TCRAP_Public/151202.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

          Wednesday, December 2, 2015, Vol. 18, No. 238


                            Headlines


A U S T R A L I A

CCH SERVICES: First Creditors' Meeting Scheduled For Dec. 9
G P METAL: First Creditors' Meeting Set For Dec. 9
GROOM SPA: Closes Leaving Customers With Worthless Gift Vouchers
HEALTHZONE LIMITED: Ex-Director Jailed For Market Manipulation
M S M DEVELOPMENTS: First Creditors' Meeting Set For Dec. 9

MASS FINISH: First Creditors' Meeting Slated For Dec. 9
MOKO SOCIAL MEDIA: Auditor Expresses Going Concern Doubt
PROGEN PHARMACEUTICALS: Auditor Raises Going Concern Doubt


C H I N A

GOLDEN WHEEL: Fitch Rates US Dollar Proposed Notes 'B(EXP)'

* CHINA: Brokerages Reveal Five China Bond Deadlines to Watch


I N D I A

ANJANI COTTON: ICRA Reaffirms B+ Rating on INR18cr Cash Loan
ANNAI ARUL: Ind-Ra Affirms 'IND B' Long-Term Issuer Rating
ARUN LASER: CRISIL Assigns 'B' Rating to INR40MM Cash Loan
ASHISH KUMAR: Ind-Ra Assigns 'IND B+' Long-Term Issuer Rating
BHOLA NATH: CRISIL Reaffirms B- Rating on INR38.5MM Cash Loan

BHOROSHA RICE: CRISIL Cuts Rating on INR95MM Cash Loan to D
ESHAAN EXPORTS: ICRA Assigns B Rating to INR7cr Cash Loan
GAYATRI SEA: Ind-Ra Assigns 'IND BB-' Long-Term Issuer Rating
H.V. EQUIPMENTS: CRISIL Reaffirms B+ Rating on INR30MM Loan
HARSORIA HOSPITALITY: ICRA Withdraws B Rating on INR10.5cr Loan

HIND UNITRADE: ICRA Suspends B+ Rating on INR7cr Loan
INNOVATIVE INFRAPROJECTS: ICRA Suspends C Rating on INR18cr Loan
K. B. RICE: CRISIL Reaffirms 'B' Rating on INR70MM Cash Loan
KESAR ALLOYS: CRISIL Cuts Rating on INR60MM Cash Loan to 'B'
KISHORE G: CRISIL Ups Rating on INR55MM Cash Loan to B+

KVK GRANITES: ICRA Lowers Rating on INR1.76cr Loan to D
M.R. GUPTA: Ind-Ra Assigns 'IND BB-' Long-Term Issuer Rating
MAHARAJ VINAYAK: ICRA Withdraws B+ Rating on INR14cr Loan
MILAN INFRASTRUCTURES: CRISIL Reaffirms B+ Rating on INR80MM Loan
MODERN GRIT: CRISIL Assigns B+ Rating to INR60MM Cash Credit

MOREISH FOODS: CRISIL Assigns B+ Rating to INR79.3MM LT Loan
MOTHER INDUSTRIES: CRISIL Assigns 'B' Rating to INR50MM Loan
MUSTANG SERVICES: CRISIL Assigns B+ Rating to INR60MM Cash Loan
NATURAL ORGANIC: CRISIL Reaffirms B Rating on INR95.8MM Loan
PATRAN FOODS: Ind-Ra Hikes Long-Term Issuer Rating to 'IND BB-'

PROGRESS TRADERS: CRISIL Reaffirms B+ Rating on INR50MM LT Loan
PUTHUPALAYAM TIMBER: CRISIL Rates INR10MM Cash Credit at B+
R T EXPORTS: CRISIL Assigns 'D' Rating to INR149.5MM Term Loan
RAM RATAN: Ind-Ra Puts 'IND B+' Long-Term Issuer Rating
RICHLOOK GARMENTS: ICRA Suspends D Rating on INR39.5cr Loan

SAINI ALLOYS: ICRA Upgrades Rating on INR12cr Loan to B+
SANDHA HEEMGHAR: ICRA Suspends B Rating on INR14.21cr Loan
SHAKTI INDUSTRIES: ICRA Suspends B Rating on INR9.25cr Loan
SHANKAR RICE: ICRA Reaffirms B Rating on INR9.76cr Loan
SHREE BALAJI: CRISIL Assigns 'B' Rating to INR32.5MM Term Loan

SHREE BALAJI GUM: CRISIL Assigns B+ Rating to INR100MM Loan
SHRI BASAV: CRISIL Assigns 'B' Rating to INR70MM LT Loan
SREE VEERA: CRISIL Ups Rating on INR75.1MM Term Loan to 'C'
SRI LAKSHMI: ICRA Upgrades Rating on INR9cr Cash Loan to B+
SRI LAXMI: CRISIL Assigns B+ Rating to INR50MM Cash Credit

SRI SRINIVASA: CRISIL Assigns 'B' Rating to INR60MM Cash Loan
SUS AGRO: CRISIL Reaffirms 'B' Rating on INR82.8MM Term Loan
SWACHHA BEVERAGES: CRISIL Cuts Rating on INR35MM Term Loan to D
TRIDEV ISPAT: Ind-Ra Assigns 'IND BB-' Long-Term Issuer Rating
VINAYAK CORP: Ind-Ra Affirms 'IND BB-' Long-Term Issuer Rating


J A P A N

TOSHIBA CORP: 50 Shareholders to File JPY300MM Damages Suit
TOSHIBA CORP: President Vows Greater Transparency Amid Scandals


P H I L I P P I N E S

FIRST PROVINCIAL: Former Manager Charged With Qualified Theft


S O U T H  K O R E A

PANTECH CO: Relaunches After Receivership

* SOUTH KOREA: Banks' Loan Delinquency Rate Edges up in Oct.


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CCH SERVICES: First Creditors' Meeting Scheduled For Dec. 9
-----------------------------------------------------------
David Michael Stimpson and Terry Grant van der Velde of SV
Partners were appointed as administrators of CCH Services Pty Ltd
on Nov. 27, 2015.

A first meeting of the creditors of the Company will be held at
SV Partners, 138 Mary Street, in Brisbane, Queensland, on Dec. 9,
2015, at 11:00 a.m.


G P METAL: First Creditors' Meeting Set For Dec. 9
--------------------------------------------------
John Morgan & Geoffrey Davis of BCR Advisory were appointed as
administrators of G P Metal Products Pty. Ltd., also Known as
Freedom Mobility CQ and Hitch 'n' Go, on Dec. 1, 2015.

A first meeting of the creditors of the Company will be held at
Rockhampton Leagues Club, Cambridge Street, in Rockhampton,
Queensland, on Dec. 9, 2015, at 10:45 a.m.


GROOM SPA: Closes Leaving Customers With Worthless Gift Vouchers
----------------------------------------------------------------
Eloise Keating at SmartCompany reports that a chain of four day
spas in Melbourne has closed just weeks before Christmas, amid
claims from angry customers who have been left with gift vouchers
that can't be redeemed.

SmartCompany relates that Groom Spa's four outlets in Melbourne
shopping centres at Chadstone, Southland, Doncaster and Fountain
Gate all closed this week, with customers revealing on Facebook
they received text messages on Nov. 29 evening cancelling their
appointments.

According to SmartCompany, the phone numbers listed for the beauty
salons are answered by a voice recording that says "due to
unforseen circumstances, this spa has been closed" and callers are
directed to email the company's client services department.
However, SmartCompany did not receive a response from the
department on Dec. 1.

The Groom Spa website has been taken offline, as has its Facebook
page, SmartCompany says.

However, customers have taken to a Facebook location page for the
Fountain Gate salon to voice their concerns, SmartCompany relates.

"I would just like to thank Groom Spa in Fountain Gate that sent
me a message at 6:00 p.m. on Sunday [Nov. 29] night to tell me
they can't keep my appointment on Friday [Nov. 27] because they
are closing down," said one customer on Sunday [Nov. 29], says the
report.  "Now not only is this a sad and shitty thing to happen to
me as it was a significant gift voucher given to me by decent
people but also to all the people they were still selling gift
vouchers to knowing they were going to cease trading today."

SmartCompany relates that other commenters said they now have no
way to redeem gift vouchers worth as much as AUD300 dollars, while
another person said they have been attempting to obtain a refund
for gift vouchers since July.

While the Facebook page is not managed by Groom Spa, a former
employee of the Fountain Gate salon responded to some of the
complaints by saying the sudden closure "has come as a great
disappointment to all of our staff and customers," SmartCompany
relays.  "We have had to deal with the shock of this sudden
closure as much as you have, and feel terrible for those clients
who feel short-changed by the decision to close," they wrote.
"We intend to try and reach out to as many of our loyal customers
as possible to contact you directly."

"Please understand that we are all devastated by the news,
particularly being so close to Christmas and we are now in a
position where we all need to look for new jobs. We never wished
or wanted this for our clients as we have respect and loyalty
towards you all."

A spokesperson for Consumer Affairs Victoria told SmartCompany the
regulator has received 13 complaints from Groom Spa customers
since Monday morning, including complaints about Groom Spa not
responding to calls and not being open so gift vouchers can be
redeemed.

While it is not yet clear if Groom Spa has closed or under
external management, the spokesperson said individuals with gift
cards from a business that has closed or is in liquidation can
contact their financial institution to request a chargeback on
their credit card, according to SmartCompany. If this is refused,
they can contact the Financial Ombudsman Service. If someone has
received a voucher as a gift, and the business is under external
administration, the holder can register as an unsecured creditor
of the business, the report states.


HEALTHZONE LIMITED: Ex-Director Jailed For Market Manipulation
--------------------------------------------------------------
Mr Robert Dulhunty, a former director of Healthzone Limited
(Healthzone) has been sentenced in the NSW Supreme Court for
market manipulation, following an ASIC investigation.

Mr Dulhunty, of Watsons Bay, NSW was sentenced to 18 months in
prison, to be released on a recognisance after serving six months,
to be of good behaviour for the balance of the term, for one count
of conspiring with others to manipulate the share price of
Healthzone between May 1, 2007 and Dec. 12, 2010.

Mr Dulhunty was a director of Healthzone between May 4, 2007 and
March 27, 2009. He also provided corporate finance and advisory
services to Healthzone.

During the conspiracy period in which Mr Dulhunty was involved, Mr
Dulhunty and his co-conspirators completed a total of 377
manipulative trades on the ASX  at the time of various corporate
activities by Healthzone, including capital raisings and
acquisitions.

Mr Dulhunty and his co-conspirators used 15 separate trading
accounts. These accounts were either in their own names, or in the
names of third parties acting on instructions from Mr Dulhunty and
his co-conspirators.

During this period, Mr Dulhunty and his co-conspirators purchased
1,797,424 Healthzone shares for a total outlay of AUD679,475.

ASIC Commissioner Cathie Armour said, 'Market manipulation is a
very serious offence. I reiterate ASIC's message that we have the
people and systems in place to detect, investigate and prosecute
suspicious trading activity and will vigorously pursue market
misconduct'.

The matter was prosecuted by the Commonwealth Director of Public
Prosecutions.

Healthzone listed on the ASX in November 2006 following an initial
public offering and was delisted when it was placed into external
administration and receivership in November 2011. Healthzone went
into liquidation in March 2012.


M S M DEVELOPMENTS: First Creditors' Meeting Set For Dec. 9
-----------------------------------------------------------
Peter Dinoris and Nick Combis of Vincents Chartered Accountants
were appointed as administrators of M S M Developments Pty Ltd on
Nov. 27, 2015.

A first meeting of the creditors of the Company will be held at
Vincents Chartered Accountants, Level 34, 32 Turbot Street, in
Brisbane, Queensland, on Dec. 9, 2015, at 11:00 a.m.


MASS FINISH: First Creditors' Meeting Slated For Dec. 9
-------------------------------------------------------
Graeme Beattie & Aaron Lucan of Worrells Solvency + Forensic
Accountants were appointed as administrators of Mass Finish Pty
Limited on Nov. 27, 2015.

A first meeting of the creditors of the Company will be held at
Worrells Solvency + Forensic Accountants, Suite 3, Level 1, 96
Phillip Street, in Parramatta, New South Wales, on Dec. 9, 2015,
at 10:30 a.m.


MOKO SOCIAL MEDIA: Auditor Expresses Going Concern Doubt
--------------------------------------------------------
BDO East Coast Partnership, in an Oct. 30, 2015 letter to the
Board of Directors and Stockholders of MOKO Social Media Limited,
disclosed that substantial doubt about the company's ability to
continue as a going concern exists.  The firm has audited the
consolidated financial statements of the company and its
subsidiaries, which comprise the consolidated balance sheets as of
June 30, 2014 and 2015, and the related consolidated statements of
profit or loss and comprehensive income, changes in equity and
cash flows for the three years ended June 30, 2015, and the
related notes to the consolidated financial statements.

BDO said that the ability of the company to continue as a going
concern is dependent upon the future successful raising of
necessary funding through equity.  "These conditions, along with
other matters, indicate the existence of a material uncertainty
that may cast significant doubt about the consolidated entity's
ability as a going concern . . ."

MOKO Social Media Chief Executive Officer Ian Rodwell and Chairman
Greg McCann revealed, in a regulatory filing with the U.S.
Securities and Exchange Commission dated October 30, 2015, that
the company is operating on a negative operating cash flow basis.
Net cash used in operations for the year ended 30 June 2015 was
A$18,231,444 (2014: A$7,067,727).  The company made an operating
loss of A$20,294,007 for the year ended 30 June 2015 (2014:
A$13,596,459).

The company's balance sheets disclosed total assets of
A$14,106,444, total liabilities of A$3,025,868, and total
stockholders' equity of A$11,080,576.  As of June 30, 2015, the
company's consolidated cash and cash equivalents were A$7,219,908
($5,562,217).

"We currently hold no outstanding debt.  At June 30, 2015, the
company's significant non-cancellable forward commitments relate
only to operating lease payments, and total A$977,711 ($753,229)
which are payable as A$414,406 ($319,258) within one year and
A$563,305 ($433,970) within one year and five years," Mr. McCann
said.

"In order to continue as a going concern, the company needs to
raise additional funds. The directors acknowledge that the
requirement to raise additional funding represents a material
uncertainty which may cast significant doubt over the ability of
the company to continue as a going concern," Messrs. Rodwell and
McCann told the SEC.

To initiate the capital raising process, on 14 July 2015 the
company filed a Form F-3 Registration Statement with the SEC for a
maximum aggregate public offering of up to US$40,000,000.

The current state of the securities markets has posed some
challenges to this capital raising process. In the light of this,
the directors are pursuing a number of funding possibilities
ranging from working with brokers (both institutional and retail
investors), strategic stakeholders and major shareholders.
Through one of, or a combination of these, together with a
reduction in expenditure, the directors expect that sufficient
funds will be raised to continue trading with a view to
reassessing the company mid-term working capital requirements in
the new calendar year.

"The Directors are confident that following successful capital
raising the company can continue to meet its debts as and when
they become due and payable.  The financial report has therefore
been prepared on a going concern basis.

"Should the company be unable to continue as a going concern it
may be required to realise its assets and discharge its
liabilities other than in the normal course of business and at
amounts different to those stated in the financial statements.
The financial statements do not include any adjustments relating
to the recoverability and classification of asset carrying amounts
or the amount of liabilities that might result should the company
be unable to continue as a going concern and meet its debts as and
when they fall due," Messrs Rodwell and McCann pointed out.

Moreover, the company has made a strategic decision to focus its
resources on the student market.  The results from the
monetization of its student focused products, REC*IT and
SPEAKIESY, are not yet reflected in the company's operating
results or cash flows.  The company's decision to focus on the
student market has been made on the basis that the U.S. student
audience is among the most valuable to brands and advertisers and
provides huge potential for future monetization.  As these
products are not yet commercialized there remains uncertainty over
this expectation.

A full-text copy of the company's annual report is available for
free at: http://tinyurl.com/jra3nd6

Moko Social Media Limited, formerly MOKO.mobi Limited, (ASX: MKB)
is an Australia-based company, which is engaged in the development
and branding of mobile social networks for tailored audiences to
enable mobile communities of groups of people to socialize and
communicate around their common interests.


PROGEN PHARMACEUTICALS: Auditor Raises Going Concern Doubt
----------------------------------------------------------
PKF O'Connor Davies, in a letter to the Board of Directors and
Shareholders of Progen Pharmaceuticals Limited on October 27,
2015, said there is substantial doubt about the company's ability
to continue as a going concern. The firm audited the consolidated
statement of financial position of Progen Pharmaceuticals Limited
as of June 30, 2015 and 2014 and the related consolidated
statements of comprehensive income (loss), changes in equity, an
cash flows for each of the three years in the period ended
June 30, 2015.

For the fiscal year ended June 30, 2015, the company incurred a
net loss of $4,684,104 and will be required to raise additional
funds to continue as a going concern, according to PKF. "These
conditions raise substantial doubt about the company's ability to
continue as a going concern."

Progen Group Financial Accountant Generosa Hipona related in a
regulatory filing with the U.S. Securities and Exchange Commission
on June 30, 2015 that the company incurred a net loss of
$4,684,104 for the year ended 30 June 2015, compared to a net loss
of $1,806,945 for the year ended 30 June 2014.

As at 30 June 2015 the company has cash reserves of $2,813,301,
net current assets of $3,036,429 and net assets of $3,461,752. The
company is currently active in the discovery, research and
development of pharmaceutical therapeutics for the treatment of
human diseases.

"Current cash inflows are not sufficient to continue to fund
operations and based on current and projected expenditure levels
management may contemplate a capital raising to continue to fund
operations," Ms. Hipona disclosed.

The ability of the consolidated entity to continue as a going
concern is principally dependent upon one or more of:

  * the ability of the company to raise additional capital
    funding in the form of equity and/or government sponsored
    research;

  * the continued support of the current shareholders;

  * the ability to successfully develop and extract value from
    its projects that are under development; and/ or

  * The ability to spin-off or cease operations in non-core areas
    of the company.

"These conditions give rise to material uncertainty which may cast
significant doubt over the company's ability to continue as a
going concern.

"In the past, the company has been able to raise funds in order to
meet its capital requirements and the directors will continue to
explore ways to obtain the needed funding for the continuity and
further development of the company's assets.

Ms. Hipona revealed that the directors believe that the going
concern basis of preparation is appropriate due to the following
reasons:

  * To date the company has funded its activities through
    issuance of equity securities and it is expected that the
    company will be able to fund its future activities through
    further issuances of equity securities; and

  * The directors believe there is sufficient cash available for
    the consolidated entity to continue operating until it can
    raise sufficient further capital to fund its ongoing
    activities.

Should the Group be unable to continue as a going concern, it may
be required to realise its assets and extinguish its liabilities
other than in the ordinary course of business, and at amounts that
differ from those stated in the financial statements, Ms. Hipona
added.

At June 30, 2015, the company had total assets of $5,056,665,
total liabilities of $1,594,913, and total stockholders' equity of
$3,461,752.

A full-text copy of the company's annual report is available for
free at: http://tinyurl.com/hjomuyk

Progen Pharmaceuticals Limited discovers, develops and
commercializes small molecule therapeutics primarily for the
treatment of cancer. The company operates the Research and
Development business segment primarily in Australia following the
closure of the U.S. office in October 2010.



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GOLDEN WHEEL: Fitch Rates US Dollar Proposed Notes 'B(EXP)'
-----------------------------------------------------------
Fitch Ratings has assigned China-based homebuilder Golden Wheel
Tiandi Holdings Company Limited's (GWTH, B/Stable) proposed US
dollar senior unsecured notes an expected rating of 'B(EXP)' and
Recovery Rating of 'RR4'.

The notes are rated at the same level as GWTH's senior unsecured
rating of 'B' as they represent direct, unconditional, unsecured
and unsubordinated obligations of the company. The final rating is
contingent on the receipt of final documents conforming to
information already received.

KEY RATING DRIVERS

Niche Positioning: GWTH remains focused on developing small
commercial and residential projects linked to metro stations. The
company has four such projects in presale in 2H15. These kinds of
projects usually fetch higher average selling prices because of
their more convenient locations and the better foot traffic for
the commercial property components. Potential competition from
large national developers for metro-linked projects may squeeze
GWTH's margin over the longer term, though volume-driven
developers are less likely to participate in these small niche
projects.

Rising Recurring Income: GWTH's recurring income is likely to
gradually improve from 2015, with a new mall in Nanjing making its
first full year of contribution, and as its new business of
leasing out shops in metro stations matures from 2016. After the
successful operation of a business leasing out shops in Nanjing's
Xinjiekou metro station, GWTH recently became the master lessee of
shops in another 13 metro stations in three other cities, with the
master rental contract running for 10 to 15 years. Fitch considers
GWTH's commitment for the rental under the master lease as fixed
costs, and failure to turn a profit from this metro leasing
business may negatively impact the ratings.

Limited Headroom for Land Acquisition: Fitch expects GWTH's
leverage as measured by net debt/adjusted inventory to trend
higher towards 40% from 23% at end-June 2015. This is because
GWTH's development expenditure in 2015 is unlikely to be offset by
sales, which are capped by the company's limited completed
property inventory. The large development expenditure budget will
restrict the company's ability to make further large land
acquisitions. Fitch expects GWTH to maintain a land acquisition
budget of 30%-35% of the company's annual contracted sales from
2016.

KEY ASSUMPTIONS

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

-- GWTH's annual sales by gross floor area (GFA) to stabilise
    between 160,000 square metres (sqm) and 200,000 sqm for 2015-
    2017
-- Substantial sales to be achieved from the third year after
    land is acquired, and mostly from completed units
-- Only investment properties that are completed or under
development, and existing metro leasing businesses will contribute
to recurring EBITDA

RATING SENSITIVITIES

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

-- Net debt/ adjusted inventory rising above 40% on a sustained
    basis (2014: 21%)
-- Deviation from the current focus on metro-linked projects
-- EBITDA margin falling below 25% on a sustained basis (2014:
    23%)
-- Metro leasing business suffering sustained losses

Positive: No positive rating action is expected over the next 12-
18 months given the company's current small scale. However,
positive rating action may result from:

-- Investment properties' value exceeding CNY5bn (2014:
    CNY4.2bn)
    and annual development property sales sustained above CNY3bn
    (2014: CNY725m)
-- Recurrent EBITDA interest coverage rising over 1.0x on a
    sustained basis (2014: 0.6x)


* CHINA: Brokerages Reveal Five China Bond Deadlines to Watch
-------------------------------------------------------------
Bloomberg News reports that a chemical producer, chicken
processor, a sausage maker, a tin smelter and a coal miner have
something in common.  Surging losses and high leverage have
prompted brokerages to put red flags on their debt, Bloomberg
says.

Bloomberg relates that China International Capital Corp., Guotai
Junan Securities Co. and Haitong Securities Co. all flagged the
five companies' liquidity risks this month after China Shanshui
Cement Group Co. became at least the sixth firm to default in the
onshore bond market on Nov. 12. Corporate notes are suffering,
with the yield premium for five-year AA- rated debentures over the
sovereign widening 19.8 basis points this month, the most this
year, according to Bloomberg.

"One of the triggers for a financial crisis in China would be
high-profile corporate defaults, which could change a deep-rooted
mindset among investors that the government would always stand
behind troubled companies," Bloomberg quotes Xia Le, a Hong Kong-
based economist at Banco Bilbao Vizcaya Argentaria SA, as saying.
"Then a panic would follow."

Bloomberg says Premier Li Keqiang has pledged to weed out zombie
companies to help restructure the economy while trying to prevent
a hard landing amid the worst slowdown in a quarter century.
Bloomberg reports that a Chinese producer of pig iron, Sichuan
Shengda Group Ltd. said on Nov. 26 it may not be able to repay
bonds next month if investors demand their early redemption.
Fertilizer maker Jiangsu Lvling Runfa Chemical Co. is asking its
guarantor to repay debt due Dec. 4, says Bloomberg.

Bloomberg says other companies wrestling with high debt and low
liquidity, according to CICC, Guotai Junan and Haitong, are:

1. Xianglu Petrochemicals Co.

Dec. 28. is the day when the company's CNY700 million ($109.4
million) 5.8 percent notes come due. The Fujian-based chemical
producer says on its website it has the world's biggest capacity
to produce pure terephthalic acid, or PTA. As of Sept. 30, it had
cash and cash equivalent of CNY1.3 billion, only sufficient to
cover 18 percent of its short term debt, according to a Nov. 17
CICC report. The company has recorded net losses since 2012,
according to its filings on Chinamoney's website. It attributed
its third quarter loss to oversupply of PTA and a prolonged
production halt due to an accident. The company has been
accelerating collection of account receivables and talking to its
banks to avoid a liquidity crunch, according to a Nov. 6 filing
cited by Bloomberg.

2. Fujian Sunner Development Co.

Jan. 22 is the maturity date for the firm's CNY400 million 6
percent notes. The poultry processor, based in the southeastern
province of Fujian, had cash and cash equivalents of CNY439
million at the end of Sept., only sufficient to cover 13 percent
of its short-term debt, according to the CICC report. In the third
quarter, the Shanghai-listed company recorded a 95 percent plunge
in profits from the year-earlier period.

3. Yunnan Tin Group Holding Co.

Jan. 30 is when the world's biggest tin smelter has CNY2 billion
of one-year 5.8 percent bonds to repay. The company reported a
loss of CNY1.36 billion in the first three quarters, more than the
shortfall of CNY128.8 million a year earlier, due to sluggish
demand for non-ferrous metals. Yunnan Tin had CNY42.47 billion of
liabilities as of June 30 and CNY53.52 billion of assets. An
official in the asset finance department of Yunnan Tin, who would
only give her last name Yang, said the company will repay the
bonds on time, Bloomberg says. China Chengxin International Credit
Rating Co. lowered the outlook for Yunnan Tin's AA issuer rating
to negative from stable, according to a June 30 statement cited by
Bloomberg.

4. Nanjing Yurun Foods Co.

March 17 and May 13 are the two next deadlines for the sausage
maker, which averted a default in October. It needs to pay CNY500
million of one-year 6.45 percent bonds and CNY1 billion of three-
year 5.27 percent notes respectively. Shanghai Brilliance Credit
Rating & Investors Service Co. lowered the company's rating to A
from AA on Oct. 14, citing losses and the March house arrest of
the company's controller Zhu Yicai. Nanjing Yurun posted a loss of
CNY524.4 million for the first nine months, compared with a profit
of CNY55.05 million a year earlier. The company had CNY15.22
billion of assets as of Sept. 30, compared with CNY9.55 billion of
liabilities.

5. Chinacoal Group Shanxi Huayu Energy Co.

April 6 is when the coal miner's CNY600 million 6.3 percent notes
come due. The company, controlled by state-owned China National
Coal Group Corp., owns eight coal mines and employs over 10,000
workers, according to its website. As of Sept. 30, it had cash and
cash equivalents of CNY1.2 billion yuan, enough to cover 22
percent of its short-term debt, the CICC report said. The company
reported a loss of CNY451 million in 2014 and another CNY421
million in the first nine months of 2015, when the average selling
price for its coal dropped 21.6 percent from a year earlier.
Debt-to-asset ratios rose in the third quarter at about 80 percent
of the the coal companies analyzed in the CICC report.



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ANJANI COTTON: ICRA Reaffirms B+ Rating on INR18cr Cash Loan
------------------------------------------------------------
ICRA has reaffirmed/assigned an [ICRA]B+ rating to INR18.00 crore
fund based cash credit facility and INR1.75 crore proposed limits
of Anjani Cotton Industries.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit Limit     18.00       [ICRA]B+; Reaffirmed
   Proposed limits        1.75       [ICRA]B+; Assigned

The rating continues to be constrained by the firm's weak
financial profile characterized by thin profitability, leveraged
capital structure on account of debt funded capex as well as
moderate coverage indicators. The rating also considers the low
profit margin on account of limited value addition and highly
competitive and fragmented industry structure due to low entry
barriers. The rating are further constrained by vulnerability of
profitability to raw material prices, which are subject to
seasonality and crop harvest and regulatory risks with regard to
minimum support price (MSP) of raw cotton and export of cotton
bales. ICRA further notes that the firm is exposed to risk of
capital withdrawal inherent in the partnership nature of the
business.

The rating however continues to favorably consider the long
experience of the partners in cotton industry as well as favorable
location of the plant giving it easy access to high quality raw
cotton.

Anjani Cotton Industries is engaged in cotton ginning and pressing
operations. The current partnership was formed in 2008 after the
business was acquired from the retiring partners, who established
the firm in 2000. The business is managed by Mr. Rajesh Ghodasara
and Mr. Vipul Ghodasara. The firm's manufacturing facility is
located at Wakaner, District- Rajkot. The firm has 60 ginning
machines and 1 pressing machine with a production capacity of 600
bales per day.

Recent Results
For the year ended 31st March, 2015, the firm reported an
operating income of INR156.29 crore with profit after tax (PAT) of
INR0.91 crore.


ANNAI ARUL: Ind-Ra Affirms 'IND B' Long-Term Issuer Rating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Annai Arul Health
Care Pvt. Ltd.'s (AAHC) Long-Term Issuer Rating at 'IND B'. The
Outlook is Stable.

KEY RATING DRIVERS

The ratings reflect AAHC's limited operational track record of
around two years. The ratings also reflect the firm's moderate
credit profile with interest coverage of 2.2x and net financial
leverage of 4.5x in FY15, its first full year of operations.

The ratings factor in AAHC's tight liquidity as evident from the
multiple instances of overutilisation in its fund-based working
capital facility up to six days over the 12 months ended October
2015.

The ratings however benefit from the over 10 years of experience
of AAHC's founder in the health care sector.

RATING SENSITIVITIES

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

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

COMPANY PROFILE

Incorporated in 2012, AAHC has a 100-bed multispecialty hospital,
which provides a complete range of outpatient and inpatient
treatments and has 140 employees. The hospital became operational
in December 2013.

Specialty services offered by the hospital include clinical
pathology, bio-chemistry, micro-biology, radiology, X-ray,
ultrasonography and CT scan among others.


ARUN LASER: CRISIL Assigns 'B' Rating to INR40MM Cash Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Arun Laser Ovens Private Limited. The rating
reflects the below-average financial risk profile marked by low
net worth and moderate capital structure and the modest scale of
operations. These rating weaknesses are partially offset by
promoters' extensive experience in the bakery equipment
manufacturing industry.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit             40      CRISIL B/Stable

Outlook: Stable

CRISIL believes ALOPL will continue to benefit from the extensive
experience of the promoters in the bakery machinery equipment
manufacturing. The outlook may be revised to 'Positive' if a
significant improvement in scale of operations and profitability
leads to improved debt protection metrics. Conversely, the outlook
may be revised to 'Negative' if larger-than-expected capital
expenditure leading to greater debt or a stretch in the working
capital cycle, or lower-than-expected cash accrual weaken the
financial risk profile.

Incorporated in 2010, ALOPL is a Tamil Nadu-based that
manufactures tunnel ovens. It is a promoted by Mr. Basker A L, and
Laser Srl holds 35 per cent stake in the company as a joint
venture partner. ALOPL caters to biscuit- and bread-producing
companies.


ASHISH KUMAR: Ind-Ra Assigns 'IND B+' Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Ashish Kumar
Jindal (AKJ) a Long-Term Issuer Rating of 'IND B+'.

KEY RATING DRIVERS

The ratings reflect AKJ's small scale of operations and moderate
credit profile. In FY15, revenue was INR202.45m, net financial
leverage was 2.92x and EBITDA gross interest coverage was 3.13x.
The ratings also include the tender-based nature of AKJ's business
which could impact revenue visibility and delay payments.

The ratings benefit from the firm's high EBITDA margins of 7.38%
in FY15 due to the execution of high-margin projects. The ratings
are also supported by over 10 years of experience of AKJ's
promoters in the construction business. The ratings are further
supported by AKJ's comfortable liquidity position with the average
working capital utilisation being 83.06% during the 12 months
ended October 2015.

RATING SENSITIVITIES

Negative: A decline in the revenue due to the lack of work orders
leading to weaker credit metrics will be negative for the ratings.

Positive: A significant improvement in the revenue while the
credit profile being maintained or improving will be positive for
the ratings.

COMPANY PROFILE

AKJ is a partnership firm based in Bathinda, Punjab. It is engaged
in the work of civil construction.


BHOLA NATH: CRISIL Reaffirms B- Rating on INR38.5MM Cash Loan
-------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Bhola Nath
Naresh Kumar (BNNK; part of the Harshna group) continues to
reflect the group's weak liquidity because of significant loans
and advances extended to affiliate concerns, low cash accrual, and
high bank limit utilisation.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit           38.5      CRISIL B-/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     1.5      CRISIL B-/Stable (Reaffirmed)

The rating also factors in a modest scale of operations in the
intensely competitive apple trading industry and a weak financial
risk profile because of working capital intensive operations.
These rating weaknesses are partially offset by the extensive
industry experience of the group's promoters and operational
synergies and support that the group entities derive from each
other.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of BNNK, Harshna Fruits (HF), Harshna Ice
& Cold Storage (HICS), and Bhola Nath Rakesh Kumar (BNRK). This is
because all these entities, collectively referred to as the
Harshna group, are in the same line of business, have close intra-
group operational and financial linkages, including fungible cash
flows, and are under a common management.

Outlook: Stable

CRISIL believes the Harshna group will continue to benefit over
the medium term from the extensive experience of its promoters as
commission agents in the apple trading business and from demand
for cold storage services in the domestic market. However, the
group's liquidity will be constrained in the near term by large
incremental working capital requirement and funding support to
affiliate concerns. The outlook may be revised to 'Positive' in
case of an increase in scale of operations and improvement in
profitability, leading to larger-than-expected cash accrual and
better liquidity. Conversely, the outlook may be revised to
'Negative' in case of a significant increase in receivables,
leading to further deterioration in liquidity, or if revenue or
profitability declines.

The Harshna group was established in 1993 by Mr. Rakesh Bhola Nath
Kohli and Mr. Naresh Bhola Nath Kohli, with the establishment of
BNRK and BNNK. Both the firms are commission agents for trading in
apples in Delhi's Azadpur mandi. In 1999, the group decided to
establish its own cold storage facility in Sonipat (Haryana), for
which it set up HICS in the same year. HICS currently has a multi-
product cold-storage facility, with capacity of 11,500 tonnes,
along with ripening chambers. In 2004, the group set up HF, which
supplies fruits to retail stores.


BHOROSHA RICE: CRISIL Cuts Rating on INR95MM Cash Loan to D
-----------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Bhorosha Rice Mill Private Limited (BRMPL) to 'CRISIL D/CRISIL D'
from 'CRISIL B-/Stable/CRISIL A4'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         1.6      CRISIL D (Downgraded from
                                   'CRISIL A4')
   Cash Credit           95.0      CRISIL D (Downgraded from
                                   'CRISIL B-/Stable')
   Term Loan             25.4      CRISIL D (Downgraded from
                                   'CRISIL B-/Stable')

The rating downgrade reflects delays by BRMPL in servicing its
term debt, and its continuously overdrawn cash credit account. The
defaults were because of weak liquidity.

BRMPL has large working capital requirement, and is susceptible to
volatility in raw material prices. However, it benefits from the
extensive experience of its promoter in the rice milling industry.

Incorporated in 1998, BRMPL mills non-basmati parboiled rice at
its facility in Burdwan (West Bengal). Its daily operations are
managed by its promoter'director Mr. Nazmul Haque.


ESHAAN EXPORTS: ICRA Assigns B Rating to INR7cr Cash Loan
----------------------------------------------------------
ICRA has assigned the rating of [ICRA]B to the INR4.00 crore
enhanced long term unallocated limits (enhanced from INR3.00
crore) of Eshaan Exports. ICRA also has an outstanding rating of
[ICRA]B on the INR7.00 crore long term cash credit facilities of
the company.


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

   Long Term,
   Unallocated           4.00         [ICRA]B/assigned/
                                      Outstanding

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

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

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


GAYATRI SEA: Ind-Ra Assigns 'IND BB-' Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Gayatri Sea Foods
And Feeds Private Limited (GSFFPL) a Long-Term Issuer Rating of
'IND BB-'. The Outlook is Stable.

KEY RATING DRIVERS

The ratings factor in GSFFPL's weak credit metrics on account of
weak EBITDA margins and high working capital requirements, both
inherent to the trading nature of business. FY15 financials
indicate net leverage (Ind-Ra adjusted net debt/operating EBITDAR)
of 6.4x (FY14: 5.2x), EBITDA interest cover of 1.2x (1.2x) and
EBITDA margins of 4.0% (3.6%). Intense competition and low entry
barriers characteristic to the trading nature of business also
constrain the ratings.Liquidity position was moderate with peak
use of the working capital facilities being around 96% during the
12 months ended October 2015.

The ratings also reflect GSFFPL's revenue growth at a CAGR of
around 26% over FY12-FY15 along with a continuous improvement in
its EBITDA margins since FY13. In FY15, revenue was INR650.9m
(FY14: INR562.8m). Ind-Ra believes further revenue growth over
FY16-FY17 is contingent upon the company's ability to tie-up more
working capital funds and/or infusion of equity.

The ratings are supported by the around two decades of experience
of GSFFPL's founders in the business and company's strong
relationships with its customers and suppliers.

RATING SENSITIVITIES

Positive: Substantial revenue growth leading to a sustained
improvement in the overall credit metrics will be positive for the
ratings.

Negative: A decline in the revenue or a rise in margin pressures
leading to sustained deterioration in the credit metrics will be
negative for the ratings.

COMPANY PROFILE

GSFFPL was established in 2008. It trades aqua feed, medicines,
prawn & other aqua culture related products.


H.V. EQUIPMENTS: CRISIL Reaffirms B+ Rating on INR30MM Loan
-----------------------------------------------------------
CRISIL's ratings on the bank facilities of H.V. Equipments Private
Limited (HVEPL) continue to reflect the modest scale of operations
and susceptibility to cyclicality in capacity addition by its end
user industries.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         130      CRISIL A4 (Reaffirmed)

   Bank Guarantee          10      CRISIL B+/Stable (Reaffirmed)

   Overdraft Facility      30      CRISIL B+/Stable (Reaffirmed)

   Proposed Bank
   Guarantee               40      CRISIL A4 (Reaffirmed)

The ratings also factors in company's working capital-intensive
operations. These rating weaknesses are partially offset by the
benefits that HVEPL derives from its promoter's industry
experience in designing, commissioning, and installing ash handing
equipment and mill reject systems.

Outlook: Stable

CRISIL believes HVEPL will continue to benefit over the medium
term from the promoter's extensive industry experience. The
outlook may be revised to 'Positive' if more-than-expected growth
in scale of operations and profitability, or significant
improvement in the working capital cycle improves the liquidity.
Conversely, the outlook may be revised to 'Negative' if
considerably low operating income or profitability, or any delay
in receivables weakens the liquidity.

HVEPL was set up in 1984 by Mr. S S Verma. It installs ash
handling and mill reject systems for a number of public sector
enterprises. The company has its own fabrication and design unit
in Noida (Uttar Pradesh). It mainly provides dense phase pneumatic
conveying systems to thermal power plants, cement plants, and
paper mills.


HARSORIA HOSPITALITY: ICRA Withdraws B Rating on INR10.5cr Loan
---------------------------------------------------------------
ICRA has withdrawn its [ICRA]B rating on the INR10.50 crore term
loan of Harsoria Hospitality (HH) at the request of the firm as
there is no outstanding amount against the rated instrument.

Harsoria Hospitality is a partnership firm which was formed in
March 2013 and is setting up a banquetcum-restaurant facility in
Sector 5, Panchkula (Haryana). This is the first hospitality
project of the partners (Mr. Puneet Gupta, Mr. Munish Mittal and
Mrs. Shashi Gupta) who had been engaged in stone crushing,
construction and production of aloe-vera juices & gel.


HIND UNITRADE: ICRA Suspends B+ Rating on INR7cr Loan
-----------------------------------------------------
ICRA has suspended [ICRA]B+ rating assigned to INR7 crore fund
based limits of Hind Unitrade Pvt. Ltd. The suspension follows
ICRA's inability to carry out a rating surveillance in the absence
of the requisite information from the company.


INNOVATIVE INFRAPROJECTS: ICRA Suspends C Rating on INR18cr Loan
----------------------------------------------------------------
ICRA has suspended [ICRA]C rating assigned to INR18 crore proposed
bank limits of Innovative Infraprojects Pvt. Ltd. (IIPL). The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


K. B. RICE: CRISIL Reaffirms 'B' Rating on INR70MM Cash Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL A4' rating to the short-term bank
facilities of K. B. Rice Mills (KBRM) while reaffirming its rating
on the long-term facilities at 'CRISIL B/Stable'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee          16      CRISIL A4 (Assigned)

   Cash Credit             70      CRISIL B/Stable (Reaffirmed)

   Rupee Term Loan         30      CRISIL B/Stable (Reaffirmed)

The ratings reflect the firm's working-capital-intensive
operations, weak financial risk profile because of high gearing
and weak debt protection metrics, and high dependence on the
monsoon. These rating weaknesses are partially offset by the
extensive experience of the firm's partners in the rice industry
and the financial support received from them.


Outlook: Stable

CRISIL believes KBRM will continue to benefit over the medium term
from its partners' extensive industry experience. Its financial
risk profile is, however, expected to remain constrained over this
period due to high gearing and weak debt protection metrics. The
outlook may be revised to 'Positive' in case of significant
improvement in the financial risk profile because of capital
infusion, or if the scale of operations increases. Conversely, the
outlook may be revised to 'Negative' in case of deterioration in
the financial risk profile because of sizeable increase in
inventory, leading to large incremental bank borrowings, or
significant debt-funded capital expenditure.

KBRM is a partnership firm established in 2013 by Mr. Sarandeep
Singh, Mr. Gurpreet Singh, and Mr. Darshan Lal. The firm
undertakes rice milling and shelling at its plant in Fazilka
(Punjab). It processes basmati rice and its by-products such as
bran, phuk, and bardana, which are sold in both the overseas and
domestic markets.


KESAR ALLOYS: CRISIL Cuts Rating on INR60MM Cash Loan to 'B'
------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Kesar Alloys and Metals Private Limited (KAMPL) to 'CRISIL
B/Stable/CRISIL A4' from 'CRISIL BB/Stable/CRISIL A4+'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            60       CRISIL B/Stable (Downgraded
                                   from 'CRISIL BB/Stable')

   Letter of Credit       40       CRISIL A4 (Downgraded from
                                   'CRISIL A4+')

   Proposed Long Term
   Bank Loan Facility     43.1     CRISIL B/Stable (Downgraded
                                   from 'CRISIL BB/Stable')

   Term Loan              44.4     CRISIL B/Stable (Downgraded
                                   from 'CRISIL BB/Stable')

The rating downgrade reflects deterioration in KAMPL's business
risk profile on account of a sharp decline in product prices,
leading to a significant fall in scale of operations and
profitability. The company's net sales declined to INR461 million
in 2014-15 (refers to financial year, April 1 to March 31) from
INR765 million in 2013-14. Further, decline in scale of operations
along with high operations and financing costs led to a net loss
of INR 16.3 million for 2014-15. CRISIL believes that the decline
in steel bar prices will continue to constrain NPL's business risk
profile over the medium term.

The rating downgrade also factors in CRISIL's belief that the
company's liquidity profile will continue to remain constrained
with inadequate cash accrual against term debt repayments.

The ratings reflect KAMPL's below-average financial risk profile
marked by moderate net worth and weak debt protection metrics. The
ratings also factor in the company's modest scale of operations in
the fragmented thermo-mechanically treated (TMT) steel bar
industry and low operating margin. These rating weaknesses are
partially offset by the benefits that KAMPL derives from its
promoters' extensive experience in the steel industry and its
semi-integrated operations.

Outlook: Stable
CRISIL believes that KAMPL will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of sustained and
sharp improvement in the company's scale of operations and
profitability, leading to higher cash accrual. Conversely, the
outlook may be revised to 'Negative' in case of significant
deterioration in its financial risk profile and liquidity due to
lower-than-expected cash accruals, lengthening of working capital
cycle, or a large debt-funded capital expenditure.

KAMPL was incorporated in 1995 by Mr. Subhash Chand Jain. The
company is engaged in manufacture of TMT bars with installed
capacity of 18,000 tonnes of TMT bars per year. The company's
operations are also backward integrated with around 14,400 tonnes
of ingot per billet capacity per year. KAMPL has its manufacturing
facility in Pithampur, Dist. Dhar (Madhya Pradesh) and markets the
TMT bars under its brand Kesar Gold TMT.


KISHORE G: CRISIL Ups Rating on INR55MM Cash Loan to B+
-------------------------------------------------------
CRISIL has upgraded its rating on the bank facility of Kishore G
Lund (KGL) to 'CRISIL B+/Stable' from 'CRISIL B/Stable'.

                       Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Cash Credit            55      CRISIL B+/Stable (Upgraded from
                                  'CRISIL B/Stable')

The rating upgrade reflects CRISIL's belief that KGL's liquidity
is expected to improve over the medium term supported by healthy
booking for the ongoing Srivari Ananyaa and Srivari Vaibhav. The
projects cumulatively has sold around 50 per cent of the saleable
area and completed around 70 per cent of the construction work,
leading to reduction in project completion risk. The healthy
bookings are expected to lead to sizeable cash flows by way of
customer advances, which will be more than adequate to meet the
construction cost and debt obligations.

The ratings continue to reflect KGL's exposure to risks related to
saleability of its ongoing projects and its susceptibility to
risks inherent in the real estate industry. These rating
weaknesses are partially offset by its promoters' extensive
experience in the real estate development business and proven
project-execution capabilities.

Outlook: Stable
CRISIL believes that KGL will benefit over the medium term from
its promoters' extensive experience in the real estate development
business. The outlook may be revised to 'Positive' if the projects
are completed without any significant cost or time overruns and
registers more than expected sales realizations from ongoing
projects leading to larger-than-expected cash flows. Conversely,
the outlook may be revised to 'Negative' if there are delays in
the execution of the project or in the receipt of advances from
customers, or if the firm undertakes any large, debt-funded
project, impacting its financial risk profile.

Set up as a proprietorship firm by Mr. Kishore G Lund, KGL
operates a commercial complex in Coimbatore and derives rental
income from the same. KGL is part of the Srivari group of
companies which is engaged in residential real estate development
in Coimbatore. The firm has availed bank facilities for onward
lending to group companies for development of the Srivari Ananyaa
and Srivari Vaibhav projects.


KVK GRANITES: ICRA Lowers Rating on INR1.76cr Loan to D
-------------------------------------------------------
ICRA has revised the long term rating assigned to INR1.76 crore
fund based limits of KVK Granites to [ICRA]D from [ICRA]B-.

ICRA has also revised the short term rating assigned to INR5.00
crore non fund based limits and Rs.0.05 crore unallocated limits
of KVK to [ICRA]D from [ICRA]A4 (pronounced ICRA A4).

The rating revision takes into account delays in debt servicing
obligations by the firm owing to stretched liquidity position on
account of high debtor and inventory levels and lower exports to
its key market, China given the slump in Chinese real estate
industry. The ratings are further constrained by high gearing of
2.63 times and weak coverage indicators with interest coverage
ratio of 1.85 times, DSCR of 0.95 times as on March 31, 2015;
KVK's small scale of operations in highly competitive granite
processing industry with presence of large number of players,
limited value additive nature of the business and vulnerability of
margins to foreign exchange rate fluctuations in absence of
defined hedging mechanism as ~100% of its revenue from exports.
The rating however favorably factors in more than two decade long
experience of promoters in the granite processing and trading
business, steady growth in revenue over the past three years and
established relationships with customers resulting in repeated
orders.

Going forward, generation of sufficient cash accruals to service
the debt repayment obligations in the medium term will remain key
rating sensitivity from credit perspective.

Firm Profile

KVK Granites is a Nellore based firm set up in 2007 by Mr. KV
Krishna Reddy. The firm is primarily into trading and mining
granite from quarries. It is presently operating two quarries -
both in Karimnagar district in Telangana. In addition, the company
has also acquired lease interest in two other mines, respectively
at Mysore (Karnataka), and Chittoor. Granite is sourced from the
leased quarries as well as from other suppliers and is sold
predominantly in the foreign markets, with China contributing bulk
of revenues for KVK Granites.

Recent Results

The firm reported an operating income of INR17.19 crore and a net
profit of INR0.25 crore in FY 2015 as against INR14.26 crore and
INR0.13 crore respectively in FY 2014.


M.R. GUPTA: Ind-Ra Assigns 'IND BB-' Long-Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned M.R. Gupta &
Company Private Limited (MRGPL) a Long-Term Issuer Rating of 'IND
BB-'. The Outlook is Stable.

KEY RATING DRIVERS

The ratings reflect MRGPL's weak credit metrics and low
profitability due to the inherent trading nature of business. In
FY15, net interest coverage (operating EBITDAR/net interest
expense) was 1.21x (FY14: 1.21x), net leverage (total Ind-Ra
adjusted net debt/operating EBITDAR) was 6.93x (2.03x) and
operating profitability margins were 2.09% (2.61%). The ratings
further reflect MRGPL's small scale of operations with revenue of
INR1,685.50 million in FY15 (FY14: INR1,190.29 million).

However, the ratings are supported by over 23 years of promoters'
experience in the trading business. Liquidity is comfortable with
62% average working capital utilisation during the 12 months ended
October 2015.

RATING SENSITIVITIES

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

Negative: Any decline in the operating profitability leading to
sustained deterioration in the credit metrics will be negative for
the ratings.

COMPANY PROFILE

MRGPL was established in 1992 and trades plastic raw materials and
polymer products such as high density polyethylene, linear low
density polyethylene, low density polyethylene, and PVC resins.
MRGP has its presence in Delhi, Haryana and Uttar Pradesh.


MAHARAJ VINAYAK: ICRA Withdraws B+ Rating on INR14cr Loan
---------------------------------------------------------
ICRA has withdrawn its [ICRA]B+ rating on the INR14.00 crore term
loan of Maharaj Vinayak Society (MVS) at the request of the
society as there is no outstanding amount against the rated
instrument.

MVS was established in January 1998 and operates six colleges
offering undergraduate and postgraduate courses in dentistry,
nursing, physiotherapy, occupational therapy, law, art and
commerce streams. The society also runs a 100 bedded hospital as
per the mandatory requirement of the Dental Council of India
(DCI). The operations of the hospital are charitable in nature.
All the constituent colleges and the hospital are operated out of
a single campus in Jaipur spread over an area of ~50 acres.


MILAN INFRASTRUCTURES: CRISIL Reaffirms B+ Rating on INR80MM Loan
-----------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Milan
Infrastructures and Developers Private Limited (MIDPL) continues
to reflect the exposure to project implementation and offtake
risks, and to risks and cyclicality inherent in the Indian real
estate industry. These rating weaknesses are mitigated by the
promoters' extensive industry experience.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Term Loan               80      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes MIDPL will continue to benefit over the medium
term from the promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of better-than-
expected booking and receipt of customer advances, leading to a
substantial increase in the cash inflow. Conversely, the outlook
may be revised to 'Negative' in case of significant deterioration
in the liquidity, due to delays in project completion or in
receipt of customer advances, or due to simultaneous work on
several projects.

MIDPL, set up in 2006, is engaged in development of various
residential and commercial projects, mainly in Ghaziabad (Uttar
Pradesh). The company is promoted by Mr. Navin Tyagi and Mr. Amit
Mahajan. At present, it is undertaking a residential-cum-
commercial project at Rajnagar extension, Ghaziabad.


MODERN GRIT: CRISIL Assigns B+ Rating to INR60MM Cash Credit
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Modern Grit Private Limited (MGPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Term Loan               13      CRISIL B+/Stable
   Cash Credit             60      CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility      27      CRISIL B+/Stable

The rating reflects MGPL's modest scale of operations in the
highly fragmented stone-crushing industry, moderation in operating
margin due to intense competition, and working capital-intensive
operations owing to inventory holding as the supply of raw
material is seasonal. These weaknesses are partially offset by the
company's proximity to source of raw material Nandaun River (Uttar
Pradesh) and its above-average financial risk profile because of
moderate debt protection metrics.

Outlook: Stable

CRISIL believes MGPL will benefit over the medium term from its
proximity to source of raw material, Nadaun river. The outlook may
be revised to 'Positive' if the scale of operations and cash
accrual increase substantially. Conversely, the outlook may be
revised to 'Negative' if revenue and profitability decline or the
working capital cycle stretches, or if any major capital
expenditure weakens MGPL's financial risk profile.

Incorporated in 2011, MGPL is engaged in stone-crushing activities
in Pilibhit district (UP). The company procures stones from the
quarry on the Nandaun river bed and has a total stone-crushing
capacity of 250 tonnes per hour. The operations are managed by key
promoters Mr. Pramod Aggarwal and his brother, Mr. Ujjawal
Aggarwal.


MOREISH FOODS: CRISIL Assigns B+ Rating to INR79.3MM LT Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Moreish Foods Limited (MFL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Term Loan               70      CRISIL B+/Stable

   Proposed Long Term
   Bank Loan Facility      79.3    CRISIL B+/Stable

   Bank Guarantee           0.7    CRISIL A4

   Cash Credit             60      CRISIL B+/Stable

The ratings reflect MFL's stretched liquidity because of large
capital expenditure (capex) resulting in significant dependence on
external funds to meet incremental working capital requirements,
as reflected in high bank limit utilisation. The ratings also
factor in the vulnerability of operating margin to volatility in
raw material prices and limited pricing power because of intense
industry competition. These rating weaknesses are partially offset
by MFL's comfortable financial risk profile marked by moderate net
worth and above average debt protection metrics, and promoters'
extensive experience in the bread and bakery industry.

Outlook: Stable
CRISIL believes MFL will benefit over the medium term from the
promoters' extensive experience. The outlook may be revised to
'Positive' in case of substantial and sustained increase in its
scale of operations and accrual along with improved working
capital management. Conversely, the outlook may be revised to
'Negative' if the cash accrual is constrained by pressure on
profitability, or if the working capital cycle increases
materially, or if it undertakes a large, debt-funded capital
expenditure, adversely impacting the financial risk profile,
particularly liquidity.

MFL was set up in 1992 as a proprietorship firm by Mr. Narendra
Kumar. It was reconstituted as a private limited company and later
into a limited company. Mr. Narendra Kumar, Mr. Vikram Jain, and
Ms. Anvita Singh are the present directors of the company. MFL
manufactures and sells bread and baked items.


MOTHER INDUSTRIES: CRISIL Assigns 'B' Rating to INR50MM Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Mother Industries (MI).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            40       CRISIL B/Stable
   Term Loan              50       CRISIL B/Stable

The rating reflects MI's modest scale of operations in the
fragmented leather industry, large working capital requirement,
and below-average financial risk profile because of weak debt
protection metrics. These weaknesses are partially offset by
promoter's extensive experience in the leather processing
industry.

Outlook: Stable
CRISIL believes MI will continue to benefit over the medium term
from its promoter's extensive industry experience and its
established relationship with key customers. The outlook may be
revised to 'Positive' if the firm scales up operations while
improving profitability, leading to a better financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
relationships with key customers weaken, leading to decline in
revenue or profitability, or if the firm undertakes larger-than-
expected, debt-funded capital expenditure, leading to weakening of
financial risk profile, especially liquidity.

MI was set up in 2006 as a proprietorship concern by Mr. Raju
Bharani. The firm, based in Vellore (Tamil Nadu), manufactures
semi-finished and finished leather, and caters to the footwear
industry.

MI's profit after tax (PAT) was INR4.6 million on operating income
of INR177.6 million for 2014-15 (refers to financial year, April 1
to March 31), against PAT of INR3.3 million on operating income of
INR113.5 million for 2013-14.


MUSTANG SERVICES: CRISIL Assigns B+ Rating to INR60MM Cash Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Mustang Services (MS).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Open Cash Credit        60      CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility      30      CRISIL B+/Stable

The rating reflects MS's geographic concentration in revenue
profile and modest scale of operations in the intensely
competitive jewellery industry. These weaknesses are mitigated by
the benefits derived from the promoters' extensive experience and
an established market position.


Outlook: Stable
CRISIL believes MS will have a stable business risk profile over
the medium term backed by its established market position. The
outlook may be revised to 'Positive' if better-than-expected
growth in revenue and profitability and efficient working capital
management improve the financial risk profile. Conversely, the
outlook may be revised to 'Negative' if any aggressive debt-funded
expansion is undertaken or revenue and profitability weaken.

Incorporated in 1998 as a proprietorship firm, MS retails in
jewellery with one showroom in Secunderabad (Telangana). It is
managed by Mr. Anil Kumar Dundoo.


NATURAL ORGANIC: CRISIL Reaffirms B Rating on INR95.8MM Loan
------------------------------------------------------------
CRISIL's rating on the bank facilities of Natural Organic Farm
(NOF) continues to reflect its below-average financial risk
profile, with moderate net worth and below-average debt protection
metrics; modest scale of operations, and exposure to risks
relating to unfavourable changes in government policy.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            95.8     CRISIL B/Stable (Reaffirmed)
   Term Loan               9.2     CRISIL B/Stable (Reaffirmed)

These weaknesses are partially offset by the proprietor's
experience in the cotton ginning industry and the firm's proximity
to the cotton-growing belt.

Outlook: Stable
CRISIL believes NOF will benefit over the medium term from
successful stabilisation of operations, though the financial risk
profile may remain constrained by large working capital
requirements and moderate net worth. The outlook may be revised to
'Positive', if higher-than-expected accrual or infusion of funds
by the proprietor strengthens the financial risk profile.
Conversely, the outlook may be revised to 'Negative', if large
working capital requirements or debt-funded capital expenditure
programmes weaken the financial risk profile.

NOF is a sole proprietorship that gins and presses cotton. Mr.
Manjeet Chawla is the proprietor. The firm's ginning unit is at
Kesinga (Kalahandi District, Odisha).


PATRAN FOODS: Ind-Ra Hikes Long-Term Issuer Rating to 'IND BB-'
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Patran Foods Pvt.
Ltd.'s (PFPL) Long-Term Issuer Rating to 'IND BB-' from 'IND B+'.
The Outlook is Stable.

KEY RATING DRIVERS

The rating upgrade reflects PFPL's improvement in revenue to
INR1,533m in FY15 (FY14: INR1,154m) due to the improvement in the
production capacity to 16 metric tons/hour from 9 metric tons
hour. However, the credit profile and margins remain weak due to
the highly commoditised nature of PAFL's business and volatility
in raw material cost. In FY15, interest coverage was 1.1x in FY15
(FY14: 1.2x), net financial leverage was 10.1x (9.8x) and
operating EBITDA margin was 3.9% (4.6%).

The ratings factor in PFPL's moderate liquidity profile with 86%
utilisation of the working capital facility during the 12 months
ended October 2015.

However, the ratings are supported by PFPL's founders' over 15
years of experience in the rice processing industry and the
company's established customer relationships and the benefits
expected from the healthy growth prospects for the rice industry.

RATING SENSITIVITIES

Positive: An improvement in the profitability along with an
improvement in other credit metrics will be positive for ratings.

Negative: A decline in the operating profitability along with
other credit metrics could lead to a negative rating action.

COMPANY PROFILE

Incorporated in 1999, Patran is engaged in the business of rice
milling and packaging of basmati and non-basmati rice.


PROGRESS TRADERS: CRISIL Reaffirms B+ Rating on INR50MM LT Loan
---------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Progress
Traders (PT) continues to reflect PT's below-average financial
risk profile because of a modest net worth and weak debt
protection metrics.

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

The rating also factors in its working-capital-intensive
operations and susceptibility to intense competition in the steel-
scrap-trading business. These rating weaknesses are partially
offset by the extensive industry experience of the proprietor and
established relationship with customers.

Outlook: Stable

CRISIL believes PT will continue to benefit over the medium term
from its proprietor's extensive industry experience. The outlook
may be revised to 'Positive' in case of improvement in cash
accrual through a significant increase in scale of operations, or
if there is substantial capital infusion, leading to a better
financial risk profile. Conversely, the outlook may be revised to
'Negative' if the financial risk profile, particularly liquidity,
weakens, most likely due to a decline in cash accrual, poor
working capital management, or large, debt-funded capital
expenditure.

PT, based in Cuddalore (Tamil Nadu), trades in steel scrap, steel
billets and thermo-mechanically treated bars. The firm's
operations are managed by its proprietor, Mr. Habibur Rahman.


PUTHUPALAYAM TIMBER: CRISIL Rates INR10MM Cash Credit at B+
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Puthupalayam Timber Industries (PTI).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            10       CRISIL B+/Stable
   Letter of Credit       90       CRISIL A4

The ratings reflect the firm's modest scale of operations in a
highly fragmented timber industry and its below-average financial
profile. These rating weaknesses are partially offset by the
extensive experience of the firm's promoters, and its established
regional market position, in the timber trading business.

Outlook: Stable

CRISIL believes PTI will continue to benefit over the medium term
from its promoters' extensive industry experience. The outlook may
be revised to 'Positive' in case of a significant increase in
scale of operations and operating profitability, resulting in
improvement in the financial risk profile. Conversely, the outlook
may be revised to 'Negative' if accruals decline, or working
capital requirement is higher than expected, leading to weakening
of the financial risk profile.

Set up in 1980, PTI processes and trades in hard wood, mainly in
Tamil Nadu, Kerala, and Karnataka. The firm's operations are
managed by Mr. Arun Raja and Mr. Velayutha Raja.

Its profit after tax (PAT) was INR2.13 million on gross turnover
of INR129.23 million in 2014-15 (refers to financial year,
April 1 to March 31), against a PAT of INR1.78 million on gross
turnover of INR111.85 million in 2013-14.


R T EXPORTS: CRISIL Assigns 'D' Rating to INR149.5MM Term Loan
--------------------------------------------------------------
CRISIL has assigned its rating on the long-term bank facility of
R T Exports Limited (RTEL) at 'CRISIL D'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Term Loan             149.5     CRISIL D

The rating reflects delays by RTEL in servicing its term debt
owing to liquidity constraints.

The rating also reflects RTEL's small scale of operations, low
profitability due to commoditised nature of business and intense
competition in the industry, large advances given to a group
company. These weaknesses are partially offset by RTEL's presence
in the higher margin agricultural warehousing business.

RTEL was incorporated in 1980 and has since been engaged in the
export of agri products, mainly Basmati rice. The company also has
a warehouse facility in Bundi (Rajasthan), which it leases out to
Food Corporation of India (FCI) and some other clients.


RAM RATAN: Ind-Ra Puts 'IND B+' Long-Term Issuer Rating
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has placed Ram Ratan Real
Estate Pvt Ltd's (Ram Ratan) Long-Term Issuer Rating of 'IND B+'
on Rating Watch Negative (RWN). The Outlook was Stable. The agency
has also placed the company's INR1,000m term loan's 'IND B+' on
RWN.

KEY RATING DRIVERS

The rating action follows the alleged corruption charges on, and
the arrest of, one or more group promoters, the likely
reputational damage to the group's brands, and the substantial
key-man risk involved. Ram Ratan is a part of a larger R. K Group,
having a strong presence in hotel and hospitality segment through
its initiatives namely COMESUM, Meals on Wheels, and Dial
Trip/Delhi Darshan. The group also has six operational hotels
including Fortune Inn Grazia Noida & Ghaziabad, Courtyard by
Marriott, Ahmedabad and Royal Orchid Central Grazia, Mumbai.

Ind-Ra expects to resolve the Negative Watch when more clarity
emerges about the magnitude of the impact on the company's
business, and ultimately, its cash flows. The agency expects the
group's brand image and reputation with regulators and consumers
nationwide to be seriously undermined by this crisis although the
magnitude and length of the operational and financial effect is
difficult to assess at this stage.

COMPANY PROFILE

Ram Ratan was incorporated in 2011 by Sharan Bihari Agrawal. The
company is setting up a five-star hotel project in Greater Noida,
Uttar Pradesh. The project has been delayed due to the late
settlement of a franchise agreement with Marriott International
Inc. The hotel project cost is estimated to be around INR1,600m,
of which INR600m is equity contribution. The project is likely to
be commissioned in April 2016.


RICHLOOK GARMENTS: ICRA Suspends D Rating on INR39.5cr Loan
-----------------------------------------------------------
ICRA has suspended the long term rating of [ICRA] D assigned to
the INR39.5 crore long term fund based facilities of Richlook
Garments Private Limited. The suspension follows ICRA's inability
to carry out rating surveillance in the absence of requisite
information from the company.


SAINI ALLOYS: ICRA Upgrades Rating on INR12cr Loan to B+
--------------------------------------------------------
ICRA has upgraded its long term rating on the INR12.00 crore fund
based limits and INR5.0 crore term loans of Saini Alloys Pvt. Ltd
(SAPL) to [ICRA]B+ from [ICRA]B. ICRA has also reaffirmed its
short term rating of [ICRA] A4 on the INR1.00 crore non fund based
limits of the company.

                          Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Fund Based Limits        12.00       [ICRA]B+; (Upgraded)
   Term Loan                 5.00       [ICRA]B+; (Upgraded)
   Non Fund Based Limits    1.00        [ICRA]A4; (Reaffirmed)

The rating upgrade takes into account the improvement in SAPL's
scale of operations, on account of product diversification, with
the company now manufacturing steel tubes and pipes, and also
undertaking trading of Hot Rolled (HR) coils, along with the
manufacturing of Mild Steel (MS) ingots. This has also been
accompanied by an improvement in the company's gearing and
coverage indicators. The ratings also factor in the established
relationship of the management with its reputed customers and its
long standing experience in the steel industry. However, the
ratings are constrained by the intensely competitive nature of the
steel industry which has resulted in modest operating margins.
Further, the modest profit margins coupled with low accruals and
high dependence on working capital borrowings, have led to weak
gearing and coverage indicators, which despite the improvement
relative to the previous year, remain weak.

Going forward, SAPL's ability to further ramp up its scale of
operations and improve its profitability, resulting in improved
gearing and coverage indicators will be the key rating
sensitivities.

SAPL has been promoted by Mr. Ratan Singh Saini and Mr. Ram Niwas
Saini in 1999. The company is engaged in the manufacturing of mild
steel ingots which are subsequently rolled into long steel
products like thermo mechanically treated (TMT) bars, channels,
angles, etc. The company has also started manufacturing steel
tubes and pipes and trading of HR coils in recent years. The
manufacturing facility of the company is located in Sikandrabad,
Uttar Pradesh and has an installed capacity of 33,600 Metric
Tonnes (MT) per annum.

Recent Results
SAPL reported a net profit of INR0.37 crore on an operating income
of INR164.14 crore in FY 2014-15, as compared to a net profit of
INR0.32 crore on an operating income of INR141.04 crore in the
previous year.


SANDHA HEEMGHAR: ICRA Suspends B Rating on INR14.21cr Loan
----------------------------------------------------------
ICRA has suspended the long-term rating of [ICRA]B assigned to the
INR14.21 crore fund based bank facilities of Sandha Heemghar
Private Limited. ICRA has also suspended the short term rating of
[ICRA]A4 to the INR0.12 crore non-fund based bank facility of
SHPL. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.


SHAKTI INDUSTRIES: ICRA Suspends B Rating on INR9.25cr Loan
-----------------------------------------------------------
ICRA has suspended [ICRA]B rating assigned to the INR9.25 crore
fund based facilities of Shakti Industries. The suspension follows
ICRA's inability to carry out a rating surveillance in the absence
of the requisite information from the company.

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


SHANKAR RICE: ICRA Reaffirms B Rating on INR9.76cr Loan
-------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B for INR9.76
crore fund based limits of Shankar Rice & General Mills.

                            Amount
   Facilities            (INR crore)     Ratings
   ----------            -----------     -------
   Fund based facilities      9.76       [ICRA]B (reaffirmed)

The rating reaffirmation factors in SRGM's weak financial profile,
reflected by low profitability metrics, high gearing and
consequently weak debt coverage indicators. Nevertheless, ICRA
notes the infusion of equity by partners but the debt levels of
the firm have increased by same quantum, keeping the gearing level
at higher levels. The rating also takes into account high
intensity of competition in the industry and agro climatic risks,
which can affect the availability of paddy in adverse weather
conditions. The rating however, favorably takes into account long
standing experience of promoters, expected benefits arising out of
established client relationships of its group companies in rice
industry and proximity of the mill to major rice growing area
which results in easy availability of paddy.

Shankar Rice & General Mills (SRGM) was established in 2000 as
partnership firm. The Firm is primarily engaged in the milling of
Rice with an installed capacity of 12 tons/hour which is situated
in Moga (Punjab). The firm has 3 sortex plants with capacity of 3
tons/hour each.

The firm incurred capex of INR6.05 crore for setting up a new
milling plant (replacing the old one) and erection of buildings.
The funding of the same is done by Term loan of INR3.50 crore and
rest by internal accruals.

Recent Results
During the financial year 2014-15, the firm reported a profit
after tax (PAT) of INR0.63 crore on an operating income of
INR109.98 crore as against PAT of INR0.28 crore on an operating
income of INR85.91 crore in 2013-14. For the current year, August,
2015, on a provisional basis, the company reported an operating
income of INR29.06 crore.


SHREE BALAJI: CRISIL Assigns 'B' Rating to INR32.5MM Term Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Shree Balaji Cotgin Private Limited (SBCPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit           27.5      CRISIL B/Stable
   Term Loan             32.5      CRISIL B/Stable

The rating reflects SBCPL's modest scale of operations in a highly
fragmented cotton industry and low operating margin with
susceptibility to volatility in raw material prices. The rating
also factors in the company's below-average financial risk profile
because of a weak capital structure and below-average debt
protection metrics. These weaknesses are partially offset by the
extensive experience of the promoters in the cotton-ginning
industry and their funding support.

Outlook: Stable

CRISIL believes SBCPL's business profile will benefit from its
promoters' extensive experience in the cotton industry and their
established relations with customers. The outlook may be revised
to 'Positive' if the firm scales up its operations significantly
on a sustainable basis with improvement in the capital structure.
Conversely, the outlook may be revised to 'Negative' if SBCPL's
financial risk profile deteriorates due to a stretch in the
working capital cycle or a decline in profitability or any
government policy negatively affects SBCPL's business risk
profile.

Incorporated in 2014, SBCPL is engaged in cotton ginning and
pressing to make bales of cotton. It has a manufacturing capacity
of 1000 quintals of cotton per day. SBCPL is managed by Mr.
Ravikumar Garg and Mr. Gokulsing Dhobal and has its registered
office in Mantha (Maharashtra).


SHREE BALAJI GUM: CRISIL Assigns B+ Rating to INR100MM Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Shree Balaji Gum Industries (SBGI). The ratings
reflect the firm's modest scale of operations and vulnerability of
its operating profitability to volatility in raw material prices.
These rating weaknesses are partially offset by an above-average
financial risk profile because of low gearing, and partners'
extensive experience in the guar gum industry.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Term Loan              2.9      CRISIL B+/Stable
   Cash Credit          100        CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility    27.1      CRISIL B+/Stable

Outlook: Stable

CRISIL believes SBGI will continue to benefit over the medium term
from its partners' extensive industry experience and its above-
average financial risk profile. The outlook may be revised to
'Positive' in case of an increase in revenue and profitability
along with prudent working capital management, leading to a
considerable increase in net cash accrual. Conversely, the outlook
may be revised to 'Negative' if there is a decline in revenue and
profitability, large, debt-funded capital expenditure, or increase
in working capital requirement, resulting in weakening of the
financial risk profile, particularly liquidity.

SBGI, a partnership firm, manufactures and exports guar gum and
guar gum powder. These products are used by the food processing,
petrochemical, pharmaceuticals, textile, and oil and gas drilling
industries. The firm is promoted by Mr. Satish Kumar, Ms. Sumita
Devi, and Mr. Ravi Kumar. It manufacturing unit is in Ellenabad
(Haryana).


SHRI BASAV: CRISIL Assigns 'B' Rating to INR70MM LT Loan
--------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long term
bank facility of Shri Basav Textiles Ltd (SBTL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Long Term Loan          70      CRISIL B/Stable

The rating reflects SBTL's modest scale of operations in the
intensely competitive cotton-ginning industry and its weak
financial risk profile, marked by high gearing and weak debt
protection metrics. The rating weaknesses are partially offset by
the benefits derived from its promoters' extensive industry
experience.

Outlook: Stable
CRISIL believes that SBTL will continue to benefit over the medium
term from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' if there is significant
increase in the company's scale of operations while improving its
profitability margin and capital structure. Conversely, the
outlook may be revised to 'Negative' in case of significant
decline in its revenue or profitability or if its capital
structure deteriorates on account of high working capital
requirements or a large debt-funded capital expenditure.


Established in 2013, SBTL is engaged in ginning and pressing of
raw cotton and sells cotton lint and cotton seeds. Based out of
Markumbi in Belgaum district of Karnataka, SBTL is promoted by Mr.
Vijaya Metgud and his family members. The company started
commercial operations during January 2015.


SREE VEERA: CRISIL Ups Rating on INR75.1MM Term Loan to 'C'
-----------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facility of
Sree Veera Brahmendra Swamy Spinning Mills Pvt Ltd (SVPL) to
'CRISIL C' from 'CRISIL D'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            65       CRISIL C (Upgraded from
                                   'CRISIL D')

   Term Loan              75.1     CRISIL C (Upgraded from
                                   'CRISIL D')

The rating upgrade reflects SVPL's timely servicing of debt over
the five months through October 2015. Liquidity, however, remains
weak on account of depressed cash accruals expected to tightly
match its term debt repayment obligations over the medium term.

The rating reflects SVPL's below-average financial risk profile,
with small net worth, high gearing, and weak debt protection
metrics. The rating also factors in working capital intensity in
its operations, and susceptibility of its profitability margins to
volatile cotton prices and intense competition in the cotton yarn
industry. These rating weaknesses are partially offset by the
promoters' extensive industry experience.

SVBL, set up in 2006, manufactures cotton yarn. Its plant is based
in Guntur district in Andhra Pradesh. The company is owned by Mr.
G Sundararamaiah and his family.


SRI LAKSHMI: ICRA Upgrades Rating on INR9cr Cash Loan to B+
-----------------------------------------------------------
ICRA has upgraded the long-term rating assigned to the INR9.00
crore (enhanced from INR6 crore) cash credit facility and INR4.20
crore (reduced from INR5.70 crore) term loan facility of
Sri Lakshmi Srinivasa Hi-Tech Industries (SLSHI) from [ICRA]B to
[ICRA]B+.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund Based- Cash
   Credit                9.00        [ICRA]B+; upgraded from
                                     [ICRA]B

   Fund Based- Term
   Loan                  4.20        [ICRA]B+; upgraded from
                                     [ICRA]B

Rating Rationale

The rating upgrade factors in the infusion of capital to the tune
of INR2.21 crore with two new partners which has increased the
net-worth of the firm in FY2016, thereby, improving the capital
structure and coverage indicators. The rating also takes note of
the long experience of the promoters in the rice industry and easy
availability of raw material owing to presence in a major rice
producing region. ICRA takes note of the growth in revenue in FY
2015 on account of increased sale of whole rice and the favorable
demand prospects for the firm as it caters to Karnataka and AP
markets where rice is a staple food.

The rating, however, takes into account in the moderate scale of
operations of the firm, its low profitability, and weak capital
structure owing to the high debt funded capex leading to high
gearing levels and stretched debt protection metrics,
notwithstanding the improvement in the current fiscal. The rating
also takes into account the moderate liquidity position of the
firm on account of immediate payment to the farmers and high
receivable days which combined with low margins has led to
negative fund flow from operations for the firm. The rating also
factors in the limited track record of the firm's operations, the
commoditized and intensely competitive nature of the rice milling
business, and the inherent risks involved in the partnership
nature of business. ICRA notes that the firm's operations are
vulnerable to agro climatic risks affecting the availability of
the raw material (paddy) and also to government policies on paddy
procurement and selling of rice.

Sri Lakshmi Srinivasa Hi-Tech Industries (SLSHI) is a partnership
firm established in the year 2011 by Mr. T. Srinivas Rao and Ms.
T. Mangadevi. Mr. T. Srinivas Rao has an experience of around 9
years in this line of business and looks after the overall
business operations. The firm is engaged in the manufacture of raw
rice and parboiled rice. The firm operates from an owned
manufacturing facility which is located at Raichur in Karnataka
and commenced commercial operations from March 2013.

Recent Results
SLSHI reported a profit after tax (PAT) of INR0.6 crore on an
operating income (OI) of INR63.1 crore in FY2015, as against a PAT
of INR0.4 crore on an OI of INR42.5 crore in FY2014.


SRI LAXMI: CRISIL Assigns B+ Rating to INR50MM Cash Credit
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Sri Laxmi Venkatadri Agro Food Industries
(SLVA).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Working Capital
   Demand Loan             25      CRISIL B+/Stable
   Cash Credit             50      CRISIL B+/Stable
   Long Term Loan          15      CRISIL B+/Stable

The rating reflects the firm's modest scale and working capital-
intensive nature of operations, below-average financial risk
profile marked by high gearing, weak debt protection metrics, and
a modest net worth, and susceptibility of its operating
profitability to volatility in raw material prices. These rating
weaknesses are partially offset by the benefits derived from the
promoter's extensive experience in the rice milling industry and
its established relation with its customers and suppliers.

Outlook: Stable

CRISIL believes SLVA will continue to benefit over the medium term
from the extensive industry experience of its partners. The
outlook may be revised to 'Positive' if revenue and profitability
increase substantially, leading to a better financial risk
profile, or if the partners infuse significant capital, resulting
in an improved capital structure. Conversely, the outlook may be
revised to 'Negative' in case of aggressive debt-funded
expansions, a considerable decline in revenue and profitability,
or substantial withdrawal of capital, leading to deterioration in
the financial risk profile.

Established as a partnership firm in 2010 and based in Koppal
(Karnataka), SLVA mills and processes paddy into rice, broken
rice, rice bran, and husk. The firm is promoted by Mr. N Rajgopal,
Mr. D Bheemesh, Mr. N Vijayalaxmi, and Mrs. D. Manjula.


SRI SRINIVASA: CRISIL Assigns 'B' Rating to INR60MM Cash Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Sri Srinivasa Agro Products (SSAP). The rating
reflects SSAP's modest scale of operations, exposure to customer
concentration risk, and below-average financial risk profile
because of high gearing. These weaknesses are partially offset by
promoters' extensive experience in the rice industry, and strong
relationships with suppliers.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Proposed Long Term
   Bank Loan Facility     0.3      CRISIL B/Stable
   Cash Credit           60        CRISIL B/Stable
   Long Term Loan         9.7      CRISIL B/Stable

Outlook: Stable

CRISIL believes SSAP will benefit over the medium term from its
promoters' extensive industry experience. The outlook may be
revised to 'Positive' if financial risk profile improves because
of higher-than-expected cash accruals or significant capital
infusion resulting in a better capital structure. Conversely, the
outlook may be revised to 'Negative' in case of aggressive, debt-
funded expansion, or steep decline in revenue and profitability,
or substantial capital withdrawal, leading to deterioration in
financial risk profile.

SSAP was set up in 1991 as a proprietorship firm by Mr. S. Shekar
and was reconstituted as a partnership firm in 2015. The firm is
into trading and processing of non-basmati 'Kolam' rice. It sells
its products under various brands, including S, Keerti, Colours,
and Sky.

Its profit after tax (PAT) was INR1.3 million on net sales of
INR308.3 million in 2014-15 (refers to financial year, April 1 to
March 31), against PAT of INR1.4 million on net sales of INR284.9
million in 2013-14.


SUS AGRO: CRISIL Reaffirms 'B' Rating on INR82.8MM Term Loan
------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of SUS Agro Foods
India Private Limited continue to reflect weak financial risk
profile because of high gearing and weak debt protection metrics.
These rating strengths are partially offset by the promoters'
extensive experience in the dairy products industry.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit             35      CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility       2.2    CRISIL B/Stable (Reaffirmed)

   Term Loan               82.8    CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes SAFPL's business risk profile will benefit from
its promoters' extensive industry experience. The outlook may be
revised to 'Positive' in case of improvement in scale of
operations and profitability, leading to improvement in capital
structure as well as financial risk profile. Conversely, the
outlook may be revised to 'Negative' in case of substantial
increase in working capital cycle, or lower operating
profitability, or large debt-funded capital expenditure, leading
to the deterioration of the financial risk profile.

SAFPL was incorporated in 2013 and is engaged in processing milk
to produce skimmed milk powder and ghee.  The manufacturing plant
is located in Kathua (Jammu and Kashmir) for. The company is
promoted by Mr. Sanjeev Arora, Mr. HS Dureja and Mr. Virender
Kumar.


SWACHHA BEVERAGES: CRISIL Cuts Rating on INR35MM Term Loan to D
---------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Swachha Beverages Pvt Ltd (SBPL) to 'CRISIL D/CRISIL D' from
'CRISIL B+/Stable/CRISIL A4'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee          2       CRISIL D (Downgraded from
                                   'CRISIL A4')

   Cash Credit            20       CRISIL D (Downgraded from
                                   'CRISIL B+/Stable')

   Proposed Long Term
   Bank Loan Facility      7       CRISIL D (Downgraded from
                                   'CRISIL B+/Stable')

   Term Loan              35       CRISIL D (Downgraded from
                                   'CRISIL B+/Stable')

The rating downgrade reflects SBPL's continuously overdrawn cash
credit facility for more than 30 consecutive days. Furthermore,
there have been instances of delay in servicing term debt. The
delay have been caused by the company's weak liquidity.

SBPL has working capital-intensive operations, and a below-average
financial risk profile because of a small net worth, high gearing,
and average debt protection metrics. However, the company benefits
from the strong professional background of its promoters.

SBPL was incorporated in Kolkata in January 2011. The company
processes and sells packaged drinking water, marketed in
collaboration with Eureka Forbes Limited under the Aqua Sure
brand.


TRIDEV ISPAT: Ind-Ra Assigns 'IND BB-' Long-Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Tridev Ispat
Private Limited (TIPL) a Long-Term Issuer Rating of 'IND BB-'. The
Outlook is Stable.

KEY RATING DRIVERS

The ratings reflect TIPL's moderate financial profile. In FY15,
revenue was INR551m, operating EBITDAR margins were 2.8%, interest
coverage (operating EBITDA/gross interest expense) was 1.8x
(FY14:1.8x) and net financial leverage (total Ind-Ra adjusted net
debt/operating EBITDAR) was 7.1x (7.0x).

The ratings also factor in TIPL's tight liquidity as reflected by
over 100% average working capital limit utilisation during the 12
months ended October 2015.

The ratings, however, benefit from the decade-long experience of
TIPL's directors in the iron and steel industry.

RATING SENSITIVITIES

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

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

COMPANY PROFILE

Incorporated in 2006, TIPL is a manufacturer of mild steel ingot
with manufacturing facilities in Urla, Raipur with total installed
capacity of 24,000mtpa.

TIPL is managed by its promoters - Mr. Akash Kumar Agrawal and Mr
Udit Agrawal.


VINAYAK CORP: Ind-Ra Affirms 'IND BB-' Long-Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed M/s Vinayak
Corporation's (VINCO) Long-Term Issuer Rating at 'IND BB-'. The
Outlook is Stable. The agency has also affirmed VINCO's INR70m
fund-based working capital limits at Long-term 'IND BB-'/Stable
and Short-term 'IND A4+'.

KEY RATING DRIVERS

The affirmation reflects VINCO's sustained revenue growth in FY15
to INR1,105m (FY14: INR960.77m, FY13: INR860.93m).  EBIDTA margins
were stable at 2.64% in FY15 (FY14: 2.60%, FY13: 2.8%).

In FY15, the company maintained its credit metrics with interest
coverage (EBIDTA/gross interest expense) of 1.53x (FY14: 1.63x,
FY13: 1.74x) and financial leverage (net Ind-Ra adjusted
debt/operating EBITDAR) of 3.87x (2.78x; 4.12x). The credit
metrics are supported by VINCO's low debt levels and no major
long-term loans.

The ratings continue to benefit from over 10 years of experience
of the company's partners in the liquor trading business and a
comfortable liquidity profile as evident from the company's
average maximum utilisation of 91.4% of its fund-based working
capital limits during the 12 months ended September 2015.

RATING SENSITIVITIES

Negative: A fall in the EBIDTA leading to deterioration in the
credit metrics will be negative for the ratings.

Positive: An increase in the EBITDA leading to an improvement in
the credit metrics will be positive for the ratings.



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


TOSHIBA CORP: 50 Shareholders to File JPY300MM Damages Suit
-----------------------------------------------------------
Japan Today reports that a group of about 50 individual Toshiba
Corp shareholders will file a JPY300 million damages suit on
Dec. 7 for losses incurred from the company's falling stock price
due to its accounting scandal, lawyers for the plaintiffs said
Nov. 30.

According to the report, the legal team said that in addition to
the group filing its case at the Tokyo District Court, other
shareholders are planning similar actions with the Osaka and
Fukuoka courts on Dec. 14 and 21, respectively, bringing the total
to about 90 plaintiffs.

As the stock had fallen more than 40% by last week since the
profit-padding scandal came to light in May, the group calculated
the damages it will seek based on the differences between the
prices at which the plaintiffs bought the shares and a price after
the scandal, Japan Today says.

The report relates that the team of lawyers said they are
preparing for a second round of similar lawsuits against Toshiba
in March, expecting to eventually involve about 1,000
shareholders.

One of the worst corporate scandals in years has forced Toshiba to
revise downward its net profits for nearly seven years from April
2008 to December 2014 by JPY155.2 billion, raising the need to
restructure, says Japan Today.

The report notes that Toshiba's stock closed at the year's low of
JPY282.70 last Wednesday [Nov. 25], against JPY483.30 on May 8
just before it withdrew its earnings forecast for fiscal 2014
citing a probe into accounting irregularities.

The manufacturer of chips, personal computers and nuclear power
plants sued three former presidents and two chief financial
officers over the falsified accounting on Nov. 7, seeking
JPY300 million in damages, the report adds.

                       About Toshiba Corp.

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

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

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

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

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

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


TOSHIBA CORP: President Vows Greater Transparency Amid Scandals
---------------------------------------------------------------
Kyodo News reports that Toshiba Corp. President Masashi Muromachi
on Nov. 27 pledged to disclose information more actively to regain
public trust shattered by an accounting scandal and failure to
disclose huge losses at its U.S. nuclear unit until compelled to
do so.

"I will take the lead and disclose information more actively to
gain trust from stakeholders," Mr. Muromachi told a press
conference after Toshiba last week released details of huge write-
downs booked by Westinghouse Electric Co. only after the Tokyo
Stock Exchange urged it to do so, Kyodo relays.

Kyodo relates that Toshiba said on Nov. 17, a day being notified
by the TSE that the subsidiary's fiscal 2012 write-downs needed to
be disclosed, that its write-downs totaled JPY115.6 billion
($944,400) for the 2012 and 2013 business years.

"We feel deeply responsible for our failure to publicize the huge
write-downs, considering that investors have strong interest in
Westinghouse's business," the report quotes Mr. Muromachi as
saying.

Mr. Muromachi added some outside directors have urged a change in
Toshiba's stance on disclosure, Kyodo reports. To enhance
corporate governance, Toshiba has more outside directors than
before the accounting scandal dating back to 2008 that emerged
earlier this year.

According to Kyodo, Toshiba recently revised downward its pretax
profits for April 2008 to December 2014 by JPY224.8 billion as a
result of an accounting scandal that a third-party panel
criticized as "systematic."

                       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.



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


FIRST PROVINCIAL: Former Manager Charged With Qualified Theft
-------------------------------------------------------------
The Philippine Deposit Insurance Corporation (PDIC) filed with the
Office of the City Prosecutor of Tarlac on October 16, 2015
criminal charges against Ana Marie de Leon, former Manager of the
closed First Provincial Bank, Inc. - Head Office for qualified
theft.

The complaint alleged that de Leon took advantage of her position
from 2008 to 2012 to make several unauthorized withdrawals for a
total amount of PHP15.6 million from 38 deposit accounts.

First Provincial Bank, Inc. is a four-unit bank ordered closed by
the Monetary Board and placed under receivership of the PDIC on
April 19, 2012.

Specifically, the complaint stated that during the receivership,
PDIC discovered that there were material discrepancies between the
transactions posted in the bank's deposit records and those in the
savings passbooks pertaining to the 38 depositors. Investigation
revealed that the discrepancies were caused by the withdrawals
against these deposit accounts without any authority from the
depositors themselves. Based on records, these unauthorized
withdrawals were personally transacted by de Leon who also
personally received the amounts withdrawn from the affected
deposit accounts.

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



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


PANTECH CO: Relaunches After Receivership
-----------------------------------------
Yonhap News Agency reports that after 15 months of struggle for
normalization, Pantech Co. officially set sail on Dec. 1, with a
vision to focus on budget smartphones, especially in the Asian
market.

Yonhap says the move came more than a month after a Seoul court
gave approval to a local consortium to take over Pantech. The
company was placed under court receivership in August last year as
it buckled under severe competition from Apple Inc., Samsung
Electronics Co. and LG Electronics Inc. in South Korea, the report
recalls.

The consortium, composed of South Korean telecom device maker
Solid and optical manufacturer Optis, plans on expanding Pantech's
presence outside the country and beefing up its budget
smartphones, according to Yonhap.

An official from the consortium earlier said the new Pantech will
seek to establish its production facilities overseas, the report
relates.

According to the report, sources said the new Pantech plans to
ship 200,000 units of budget smartphones to Indonesia by the
second half of 2016.

The consortium has launched SMA Solution Holdings, a special-
purpose firm to manage the new company. Solid owns a 96% stake in
the entity, and the remainder is held by Optis, adds Yonhap.

                           About Pantech

Founded in 1991, Pantech Co. is a Korean manufacturer and seller
of mobile devices.  Major shareholders include Qualcomm (11.96%),
Korea Development Bank (11.81%), and Samsung Electronics Co., Ltd
(10.03%).

Pantech filed for court receivership in Seoul, Korea in
August 2014 after its latest flagship smartphone failed to take
off.

The company filed for Chapter 15 bankruptcy protection at the U.S.
Bankruptcy Court in Atlanta (Bankr. N.D. Ga. Case No.: 14-70482)
on Oct. 16, 2014.

Joonwoo Lee, the Seoul-court appointed custodian, serving as
foreign representative in the U.S. case, is represented by
attorneys at Jacobs Legal, LLC, and H.C. Park & Associates.

The Debtor is estimated to have assets and debt ranging from
$100 million to $500 million.



* SOUTH KOREA: Banks' Loan Delinquency Rate Edges up in Oct.
------------------------------------------------------------
Yonhap News Agency reports that the Financial Supervisory Service
said the delinquency rate for loans extended by South Korean banks
edged up in October from a month earlier due to a rise in soured
loans extended to small- and mid-sized enterprises.

The financial watchdog said the average delinquency rate for bank
loans stood at 0.7 percent at the end of October, up 0.04
percentage point from a month earlier, according to Yonhap.

From a year earlier, the figure dropped 0.2 percentage point, it
added, Yonhap relays.

Yonhap says loans with both the principal and interest overdue by
one month or more are considered delinquent.

The FSS said that over the cited period, KRW1.6 trillion won
($1.38 billion) worth of loans turned sour, with KRW1 trillion won
worth of debts written off, Yonhap relays.

Yonhap discloses that the overdue rate of corporate debt gained
0.06 percentage point on-month to 0.92 percent in October, with
that for loans extended to smaller firms rising 0.11 percentage
point to 0.93 percent.

The delinquency rate for household loans stood at 0.4 percent in
October, up 0.01 percentage point over the same period, according
to FSS.

Yonhap relates that the outstanding amount of won-denominated
loans stood at KRW1,340.6 trillion as of end-October, up
KRW19.2 trillion, or 1.5 percent, from the previous month.

Those extended to households reached KRW549.2 trillion, up
KRW8.7 trillion over the cited period, while corporate loans rose
KRW10.7 trillion to KRW761.6 trillion, Yonhap discloses.



                             *********

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

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

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


                            *********


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

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

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

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

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



                 *** End of Transmission ***