TCRAP_Public/151119.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

         Thursday, November 19, 2015, Vol. 18, No. 229


                            Headlines


A U S T R A L I A

AERIAL DEVICES: Administrators Seek Expressions of Interest
COCKATOO COAL: Goes Into Voluntary Administration
FERRARO EXCHANGE: First Creditors' Meeting Set For Nov. 26
LEISURE MATTERS: First Creditors' Meeting Slated For Nov. 26
OCEANIC ASSET: Ernst & Young Appointed as Liquidators

TGH GROUP: First Creditors' Meeting Set For Nov. 26
UPLIFT RENTALS: First Creditors' Meeting Set For Nov. 24

* Australian Auto-ABS Show Year-On-Year Decline, Moody's Says


C H I N A

CHINA SHANSHUI: Jinan City Facilitated Some Creditor Talks
CHINA SHANSHUI: Faces Flaring Creditor Tempers
CHINA SHANSHUI: Tianrui To Help Fix Debt If EGM Vote Passes
LOGAN PROPERTY: Leverage Stays High on Expansion, Moody's Says
SINOSTEEL CO: Extends Bond Payment Deadline Again


I N D I A

AMIT REALTY: ICRA Suspends B+ Rating on INR22.50cr Loan
ANJALI INFRACRETE: ICRA Assigns 'B' Rating to INR7.50cr Term Loan
ANUJ GLOBAL: CRISIL Assigns B Rating to INR25MM Cash Loan
BHATIA GLOBAL: ICRA Assigns 'D' Rating to INR733cr Loan
BISWAPITA COLD: CRISIL Assigns B Rating to INR12.3MM Term Loan

CHADHA INDUSTRIES: ICRA Suspends B- Rating on INR6.0cr Loan
CHENNAI CITI: CRISIL Reaffirms D Rating on INR900MM LT Loan
CHURIWAL TECHNOPACK: CRISIL Ups Rating on INR70MM Cash Loan to B
DURGASHAKTI FOODS: CRISIL Ups Rating on INR102MM Term Loan to B+
EASTERN COPPER: CRISIL Reaffirms C Rating on INR101.2MM Loan

FLY CERAMIC: ICRA Reaffirms 'B' Rating on INR5.0cr Term Loan
HALLMARK AQUAEQUIPMENT: CRISIL Assigns B+ Rating to INR66MM Loan
IMPERUS CERAMIC: ICRA Suspends B+ Rating on INR6.70cr Term Loan
JV STEEL: ICRA Reaffirms B+ Rating on INR12.50cr Cash Loan
KOHINOOR TECHNOLOGIES: ICRA Reassigns B- Rating on INR35cr Loan

MANDKE AND MANDKE: CRISIL Reaffirms B Rating on INR1.0BB Loan
N.I. INFRA: CRISIL Assigns B+ Rating to INR21.9MM Cash Loan
NAGARJUNA STEEL: CRISIL Reaffirms 'B' Rating on INR140MM Loan
PARVATI FABRICS: ICRA Suspends B+ Rating on INR9.5cr Term Loan
POLESTAR TRADERS: ICRA Assigns B- Rating to INR8.0cr LT Loan

PURE MILK: CRISIL Lowers Rating on INR374.8MM Cash Loan to D
R.S. AJIT: ICRA Reaffirms B+ Rating on INR9.0cr LT Loan
RAYON TEXTILE: CRISIL Reaffirms B+ Rating on INR50MM Cash Loan
SAMBANDAM SIVA: CRISIL Reaffirms B+ Rating on INR98MM Cash Loan
SCAN ENERGY: CRISIL Cuts Rating on INR808.3MM LT Loan to D

SERA EXPORTS: CRISIL Ups Rating on INR85MM Packing Loan to B+
SHEYN INTERNATIONAL: CRISIL Cuts Rating on INR72.5MM Loan to B-
SOLAS FIRE: CRISIL Reaffirms B+ Rating on INR45MM Cash Loan
TRIMULA G: CRISIL Reaffirms B+ Rating on INR75MM Cash Loan
TRUVOLT ENGINEERING: CRISIL Withdraws B+ Rating on INR50MM Loan


I N D O N E S I A

MODERNLAND REALTY: S&P Affirms 'B' Corporate Credit Rating
REASURANSI NASIONAL: Fitch Assigns 'BB-' IFS Rating


J A P A N

TAKATA CORP: 3 More Automakers Pull Plug On Faulty Airbags
TOSHIBA CORP: Securities Watchdog Eyes Record JPY7BB Fine


N E W  Z E A L A N D

TRILL PRODUCTIONS: Goes Into Liquidation


S I N G A P O R E

BW GROUP: Moody's Keeps Ba1 Rating on BW Pacific IPO Postponement


                            - - - - -


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


AERIAL DEVICES: Administrators Seek Expressions of Interest
-----------------------------------------------------------
Cliff Sanderson at Dissolve.com.au reports that expressions of
interest are sought for the purchase of the assets and business of
Aerial Devices Australia Pty Ltd, a part of Vemco Group. Vemco is
currently in administration under PPB Advisory, the report says.

Aerial Devices assembles, sells, imports and services specialty
vehicles which support the construction, power utility and
telecommunication industries. Currently, it operates from
Dandenong South and Leongatha. Investment highlights include
exclusive distribution arrangements with PM Group and Altec and
AUD10 million revenue for FY15, the report discloses.


COCKATOO COAL: Goes Into Voluntary Administration
-------------------------------------------------
World Coal reports that Australian coal company, Cockatoo Coal,
and three related companies -- Baralaba Coal, Wonbindi Coal and
Cockatiel Coal -- have gone into voluntary administration,
according to a company ASX announcement.

Administrators have been appointed from PPB Advisory and are
working with the management team to "fully understand the options
available," said the statement, according to World Coal.  These
options may include a restructure or recapitalization of the group
of companies "at an appropriate time," the report notes.

The report discloses that Cockatoo Coal produces both PCI
metallurgical and thermal coal from the Baralaba Central mine in
the Bowen Basin in Central Queensland.  It is also working to
expand the current output to the north -- a project known as the
Baralaba North Project, the report relays.

In its latest quarterly report, the company said it had received
notice from Australian and New Sealand Banking Group (ANZ),
terminating an AUD81 million bank guarantee facility on 15 January
next year and requiring the repayment of all outstanding amounts,
the report notes.

The termination notion also required Cockatoo to update as to
arrangements for repayment on November 16, the report adds.


FERRARO EXCHANGE: First Creditors' Meeting Set For Nov. 26
----------------------------------------------------------
Timothy Gumbleton and Andrew Bowcher of RSM Australia Partners
were appointed as administrators of Ferraro Exchange Pty Ltd,
formerly Trading as Ferraro Food Distributors, on Nov. 16, 2015.

A first meeting of the creditors of the Company will be held at
Griffith Ex Servicemen's Club, Mirrool Room 1, Jondaryan Avenue,
Griffith, in New South Wales, on Nov. 26, 2015, at 2:30 p.m.


LEISURE MATTERS: First Creditors' Meeting Slated For Nov. 26
------------------------------------------------------------
Mark Robinson and Kenneth Whittingham of PPB Advisory were
appointed as administrators of Leisure Matters Pty Limited on Nov.
17, 2015.

A first meeting of the creditors of the Company will be held at
will be held at PPB Advisory offices, Level 7, 8-12 Chifley
Square, in Sydney on Nov. 26, 2015, at 10:30 a.m.


OCEANIC ASSET: Ernst & Young Appointed as Liquidators
-----------------------------------------------------
Following a further application made by the Australian Securities
and Investment Commission, the Federal Court of Australia has made
orders appointing Vince Smith, a Perth partner of Ernst & Young,
as liquidator of the following companies:

  * Oceanic Asset Management Pty Ltd (OAM);
  * Oceanic Equities Pty Ltd;
  * Australian Global Capital Pty Ltd;
  * Mulato Management Services Pty Ltd;
  * Mulato Nominees Pty Ltd; and
  * Ridgeway House Pty Ltd.

Mr Smith was appointed by the Court as Provisional Liquidator of
OAM and its associated entities in August 2015, after an
application by ASIC.  Mr Smith has been investigating the affairs
of the companies and has recommended that there are grounds for
the companies to be wound up.

ASIC was also successful in obtaining an order appointing Mr
Kimberley Wallman of HLB Mann Judd as Trustee of the deceased
estate of Mrs Jeanette Jones. Mr Wallman was appointed in August
as Trustee of the estate of Mr David Jones. The estates of Mr and
Mrs Jones include their residential property located in the Perth
suburb of Como.

ASIC's investigation into the affairs of OAM and associated
entities is continuing.


TGH GROUP: First Creditors' Meeting Set For Nov. 26
---------------------------------------------------
Timothy James Michael and William Martin Colwell of Ferrier
Hodgson were appointed as administrators of TGH Group Holdings Pty
Ltd, Homemakers North Pty Ltd, and TGH Floor Coverings Pty Ltd on
Nov. 17, 2015.

A first meeting of the creditors of the Company will be held at
Ferrier Hodgson, Level 7, 145 Eagle Street, in Brisbane,
Queensland, on Nov. 26, 2015, at 10:00 a.m.


UPLIFT RENTALS: First Creditors' Meeting Set For Nov. 24
--------------------------------------------------------
Amanda Young of Jirsch Sutherland was appointed as administrators
of Uplift Rentals Pty Ltd, on Nov. 12, 2015.

A first meeting of the creditors of the Company will be held at
Jirsch Sutherland, Level 27, 259 George Street, in Sydney, on
Nov. 24, 2015, at 11:00 a.m.


* Australian Auto-ABS Show Year-On-Year Decline, Moody's Says
-------------------------------------------------------------
Moody's Investors Service says that the performance of Australian
auto loan asset-backed securities (ABS) improved in the three
months to Sept. 30, 2015, but deteriorated year-on-year.

Specifically, 30-plus day delinquencies decreased to 1.24% in
September 2015 from 1.33% in June 2015, but increased from 0.91%
in Sept. 2014.

Moody's analysis was contained in its just-released report titled
"Australian ABS Indices Q3 2015," a quarterly report that tracks
the performance of the Australian ABS market.

The report includes performance data up to Q3 2015, and focuses
largely on the Australian auto-ABS sector, which accounts for more
than 90% of ABS transactions rated by Moody's.

Moody's report explains that Macquarie Leasing Pty Limited's SMART
transactions had the lowest weighted-average 30-plus day
delinquency rate, with 0.64% in Sept. 2015, down from 0.74% in
June 2015 and up from 0.41% in Sept. 2014.

Liberty Financial Pty Limited's Liberty transactions had the
highest weighted-average 30-plus day delinquency rate, with 8.61%
in September 2015, down from 9.03% in June 2015 and up from 5.34%
in September 2014.

Moody's expects Liberty transactions to have higher delinquency
rates than other programs because Liberty transactions include
non-conforming loans in their pools.

The weighted-average 30-plus day delinquency rate of St George
Bank Limited's Crusade transactions dropped to 1.86% in September
2015 from 1.96% in June 2015 and 1.98% in September 2014.

BOQ Equipment Finance Limited 's REDS program had higher
delinquencies quarter-on-quarter and year-on-year.  In the three
months ended 30 September, the program's weighted-average 30-plus
day delinquency rate increased to 1.98%, up from 1.77% in June
2015 and 0.59% in September 2014.

Moody's notes that despite the year-on-year deterioration in
arrears performance, default and loss levels remained low.  As of
Sept. 30, the 2012 vintage -- the most seasoned of outstanding
pools -- exhibited a cumulative default rate of 1.44% and a net
loss rate of 0.69%.

Recovery rates for all vintages remained stable in the 45%-50%
range.

Moody's expects delinquencies and defaults to rise slightly on the
back of a continued soft labor market and below trend GDP growth.

As for the Australian economy as a whole, Moody's expects GDP
growth of 2% in 2016, below the long-term average of 3.5%.  The
ongoing gradual slowdown in China and a sharp deterioration in
Australia's terms of trade owing to lower commodity prices, will
weigh on economic growth in Australia.

Moody's also forecast a slight increase in unemployment to around
6.5% for 2016 from 6.2% in September 2015.



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C H I N A
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CHINA SHANSHUI: Jinan City Facilitated Some Creditor Talks
----------------------------------------------------------
Lianting Tu at Bloomberg News reports that China's latest
defaulter said a local government has requested onshore creditors
not to take aggressive actions against the company, flagging state
involvement in the nation's debt markets even after authorities
vowed to cut such influence.

According to Bloomberg, China Shanshui Cement Group Ltd., based in
the eastern province of Shandong, said in a filing on Nov. 16 that
the government of Jinan city where the manufacturer is based has
facilitated talks with some of the firm's creditors after it
missed payment on CNY2 billion ($314 million) of local notes last
week. The onshore creditors in those discussions "expressed their
understanding and support of the request of the local government,"
it said.

Bloomberg says President Xi Jinping must balance vows to
liberalize markets with steps to avoid a surge in defaults amid
the slowest economic growth in a quarter century. State-owned
steelmaker Sinosteel Co., which pushed back an interest payment
last month after regulators met with noteholders, again postponed
the deadline this week.  Sausage maker Nanjing Yurun Foods Co.
paid off notes in October it had earlier said it was unsure it
could repay after a local government asked lenders to help,
Bloomberg discloses citing SWS Research Ltd.

"The important factor is that the Jinan municipal council has
involved itself," the report quotes Charles Macgregor, head of
Asian high yield research in Singapore at Lucror Analytics, as
saying. "We wonder whether they are concerned over potential loss
of jobs and increased social unrest were China Shanshui to be
wound up."

Bloomberg reports that Henry Li, chief financial officer at
Shanshui, said when reached by phone on Nov. 17 that the Jinan
government said it will not provide direct financing but it has
asked banks to support the company. Lenders have temporarily
agreed to not take legal action including asset preservation, Li
said.

Bloomberg notes that Shanshui became at least the sixth Chinese
firm to default in the local bond market this year as a
shareholder fight hurt financing.  The manufacturer was to face a
Nov. 18 hearing on its liquidation application filed in the Cayman
Islands where it is incorporated, the report says.

Holders of Shanshui's onshore bonds that defaulted last week will
review follow-up measures, Bloomberg discloses citing a statement
from China Merchants Bank Co., an underwriter of the notes.

Shanshui has considered proposals for repaying debt including new
share issues, asset restructuring and asset securitization, it
said in the filing on Nov. 16, Bloomberg relays.  According to the
report, the company also said that if the Cayman court grants the
application and appoints provisional liquidators, they will have
the right to choose and implement proposals to repay Shanshui's
debts.

"They have outlined a pandora's box of solutions, but all will be
in the hands of the provisional liquidator if appointed," Lucror's
Macgregor, as cited by Bloomberg, said.

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 17, 2015, 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.

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


CHINA SHANSHUI: Faces Flaring Creditor Tempers
----------------------------------------------
Bloomberg News reports that for three hours on Nov. 13, dozens of
bondholders owed money by China's most-recent defaulter held
closed-door meetings in Beijing that at moments teetered on the
brink of quarreling.

The investors in China Shanshui Cement Group Ltd.'s onshore notes
gathered at the China Hall of Science and Technology hotel in
western Beijing and heard Chairman Zhang Bin and Chief Financial
Officer Henry Li pledge to do their best to reduce losses,
Bloomberg relates citing a noteholder who attended and asked not
to be identified because the matter is private. While the meeting
was mostly tranquil, some investors became "fairly agitated" when
expressing their concerns, the person, as cited by Bloomberg,
said.

According to Bloomberg, Shanshui became at least the sixth Chinese
firm to default in the local bond market this year after it missed
payment on its CNY2 billion ($313.5 million) of onshore securities
last week, as a shareholder tussle stymied financing.

Bloomberg says a liquidation application filed in the Cayman
Islands where it is incorporated, was heard on Nov. 18. An EGM
that the firm had planned for Nov. 25 will be delayed until
Dec. 1 in Hong Kong, according to a company filing on Nov. 16.

"The situation is very complicated with Shanshui at the moment
with the Cayman court hearing and the EGM both coming up," the
report quotes Zhi Wei Feng, a credit analyst with Standard
Chartered Plc in Singapore, as saying. "There are various parties
at play. While it seems obvious what each party's agenda is, it's
hard to tell how, whether and when they can achieve that."

Another onshore bondholder meeting will be held soon as some
investors threatened to take legal action on matters such as asset
preservation, the person said Nov. 13, without elaborating,
according to Bloomberg. A formal bondholders' meeting will be held
as soon as possible, where participants can vote on proposals,
said a person on Nov. 16 from China Merchants Bank Co. who's been
involved in arranging Shanshui's bondholder meeting, Bloomberg
relays.

James Lee, a Hong Kong-based investor relations official at
Shanshui, said the company wouldn't comment beyond the information
in the filings. Three calls to the mobile phone of Henry Li, chief
financial officer of the company, went unanswered
on Nov. 16, Bloomberg notes.

Bloomberg relates that during the EGM, shareholders will vote on a
proposal by Shanshui's largest shareholder Tianrui Group Co. to
remove Shanshui's current board including Chairman Zhang. Tianrui
would help fix Shanshui's debt problems if its proposal to change
the board passes, Li Heping, vice chairman of Tianrui Group, said
in a Nov. 13 interview, adds Bloomberg.

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 17, 2015, 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.

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


CHINA SHANSHUI: Tianrui To Help Fix Debt If EGM Vote Passes
-----------------------------------------------------------
Bloomberg News reports that the largest shareholder in China
Shanshui Cement Group Ltd. said it could help solve the debt woes
of the nation's latest defaulter, if it's successful in a bid to
change the company's board.

Li Heping, vice chairman of Tianrui Group Co., said in an
interview that Tianrui would help fix Shanshui's debt problems if
its proposal to change the firm's board passes at a Nov. 25
extraordinary general meeting, according to Bloomberg News.

Bloomberg News notes that Shanshui, which is at the center of a
shareholder scrap for control, failed to pay CNY2 billion ($314
million) of onshore notes due Nov. 12.

Bloomberg News says that Shanshui is at least the sixth Chinese
company to default in the local bond market this year as borrowers
struggle amid an economic slowdown.  The cement maker, which is
incorporated in the Cayman Islands, has decided to file a winding
up petition and seek the appointment of provisional liquidators
there, it said, Bloomberg News relays.

Two banks have asked for early repayment of Shanshui's loans and
the default scare has spread to the asset-backed securities
market, Bloomberg News discloses.

"On a cursory glance of Tianrui's numbers, we are not sure if they
have the financial muscles to align the required funding," said
Nancy Koh, credit analyst at DBS Group Holdings Ltd, Bloomberg
News notes.  "The crux of the matter is the unresolved shareholder
battle," Ms. Koh added.

                           Raised Costs

Bloomberg News says that Tianrui's Li said that Shanshui's filing
for a winding-up petition has raised potential costs for his
company because it now faces finding a debt solution.  Tianrui,
which holds 28 percent of Shanshui, would get "nothing in return"
from its stake if it didn't help, he said, Bloomberg News notes.

China National Building Material Co. and Asia Cement Corp. are
also shareholders in Shanshui with 16.7 percent and 20.9 percent,
respectively.

"Most of Shanshui investors were pinning their hopes on ACC and
CNBM, especially the latter as this would provide a quasi-state
owned enterprise angle," Koh of DBS said, Bloomberg News relays.

Shanshui's onshore bondholders will meet Nov. 13 afternoon in
Beijing, according to a Nov. 10 filing from China Merchants Bank
Co., the underwriter of the securities, Bloomberg News relays.

"The actions of onshore lenders will probably be of more import,
given they can seek orders from local courts impacting assets,"
said Charles Macgregor, the Singapore-based head of Asian high-
yield research at Lucror Analytics, Bloomberg News discloses.

                           Worst Outcome

Bloomberg News relays that Shanshui's Chief Financial Officer
Henry Li said that noteholders could try and get their money back
by asking the court to liquidate Shanshui's assets, which would be
the worst outcome.  In addition to the CNY2 billion notes that
Shanshui failed to repay, the company has another CNY5.1 billion
onshore notes outstanding, according to Bloomberg-compiled data.

"It's hard to tell if investors can get their money back," said
Sun Binbin, a bond analyst at China Merchants Securities Co. in
Shanghai, Bloomberg News discloses.  "The company still has assets
to sell to repay the debt.  Whether it finally repays will depend
on the negotiations between all the related parties."

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 17, 2015, 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.

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


LOGAN PROPERTY: Leverage Stays High on Expansion, Moody's Says
--------------------------------------------------------------
Moody's Investors Service says that Logan Property Holdings
Company Limited's (Ba3 stable) total debt will continue to
increase over the next 12-24 months, as the developer extends into
the Shenzhen market.  However, its credit metrics remain
appropriate for its rating.

"Logan Property's growth plans through large land purchases in
Shenzhen of RMB4.7 billion in 2014 and RMB11.25 billion in 2015,
on top of smaller land purchases to replenish its land bank in
other key operating regions, will keep leverage high in 2016" says
Dylan Yeo, a Moody's Analyst and author of the report.

"Given the approximate one- to two-year lag between land
acquisition and project delivery, we expect its revenue-to-debt
ratio to remain 75%-80% for the next 12-24 months after declining
to 71% in 2014 from 123% in 2013 amid offshore bond issuance,"
adds Yeo.

However, Logan Property's EBIT/interest coverage and gross margin
metrics -- forecast to be 3.0x-3.3x and 28%-30% respectively, in
the next 12-24 months -- are in line with industry peers and
render it well-positioned for its rating level.

Interest coverage will improve slightly in 2016 due to lower
interest on its domestic bank loans and Logan's use of the
domestic bond proceeds to pay down higher-cost trust loans, notes
Moody's.

Logan Property's gross margin will remain resilient due to the
company's good branding in core markets, which drives Moody's
expectation of stable sales at existing projects.

In addition, the participation of a financial investor as a 49%
shareholder in this year's Shenzhen land acquisition limited
Logan's cash outlay and helped preserve its liquidity as the
company pursues a quality, large-scale project.

Moody's expects that the project, if executed as planned, will
provide Logan with a healthy income stream for up to five years
due to its good geographic location in Shenzhen.

However, its expansion into Shenzhen comes with some risks, notes
the rating agency.

Logan Property's operating profile will become increasingly
exposed to the dynamics of Shenzhen's property market, where the
average residential selling price surged by 37% during the first
nine months of this year due to limited supply.

This rapid growth in prices, while boosting developers' sales,
heightens the risk of regulatory intervention.

The rising concentration in Shenzhen is, nevertheless, an
improvement to Logan's operating profile because it reduces
concentration in the lower-tier cities, which have less resilient
property demand than Shenzhen, says Moody's.


SINOSTEEL CO: Extends Bond Payment Deadline Again
-------------------------------------------------
Bloomberg News reports that Sinosteel Co. delayed a bond payment
deadline again as more Chinese companies struggle with debt
payments amid an economic slowdown.

The Beijing-based steel trader said it's extending an option for
investors to sell back their CNY2 billion ($314 million) of 2017
notes back to the company to Dec. 21 from Nov. 20, Bloomberg
reports citing a statement on Chinabond's website. The company is
negotiating with all related parties, according to the statement,
which didn't give more information, Bloomberg relays.

Last month, Sinosteel postponed the due date of the option to Nov.
20 from Oct. 20 as it's planning to pledge Sinosteel Engineering &
Technology Co.'s stock as collateral, Bloomberg recalls. It also
delayed an interest payment due Oct. 20, which constituted a
default, according to Industrial Securities, Haitong Securities
and China Merchants Securities at the time, says Bloomberg.

According to Bloomberg, Sinosteel Corp., the parent of Sinosteel
Co., and its units had more than CNY100 billion of debt as of
December last year, media company Caixin reported in May, citing
data collected by a debt commission led by Bank of China.
Sinosteel Co. has yet to release its 2014 financial report.

Bloomberg say more Chinese firms are struggling to repay
obligations after the yuan's fall, a stock rout and speculation
that the bond market is overheating. The yield premium on 10-year
AAA graded bonds over government notes rose six basis points last
week, the most since July, as China Shanshui Cement Group Ltd.
said it failed to pay CNY2 billion of securities amid a
shareholder tussle, the report states.

Sinosteel noteholders must register by Dec. 16 to sell the
securities back, according to the statement on Nov. 16. The date
was delayed from Nov. 16, adds Bloomberg.

Sinosteel Corporation is a central state owned enterprise,
primarily in mining, trading, equipment manufacturing and
engineering, under the supervision of the State-owned Assets
Supervision and Administration Commission.



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AMIT REALTY: ICRA Suspends B+ Rating on INR22.50cr Loan
-------------------------------------------------------
ICRA has suspended [ICRA]B+ rating assigned to the INR22.50 crore
cash credit facility of Amit Realty Private Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


ANJALI INFRACRETE: ICRA Assigns 'B' Rating to INR7.50cr Term Loan
-----------------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B to the fund based
facilities aggregating to INR10.00 crore of Anjali Infracrete
Private Limited (AIPL).

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long-term, fund
   based limits
   (Term Loan)           7.50         [ICRA]B assigned

   Long-term, fund
   based limits
   (Cash Credit)         2.50         [ICRA]B assigned

The assigned rating takes into account the positive demand outlook
for AAC blocks owing to increased acceptance in the Indian market
and locational advantages enjoyed by the company on account of
proximity to major consumption centres as well as to various raw
material sources. The rating is however constrained by the
company's small size of operations, limited track record in
manufacturing of Autoclaved Aerated Concrete (AAC) blocks and weak
financial risk profile characterized by stretched capital
structure and weak debt-protection metrics. The ratings are also
constrained by tight liquidity position of company due to high
receivable periods resulting in almost full utilization of working
capital limits .ICRA notes that, given the moderate technical and
capital requirements in manufacturing of AAC blocks, the industry
is characterized by intense competitive pressures both from
established AAC manufacturers, who also have substantial capacity
additions in the pipeline, as well as from new entrants.

Anjali Infracrete Private Limited (AIPL) was incorporated in
October 2009 by the Radadiya family of Surat. The company is
engaged in the manufacturing of Autoclaved Aerated Concrete (AAC)
blocks and has its manufacturing unit in Dhamrol near Surat
(Gujarat) with an installed capacity to produce 100,000 cubic
meters of AAC blocks annually. The plant was commissioned in
February 2014 at a project cost of ~Rs 12 Cr. which was funded in
the debt to equity ratio of about 1.6.

Recent Results
AIPL reported a profit after tax (PAT) 0.26 crore on an operating
income of INR16.88 crore in FY15 as compared to a loss of INR0.98
crore on an operating income of INR0.22 crores in FY14.


ANUJ GLOBAL: CRISIL Assigns B Rating to INR25MM Cash Loan
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' rating to the
bank facilities of Anuj Global Corporation (AGC).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit             25      CRISIL B/Stable
   Letter of Credit        40      CRISIL A4

The rating reflects firm's modest scale of operations and low
operating margins in highly fragmented iron and steel trading
industry. The rating also factors in AGC's weak financial risk
profile marked by high total-outside-liabilities-to-adjusted-net
worth (TOLANW) and weak debt protection metrics. These rating
weaknesses are partially offset by the extensive experience of its
promoters in the trading industry and established relationship
with key supplier.
Outlook: Stable

CRISIL believes that AGC will continue to benefit from the
extensive experience of its promoters in the steel-trading
business over the medium term. The outlook may be revised to
'Positive' if AGC reports significantly higher-than-expected
revenues and profitability while efficiently managing its working
capital requirement, leading to higher-than-expected cash accruals
and consequent improvement in business and financial risk
profiles. Conversely, the outlook may be revised to 'Negative' in
case of decline in sales or margins or if AGC's working capital
management deteriorates, or if the promoter withdraws substantial
capital from the firm, thereby weakening its capital structure.

AGC is a Rajasthan based proprietorship firm, was set in 2001 by
Mr. Kamlesh Garg. The firm is engaged in the trading of MS Scrap
and Thermo-Mechanically- Treated steel (TMT) majorly in Rajasthan
and Gujarat.

AGC is estimated to have made a profit after tax (PAT) of INR1.3
million on net sales of INR585.4 million for 2014-15, against a
PAT of INR1.1 million on net sales of INR492.6 million for 2013-
14.


BHATIA GLOBAL: ICRA Assigns 'D' Rating to INR733cr Loan
-------------------------------------------------------
ICRA has assigned a rating of [ICRA]D to the INR864.00 crore fund
based and non fund based bank facilities of Bhatia Global Trading
Limited. The suspension of [ICRA]D rating earlier in January 2015
has been revoked.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long Term Fund
   Based                 86.00       [ICRA]D (Assigned)

   Long Term Non
   Fund Based            45.00       [ICRA]D (Assigned)

   Short Term Non
   Fund Based           733.00       [ICRA]D (Assigned)

The assigned rating takes into account severe liquidity crunch
being confronted by the Company, which has been driving
irregularities in debt servicing as reflected by numerous
instances of letter of credit (LC) devolvement during past many
months. The already weak financial profile of the company has
further deteriorated subsequent to loss of INR285 crore reported
in FY15. This large loss was mainly driven by huge inventory
shortage, sizeable bad debts, prior period expenses** and loss on
sale of investment in a subsidiary. While most of the
aforementioned losses don't pertain to FY15, however even after
excluding these one-time expenses, the operating profitability
remains negligible and insufficient to cover even the interest
costs on borrowings for coal trading operations.

Besides, the company has continued to report losses on account of
foreign exchange fluctuations despite its statements in the past
regarding adoption of a prudent hedging policy. ICRA notes that
weakened liquidity continues to hamper the operations of the
company and is expected to result in weak financial performance in
FY16 as well. Thus, timely infusion of incremental long term
funding would remain critical as the company continues to operate
on negative working capital with current liabilities significantly
exceeding its current assets.

While assigning the rating ICRA also notes large contingent
liabilities of BGTL on account of corporate guarantees extended
for loans availed by other group entities, which are also under
significant operational and financial stress. Moreover, there is a
large contingent liability at group level, wherein decision of
international court of arbitration has gone against the Bhatia
Group.

Going forward, timely infusion of incremental long term funding
would remain critical for continuation of business operations and
timely servicing of liabilities. Further, credit profile of the
company will also remain sensitive to its ability to collect
receivables in timely manner and achieve adequate trading margins
while managing risks arising from fluctuation of foreign exchange
rates and coal prices.


BISWAPITA COLD: CRISIL Assigns B Rating to INR12.3MM Term Loan
--------------------------------------------------------------
CRISIL has revoked the suspension of its ratings on the bank
facilities of Biswapita Cold Storage Private Limited (BCSPL), and
has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to these
facilities. CRISIL had suspended the rating on September 16, 2014,
as the company had not provided the necessary information required
for a rating review. BCSPL has now shared the requisite
information enabling CRISIL to assign rating to the bank
facilities.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         1.4      CRISIL A4 (Assigned;
                                   Suspension Revoked)

   Proposed Long Term
   Bank Loan Facility       3.3    CRISIL B/Stable (Assigned;
                                   Suspension Revoked)

   Term Loan               12.3    CRISIL B/Stable (Assigned;
                                   Suspension Revoked)

The ratings reflect BCSPL's weak financial risk profile because of
small net worth and high gearing; the ratings also factor in
susceptibility to adverse regulatory changes and intense
competition in West Bengal's cold storage industry. These
weaknesses are mitigated by the promoter's extensive industry
experience.
Outlook: Stable

CRISIL believes BCSPL will benefit over the medium term from the
promoter's extensive experience. The outlook may be revised to
'Positive' if increase in net cash accrual or scale of operations
improves the financial risk profile, particularly liquidity.
Conversely, the outlook may be revised to 'Negative' if delay in
debt repayments by farmers, considerably low cash accrual, or
significant debt-funded capital expenditure constrains liquidity.

BCSPL was set up in 2008 to provide cold storage facility to
potato farmers and traders. It has a facility in Paschim Medinipur
(West Bengal). The company's day-to-day operations are being
managed by the Rahman family.


CHADHA INDUSTRIES: ICRA Suspends B- Rating on INR6.0cr Loan
-----------------------------------------------------------
ICRA has suspended the long term rating of [ICRA] B- assigned to
the INR6.0 crore long term fund based facilities of Chadha
Industries. The suspension follows ICRA's inability to carry out
rating surveillance in the absence of requisite information from
the company.


CHENNAI CITI: CRISIL Reaffirms D Rating on INR900MM LT Loan
-----------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Chennai Citi
Centre Holdings Private Limited (CCCHPL) continues to reflect
instances of delay by CCCHPL in servicing its term debt; the
delays have been caused by weak liquidity.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Long Term Loan        900       CRISIL D (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     80       CRISIL D (Reaffirmed)

CCCHPL also has an average financial risk profile because of high
gearing. Moreover, its cash flows are susceptible to economic
downturns. However, the company benefits from high occupancy rates
in its commercial real estate property.

CCCHPL was originally set up in 1993 as Golden Crest Hotels Pvt
Ltd; the name was changed in 2003. The company owns the Chennai
Citi Centre Mall on Radhakrishnan Road in Chennai. It is currently
constructing a residential real estate project at Anna Nagar in
Chennai.


CHURIWAL TECHNOPACK: CRISIL Ups Rating on INR70MM Cash Loan to B
----------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Churiwal Technopack Private Limited (CTPL) to 'CRISIL B/Stable'
from 'CRISIL B-/Stable', while reaffirming its rating the short-
term facility at 'CRISIL A4'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         10       CRISIL A4 (Reaffirmed)

   Cash Credit            70       CRISIL B/Stable (Upgraded from
                                   'CRISIL B-/Stable')

   Proposed Long Term     25       CRISIL B/Stable (Upgraded from
   Bank Loan Facility              'CRISIL B-/Stable')

   Term Loan              32.5     CRISIL B/Stable (Upgraded from
                                   'CRISIL B-/Stable')

The rating upgrade reflects improvement in CTPL's business risk
profile. Sales increased by 22 per cent to INR225 million in 2014-
15 (refers to financial year, from April to March) from INR184
million in the previous year. The upgrade also factors in
improvement in liquidity driven by a higher-than-expected
operating profitability margin, which led to an increase in cash
accrual. Cash accrual is expected to be sufficient to meet term
debt repayment obligations of INR7.6 million in 2015-16. CRISIL
believes CTPL's liquidity will remain adequate on the back of
expected healthy growth in cash accrual and the absence of any
major debt-funded capital expenditure (capex) plans.

The ratings reflect CTPL's average financial risk profile because
of a small net worth, moderate gearing, and below-average debt
protection metrics. The ratings also factor in large working
capital requirement, and exposure to intense competition in the
highly fragmented polypropylene (PP) woven sacks industry. These
rating weaknesses are partially offset by the extensive industry
experience of the company's promoters.
Outlook: Stable

CRISIL believes CTPL will continue to benefit over the medium term
from its promoters' extensive industry experience. The outlook may
be revised to 'Positive' in case of larger-than-expected infusion
of funds or a sizeable increase in revenue and profitability,
resulting in an improved financial risk profile. Conversely, the
outlook may be revised to 'Negative' in case of any large debt-
funded capex, leading to deterioration in the capital structure.
The outlook may also be revised to 'Negative' in case of a
decrease in cash accrual because of lower revenue or
profitability, or an increase in working capital requirement,
leading to pressure on liquidity.

CTPL (formerly, Abhisek Projects Pvt Ltd) was acquired by its
current promoter, Mr. Vishnu Kumar Churiwal, in 2006. The company
began manufacturing PP bags in December 2008. Its manufacturing
facility in Kolkata has a capacity of 275 tonnes per month.


DURGASHAKTI FOODS: CRISIL Ups Rating on INR102MM Term Loan to B+
----------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Durgashakti Foods Private Limited (DFPL) to 'CRISIL B+/Stable'
from 'CRISIL B/Stable'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            48       CRISIL B+/Stable (Upgraded
                                   from 'CRISIL B/Stable')

   Term Loan             102       CRISIL B+/Stable (Upgraded
                                   from 'CRISIL B/Stable')

The rating upgrade reflects improvement in DFPL's capital
structure and stable business risk profile. Net worth increased to
INR143.7 million as on March 31, 2015, from INR59 million in the
previous year, while gearing reduced to 1.18 times as on March 31,
2015, from 2.48 times as on March 31, 2014; primarily due to
conversion of unsecured loans into equity. Revenues also improved
to INR1.81 billion in 2014-15 (refers to financial year, April 1
to March 31) from INR1.69 billion in 2013-14; while operating
profitability remained stable at 3 per cent. CRISIL believes DFPL
will maintain its capital structure over the medium term backed by
steady revenue growth, and plough back increasing accrual into
business.

The rating reflects DFPL's low profitability, moderately large
working capital requirement, average debt protection metrics, and
vulnerability to volatility in raw material prices. These
weaknesses are partially offset by the extensive experience of the
company's promoters in the edible oil industry, proximity to raw
material sources, and moderate capital structure.
Outlook: Stable

CRISIL believes DFPL will continue to benefit over the medium term
from promoters' extensive industry experience. The outlook may be
revised to 'Positive' if significant and sustained increase in
revenue and profitability leads to sizable cash accrual and
improvement in debt protection metrics. Conversely, the outlook
may be revised to 'Negative' if financial risk profile,
particularly liquidity, weakens because of low cash accrual,
stretch in working capital cycle, or any large, unanticipated,
debt-funded capital expenditure.

DFPL was set up in 2008 by Mr. Shashikant Sureka and his two
brothers to expand their family-run edible oil business. The
Sureka family has been manufacturing crude edible oil (soya and
sunflower) and de-oiled cakes for more than two decades. The
company's production facility is in Khamgaon (Maharashtra).


EASTERN COPPER: CRISIL Reaffirms C Rating on INR101.2MM Loan
------------------------------------------------------------
CRISIL's ratings on the bank facilities of Eastern Copper
Manufacturing Company Private Limited (ECMC) reflects ECMC's
working capital-intensive operations, and weak financial risk
profile because of small net worth, high gearing, and below-
average debt protection metrics. These weaknesses are partially
mitigated by the promoters' extensive industry experience and
established relationships with customers and suppliers.

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

   Cash Credit            38.8     CRISIL C (Reaffirmed)

   Foreign Discounting
   Bill Purchase          20       CRISIL A4 (Reaffirmed)

   Letter of Credit       60       CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     10       CRISIL C (Reaffirmed)

   Working Capital
   Term Loan             101.2     CRISIL C (Reaffirmed)

ECMC, established in 1997 by Mr. Ravi Choudhary and Mr. Rajiv
Choudhary, is a Kolkata- based manufacturer of critical industrial
copper semis. The Choudhary family is in the copper business since
1948.


FLY CERAMIC: ICRA Reaffirms 'B' Rating on INR5.0cr Term Loan
------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B to INR3.00
crore fund based cash credit facility and INR5.00 crore term loan
facility of Fly Ceramic. ICRA has also reaffirmed an [ICRA]A4
rating to INR0.95 crore short term non fund based facilities of
FC.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit           3.00        [ICRA]B; Reaffirmed
   Term Loan             5.00        [ICRA]B; Reaffirmed
   Bank Guarantee        0.95        [ICRA]A4; Reaffirmed

The ratings continues to remain constrained by initial years of
operations, and consequently a weak financial profile
characterized by low profitability, high gearing levels and modest
weak debt protection metrics. While reaffirming the ratings, ICRA
considers the vulnerability of profitability and cash flows to
cyclicality inherent in the real estate industry, which is the
main consumer sector. The firm's profitability is also vulnerable
to the cyclicality associated with the real estate industry as
well as to fluctuating prices of gas and power. The ratings are
further constrained by the restricted pricing flexibility in the
business due to a fragmented nature of the industry and intense
competition among the players. Further, Fly Ceramic is a
partnership firm and any substantial withdrawal from capital
account would impact the net worth and thereby the capital
structure of the firm.

The rating however, favorably considers the firm's sstabilization
of operations achieved with moderate capacity utilizations,
supported by modest improvement in operating margins, long
experience of promoters in the ceramic industry, operational
support from group companies engaged in similar line of business
as well as firm's location in Morbi, India's ceramic hub, which
provides easy access to raw material sources.

Fly Ceramic (FC) was incorporated in December 2012 as a private
limited firm and is engaged in the manufacturing of digitally
printed ceramic glazed wall tiles. The manufacturing unit of the
firm is located in Morbi, Gujarat, with an installed capacity of
30,000 MTPA. The commercial production started from July 2013.The
Firm is promoted and managed by Mr. Deepak Kanjiya along with
other family members and relatives.

Recent Results
For the year ended 31st March, 2015, the firm reported an
operating income of INR13.34 crore and profit after tax (PAT) of
INR0.05 crore as per audited results.


HALLMARK AQUAEQUIPMENT: CRISIL Assigns B+ Rating to INR66MM Loan
----------------------------------------------------------------
CRISIL has revoked the suspension of its rating on the bank
facilities of Hallmark Aquaequipment Private Limited (HAPL), and
has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to these
facilities.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         10       CRISIL A4 (Assigned;
                                   Suspension revoked)

   Cash Credit            66       CRISIL B+/Stable (Assigned;
                                    Suspension revoked)

   Letter of Credit       20       CRISIL A4 (Assigned;
                                   Suspension revoked)

   Proposed Short Term
   Bank Loan Facility      1.1     CRISIL A4 (Assigned;
                                   Suspension revoked)

   Term Loan               5.1     CRISIL B+/Stable (Assigned;
                                   Suspension revoked)

CRISIL had suspended the rating on August 29, 2015, as the company
had not provided the necessary information required for a rating
review. HAPL has now shared the requisite information enabling
CRISIL to assign rating to the bank facilities.

The ratings reflect HAPL's below-average financial risk profile
marked by modest net worth and high gearing. The ratings also
factor in HAPL's modest scale of operations along with exposure to
intense competition in the pipe industry. These rating weaknesses
are partially offset by the promoter's extensive experience in the
pipe and fitting business and diversified clientele.
Outlook: Stable

CRISIL believes HAPL will continue to benefit over the medium term
from its promoter's extensive experience in the high density
polyethylene (HDPE) pipe and pipe fitting business. The outlook
may be revised to 'Positive' if the financial risk profile
improves due to significant increase in scale of operations and
accrual along with better working capital management. Conversely,
the outlook may be revised to 'Negative' if the liquidity weakens,
most likely because of increasing working capital requirements,
lower operating income and accrual or any large, debt-funded
capital expenditure plans.

Incorporated in 1993, HAPL manufactures HDPE pipes and pipe
fittings. The products are sold to large corporates for execution
of various projects and through its retail network. All the
products are sold under 'Hallmark' brand. Mr. Pranab Ghosh and
Mrs. Nandinee Ghosh are the directors if the company.


IMPERUS CERAMIC: ICRA Suspends B+ Rating on INR6.70cr Term Loan
---------------------------------------------------------------
ICRA has suspended the [ICRA] B+ rating assigned to the INR9.70
crore long term fund based limits and [ICRA]A4 rating to INR1.00
crore short term fund based limits of Imperus Ceramic Private
Limited. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.

                          Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Fund Based-Working
   Capital                  3.00       [ICRA]B+ suspended

   Fund Based-Term Loans    6.70       [ICRA]B+ suspended

   Non Fund Based- Bank
   Guarantee                1.00       [ICRA]A4 suspended

Incorporated in April 2013, Imperus Ceramic Private Limited (ICPL)
has set up a digitally printed ceramic wall tile manufacturing
facility at Morbi, Gujarat with an installed capacity of 32,400
MTPA. ICPL commenced its commercial operation from end of February
2014 Currently, the company manufactures digitally printed ceramic
wall tiles of sizes 12" x 18" and 12" x 24". The promoters of the
company have experience in ceramic industry owing to their
association with the group concerns namely Option Ceramics,
Sanford Vitrified Private Limited and Saurastra Tiles
Manufacturing Co.


JV STEEL: ICRA Reaffirms B+ Rating on INR12.50cr Cash Loan
----------------------------------------------------------
ICRA has reaffirmed its long term rating of [ICRA]B+ on the
INR12.50 Crore bank limits of JV Steel Tubes.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Cash Credit           12.50        [ICRA]B+ (reaffirmed)

The rating reaffirmation takes into account the increase in the
scale of operations of the firm driven by healthy demand for
steel; the intensely competitive nature of the business which
resulted into decline in profitability from 6.8% in 2013-14 to
4.4% in 2014-15 and the vulnerability of the firm's profits to
commodity price risk. ICRA also takes into consideration the risks
inherent in a partnership firm and the firm's financial profile
characterized by modest scale of operations, adverse capital
structure (TD/TNW of 3.13 times as March 31, 2015) and stretched
liquidity profile on account of high working capital intensity
attributable to high debtor days. However, the rating favorably
factors in the firm's experienced promoters with long track record
in trading of iron and steel products and its established
relations with the customers and the suppliers.

Established in 2005, JVS is a partnership firm promoted by Mr.
Varinder Kumar and his family members. The firm is engaged in the
trading of iron and steel products primarily Hot Rolled coil &
Cold Rolled Coils and manufacturing of steel tubes. The firm sells
the steel tubes to local cycle manufacturers in Ludhiana. The firm
has established its manufacturing and warehousing facility in
Jugiana, Ludhiana.

Recent Results
During 2014-15, JVS reported a net profit of INR0.25 crore on an
operating income of INR43.11 crore as against a net profit of
INR0.24 crore on an operating income of INR32.39 crore in the
previous year.


KOHINOOR TECHNOLOGIES: ICRA Reassigns B- Rating on INR35cr Loan
---------------------------------------------------------------
ICRA has re-assigned the long term rating of [ICRA]B- from [ICRA]D
to the INR35.00 crore proposed limit of Kohinoor Technologies
Private Limited. The term loan facility of INR35.00 crore availed
by the company has been completely repaid.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Proposed Limits       35.00        [ICRA]B- re-assigned

The re-assignment of rating factors the full repayment of the
existing term loan enhancing the financial flexibility of the
company and the established track record of the parent group in
the real estate market of Mumbai with over 25 years of experience.
Going forward, the group's ability to tie up the sales of the
commercial projects in a timely manner, improve its liquidity
position and ensure timely debt servicing remains critical from a
credit perspective.

The rating however remains constrained by the company's modest
business profile in the absence of a major revenue source and
excessive dependence of the company on other promoter group
companies for debt servicing. KTPL currently has a small scale
rental business while the plans of setting up Information
Technology (IT)/Information Technology Enabled Services (ITES)
business have been shelved. The rating also takes into account
KTPL's adverse capital structure and high refinancing risk. KTPL
had availed a INR35 crore general purpose corporate loan for
purchase of commercial space in Mumbai in a project being
developed by a group entity, namely Kohinoor Planet Construction
Private Limited (KPCPL). However the plan has been stalled and
KPCPL has sold the space to a third party, the proceeds from which
were used to repay the term loan.

ICRA notes that the liquidity position at a group level remains
stretched on account of the slow sales tie up of commercial
projects, particularly the large scale project in Mumbai where in
a significant quantum of group's funds have been deployed, as well
as start up nature of operations of the group's recent ventures in
healthcare, education and hospitality segment which has led to
delays in debt servicing in group companies.

Incorporated in September 2000, KTPL is completely held by the
Joshi family who are promoters of the Mumbai based Kohinoor Group.
The company is managed by Mr. Unmesh Joshi. KTPL owns the
corporate office building of the Group in Dadar (W), Mumbai which
is given on rent to different group companies. The rental income
is the primary source of revenue of the company.

During FY 2014, the company has reported Profit after Tax (PAT) of
INR0.23 crore on an operating income (OI) of INR0.44 crore. For FY
2015, the company has reported a net loss of INR0.82 crore on an
OI of INR0.44 crore.


MANDKE AND MANDKE: CRISIL Reaffirms B Rating on INR1.0BB Loan
-------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Mandke and
Mandke Infrastructure Private Limited (MMIPL) continues to reflect
its exposure to risks associated with implementation and demand
for large, integrated township project with initial stage of
implementation and to the cyclicality inherent in the Indian real
estate industry. These weaknesses are mitigated by the promoter's
extensive experience in real estate development.

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Proposed Term Loan      1000      CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes MMIPL will benefit over the medium term from its
promoter's extensive industry experience. The outlook may be
revised to 'Positive' if better-than-expected bookings and timely
receipt of customer advances and implementation of project lead to
healthy cash inflows. Conversely, the outlook may be revised to
'Negative' if time and cost overruns in project or delays in
receipt of customer advances lead to low cash inflows, impacting
liquidity.

Incorporated in 2010, MMIPL is setting up a township at Guhagar,
on the Western Coast of Maharashtra. The integrated township is
being developed over a 150 acre land and will include various sub
projects including developing 4/5-star hotel, studio apartments,
bungalows, wellness centre and sports activities. The company is
promoted by Mr. Sudhir Mandke, who has about 40 years' experience
of real estate development in Pune.

The company has purchased the land and received necessary
approvals for construction, which commenced from October 2015.


N.I. INFRA: CRISIL Assigns B+ Rating to INR21.9MM Cash Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of N.I. Infra Engineering Private Limited
(NIIEPL).

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Proposed Long Term
   Bank Loan Facility       15.9      CRISIL B+/Stable
   Bank Guarantee           25        CRISIL A4
   Cash Credit              21.9      CRISIL B+/Stable

The ratings reflect NIIEPL's geographical and customer
concentration in the revenue profile, moderate order book
providing limited revenue visibility over the medium term, and
working capital-intensive operations. These rating weaknesses are
partially offset by the extensive experience of promoters in the
construction industry.
Outlook: Stable

CRISIL believes NIIEPL will continue to benefit over the medium
term from the promoters' extensive industry experience and
established relations with Hindustan Steelworks Construction Ltd
(HSCL). The outlook may be revised to 'Positive' in case of a
substantial and sustained improvement in the revenue and
profitability margins, or a significant improvement in the capital
structure or net worth on the back of sizeable equity infusion by
the promoters. Conversely, the outlook may be revised to
'Negative' in case of a steep decline in profitability margins, or
deterioration in the capital structure caused most likely by a
large, debt-funded capital expenditure, or a stretch in the
working capital cycle.

NIIEPL is a privately owned company incorporated on October 18,
2010. It is involved in construction and development of roads,
buildings, structural godowns, and other civil and electrical and
repair works. The company acts as a subcontractor and undertakes
government contracts for HSCL. NIIEPL's directors are Mr. Nazrul
Islam (promoter), his wife Mrs. Serina Bibi, and his brother Mr.
Nurul Islam. The company is based in Farakka, West Bengal.


NAGARJUNA STEEL: CRISIL Reaffirms 'B' Rating on INR140MM Loan
-------------------------------------------------------------
The rating continues to reflect Nagarjuna Steel Private Limited
(NSPL; formerly, Nagarjuna Ispat Pvt Ltd) below-average financial
risk profile marked by its small net worth, high total outside
liabilities to tangible net-worth ratio, and weak debt protection
metrics.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            140      CRISIL B/Stable (Reaffirmed)

The rating of the company is also constrained on account its
moderate scale of operations, and its exposure to intense
competition in the construction material trading industry
resulting in its low profitability margins. These rating
weaknesses are partially offset by NSPL's extensive experience of
its promoters in the steel industry.
Outlook: Stable

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

NSPL, incorporated in 2009, trades in steel and cement of JSW
brand. Based out of Hyderabad, the company is promoted by Mr.
Mahender Reddy.


PARVATI FABRICS: ICRA Suspends B+ Rating on INR9.5cr Term Loan
--------------------------------------------------------------
ICRA has suspended the [ICRA]B+ rating to the INR15.00 crore bank
facilities of Parvati Fabrics Limited. The suspension follows
ICRA's inability to carry out a rating surveillance in the absence
of requisite information from the company.

                          Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   LT Scale-Fund Based
   Limits-Cash Credit      5.         [ICRA]B+ Suspended

   LT Scale-Fund Based
   Limits-Term Loan        9.50       [ICRA]B+ Suspended

Parvati Fabrics Ltd. was incorporated in 1994 in Surat (Gujarat)
by Mr. Dinesh Pacheriwal and Mr. Vikash Pacheriwal, as a private
limited company. It was converted to a public limited company in
FY 2012. PFL is engaged in the production of embroidered apparel
and fashion accessories, and non woven textiles. For ease of
maintaining accounts, the company has divided its operations into
three divisions: Parvati Fabrics and Parvati Fibres. Parvati
Fabrics division purchases polyester and viscose cloth from the
local weavers and sells embroidered apparel under the brand name
of 'Parvati'. Parvati Fibres was set up in July 2011 and is
involved in the manufacture of Polypropylene (PP) based non woven
fabrics, which find application in packaging, medical and
agricultural purposes.


POLESTAR TRADERS: ICRA Assigns B- Rating to INR8.0cr LT Loan
------------------------------------------------------------
ICRA has assigned an [ICRA]B- rating to the INR08.00 Crore long
term fund based facility of Polestar Traders Private Limited. ICRA
has also assigned [ICRA]A4 rating to the INR01.50 crore non fund
based facility of PTPL.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term Fund
   Based-Cash Credit     8.00         [ICRA]B- assigned

   Short Term Non
   Fund Based-Letter
   Of Credit             1.50         [ICRA]A4 assigned

The assigned ratings take into account PTPL's low profitability as
a result of limited value addition in the trading business and
pricing pressures from presence in the intensely competitive,
unorganized and fragmented metal trading business. The ratings are
also constrained by PTPL's leveraged capital structure, exposure
to client concentration risks and vulnerability of margins to
fluctuations in steel prices.

However, the ratings favorably factor in the long experience of
the promoters in the steel trading business.

Polestar Traders Private Limited was incorporated in March 2013 by
Mr. Umesh Vrajlal Damania and Mr. Manish Babel. The company
started operations by taking over the asset and liabilities of M/s
Polestar Industries, a proprietorship concern established by Mr.
Umesh Vrajlal Damania. The company is engaged in trading of
various ferrous and non ferrous metals. It predominantly deals in
trading of various types of stainless steel like pipes, plates,
sheets, wire rods etc. The company has its registered office in
Mumbai and warehouse in Navi Mumbai.

Recent Results
PTPL recorded a net profit of INR0.27 crore on an operating income
of INR56.50 crore for the year ending March 31, 2015.


PURE MILK: CRISIL Lowers Rating on INR374.8MM Cash Loan to D
------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Pure Milk Products Private Limited (PMPPL) to 'CRISIL D' from
'CRISIL B/Negative'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit           374.8     CRISIL D (Downgraded from
                                   'CRISIL B/Negative')

   Proposed Long Term
   Bank Loan Facility      9.8     CRISIL D (Downgraded from
                                   'CRISIL B/Negative')

   Term Loan             135.4     CRISIL D (Downgraded from
                                   'CRISIL B/Negative')

   Working Capital
   Demand Loan           110       CRISIL D (Downgraded from
                                   'CRISIL B/Negative')

The downgrade reflects PMPPL's delays in meeting interest
obligation on its short term debt on account of weak liquidity due
to stretched receivables.

The company also has a large working capital cycle and a weak
financial risk profile because of high gearing and weak debt
protection measures. However, it benefits from promoters'
extensive experience in the milk processing industry and their
funding support, indicated by equity infusion of INR40 million
over the past two years.

PMPPL was established in 1989 as a partnership firm, and was
reconstituted as a private limited company. It was acquired by Mr.
Charanjit Singh and his wife in 1993. PMPPL processes milk at its
plant in Ludhiana (Punjab), which has capacity of 0.4 million
litres per day.


R.S. AJIT: ICRA Reaffirms B+ Rating on INR9.0cr LT Loan
-------------------------------------------------------
ICRA has reaffirmed its long term rating of [ICRA]B+ on the
INR9.00 crore fund based facilities of R.S. Ajit Singh & Company
(Automotives) Private Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term Fund
   Based Facilities      9.00         [ICRA]B+; reaffirmed

ICRA's rating continues to factor in the high competitive
intensity in the auto dealership business, which constrains
RSAPL's profit margins. The rating also takes into account the
cyclicality inherent in the commercial vehicle (CV) industry and
the company's high working capital requirements, as witnessed in
FY2015, leading to stretched liquidity. The rating is further
constrained by RSAPL's modest debt coverage indicators and highly
leveraged capital structure as reflected in gearing of 8.2 times
as on March 31, 2015. However, ICRA favorably takes into
consideration the company's established track record of operations
and the benefits the company derives by virtue of being an
authorized dealer of Volvo Eicher Commercial Vehicles Limited
(VECV), one of the top five OEMs in the commercial vehicle segment
in India.

Going forward, RSAPL's ability to increase its sales volumes and
improve its margins while maintaining its liquidity, will remain
the key rating sensitivities.

RSAPL is an authorised dealer of vehicles manufactured by VECV, in
the Delhi region. The company deals in trading of Medium and Heavy
Commercial vehicles, Light commercial Vehicles and buses
manufactured by VECV. The company's head office is located in
Wazirpur Industrial Area, Delhi. In addition, the company owns one
spares and sales shop in Sanjay Gandhi Transport Nagar, Delhi and
has two service centres located at Alipur and Kapashera in Delhi-
NCR, which are on rented premises.

Recent results
The company reported a profit after tax (PAT) of INR0.25 crore, on
an operating income of INR105.57 crore in FY2015, as compared to a
PAT of INR0.21 crore on an operating income of INR86.07 crore in
FY2014.


RAYON TEXTILE: CRISIL Reaffirms B+ Rating on INR50MM Cash Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Rayon Textile India
Private Limited (RTIPL) reflects its modest scale of operations in
fragmented industry and susceptibility of operating margins to
volatility in raw material prices. The ratings also factor in its
low networth. These rating weaknesses are partially offset by
extensive experience of promoters in textile industry and moderate
debt protection metrics.

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

   Letter of Credit       15       CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     30       CRISIL B+/Stable (Reaffirmed)

   Term Loan              15       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that RTIPL will continue to benefit from its
promoters extensive experience in textile industry. The outlook
may be revised to 'positive' in case of higher than expected
revenues and operating profitability leading to better cash
accruals and hence an improvement in its liquidity and financial
profiles. The outlook may be revised to 'Negative' in case of
lower than expected operating profitability or large borrowing for
working capital requirements and capital expenditure leading to
deterioration in its financial risk profile.

Update
RTIPL's revenue declined by 7 per cent in 2014-15 driven by a
decline in cotton yarn prices. Nevertheless, RTIPL's operating
margin remained stable at 4.2 per cent in 2014-15 supported by the
company's low inventory level. As a result, RTIPL's net cash
accruals declined marginally to INR10.8 million in 2014-15 from
INR11.3 million in the previous year. RTIPL's working capital
cycle remains stable with gross current assets (GCAs) at 104 days
as on March 31, 2015 supported by low inventory and debtors'
level. RTIPL's moderate working capital requirements support its
liquidity profile, which remains adequate. It is marked by
moderate utilization of bank lines at 75 per cent for the twelve
months ended August 2015 and adequate expected net cash accruals
of INR11-13 million annually against term debt obligations of INR2
million. RTIPL's ability to achieve revenue growth while
maintaining operating margin and working capital cycle will remain
a key rating sensitivity factor over the medium term.

RTIPL's gearing reduced to 1.1 times as on March 31, 2015 from 1.7
times a year ago driven by equity infusion of INR5 million in to
the company and stable cash accruals' generation which reduced the
reliance on external debt for meeting the working capital
requirements. The gearing is expected to reduce over the medium
term supported by the absence of major capex.

Incorporated in 2009, RTIPL manufactures cotton yarn. The company
also trades in cotton bales and seed. The company's manufacturing
facility is located in Barwani, MP. The company is promoted by Mr.
Shekhar Chand Patni, Mr. Sanjay Patni and Mr. Jugal Kishore Jain.


SAMBANDAM SIVA: CRISIL Reaffirms B+ Rating on INR98MM Cash Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Sambandam Siva Textiles
Private Limited (SSTPL) continue to reflect SSTPL's below-average
financial risk profile because of high gearing and weak debt
protection metrics, susceptibility of operating margin to
volatility in cotton prices, and vulnerability to power shortages.
These weaknesses are partially offset by promoters' extensive
experience and the company's established position in the cotton
yarn segment.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         25       CRISIL A4 (Reaffirmed)

   Cash Credit            98       CRISIL B+/Stable (Reaffirmed)

   Corporate Loan         75       CRISIL B+/Stable (Reaffirmed)

   Letter of Credit       43.5     CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     35.4     CRISIL B+/Stable (Reaffirmed)

   Working Capital
   Demand Loan            64       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes SSTPL will continue to benefit over the medium
term from promoters' industry extensive experience. The outlook
may be revised to 'Positive' in case of significant and sustained
improvement in capital structure and debt protection metrics.
Conversely, the outlook may be revised to 'Negative' if there is
steep decline in operating margin and sales volume, or large debt-
funded capital expenditure.

Update
SSTPL's revenue declined by 3 per cent year-on-year to INR932.1
million for 2014-15 (refers to financial year, April 1 to March
31) on account of decline in realisations because of fall in yarn
prices. Operating margin declined to 6.2 per cent from 8.7 per
cent on account of inventory losses. The company booked revenue of
INR415 million till September 2015 in 2015-16, while operating
margin improved to 7.7 per cent, supported by improving spread
between cotton and cotton yarn prices. While the company will
benefit from promoters' industry experience, business risk profile
will remain constrained by the industry scenario for cotton yarn
over the medium term.

SSTPL financial risk profile is below average because of modest
net worth of INR114 million and high gearing of 2.28 times as on
March 31, 2015. Debt protection metrics were weak, with interest
coverage of 1.8 times and net cash accrual to total debt ratio of
9 per cent for 2014-15. Financial risk profile is expected to
remain below average over the medium term because of high gearing
and subdued debt protection metrics.

SSTPL has adequate liquidity marked by moderate bank limit
utilisation and adequate cash accrual to meet debt obligation.
Bank limit utilisation averaged 75 per cent over the 12 months
through July 2015. Cash accrual is expected at INR33-42 million
per annum against annual debt obligation of INR21.9-23.2 million
over the medium term.

SSTPL, incorporated in 1994 and based in Salem (Tamil Nadu),
manufactures cotton yarn. It is a part of the Sambandam group,
which has been operational for three decades.


SCAN ENERGY: CRISIL Cuts Rating on INR808.3MM LT Loan to D
----------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Scan Energy and Power Limited (SEPL) to 'CRISIL D/CRISIL D' from
'CRISIL B/Stable/CRISIL A4'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            590      CRISIL D (Downgraded
                                   from 'CRISIL B/Stable')

   Letter of Credit        70      CRISIL D (Downgraded
                                   from 'CRISIL A4')

   Long Term Loan         808.3    CRISIL D (Downgraded
                                   from 'CRISIL B/Stable')

The rating downgrade reflects overutilization of the CC account
for more than 45 days and delays in servicing of interest towards
its term loan on account of the firm's weak liquidity.

SEPL is vulnerable to cyclical downturns due to the firm's modest
scale of operations in the steel industry along with its working-
capital-intensive operations. These rating weaknesses are
mitigated by the benefits that the firm is expected to derive from
its proprietor's extensive experience in the steel industry.

SEPL, a part of scan group which is promoted by Mr.G S Agarwal and
family, was incorporated in 2007. The company has set up a steel
billet and TMT bar manufacturing unit with capacities of 450 TPD
and 500 TPD respectively in Mahboobnagar district of Andhra
Pradesh, around 60 kms from Hyderabad.


SERA EXPORTS: CRISIL Ups Rating on INR85MM Packing Loan to B+
-------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Sera Exports (SE) to 'CRISIL B+/Stable' from 'CRISIL B/Stable'.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Export Packing Credit     85       CRISIL B+/Stable (Upgraded
                                      from 'CRISIL B/Stable')

   Long Term Loan             9       CRISIL B+/Stable (Upgraded
                                      from 'CRISIL B/Stable')

   Standby Fund Based        16       CRISIL B+/Stable (Upgraded
   Working Capital                    from 'CRISIL B/Stable')

The upgrade reflects CRISIL's belief that SE's financial risk
profile will improve because of steady increase in net cash
accrual supported by healthy sustained profitability. Increase in
net worth driven by capital infusion in 2015-16 also has led to
improvement in financial risk profile. In the absence of
significant capital expenditure (capex) plan, gearing will remain
moderate, at 1.5 times, while interest coverage ratio will be 1.6
times, over the medium term.

The rating continues to reflect below-average financial risk
profile because of weak debt protection metrics, large working
capital requirement, customer concentration in revenue, and
susceptibility to intense competition. These weaknesses are
partially offset by partners' extensive experience in the
architectural hardware industry and established customer
relationships.
Outlook: Stable

CRISIL believes SE will continue to benefit over the medium term
from its partners' extensive industry experience and established
relationships with customers. The outlook may be revised to
'Positive' if the firm scales up operations while improving
financial risk profile. Conversely, the outlook may be revised to
'Negative' if revenue declines, or if financial risk profile
deteriorates because of stretch in working capital cycle or large
debt-funded capex.

SE, established in 1999, is owned and managed by Mr. Harbhajan
Singh Sachdeva and his family. The firm manufactures architectural
hardware, which includes door fittings and window fittings at its
facility in Aligarh (Uttar Pradesh).


SHEYN INTERNATIONAL: CRISIL Cuts Rating on INR72.5MM Loan to B-
---------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
Sheyn International School (SIS) to 'CRISIL B-/Stable' from
'CRISIL B/Stable'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Long Term Loan        72.5      CRISIL B-/Stable (Downgraded
                                   from 'CRISIL B/Stable')

The rating downgrade reflects weakening of SIS's business risk
profile because of lower-than-expected student enrolment and an
expected decline in surplus due to high interest cost in 2015-16
(refers to financial year, April 1 to March 31) as repayment of
its term loan began from July 2015. This will result in low
accretion to reserve and hence to weakening of the net worth and
debt protection metrics over the medium term. The school's
financial risk profile is therefore expected to deteriorate over
this period. SIS's liquidity is estimated to remain weak with
insufficient cash accrual for meeting debt repayment of INR6.8
million in 2015-16. The repayment will need to be met through fund
infusion by the promoter.

The rating reflects SIS's below-average financial risk profile
because of a small net worth and high gearing, and modest
operating efficiencies owing to its initial stage of operations.
These rating weaknesses are partially offset by the trustees'
extensive experience in the education sector.
Outlook: Stable

CRISIL believes SIS will continue to benefit over the medium term
from its trustees' extensive experience in the education sector.
Its financial risk profile will, however, remain constrained owing
to the start-up nature of operations. The outlook may be revised
to 'Positive' if occupancy at its schools improve significantly,
leading to higher operating income and surplus. Conversely, the
outlook may be revised to 'Negative' if occupancy does not
improve, or if there is any large debt-funded capital expenditure,
weakening the financial risk profile, particularly liquidity.

SIS was set up in 2013 as a unit of Shaurya Jyoti Foundation (also
set up in 2013); it runs two schools, one in Mango and the other
in Kandra, both in Jamshedpur (Jharkhand). Mr. Avinash Singh
manages the schools' operations.


SOLAS FIRE: CRISIL Reaffirms B+ Rating on INR45MM Cash Loan
-----------------------------------------------------------
CRISIL's ratings on the bank facilities of Solas Fire Safety
Equipment Private Limited (SFSEPL) continue to reflect SFSEPL's
small scale and tender-based operations, and large working capital
requirement.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         25       CRISIL A4 (Reaffirmed)
   Cash Credit            45       CRISIL B+/Stable (Reaffirmed)

These weaknesses are mitigated by an established regional market
position in the supply and installation of fire protection and
security systems. The ratings also factor in SFSEPL's healthy
relationship with key customers and suppliers, and moderate
financial risk profile because of moderate gearing and adequate
debt protection metrics, though constrained by modest net worth.
Outlook: Stable

CRISIL believes SFSEPL will benefit over the medium term from its
promoter's extensive industry experience. The outlook may be
revised to 'Positive' if higher-than-expected cash accrual or
improved working capital cycle enhances liquidity. Conversely, the
outlook may be revised to 'Negative' if the financial risk profile
weakens because of stretched working capital cycle, large, debt-
funded capital expenditure, or decline in profitability or
revenue.

Incorporated in 1999, SFSEPL supplies and installs fire hydrant
systems, automatic fire sprinklers, and access control systems,
primarily in South India. The promoter, Mr. Shenoy, manages the
company's daily operations.


TRIMULA G: CRISIL Reaffirms B+ Rating on INR75MM Cash Loan
----------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Trimula G
Basmati Pvt Ltd (TBPL) continues to reflect TBPL's below-average
financial risk profile, marked by high gearing and weak debt
protection metrics, mainly because of its large working capital
requirements, and its modest scale of operations in the intensely
competitive rice-milling industry. These rating weaknesses are
partially offset by the promoters' extensive industry experience.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            75       CRISIL B+/Stable (Reaffirmed)
   Term Loan               5       CRISIL B+/Stable (Reaffirmed)

CRISIL has reaffirmed its ratings on TBPL's bank facilities to
'CRISIL B+/Stable' through its rating rationale dated June 30,
2015.

Outlook: Stable

CRISIL believes that TBPL will continue to benefit over the medium
term from the funding support that it receives from its promoters.
The outlook may be revised to 'Positive' if the company improves
its scale of operations, while maintaining its profitability,
leading to improvement in its financial risk profile. Conversely,
the outlook may be revised to 'Negative' if TBPL's financial risk
profile deteriorates, most likely because of significant increase
in its inventory, leading to large incremental bank borrowings, or
substantial debt-funded capital expenditure.

TBPL was established in 2009 by Mr. Sudhir Kumar, Mr. Shilpi
Kumar, and Mr. Ankur Kumar. The company is in the basmati rice
milling business. Its manufacturing unit, located in Nehtaur
(Uttar Pradesh), has milling and sorting capacity of 5 tonnes per
hour each.

TBPL, on a provisional basis, reported net profit of INR1.1
million on net sales of INR534 million for 2014-15 (refers to
financial year, April 1 to March 31) against net profit of INR2.5
million on net sales of INR528 million for 2013-14.


TRUVOLT ENGINEERING: CRISIL Withdraws B+ Rating on INR50MM Loan
---------------------------------------------------------------
CRISIL has withdrawn its ratings on the long term bank facilities
of Truvolt Engineering Company Private Limited (TECPL) while
placing the short term ratings on 'Notice of Withdrawal' for a
period of 180 days at TECPL's request. The ratings will be
withdrawn at the end of the notice period. The rating action is in
line with CRISIL's policy on withdrawal of its ratings on bank
loans.

                      Amount
   Facilities       (INR Mln)    Ratings
   ----------       ---------    -------
   Bank Guarantee        50      CRISIL A4 (Notice of Withdrawal)
   Cash Credit           50      CRISIL B+/Stable (Withdrawal)
   Letter of Credit      50      CRISIL A4(Notice of Withdrawal)
   Term Loan             25      CRISIL B+/Stable (Withdrawal)

TECPL was set up by Kolkata-based Mr. S K Ghosh in 1970. The
founder's son, Mr. Rajesh Ghosh, oversees daily operations. TECPL
manufactures furnace and auxiliary transformers, distribution
transformers, voltage circuit breakers, control panel, and
substation equipment.



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


MODERNLAND REALTY: S&P Affirms 'B' Corporate Credit Rating
----------------------------------------------------------
Standard & Poor's Ratings Services said that it had affirmed its
long-term corporate credit ratings and issue ratings on about
US$800 million of rated bonds of Indonesia-based real estate
developers PT Kawasan Industri Jababeka Tbk. (KIJA), PT Pakuwon
Jati Tbk., and PT Modernland Realty Tbk. (Modernland).  The
outlook on S&P's long-term corporate credit ratings on KIJA and
Modernland remains stable.  The outlook on Pakuwon Jati remains
positive.

Property sales of the largest domestic real estate developers for
the nine months ended Sept. 30, 2015, ranged between one-third and
50% of their budgeted sales for 2015, their weakest performance
since 2010.  The sector had been fairly resilient to reduced
domestic GDP growth prospects and weaker consumer sentiment across
other sectors until the first half of 2015.  But the market has
slowed sharply since June 2015.

"We are now assuming mostly flat property sales across the sector
in 2016, compared with 2015 sales," said Standard & Poor's credit
analyst Kah Ling Chan.  "This is a sharp slowdown compared with
our earlier assumption that property sales would grow 15%-30% on
average in 2016."

The external environment remains volatile and visibility is
limited. The timing on interest rate hikes, developments on
currency markets, and any lasting effects of the government
crackdown on errant taxpayers could keep buyers cautious about
committing to the market for the next six months at least.
Because of uncertain market conditions, Indonesian real estate
developers may opt to delay new project launches, thus affecting
property sales.  Developers may also start adjusting prices on the
less desirable units.

Reduced property sales do not have an immediate and material
impact on revenues, profits, and cash flows of rated developers.
This is because developers recognize revenues and profits from
previous sales over a period of 18-36 months.  However, reduced
property sales in 2015 and 2016 will be felt in the form of
reduced revenues, EBITDA, and cash flows -- and gradually weaker
credit metrics -- in 2016 and 2017.

The ratings on KIJA, Pakuwon Jati, and Modernland are all in the
'B' category.  S&P believes their balance sheets and cash flows
can absorb tougher operating conditions for the next six to 12
months and downward revisions to its property sales forecasts for
2016 and 2017.

"We affirmed our 'B' rating on Modernland because we believe the
company's interest servicing capacity can absorb our downward
revision of property sales," Ms. Chan said.  "We now assume
Modernland's property sales will reach about Indonesian rupiah
(IDR) 3.5 trillion in 2015 and 2016, compared with more than IDR5
trillion previously."

An uptick in property sales in 2017 will depend on the timing of
the launch of Modernland's Bekasi residential project.  S&P
projects Modernland's EBITDA interest coverage at 2.0x-2.2x in
2016 and about 2.5x in 2017.  That level remains above S&P's
downgrade rating trigger of EBITDA interest coverage below 2.0x.
But lower property sales and reduced EBITDA will all but exhaust
the financial buffer under the 'B' rating level the company had
built over the past two years and leaves limited room for further
underperformance.

The stable outlook on Modernland reflects S&P's view that the
company's interest coverage will remain above 2.0x in the next 12-
18 months despite the weaker operating environment.  The stable
outlook also reflects S&P's expectation that the company will
calibrate its capital spending and refinance debt maturing at the
end of 2016 well in advance to maintain sufficient liquidity.

"We affirmed the ratings on KIJA because we believe the company
has sufficient headroom in its financial ratios to absorb the
negative effect of lower property sales over the next 12-18
months," Ms. Chan said.

Standard & Poor's projects KIJA's property sales will reach about
IDR1.1 trillion in 2015.  S&P expects a further increase in
property sales to IDR1.6 trillion in 2016 due to the launch of the
company's new Kendal industrial estate.  These projections are 5%-
10% lower than S&P's previous 2015 and 2016 forecasts.  KIJA is
somewhat more buffered from volatile development operations than
other domestic developers as it derives a recurring income from
its power plant, estate management, dry port services, which
accounts for about 30% of gross profit, by S&P's estimates.  In
addition, KIJA is benefitting from the weaker rupiah as payments
for some of these services are also in U.S. dollars.  S&P projects
KIJA's debt-to-EBITDA ratio below 3.5x in 2015 and close to 3.0x
in 2016.  That level remains better than S&P's downgrade rating
trigger of debt to EBITDA of above 3.5x.

The stable outlook on KIJA reflects S&P's expectation that the
company's credit metrics will still gradually improve despite
lower property sales.  S&P expects KIJA's debt to EBITDA to remain
below 3.5x in the next 12-18 months.  The stable outlook also
reflects S&P's expectation that the company will calibrate its
capital spending and maintain adequate liquidity if the market
environment worsens.

S&P's affirmation of the 'B+' rating on Pakuwon Jati reflects
S&P's expectation of a moderate improvement in the company's cash
flow adequacy and leverage ratios through 2017, barring a shift
toward a more aggressive and debt-funded expansion plan over the
next six to 12 months.  Pakuwon Jati is developing a growing
record of operating at modest leverage and we expect its ratio of
debt to EBITDA to remain well below 2.5x through 2017 under S&P's
assumption of annual EBITDA of IDR3 trillion-IDR4 trillion in 2016
and 2017.

"We forecast Pakuwon Jati's property sales at about IDR3 trillion
annually in 2016 and 2017, unchanged from our previous forecast.
A high share of recurring income from rentals and hotel operations
underpins the company's operating resilience," Ms. Chan said.

The company's cash balance and operating cash flows are also
sufficient to fund S&P's forecast level of its capital spending
with only moderate recourse to new debt.  Property sales reached
IDR2.5 trillion for the nine months ended Sept. 30, 2015,
representing 87% of our full-year forecast.  This is the highest
figure among the real estate developers S&P rates.

The positive outlook on Pakuwon Jati reflects the prospects for an
upgrade in the next 12 months if the company strengthens its
record of prudent financial management and control over leverage
while rolling out its new property development and investment
operations.  In S&P's base case, it expects the company's ratio of
debt to EBITDA to be well below 2.5x through 2016.


REASURANSI NASIONAL: Fitch Assigns 'BB-' IFS Rating
---------------------------------------------------
Fitch Ratings Indonesia has assigned PT Reasuransi Nasional
Indonesia (Nasional Re) a National Insurer Financial Strength
(IFS) Rating of 'AA-(idn)'. Fitch has also assigned the company an
IFS Rating of 'BB-'.The Outlook on the ratings is Stable.

'AA' National IFS Ratings denote a very strong capacity to meet
policyholder obligations relative to all other obligations or
issuers in the same country, across all industries and obligation
types. The risk of ceased or interrupted payments differs only
slightly from the country's highest rated obligations or issuers.

KEY RATING DRIVERS

The company's ratings reflect Nasional Re's business concentration
in the catastrophe-prone Indonesian market and its strong market
profile in Indonesia with more than 15 years of operating history.
The ratings also consider the company's capitalisation, which is
weak relative to its business operations and domestic peers; its
fast-growing, healthy operating performance and conservative
investment portfolio.

Nasional Re captured a leading market share of about 34% of the
total domestic gross reinsurance premiums in 2014. It is the
second-largest reinsurer in Indonesia based on total asset size in
2014. Its overall market scale is small when compared with
regional reinsurance peers as the majority of the reinsurance
premiums in Indonesia are ceded to offshore reinsurers.

The reinsurer's capitalisation, measured by the regulatory risk-
based capital (RBC) ratio, has been marginally above the
regulatory minimum of 120% over the last four years. Its RBC ratio
stood at 142.4% as of end-August 2015, following a capital
injection from its parent in June 2015. In view of regulatory
changes to encourage greater optimisation of domestic reinsurance
capacity, Fitch expects Nasional Re to improve its capital
position to keep up with continued business expansion and ensure
sufficient capital buffers against adverse shocks.

Nasional Re's gross premium growth on a three-year average is
around 40.4% and is the highest among its local reinsurance peers.
Its underwriting performance has been healthy in the last four
years and its combined ratio (aggregate of non-life loss ratio and
expense ratio) has remained below 95%. Lower claims frequency,
manageable underwriting expenses and steady investment returns
have also translated into a favourable bottom-line performance.
Nonetheless, continued business expansion is a key risk,
particularly if underwriting standards deteriorate and
capitalisation buffers are eroded.

The company follows a prudent and highly liquid investment
approach, with more than 90% of its invested assets placed in cash
and equivalents and fixed-income securities at end-June 2015. Some
of the cash was placed in banks rated below investment-grade or
unrated. Nasional Re has minimal exposure to risky assets, such as
unaffiliated stocks, which constituted less than 5% of the total
invested assets and represented 5.7% of its adjusted equity.

RATING SENSITIVITIES

Key rating triggers for an upgrade include a sustained improvement
in Nasional Re's capitalisation with the regulatory RBC ratio
consistently above 180%, with market position and operating
performance maintained and a combined ratio consistently below
95%.

Key rating triggers for a downgrade include a significant
deterioration in capitalisation with regulatory RBC ratio
persistently below 130%, a weakening of market franchise or
operating performance with combined ratio above 105% over a
prolonged period.



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


TAKATA CORP: 3 More Automakers Pull Plug On Faulty Airbags
----------------------------------------------------------
Miho Tanaka and Junichi Kamiyama at The Asahi Shimbun report that
three additional Japanese automakers have announced that they are
halting the use of Takata Corp.-made components as the fallout
from the company's faulty airbag scandal continues.

The report relates that Mazda Motor Corp., Fuji Heavy Industries
Ltd. and Mitsubishi Motors Corp. all said Nov. 5 that they will
follow Honda Motor Co.'s lead, announced two days earlier, and no
longer install auto parts produced by Takata in their vehicles.

According to the report, Yasuyuki Yoshinaga, president and CEO of
Fuji Heavy Industries, which operates the auto brand Subaru, said
that his company is planning to halt the installation of Takata-
made air bag inflator devices in their new vehicles.

Asahi Shimbun notes that Mazda has made a similar decision and is
also preparing to introduce substitute devices to replace Takata
inflators in models currently in production. Mitsubishi has
switched to air bag inflators made by a different manufacturer in
some of their vehicles.

Asahi Shimbun says the U.S. National Highway Traffic Safety
Administration ordered Takata on Nov. 3 to phase out the
production of inflators using ammonium nitrate by the end of 2018.
The auto safety regulator believes the explosive nature of the
chemical caused the rupturing of Takata air bags, resulting in
seven deaths and nearly 100 injuries in the United States, the
report states.

The report notes that Takata plans to continue producing air bags
by replacing its inflators with those made by a third party. The
change may mean that the company can regain some of its lost
business.

"Even if they are Takata-made components, we will deal with them
fairly and squarely as long as safety is ensured," Mazda Motor
Executive Vice President Akira Marumoto said Nov. 5, the report
relays.

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

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


TOSHIBA CORP: Securities Watchdog Eyes Record JPY7BB Fine
---------------------------------------------------------
Nikkei Asian Review reports that Japanese regulators are expected
to recommend as early as this month a penalty of more than
JPY7 billion ($56.3 million) for Toshiba Corp. for book-padding
that they contend had a substantial adverse impact on investors.

Nikkei says the Securities and Exchange Surveillance Commission,
part of the Financial Services Agency, has undertaken a full-scale
investigation based on scandal-related write-downs of earnings for
the past seven years, which the company announced Sept. 7. The
report relates that profits were downgraded by a total of JPY224.8
billion, with previously reported gains turning to losses in
multiple years. The securities watchdog considers this
falsification of financial statements.

According to Nikkei, regulators are working to nail down the size
of the fine, which is likely to end up in the neighborhood of
JPY7.5 billion. But it could exceed JPY8 billion given the
regulator's emphasis on the scandal as a social problem.

Nikkei relates that the commission will pass on its recommendation
as soon as the end of November to the FSA, which will impose the
fine on Toshiba. Because the company set aside an JPY8.4 billion
reserve for administrative penalties in fiscal 2014, the impact on
earnings is expected to be minimal.

According to the report, the fine is expected to outstrip the
current record in Japan for accounting-related violations, now
held by the JPY1.6 billion fine paid by IHI in 2008. Nikkei notes
that the documents with fraudulent data include not only quarterly
earnings reports, but also notifications related to bond and stock
issuances, which will be used in calculating the size of the
penalty. Toshiba floated more than JPY300 billion in bonds between
2010 and 2014, including to retail investors, which is likely one
reason for the massive fine.

The Certified Public Accountants and Auditing Oversight Board and
the FSA are considering a fine for Toshiba auditors Ernst & Young
ShinNihon as well and have begun an investigation toward that end,
says Nikkei.

The report relates that the involvement of three former Toshiba
presidents, including Hisao Tanaka, in the scandal has forced them
to leave the company. Toshiba on Nov. 7 took legal action against
five former executives to seek damages.

Management-led book-cooking at Olympus led to criminal charges,
the report notes. Although the Securities and Exchange
Surveillance Commission is discussing the possibility of filing
such charges against Toshiba, a top official said that proving
executives were behind the scandal would be "a hurdle too high to
clear," adds Nikkei.

                       About Toshiba Corp.

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

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

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

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

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

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



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


TRILL PRODUCTIONS: Goes Into Liquidation
----------------------------------------
Cliff Sanderson at Dissolve.com.au reports Trill Productions Ltd
went into voluntary liquidation on November 2. The company
operated New Zealand's Monster Slide events.

In Australia, the company reportedly cancelled 3 advertised events
before the business model was scrapped after 6 months, the report
notes.



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


BW GROUP: Moody's Keeps Ba1 Rating on BW Pacific IPO Postponement
-----------------------------------------------------------------
Moody's Investors Service says that BW Pacific Limited's (unrated)
announcement on Nov. 13, that it will not proceed with its planned
IPO and listing on the Oslo Stock Exchange has no impact on the
rating of its majority shareholder, BW Group Ltd (BW Group, Ba1
stable).

"The postponement of the BW Pacific IPO has no ratings impact on
its majority shareholder, BW Group, as the decision will have
limited implications on BW Group's liquidity profile or capital
structure," says Brian Grieser, a Moody's Vice President - Senior
Analyst.

BW Group, who's 68.9% ownership interest in BW Pacific would have
been reduced to 44%-48% had the IPO been successful, was expected
to receive proceeds of potentially $30 million from the IPO.
Receipt of these IPO proceeds would not have had a material impact
on BW Group's liquidity.

"BW Group currently has a very good liquidity profile supported by
a cash balance of $788 million at June 30, 2015, $400 million of
committed revolver availability and strong cash flows from its
majority owned subsidiaries as well as dividends from non-
controlling investments," adds Grieser, who is also the lead
analyst for BW Group.

On Nov. 2, BW Pacific announced its intent to sell almost 49
million new common shares and 10 million existing common shares at
between NOK44 and NOK50 per share.  Proceeds from the new common
shares of roughly $250 million were expected to be used to repay
$97 million of debt (due 2018), fund $79 million of pre-delivery
installments on 6 new LR1 tankers and the balance of $67 million
was to be available for general corporate purposes.

With the postponement of the IPO, BW Group may have to commit
funds for the $67 million of pre-delivery installments at BW
Pacific, which were planned to be financed with IPO proceeds.  If
BW Group is required to contribute cash to BW Pacific, we believe
this will be easily managed given the strength of its liquidity
profile.

BW Group's capital structure will remain largely in-tact although
the consolidated financial statements will continue to include BW
Pacific and its debt.  Had the IPO been successful, debt of $646
million would have been deconsolidated from BW Group's balance
sheet.

The loans are the obligation of BW Product Tankers Pte. Ltd., a
subsidiary of BW Pacific, and are not guaranteed by BW Group.  The
loans are secured by BW Pacific's fleet of 17 LR1 tanker vessels
and 12 MR tanker vessels, which provide 147% vessel asset value
coverage of the loans.

BW Pacific's loans are long dated and annual interest and loan
amortization requirements will be fulfilled by BW Pacific.  As
such, Moody's expects limited financial support to be required
from BW Group in 2016-2017 outside of the potential funding of the
delivery installments.

The balance of BW Pacific's newbuild program is largely prefunded
with debt and will be secured by new vessels of BW Pacific as they
are delivered.

BW Pacific, owned 68.9% by the BW Group and 31.1% by PAG Tankers
Limited (unrated) is an oil product tanker owners and operator.
Its fleet consists of 35 vessels, comprising 17 owned LR1s, 18
owned MRs and a total of 10 newbuildings, of which six are LR1s
and four are MRs.

BW Group Ltd, managed in Singapore, owns and operates a combined
fleet of 157 vessels which includes Very Large Gas Carriers
(VLGCs), crude and refined oil tankers, Liquefied Natural Gas
(LNG), Liquefied Petroleum Gas (LPG) carriers, Floating Storage
Regasification Unit (FSRU) and Floating Production Storage and
Offloading (FPSO) units.



                             *********

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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