm's financial risk profile, particularly its
liquidity, driven by higher-than-expected cash accrual.
Conversely, the outlook may be revised to 'Negative' if KD's
liquidity deteriorates because of large working capital
requirements or lower-than-expected cash accrual.

Kumar Drinks (KD) is a partnership firm started in 2006 by Mr.
Mukesh Kumar Garg along with his wife. The firm is into dealership
of ITC Limited for FMCG (Fast Movable Consumer Goods) products
(Muzaffarnagar, U.P.), BSNL (Bharat Sanchar Nigam Limited) for SIM
cards and recharge vouchers in Muzaffarnagar, Haridwar and
Dehradun (both in Uttarakhand), and C&F agent for Hindustan Coca
Cola Beverages Pvt Ltd for soft drinks (Muzaffarnagar). For ITC
and Coca Cola, Muzaffarnagar is divided into two parts, with one
authorised dealer in each. Firm has dealership for one part and
caters to retail stores in the area. For BSNL SIM cards, recharge
vouchers and mobile recharge firm caters to retail shops in
Muzaffarnagar, Haridwar and Dehradun.


LAKSHMI COTFAB: CRISIL Assigns 'B' Rating to INR100MM Cash Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Lakshmi Cotfab Private Limited (LCPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            100      CRISIL B/Stable
   Term Loan               22.5    CRISIL B/Stable

The rating reflects LCPL's modest scale of operations marked by
initial stage, working-capital-intensive nature of activity and
weak financial risk profile, marked by high gearing and subdued
debt protection metrics. These rating weaknesses are partially
offset by the benefits that the company derives from its
promoters' extensive experience in the cotton industry.
Outlook: Stable

CRISIL believes that LCPL will benefit over the medium term from
its promoters' extensive industry experience. The outlook may be
revised to 'Positive' if the company reports substantial revenue
while improving its profitability and capital structure.
Conversely, the outlook may be revised to 'Negative' in case of
considerable decline in revenue and profitability, or
deterioration in working capital management impacting its
liquidity, or large debt-funded capital expenditure, weakening its
financial risk profile.

Lakshmi Cotfab Pvt Ltd (LCPL) was established as a limited company
in 2013. The operation of the company is managed by Mr. Vishal
Lotia and Mr. Nimish Lotia. The promoters are having more than
decade experience in cotton ginning and had been previously
engaged operating to other company. LCPL carries out cotton
ginning operations at its production facility located at Rajkot,
Gujarat.

LCPL reported, a profit after tax (PAT) of INR1.5 million on net
sales of INR256.7 million for 2014-15 (refers to financial year,
April 1 to March 31).


MADHAV CONSTRUCTIONS: CRISIL Reaffirms B Rating on INR20MM Loan
---------------------------------------------------------------
CRISIL has reaffirmed its rating on the long-term bank facilities
of Madhav Constructions (MC) to 'CRISIL B/Stable' while assigning
the rating of 'CRISIL A4' to its short-term bank facilities.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee          40      CRISIL A4 (Reassigned)

   Proposed Long Term
   Bank Loan Facility      20      CRISIL B/Stable (Reaffirmed)

The rating continues to reflect its exposure to implementation,
funding and off-take risks associated with the ongoing residential
project and to the inherent cyclicality in the Indian real estate
industry. These rating weaknesses are mitigated by the partners'
extensive experience in the real estate business.
Outlook: Stable

CRISIL believes MC will continue to benefit over the medium term
from the extensive experience of its partners in the real estate
business. The outlook may be revised to 'Positive' in case of
higher-than-expected cash flow from operations resulting from
accelerated execution of the project and improved inflow of
advances. Conversely, the outlook may be revised to 'Negative' if
the cash flow from operations are significantly low, either on
account of subdued response to the project or lower-than-envisaged
flow of advances, impacting the debt servicing ability.

MC was set up in 1978 as a partnership firm by Mr. Gope Rochlani
and his son Mr. Raja Rochlani. The firm undertakes real estate
projects and construction of roads in Bhiwandi and Kalyan (both in
Maharashtra).


MULTICHEM SPECIALITIES: ICRA Reaffirms B+ Rating on INR4cr Loan
---------------------------------------------------------------
ICRA has reaffirmed a long-term rating of [ICRA]B+ to the INR4.00
crore long-term fund-based sublimits of Multichem Specialities
Private Limited. ICRA has also reaffirmed a short-term rating of
[ICRA]A4 to the INR15.00 crore short-term, non-fund based limits
of the company.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long-term, fund
   based working
   capital facilities    (4.00)       [ICRA]B+; Reaffirmed

   Short-term, non-
   fund based working
   capital facilities    15.00        [ICRA]A4; Reaffirmed

The rating reaffirmation continues to take into account the long &
established track record of the promoters in the chemical trading
business and MSPL's diversified set of customers leading to low
customer concentration risks. The ratings, however, are
constrained by MSPL's stretched financial risk profile indicated
by high gearing levels, weak debt protection metrics and high
utilization of working capital limits. The ratings are further
constrained by vulnerability of margins to foreign currency
fluctuations on account of high proportion of imports which is
compounded by exposure to foreign currency financing. The ratings
continue to factor in the high competitive intensity in the
fragmented chemical trading business and thin margins in business
because of limited value addition.

Incorporated in 2007, Multichem Specialities Private Limited
(MSPL) is engaged in the business of trading in speciality
chemicals which are primarily used in the pharmaceutical industry
and for waste water treatment purposes. MSPL is a family managed
business, promoted by Mr. Manish Karnani. The promoters have been
carrying out the business since 1976 through separate entities.
Till 2004, the company carried out trading by procuring the
chemicals from the domestic market. As of today the company
sources a significant portion of its supplies from USA and China.
The company sells the chemicals in smaller quantities to various
pharmaceutical and chemical companies, stockiest and traders.

Recent Results
MSPL recorded a profit after tax (PAT) of INR0.16 crore on an
operating income of INR55.76 crore in FY14 as against a PAT of
INR0.33 crore on an operating income of INR44.83 crore in FY14


NEEL KANTH: CRISIL Ups Rating on INR35MM LT Loan to B
-----------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Neel Kanth Agro Food P Pvt Ltd (NAPPL) to 'CRISIL B/Stable' from
'CRISIL D'.

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

   Long Term Loan          35      CRISIL B/Stable (Upgraded
                                   from 'CRISIL D')

The rating upgrade reflects NAPPL's timely servicing of term debt
supported by improved liquidity because of adequate cash accrual,
which was INR5.5 million in 2014-15 (refers to financial year,
April 1 to March 31). Accrual is expected to be sufficient to meet
term debt obligation in 2015-16. The upgrade also factors in
stabilisation of operations and gradual improvement in capacity
utilisation, leading to a better business risk profile. Operating
income was INR229 million in 2014-15, its first year of
operations, and is expected to touch INR350 million in 2015-16.

The ratings reflect NAPPL's modest scale of operations in the
fragmented flour milling industry, large working capital
requirement, and below-average financial risk profile because of
small net worth, high gearing, and weak debt protection metrics.
These weaknesses are partially offset by the extensive industry
experience of the company's promoters.
Outlook: Stable

CRISIL believes NAPPL will continue to benefit over the medium
term from promoters' extensive experience in the flour milling
industry. The outlook may be revised to 'Positive' in case of
higher-than-expected accrual, better working capital management,
or substantial capital infusion, leading to improvement in
financial risk profile, particularly liquidity. Conversely, the
outlook may be revised to 'Negative' if financial risk profile,
particularly liquidity, deteriorates because of lower-than-
expected cash accrual, stretch in working capital cycle, or
larger-than-expected debt-funded capital expenditure.

Set up in 2012 as a private limited company by Mr. Abhay Kumar and
Ms. Poonam Kumari, NAPPL processes wheat products such as maida,
suji, atta, rava, and bran and sells them under its brand,
Navmanthan. The company's flour mill in Patna started operations
in May 2014.


OMNE AGATE: Ind-Ra Cuts Long-Term Issuer Rating to 'IND BB+'
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Omne Agate
Systems Private Limited's (Omne) Long-Term Issuer Rating to 'IND
BB+' from 'IND BBB+'. The Outlook is Stable.

KEY RATING DRIVERS

The downgrade reflects Omne's seven instances of overutilisation
in the cash credit account of up to 26 days over the 12 months
ended October 2015 on the devolvement of letters of credit. This
was consequent upon delayed collections.

The ratings remain supported by Omne's strong track record of over
a decade in executing end-to-end turnkey projects in the energy
metering segment.

RATING SENSITIVITIES

Positive: Timely collection of receivables or improvements in
profitability while maintaining the top line at similar levels
leading to improvements in the liquidity position may lead to a
positive rating action.

Negative: Further stress in the liquidity position and delays in
the collection process will lead to a negative rating action.
COMPANY PROFILE

Omne is a technology company which was incorporated in 2000 by
K.R. Ilanghovan. It focuses mainly on turnkey projects in the
energy metering and energy audit segment. Unaudited FY15 financial
statements indicate a 8.9% yoy increase in top-line to INR2,416m
while operating EBITDA margin 16.1% (14.8%). The company does not
have any term debt on its books. Net leverage was 2.34x (FY14:
2.70x) and EBITDA interest cover was 2.24x (2.13x).


PAWANSUT CONSTRUCTION: CRISIL Ups Rating on INR30MM Loan to B+
--------------------------------------------------------------
CRISIL has upgraded its ratings on the long-term bank facilities
of Pawansut Construction (PSC) to 'CRISIL B+/Stable' from 'CRISIL
B/Stable', and reaffirmed its rating on the short-term facility at
'CRISIL A4'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         50       CRISIL A4 (Reaffirmed)

   Cash Credit            30       CRISIL B+/Stable (Upgraded
                                   from 'CRISIL B/Stable')

   Term Loan               5       CRISIL B+/Stable (Upgraded
                                   from 'CRISIL B/Stable')

The upgrade reflects improvement in PSC's financial risk profile
marked by improvement in capital structure and debt protection
metrics. The firm had a gearing of 2.44 times as on March 31,
2015, against 4.95 times a year earlier. The upgrade also factors
in the improving cash accrual of the firm. Cash accrual was around
INR10.9 million in 2014-15 (refers to financial year April 1 to
March 31) against INR2.9 million in 2013-14. CRISIL believes that
the business risk profile of PSC would also continue to improve
over the medium term driven by the gradual increase in scale of
operations and healthy order book.

The ratings continue to reflect PSC's below-average financial risk
profile, marked by a modest net worth. The ratings also factor in
the firm's modest scale of operations in the highly fragmented
civil construction industry and geographical concentration in its
revenue profile. These rating weaknesses are partially offset by
the extensive industry experience of PSC's proprietor.
Outlook: Stable

CRISIL believes PSC will continue to benefit over the medium term
from the extensive industry experience of its proprietor. The
outlook may be revised to 'Positive' in case of substantial and
sustained increase in scale of operations and accrual along with
better working capital management, or infusion of equity, leading
to significant improvement in the financial risk profile.
Conversely, the outlook may be revised to 'Negative' in case of
lower-than-expected accrual, stretch in working capital cycle, or
debt-funded capital expenditure, leading to deterioration in the
financial risk profile, particularly liquidity.

PSC is a proprietorship firm engaged in civil construction. It was
established in 2008 and is based in Ghazipur (Uttar Pradesh). The
firm undertakes construction of roads and bridges for government
departments in Bihar and Uttar Pradesh, and is owned and managed
by Mr. Abhishek Kumar Singh.


PLY COM: CRISIL Reaffirms 'B' Rating on INR50MM Cash Loan
---------------------------------------------------------
CRISIL's ratings on the bank facilities of Ply Com Private Limited
(PCPL) continue to reflect PCPL's below-average financial risk
profile because of small net worth, high total outside liabilities
to tangible net worth ratio, and average debt protection metrics.
The ratings are also constrained on account of modest scale of
operations, large working capital requirement, and exposure to
intense competition in the steel trading business resulting in low
profitability margin. These rating weaknesses are mitigated by the
benefit derived from its promoters' extensive experience in the
steel and timber industries.

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

Outlook: Stable

CRISIL believes PCPL will continue to benefit over the medium
term, from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the revenue and
profitability margin improve substantially, or the net worth
increases considerably backed by sizeable equity infusion from
promoters. Conversely, the outlook may be revised to 'Negative' in
case of a decline in the profitability margin, or significant
deterioration in the capital structure caused by a large, debt-
funded capital expenditure programme or a stretched working
capital cycle.

PCPL was incorporated in 2004 by Ms. Buji Devi Agarwal and family.
The company trades in steel products and timber and is
headquartered in Visakhapatnam (Andhra Pradesh) and has a branch
office in Bengaluru.


PUNALUR PAPER: CRISIL Assigns B- Rating to INR100MM Loan
--------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-term
bank facility of Punalur Paper Mills Limited (PPML). The rating
reflects PRPL's modest business and financial risk profiles
because of start-up phase of operations in the intensely
competitive packaging paper industry, and large working capital
requirement. These weaknesses are partially offset by its
promoters' extensive industry experience.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Overdraft Facility     100      CRISIL B-/Stable

Outlook: Stable

CRISIL believes PPML will continue to benefit from promoters'
extensive experience in the paper industry. The outlook may be
revised to 'Positive' if the company improves revenue and
profitability, resulting in a better financial risk profile.
Conversely, the outlook may be revised to 'Negative' in case of
lower-than-expected accrual, or significant debt-funded capital
expenditure, or stretch in working capital cycle, leading to
weakening of liquidity.

PPML, incorporated in 1888 manufactures kraft paper. Its
manufacturing facility is in Punalur (Kerala). Its operations were
shut down and resumed in 2014. The company is managed by Mr. T K
Sundaresan.


RAJHANS IMPEX: CRISIL Ups Rating on INR100MM Cash Loan to B+
------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facility of
Rajhans Impex Private Limited (RIPL) to 'CRISIL B+/Stable' from
'CRISIL B/Stable' and reaffirmed its rating on the short-term
facility at 'CRISIL A4'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee          8       CRISIL A4 (Reaffirmed)

   Buyer Credit Limit     50       CRISIL B+/Stable (Upgraded
                                   from 'CRISIL B/Stable')

   Cash Credit           100       CRISIL B+/Stable (Upgraded
                                   from 'CRISIL B/Stable')

   Proposed Long Term     17.7     CRISIL B+/Stable (Upgraded
   Bank Loan Facility              from 'CRISIL B/Stable')

   Term Loan               5.0     CRISIL B+/Stable (Upgraded
                                   from 'CRISIL B/Stable')

The rating upgrade reflects an improvement in RIPL's business risk
profile because of an increase in accrual in 2014-15 (refers to
financial year, April 1 to March 31) and in the first half of
2015-16. The company's revenue declined by around 11 per cent over
this period due to lower average realisation. However, its
operating profitability improved to 8.2 per cent in 2014-15 from
1.9 per cent in 2013-14 on the back of an increase in proportion
of the more profitable job-work income coupled with higher
contribution from value-added products. Cash accrual was INR12.1
million in 2014-15 as against negative cash accrual of INR6.5
million in 2013-14. RIPL had revenue of INR254.2 million, while
its operating profitability improve to around 10.8 per cent, in
the first half of 2015-16, supported by an increase in the
contribution of job-work income. CRISIL expects the company to
largely sustain its improved operating profitability over the
medium term.

The company has large working capital requirement, with gross
current assets of 130 days as on March 31, 2015, which, coupled
with negligible credit from suppliers, resulted in near full
utilisation of bank limits over the 12 months through August 2015.
However, the promoters have supported the liquidity by extending
unsecured loans of around INR78.2 million as of September 2015.
RIPL has applied for enhancement of its working capital limits,
which, coupled with an expected increase in cash accrual would
improve liquidity over the medium term. CRISIL believes the
company's cash accrual will be around INR19.7 million, against
repayment obligation of INR2.5 million, in 2015-16.

The ratings reflect RIPL's below-average financial risk profile
because of a small net worth, high gearing, and modest debt-
protection metrics. The ratings also factor in large working
capital requirement. These rating weaknesses are partially offset
by the extensive experience of the promoter in the brass rods
manufacturing industry.
Outlook: Stable

CRISIL believes RIPL will continue to benefit over the medium term
from its promoter's extensive industry experience. The outlook may
be revised to 'Positive' in case of larger-than-expected accrual,
while working capital cycle is maintained, thereby improving the
financial risk profile, particularly liquidity. Conversely, the
outlook may be revised to 'Negative' if the financial risk
profile, particularly liquidity, deteriorates, on the back of
lower-than-expected accrual or lengthening of the working capital
cycle, or large debt-funded capital expenditure.

RIPL was established in the year 2004 by Mr. Jinesh Shah. The
company, based in Jamnagar, is engaged in manufacturing of brass
solid rods, hollow rods, wires and coils, customized profiles,
flats and centrifugal castings. RIPL's products find application
in various industries such as Defence Establishments, Automobile
Industries, Ship Builders, Manufacturer Exporters, Transformers
and Switchgear industries, sanitary fittings manufacturers,
Building Hardware etc.

For 2014-15, RIPL reported a profit after tax (PAT) of INR4.7
million on net sales of INR4.73 billion, as against a net loss of
INR10.3 million on net sales of INR5.32 billion, for the previous
year.


SAGAR METALLICS: Ind-Ra Assigns 'IND BB-' Long-Term Issuer Rating
-----------------------------------------------------------------
India Ratings has assigned Sagar Metallics Private Limited (SM) a
Long-Term Issuer Rating of 'IND BB-'. The Outlook is Stable.

KEY RATING DRIVERS

The ratings reflect SM's small scale of operations, weak credit
metrics and tight liquidity. Unaudited FY15 financials indicate
revenue of INR428m (FY14: INR298m), net leverage of 7.1x (7.3x)
and EBITDA interest cover of 1.8x (1.9x). Liquidity position
remained tight with almost-full utilisation of the fund-based
working capital facilities during the 12 months ended September
2015. The ratings also factor in the volatile profitability on raw
material price fluctuations which is a characteristic feature of
the agricultural commodity based manufacturing business. Operating
EBITDA margins fluctuated between 4.3% and 7.8% over FY12-FY15.

RATING SENSITIVITIES

Positive: Substantial growth in the top line with an improvement
in the EBITDA margins leading to a sustained improvement in the
credit metrics could be positive for the ratings.

Negative: Deterioration in the EBITDA margins leading to sustained
deterioration in the credit metrics could be negative for the
ratings.

COMPANY PROFILE

SM was established in 2009. The company manufactures polyester
yarn and sells the same through local wholesalers for the use in
saree designing and embroidering works.


SAMRUDDHA RESOURCES: ICRA Lowers Rating on INR30cr Loan to D
------------------------------------------------------------
ICRA has revised downwards the long-term rating to the INR30.00
crore fund-based bank facilities of Samruddha Resources Limited
(SRL) to [ICRA]D from [ICRA]BB+. ICRA has also revised downwards
the short-term rating to the INR3.00 crore short-term non-fund
based bank facilities of SRL to [ICRA]D from [ICRA]A4+.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Fund-
   based limit          30.00        Revised to [ICRA]D
                                     from [ICRA]BB+ (Stable)

   Short-term Non-
   fund based limit      3.00        Revised to [ICRA]D
                                     from [ICRA]A4+

The ratings revision takes into account the stretched liquidity
situation due to loss making operations in 2014-15 and significant
financial support extended to group companies, which has led to
recent delays in debt servicing. The ratings also factor in the
operating loss incurred in 2014-15 on account of steel fall in
iron-ore prices, which also led to deterioration in coverage
indicators, and significant financial support extended by SRL to
other group entities, which further affects the liquidity profile
of the company. The ratings also take into consideration the
moratorium in mining activities in Sindhudurg region leading to
delays in commencement of operations at the company's various
mines; risks arising from operating in a highly regulated
industry; operations and profitability are sensitive to any change
in government policies; high customer concentration risk with a
single customer accounting for 78% of the total sales in 2014-15
and high geographical concentration as majority of exports are to
China.

Nevertheless, the ratings also factor in the comfortable capital
structure of the company on account of low debt levels and
reduction in export duty and decline in freight cost, which is
expected to improve the operating profile in the near term and
confirmed order of 1.0 million metric tonnes, which provides
revenue visibility in the near term. ICRA also notes that the
advance payment of US$ 2.0 million received against the order is
likely to provide temporary relief to the liquidity situation.

Incorporated in 1997, Samruddha Resources Limited (SRL) is engaged
in the mining and trading of iron-ore fines which are exported
mainly to China. Prior to entry into the iron-ore business, the
company was engaged in the trading of cotton and yarn. The company
carries out mining operations at the 32.5 hectare iron-ore mine
located in the Kalane village in Sindhudurg district of
Maharashtra. The mining lease is owned by M/s Minerals and Metals,
with whom SRL has entered into an agreement to extract and sell
iron-ore fines. SRL also has mining leases for five other mines,
which are non-operational due to the moratorium imposed by the
MoEF since August 2011. During 2013-14, SRL also acquired purchase
and marketing rights for three iron-ore mines located in Sateli
village in Sindhudurg district of Maharashtra.

Recent Results
As per the provisional results for 2014-15, SRL reported a PAT of
INR8.19 crore on an operating income of INR252.14 crore. In 2013-
14, SRL reported a profit after tax (PAT) of INR44.36 crore on an
operating income of INR617.05 crore.


SANATAN MERCHANTS: Ind-Ra Assigns 'IND BB+' LT Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Sanatan Merchants
Private Limited (SMPL) a Long-Term Issuer Rating of 'IND BB+'. The
Outlook is Stable.

KEY RATING DRIVERS

The ratings reflect SMPL's moderate scale of operations as well as
credit metrics. During FY15, SMPL earned revenue of INR787m (FY14:
INR611m), interest coverage of 1.4 (1.2x), net leverage of 4.5x
(3.0x) and EBITDA margins of 2.1% (2.4%).

The liquidity profile is moderate with 93.5% average maximum use
of its working capital limits during the six months ended October
2015.

The ratings also consider the promoter's experience of over three
decades in the trading line of business and the company's
association with reputed brands such as Cello, Venesa, Maped and
Polo for which it is a distributor in Bangladesh.

RATING SENSITIVITIES

Positive: A substantial increase in the scale of operations along
with a sustained improvement in the credit profile will be
positive for the rating.

Negative: Deterioration in the credit profile will be negative for
the rating.

COMPANY PROFILE

Incorporated in 1994, SMPL was promoted by Mr. Binod Maroti with
its registered office in Kolkata, West Bengal. The company
manufactures and markets hand tools and power tools such as
marble, stone cutting machines, granite cutting machines, wood
cutting machines, pesticide sprayers and rice processing machines,
and trades writing, stationary, body care products and other
accessories.

The firm is managed by its three directors - Binod Maroti, Kusum
Maroti, and Nirav Maroti.


SANKALP ENGINEERING: ICRA Reaffirms 'D' Rating on INR45cr Loan
--------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]D to the
INR84.09 crore fund-based bank facilities of Sankalp Engineering &
Services Private Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term Fund
   Based Limit           45.00        [ICRA]D; reaffirmed

   Term Loan              9.09        [ICRA]D; reaffirmed

   Working Capital
   Term Loan             30.00        [ICRA]D; reaffirmed

The rating reaffirmation takes into account the continued delays
in debt servicing obligations by the company.

Incorporated in 1996, SESPL manufactures couplings under the
tubular division and forged components under the non-tubular
division. The products of SESPL find their applications in diverse
industries such as oil and gas, automobile and general
engineering. SESPL is a subsidiary of Innoventive Industries
Limited (IIL), which acquired 51% of SESPL's equity in the year
2008.


SANMAAN RICE: CRISIL Reaffirms B Rating on INR150MM Cash Loan
-------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Sanmaan Rice
Mills (SRM) continues to reflect SRM's weak financial risk
profile, marked by a small net worth, high gearing, and weak debt
protection metrics, and its large working capital requirements.
The rating also factors in the firm's small scale of operations
and its susceptibility to volatility in raw material prices, to
regulatory changes, and to erratic monsoons. These rating
weaknesses are partially offset by the extensive experience of
SRM's partners, and healthy growth prospects for the rice
processing industry.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            150      CRISIL B/Stable (Reaffirmed)
   Term Loan               16      CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SRM will continue to derive benefit from its
promoters extensive experience.The outlook may be revised to
'Positive' if the firm significantly scales up its operations and
improves its profitability, leading to higher-than-expected cash
accruals, or if its capital structure improves significantly, most
likely because of infusion of capital. Conversely, the outlook may
be revised to 'Negative' if there is significant deterioration in
SRM's capital structure because of substantial debt-funded capital
expenditure or pressure on its profitability.

Set up in 1998 in Muktasar (Punjab), SRM mainly processes basmati
rice, which it sells in the domestic market (under its registered
brand, Sanmaan) and the export market.


SANVI SPINNING: CRISIL Assigns B+ Rating to INR345MM Term Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISILB+/Stable/CRISILA4' ratings to the
bank facilities of Sanvi Spinning Mill Pvt Ltd (SSPL).

                        Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Term Loan              345        CRISIL B+/Stable
   Bank Guarantee          22.5      CRISIL A4
   Cash Credit             50.0      CRISIL B+/Stable

The ratings reflect SSPL's start-up phase of operations in a
fragmented industry, and its exposure to risks related to
stabilisation of operations. These weaknesses are partially offset
by the promoters' extensive experience in the construction and
ceramic industry, the favourable location of its manufacturing
unit, and its established distribution channels in the domestic
market.
Outlook: Stable

CRISIL believes SSPL will benefit over the medium term from its
promoters' industry experience. The outlook may be revised to
'Positive' if the operations stabilise earlier-than-expected,
leading to healthy accrual and an improved financial risk profile.
Conversely, the outlook may be revised to 'Negative' if low
operating margin, sizeable debt-funded expansion project, or weak
working capital management weakens the financial risk profile.

Incorporated in 2015, SSPL is promoted by the Jamnagar-based
Ranipa and Jotaniya families. The company is setting up a facility
to manufacture cotton yarn in various counts, mainly in the 30s
count, used for knitting and weaving. It is expected to commence
operations from May 2016.


SHUBHAM POLYSPIN: CRISIL Ups Rating on INR29MM Term Loan to B+
--------------------------------------------------------------
CRISIL has upgraded its rating on long term bank facilities of
Shubham Polyspin Private Limited (SPPL) to 'CRISIL B+/Stable' from
'CRISIL B/Stable' while reaffirming its short term rating to
CRISIL A4.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            24       CRISIL B+/Stable (Upgraded
                                   from 'CRISIL B/Stable')

   Term Loan              29       CRISIL B+/Stable (Upgraded
                                   from 'CRISIL B/Stable')

The rating upgrade reflects CRISIL's belief that SPPL's overall
risk profile will continue to improve backed by moderate demand of
its product and funding support from promoters. SPPL has reported
net sales of INR132.6 million for the year 2014-15 (refers to
financial year, April 1 to March 31) as compared to INR61.2
million a year ago, witnessing y-o-y sales growth of 110 per cent.
With net sales of INR89.9 million till October 31, 2015, moderate
sales growth is expected in 2015-16. Backed by healthy off take in
capacitates, SPPL's operating margin remained around 9.7 per cent
for the year 2014-15 and is expected to improve further over
medium term. SPPL is executing a capital expenditure of INR60
million towards increasing its installed capacity, which is
expected to be funded through term debt of INR34 million and
remaining though equity. Equity of INR3 million and unsecured loan
of INR10 million has already been infused till November 05, 2015,
while the rest is expected to be infused by January, 2016. CRISIL
believes SPPL will sustain its sales growth backed by increase in
installed capacity and moderate demand of its product over the
medium term.

The rating continue to reflects SPPL's weak financial risk profile
marked by aggressive capital structure and average debt protection
metrics and modest scale of operations in the highly competitive
polymer packaging industry. These rating weaknesses are partially
offset by the extensive industry experience of SPPL's promoters
and their established relationship with reputed customers.
Outlook: Stable

CRISIL believes that SPPL will benefit over the medium term from
its promoters' extensive industry experience. The outlook may be
revised to 'Positive' if the company stabilises its newly added
capacities on time, leading to larger-than-expected cash accruals
and improved financial risk profile. Conversely the outlook may be
revised to 'Negative' if the company's liquidity weakens marked by
lower than expected cash accruals because of reduced order flow or
profitability, or stretch in working capital requirements or large
debt-funded capital expenditure.

Incorporated in 2012, SPPL is promoted by Ahmedabad (Gujarat)-
based Somani family. Its key promoters, Mr. Ankit Somani and Mr.
Nitin Somani, have been engaged in the plastic packaging industry
for more than a decade through group concern Shubham Tex-o-Pack
Pvt Ltd.

For 2014-15, SPPL on provisional basis has reported book profit of
INR2.9 million on  net sales of INR132.6 million, as against on a
book profit of INR0.6 million on net sales of INR61.2 million.


SOLARIUM CERAMIC: CRISIL Reaffirms B Rating on INR71MM LT Loan
--------------------------------------------------------------
CRISIL's ratings on the bank loan facilities of Solarium Ceramic
Pvt Ltd (SCPL) continue to reflect its modest scale and nascent
stage of operations in the highly competitive ceramic tiles
industry, and its working capital intensive operations. These
weaknesses are partially offset by promoters' extensive industry
experience and proximity of manufacturing facilities to sources of
raw material and labour.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee          9       CRISIL A4 (Reaffirmed)
   Cash Credit            45       CRISIL B/Stable (Reaffirmed)
   Long Term Loan         71       CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes SCPL will continue to benefit over the medium term
from promoters' extensive industry experience. The outlook may be
revised to 'Positive' if the company significantly improves its
scale of operations and sustains profitability, leading to larger-
than-expected cash accrual, while its working capital management
improves leading to lower reliance on external short term debt.
Conversely, the outlook may be revised to 'Negative' if financial
risk profile weakens because of decline in profitability, or
stretch in working capital cycle, or large debt-funded capital
expenditure.

Update
SCPL reported profit after tax (PAT) of INR1.0 million and net
sales of INR120 million for 2014-15 (refers to financial year,
April 1 to March 31). With net sales of INR98 million for the six
months ended September 30, 2015, CRISIL expects moderate sales
growth in 2015-16. Operating margin remained healthy, at 27.1 per
cent, in 2014-15. Operations remained working capital intensive,
with gross current assets of 328 days as on March 31, 2015,
resulting in high reliance on external short-term debt marked by
near full utilization of bank lines over the 12 months through
September 2015. Due to nascent stage of operations, financial risk
profile remained weak with modest net worth of INR73.9 million,
high gearing of 1.43 times and moderate debt protection metrics as
on March 31, 2015; interest coverage and net cash accrual to total
debt ratios remained around 2.3 times and 0.17 times, respectively
during 2014-15. SCPL generated cash accruals of INR18.1 million
against its debt obligation of INR12 million during 2014-15.
Accruals are expected to remain tightly matched against repayment
obligation over medium term. CRISIL expects SCPL's promoters will
continue to support liquidity via timely infusion of funds over
medium term.

Incorporated in 2013, SCPL is promoted by Morbi (Gujarat)-based
Mr. Jitendrabhai Ghodasara, Mr. Paresh Godhani, and others. The
company manufactures ceramic wall tiles.


SPECIFIC ALLOYS: CRISIL Suspends B+ Rating on INR55MM Cash Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Specific Alloys Private Limited (SAPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bill Discounting       45       CRISIL A4

   Cash Credit            55       CRISIL B+/Stable

   Proposed Long Term
   Bank Loan Facility     15       CRISIL B+/Stable

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

SAPL was incorporated in 2000 by Mr. Narendra Surana and his
family members. The company manufactures aluminium alloy ingots,
primarily from aluminium scrap, at its manufacturing facilities in
Pune (Maharashtra).


TEZPUR INSTITUTE: ICRA Assigns B- Rating to INR13.96cr Loan
-----------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B- to the INR13.96
crore proposed fund based facilities of Tezpur Institute Of
Medical Sciences Private Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Proposed Fund
   Based Limits          13.96        [ICRA]B- assigned

The rating takes into account TIMSPL's exposure to project
execution risks as significant amount of work is yet to commence.
Moreover, the risks are further magnified by the fact that the
sanction of entire debt facilities for the project is pending and
majority of the promoters' contribution is yet to be brought in.
The rating takes into consideration the high project gearing on
account of significant debt funded capital expenditure (capex)
which is likely to keep debt coverage indicators under pressure at
least over the medium term. Further, the rating factors in the
risks related to the ability of the hospital to achieve required
occupancy level and profitability during the initial years of its
operations and exposure to geographical concentration risks with
operations being limited to a single hospital in Tezpur.

The rating takes note of the strong medical background of the
promoters in Tezpur, which is expected to reduce operational risks
post commissioning of the project and competitive advantage due to
limited presence of hospitals in the vicinity coupled with it's
proposed status as the only multispecialty hospital in Tezpur with
specialists in various medical disciplines and availability of
modern equipments and facilities required for the patients' varied
needs. The rating also take into account the positive demand
outlook for the healthcare industry driven by rise in per capita
spending on healthcare, change in demographic profile and increase
in health insurance penetration, and the company's entitlement to
various subsidies from the Central Government and State Government
of Assam, which is likely to support profitability and cash flows
to a large extent. Going forward, the ability of the company to
ramp up the pace of execution and complete the project without
cost and time overruns and generating adequate cash accruals from
the business relative to its debt servicing obligations would be
key rating sensitivities.

Incorporated in 2012, Tezpur Institute Of Medical Sciences Private
Limited has embarked upon a project to set up a multispecialty
hospital "TIMeS" in Tezpur, Assam which is expected to become
operational in April 2018. The hospital would have a room
inventory of 100 comprising general beds to deluxe rooms,
including one neonatal ICU ward and two regular ICU wards. Most of
the promoters are doctors specializing in diverse medical
disciplines and have prior experience in the healthcare business
in Tezpur.


THAKARDHANI AGROPRODUCT: CRISIL Reaffirms B+ INR60MM Loan Rating
----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Thakardhani
Agroproduct Private Limited (TAPL) continues to reflect the
company's exposure to the risks related to its ongoing project,
susceptibility of its operating margin to volatility in raw
material prices, and its weak financial risk profile, marked by
high gearing and weak debt protection metrics. These rating
weaknesses are partially offset by the extensive experience of the
promoters in the edible oil industry and the proximity of its
plant to the cotton and groundnut-growing region.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            60       CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     25       CRISIL B+/Stable (Reaffirmed)

   Term Loan              57       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that TAPL will continue to benefit over the medium
term from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' if the company successfully
stabilises its operations and posts large cash accruals, leading
to improvement in its financial risk profile. Conversely, the
outlook may be revised to 'Negative' if TAPL's financial risk
profile, including its liquidity, deteriorates, most likely
because of time and cost overruns while execution of its project
or if it takes longer-than-expected to stabilise the project
resulting in lower cash accruals.

Update
TAPL was expected to start commercial operations from October
2014. On the back of a decline in cotton production during the
cotton season (CS) 2014-15, however, the company delayed the
commencement of the plant's operations. The plant became
operational from the beginning of September'15. The delay in
commencement of the project has not resulted in any cost overrun
(especially the interest during the implementation period) since
the company delayed the disbursement of the term loan as well. It
has now set-up a plant with capacity of 125 tonnes per day (tpd)
as against 75 tpd envisaged earlier. The total cost of the project
is estimated to be around INR116 million as against INR102.5
million estimated earlier.

CRISIL expects TAPL's gearing to remain high at 2.8 times as on
March 31, 2016, on the back of company availing of additional debt
to enhance its capacities. The company is also expected to avail
additional debt to acquire machinery capable of delivering high
quality output. CRISIL expects the company's debt protection
metrics to remain modest in 2015-16 (refers to financial year,
April 1 to March 31) on the back of the start-up nature of
operations.

CRISIL expects the company to have moderate working capital
requirements, marked by estimated gross current assets of 40 days
as on March 31, 2016. The repayments on the term loan will
commence from April 2016 and CRISIL expects the company to post
cash accruals of INR18.4 million in 2016-17 against a repayment
obligation of INR14.3 million.

Incorporated in 2013, TAPL is promoted by Surendranagar (Gujarat)-
based Mewada family. The company has set-up up a plant for
refining of edible oil with an installed capacity of 125 tpd. The
commercial operations started from the beginning of September'15.


UJALA PUMPS: CRISIL Cuts Rating on INR300MM Cash Loan to 'D'
------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Ujala Pumps Pvt Ltd (UPPL) to 'CRISIL D/CRISIL D' from 'CRISIL BB-
/Stable/CRISIL A4+'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            300      CRISIL D (Downgraded from
                                   'CRISIL BB-/Stable')

   Letter of Credit       180      CRISIL D (Downgraded from
                                   'CRISIL A4+')

   Rupee Term Loan         70      CRISIL D (Downgraded from
                                   'CRISIL BB-/Stable')

The downgrade reflects the instances of delay of around a month by
UPPL in servicing its term debt obligations; payments on letters
of credit are also being done with a delay of 5-6 days. The delays
have been caused by the company's weak liquidity because of a
stretch in the working capital cycle.

UPPL also has a weak financial risk profile, because of small net
worth, high gearing, and below-average debt protection metrics. It
also has large working capital requirements and is exposed to
intense competition and pricing pressures in the water pump
industry. The company, however, benefits from its established
distribution network

Set up in 1992 by the Gupta family of Rajasthan, UPPL manufactures
water pumps, which it sells under its Ujala brand. The company
primarily manufactures mini mono-bloc pumps and submersible pumps,
along with jet pumps and centrifugal pumps.


V.K. SOOD: ICRA Suspends 'D' Rating on INR2.90cr Loan
-----------------------------------------------------
ICRA has suspended the long term rating of [ICRA] D assigned to
the INR2.87 crore long term fund based facilities and short term
rating of [ICRA]D assigned to the INR2.90 crore short term non
fund based Limits of V.K. Sood Engineer & Contractor DDS JV Unit -
III. It has also suspended rating of [ICRA] D assigned to INR7.23
crore of unallocated limits. The suspension follows ICRA's
inability to carry out rating surveillance in the absence of
requisite information from the company.


VINIL TRADING: CRISIL Reaffirms 'B' Rating on INR180MM Loan
-----------------------------------------------------------
CRISIL's rating on the long-term bank facility of Vinil Trading
Pvt Ltd (VTPL) continues to reflect VTPL's below-average financial
risk profile because of aggressive capital structure and stretched
liquidity with cash accruals tightly matching debt obligations.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Term Loan              180      CRISIL B/Stable (Reaffirmed)

The rating also factors in the company's modest scale of
operations, customer concentration in revenue profile, and
susceptibility to risks on leased content assets. These weaknesses
are partially offset by the extensive industry experience of
VTPL's promoters.
Outlook: Stable

CRISIL believes VTPL will benefit over the medium term from
promoters' extensive industry experience. The outlook may be
revised to 'Positive' if infusion of significant long-term funds
or substantial cash accrual leads to sustainable improvement in
liquidity and capital structure. Conversely, the outlook may be
revised to 'Negative' if revenue or profitability declines,
working capital cycle gets stretched, or the company makes
unanticipated investments.

Incorporated in August 2011, VTPL is a fully owned subsidiary of
Keynote Enterprises Pvt Ltd, which is promoted by Mr. Rashesh
Purohit and his wife, Ms. Sonal Purohit. It leases old content for
television, primarily TV series, movies, and music from content
owners, and sells it to other broadcasters and content
aggregators. It also trades in content.


WADHWANI COMMODITIES: CRISIL Suspends B Rating on INR60MM Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Wadhwani Commodities Trading Private Limited (WCPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            60       CRISIL B/Stable
   Letter of Credit       50       CRISIL A4

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

Incorporated in 2005 by Nagpur based Wadhwani family, WCPL is
engaged in trading of different kinds of spices and dry fruits.
WCPL imports these products and sells them in the local markets.
WCPL's registered office is located at Nagpur, Maharashtra.


WILLIAM INDUSTRIES: ICRA Reaffirms B Rating on INR1.5cr Loan
------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B (pronounced
ICRA B) assigned to the INR7.00 crore cash credit facility of
William Industries Private Limited (WIPL2 or the company).

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund based limits-
   Cash Credit            1.50        [ICRA]B; reaffirmed

   Fund Based limits
   (Sub-Limit of cash
   credit) Packing
   Credit / FBP           1.50        [ICRA]A4; reaffirmed

   Fund Based limits
   (Sub-Limit of cash
   credit) - Bill
   Discounting            1.50        [ICRA]A4; reaffirmed

ICRA has also reaffirmed the short term rating assigned to the
INR3.0 crore short term fund based facilities which are sublimits
of cash credit facility at [ICRA]A4 (pronounced ICRA A four).

The ratings re-affirmation continues to factor in William
Industries Private Limited's weak financial risk profile as
reflected in the continued net losses in the last three fiscal
years with low accruals and weak return indicators. Despite
witnessing a moderation in FY15, the inventory levels remained
high, leading to a stretched liquidity position thereby entailing
high utilization of working capital limits. The risk is further
accentuated by the company's adverse capital structure following
the erosion of net worth in the past, though some comfort is drawn
from the fact that a significant proportion of the total debt is
from the promoters. ICRA further notes that the company's
operations are exposed to regulatory changes, mainly the
imposition of excise duty, which could adversely impact the
revenues and profit metrics and impinge on the debt servicing
ability. The ratings also continue to remain constrained by WIPL's
small scale of operations amidst intense competition from
organised and unorganised players in a highly fragmented industry
thereby limiting its pricing power and lack of product
diversification with only socks manufacturing capability exposes
operations to considerable product concentration risk.

The ratings however, continue to draw comfort from the
management's extensive experience in socks manufacturing segment
and the decent recognition of its in house brand Anchor in the
domestic market.

WIPL was initially promoted by Mr. Surendranath Juneja and Mr.
Narendranath Juneja as a partnership firm in 1962 and subsequently
incorporated as a private limited company in 2004. Since inception
WIPL has been engaged in the manufacture of various types of socks
including stockings. The present directors, Mr. Vivek Juneja and
Mr. Manoj Juneja, manage the company's overall operations and
administration. WIPL manufactures various types of socks for men,
women, and kids under the in-house brand Anchor and also under
private labels for various institutional players.

The company's marketing and designing activities are undertaken
in-house, however, the socks are manufactured under job work
arrangement with its group companies, Narvin Chemicals Private
Limited (Navi Mumbai) and Global Knits Private Limited. Both these
companies carry out exclusive work for WIPL.

Recent Results:
The company reported a net loss of INR0.71 crore on an operating
income of INR20.11 crore in FY15 and a net profit of INR0.28 crore
on an operating income of INR10.51 crore as on 30th September 2015
(provisional).



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


JAPAN: Falls Back Into Recession
--------------------------------
Reuters reports that Japan has slid back into recession for the
fifth time in seven years amid uncertainty about the state of the
global economy, putting policymakers under growing pressure to
deploy new stimulus measures to support a fragile recovery.

The world's third-largest economy shrank an annualised 0.8% in
July-September, more than a market forecast for a 0.2%
contraction, government data showed on Nov. 16, Reuters relates.

That followed a revised 0.7% contraction in the previous quarter,
fulfilling the technical definition of a recession which is two
back-to-back quarterly contractions. It is the fifth time Japan
has entered recession since 2008, a so-called "quintuple dip,"
according to Reuters.

Reuters says the Nikkei share average dipped sharply at the
opening of trade on Nov. 16 as the poor figures compounded
nervousness on markets in the wake of the Paris terror attacks.
But it recovered to just 1% down at lunchtime on the hope that the
news would force policymakers to launch another round of stimulus
measures, the report relates.

"The headline was weak, but the market is shifting to expectations
for more measures," Reuters quotes Mitsushige Akino, chief fund
manager at Ichiyoshi Asset Management, as saying.

The yen rose slightly, reflecting its safe haven status against
the euro, Reuters notes.

But the outlook for the Japanese economy remains weak, says
Reuters.  According to the news agency, many analysts expect the
economy to grow only moderately in the current quarter as
companies remain hesitant to use their record profits for wage
rises, underscoring the challenges premier Shinzo Abe faces in
pulling the country out of stagnation with his "Abenomics"
stimulus policies.

Reuters says the dismal reading may affect debate among
politicians and policymakers on how much fiscal spending should be
earmarked in a supplementary budget that is expected to be
compiled this fiscal year.

The report discloses that private consumption, which accounts for
about 60% of the economy, rose 0.5% from the previous quarter,
roughly in line with forecasts.

But capital expenditure fell 1.3%, which was more than expected.
External demand added 0.1 percentage point to GDP growth, while
domestic demand shaved 0.3 point off growth, the data showed,
Reuters relays.

According to Reuters, the weak data would be of little surprise to
many Bank of Japan officials, who had largely factored in the
recession and expect growth to rebound in coming quarters as
consumption and factory output show signs of a pick-up.

While the data will be closely scrutinised by the policymakers,
the BOJ is widely expected to keep monetary policy steady at its
rate review this week, analysts said, relays Reuters.

Last month the BOJ cut its economic growth and inflation
projections but held off on expanding stimulus, hoping that the
economy recovers well enough to accelerate inflation to reach the
its ambitious 2% target, Reuters recalls.


LEOPARD TWO FUNDING: Fitch Affirms BBsf Rating on Class E Notes
---------------------------------------------------------------
Fitch Ratings has upgraded the class D notes of L-MAP One Funding
(L-MAP One). At the same time, the agency has affirmed other rated
notes in L-MAP One and all rated notes in Leopard Two Funding
Limited (Leopard Two). These transactions are securitisations of
fully amortising mortgage loans backed by multi-family apartment
properties throughout Japan. The rating actions are listed below.

L-MAP One Funding Limited
JPY7,153m* Class A notes affirmed at 'AAAsf'; Outlook Stable
JPY715m* Class B notes affirmed at 'AAsf'; Outlook Stable
JPY536m* Class C notes affirmed at 'Asf'; Outlook Stable
JPY70m* Class D notes upgraded to 'Asf' from 'BBBsf'; Outlook
Stable

Leopard Two Funding Limited
JPY2,401m* Class A-1 notes affirmed at 'AAAsf'; Outlook Stable
JPY2,401m* Class A-2 notes affirmed at 'AAAsf'; Outlook Stable
JPY520m* Class B notes affirmed at 'AAsf'; Outlook Stable
JPY520m* Class C notes affirmed at 'Asf'; Outlook Stable
JPY540m* Class D notes affirmed at 'BBsf'; Outlook Stable
JPY41m* Class E notes affirmed at 'BBsf'; Outlook Stable

*as of 12 November 2015

KEY RATING DRIVERS
The upgrade of the class D notes of L-MAP One reflects growth in
credit enhancement (CE). Fitch Ratings expects the improvement in
CE to continue, and the notes to be repaid faster than the other
rated notes in this transaction, in accordance with the
transaction agreements. The class D notes are likely to be fully
redeemed within three months.

The affirmations of all the rated notes in both transactions -
other than the class D notes of L-MAP One - reflect Fitch's view
that available CE levels are sufficient to support the current
ratings. The CE levels have grown due to principal repayment of
the notes from scheduled amortisation and prepayments of the
underlying loans. Fitch considers that the improved CE is
sufficient to offset the decline in expected rent income - which
has resulted in the agency increasing its assumptions of net loss
from the underlying loan pool in stressed scenarios.

The number of defaulted loans has been limited since closing -
there have been two defaults from L-MAP One and one from Leopard
Two to date. The master-lease structure has contributed to stable
loan performance of these transactions. Fitch believes this trend
will continue, given prospective future rental performance based
on the master-lease agreements.

RATING SENSITIVITIES
An increase in the delinquency or default rate beyond Fitch's
expectations may lead to higher loss assumptions, which may in
turn affect the ratings of these transactions.

For L-MAP One, lower-rated notes tend to have greater protection
against a downgrade, given the waterfall structure of this
transaction; however, the class A and B notes can also be
supported at the current ratings even if assumed property cash
flows were to decline by around 20% from the agency's initial
assumption.

We consider the possibility of a downgrade of Leopard Two as very
low, due to significant progress of the sequential principal
repayment. All the notes can be supported at the current ratings
even if assumed property cash flows were to decline by around 35%
from the agency's initial assumption.

DUE DILIGENCE USAGE
No third-party due diligence was provided or reviewed in relation
to these rating actions.

DATA ADEQUACY
Fitch has checked the consistency and plausibility of the
information it has received about the performance of the
underlying pools and the transactions. There were no findings that
were material to this analysis. Fitch has not reviewed the results
of any third-party assessment of the underlying pools information
or conducted a review of loan origination files as part of its
ongoing monitoring.



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


BULLET FREIGHT: Owes Creditors Almost NZ$10 Million
---------------------------------------------------
Richard Meadows at The Stuff reports that failed firm Bullet
Freight Systems has left its creditors almost NZ$10 million out of
pocket.

The nationwide logistics firm was placed in receivership in July
last year by director Paul Elliott, according to The Stuff.

The report relays Receivers PPB Advisory initially tried to sell
the business as a going concern, but could not find a buyer
amongst dozens of interested parties in New Zealand and Australia.

That left 185 staff around the country out of a job.

The Stuff notes PPB has now finished salvaging and selling Bullet
Freight's assets, detailed in a final receivers report.

A fleet of around 200 vehicles was sold for NZ$6.7 million plus
GST, adding to debtor recoveries of NZ$4.6 million, cash reserves
of NZ$652,000 and proceeds from selling intellectual property and
equipment, the report relays.

ANZ, which had a general security agreement, recovered only NZ$8.5
million of its NZ$15.4 million claim, the report adds.

More than 200 unsecured creditors will also not see a cent of the
NZ$2.8 million they are owed, the report relays.

"Given the shortfall to the bank, there will not be sufficient
funds to make a distribution to unsecured creditors," the
receivers wrote, the report says.

Gareth Hoole -- gareth.hoole@ecovis.com -- and Clive Bish --
clive.bish@ecovis.com -- of Ecovis KGA have been appointed as
liquidators to conclude the insolvency process.


ENCELL GROUP: Placed Into Liquidation
-------------------------------------
Cliff Sanderson at Dissolve.com.au reports that Encell Group Ltd
was placed into liquidation on Oct. 29, 2015. Rhys Cain and Rees
Logan of Ernst & Young were appointed liquidators of the group,
the report discloses.

Dissolve.com.au says the liquidation application was made by
Carters, a building supply company. Creditors of the company are
scheduled to make their claims and establish a priority on
December 29 this year, the report notes.


TRUE GREEN: Fined for Inadequate Employee Safety Measures
---------------------------------------------------------
The Scoop reports that a construction company specializing in
prefabricated homes has been ordered to pay NZ$10,000 in
reparation after an employee was struck by a chain which caused a
forehead laceration and damage to the eye.

True Green Homes Limited (in liquidation) was sentenced in the
Christchurch District Court under the Health and Safety in
Employment Act for failing to take all practicable steps to ensure
the safety of employees, according to The Scoop.

A purlin screw -- used to secure a chain around a wall being moved
-- snapped, causing a sudden release of tension in the chain which
struck the employee in the face, the report notes.

An investigation identified a number of practicable steps True
Green Homes Limited (in liquidation) could have taken to keep
their staff safe, the report relays.  A crane used to stack the
walls was lifting weigh in excess of 151kgs when it could only
take 100kgs, the report notes.  The screws used to secure the
chain to the wall were distorted and fatigued, the report relays.
There was no current test certificate or a design verification for
the crane.

The report says that there was also no test certificate for the
lifting tackle and no working load limit had been established for
the lifting equipment.

"The crane is an obvious hazard and the steps that could have been
taken to keep staff safe were not difficult," the report quoted
Keith Stewart, WorkSafe's Chief Inspector, as saying.  "True Green
Homes Limited (in liquidation) should have assessed and selected
the correct lifting gear and used it correctly, including getting
the capacity of the lifting tackle and fixings right.  These steps
are clearly set out in WorkSafe's guidance for load-lifting
rigging," Mr. Stewart added.


WELLINGTON DRIVE: Loss Narrows to NZ$388K in Q3 Ended Sept. 30
--------------------------------------------------------------
BusinessDesk reports that Wellington Drive Technologies narrowed
its third-quarter loss after the unprofitable maker of energy-
efficient motors lifted sales in Latin America and Asia and
benefited from a weaker kiwi dollar.

According to the report, the company said the net loss was
$388,000 in the three months ended September 30, compared to a
loss of $643,000 a year earlier. Revenue rose 31% to $5.1 million,
while gross margin increased to 23.5% from 18.2%.

The company said it sold 211,000 motors in the quarter, up from
185,000 a year earlier, driven by higher sales in Latin America
and Asia. The narrower loss reflected a lift in sales, a wider
margin on cheaper supplier costs, lower operating costs, and a
weaker New Zealand dollar, it said.

BusinessDesk adds that Wellington Drive said its ECR2 motor had
completed regulatory approvals in Europe, and was expected to be
approved in North America by the end of November.

Auckland-based Wellington Drive Technologies Limited and its
subsidiaries are engaged in developing, manufacturing, marketing
and selling energy saving, electronically commutated (EC) motors
and fans for global use. Its products are in service in 45
countries.

The company reported net losses of NZ$4.47 million, NZ$3.77
million and NZ$6.33 million, for the financial years ended
Dec. 31, 2014, 2013 and 2012, respectively.



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


* Credit Trend for AP Cos. Remains Neg. in 3Q 2015, Moody's Says
----------------------------------------------------------------
Moody's Investors Service says the credit trend for Asia Pacific
corporates remained negative in 3Q 2015, with negative rating
actions almost double in number to positive ones during the
quarter.

The negative trend was mainly driven by Chinese corporates.

"The continuing economic slowdown in China and resultant
lackluster level of demand will pressure the operating performance
of Chinese corporates, especially commodities-related issuers,"
says Clara Lau, a Moody's Group Credit Officer.  Chinese
corporates accounted for 10 of 24 negative actions -- or 42% --
taken in the third quarter.

Lau was speaking on Moody's just-released report titled "Credit
Policy: 3Q 2015 Asian Corporates Credit Trends Still Negative".

Moody's expects the credit outlook for Asian corporates (excluding
Japanese and Australian companies) to stay negative.

Although the share of ratings with negative implications was
unchanged at 19% , the share of ratings with a stable outlook was
at 68% at end-3Q 2015, below the 2014 average of 75%.  Those
issuers operating in industries with excess capacity -- such as
energy, oil, metals and mining -- are particularly vulnerable to
the slowdown, says Moody's.  The slowdown of the Chinese economy
and continued downward pressures on commodities prices continue to
weigh on the financial profiles and operating performances of
corporates in these industries.

The continued decline in oil prices has led exploration and
production oil companies to reduce capital expenditure, thus
negatively impacting the financial performances of oilfield
services companies.

On the other hand, continued low oil prices benefit oil refiners
which use crude oil as a major input, as costs and working capital
expenditures are lower.

Moody's expects the credit trend for Japanese, Australian and New
Zealand corporates to remain stable.

The share of Japanese corporate ratings with negative implications
dropped to 8% from 14%, a decrease for the second consecutive
quarter.  The share of Japanese ratings with stable outlooks was
87% at end-3Q 2015, up from 82% at end-2Q 2015.

For the Australia and New Zealand rated portfolio, the share of
ratings with negative implications stayed at 14% at end-3Q 2015,
slightly below 16% at end-2Q 2015 while the share of ratings with
stable outlooks was maintained at 80% at end-3Q 2015.


* BOND PRICING: For the Week Nov. 9 to Nov. 13, 2015
---------------------------------------------------

Issuer                 Coupon    Maturity    Currency   Price
------                 ------    --------    --------   -----


  AUSTRALIA
  ---------

AUSDRILL FINANCE PT     6.88    11/1/2019      USD      71.05
AUSDRILL FINANCE PT     6.88    11/1/2019      USD      71.55
BOART LONGYEAR MANA     7.00    4/1/2021       USD      40.00
BOART LONGYEAR MANA     7.00    4/1/2021       USD      38.13
CML GROUP LTD           9.00    1/29/2020      AUD       0.96
CRATER GOLD MINING     10.00    8/18/2017      AUD      23.00
EMECO PTY LTD           9.88    3/15/2019      USD      56.50
EMECO PTY LTD           9.88    3/15/2019      USD      57.50
FMG RESOURCES AUGUS     6.88    4/1/2022       USD      70.85
FMG RESOURCES AUGUS     6.88    4/1/2022       USD      70.49
IMF BENTHAM LTD         6.38    6/30/2019      AUD      71.00
KBL MINING LTD         12.00    2/16/2017      AUD       0.32
KEYBRIDGE CAPITAL L     7.00    7/31/2020      AUD       0.68
LAKES OIL NL           10.00    3/31/2017      AUD       6.00
MIDWEST VANADIUM PT    11.50    2/15/2018      USD       3.66
MIDWEST VANADIUM PT    11.50    2/15/2018      USD       3.66
RESOLUTE MINING LTD    10.00    12/4/2017      AUD       0.95
STOKES LTD             10.00    6/30/2017      AUD       0.40
TREASURY CORP OF VI     0.50   11/12/2030      AUD      63.69


CHINA
-----

CHANGCHUN CITY DEVE     6.08    3/9/2016       CNY      40.30
CHANGZHOU INVESTMEN     5.80    7/1/2016       CNY      40.56
CHANGZHOU WUJIN CIT     5.42    6/9/2016       CNY      50.60
CHINA GOVERNMENT BO     1.64   12/15/2033      CNY      74.83
CHIZHOU CITY MANAGE     7.58    4/20/2016      CNY      60.89
DANDONG CITY DEVELO     6.21    9/6/2017       CNY      71.11
DATONG ECONOMIC CON     6.50    6/1/2017       CNY      70.75
DRILL RIGS HOLDINGS     6.50    10/1/2017      USD      69.25
DRILL RIGS HOLDINGS     6.50    10/1/2017      USD      70.00
ERDOS DONGSHENG CIT     8.40    2/28/2018      CNY      68.53
GRANDBLUE ENVIRONME     6.40    7/7/2016       CNY      71.70
GUOAO INVESTMENT DE     6.89   10/29/2018      CNY      68.18
HANGZHOU XIAOSHAN S     6.90   11/22/2016      CNY      76.00
HEILONGJIANG HECHEN     7.78   11/17/2016      CNY      71.47
HUAIAN CITY URBAN A     7.15   12/21/2016      CNY      70.50
JIANGSU HUAJING ASS     5.68    9/28/2017      CNY      50.13
KUNSHAN ENTREPRENEU     4.70    3/30/2016      CNY      40.03
LINHAI CITY INFRAST     7.98    11/6/2016      CNY      49.00
NANJING NANGANG IRO     6.13    2/27/2016      CNY      50.35
NANTONG STATE-OWNED     6.72   11/13/2016      CNY      71.50
OCEAN RIG UDW INC       7.25    4/1/2019       USD      45.50
OCEAN RIG UDW INC       7.25    4/1/2019       USD      44.60
PANJIN CONSTRUCTION     7.70   12/16/2016      CNY      71.68
QINGZHOU HONGYUAN P     6.50    5/22/2019      CNY      39.91
SHAOXING PAOJIANG I     6.90   10/31/2019      CNY      75.00
SHENGZHOU HOTEL CO      9.20    2/26/2016      CNY     100.00
TAIZHOU CITY CONSTR     6.90    1/25/2017      CNY      70.49
TONGLIAO CITY INVES     5.98    9/1/2017       CNY      69.00
WUXI COMMUNICATIONS     5.58    7/8/2016       CNY      50.80
XIANGTAN JIUHUA ECO     6.93   12/16/2016      CNY      71.32
YANGZHOU ECONOMIC D     6.10    7/7/2016       CNY      50.63
YANGZHOU URBAN CONS     5.94    7/23/2016      CNY      40.73
YIJINHUOLUOQI HONGT     8.35    3/19/2019      CNY      73.15
YUNNAN INVESTMENT G     5.25    8/24/2017      CNY      71.01


INDONESIA
---------

BERAU COAL ENERGY T     7.25    3/13/2017      USD      28.00
BERAU COAL ENERGY T     7.25    3/13/2017      USD      27.77
GAJAH TUNGGAL TBK P     7.75    2/6/2018       USD      59.00
GAJAH TUNGGAL TBK P     7.75    2/6/2018       USD      59.00
INDONESIA TREASURY      6.38    4/15/2042      IDR      71.51
PERUSAHAAN PENERBIT     6.10    2/15/2037      IDR      78.50


INDIA
-----

3I INFOTECH LTD         5.00    4/26/2017      USD      12.75
BLUE DART EXPRESS L     9.30   11/20/2017      INR      10.14
BLUE DART EXPRESS L     9.50   11/20/2019      INR      10.25
BLUE DART EXPRESS L     9.40   11/20/2018      INR      10.19
COROMANDEL INTERNAT     9.00    7/23/2016      INR      15.47
GTL INFRASTRUCTURE      4.03    11/9/2017      USD      24.75
INCLINE REALTY PVT     10.85    8/21/2017      INR       8.51
INCLINE REALTY PVT     10.85    4/21/2017      INR       5.13
INDIA GOVERNMENT BO     0.34    1/25/2035      INR      25.79
JAIPRAKASH ASSOCIAT     5.75    9/8/2017       USD      70.26
JCT LTD                 2.50    4/8/2011       USD      23.38
PRAKASH INDUSTRIES      5.25    4/30/2015      USD      50.38
PYRAMID SAIMIRA THE     1.75    7/4/2012       USD       1.00
REI AGRO LTD            5.50   11/13/2014      USD       4.31
REI AGRO LTD            5.50   11/13/2014      USD       4.31
SVOGL OIL GAS & ENE     5.00    8/17/2015      USD      22.88


JAPAN
-----

AVANSTRATE INC          5.55   10/31/2017      JPY      37.00
AVANSTRATE INC          5.55   10/31/2017      JPY      31.00
ELPIDA MEMORY INC       0.50   10/26/2015      JPY       8.38
ELPIDA MEMORY INC       0.70    8/1/2016       JPY       8.25
ELPIDA MEMORY INC       2.29    12/7/2012      JPY       8.25
ELPIDA MEMORY INC       2.03    3/22/2012      JPY       8.25
ELPIDA MEMORY INC       2.10   11/29/2012      JPY       8.25
SHARP CORP/JAPAN        1.60    9/13/2019      JPY      74.75
TAKATA CORP             0.58    3/26/2021      JPY      69.38


KOREA
-----

2014 KODIT CREATIVE     5.00   12/25/2017      KRW      30.04
2014 KODIT CREATIVE     5.00   12/25/2017      KRW      30.04
DOOSAN CAPITAL SECU    20.00    4/22/2019      KRW      38.54
HYUNDAI HEAVY INDUS     4.90   12/15/2044      KRW      53.34
HYUNDAI HEAVY INDUS     4.80   12/15/2044      KRW      54.27
HYUNDAI MERCHANT MA     7.05   12/27/2042      KRW      35.88
KIBO ABS SPECIALTY     10.00    2/19/2017      KRW      36.19
KIBO ABS SPECIALTY      5.00    1/31/2017      KRW      31.88
KIBO ABS SPECIALTY      5.00    3/29/2018      KRW      28.99
KIBO ABS SPECIALTY      5.00   12/25/2017      KRW      28.81
KIBO ABS SPECIALTY     10.00    8/22/2017      KRW      27.43
KIBO ABS SPECIALTY     10.00    9/4/2016       KRW      38.58
KIBO GREEN HI-TECH     10.00   12/21/2015      KRW      65.43
LSMTRON DONGBANGSEO     4.53   11/22/2017      KRW      29.68
POSCO ENERGY CORP       4.66    8/29/2043      KRW      66.23
POSCO ENERGY CORP       4.72    8/29/2043      KRW      65.64
POSCO ENERGY CORP       4.72    8/29/2043      KRW      65.50
PULMUONE CO LTD         2.50    8/6/2045       KRW      57.66
SINBO SECURITIZATIO     5.00    7/26/2016      KRW      34.83
SINBO SECURITIZATIO     5.00    8/31/2016      KRW      34.42
SINBO SECURITIZATIO     5.00    1/30/2019      KRW      26.32
SINBO SECURITIZATIO     5.00    1/30/2019      KRW      26.32
SINBO SECURITIZATIO     5.00    1/15/2018      KRW      29.85
SINBO SECURITIZATIO     5.00    1/15/2018      KRW      29.85
SINBO SECURITIZATIO     5.00   10/30/2019      KRW      19.71
SINBO SECURITIZATIO     5.00    8/16/2017      KRW      31.09
SINBO SECURITIZATIO     5.00    2/21/2017      KRW      32.53
SINBO SECURITIZATIO     5.00    2/21/2017      KRW      32.53
SINBO SECURITIZATIO     5.00    5/27/2016      KRW      35.53
SINBO SECURITIZATIO     5.00    5/27/2016      KRW      35.53
SINBO SECURITIZATIO     5.00    3/13/2017      KRW      32.29
SINBO SECURITIZATIO     5.00    3/13/2017      KRW      32.29
SINBO SECURITIZATIO     5.00    3/14/2016      KRW      40.87
SINBO SECURITIZATIO     5.00   12/13/2016      KRW      33.36
SINBO SECURITIZATIO     5.00   12/25/2016      KRW      32.36
SINBO SECURITIZATIO     5.00    2/11/2018      KRW      29.36
SINBO SECURITIZATIO     5.00    2/11/2018      KRW      29.36
SINBO SECURITIZATIO     5.00    6/7/2017       KRW      23.63
SINBO SECURITIZATIO     5.00    6/7/2017       KRW      23.63
SINBO SECURITIZATIO     5.00    7/8/2017       KRW      31.51
SINBO SECURITIZATIO     5.00    7/8/2017       KRW      31.51
SINBO SECURITIZATIO     5.00    3/12/2018      KRW      29.14
SINBO SECURITIZATIO     5.00    3/12/2018      KRW      29.14
SINBO SECURITIZATIO     5.00    1/29/2017      KRW      32.80
SINBO SECURITIZATIO     5.00    7/26/2016      KRW      34.83
SINBO SECURITIZATIO     5.00    6/29/2016      KRW      35.15
SINBO SECURITIZATIO     5.00    8/29/2018      KRW      27.75
SINBO SECURITIZATIO     5.00    8/29/2018      KRW      27.75
SINBO SECURITIZATIO     5.00    7/24/2017      KRW      30.38
SINBO SECURITIZATIO     5.00    7/24/2018      KRW      28.24
SINBO SECURITIZATIO     5.00    7/24/2018      KRW      28.24
SINBO SECURITIZATIO     5.00    6/27/2018      KRW      28.45
SINBO SECURITIZATIO     5.00    6/27/2018      KRW      28.45
SINBO SECURITIZATIO     5.00   12/23/2018      KRW      26.63
SINBO SECURITIZATIO     5.00   12/23/2018      KRW      26.63
SINBO SECURITIZATIO     5.00   12/23/2017      KRW      28.83
SINBO SECURITIZATIO     8.00    2/2/2016       KRW      51.65
SINBO SECURITIZATIO     5.00    12/7/2015      KRW      62.95
SINBO SECURITIZATIO     5.00    1/19/2016      KRW      49.52
SINBO SECURITIZATIO     5.00    2/2/2016       KRW      47.13
SINBO SECURITIZATIO    10.00   12/27/2015      KRW      63.20
SINBO SECURITIZATIO     5.00    9/26/2018      KRW      27.54
SINBO SECURITIZATIO     5.00    9/26/2018      KRW      27.54
SINBO SECURITIZATIO     5.00    9/26/2018      KRW      27.54
SINBO SECURITIZATIO     5.00    8/16/2016      KRW      33.48
SINBO SECURITIZATIO     5.00    8/16/2017      KRW      31.09
SINBO SECURITIZATIO     5.00    10/1/2017      KRW      30.53
SINBO SECURITIZATIO     5.00    10/1/2017      KRW      30.53
SINBO SECURITIZATIO     5.00    10/1/2017      KRW      30.53
SINBO SECURITIZATIO     5.00    8/31/2016      KRW      34.42
SINBO SECURITIZATIO     5.00    10/5/2016      KRW      34.06
SINBO SECURITIZATIO     5.00    10/5/2016      KRW      32.44
SK TELECOM CO LTD       4.21    6/7/2073       KRW      64.66
TONGYANG CEMENT & E     7.50    4/20/2014      KRW      70.00
TONGYANG CEMENT & E     7.50    7/20/2014      KRW      70.00
TONGYANG CEMENT & E     7.30    6/26/2015      KRW      70.00
TONGYANG CEMENT & E     7.50    9/10/2014      KRW      70.00
TONGYANG CEMENT & E     7.30    4/12/2015      KRW      70.00
U-BEST SECURITIZATI     5.50   11/16/2017      KRW      30.81
WISE MOBILE SECURIT    20.00    7/17/2018      KRW      74.65


SRI LANKA
---------

SRI LANKA GOVERNMEN     5.35    3/1/2026       LKR      73.47


MALAYSIA
--------

BANDAR MALAYSIA SDN     0.35   12/29/2023      MYR      71.05
BANDAR MALAYSIA SDN     0.35    2/20/2024      MYR      70.57
BIMB HOLDINGS BHD       1.50   12/12/2023      MYR      70.09
BRIGHT FOCUS BHD        2.50    1/22/2031      MYR      65.25
BRIGHT FOCUS BHD        2.50    1/24/2030      MYR      67.63
LAND & GENERAL BHD      1.00    9/24/2018      MYR       0.32
SENAI-DESARU EXPRES     0.50   12/31/2038      MYR      64.76
SENAI-DESARU EXPRES     0.50   12/31/2046      MYR      74.18
SENAI-DESARU EXPRES     0.50   12/30/2044      MYR      72.24
SENAI-DESARU EXPRES     0.50   12/31/2040      MYR      67.75
SENAI-DESARU EXPRES     0.50   12/30/2039      MYR      66.47
SENAI-DESARU EXPRES     0.50   12/31/2041      MYR      68.93
SENAI-DESARU EXPRES     0.50   12/31/2043      MYR      71.36
SENAI-DESARU EXPRES     0.50   12/31/2042      MYR      70.20
SENAI-DESARU EXPRES     1.10    6/30/2022      MYR      72.78
SENAI-DESARU EXPRES     0.50   12/29/2045      MYR      73.05
SENAI-DESARU EXPRES     1.15   12/29/2023      MYR      68.21
SENAI-DESARU EXPRES     1.35   12/29/2028      MYR      56.80
SENAI-DESARU EXPRES     1.15   12/31/2024      MYR      65.19
SENAI-DESARU EXPRES     1.35    6/30/2027      MYR      60.34
SENAI-DESARU EXPRES     1.35    6/28/2030      MYR      53.33
SENAI-DESARU EXPRES     1.35   12/31/2027      MYR      59.19
SENAI-DESARU EXPRES     1.35    6/29/2029      MYR      55.62
SENAI-DESARU EXPRES     1.35    6/30/2026      MYR      62.68
SENAI-DESARU EXPRES     1.35    6/30/2028      MYR      58.00
SENAI-DESARU EXPRES     1.15    6/30/2025      MYR      63.76
SENAI-DESARU EXPRES     1.35   12/31/2030      MYR      52.20
SENAI-DESARU EXPRES     1.10   12/31/2021      MYR      74.48
SENAI-DESARU EXPRES     1.35   12/31/2029      MYR      54.45
SENAI-DESARU EXPRES     1.15    6/28/2024      MYR      66.70
SENAI-DESARU EXPRES     1.35   12/31/2025      MYR      63.89
SENAI-DESARU EXPRES     1.15   12/30/2022      MYR      71.40
SENAI-DESARU EXPRES     1.15    6/30/2023      MYR      69.78
SENAI-DESARU EXPRES     1.35   12/31/2026      MYR      61.52
SENAI-DESARU EXPRES     1.35    6/30/2031      MYR      51.08
UNIMECH GROUP BHD       5.00    9/18/2018      MYR       1.19


PHILIPPINES
-----------

BAYAN TELECOMMUNICA    13.50    7/15/2006      USD      22.75
BAYAN TELECOMMUNICA    13.50    7/15/2006      USD      22.75


SINGAPORE
---------

AXIS OFFSHORE PTE L     7.59    5/18/2018      USD      56.42
BAKRIE TELECOM PTE     11.50    5/7/2015       USD       3.29
BAKRIE TELECOM PTE     11.50    5/7/2015       USD       3.69
BERAU CAPITAL RESOU    12.50    7/8/2015       USD      28.16
BERAU CAPITAL RESOU    12.50    7/8/2015       USD      28.88
BLD INVESTMENTS PTE     8.63    3/23/2015      USD       8.88
BUMI CAPITAL PTE LT    12.00   11/10/2016      USD      19.50
BUMI CAPITAL PTE LT    12.00   11/10/2016      USD      18.51
BUMI INVESTMENT PTE    10.75    10/6/2017      USD      21.82
BUMI INVESTMENT PTE    10.75    10/6/2017      USD      18.34
ENERCOAL RESOURCES      6.00    4/7/2018       USD      10.00
GOLIATH OFFSHORE HO    12.00    6/11/2017      USD      20.09
INDO INFRASTRUCTURE     2.00    7/30/2010      USD       1.88
ORO NEGRO DRILLING      7.50    1/24/2019      USD      67.63
OSA GOLIATH PTE LTD    12.00    10/9/2018      USD      62.00
OTTAWA HOLDINGS PTE     5.88    5/16/2018      USD      56.50
OTTAWA HOLDINGS PTE     5.88    5/16/2018      USD      54.64
SWIBER CAPITAL PTE      6.50    8/2/2018       SGD      72.88
SWIBER HOLDINGS LTD     7.13    4/18/2017      SGD      74.63
TRIKOMSEL PTE LTD       5.25    5/10/2016      SGD      20.00
TRIKOMSEL PTE LTD       7.88    6/5/2017       SGD      23.25


THAILAND
--------

G STEEL PCL             3.00    10/4/2015      USD       3.74
MDX PCL                 4.75    9/17/2003      USD      37.50


VIETNAM
-------

BANK FOR INVESTMENT    10.33    5/19/2016      VND       1.00
DEBT AND ASSET TRAD     1.00   10/10/2025      USD      51.25
DEBT AND ASSET TRAD     1.00   10/10/2025      USD      51.00



                             *********

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.



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