TCRAP_Public/151203.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

          Thursday, December 3, 2015, Vol. 18, No. 239


                            Headlines


A U S T R A L I A

BLUESCOPE STEEL: S&P Affirms 'BB' CCR; Outlook Remains Stable
EH2015 PTY: First Creditors' Meeting Set For Dec. 8
ICC INTERNATIONAL: Deloitte Appointed as Administrators
PRO MOTION: First Creditors' Meeting Set For Dec. 8


C H I N A

CHINA: Fitch Says Outlook for Department Stores Remains Negative
CHINA OIL: Moody's Lowers CFR to Ba2; Outlook Stable
CHINA SHANSHUI: Shareholders Throw Out Entire Board
EHI CAR: S&P Assigns 'BB-' Rating to Prop. US$ Sr. Unsec. Notes
GOLDEN WHEEL: S&P Assigns 'B' Rating on Proposed US$ Sr. Notes

WEST CHINA: S&P Puts 'B+' CCR on CreditWatch Positive


I N D I A

ACCURATE EDUCATION: CRISIL Cuts Rating on INR360MM Loan to D
ADAMS MARKETING: CRISIL Cuts Rating on INR215MM Cash Loan to D
AGGARWAL STEEL: CRISIL Assigns 'B' Rating to INR40MM Cash Loan
AMARNATH ENTERPRISES: CARE Assigns 'B' Rating to INR6.45cr Loan
ARON PIPES: CARE Assigns 'B' Rating to INR14.06cr LT Loan

ATHALURI SUSHMA: CARE Assigns 'D' Rating to INR5.43cr LT Loan
AVANI DYECHEM: CRISIL Assigns B+ Rating to INR30MM Cash Loan
BHOLA NATH: CRISIL Reaffirms B- Rating on INR60.2MM Cash Loan
BP PLYBOARD: CRISIL Assigns B+ Rating to INR54.2MM Term Loan
BROCADE INDIA: CRISIL Reaffirms B+ Rating on INR55MM Cash Loan

CHANDI MATA: CRISIL Assigns B- Rating to INR44MM Cash Loan
DELITE HI-TECH: CRISIL Assigns B+ Rating to INR55MM Term Loan
GAYATRI PROJECTS: CARE Raises Rating on INR1,738.99cr Loan to B
IVRCL LTD: Lenders Revoke Strategic Debt Restructure
K.REMASH BABU: CRISIL Assigns B+ Rating to INR30MM Cash Loan

LUCKY ENGINEERING: CARE Assigns B+ Rating to INR4.60cr LT Loan
M.K. MATHIVATHANAN: CARE Assigns B+ Rating to INR14.50cr LT Loan
MANOJ KUMAR: CRISIL Assigns B+ Rating to INR80MM Cash Loan
MEGAMILES BEARING: CRISIL Assigns B+ Rating to INR50MM Loan
NARENDRA NATH: CRISIL Assigns 'B' Rating to INR55MM Cash Loan

NAVKAR LIFESCIENCES: CRISIL Assigns 'B' Rating to INR60MM Loan
NIRVIN COLD: CARE Reaffirms 'B' Rating on INR4.21cr LT Loan
NJT GRANITES: CRISIL Assigns B Rating to INR65MM LT Loan
PARSVNATH ESTATE: CARE Reaffirms 'B' Rating on INR210cr Loan
PERFECT AGROFOOD: CRISIL Assigns B+ Rating to INR50MM Cash Loan

PHALANX LABS: CRISIL Ups Rating on INR315MM LT Loan to B-
PHOENIX ISPAT: CRISIL Reaffirms B+ Rating on INR75MM Loan
SADHA EXPORTS: CRISIL Assigns B+ Rating to INR50MM Cash Loan
SAISHA ENTERPRISES: CRISIL Assigns 'D' Rating to INR64.2MM Loan
SHIVA SATYA: CARE Reaffirms 'B' Rating on INR41.63cr LT Loan

SHREE DEV: CRISIL Assigns B- Rating to INR70MM Channel Loan
SHREE DURGA: CRISIL Assigns 'B' Rating to INR45MM Cash Loan
SOLANO CERAMIC: CRISIL Reaffirms 'B' Rating on INR37.3MM Loan
SOUTHERN COOLING: CRISIL Assigns B- Rating to INR120MM Cash Loan
SRI PARAMESWARA: CRISIL Reaffirms 'D' Rating on INR190MM Loan

SUPER PLATECK: CRISIL Assigns B- Rating to INR37.5MM Cash Loan
SWAMI DEVI: CARE Assigns 'B' Rating to INR1.74cr LT Loan
UNIQUE CONSTRUCTIONS: CRISIL Reaffirms B+ Rating on INR50MM Loan
WELLBORE ENGINEERING: CRISIL Rates INR78.1MM LT Loan at B+
ZEDSON AGRO: CRISIL Assigns B+ Rating to INR43MM LT Loan

ZYLOG SYSTEMS: Retired Justice Appointed as Administrators


J A P A N

SHARP CORP: Mulls Downsizing Struggling LCD Business


M A L A Y S I A

1MALAYSIA: Minister Asked if Critics Preferred Bankruptcy


N E W  Z E A L A N D

CREDIT UNION: S&P Revises Outlook to Pos. & Affirms 'BB-/B' ICRs
ENCELL GROUP: Owes Creditors More Than NZ$300,000


                            - - - - -


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A U S T R A L I A
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BLUESCOPE STEEL: S&P Affirms 'BB' CCR; Outlook Remains Stable
-------------------------------------------------------------
Standard & Poor's Ratings Services said that it has affirmed its
'BB' long-term corporate credit ratings on BlueScope Steel Ltd.
At the same time, S&P affirmed the 'BB' rating and has assigned a
recovery rating of '4H' on the steelmaker's senior unsecured debt.
The outlook on the long-term rating remains stable.

"The rating affirmation reflects our expectation that BlueScope's
good progress on its restructuring initiatives, robust domestic
demand, a lower Australian dollar, and consolidation of the
remaining 50% share of North Star BlueScope Steel LLC joint
venture will improve the steelmaker's earnings profile," said
Standard & Poor's credit analyst Graeme Ferguson.

BlueScope's "fair" business risk profile remains unchanged.  S&P
views favorably BlueScope's restructuring of its business
operations amid challenging global steel conditions.  The company
has secured the deferral of payroll tax payments and reduction in
other charges from the New South Wales (NSW) government and has
entered into a memorandum of agreement on a new three-year
enterprise agreement.  These developments represent good progress
in BlueScope's target of achieving A$200 million of savings in the
year ending June 30, 2017, and should support the steelmaker's
operating efficiency over the medium-term.

BlueScope expects to improve its underlying EBIT by 40% in the
first half of fiscal 2016, reflecting the early delivery of cost
reductions; robust domestic demand, particularly residential
construction; and, a lower exchange rate.  While domestic demand
conditions appear to have stabilized, S&P notes that the Coated
and Industrial Products Australia business has only recently
turned around its operating losses.  S&P is mindful of global
steel's supply overhang and expect spreads to remain under
pressure for the foreseeable future.

S&P views consolidation of the remaining 50% share of North Star
BlueScope Steel LLC joint venture as broadly positive from a
credit perspective.  The acquisition will incrementally improve
BlueScope's scale, operating efficiency, and international
diversification.  North Star is one of the most efficient and
competitive mini-mills in North America and has maintained near
100% capacity utilization since the global financial crisis.

In addition, S&P has revised its assessment on BlueScope's
financial risk profile to "significant" from "intermediate".  The
US$760 million (A$1.05 billion) consolidation of North Star for
was predominantly funded by debt.  In S&P's opinion, North Star's
relatively strong and stable cash flow generation, as well as
progress on domestic restructuring initiatives, support higher
debt levels at the 'BB' rating.

The significant financial risk profile incorporates a downward
adjustment for potential volatility.  S&P's base-case scenario
suggests that BlueScope will sustain its solid operating and
financial performance through fiscal 2016, such that its adjusted
FFO/debt higher than 30%.  However, in S&P's opinion, the business
remains susceptible to high levels of cash flow volatility during
periods of stress.

S&P has revised its assessment of BlueScope's liquidity profile to
"adequate" from "strong".  The revised liquidity score will not
affect the overall credit ratings.  BlueScope has a sizable
refinancing task over the next 12 months, including the
refinancing of US$600 million (A$782 million) bridge term loans
that supported the North Star acquisition.

Mr. Ferguson added: "The stable outlook reflects our view that
BlueScope's leading market share in Australia, strong brands, and
geographic diversity will continue to support its business risk
profile. It also incorporates our expectation that the company
will realize a sustained benefit from its restructuring
initiatives, which we view as integral to BlueScope's operating
efficiency and profitability."

S&P could lower the rating if BlueScope is unable to maintain
funds from operations (FFO)-to-debt greater than 20% through the
cycle.  Downward rating pressure could also occur if BlueScope
does not maintain sufficient buffer to this rating trigger during
periods when the external environment is supportive of the group's
operating strategy.

An upgrade would require a sustained improvement in BlueScope's
financial risk profile, evidenced by positive free operating cash
flow to debt maintained at more than 25%.  This could result from
an improved product portfolio with a weighting to higher value-
added products that better insulates the company from softer steel
spreads, improved operating efficiency, and improved earnings
stability.  Sustained profitability in the company's Australian
business operations is a key ratings consideration for upward
rating movement.


EH2015 PTY: First Creditors' Meeting Set For Dec. 8
---------------------------------------------------
Robert W J Naudi and Austin R M Taylor of Meertens were appointed
as administrators of EH2015 Pty Ltd on Nov. 27, 2015.

A first meeting of the creditors of the Company will be held at
6/40 St Quentin Avenue, in Claremont, WA on Dec. 9, 2015, at 11:30
a.m.


ICC INTERNATIONAL: Deloitte Appointed as Administrators
-------------------------------------------------------
Neil Robert Cussen and David Ian Mansfield of Deloitte were
appointed as administrators of ICC International Cleaners Pty
Limited, trading as I. C. Cleaners, on Dec. 1, 2015.


PRO MOTION: First Creditors' Meeting Set For Dec. 8
---------------------------------------------------
Christopher Darin & Aaron Lucan of Worrells Solvency & Forensic
Accountants were appointed as administrators of Pro Motion Group
Pty Ltd on Nov. 26, 2015.

A first meeting of the creditors of the Company will be held at
Worrells Solvency & Forensic Accountants, Suite 1, Level 15, 9
Castlereagh Street, in Sydney, on Dec. 8, 2015, at 10:30 a.m.



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CHINA: Fitch Says Outlook for Department Stores Remains Negative
-----------------------------------------------------------------
Fitch Ratings sees the challenges faced by Chinese department
stores as structural rather than cyclical and expects weakness in
same-store-sales (SSS) growth to persist for at least another 12-
18 months, according to a new report on the 2016 outlook for the
Chinese Department Store sector.

Fitch's Rating Outlooks for companies in the sector are negative,
primarily due to declining SSS, which have put margins under
pressure. Fitch expects department stores to operate with higher
leverage over the next one to two years.


CHINA OIL: Moody's Lowers CFR to Ba2; Outlook Stable
----------------------------------------------------
Moody's Investors Service has downgraded China Oil and Gas Group
Limited's (COG) corporate family rating and senior unsecured
rating to Ba2 from Ba1.

The ratings outlook is stable.

The rating action concludes the review for downgrade Moody's
initiated in September 2015.

RATINGS RATIONALE

"The ratings downgrade reflects the deterioration in COG's credit
quality, which its financial profile is expected to remain modest
in next one to two years and no longer be consistent with the
tolerance levels set for the Ba1 rating," says Ivy Poon, a Moody's
Assistant Vice President and Analyst.

The weakening credit profile of COG is partly driven by the
heightened level of business risk from its upstream exposure due
to challenging outlook under a weak oil price environment.

Furthermore, prolonged delays in passing increased costs to
customers in Qinghai Province have weakened its track record of
cost pass-through in a timely manner.  The increased gas costs
have compressed the average dollar margin of its city gas
projects, leading to a declining trend in adjusted EBITDA margin
to 13.4% in 1H 2015 from 22.2% in 2012.

Qinghai project has accounted for around half of its total gas
sales volumes over the past few years.

Nevertheless, the multiple tariff adjustments which occurred at
both the wholesale and retail levels during 2015 will ease the
company's cost pressures and improve its profitability during
2016 - 2017.

In particular, the reductions in wholesale prices of natural gas
for non-residential customers -- as announced in November -- may
provide room for COG to partially recoup its historical losses in
Qinghai by negotiating for a smaller cut in retail prices relative
to the wholesale reductions.

That said, its overall financial profile will remain modest in
next two years, with projected retained cash flow from operations
(RCF)/ debt and debt/ capitalization at around 14% - 17% and
46% - 49% during 2016 - 2017 respectively, improve from 11% and
48% in 2015.

These credit metrics are still far from the levels seen prior to
the company's upstream acquisition.

Moody's financial forecasts have considered the potential benefits
from the reductions in wholesale prices.

Moody's expects the retail tariffs that COG charges to affected
users will likely follow the reductions in wholesale prices.

Lower retail tariffs would increase the competitiveness of natural
gas as against alternative fuel source and therefore stimulate
demand.  This development will help COG counterbalance the recent
moderation in gas consumption.

Moreover, Moody's estimates that the company's EBITDA margin will
improve to 19% - 22% in 2016 - 2017 from 15% in 2015, mainly
driven by the improved profitability of its Qinghai projects.

Liquidity remains sound as projected operating cash flow and cash
on hand will be sufficient to cover its short-term debt and
moderate capital expenditure program in the next 12 months.

The outlook on the ratings is stable, reflecting Moody's
expectation that COG will show a gradual financial improvement
after the recent tariff adjustments and will keep its upstream
operations at a manageable scale.

While Moody's does not see near-term upward momentum for the
ratings, it could emerge over time if COG 1) establishes a proven
track record with timely cost pass-through for its Qinghai
projects, and 2) shows increased diversity in revenue, such that
Qinghai Province contributes less than 30% of total revenue.

Financial metrics for an upgrade could include RCF/ debt exceeding
18% and debt/ capitalization below 40%-45%.

On the other hand, the rating could be downgraded if COG (1)
becomes exposed to a material increase in upstream risk exposure,
(2) carries out aggressive debt-funded expansion projects or
acquisitions, (3) faces adverse regulatory changes, and/or (4)
needs to provide additional funding support to BEI.

Financial metrics for an downgrade could include RCF/ debt falling
below 12% and debt/ capitalization rising above 50% on a sustained
basis; or total unencumbered cash and liquid securities held by
the holding company and majority controlled subsidiaries fall
below RMB700 million.

The principal methodology used in these ratings was Regulated
Electric and Gas Utilities published in December 2013.

China Oil and Gas Group Limited mainly engages in the piped city
gas business in China.  The company also expanded the oil and gas
production business in Canada in 2014.  Its revenue reached around
HKD7.7 billion and HKD3.9 billion in 2014 and 1H 2015,
respectively.

The company is listed on the Hong Kong Exchange.  Mr. Xu Tieliang,
the company's chairman, is the largest shareholder, with a 22.1%
stake.


CHINA SHANSHUI: Shareholders Throw Out Entire Board
---------------------------------------------------
South China Morning Post reports that the battle for control of
the China Shanshui Cement Group has gotten a lot uglier as
shareholders threw out the entire board controlled by chairman
Zhang Bin and appoint a new set of officials.

SCMP relates that one group voted to oust the entire board and
appoint new directors, while a receiver of its second largest
shareholder accused ousted chairman Zhang Bin and his father and
company founder Zhang Caikui of illegally changing its main
operating subsidiary's article of association to tighten their
grip.

In the latest twist of a seven-month long brawl, 96 per cent of
shareholders votes cast in a meeting on Dec. 1 chose to throw out
all eight directors of the firm including Zhang Bin, and to
appoint nine new ones, according SCMP.  Mr. Zhang's father had
already been ousted by shareholders in October, the report notes.

SCMP says after the maiden meeting of the new board following the
vote, Stephen Liu Yiu-keung, managing director of transaction
advisory services at accountancy EY and a receiver of parent China
Shanshui Investment, said the amendment of the article of
association took place on October 14.

"It was a last ditch attempt by the two Zhangs to create problems
for China Shanshui Cement's shareholders . . . they have tried
every means to prevent the other shareholders from exercising
their rights, it is one of the most outrageous examples [of
corporate misdeeds] I have seen," the report qoutes Mr. Liu as
saying.

Mr. Liu alleged that the two Zhangs, through China Shanshui
Investment, own less than 5 per cent of China Shanshui Cement, but
control the latter's board and have done things that damaged the
interest of the remaining 95 per cent shareholders, the report
relays.

The Zhangs were not at the shareholders meeting and could not be
reached for comments, SCMP notes.

The alleged amendment was discovered on Dec. 1 when a company
registration filing search was done on China Shanshui Cement's
principal subsidiary Shandong Shanshui Cement Group, Mr. Liu told
reporters after the new board's meeting, according to SCMP.

The search was part of the receivers' effort to uncover why China
Shanshui Cement defaulted on the repayment of a CNY2 billion
mainland bond earlier this month despite having CNY3.5 billion in
cash as indicated by China Shanshui Cement's lawyer in a
Hong Kong High Court hearing on October 29, Mr. Liu, as cited by
SCMP, added.

The report relates that Mr. Liu said the amended articles of
association stipulates that the two Zhangs cannot be removed from
the three-member board of China Shanshui Cement's Shandong
subsidiary during their three year terms by other China Shanshui
Cement shareholders.

"We are seeking legal advice on the situation," he said, adding
the company does not rule out reporting the matter to mainland
Chinese police and will hire lawyers to handle any litigation that
may be filed by Zhang's group, SCMP relays.

China Shanshui Cement is incorporated in the Cayman Islands and is
one of a clutch of mainland companies which have defaulted on a
domestic bond this year.

But Mr. Liu said the company net assets of around HK$10 billion
and accused the Zhangs of "purposely" not repaying the debt to
avoid being removed from China Shanshui Cement's board, SCMP
relays.

Its liquid assets include several hundred million of yuan of cash,
over one billion yuan of accounts receivables and some CNY600
million of pre-payments, he added, according to SCMP.

He accused the Zhangs of engineering a term in a US$500 million
bond issued by China Shanshui Cement, so that if they are removed
from the board, the bondholders have the right to demand an
immediate redemption of the bond by the company, the report
relays.

This would cause financial hardship for the firm, adds SCMP.

"The new board's priority is to deal with the US$500 million
offshore bond as well as some seven billion yuan of mainland
bonds' possible redemption, after the board's reshuffling," the
report quoted Mr. Liu as saying.

He also accused the Zhangs of mismanaging China Shanshui Cement's
finances, saying management's explanation that the firm's falling
into a net loss of CNY992 million in the year's first six months
from a profit of CNY167.9 million in the year-earlier period was
"unacceptable," SCMP relays.

According to SCMP, Mr. Liu pointed out that the increase in
administration expense to CNY851.3 million from CNY572.8 million
in the period was largely caused by hefty legal bills and other
administration fees that should have been cut as its rivals have
done amid the industry downturn.

                      About China Shanshui

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

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 17, 2015, Standard & Poor's Ratings Services said that it had
lowered its long-term corporate credit rating on China Shanshui
Cement Group Ltd. to 'D' from 'CC'.  At the same time, S&P lowered
its long-term Greater China regional scale rating on the company
to 'D' from 'cnCC'.

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


EHI CAR: S&P Assigns 'BB-' Rating to Prop. US$ Sr. Unsec. Notes
---------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB-' long-term
issue rating and 'cnBB+' long-term Greater China regional scale
rating to the proposed issue of U.S. dollar-denominated senior
unsecured notes by eHi Car Services Ltd. (BB/Stable/--; cnBBB-
/--).  The issue rating on the notes is subject to S&P's review of
the final issuance documentation.

S&P rates the proposed notes one notch below the long-term
corporate credit rating on eHi.  The company's ratio of priority
claims is likely to exceed S&P's 15% threshold in the coming 12
months, in expectation of rising debt at the subsidiaries.  In
S&P's view, the geographical diversity of eHi's assets' and a
downstream loan from the company to its subsidiaries somewhat
moderate the structural subordination risk of the senior unsecured
debt at the holding-company level.  However, the notes will still
rank behind the level of secured debts at the subsidiary level.
eHi will primarily use the net proceeds from the proposed notes
for the group's capital expenditure and other general corporate
purposes.

The corporate credit rating on eHi reflects the company's small
scale compared with global peers', aggressive capital expenditure
through external funding, and its operations in China's fragmented
and highly competitive car rental and chauffeur services industry.
These factors are tempered by eHi's relatively good domestic
market position, improving profitability and cash flow generation,
and China's favorable long-term growth.

eHi is likely to maintain its aggressive capital expenditure plan
over the coming two years through external funding.  However, S&P
also expects the company to continue to improve its profit level
and cash flow.  eHi's fleet size grew to 35,000 vehicles as of the
end of September 2015, compared with 18,000 vehicles 12 months
earlier.  On the other hand, the company's revenues for the first
three quarters of 2015 grew about 70% and its EBITDA margin
improved by about five percentage points.  S&P expects eHi's
EBITDA margin to range from 40%-45% and its ratio of debt to
EBITDA to stay below 4x over the next 12 months.


GOLDEN WHEEL: S&P Assigns 'B' Rating on Proposed US$ Sr. Notes
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' long-term
issue rating and 'cnBB-' long-term Greater China regional scale
rating to a proposed issue of U.S. dollar-denominated senior
unsecured notes by Golden Wheel Tiandi Holdings Co. Ltd. (GW
Tiandi: B/Stable/--; cnBB-/--).  GW Tiandi is planning to use the
proceeds for refinancing its Chinese renminbi (RMB) notes due
April 2016.  It will also use proceeds to fund new projects and
for general corporate purposes.  The rating is subject to S&P's
review of the final issuance documentation.

S&P expects the Nanjing-based property developer's EBITDA interest
coverage ratio to drop below 1.0x in 2015, due to the continual
debt increase to support expansion and the absence of new projects
for delivery this year.  GW Tiandi is currently working on six
projects in Nanjing, Wuxi, Yangzhou, and Zhuzhou.  The company has
scheduled to start pre-sale for the projects in the third quarter
of 2015 and gradually deliver from 2016 onward.  As a result, S&P
expects GW Tiandi's coverage ratio to recover when it recognizes
the sales contracted.

GW Tiandi's investment properties in Nanjing and operating rights
of some metro malls in various cities along the Yangtze River
Delta continue to generate stable leasing income.  In the first
six months of 2015, GW Tiandi had leasing income of RMB69.3
million.  Leasing income covered a significant portion of its
interest expense of RMB83.3 million during the period.  This
stable recurring income could partially offset the volatility in
its revenue from property sales.

The ratings on GW Tiandi reflect S&P's view of the company's high
project concentration risk and execution risk associated with its
expansion plan.  Due to its small operating scale and limited
number of projects, S&P expects the earnings and cash flow of GW
Tiandi will continue to be volatile.  The company's stable leasing
income and some operating record in the Nanjing market could
somewhat temper its weaknesses.


WEST CHINA: S&P Puts 'B+' CCR on CreditWatch Positive
-----------------------------------------------------
Standard & Poor's Ratings Services said that it had placed its
'B+' long-term corporate credit rating and 'cnBB' long-term
Greater China regional scale rating on West China Cement Ltd.
(WCC) on CreditWatch with positive implications.  At the same
time, S&P placed its 'B+' issue rating and 'cnBB' long-term
Greater China regional scale rating on the company's outstanding
senior unsecured notes on CreditWatch with positive implications.

"We placed the ratings on CreditWatch because we believe that
WCC's acquisition of cement assets from Anhui Conch Cement Co.
Ltd. in return for a majority stake could boost WCC's competitive
position in Shaanxi province," said Standard & Poor's credit
analyst Jian Cheng.  "In addition, the acquisition may improve
WCC's profitability through resource sharing and integration of
operations."

WCC has announced that it will acquire four cement-manufacturing
subsidiaries from Anhui Conch for the issuance of Chinese renminbi
(RMB) 4.59 billion in new shares. Upon completion of the
transaction, Anhui Conch will have at least 51% equity interest in
WCC, compared with its current 21.17%.  After the acquisition,
WCC's annual capacity should expand to 39.6 million tons from
29.2 million tons.

S&P believes that WCC will likely become a significant part of
Anhui Conch's post-acquisition strategy in Shaanxi, and will be
meaningfully integrated into the group's operations.  The level of
integration will depend on the outcome of the mandatory general
offer.  S&P will assess the support in the context of its group
rating methodology.

The potential acquisition is a major transaction by Anhui Conch
and will trigger the general offer threshold.  S&P expects Anhui
Conch, which is cash rich, to fund the mandatory general offer
from internal sources.  The transaction has not yet triggered the
change-of-control clause for WCC's outstanding U.S. dollar-
denominated senior unsecured notes.

Consequently, S&P needs to further clarify with both management
teams regarding WCC's capital management, growth strategy, board
composition, and any change to WCC's existing risk management
framework once the transaction is completed.  The transaction
could take more than three months to be completed due to the
general offer.  Also, the transaction is subject to shareholder
approval at the company's extraordinary general meeting.

S&P aims to resolve or update the CreditWatch placement within the
next three months.  In resolving the CreditWatch, S&P will review
the transaction once it is settled or close to being settled.  S&P
will also assess the likelihood of group support from Anhui Conch,
given the potential integration, managerial control, and the
impact on WCC's competitive position and leverage/cash flows.

"We could raise the rating by at least one notch if we believe WCC
will benefit from a meaningful level of support following the
acquisition," said Mr. Cheng.

S&P could affirm the rating if the transaction does not proceed or
in the low likelihood event that S&P assess that the support from
Anhui Conch will be limited.



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ACCURATE EDUCATION: CRISIL Cuts Rating on INR360MM Loan to D
------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Accurate Education and Research Society (AERS) to 'CRISIL D'
from 'CRISIL BB+/Stable'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            360      CRISIL D (Downgraded from
                                   'CRISIL BB+/Stable')

   Term Loan              221      CRISIL D (Downgraded from
                                   'CRISIL BB+/Stable')

The rating downgrade reflects regular instances of delay by AERS
in meeting its debt obligations for over 30 days due to stretched
liquidity.

AERS was set up in 2005 by Mr. C L Sharma, chairman of the
Accurate group, to offer graduate and post-graduate diploma
courses in engineering, technology, and management. The society
runs four institutions' Accurate Institute of Management and
Technology (AIMT), Accurate Business School (ABS), Accurate
Institute of Advanced Management (AIAM), and Accurate Institute of
Architecture and Planning (AIAP). AIMT offers various technical
and management courses; ABS offers various diploma and certificate
programmes in management, such as business management, retail
management, and international business; AIAM offers a post-
graduate degree course in business management; and AIAP offers a
technical course in architecture.


ADAMS MARKETING: CRISIL Cuts Rating on INR215MM Cash Loan to D
--------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Adams Marketing Pvt Ltd (AMPL) to 'CRISIL D/CRISIL D' from 'CRISIL
BB-/Stable/CRISIL A4+'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         25       CRISIL D (Downgraded from
                                   'CRISIL A4+')

   Cash Credit           215       CRISIL D (Downgraded from
                                   'CRISIL BB-/Stable')

   Proposed Long Term     35       CRISIL D (Downgraded from
   Bank Loan Facility              'CRISIL BB-/Stable')

   Term Loan              10       CRISIL D (Downgraded from
                                   'CRISIL BB-/Stable')

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

AMPL has an average financial risk profile because of a small net
worth, high total outside liabilities to tangible net worth ratio,
and weak interest coverage ratio. Moreover, it is exposed to
intense competition, resulting in low profitability. However, the
company benefits from its promoters' extensive experience in the
consumer durables business.

AMPL was incorporated in April 2007. It was formed through the
merger of three proprietorship firms (Adams Motors, Adams
Electronics, and Adams Paribar). The company, based in Howrah
(West Bengal), is an authorised dealer of various brands of
consumer durables.


AGGARWAL STEEL: CRISIL Assigns 'B' Rating to INR40MM Cash Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Aggarwal Steel Industries (ASI).

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         10        CRISIL A4
   Cash Credit            40        CRISIL B/Stable

The ratings reflect ASI's modest scale of operations in an
intensely competitive distribution transformer industry and its
working capital-intensive operations. These rating weaknesses are
partially offset by the experience of promoters in the
distribution transformer industry, and moderate financial risk
profile, marked by low total outside liabilities to tangible net
worth ratios.
Outlook: Stable

CRISIL believes ASI's business risk profile will continue to
benefit from the promoters' industry experience. The outlook may
be revised to 'Positive' in case of a significant and sustained
improvement in scale of operations and profitability, along with
an improved working capital management. Conversely, the outlook
may be revised to 'Negative' in case of a considerable
deterioration in ASI's financial risk profile, particularly
liquidity, because of larger-than-expected working capital
requirement, or if the turnover or operating margin declines
significantly, leading to lower-than-expected cash accrual.

Set up in 2006, ASI is a partnership between Mr. Satish Kumar and
Mr. Ved Prakash. The firm trades in materials used in distribution
transformer. Also, it manufactures distribution transformers used
for power supply and fabrication work. ASI is based in Bhatinda
(Punjab).


AMARNATH ENTERPRISES: CARE Assigns 'B' Rating to INR6.45cr Loan
---------------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of Amarnath
Enterprises.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      6.45      CARE B Assigned

Rating Rationale

The rating assigned to the bank facilities of Amarnath Enterprises
(AE) is constrained by the relatively small scale of operations,
weak financial risk profile with leveraged capital structure and
weak debt coverage indicators, implementation of corporate debt
restructuring (CDR) package by lenders, seasonality associated
with the hotel industry, presence in the highly fragmented hotel
industry characterized by intense competition and constitution of
the entity as a partnership firm. However, the rating is
underpinned by the experience of the promoter in the hotel
industry, marginal increase in income and firm turning profitable
after two successive years of losses in FY15 (Provisional)[refers
to the period April 01 to March 31], location advantage of the
properties and comfortable operating cycle.

The ability of the firm to improve scale of operations coupled
with improved capital structure, debt coverage indicators and
liquidity position are the key rating sensitivities.

AE was established in the year 2008 by Mr P. Nageswara Rao and his
family members. AE is engaged in hospitality services like
lodging, restaurants and conference hall facility. AE is operating
a hotel located in Dwarakanagar, Vishakhapatnam, in the name of
"Hotel Quality Inn Bez Krishnaa". AE has taken franchisee of
"Hotel Quality Inn Bez Krishnaa" from Choice Hospitality India
Private Limited (CHIPL).

CHIPL was established in 1987 with the objective of setting up
first class and mid-market franchised hotels in metropolitan and
secondary cities. The brands of CHIPL in India are Quality,
Comfort , Sleep Inn, Clarion and Cambria Suites.

During FY15 (Provisional), AE reported a PAT of INR0.11 crore on a
total operating income of INR3.66 crore as against net loss of
INR0.52 crore on a total operating income of INR3.52 crore in
FY14.


ARON PIPES: CARE Assigns 'B' Rating to INR14.06cr LT Loan
---------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of Aron Pipes
Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     14.06      CARE B Assigned

Rating Rationale

The rating assigned to the bank facilities of Aron Pipes Private
Limited (APPL) is primarily constrained on account of risk
associated with implementation and stabilization of the ongoing
debt-funded project, its presence in a highly competitive
and fragmented pipe industry and susceptibility of margins to
volatility in raw material prices.

However, the rating derives strength from the experienced
promoters in the pipe industry along with project eligibility for
various fiscal benefits from the Government.

APPL's ability to stabilize its business operations by commencing
commercial production within specified timeline and establishing
customer base would be key rating sensitivity. Furthermore,
achieving envisaged level of sales and profitability in volatile
rawmaterial pricing scenario and highly competitive industry would
also remain crucial.

Surat-based (Gujarat) APPL was incorporated in August 2015 as a
private limited company by Ms Madhuben Virani, Mr Ashvinbhai
Pansara, Mr Mahendrabhai Pansara, Mr Mukeshbhai Pansara andMr
Vijaybhai Gol. APPL is setting up a Greenfield project for
manufacturing of poly vinyl chloride (PVC) pipes with an installed
capacity of 7,920 metric tonnes per annum (MTPA) and total project
cost of INR9.52 crore, which is proposed to be funded through term
loan of INR4.06 crore, unsecured loan of INR1.96 crore and balance
INR3.50 crore through equity share capital. Till November 06,
2015, APPL has incurred total cost of INR1.22 crore, which was
funded through unsecured loan from promoters. APPL is planning to
cater demand from infrastructure industry by selling its products
to various government contractors. APPL has envisaged commencing
commercial production during December 2015.


ATHALURI SUSHMA: CARE Assigns 'D' Rating to INR5.43cr LT Loan
-------------------------------------------------------------
CARE assigns 'CARE D' rating to the bank facilities of Athaluri
Sushma Sree.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     5.43       CARE D Assigned

Rating Rationale

The rating assigned to the bank facilities of Athaluri Sushma Sree
(ASS) takes into account the ongoing delays in servicing of debt
obligations on account of cash flow mismatches.

ASS was established in the year 2012, as a proprietorship concern
by Mrs Athaluri Sushma Sree. The firm is engaged in the business
of leasing out warehouses. ASS constructed a warehouse in Koiloor
Village, Yadgir District, Karnataka, during April 2013 and
commenced operations from June 2014. The property is built on
total land area of 12 acres comprising four warehouse having
storage capacity of 20,000 MT per warehouse. ASS has entered into
agreement with Karnataka StateWarehousing Corporation (KSWC) for
warehouse leasing for tenure of 10 years.

The entity is presently is undertaking greenfield expansion
project for construction of warehouses at Belgaum, Karnataka,
on land area of 12 acres comprising of 5 warehouse having storage
capacity of 25,000MT per warehouse.

During FY15 (refers to the period April 1 to March 31 -
Provisional), ASS reported a net loss of INR0.28 crore on a total
operating income of INR0.64 crore


AVANI DYECHEM: CRISIL Assigns B+ Rating to INR30MM Cash Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Avani Dyechem Industries (ADCI).

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Long Term Loan        6.5        CRISIL B+/Stable
   Inland/Import
   Letter of Credit      5          CRISIL A4
   Cash Credit          30          CRISIL B+/Stable
   Foreign Discounting
   Bill Purchase        10          CRISIL A4

The ratings reflect the extensive experience of the firm's
promoter in the manufacture of synthetic organic dyes. These
rating strengths are partially offset by exposure to intense
competition in the dyes and chemical industry, large working
capital requirement and its moderate financial risk profile
constrained due to low networth.
Outlook: Stable

CRISIL believes ADCI will continue to benefit over the medium term
from its promoter's extensive industry experience and its moderate
financial risk profile. The outlook may be revised to 'Positive'
in case of a significant increase in scale of operations along
with improvement in profitability and capital structure.
Conversely, the outlook may be revised to 'Negative' if there is a
considerable decline in revenue and profitability, or
deterioration in working capital management, or large, debt-funded
capital expenditure, weakening the financial risk profile,
particularly liquidity.

ADCI manufactures synthetic organic dyes in powder form, which are
used in dyeing of garments. It is a proprietorship firm promoted
by Mr. Yogesh Dashrathlal Parikh, who has been engaged in the same
line of business for 36 years.


BHOLA NATH: CRISIL Reaffirms B- Rating on INR60.2MM Cash Loan
-------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Bhola Nath
Rakesh 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            60.2     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 BNRK, Harshna Fruits (HF), Bhola Nath
Naresh Kumar (BNNK), and Harshna Ice & Cold Storage (HICS). 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.


BP PLYBOARD: CRISIL Assigns B+ Rating to INR54.2MM Term Loan
------------------------------------------------------------
CRISIL has assigned 'CRISIL B+/Stable/CRISIL A4' ratings to the
bank facilities of BP Plyboard Pvt Ltd (BPPPL).

                        Amount
   Facilities         (INR Mln)       Ratings
   ----------         ---------       -------
   Term Loan              54.2        CRISIL B+/Stable
   Letter of Credit        8          CRISIL A4
   Cash Credit            45          CRISIL B+/Stable
   Letter Of Guarantee     2.8        CRISIL A4

The ratings reflect BPPPL's small scale of operations in a highly
fragmented and competitive laminates manufacturing industry and
along with working capital-intensive operations. These weaknesses
are mitigated by the promoters' extensive experience in the
laminates industry and established market position.
Outlook: Stable

CRISIL believes BPPPL will benefit from the promoters' extensive
industry experience. The outlook may be revised to 'Positive' in
case of significant improvement in the scale of operations and
profitability or significant equity infusion resulting in
improvement in the financial risk profile. Conversely, the outlook
may be revised to 'Negative' in case of slowdown in the revenue or
deterioration in profitability, capital structure or debt
protection metrics or if the working capital cycle is stretched
further.

BPPPL, incorporated in 2005, is a private limited company that
manufactures laminates. The promoter director Mr. Manoj Kumar
Bajaj and Mr. Binay Kumar Bajaj manage the operations at the
manufacturing facility in Hooghly (West Bengal).


BROCADE INDIA: CRISIL Reaffirms B+ Rating on INR55MM Cash Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Brocade India Polytex
Limited (BIPL) continue to reflect BIPL's modest scale of
operations and the susceptibility of its operating profitability
to volatility in raw material prices. These weaknesses are
partially offset by the company's moderate financial risk profile
marked by healthy gearing and the entrepreneurial experience of
its management team.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            55        CRISIL B+/Stable (Reaffirmed)
   Letter of Credit        5        CRISIL A4 (Reaffirmed)
   Long Term Loan         10        CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes BIPL will continue to benefit over the medium term
from its management's entrepreneurial experience. The outlook may
be revised to 'Positive' in case of higher-than-expected operating
income, resulting in a substantial increase in cash accrual, along
with improvement in working capital management. Conversely, the
outlook may be revised to 'Negative' in case of low revenue or
profitability, or large debt contracted for funding working
capital requirement or capital expenditure, resulting in weakening
of the company's financial risk profile.

BIPL, incorporated in 2012, manufactures polypropylene fabrics and
woven sacks. The company is promoted by Mr. Anwar Sahad and Mr.
Ebrahim Hasan.


CHANDI MATA: CRISIL Assigns B- Rating to INR44MM Cash Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to
the bank facilities of Chandi Mata Cold Storage Private Limited
(CCSPL). The ratings reflect weak financial risk profile of the
company marked by small net worth and highly regulated nature of
the West Bengal cold storage industry. The company, however,
benefits from promoter's extensive experience in cold storage
business.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Term Loan             20.7      CRISIL B-/Stable

   Proposed Long Term
   Bank Loan Facility     4.3      CRISIL B-/Stable

   Bank Guarantee         1        CRISIL A4

   Cash Credit           44        CRISIL B-/Stable

Outlook: Stable

CRISIL believes that CCSPL will continue to benefit from the long
standing experience of its promoters in cold storage business. The
outlook may be revised to 'Positive' in case of efficient
management of farmers financing, along with significant ramp up in
scale of operations and profitability of the company. Conversely,
the outlook may be revised to 'Negative' in case of pressure on
the company's liquidity on account of delays in repayments by
farmers, lower than expected cash accruals or any debt funded
capital expenditure.

CCSPL, incorporated in 1982, is engaged in the business of
providing cold storage facilities to potato farmers and traders.
The company was taken over in 2013. Its cold storage facility is
located in Paschim Midnapur district (West Bengal). The installed
capacity of CCSPL in 2014-15 (refers to financial year, April 1 to
March 31) is 1,19,792 quintal consisting of two chambers and are
fully utilised. The daily operations of the company are looked
after by its director, Mr. Ranjit Dandapat.


DELITE HI-TECH: CRISIL Assigns B+ Rating to INR55MM Term Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Delite Hi-Tech Furniture Industries Private
Limited (DHTPL).

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Term Loan              55        CRISIL B+/Stable
   Bank Guarantee          5        CRISIL A4
   Cash Credit            30        CRISIL B+/Stable

The ratings reflect the extensive experience of DHTPL's promoters
in the home furnishing business, and the company's moderate
financial risk profile because of a moderate net worth, low
gearing, and adequate debt protection metrics. These rating
strengths are partially offset by a small scale of operations and
large working capital requirement.
Outlook: Stable

CRISIL believes DHTPL will continue to benefit over the medium
term from the industry experience of its promoters. The outlook
may be revised to 'Positive' in case of a substantial increase in
scale of operations and improvement in operating margin, leading
to higher cash accrual. Conversely, the outlook may be revised to
'Negative' if cash accrual is lower than expected, or working
capital management deteriorates further, or in case of
significant, debt-funded capital expenditure, leading to weakening
of the financial risk profile.

Incorporated in 1996, DHTPL provides end-to-end interior design
solutions, such as modular furniture designing, chairs, tables,
public seating, office storage systems, and sofa sets for
corporate entities. The company is promoted by Mr. Brij Mohan
Bhatia and his son Mr. Arun Bhatia. It has two manufacturing and
processing units, one each in Okhla of around 1200 square yard and
Mundka around 1500 square yard, both in New Delhi.


GAYATRI PROJECTS: CARE Raises Rating on INR1,738.99cr Loan to B
---------------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
Gayatri Projects Limited.

                                Amount
   Facilities                (INR crore)   Ratings
   ----------                -----------   -------
   Long-term Bank Facilities   1738.99     CARE B Revised from
                                           CARE D

   Long-term/Short-term
   Bank Facilities             2563.81     CARE B/CARE A4 Revised
                                           From CARE D/CARE D

Rating Rationale

The revision in the ratings of Gayatri Projects Limited (GPL)
takes into account improved financial performance during H1FY16
(FY refers to the period April 01 to March 31) vis-…-vis H1FY15
and infusion of fresh equity resulting in regularization of debt
servicing.

The ratings continues to be constrained by the stretched liquidity
position of the company, increasing debt levels, high gearing
levels, high exposure in BOT and power projects(group companies)
having long gestation periods, decline in revenue in FY15 vis-a-
vis FY14, client concentration risk and working capital intensive
nature of business. The ratings are however underpinned by the
track record of the company and promoters' experience,
substantially reduced equity commitment and satisfactory order
book albeit certain stalled orders.

The ability of the company to improve its liquidity profile and
capital structure along with effective management of its cash flow
are the key rating sensitivities.

GPL is promoted by Dr T Subbirami Reddy, while the day-to-day
management of the company is currently undertaken by his son and
Managing Director Mr T V Sandeep Kumar Reddy. GPL is engaged in
the execution of civil works including the construction of dams,
roads and bridges etc. GPL is a Hyderabad based infrastructure
construction company with over 40 years of experience in executing
various infrastructure projects, especially road and irrigation
segment. GPL, an ISO 9001 - 2000 company, is engaged in execution
of major Civil Works including Concrete/Masonry Dams, Earth
Filling Dams, National Highways, Bridges, Canals, Aqueducts,
Ports, etc. It specialises in engineering, procurement and
construction (EPC) of road, irrigation and industrial projects
across India.

During FY15, GPL registered total operating income of INR1652.84
crore with net profit of INR22.05 crore vis-a-vis total operating
income of INR1854. 74 crore and net profit of INR47.61 crore in
FY14.Further during H1FY16 GPL registered total operating income
of INR727.60 crore (INR649.20crore in H1FY15) with a net profit of
INR17.98 crore (INR3.38 crore H1FY15).


IVRCL LTD: Lenders Revoke Strategic Debt Restructure
----------------------------------------------------
The Hindu BusinessLine reports that bankers of the Hyderabad-based
construction and infrastructure company IVRCL Ltd have decided to
invoke the provisions of Strategic Debt Restructure in the
company.

The report relates that the SDR provisions, according to the
Reserve Bank of India guidelines, empower the company's lenders to
takeover the management of a firm when the loans they have
extended are under threat of not being paid.

At a meeting held on November 26, the Joint Lenders Forum (JLF)
has decided to invoke Strategic Debt Restructuring provisions and
informed the company late on Nov. 3, according to BusinessLine.
During the meeting, it was also decided that a senior lenders'
meeting will be held to decide on how to take the whole process
forward, the report relates.

R Balarami Reddy, Executive Director, and Group Chief Finance
Officer, told BusinessLine, "The company has been informed by the
lenders about the proposal and we would be meeting them later
during the week to discuss the proposal and the way forward."

"When a move like this is initiated, according to the RBI
circular, the banks decide on the future course of action on how
to put the business back on course. Such a move would entitle us
to recoup over a-18 months period and during this phase the
company would not be declared a non-performing asset (NPA). As of
now, our cumulative debt, including interest, is about INR5,000
crore," he said, says BusinessLine.

According to the report, the company is under CDR mechanism
wherein bankers and lenders, who are now the majority shareholders
in the company, currently hold 43.88 per cent of the equity.

A consortium of lenders had approved a CDR package of INR7,350
crore and a non-fund based credit of INR2,000 crore to handle
ongoing business, last year, BusinessLine discloses.

BusinessLine notes that the company has been passing through one
of its toughest business cycles over the past 12 quarters and has
initiated measures to streamline its business while restructuring
its functioning. Yet the high interest rate regime prevailing for
several years, tough external conditions and poor liquidity and
delays in divestment of stake in some of the matured projects,
have pushed the company to a corner.

In recent times, Electrosteel Steels and Lanco Teesta Hydro are
among those that have taken the SDR route to chart a way out of
the financial mess, the report states. Typically, such companies
are managed under the supervision of banks and when they get back
to normalcy, the banks may consider roping in a suitor to manage
the company, BusinessLine says.

IVRCL Limited (BOM:530773) is engaged in the business of
development and execution of engineering, procurement,
construction and commissioning (EPCC) and lump sum turnkey (LSTK)
facilities. The Company's segments include Engineering &
Construction, Real Estate and Manufacturing. It operates in
various infrastructure projects, such as water supply, roads and
bridges, townships and industrial structures and power
transmission for central/state governments, other local bodies and
private sector. It is engaged in water and environmental projects,
including water distribution systems, desalination projects and
environmental projects. It is also engaged in transportation
projects, such as integrated toll collection, bridges, tunnels and
railways. Its buildings and industrial structures include
integrated townships, composite housing projects, hospitality and
various other infrastructure projects. Its power transmission
projects include substations and owned manufacturing tower
factory, among others.


K.REMASH BABU: CRISIL Assigns B+ Rating to INR30MM Cash Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of K.Remash Babu (KRB).

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         31        CRISIL A4
   Cash Credit            30        CRISIL B+/Stable

The ratings reflect KRB's below-average financial risk profile,
because of small net worth and weak debt protection metrics, and
small scale of operations, with geographical concentration in
revenue profile. These rating weaknesses are partially offset by
the extensive experience of the promoters in the civil
construction industry.
Outlook: Stable

CRISIL believes KRB will continue to benefit over the medium term
from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' if the if the firm improves
its revenues and profitability while improving its financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
the firm reports lower than expected accruals or undertakes higher
than expected debt funded capex plans leading to weakening of
financial risk profile.

KRB, incorporated in 2008 by Mr. K. Remash Babu and his family,
undertakes civil construction works for government of Kerala like
construction of engineering colleges, schools and civil stations
etc.


LUCKY ENGINEERING: CARE Assigns B+ Rating to INR4.60cr LT Loan
--------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Lucky Engineering Company.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      4.60      CARE B+ Assigned
   Short term Bank Facilities     1.00      CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Lucky Engineering
Company (LEC) are primarily constrained by its small and
fluctuating scale of operations, fluctuating profitability margins
and elongated collection period. The ratings are further
constrained as the firm operates in a highly competitive
engineering goods industry, susceptibility of margins to raw
material price fluctuation risk along with constitution of the
entity as a partnership firm.

The ratings, however, draw strength from experienced partners and
long track record of operations of the entity. The ratings also
factor in LEC's moderate capital structure and debt service
coverage indicators.

Going forward, the ability of LEC to scale up its operations with
improvement in the profitability margins, timely execution
of orders within envisaged cost and timely realization of
receivables shall be the key rating sensitivities.

Delhi-based Lucky Engineering Company (LEC) is a partnership firm
established in 1983 by Mr Harinder Malhotra and Mr Surender
Malhotra sharing profit and loss in the equal proportion. LEC is
primarily engaged in the manufacturing of defense equipments and
other defense material such as bomb shells, tanker parts, etc at
its manufacturing unit located at Delhi. The manufacturing
processes of the firm are ISO 9001:2008 certified. The firm
receives orders from depots and ordinance factories through
tendering and bidding process. The main raw material, ie, steel is
procured directly from Steel Authority of India Limited, Hindalco
Industries and also frommanufacturers situated in Punjab and
Delhi.

In FY15 (refers to the period April 1 to March 31), LEC has
achieved a total operating income (TOI) of INR6.44 crore with
PBILDT and profit after tax (PAT) of INR0.78 crore and INR0.15
crore, respectively, as against TOI of INR13.88 crore with
PBILDT and PAT of INR0.93 crore and INR0.41 crore, respectively,
in FY14.


M.K. MATHIVATHANAN: CARE Assigns B+ Rating to INR14.50cr LT Loan
----------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of M.K.
Mathivathanan.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     14.50      CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of the proprietorship
firm, M/s. M.K. Mathivathanan is constrained by the significant
debt-funded project to establish a multiplex, presently under
implementation with associated execution risks.

The rating is also constrained by the small size of operations of
the firm and its constitution as a proprietorship firm. The rating
does take note of the time delays in the project, owing to change
in scope and consequent delays in obtaining approvals for the
same.

The rating factors in the long experience of the promoter in the
construction industry and the location advantage of the multiplex
project in the heart of Chennai city.

Going forward, the ability of the firm to complete the project
within estimated cost and revised timelines, and subsequently
achieve optimum occupancy levels in the multiplex will be the key
rating sensitivities.

Mr M. K. Mathivathanan heads the Kasi group of Companies which was
established in November 1948. He operates 'Hotel Kasi' situated in
the Tiruthani Tirupathi highway under a proprietorship named M/s.
M.K. Mathivathanan. The firm is in the midst of constructing a
multiplex theatre complex in the name of Kasi City Park (KCP) in
Ashok nagar, in the heart of Chennai at a proposed cost of
INR21.50 crore to be funded by debt of INR14.50 crore and the
balance through promoters' contribution. The project envisages
construction of three cinema theatres with aggregate 860 seats,
26,053 sq. feet of office space and food court.

The financial closure has been achieved for a predominant portion
(Rs.13.46 crore) of the term loan in the last week of October
2015. The project is expected to become operational by September
2016.

As per the audited results, the firm has earned a PAT of INR0.04
crore on the total operating income of INR0.49 crore in FY15
(refers to the period April 1 to March 31) as compared with a PAT
of INR0.05 crore on a total operating income of INR0.45 crore in
FY14.


MANOJ KUMAR: CRISIL Assigns B+ Rating to INR80MM Cash Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Manoj Kumar and Sons (MKS).

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            80        CRISIL B+/Stable
   Cash Term Loan         20        CRISIL B+/Stable

The rating reflects MKS's moderate scale of operations and its
exposure to intense competition in the pulse processing industry
and below-average business risk profile because of modest net
worth and weak debt protection metrics. These weaknesses are
mitigated by the proprietor's extensive experience and his need-
based fund support.
Outlook: Stable

CRISIL believes MKS will benefit over the medium term from the
proprietor's extensive experience and his funding support. The
outlook may be revised to 'Positive' if scale of operations and
financial risk profile significantly improve, driven by higher-
than-expected cash accrual or capital infusion, along with
efficient working capital management. Conversely, the outlook may
be revised to 'Negative' if lower-than-anticipated cash accrual,
significantly large working capital requirement, or sizeable,
debt-funded capital expenditure constrains liquidity.

MKS, a proprietorship firm of Ms. Alpana Gupta, was set up in 2013
in Ganganagar (Rajasthan). The firm processes chana, and trades in
other pulses. It has manufacturing units in Ganganagar with
capacity of 1200 quintal/day.


MEGAMILES BEARING: CRISIL Assigns B+ Rating to INR50MM Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Megamiles Bearing Cups Pvt Ltd (MBCPL).

                        Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit             50        CRISIL B+/Stable
   Letter of Credit        15        CRISIL A4

The ratings reflect MBCPL' weak financial risk profile because of
aggressive capital structure and below-average debt protection
metrics driven by debt funding of large working capital
requirement. The ratings also factor in customer concentration in
revenue profile. These weaknesses are partially offset by strong
technical background and extensive experience of promoters in the
automotive components industry.
Outlook: Stable

CRISIL believes MBCPL will continue to benefit from its promoters'
extensive industry experience. The outlook may be revised to
'Positive' in case of significant increase in sales and cash
accrual, or improvement in capital structure led by equity
infusion. Conversely, the outlook may be revised to 'Negative' in
case of decline in profitability, resulting in low accrual, or
lengthening of working capital cycle, or large debt-funded capital
expenditure.

MBCPL, incorporated in 1990 and promoted by Mr. Y S Mahadev, Mr. S
Rudra Prasad, and Mr. B S Divakar, manufactures cold forged and
Computer numerical control (CNC) machined components for
automotive applications.


NARENDRA NATH: CRISIL Assigns 'B' Rating to INR55MM Cash Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Narendra Nath Cold Storage Pvt Ltd (NCSPL). The
ratings reflect NCSPL's weak financial risk profile, along with
exposure to risks related to highly regulated and fragmented
nature of the West Bengal (WB) cold storage industry. These rating
weaknesses are partially offset by promoters' extensive experience
in the cold storage industry.

                        Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Term Loan              3.8        CRISIL B/Stable
   Cash Credit           55.0        CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility    11.2        CRISIL B/Stable

Outlook: Stable

CRISIL believes NCSPL will continue to benefit over the medium
term from the promoters' extensive industry experience. The
outlook may be revised to 'Positive' if net cash accrual or scale
of operations increases, leading to improvement in the financial
risk profile, particularly liquidity. Conversely, the outlook may
be revised to 'Negative' in case of pressure on liquidity on
account of delays in repayments by farmers, considerably low cash
accrual, or significant, debt-funded capital expenditure.

Incorporated in 2008, NCSPL provides cold storage facility to
potato farmers and traders in West Medinipur (WB). It is promoted
by Mr. Manas Kanti Roy and Mr. Nimai Chandra Manna, who also
manages the operations.


NAVKAR LIFESCIENCES: CRISIL Assigns 'B' Rating to INR60MM Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Navkar Lifesciences (Navkar).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Term Loan              60       CRISIL B/Stable
   Cash Credit            60       CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility      5       CRISIL B/Stable

The rating reflects Navkar's exposure to risks associated with
implementation and timely stabilisation of ongoing capital
expenditure. These weaknesses are partially offset by partners'
extensive experience in the pharmaceutical industry and their
funding support.
Outlook: Stable

CRISIL believes Navkar will benefit over the medium term from the
promoters' extensive industry experience. The outlook may be
revised to 'Positive' in case of timely completion of its project
within budgeted cost and significant ramp-up in sales, leading to
large cash accrual. Conversely, the outlook may be revised to
'Negative' in case of time or cost overrun in project
implementation, or delay in stabilisation of operations.

Navkar, set up as a partnership between Mr. Ravi Jain and Mr.
Abhay Jain in August 2015, is currently setting up its facility in
Baddi (Himachal Pradesh) to manufacture pharmaceutical
formulation.


NIRVIN COLD: CARE Reaffirms 'B' Rating on INR4.21cr LT Loan
-----------------------------------------------------------
CARE revokes suspension and reaffirms the rating assigned to the
bank facilities of Nirvin Cold Storage Pvt. Ltd.

                              Amount
   Facilities               (INR crore)   Ratings
   ----------               -----------   -------
   Long-term Bank Facilities    4.21      CARE B Rating
                                          Suspension revoked and
                                          reaffirmed

Rating Rationale

The rating of Nirvin Cold Storage Pvt. Ltd. continues to remain
constrained by its small scale of operation, presence in highly
regulated industry, high gearing level, presence in a highly
fragmented industry leading to intense competition & its
dependence on the vagaries of nature and seasonality of business.

The rating, however, draws comfort from the long track record of
operations and experience of the promoters in same line of
business and its proximity to major potato-growing areas enabling
easy availability and logistic advantage.

The ability of the company to further grow its scale of operations
along with improvement in profitability margins and manage its
working capital requirements efficiently shall remain the key
rating sensitivities.

NCSPL, incorporated in the year 1984, is a Kolkata-based (West
Bengal) company, promoted by Mr Niraj Kumar Bansal and Ms Jyoti
Bansal (wife of Mr Niraj Kumar Bansal). It is engaged in the
business of providing cold storage services to potato-growing
farmers and potato traders, having an installed storage capacity
of 19,465 MT (metric ton) in Bankura district of West Bengal.
Besides providing cold storage services, NCSPL also trades in
potatoes, which accounted for around 59.10% of the total revenue
in FY15 (refers to the period April 1 to March 31).

Mr Niraj Kumar Bansal, looks after the day-to-day activities of
the business with adequate support from co-director and a team of
experienced professionals.

During FY15, NCSPL had reported a total operating income of
INR5.21 crore (as against INR4.31 crore in FY14) and a PAT
(after def. tax) of INR0.18 crore (as against INR0.14 crore in
FY14).  In H1FY16, the company has maintained to have achieved
total operating income of INR 3.50 crore.


NJT GRANITES: CRISIL Assigns B Rating to INR65MM LT Loan
--------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facilities of NJT Granites (NJT).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Proposed Long Term
   Bank Loan Facility       65        CRISIL B/Stable

   Term Loan                35        CRISIL B/Stable

The rating reflects the firm's start-up phase of operations in the
intensely competitive and fragmented granite quarrying and
processing industry. The rating weakness is partially offset by
the partners' extensive experience.

Outlook: Stable

CRISIL believes NJT will continue to benefit from the partners'
extensive experience. The outlook may be revised to positive if
scale of operations and operating profitability improve
substantially and sustainably, strengthening the financial risk
profile. Conversely, the outlook may be revised to 'Negative' if a
significant decline in operating profitability or any large debt-
funded capital expenditure weakens the financial risk profile.

Set up in December 2014 as a partnership firm, by Mr. Alex Thomas
along with his wife, NJT quarries and sells granite. The firm,
based in Kasargode, Kerala.


PARSVNATH ESTATE: CARE Reaffirms 'B' Rating on INR210cr Loan
------------------------------------------------------------
CARE reaffirms the rating assigned to long-term instruments of
Parsvnath Estate Developers Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Non-Convertible Debentures      210      CARE B Reaffirmed

Rating Rationale
The rating continues to be constrained by limited cash accruals
attributable to longer than envisaged time taken in leasing
out the new office tower and subdued real estate sector scenario.
Further, the rating derives strength from premium location of the
project, reputed tenants and promoter group's experience in the
real estate business.

Going forward, the ability of PEDPL to achieve envisaged lease
tie-ups along with profitable scale-up of operations would be the
key rating sensitivities.

Parsvnath Estate Developers Pvt. Ltd. (PEDPL) was incorporated on
July 24, 2007. PEDPL is a Joint Venture (JV) between Redfort
Capital (RFC) and Delhi-based developer, Parsvnath Developers Ltd.
(PDL), for executing a commercial real estate project 'Red Fort
Parsvnath Tower' (saleable area of 2.84lac square feet lsf) on
Bhai Veer Singh Marg, near Connaught Place (New Delhi) under a
concession agreement with Delhi Metro Rail Corporation (DMRC) for
30 years.

As per provisional financials for FY15 (Refers to period April 1
to March 31), PEDPL reported total operating income of INR9 cr for
FY15 (PY: NIL) with loss of INR7 cr at net level.


PERFECT AGROFOOD: CRISIL Assigns B+ Rating to INR50MM Cash Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Perfect Agrofood Pvt Ltd (PAPL).

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

The rating reflects PAPL's early stage of operations and below-
average financial risk profile on account of small net worth, high
gearing and weak debt protection measures.  These weaknesses are
partially offset by promoters' extensive experience in the edible
oil industry.

Outlook: Stable

CRISIL believes PAPL will continue to benefit from its promoters'
extensive industry experience. The outlook may be revised to
'Positive' if the company significantly ramps up operations and
improves profitability. Conversely, the outlook may be revised to
'Negative' if scale of operations or profitability is lower than
expected, or working capital cycle lengthens, or if the company
undertakes significant debt-funded capital expenditure.

PAPL, incorporated in August 2013 and promoted by Mr. Kanhaiya Lal
Modi and Ms. Mona Goenka, extracts crude edible mustard oil and
mustard oil cake from mustard seeds, and trades in soya bean oil.


PHALANX LABS: CRISIL Ups Rating on INR315MM LT Loan to B-
---------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of
Phalanx Labs Private Limited (Phalanx) to 'CRISIL B-/Stable/CRISIL
A4' from 'CRISIL D/CRISIL D'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit             75      CRISIL B-/Stable (Upgraded
                                   from 'CRISIL D')

   Letter of credit        25      CRISIL A4 (Upgraded from
   & Bank Guarantee                'CRISIL D')

   Long Term Loan         315      CRISIL B-/Stable (Upgraded
                                   from 'CRISIL D')

   Proposed Long Term       5      CRISIL B-/Stable (Upgraded
   Bank Loan Facility              from 'CRISIL D')

The upgrade reflects timely servicing of debt by Phalanx over the
six months through October 2015. The upgrade also factors in
CRISIL's belief that the company will continue to service its debt
obligation in a timely manner backed by continued funding support
from promoters.

The ratings reflect Phalanx's below-average financial risk profile
marked by its small networth, high gearing, and weak debt
protection metrics. The ratings of the company are also
constrained on account of its modest scale of operations in the
intensely competitive bulk drug and intermediaries industry; and
large working capital requirement. These weaknesses are partially
offset by promoters' extensive experience in the pharmaceuticals
industry.
Outlook: Stable

CRISIL believes Phalanx will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of substantial and
sustained increase in profitability, or sustained improvement in
its working capital management. Conversely, the outlook may be
revised to 'Negative' in case of decline in profitability, or
significant deterioration in capital structure caused most likely
by a stretch in working capital cycle.

Phalanx was set up in 2011 by Mr. Avirneni Sri Rama Krishna and
his family members. The company manufactures bulk drug
intermediaries. It is based in Hyderabad.


PHOENIX ISPAT: CRISIL Reaffirms B+ Rating on INR75MM Loan
---------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Phoenix Ispat
Private Limited (PIPL) continues to reflect PIPL's below-average
financial risk profile because of small net worth and high total
outside liabilities and tangible net worth (TOLTNW), low operating
profitability because of trading business, and limited bargaining
power with principal. The rating also factors in exposure to
intense competition in the steel industry, and susceptibility to
volatility in steel prices and in demand from end-user industries.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit           47.5      CRISIL B+/Stable (Reaffirmed)

   Electronic Dealer     75        CRISIL B+/Stable (Reaffirmed)
   Financing Scheme
   (e-DFS)

   Proposed Long Term    27.5      CRISIL B+/Stable (Reaffirmed)
   Bank Loan Facility

These weaknesses are partially offset by promoters' extensive
entrepreneurial experience and the company's established dealer
network.
Outlook: Stable

CRISIL believes PIPL will continue to benefit over the medium term
from its promoters' extensive entrepreneurial experience and
established dealer network. The outlook may be revised to
'Positive' if the company improves its capital structure through
equity infusion, or if it registers a significant improvement in
revenue and operating margin, leading to higher cash accrual, and
hence, to a better financial risk profile. Conversely, the outlook
may be revised to 'Negative' if PIPL contracts substantial debt to
fund incremental working capital requirement, or if its revenue or
profitability declines sharply.

PIPL, incorporated in 2013, is promoted by the Odisha-based
Agarwal and Adukia families. It is the exclusive distributor of
Concast Ispat Ltd's thermo-mechanically treated (TMT) steel bars
and other long products in Odisha. PIPL obtained distributorship
of Jindal Steel an Power's products in March 2015. Its operations
are managed by promoter-directors Mr. Milan Agarwal, and Mr.
Shailendra Adukia.


SADHA EXPORTS: CRISIL Assigns B+ Rating to INR50MM Cash Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facility of Sadha Exports (SE). The rating reflects the
firm's modest scale of operations in the intensely competitive
cashew processing industry, and its below-average financial risk
profile. These rating weaknesses are partially offset by
promoter's extensive experience in the cashew processing industry.

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

Outlook: Stable

CRISIL believes SE will continue to benefit from the promoter's
extensive industry experience. The outlook may be revised to
'Positive', if scaling up of revenue and profitability improves
the financial risk profile. Conversely, the outlook may be revised
to 'Negative' in case of lower-than-expected accrual, or any
larger-than-expected, debt-funded capital expenditure, or a
stretch in the working capital cycle, leading to deterioration in
liquidity.

Set up in 2003, SE processes raw cashew nuts and sells cashew
kernels. The operations are managed by the promoter, Mr. Santosh
Kumar.

SE had a net profit of INR2.38 million on sales of INR250.4
million in 2014-15 (refers to financial year, April 1 to
March 31), against a net profit of INR2.14 million on sales of
INR228.6 million in 2013-14.


SAISHA ENTERPRISES: CRISIL Assigns 'D' Rating to INR64.2MM Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long-term bank
facilities of Saisha Enterprises Pvt Ltd (SEPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Proposed Long Term
   Bank Loan Facility    60.8      CRISIL D
   Term Loan             64.2      CRISIL D

The rating reflects instances of delay by SEPL in servicing its
term debt principal and interest obligations. The rating also
reflects modest scale of operations and weak financial risk
profile because of highly leveraged capital structure and modest
debt protection metrics. These weaknesses are mitigated by
location advantage enjoyed by the facility.

Incorporated in 2010, SEPL derives parking income from its parking
space located in Shirdi (Maharashtra). The company has constructed
its commercial complex including 13 shops, 40-room hotel and a
restaurant having total rental area of 1.5 lakh square feet. SEPL
is promoted by Mr. Navnath Gondkar and has its registered office
in Ahmednagar (Maharashtra).


SHIVA SATYA: CARE Reaffirms 'B' Rating on INR41.63cr LT Loan
------------------------------------------------------------
CARE reaffirms rating assigned to bank facilities of Shiva Satya
Hotels Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      41.63     CARE B Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of Shiva Satya Hotels
Private Limited (SHPL) continues to remain constrained on account
of SHPL's loss making operations coupled with revenue
concentration risk arising out of single property. The
rating also remains constrained due to SHPL's presence in highly
cyclical hotel industry along with intense competition from many
global and local brands in the same segment and geography.

The rating, however, continues to take into account satisfactory
debt servicing track record alongwith improvement in the operating
performance on the back of successful tie-up with Inter-
Continental Hotels Group (IHG) for management of hotel operations
from November 2014.

SHPL's ability to increase its scale of operations by improving
its occupancy rate and average room revenue and consequently turn
around profitability would be the key rating sensitivities.

SHPL was incorporated during October 2007 with the intent to set
up a five-star hotel at Ahmedabad. SHPL is a 100% subsidiary of
Mauritius-based holding company Shiva Hotels (Mauritius) Ltd.
Earlier, SHPL had entered into an agreement with Inter-Continental
Hotels Group (IHG) for the management of hotel property under
"Crowne Plaza". However, due to some dispute with regard to the
terms of the contract, SHPL decided to go ahead with its own brand
"Hotel Shiva" till the time an amicable solution is worked out
between SHPL and IHG. SHPL operated the property under the brand
of 'Hotel Shiva' from April 2014 to October 2014. In the
intervening period, IHG and SHPL arrived at amicable solution and
hence, management of hotel property is being handled by IHG under
their brand of 'Crowne Plaza' since November 2014.

Based on the audited results for FY15 (refers to the period
April 1 to March 31), SHPL has reported a total operating income
of INR12.33 crore with a net loss of INR15.86 crore as against a
total operating income of INR2.73 crore with a netloss of INR10.81
crore in FY14.


SHREE DEV: CRISIL Assigns B- Rating to INR70MM Channel Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-term
bank facilities of Shree Dev Wheels Pvt Ltd (SDW).

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Proposed Long Term
   Bank Loan Facility       8.3      CRISIL B-/Stable

   Channel Financing       70        CRISIL B-/Stable

   Long Term Loan          17.5      CRISIL B-/Stable

The rating reflects SDW's below-average financial risk profile
because of high total outside liabilities to tangible networth
ratio and susceptibility to risk arising from cyclicality in the
automobile industry. These weaknesses are mitigated by the
promoters' extensive experience.

Outlook: Stable

CRISIL believes SDW will benefit over the medium term from its
association with Tata Motors Ltd (TML; rated 'CRISIL
AA/Stable/CRISIL A1+') supported by promoters' experience. The
outlook may be revised to 'Positive' if higher-than-expected
increase in revenue and operating profitability with efficient
working capital management improves liquidity. Conversely, the
outlook may be revised to 'Negative' if lower-than-expected
accrual or any debt-funded capital expenditure plan weakens the
financial risk profile.

Uttar Pradesh-based SDW, established in 2008-09 (refers to
financial year, April 1 to March 31), is an automotive dealer for
passenger vehicles of TML. The company is promoted by Mr. Yogesh
Pratap Singh and Mr. Gaurav Pratap Singh.


SHREE DURGA: CRISIL Assigns 'B' Rating to INR45MM Cash Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRSIL B/Stable/CRISIL A4' ratings to the
long-term bank facility of Shree Durga Iron and Steel Co. Limited
(SDISL).

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             45       CRISIL B/Stable
   Letter of Credit       285       CRISIL A4

The ratings reflect SDIL's below average financial risk profile
marked by below-average capital structure and its working capital
intensive nature of operations. These weaknesses are partly
mitigated by the promoter's extensive experience in the trading
industry and healthy risk protection mechanisms being deployed by
them in the bulk business segment.
Outlook: Stable

CRISIL believes that SDISL will continue to benefit over the
medium term from its promoter's extensive experience in the
trading industry. The outlook may be revised to 'Positive' if
there is a significant improvement financial risk profile of the
company supported by sustenance of its improved scale of
operations while improving its operating margins and maintaining
its working capital requirements at existing levels. Conversely,
the outlook could be revised to 'Negative' in case the company's
financial risk profile declines owing to decline in its margins or
stretch in its working capital management or any significant debt
funded capex plans.

SDISL is promoted by Mr. Pawankumar Agarwal, SDISL is a closely
held public limited company engaged in trading activities of coal,
limestone and scrap steel. The company is based in Mumbai.


SOLANO CERAMIC: CRISIL Reaffirms 'B' Rating on INR37.3MM Loan
-------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Solano Ceramic
Private Limited (SCPL) continues to reflect the company's working
capital-intensive operations and its modest scale of operations in
a highly fragmented industry.

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Cash Credit             27.5      CRISIL B/Stable (Reaffirmed)
   Proposed Term Loan      37.3      CRISIL B/Stable (Reaffirmed)
   Term Loan               35.2      CRISIL B/Stable (Reaffirmed)

These weaknesses are partially offset by the extensive experience
of the promoters in the ceramic industry and the favourable
location of SCPL's plant, ensuring availability of raw materials
and labour along with proximity to customers.

Outlook: Stable

CRISIL believes SCPL will continue to benefit over the medium term
from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' if the company improves its
working capital management and reports higher-than-expected growth
in its revenue and profitability, leading to better cash accrual
and, hence, improvement in the financial risk profile. Conversely,
the outlook may be revised to 'Negative' if there is a significant
decline in SCPL's accrual or deterioration in its working capital
management, or if it undertakes a large, debt-funded capital
expenditure (capex) programme, resulting in weakening of the
financial risk profile.

Update
SCPL's net sales increased to INR149 million for 2014-15 (refers
to financial year, April 1 to March 31) as compared with INR110.2
million in 2013-14, mainly driven by increasing capacities. The
company has managed to maintain its profitability in the range of
9-11 per cent; profitability is expected to remain at similar
levels over the medium term. The operations continue to be working
capital intensive with gross current assets estimated at 264 days
as on March 31, 2015, driven mainly by stretched debtors. The
stretch in the working capital cycle has resulted in high bank
limit utilisation, at an average of 97 per cent, over the 12
months through August 2015. The interest coverage ratio was
moderate at 2.3 times for 2014-15, with high gearing of around 2.4
times. In the absence of debt-funded capex, gearing is expected to
improve to 1.1-1.5 times over the medium term.

Incorporated in 2012, SCPL is based in Morbi (Gujarat). The
company is owned and managed by the Fefar family of Morbi. It
operates a spray dryer plant and supplies its products to the wall
tiles units located in the area.

For 2014-15, SCPL reported profit after tax (PAT) of INR1.3
million on net sales of INR149 million against PAT of INR2 million
on net sales of INR110 million.


SOUTHERN COOLING: CRISIL Assigns B- Rating to INR120MM Cash Loan
----------------------------------------------------------------
CRISIL has revoked the suspension of its rating on the bank
facilities of Southern Cooling Towers Private Limited (SCTPL) and
has assigned its 'CRISIL B-/Stable/CRISIL A4' rating to the bank
facilities.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee        130       CRISIL A4 (Assigned;
                                   Suspension Revoked)

   Cash Credit           120       CRISIL B-/Stable (Assigned;
                                   Suspension Revoked)

   Long Term Loan        20        CRISIL B-/Stable (Assigned;
                                   Suspension Revoked)

   Proposed Long Term    30        CRISIL B-/Stable (Assigned;
   Bank Loan Facility              Suspension Revoked)

CRISIL had suspended the ratings on February 21, 2013, as SCTPL
had been non-cooperative and did not provide necessary information
required for the rating review. SCTPL has now shared the requisite
information enabling CRISIL to assign the rating to the bank
facilities.

The ratings reflect SCTPL's moderate scale of operations in a
highly competitive industry and working capital-intensive
operations leading to stretched liquidity. These weaknesses are
mitigated by the promoter's extensive experience in the cooling
tower industry.
Outlook: Stable

CRISIL believes SCTPL will benefit from its established presence
in the cooling tower industry. The outlook may be revised to
'Positive' in case of higher-than-expected increase in revenue and
profitability, or in case of better working capital management
leading to improvement in liquidity. Conversely, the outlook may
be revised to 'Negative' if the financial risk profile
deteriorated because of low revenue and profitability, or any
significant debt-funded capital expenditure.

Incorporated in 1982, SCTPL is India's first ISO 9001:2008
certified company in cooling towers. The company manufactures and
sells a variety of wet industrial cooling towers and spare parts.
It is promoted by the Chairman Mr. SK Mitra, who has 42 years'
experience in the cooling tower manufacturing industry.


SRI PARAMESWARA: CRISIL Reaffirms 'D' Rating on INR190MM Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of M/s. Sri Parameswara
Poultry Farm Private Limited (SPPL) continue to reflect the
instances of delay by SPPL in servicing its debt. The delays have
been caused by the company's weak liquidity.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit           190        CRISIL D (Reaffirmed)
   Long Term Loan         47.5      CRISIL D (Reaffirmed)
   Short Term Loan        38        CRISIL D (Reaffirmed)

SPPL has a weak financial risk profile marked by its small net-
worth, high gearing, and below-average debt protection metrics.
The company is also exposed to risks related to implementation and
stabilisation of its proposed large debt-funded capital
expenditure. The company remains exposed to intense competition in
the poultry industry, its profitability margin is susceptible to
volatility in raw material prices, and the company is susceptible
to risks inherent in the poultry industry such as outbreak of
epidemics. However, the company benefits from the promoters'
extensive industry experience.

SPPL was set up in 2010 by Mr. B Siva Babu and his family members.
The company is engaged in the production of commercial eggs. It is
proposing to undertake a capital expenditure of INR700 million
towards expanding its capacity; 80 per cent would be funded by
debt. It is based in Shadnagar (Telangana).


SUPER PLATECK: CRISIL Assigns B- Rating to INR37.5MM Cash Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to
the bank facilities of Super Plateck Private Limited (SPPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit           37.5      CRISIL B-/Stable

   Letter of credit
   & Bank Guarantee      22.5      CRISIL A4

The ratings reflect SPPL's small scale of operations in the highly
fragmented high-density polyethylene (HDPE) pipes industry, and
the weak financial risk profile, because of high gearing and weak
debt protection metrics. These rating weaknesses are mitigated by
the promoters' extensive industry experience.
Outlook: Stable

CRISIL believes SPPL will continue to benefit over the medium term
from its promoters' extensive industry experience. The outlook may
be revised to 'Positive' in case of significant growth in revenue
and improvement in working capital management, leading to a better
financial risk profile, particularly debt protection metrics and
liquidity. Conversely, the outlook may be revised to 'Negative' in
case of low profitability, resulting in lower cash accrual, or
deterioration in working capital management.

SPPL incorporated in 1990, is promoted by Mr. Dinesh Gupta and Mr.
Rajender Kumar. The company manufactures and supplies pipes,
telecom ducts, duct pipes, drip irrigation systems, sprinklers,
and other such products. The manufacturing facility is located at
Parwanoo (Himachal Pradesh).


SWAMI DEVI: CARE Assigns 'B' Rating to INR1.74cr LT Loan
--------------------------------------------------------
CARE assigns 'CARE B' and 'CARE A4' ratings to the bank facilities
of Swami Devi Dyal Hi-Tech Education Academy.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      1.74      CARE B Assigned
   Short term Bank Facilities    10.00      CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Swami Devi Dyal Hi-
Tech Education Academy (SDD) are constrained by its small scale of
operations coupled with moderate enrolment ratio. The ratings are
further constrained by high level of competition in the industry,
limited reach of the society and highly regulated nature of the
educational sector. The ratings, however, favourably take into
account long track record of operations, experienced promoters,
comfortable solvency position and buoyant prospects of higher
education in India.

The ability of the society to improve its enrolment ratio in a
highly competitive market while maintaining the optimum capital
structure would be the key rating sensitivities.

SDD got registered under the Society registration Act-1860 in
August 2000. The society was established by Mr M.L Jindal
(President), Mr Ashok Jindal (Vice- President) and Mr Amit Jindal
(General Secretary) and is providing higher education in the field
of Dental Sciences, Computer Applications, Nursing, Management,
Law, Pharmacy, Hotel Management and Education. The society is
running twelve separate institutions under Swami Devi Dyal Group
of Professional Institutions in Panchkula, Haryana, with a total
of 2,367 students for Academic Year 2015-2016.

For 11MFY15 (Prov.; refers to the period April 1 to February 28),
SDD reported a total income of INR31.00 crore with a surplus of
INR1.42 crore, as against the total income of INR37.00 crore with
surplus of INR1.40 crore in FY14.


UNIQUE CONSTRUCTIONS: CRISIL Reaffirms B+ Rating on INR50MM Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Unique Constructions -
Kundapura (UCK) continue to reflect its modest scale of operations
in the fragmented civil construction industry, the geographic
concentration in its revenue, and its large working capital
requirements.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         45       CRISIL A4 (Reaffirmed)
   Cash Credit            50       CRISIL B+/Stable (Reaffirmed)

These weaknesses are partially offset by the extensive experience
of the promoters in the civil construction industry and the firm's
moderate financial risk profile because of strong debt protection
metrics.
Outlook: Stable

CRISIL believes UCK will continue to benefit over the medium term
from its promoters' extensive industry experience. The outlook may
be revised to 'Positive' if the firm scales up its operations
significantly while improving profitability, leading to
substantial cash accrual and a better financial risk profile.
Conversely, the outlook may be revised to 'Negative' if UCK's
scale of operations declines considerably or if there is a stretch
in the working capital cycle, resulting in weak liquidity.

Update
The delay in realisation of work from the Karnataka government
resulted in lower sales of INR133 million in 2014-15 (refers to
financial year, April 1 to March 31) from INR149 million in 2013-
14. Operating margin, however, improved to 13.4 percent, from 11.3
percent, resulting in higher net cash accruals (NCA) of INR9.5
million in 2014-15. The company is expected to maintain its scale
of operations on the back of order book of around INR300 million
to be executed over the next 15-18 months.

The financial risk profile remains moderate with networth of
INR29.5 million and healthy debt protection metrics. Liquidity
remains adequate with expected NCA of more than INR9.0 million in
2015-16 against debt obligations of INR3.2 million. The bank
limits remained utilised by 96% in the 12 months through August
2015.

Set up in 1999 as a partnership firm, UCK undertakes civil
construction work, primarily roads and bridges, in Karnataka for
government undertakings and programmes. The firm is based in
Kundapura (Karnataka) and its operations are managed by Mr.
Chandra Shekhar Shetty.

UCK reported profit after tax (PAT) of INR6 million on revenue of
INR133 million for 2014-15 against PAT of INR5 million on revenue
of INR149 million for 2013-14.


WELLBORE ENGINEERING: CRISIL Rates INR78.1MM LT Loan at B+
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Wellbore Engineering Company (WEC).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Term Loan             31.9      CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility    78.1      CRISIL B+/Stable
   Bank Guarantee         5.0      CRISIL A4
   Cash Credit            5.0      CRISIL B+/Stable

The ratings reflect the extensive experience of the firm's
promoters in carrying out job work for manufacturing parts of
industrial machinery. These rating strengths are partially offset
by a modest scale of operations in the highly fragmented
engineering goods industry, moderate working capital requirement,
and susceptibility of the firm's operating margin to volatility in
raw material prices.

Outlook: Stable

CRISIL believes WEC 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 improvement in
scale of operations or capital structure. Conversely, the outlook
may be revised to 'Negative' if any significant capital
expenditure, large debt obligations, or increased working capital
requirement, affect the financial risk profile, particularly
liquidity.

WEC undertakes job work for manufacturing heavy machinery parts
such as power turbines, table liners, rings, rollers, and other
industrial components used in the power, cement, chemical, and
textile industries. It is a partnership firm promoted by Mr.
Shrish Patel and his mother, Ms. Dhanu Patel; they have been in
the same line of business for 34 years.


ZEDSON AGRO: CRISIL Assigns B+ Rating to INR43MM LT Loan
--------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Zedson Agro Pvt Ltd (ZAPL).

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            42        CRISIL B+/Stable
   Long Term Loan         43        CRISIL B+/Stable

The rating reflects the promoter's extensive experience in the
agricultural (agri) commodity industry and moderate financial risk
profile. These rating strengths are partially offset by the small
scale of operations in a highly fragmented industry.
Outlook: Stable

CRISIL believes ZAPL will benefit over the medium term from its
promoter's extensive industry experience. The outlook may be
revised to 'Positive' if substantial improvement in the scale of
operations and profitability leads to improvement in the financial
risk profile. Conversely, the outlook may be revised to 'Negative'
if there is a stretch in the working capital cycle thereby
constraining the liquidity.

ZAPL was incorporated in October 2014 and processes sesame and
wheat seeds at the facility at Surendranagar (Gujarat). The
operations are managed by Mr. Devendrabhai who has over nine
decades' experience through another group concern, Aghara
Agriculture, which is a partnership firm, involved in similar
activity. The company has started its operations from February
2015 and has achieved a sales of INR 100.00 million till October
2015.


ZYLOG SYSTEMS: Retired Justice Appointed as Administrators
----------------------------------------------------------
Cliff Sanderson at Dissolve.com.au reports that retired justice
S Rajeswaran has been appointed administrator of Zylog Systems
Ltd.  According to the report, the administrator disclosed in a
meeting its intention to request the Registrar of Companies to
change Zylog's status from "under liquidation" to "active."

The move takes place after the directors resigned from the company
while in liquidation, Dissolve.com.au relates.

Zylog Systems Limited (BOM:532883) -- http://www.zylog.co.in/--
is an India-based technology solutions and services company. It
provides onshore, offshore and near shore technology solutions and
services to enterprises and technology companies. Its information
technology (IT) and consulting services portfolio includes
Development and Testing, Enterprise Computing, Enterprise
Intelligence, Heathcare Info Tech, Mobile Computing and Microsoft
Dynamics. Its solutions portfolio includes Mobile Solutions,
PharMetrix, Service Industry and Staffing Solutions. The Company's
subsidiaries include Zylog Systems (Europe) Limited, VishwaVikas
Services Limited, Zylog Systems (India) Limited, Zylog Systems
Asia Pacific Pte Ltd, Zylog BV Limited, Zylog Systems M.E. (FZE),
Zylog Systems (Canada) Limited, Matrix Primus Partners Inc,
Algorithm Solutions Private Ltd and Ducont FZ LLC.



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


SHARP CORP: Mulls Downsizing Struggling LCD Business
----------------------------------------------------
Kyodo News reports that Sharp Corp. is considering shrinking its
struggling liquid crystal display business to prepare for possible
partnership with government- and private-sector funded Japan
Display Inc., sources said on Dec. 1.

According to the news agency, sources said Sharp is mulling
downsizing production of 32-inch TV panels at its mainstay
Kameyama plants and gradually transfer panel production at its
aging Mie plants to Kameyama. The Kameyama and Mie plants are both
located in Mie Prefecture.

Sharp may also eventually close the Mie plants if demand for
smartphone panels produced there does not recover, sources said,
Kyodo relates.

Kyodo says the Mie Plant No. 1 has already stopped production,
while the operation rate of its Plant No. 3, which makes panels
for Chinese smartphones, has slumped to around 20 percent.

The Mie plants, which started operations in 1995, had around 1,700
workers as of March this year, the report discloses.

Japan Display, a major manufacturer of small to medium-sized LCDs,
is backed by Innovation Network Corporation of Japan, an
investment fund set up with government- and private-sector
funding, adds Kyodo.

Based in Osaka, Japan, Sharp Corporation (TYO:6753) --
http://sharp-world.com/-- manufactures and sells electronic
telecommunication devices, electronic machines and components.

As reported in Troubled Company Reporter-Asia Pacific on
Nov. 6, 2015, Standard & Poor's Ratings Services said that it has
lowered its long-term corporate credit and debt ratings on Japan-
based electronics company Sharp Corp. to 'CCC+' from 'B-' and its
short-term corporate credit and commercial paper program ratings
on the company to 'C' from 'B'.  S&P has also lowered its long-
term corporate credit rating on overseas subsidiary Sharp
International Finance (U.K.) PLC to 'CCC+' and the rating on its
commercial paper program to 'C'.  The outlook on the long-term
corporate credit ratings on both companies is negative.



===============
M A L A Y S I A
===============


1MALAYSIA: Minister Asked if Critics Preferred Bankruptcy
---------------------------------------------------------
Free Malaysia Today reports that critics of 1Malaysia Development
Bhd have been asked if they preferred bankruptcy for the
government investment fund rather than see it pay off its debts.

According to the report, Salleh Said Keruak, the communications
minister and staunch ally of Najib Razak, wrote in his personal
blog to express puzzlement about what the critics wanted, as they
did not seem satisfied with any course of action by 1MDB.

"There are only three things 1MDB can do and all three things are
not acceptable to the critics. There is, of course, a fourth
alternative, bankruptcy. Is this what they want 1MBD to do, get
declared bankrupt, so that they can make this an issue against the
Prime Minister?" the report quotes Mr. Salleh as saying.

1MDB is the brainchild of Najib Razak who, as prime minister and
finance minister has oversight over the company, which is fully
owned by the finance ministry, the report notes.

FMT relates that Mr. Salleh said some critics were not happy that
1MDB had borrowed billions to finance its investments yet were not
happy that 1MDB was trying to reduce its debts. The same people
were not happy with Tenaga Nasional Bhd wanting to buy some of
1MDB's assets, calling it a potential bailout.

However, the sale of 1MDB's Edra Global Energy to foreign
investors also brought criticism of the sale price being too low
even though it fetched a higher price than a sale to TNB, with
allegations of treason, the report relays.

"It makes it very difficult when people do not know what they
want. They want 1MDB to reduce its debts but they do not want any
local company to buy any of 1MDB's assets and at the same time
they do not want 1MDB to sell these assets to foreigners. So what
then do they want 1MDB to do?" Mr. Salleh, as cited by FMT, said.

As reported in the Troubled Company Reporter-Asia Pacific on
July 23, 2015, Reuters said Singapore Police Force has frozen two
bank accounts to help with an investigation in to Malaysia's
troubled state-owned investment fund 1Malaysia Development Bhd
(1MDB), which is being probed by authorities in Malaysia for
financial mismanagement and graft.  Reuters said the freezing of
the Singapore bank accounts follows a similar move in Malaysia
where a task force investigating 1MDB said earlier in July that it
had frozen half a dozen bank accounts following a media report
that nearly $700 million had been transferred to an account of
Malaysia's Prime Minister Najib Razak.

The Wall Street Journal reported on July 3 that investigators
looking into 1MDB had traced close to US$700 million of deposits
moving through Falcon Bank in Singapore into personal bank
accounts in Malaysia belonging to Najib, Reuters related.

The TCR-AP, citing Bloomberg News, reported on Nov. 26 that 1MDB
agreed to sell its power assets to China General Nuclear Power
Corp. for MYR9.83 billion ($2.3 billion) as the state investment
company moved one step closer to winding down operations after its
mounting debt raised investor concern.

Bloomberg related that the company faced cash-flow problems after
a planned initial public offering of Edra faced delays amid
unfavorable market conditions, President Arul Kanda said Oct. 31.
The listing plan was later canceled as the company opted for a
sale of the assets, Bloomberg noted.

Kuala Lumpur-based 1Malaysia Development Bhd (1MDB) operates as a
government agency. The Company offers financial assistance,
analysis, and advice through investors, corporations, and
consultants to startups and growth companies. 1MDB focuses on
investments with strategic value and high multiplier effects on
the economy, particularly in energy, real estate, tourism, and
agribusiness.



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


CREDIT UNION: S&P Revises Outlook to Pos. & Affirms 'BB-/B' ICRs
----------------------------------------------------------------
Standard & Poor's Ratings Services has revised its outlook on New
Zealand-based Credit Union Baywide (CUB) to positive from stable.
At the same time, S&P affirmed the issuer credit ratings on CUB at
'BB-/B'.

The revision in the outlook to positive reflects S&P's opinion
that key indicators of CUB's asset quality, including credit
losses and charge-offs, could be sustainable, suggesting a
structural improvement in its risk profile and supportive of a
higher rating.

S&P notes the recent improvements in CUB's charge-offs at 22 basis
points (bps) of customer loans from a five-year average of around
60 bps.  The improved charge-offs compare favorably with S&P's
expectation for CUB's "normalized losses" (through the cycle) of
35 bps (for retail lending).  Other measures of asset quality
appear similarly sound, suggesting the credit union is not
delaying recognition of impairment, with non-performing loans at
around 140 bps of customer loans (compared with a five-year
average estimated at 170 bps), while loan loss coverage for non-
performing loans is reasonably conservative at close to 50%.  S&P
believes the trend of improving asset quality can be partly
attributed to a shift in the credit union's focus toward "working
families" (as CUB defines them), as well as the more favorable
operating environment, with falling interest rates and rising
house prices providing good support to both serviceability and
loan recovery (if required).  Furthermore, CUB's shift toward
residential mortgage lending is likely to lead to lower degree of
non-performance relative to higher risk (and generally unsecured
or poorly secured) personal loans, with discontinued business
lines and resolution of some larger loans acquired during recent
mergers also contributing to the improved outcomes.

As such, and while S&P believes the aforementioned cyclical
factors may be having a greater influence, S&P also considers the
possibility that some structural improvements in the credit
union's risk profile may also be apparent; S&P expects charge-offs
to gradually reverse the recent improvements in 2016 and 2017, at
around 25 bps-30 bps, although S&P expects them to remain below
both normalized losses and longer-term averages.

"We are, however, mindful of the significant and rapid shift in
the composition of CUB's lending portfolio in the past two years
toward high loan-to-value (LVR) loans (loans with an LVR greater
than 80%.  We understand most of the loans are to "working
families" and other first home buyers, with the credit union
shifting focus to those members of the community following the
regulatory imposition of limits on high LVR lending for New
Zealand's registered banks.  We note that home loans tend to
season in the medium term.  And although we understand the quality
of recent loans underwritten is analogous to that typically
underwritten by registered banks, we believe the concentrated
growth in high loan-to-value lending could see the level of non-
performing loans and other asset quality metrics undermine recent
improvements for the credit union, particularly if economic
pressures in provincial New Zealand re-emerged," S&P said.

OUTLOOK

The outlook on CUB's long-term rating is positive, reflecting
indications that the credit union's risk profile is undergoing a
structural shift, stemming in part from a change in focus toward
residential mortgage lending, which has also been accompanied by
an apparent improvement in the quality of member servicing the
loan.  The positive momentum in rating is also supported by S&P's
expectation that the credit union will maintain a very high level
of capitalization.

S&P expects to raise CUB's rating by one notch within the next 12
months if S&P gains greater confidence on the longevity of the
credit union's current focus on underwriting higher credit quality
business, especially residential mortgage lending to a higher
credit quality member set.  Upward rating prospects also depend on
the credit union extending its recently favorable level of charge-
offs, at around 30 bps, with other indicators of asset quality--
such as the level of non-performing loans and the quality of loans
underwritten by CUB--largely unchanged.

S&P expects to revise the ratings outlook back to stable if CUB's
business focus reverted back toward a higher risk model, which
could be evidenced by a renewed, greater interest in higher risk
(and generally unsecured or poorly secured) personal lending,
and/or targeting higher risk members of the community from a lower
socioeconomic background.  S&P would also expect to revise the
rating to stable if CUB's level of charge-offs reverted toward
longer-term averages of around 70 bps-80 bps, which in S&P's view
would suggest the recent strengthening in its risk outcomes was
underpinned by cyclical factors.


ENCELL GROUP: Owes Creditors More Than NZ$300,000
-------------------------------------------------
Myles Hume at Stuff.co.nz reports that failed businessman
Paul Encell said limited knowledge of the building industry
contributed to his company's downfall. That's according to
liquidators who found his company owes creditors more than
NZ$300,000, the report says.

According to Stuff.co.nz, Ernst & Young on Dec. 1 released its
first report into Encell Group Ltd after the High Court in
Christchurch placed it into liquidation on October 29.

Stuff.co.nz relates that the company faces police scrutiny after
liquidators, Rhys Cain and Rees Logan, discovered "irregularities"
in company documents.

Mr. Encell, the company's sole director, was convicted of fraud in
his native Britain and in New Zealand in 2003 when he signed false
advertising contracts and took the commission, Stuff.co.nz
discloses. He is in New Zealand on a six-month working visa that
expires in February.

His dealings came to light after Encell Group offered to build a
barn-style home in Rolleston, south of Christchurch, with a Master
Builder guarantee Encell was never qualified to give, according to
Stuff.co.nz.  Foundations were poured and frames erected before
the company folded. The homeowner, Barry Jones, says he is owed
NZ$225,000.

Stuff.co.nz relates that Mr. Encell, who has not responded to
requests for comment, told liquidators the company failed because
of problems with building plans creating extra costs, significant
debt to secured creditors and his lack of knowledge of the
building industry, according to the report.

The liquidators said the company's debt was about NZ$301,300. The
queue of unsecured creditors and debt levels was expected to climb
once liquidators looked into the company's electronic records,
Stuff.co.nz discloses.

The company assets were a trailer, scaffolding, laptop and a
tablet. The total value was not known, the liquidator's report
said.

Stuff.co.nz notes that Mr. Encell's ex-partner, Sarah Gordon, who
had Encell trespassed from her home, told liquidators she had not
signed agreements or documents related to the company's trading
business. She said she was unaware of the company's day-to-day
running.

She ceased as a director three months before the July 31
liquidation, but remained a 25 per cent shareholder, the report
notes.

Ms. Gordon's house was one of the company's two projects. She made
payments to Encell Group. The liquidators wanted to ensure the
company received the "fair and full value," Stuff.co.nz adds.

Encell Group was put into liquidation by the High Court on October
29 on an application by building supply company Carters.



                             *********

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

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

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


                            *********


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

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

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

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

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



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