TCRAP_Public/151214.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

          Monday, December 14, 2015, Vol. 18, No. 246


                            Headlines


A U S T R A L I A

APOLLO 2007-1E: Fitch Affirms 'BBsf' Rating on Class B Notes
BLACK OAK: Receivers Seek Expressions of Interest
COMMERCIAL PROPERTY: First Creditors' Meeting Set For Dec. 17
HL SAVILLE: First Creditors' Meeting Slated For Dec. 22
HUNTER PORTS: Goes Into Administration

MORABLE PTY: First Creditors' Meeting Slated For Dec. 23
NUFARM LTD: S&P Affirms 'BB' CCR; Revises Outlook to Stable
ONSITE RENTAL: S&P Affirms 'B' CCR; Outlook Negative
PROFICIENT ENGINEERING: First Creditors' Meeting Set For Dec. 21
SMART 2012-1US: Fitch Affirms 'BBsf' Rating on Class E Notes


I N D I A

AAJVETO MANUFACTURING: ICRA Reaffirms 'B' Rating on INR19cr Loan
ANALOGICS TECH: ICRA Suspends B+/A4 Rating on INR48cr Loan
ANJALEE GRANITES: ICRA Reaffirms 'B' Rating on INR30cr Loan
AURORA SRI: ICRA Suspends B+ Rating on INR12.30cr Loan
BHATIA COAL: ICRA Assigns 'D' Rating to INR30cr LT Loan

D.R. COATS: ICRA Reaffirms B+ Rating on INR12cr Loan
DOLPHIN MARINE: ICRA Reaffirms 'B' Rating on INR2.08cr Term Loan
DRS DILIP: ICRA Suspends C+ Rating on INR10cr Loan
GARG AND COMPANY: CARE Reaffirms B+ Rating on INR13.50cr LT Loan
GRAND HIRA: CARE Assigns B+ Rating to INR15cr LT Loan

GRIPWELL FORGING: ICRA Assigns B+ Rating to INR7.0cr LT Loan
JAYMALA SPINTEX: CARE Assigns B+ Rating to INR31.94cr LT Loan
KADVANI FORGE: ICRA Reaffirms 'B' Rating on INR25cr Cash Loan
KELTRON COMPONENT: ICRA Ups Rating on INR11.25cr Loan to B-
MAHAJAN FABRICS: CARE Assigns B+ Rating to INR13.94cr LT Loan

MALAXMI HIGHWAY: CARE Reaffirms 'D' Rating on INR208.85cr LT Loan
MANGALAM TIMBER: CARE Reaffirms B+ Rating on INR12cr LT Loan
NIGAM COLD: CARE Revises Rating on INR4.5cr LT Loan to B+
OSWAL KNIT: CARE Assigns B- Rating to INR19cr LT Loan
PARAS RAM: CARE Upgrades Rating on INR8.50cr LT Loan to B+

PRJ POLYMERS: ICRA Reaffirms B+ Rating on INR8.0cr Loan
SAMRAT PLASTIC: CARE Assigns 'B' Rating to INR5.93cr LT Loan
SARASWATI ASSOCIATES: CARE Reaffirms B Rating on INR3.50cr Loan
SENTHIL PAPER: CARE Lowers Rating on INR177.67cr LT Loan to D
SHRINATH COTTON: CARE Reaffirms B+ Rating on INR6.31cr LT Loan

SRI VENKATRAMANA: ICRA Cuts Rating on INR28cr LT Loan to D
SUPER COTTON: CARE Assigns B+ Rating to INR8.10cr LT Loan
SURYAJYOTI SPINNING: CARE Lowers Rating on INR256.70cr Loan to D
TIRUPATI NIRYAT: CARE Assigns B+ Rating on INR15cr Loan
WAVE INDUSTRIES: ICRA Reaffirms 'B' Rating on INR258.23cr Loan


J A P A N

TOSHIBA CORP: To Unveil Restructuring Steps Later This Month
TOSHIBA CORP: Eyes Top Accounting Firms to Replace Auditor


S O U T H  K O R E A

STX OFFSHORE: To Receive KRW450BB Financial Aid From Creditors


                            - - - - -


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A U S T R A L I A
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APOLLO 2007-1E: Fitch Affirms 'BBsf' Rating on Class B Notes
------------------------------------------------------------
Fitch Ratings has affirmed the ratings of 12 tranches from six
APOLLO Series residential mortgage backed securities (RMBS)
transactions.  The transactions are securitisations of first-
ranking Australian residential mortgages originated by Suncorp-
Metway Limited (A+/Stable/F1).  The notes were issued by Perpetual
Corporate Trust Limited, in its capacity as trustee of the Series.
A list of rating actions can be found at the end of this
commentary.

KEY RATING DRIVERS

The affirmations reflect Fitch's view that available credit
enhancement is sufficient to support the notes' current ratings,
and the agency's expectations of Australia's economic conditions.
The credit quality and performance of the loans in the collateral
pools have remained in line with Fitch's expectations.

As per the APAC Residential Mortgage criteria, the default model
was not run for this rating action, as a review of pre-determined
performance triggers indicates that the transactions display
stable asset performance.

At November 2015, 30+ day arrears for Apollo 2013-1 and Apollo
2015-1 were below Fitch's Dinkum Index of 1.12%.  The 30+ day
arrears for the remaining transactions were above the Index, with
Apollo 2007-1E recording the highest arrears at 2.06%.

Nine loans had resulted in losses totalling AUD 808,342, seven of
which were in the portfolio backing Apollo 2007 1E and one loss in
Apollo 2012-1.  The remaining loss for Apollo 2009-1 transaction
is the only new loss recorded across the transactions since the
last rating action in January 2015.  Losses on the underlying
mortgages in the pool have been covered primarily by the lenders'
mortgage insurance (LMI) provider, QBE Lenders Mortgage Insurance
Pty Limited (QBE, Insurer Financial Strength Rating: AA-/Stable);
the overall payout ratio has been 92.2%.  The remaining losses
were covered by excess spread.  All loans in each of the
underlying portfolios are covered by LMI from QBE.

The portfolios were well seasoned at between 4.6 years (Apollo
2015-1) and 10.6 years (for Apollo 2007-1E).  The weighted average
loan/value (LVR) ranged between 52.2% (for Apollo 2007-1E) and
62.6% (Apollo 2015-1).  Each pool is geographically concentrated
in Queensland which has been taken into account in Fitch's
analysis.

RATING SENSITIVITIES

Sequential pay-down has increased credit enhancement for the
senior notes of all the transactions, with the 'AAAsf' rated notes
able to withstand multiples of the latest reported arrears.  The
ratings are not expected to be affected due to any foreseeable
change in performance.

The ratings of all the APOLLO RMBS transactions' senior notes are
independent of downgrades to the LMI provider's ratings.

The Class B notes' ratings are unlikely to change unless there is
a significant reduction in LMI claims paid and where Fitch
considers that levels of excess spread are no longer adequate.

DUE DILIGENCE USAGE

No third party due diligence was provided or reviewed in relation
to this rating action.

DATA ADEQUACY

Fitch conducted a file review of 10 sample loan files focusing on
the underwriting procedures conducted by Suncorp-Metway Limited
compared to its credit policy at the time of underwriting.  Fitch
has checked the consistency and plausibility of the information
and no material discrepancies were noted that would impact Fitch's
rating analysis.

A comparison of the transaction's representations, warranties and
enforcement mechanisms (RW&Es) to those of typical RW&Es for this
asset class is available by accessing the reports and/or links
under Related Research below.

The rating actions are:

APOLLO Series 2007-1E (APOLLO 2007-1E):

  AUD113.6 mil. Class 1A (ISIN AU0000AOYHA7) affirmed at 'AAAsf';
   Outlook Stable;
  EUR82.6 mil. Class 2A (ISIN XS0299266972) affirmed at 'AAAsf';
   Outlook Stable; and
  AUD15.8 mil. Class B (ISIN AU3FN0002580) affirmed at 'BBsf';
   Outlook Stable.

APOLLO Series 2009-1 (APOLLO 2009-1):

  AUD171.9 mil. Class A3 (ISIN AU3FN0008697) affirmed at 'AAAsf';
   Outlook Stable; and
  AUD147.8 mil. Class B (ISIN AU3FN0008975) affirmed at 'BBsf';
   Outlook Stable.

APOLLO Series 2011-1 (APOLLO 2011-1):

  AUD188.0 mil. Class A1 (ISIN AU3FN0014502) affirmed at 'AAAsf';
   Outlook Stable;
  AUD172.7 mil. Class A2 (ISIN AU3FN0014510) affirmed at 'AAAsf';
   Outlook Stable; and
  AUD44.9 mil. Class AB (ISIN AU3FN0014528) affirmed at 'AAAsf';
   Outlook Stable.

APOLLO Series 2012-1 (APOLLO 2012-1):

AUD367.9 mil. Class A1 (ISIN AU3FN0016515) affirmed at 'AAAsf';
  Outlook Stable; and
  AUD44.7 mil. Class AB (ISIN AU3FN0016523) affirmed at 'AAAsf';
   Outlook Stable.

APOLLO Series 2013-1 (APOLLO 2013-1):

  AUD493.7 mil. Class A (ISIN AU0000AORHA1) affirmed at 'AAAsf';
   Outlook Stable.

APOLLO Series 2015-1 (APOLLO 2015-1):

  AUD929.2 mil. Class A (ISIN AU3FN0026548) affirmed at 'AAAsf';
   Outlook Stable.


BLACK OAK: Receivers Seek Expressions of Interest
-------------------------------------------------
Cliff Sanderson at Dissolve.com.au reports that urgent expressions
of interest are sought for the sale or recapitalisation of the
assets and business of Black Oak Minerals Limited.

The company entered administration on Nov. 27, 2015 with
Robert William Hutson, David Winterbottom and Jarrod Villani
Shannon of KordaMentha being appointed administrators. The sale is
under instructions from receivers PPB Advisory, the report notes.

According to the report, the buyer of the company will be able to
own two commissioned silver and gold mines that has operating
assets in NSW Cobar region.

Black Oak Minerals operates 600 ktpa WA plant and 650ktpa NSW
plant. It also has a gold asset that is ready for development with
WA granted mining approvals, Dissolve.com.au reports.


COMMERCIAL PROPERTY: First Creditors' Meeting Set For Dec. 17
-------------------------------------------------------------
Peter Anthony Lucas and Glenn Michael Shannon of P.A. Lucas & Co.
were appointed as administrators of Commercial Property Cleaning
(Services) Pty Ltd on Dec. 7, 2015.

A first meeting of the creditors of the Company will be held at
P.A. Lucas & Co., Level 4, 232 Adelaide Street, in Brisbane,
Queensland, on Dec. 17, 2015, at 10:00 a.m.


HL SAVILLE: First Creditors' Meeting Slated For Dec. 22
-------------------------------------------------------
Anne-Marie Barley of WRA Insolvency was appointed as administrator
of HL Saville Earthmoving Pty Ltd on Dec. 11, 2015.

A first meeting of the creditors of the Company will be held at
WRA Insolvency, 185 Kelvin Grove Road, in Kelvin Grove,
Queensland, on Dec. 22, 2015, at 10:30 a.m.


HUNTER PORTS: Goes Into Administration
--------------------------------------
Ian Kirkwood at Newcastle Herald reports that Hunter Ports Pty Ltd
-- the company that Nathan Tinkler had hoped would build him a
coal terminal on the old BHP steelworks site -- is in voluntary
administration in the hands of insolvency specialists.

The Hunter Ports concept was launched in 2011 but never went
beyond the planning stage, The Newcastle says.

The report relates that corporate records showed Thomas Dawson --
thomas@dcladvisory.com.au -- of Sydney insolvency firm DCL
Advisory was appointed voluntary administrator to Hunter Ports on
Dec. 8.

The Newcastle Herald reported in 2012 that mining contractor
Sedgman -- one of the main companies employed by Tinkler companies
to build the Maules Creek coal mine -- was pursuing Hunter Ports
for a debt of at least AUD2 million.

Sedgman later said it had settled the matter with Hunter Ports,
the report relays.

According to The Newcastle Herald, insolvency records show a
Sydney law firm DLA Piper Australia took Hunter Ports to the
Supreme Court in September this year to apply for a wind-up order.
The order is understood to relate to an unpaid debt.

Corporate records show Mr Tinkler, his sister Donna Dennis and his
former Buildev business partner, Darren Williams, are the three
directors of Hunter Ports, the report discloses.


MORABLE PTY: First Creditors' Meeting Slated For Dec. 23
--------------------------------------------------------
William James Hamilton -- bill@wjhamilton.com.au -- of WJ Hamilton
was appointed as administrator of Morable Pty Limited on Dec. 11,
2015.

A first meeting of the creditors of the Company will be held at
Suite 508, 147 King Street, in Sydney, on Dec. 23, 2015, at
9:30 a.m.


NUFARM LTD: S&P Affirms 'BB' CCR; Revises Outlook to Stable
-----------------------------------------------------------
Standard & Poor's Ratings Services said that it has revised the
outlook on its 'BB' long-term corporate credit rating on
Australia-based Nufarm Ltd. to stable from negative.  At the same
time, S&P has affirmed the corporate credit rating, issue ratings,
and the related recovery ratings.

"The outlook revision to stable reflects our expectation that
Nufarm's more focused operating strategy will support the
company's deleveraging path," said Standard & Poor's credit
analyst Graeme Ferguson.  "In our opinion, Nufarm has adopted a
more disciplined approach to working capital management,
operational performance, and product mix."

Restructuring initiatives also include the consolidation of
Nufarm's manufacturing footprint, supply chain, and procurement.
Nufarm will close five manufacturing facilities in Australia, New
Zealand, Canada, and the Netherlands.  In addition, S&P has
greater confidence in the current management's ability to
successfully execute its revised operating strategy, resulting in
our revision of Nufarm's management and governance score to
satisfactory from fair.

S&P views the delivery of operating efficiencies as important
given its expectation of challenging competitive and climatic
conditions across a number of the company's key markets.  Nufarm
is exposed to the cyclical and seasonal agribusiness sector.  In
particular, tough market conditions in seed technologies and dry
conditions in Australia are expected to weigh on Nufarm's earnings
in the near term.  Generally competitive conditions across the
sector may also limit the recovery of margins.

The company's fair business risk profile reflects its relative
small scale compared to its major global competitors and narrow
product focus of predominantly crop-protection products (more than
94% of earnings in fiscal 2015).  This is partially offset by
Nufarm's leading market position in Australia and good geographic
diversity.

The stable outlook reflects S&P's view that Nufarm Ltd. will
manage its adjusted debt-to-EBITDA at about 3.0x.

"While costs associated with the company's restructuring
initiatives are likely to adversely affect its credit metrics in
the near term, we view the initiatives as an important element of
restoring the company's longer-term profitability and credit
metrics," said Mr. Ferguson  "The stable outlook assumes that
Nufarm's appetite for acquisitions will remain modest and limited
to small bolt-on opportunities."

S&P also expects Nufarm to generate meaningful positive free
operating cash flow metrics as well as adequate liquidity.  S&P
notes, however, the stable outlook does not incorporate any event
risk associated with industry consolidation that S&P expects to be
an ongoing feature across the global chemicals industry over the
medium term.

S&P could lower the rating if Nufarm is unable to maintain
adjusted debt-to-EBITDA at or below 3.5x from fiscal 2016.  S&P
may make some allowance for restructuring costs where it believes
it will result in an enduring benefit to the company's financial
risk profile.  Downward rating pressure could also occur if the
company does not generate meaningful positive free operating cash
flow metrics or its liquidity deteriorates during the near term.

Over the medium term, an upgrade would require financial policies
that support debt-to-EBITDA below 2x and positive free operating
cash flow to debt maintained at more than 25%.  S&P views upward
rating pressure as a result of a strengthening of Nufarm's
business risk profile as less likely over the medium term.


ONSITE RENTAL: S&P Affirms 'B' CCR; Outlook Negative
----------------------------------------------------
Standard & Poor's Ratings Services said that it has affirmed its
'B' corporate credit rating and issue ratings on Australia-based
equipment rental provider Onsite Rental Group Pty Ltd.  The
outlook remains negative.

"We have assessed Onsite's liquidity as being less than adequate
due to our concerns that the company will operate with diminished
covenant headroom against step-down covenants which came into
effect in September 2015," said Standard & Poor's credit analyst
Minh Hoang.  "As a result, we have revised Onsite's financial risk
profile to highly leveraged from aggressive."

The negative outlook reflects S&P's view that challenging trading
conditions and limited growth prospects are likely to reduce
Onsite's earnings in the short-to-medium term.  As a result, S&P
expects leverage to remain elevated in fiscal 2016 with limited
buffer in the company's credit metrics at the current rating
level.

S&P assess Onsite's business risk profile as weak, reflecting the
company's relatively small size globally, and its participation in
the highly competitive, cyclical, and fragmented equipment-rental
industry.  That said, the company maintains a relatively
diversified end-market exposure to liquefied natural gas,
resources, non-residential, and residential construction and
maintenance, and other sectors.  Its ability to shift equipment
among different end-markets and around Australia as required has
resulted in relatively stable utilization rates over the past few
years, which remain between 66% and 68%.

Nevertheless, Onsite's revenue and earnings have decreased due to
pricing pressure stemming from soft trading conditions, subdued
end-market demand, and competitively contested contracts.  For the
year ended June 30, 2015, the company recorded a 9% decline in
revenues to AUD231 million and 13% decline in EBITDA to AUD87
million (on a Standard & Poor's-adjusted basis).  This translated
into a debt to EBITDA of 4.6x and EBITDA interest coverage of 2.6x
(both after Standard & Poor's adjustments).  In the interim,
management continues to implement cost-reduction initiatives,
which included the closure of underperforming branches and
reductions in headcount.  Additional levers include capital
expenditure being significantly wound back and an asset disposal
program for slow moving assets.

Mr. Hoang added: "The negative outlook reflects our concerns that
challenging market conditions are likely to squeeze Onsite's
earnings and margins.  It also reflects our concerns that any
further underperformance will place downward pressure on Onsite's
liquidity position and covenant headroom."

S&P could lower the ratings on Onsite if the company were to
encounter any further underperformance which would lead to a
sustained deterioration in its credit metrics, particularly if its
debt to EBITDA were to remain in the high 4x for an extended
period.  A downgrade could also be precipitated by deterioration
in the company's liquidity position and covenant headroom.  In
addition, any future shareholder-friendly initiatives that would
indicate a more-aggressive financial policy would also put the
rating at risk.

S&P could revise the outlook to stable if the company is able to
arrest the downward trend in earnings and restore its covenant
headroom.  This could be supported by a debt-to-EBITDA ratio that
is sustained at less than 4x.


PROFICIENT ENGINEERING: First Creditors' Meeting Set For Dec. 21
----------------------------------------------------------------
Gavin Moss of Chifley Advisory was appointed as administrator of
Proficient Engineering and Maintenance Services Pty. Ltd., trading
name as Proficient Engineering and Maintenance Services Pty Ltd,
on Dec. 10, 2015.

A first meeting of the creditors of the Company will be held at
boardroom of Chifley Advisory, Suite 3.04, Level 3, 39 Martin
Place, in Sydney, on Dec. 21, 2015, at 2:00 p.m.


SMART 2012-1US: Fitch Affirms 'BBsf' Rating on Class E Notes
------------------------------------------------------------
Fitch Ratings has affirmed 69 classes from 15 SMART transactions.
The transactions are securitisations of Australian auto and
equipment receivables originated by Macquarie Leasing Pty Limited
(Macquarie Leasing).  The notes are issued by Perpetual Trustee
Company Limited in its capacity as trustee of the Series.  The
rating actions are listed at the end of this commentary.

KEY RATING DRIVERS

The affirmations reflect Fitch's view that available credit
enhancement is sufficient to support the notes at their current
rating levels, the performance of the underlying assets which
remain within the agency's expectations and Fitch's expectations
of Australia's economic conditions.

At November 2015, net losses experienced since closing have been
below 1.04% and 30+ day delinquencies for all transactions were
tracking under 1.3%.  SMART ABS Series 2013-3 Trust had the
highest levels of arrears while SMART ABS Series 2015-1US Trust
had the lowest at 0.4%.  Total net losses have been below Fitch's
base cases to date and excess spread has been more than sufficient
to cover any losses incurred.

The 2012-1US, 2012-2US, 2012-4US, 2013-1US, 2013-2US, 2013-3,
2013-4PP, 2014-1US, 2014-2E and 2014-3PP transactions have been
paying principal on a pro-rata basis and are expected to continue
until their respective call.  2014-4, 2015-1US, 2015-2 and 2015-
3US continue to pay principal on a sequential basis as of the
November 2015 payment date.  The payment method is expected to
switch to pro-rata once their respective pro-rata paydown triggers
have been met.

The SMART U Warehouse commitment limit is AUD500m and at October
2015, the pool consisted of 15,183 contracts with a total
portfolio balance of AUD457.3 mil., averaging AUD30,120 per
contract.

RATING SENSITIVITIES

The prospect for downgrades are considered remote given the level
of subordination and excess spread available on all transactions.
A significant and unexpected increase in delinquencies, defaults
and losses would be necessary before any negative rating action
would be considered.

DUE DILIGENCE USAGE

No third party due diligence was provided or reviewed in relation
to this rating action.

DATA ADEQUACY

Fitch conducted a file review of 10 sample lease files focusing on
the underwriting procedures conducted by Macquarie Leasing Pty
Limited compared to its credit policy at the time of underwriting.
Fitch has checked the consistency and plausibility of the
information and no material discrepancies were noted that would
impact Fitch's rating analysis.

A comparison of the transaction's representations, warranties and
enforcement mechanisms (RW&Es) to those of typical RW&Es for this
asset class is available by accessing the reports and/or links
under Related Research below.

The ratings are:

SMART Series 2012-1US Trust:

  USD54.5 mil. Class A-4a affirmed at 'AAAsf'; Outlook Stable;
  AUD2.2 mil. Class B affirmed at 'AAsf'; Outlook Stable;
  AUD3.0 mil. Class C affirmed at 'Asf'; Outlook Stable;
  AUD2.7 mil. Class D affirmed at 'BBBsf'; Outlook Stable; and
  AUD2.5 mil. Class E affirmed at 'BBsf'; Outlook Stable.

SMART Series 2012-2US Trust:

  USD0.2 mil. Class A-3a affirmed at 'AAAsf'; Outlook Stable;
  USD0.3 mil. Class A-3b affirmed at 'AAAsf'; Outlook Stable;
  USD27 mil. Class A-4a affirmed at 'AAAsf'; Outlook Stable;
  USD51 mil. Class A-4b affirmed at 'AAAsf'; Outlook Stable;
  AUD3.4 mil. Class B affirmed at 'AAsf'; Outlook Stable;
  AUD4.6 mil. Class C affirmed at 'Asf'; Outlook Stable;
  AUD4.2 mil. Class D affirmed at 'BBBsf'; Outlook Stable; and
  AUD3.8 mil. Class E affirmed at 'BBsf'; Outlook Stable.

SMART ABS Series 2012-4US Trust:

  USD32.1 Class A-3a affirmed at 'AAAsf'; Outlook Stable;
  USD11.0 mil. Class A-3b affirmed at 'AAAsf'; Outlook Stable;
  USD82.5 mil. Class A-4a affirmed at 'AAAsf'; Outlook Stable;
  USD20 mil. Class A-4b affirmed at 'AAAsf'; Outlook Stable;
  AUD3.3 mil. Class B affirmed at 'AAsf'; Outlook Stable;
  AUD11.0 mil. Class C affirmed at 'Asf'; Outlook Stable;
  AUD7.5 mil. Class D affirmed at 'BBBsf'; Outlook Stable; and
  AUD6.8 mil. Class E affirmed at 'BBsf'; Outlook Stable.

SMART ABS Series 2013-1US Trust:

  USD94.8 mil. Class A-4a affirmed at 'AAAsf'; Outlook Stable;
  USD22.4 mil. Class A-4b affirmed at 'AAAsf'; Outlook Stable;
  AUD2.6 mil. Class B affirmed at 'AAsf'; Outlook Stable;
  AUD8.6 mil. Class C affirmed at 'Asf'; Outlook Stable;
  AUD5.9 mil. Class D affirmed at 'BBBsf'; Outlook Stable; and
  AUD5.3 mil. Class E affirmed at 'BBsf'; Outlook Stable.

SMART ABS Series 2013-2US Trust:

  USD7.1 mil. Class A-3a affirmed at 'AAAsf'; Outlook Stable;
  USD23.7 mil. Class A-3b affirmed at 'AAAsf'; Outlook Stable;
  USD137.5 mil. Class A-4a affirmed at 'AAAsf'; Outlook Stable;
  USD65 mil. Class A-4b affirmed at 'AAAsf'; Outlook Stable;
  AUD5.5 mil. Class B affirmed at 'AAsf'; Outlook Stable;
  AUD18.3 mil. Class C affirmed at 'Asf'; Outlook Stable;
  AUD12.5 mil. Class D affirmed at 'BBBsf'; Outlook Stable; and
  AUD11.3 mil. Class E affirmed at 'BBsf'; Outlook Stable.

SMART ABS Series 2013-3 Trust:

  AUD159.6 mil. Class A affirmed at 'AAAsf'; Outlook Stable; and
  AUD6.0 mil. Class B affirmed at 'AAsf'; Outlook Stable.

SMART ABS Series 2013-4PP Trust:

  AUD320.0 mil. Class A affirmed at 'AAAsf'; Outlook Stable; and
  AUD12.0 mil. Class B affirmed at 'AAsf'; Outlook Stable.

SMART ABS Series 2014-1US Trust:

  USD61.2 mil. Class A-3a affirmed at 'AAAsf'; Outlook Stable;
  USD84.0 mil. Class A-3b affirmed at 'AAAsf'; Outlook Stable;
  USD50 mil. Class A-4a affirmed at 'AAAsf'; Outlook Stable;
  USD60 mil. Class A-4b affirmed at 'AAAsf'; Outlook Stable;
  AUD8.3 mil. Class B affirmed at 'AAsf'; Outlook Stable;
  AUD15.2 mil. Class C affirmed at 'Asf'; Outlook Stable;
  AUD15.2 mil. Class D affirmed at 'BBBsf'; Outlook Stable; and
  AUD13.8 mil. Class E affirmed at 'BBsf'; Outlook Stable.

SMART ABS Series 2014-2E Trust:

  AUD306.1 mil. Class A-A affirmed at 'AAAsf'; Outlook Stable;
  EUR123.0 mil. Class A-E affirmed at 'AAAsf'; Outlook Stable;
  and
  AUD21.6 mil. Class B affirmed at 'AAsf'; Outlook Stable.

SMART ABS Series 2014-3PP Trust:

  AUD378.5 mil. Class A affirmed at 'AAAsf'; Outlook Stable; and
  AUD16.8 mil. Class B affirmed at 'AAsf'; Outlook Stable.

SMART ABS Series 2014-4 Trust:

  AUD728.2 mil. Class A affirmed at 'AAAsf'; Outlook Stable; and
  AUD31.3 mil. Class B affirmed at 'AAsf'; Outlook Stable.

SMART ABS Series 2015-1US Trust:

  USD55.3 mil. Class A-2a affirmed at 'AAAsf'; Outlook Stable;
  USD58.0 mil. Class A-2b affirmed at 'AAAsf'; Outlook Stable;
  USD69.0 mil. Class A-3a affirmed at 'AAAsf'; Outlook Stable;
  USD50.0 mil. Class A-3b affirmed at 'AAAsf'; Outlook Stable;
  AUD197.0 mil. Class A-4 affirmed at 'AAAsf'; Outlook Stable;
  and
  AUD15.1 mil. Class B affirmed at 'AAsf'; Outlook Stable.

SMART ABS Series 2015-2 Trust:

  AUD644.2 mil. Class A affirmed at 'AAAsf'; Outlook Stable; and
  AUD22.5 mil. Class B affirmed at 'AAsf'; Outlook Stable.

SMART ABS Series 2015-3US Trust:

  USD126.0 Class A-1 affirmed at 'F1+sf';
  USD124.0 mil. Class A-2b affirmed at 'AAAsf'; Outlook Stable;
  USD95.0 mil. Class A-3a affirmed at 'AAAsf'; Outlook Stable;
  USD25.0 mil. Class A-3b affirmed at 'AAAsf'; Outlook Stable;
  AUD181.0 mil. Class A-4 affirmed at 'AAAsf'; Outlook Stable;
  and
  AUD16.0 mil. Class B affirmed at 'AAsf'; Outlook Stable.



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I N D I A
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AAJVETO MANUFACTURING: ICRA Reaffirms 'B' Rating on INR19cr Loan
----------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B to the
INR19.00 crore term loan and the INR5.50 crore cash credit
facility of Aajveto Manufacturing Private Limited. ICRA has also
reaffirmed the short term rating [ICRA]A4 to the INR4.00 crore non
fund based bank guarantee facility of AMPL.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Fund Based-
   Term Loan             19.00      [ICRA]B reaffirmed

   Fund Based-
   Cash Credit            5.50      [ICRA]B reaffirmed

   Non Fund Based-
   Bank Guarantee         4.00      [ICRA]A4 reaffirmed

The ratings remain constrained by Aajveto Manufacturing Private
Limited's limited track record of operations and financial profile
characterized by low profitability and stretched capital structure
due to debt funded capex and high working capital intensity of
operations.The ratings also take into consideration intense
competition from the presence of established organized tile
manufacturers and unorganized players and dependence of operations
and cash flows on the performance of the real estate industry
(which is the main consuming sector for the company's products),
the vulnerability to volatility in raw material prices and
availability of gas.

The ratings, however, favorably take note of the experience of the
key promoters in the ceramic industry and the location advantage
enjoyed by AMPL, giving it easy access to raw material. The
ratings also consider the stabilization achieved in operations as
relfected in moderate capacity utilization levels.

Aajveto Manufacturing Private Limited is a private limited company
established in June 2013. It is a manufacturer of digitally
printed ceramic wall tiles with its plant situated at Morbi,
Gujarat. It commenced production in September 2014. Five directors
namely Mr. Kransanbhai Jivani, Mr. Arvindbhai Jivani, Mr, Pritesh
Jivani, Mr. Amrutlal Fefar and Mr. Jignesh Fultraia actively
manage the operations of the company. Currently, the company has
an installed capacity of 65625 metric tonnes per annum and
produced four sizes 12"X24", 12"X12", 12"X36" and 10"X30" of
ceramic wall tiles.

Recent Results
In FY15, the company reported an operating income of INR26.01
crore and a net loss of INR1.13 crore.


ANALOGICS TECH: ICRA Suspends B+/A4 Rating on INR48cr Loan
----------------------------------------------------------
ICRA has suspended [ICRA]B+/[ICRA] A4 ratings assigned to the
INR48.00 crore fund based facilities and non fund based facilities
of Analogics Tech India Limited. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of the
requisite information from the company.

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


ANJALEE GRANITES: ICRA Reaffirms 'B' Rating on INR30cr Loan
-----------------------------------------------------------
ICRA has reaffirmed the long-term rating at [ICRA]B for INR30.00
crore cash credit limits (revised from INR21.00 crore) and INR6.45
crore term loan (revised from INR15.67 crore) of Anjalee Granites
Private Limited. ICRA has reaffirmed the short-term rating at
[ICRA]A4 for the INR6.60 crore (revised from INR15.33 crore) non-
fund based limits of the firm. ICRA has also assigned the ratings
of [ICRA]B / [ICRA]A4 to the INR8.95 crore unallocated limits of
AGPL.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Cash Credit          30.00       [ICRA]B reaffirmed
   Term Loan             6.45       [ICRA]B reaffirmed
   FLC                   6.60       [ICRA]A4 reaffirmed
   Unallocated Limits    8.95       [ICRA]B/[ICRA]A4 assigned

The ratings continue to be constrained by the fragmented and low
value additive nature of business in the domestic granite
processing industry with intense competition resulting in pressure
on the margins. Further, AGPL's profitability is also vulnerable
to foreign exchange rate fluctuations as exports accounted for
about 89% of the sales in FY15 for the company. While the company
witnessed ~11% growth in operating income in 2015, operating
margins declined significantly on account of lower realization
owing to increased competition with sluggish overseas demand. The
company also does not own any granite quarries rendering it
susceptible to raw material supply shocks and consequently
pressure on profitability. The need to stock large inventory also
results in high working capital intensity and high dependence on
debt funding. ICRA also takes note of the weak financial profile
of AGPL characterized by high gearing of 1.78x as on March 31,
2015 & low profitability as indicated by net profit margin of
2.98% in FY15 and weak demand outlook of the granite export
industry going forward.

The ratings however favourably factor in more than a decade long
experience of promoters in the granite processing and trading
business and a geographically diversified revenue base that helps
to sustain sales.

Going forward, ability of the company to sustain its steady
revenue growth, improve its profitability amidst high competition
and manage its working capital and liquidity position, given its
significant repayment obligations in the medium term, remain the
key rating sensitivities.

Anjalee Granites Private Limited was incorporated in September,
2008. The company is involved in granite processing which involves
cutting, polishing and finishing of the granite slabs from the
rocks. The unit commenced operations in Oct 2010 with a capacity
of 2 lakh sft and currently has annual installed capacity of 66
lakh sqft. The plant is located at SEZ at Annangi Village,
Maddhipadu Mandal, Prakasam Dist, AP over 8.00 acres of land. It
is promoted by Mr Hari Prasad and his family members.

Recent Results
According to audited FY2014 results, the company recorded an
operating income of INR93.19 crore with a net profit of INR3.43
crore. As per audited FY2015 results, the company recorded an
operating income of INR114.17 crore with a net profit of INR3.40
crore.


AURORA SRI: ICRA Suspends B+ Rating on INR12.30cr Loan
------------------------------------------------------
ICRA has suspended [ICRA]B+ rating assigned to the INR12.30 crore
fund based facilities of Aurora Sri Venkateswara Swamy Steels &
Alloys Private Limited. The suspension follows ICRA's inability to
carry out a rating surveillance in the absence of the requisite
information from the company.

Incorporated in 2008, Aurora Sri Venkateswara Swamy Steel & Alloys
Private Limited (ASVSSAPL) has proposed to set up a ferro alloys
manufacturing unit with an installed capacity of 6 MVA. The
company proposes to manufacture silico manganese (SiMn) and ferro
manganese (FeMn). The plant is located at Bobili growth centre,
which is around 80 KM from Vishakhapatnam. The company is yet to
start the commercial production.


BHATIA COAL: ICRA Assigns 'D' Rating to INR30cr LT Loan
-------------------------------------------------------
ICRA has assigned a rating of [ICRA]D to the INR46.00 crore fund
based and non fund based bank facilities of Bhatia Coal Washeries
Limited.

                           Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Long Term Fund Based     16.00       [ICRA]D (Assigned)
   Long Term Non Fund
   Based                    30.00       [ICRA]D (Assigned)

The assigned rating takes into account irregularities in debt
servicing driven by prolonged cash losses on account of low
capacity utilization of coal beneficiation capacity since the
termination of contract by the largest customer - Maharashtra
State Power Generation Company Limited (MAHAGENCO). BCWL witnessed
steep decline in production post the termination of contract by
its largest customer MAHAGENCO in August 2011. This decline in
coal beneficiation business coupled with high operating leverage
has been resulting in cash losses. In FY15, BCWL reported an
Operating Income (OI) of INR99.5 crore and Net Loss of INR16.2
crore against an OI of INR129.3 crore and net loss of INR7.5 crore
reported in FY14.

Though the company has tried to offset the loss of production by
catering to demands of private sector clients in sectors like
cement, it hasn't been able to achieve a recovery in sales
quantity. In absence of recovery in coal beneficiation business,
debt servicing remains contingent upon company's ability to
undertake coal trading operations and generate adequate profits.
While assigning the rating ICRA also notes large contingent
liabilities of BCWL on account of corporate guarantees extended
for loans availed by other group entities, which are also under
significant operational and financial stress. Moreover, there is a
large contingent liability at group level, wherein decision of
international court of arbitration has gone against the Bhatia
Group.

Going forward, BCWL's ability to achieve adequate capacity
utilization will remain critical for achieving cash profits on a
consistent basis. Besides, prudent management of working capital
cycle and risks arising from volatility in commodity prices in
trading operations will also drive its credit profile.

Bhatia Coal Washeries Limited (BCWL) was initially incorporated as
Bhatia Steel & Power (India) Limited (BSPL) and didn't undertake
any significant operations till FY10. Subsequently, as a part of
the Bhatia Group's restructuring plans, BSPL's name was changed to
BCWL and it was vested with coal washing business of erstwhile
flagship company of Bhatia Group i.e. Bhatia International
Limited, which was renamed Asian Natural Resources (India) Limited
(ANRIL). The effective date of transfer of washeries having
aggregate coal beneficiation capacity of 9.0 million MTPA was
October 2009; however, actual transfer happened in February 2011
after appraisal and approval of bankers. During the interim
period, ANRIL undertook business on behalf of BCWL and transferred
to it profit of about INR20 crore earned from this business
division during the period October 2009 to February 2011.

Subsequent to aforementioned restructuring, BCWL has five coal
washeries having aggregate coal beneficiation capacity of 12.5
million MTPA. In FY15, BCWL reported an Operating Income (OI) of
INR99.5 crore and Net Loss of INR16.2 crore against an OI of
INR129.3 crore and net loss of INR7.5 crore reported in FY14.


D.R. COATS: ICRA Reaffirms B+ Rating on INR12cr Loan
----------------------------------------------------
ICRA has reaffirmed the long-term rating at [ICRA]B+ assigned to
INR2.44 crore term loans and INR12.0 crore fund based limits and
the short-term rating at [ICRA]A4 assigned to INR2.00 crore fund
based limits and INR9.40 crore non-fund based limits of
D.R. Coats Ink & Resins Private Limited.

The reaffirmation of ratings takes into account DRCPL's moderate
financial profile characterised by low profitability from
operations, modest debt protection metrics, high total outside
liabilities to tangible networth and high working capital limit
utilisations. The ratings are further constrained by the
competitive business environment due to the fragmented nature of
the industry with presence of large number of players in the
organised and unorganised segment, and the susceptibility of the
company's profitability and cash flows to volatility in prices of
raw materials. The ratings also incorporate the project
implementation and commercial risks associated with the large
sized greenfield project proposed to be implemented by the
company. The ratings, however, favourably consider the established
track record of the promoters in the chemicals business and the
company's reputed customer profile as well as its established
relationships with its foreign suppliers.

D.R. Coats Ink & Resins Private Limited (DRCPL) was incorporated
in the year 2003. . The company is in the business of
manufacturing Synthetic Resins such as polyamides, ketonic resins
and epoxy resins, which mainly find applications in paint & ink
manufacturing, production of adhesives, wood polish and acrylic
production. The paint & adhesives segments account for nearly 60-
65% of the total sales of the company over the past four-five
years, followed by ink segment contributing 15-20% and remaining
15-20% of the demand being from furniture and acrylic industry.
The company has steadily expanded its capacity over the years from
around 360 MTPA in 2006 to current levels of about 10,000 MTPA.

Recent Results
During FY 2015, the company reported Profit after Tax (PAT) of
INR1.65 crore on an operating income of INR105 crore. During the
six month period in FY 2016, the company report profit before tax
of INR2.39 crore on an operating income of INR57.1 crore
(unaudited).


DOLPHIN MARINE: ICRA Reaffirms 'B' Rating on INR2.08cr Term Loan
----------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B assigned to
the INR2.08 crore term loan (reduced from INR2.30 crore) and the
INR2.00 crore fund-based limits of Dolphin Marine Foods &
Processor (India) Private Limited. ICRA has also reaffirmed the
short term rating of [ICRA]A4 assigned to the INR9.00 crore non-
fund based and INR9.00 crore fund based (sub-limit of non-fund
based facility) bank facilities of DMPL. ICRA has also reaffirmed
the ratings of [ICRA]B/[ICRA]A4 assigned to the unallocated long-
term/short-term bank facilities of INR1.92 crore (revised from
INR1.70 crore) of DMPL.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Term Loan              2.08       [ICRA]B reaffirmed
   Cash Credit            2.00       [ICRA]B reaffirmed
   FDBP/FUDBP             9.00       [ICRA]A4 reaffirmed
   Packing Credit        (9.00)      [ICRA]A4 reaffirmed
   Unallocated bank
   Limits                 1.92       [ICRA]B/[ICRA]A4 reaffirmed

The reaffirmation of the ratings takes into account the long
experience of promoters of the company in the seafood business
along with the company's proximity to the western coastal belt
which provides easy access to raw materials.

Nonetheless, the ratings continue to remain constrained by the
company's weak financial profile characterized by losses at net
level, high gearing and weak coverage indicators. The ratings also
take into account the revenue de-growth during FY2015 owing to
fishermen strike in the Mumbai region resulting in dependence on
sale of cultured products. The ratings also reflect the highly
fragmented nature of seafood business with intense competition and
the extended inventory holding requirements leading to high
working capital intensity of operations. ICRA also notes that the
company's operations are exposed to risks inherent in seafood
industry such as susceptibility to diseases, climate change risks
and regulatory changes.

Incorporated in 1996 by Mr. Rosario D'Souza, DMPL is engaged in
processing and export of seafood. The company's freezing and cold
storage facility is located at Taloja, Navi Mumbai (Maharashtra)
and has a processing and storage capacity of ~5000 metric tonnes
per annum (MTPA). The company exports fish like croaker, sardine,
tilapia, Indian mackerel and others, mainly to East Asia, South-
East Asia and Africa.

Recent Results
As per the audited results for FY2015, DMPL reported losses of
INR1.30 crore at net level on an operating income of INR32.54
crore as against PAT of INR0.28 crore on an operating income of
INR37.42 crore during the previous year.


DRS DILIP: ICRA Suspends C+ Rating on INR10cr Loan
--------------------------------------------------
ICRA has suspended [ICRA]C+ ratings assigned to the INR10.00 crore
fund based facilities of DRS Dilip Roadlines Private Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

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


GARG AND COMPANY: CARE Reaffirms B+ Rating on INR13.50cr LT Loan
----------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Garg and Company.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     13.50      CARE B+ Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of Garg and Company
(GOC) continues to be constrained by its small scale of operations
and weak financial risk profile marked by low operating
profitability margins, net loss, weak solvency position and
elongated operating cycle. The rating is further constrained by
susceptibility of the firm's profitability margins to fluctuation
in the steel prices, presence in a highly competitive steel
industry and its constitution as a partnership firm.  The rating,
however, derives strength from the experienced partners and direct
sourcing from reputed suppliers.

Going forward, the ability of GOC to increase its scale of
operations while improving its solvency position and profitability
margins will be the key rating sensitivities.

Garg & Company (GCO) was initially constituted as a proprietorship
firm in 1972 by Mr Harish Kumar Garg and in 2009, it was converted
into a partnership concern with Mr Lokesh Jain, Mr Kailash Jain
and Mr Harish Kumar Garg as the partners having profit sharing
ratio of 33%, 33% and 34% respectively. Mr Lokesh Jain and Mr
Kailash Jain have an experience of more than a decade while Mr
Harish Kumar Garg has more than three and a half decades of
experience in the trading of steel products.

GCO is a family managed business and the firm is engaged in the
trading of steel products, mainly CR strips, HR strips, HR
coils and HR strips. The firm sells the products mainly in Punjab.
In September 2013, the firm also started manufacturing Electric
Resistance Welded (ERW) pipes with total installed capacity of
12,000 tonne per annum [income from manufacturing constituted
around 84% of the total income in FY15 (refers to the period April
1 to March 31)].

GOC reported a net loss of INR0.54 crore on a total operating
income of INR44.36 crore in FY15 (refers to the period April
01 to March 31) as against the net loss of INR0.31 crore on a
total income of INR53.33 crore in FY14. In FY16 (as per the
unaudited results), GOC has reported a total income of INR33.56
crore till October 2015.


GRAND HIRA: CARE Assigns B+ Rating to INR15cr LT Loan
-----------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Grand Hira
Resorts Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      15        CARE B+ Assigned

Rating Rationale

The rating assigned to Grand Hira Resorts Private Limited (GHRPL)
is primarily constrained by project stabilization risk associated
with newly setup greenfield project and leveraged capital
structure. The rating is further constrained by highly competitive
nature and seasonality associated with the hotel industry.

The rating, however, draws comfort from experienced and
resourceful promoters, operating and management tie-up with
leading hotel operator and favourable location of the resort.

Going forward, the ability of the company for successful
commissioning of the project without cost and time overrun and
achievability of envisaged average room rent (ARR) and occupancy
level shall be the key rating sensitivities.

Grand Hira Resorts Private Limited (GHRPL) was incorporated in
2006 and is currently being managed by Mr Randhir Singh Yadav, Mrs
Billo Yadav and Mr Sunny Yadav. GHRPL is in the hospitality
industry and constructed a four star hotel with a total cost of
project of INR22 crore. The hotel consists of 48 double rooms, 4
suites and banquet facility. It also includes 4 specialty
restaurants comprising of a fast food facility, Indian food
restaurant, coffee house cum bar and a Japanese cuisine
restaurant.  The project site is located close to Neemrana ,
Rajasthan which lies within the Delhi-Mumbai Industrial Corridor.
The hotel commenced commercial operations in June 01, 2015. GHRPL
has tied up with Golden Tulip for marketing and management
assistance.


GRIPWELL FORGING: ICRA Assigns B+ Rating to INR7.0cr LT Loan
------------------------------------------------------------
ICRA has assigned its long term rating of [ICRA]B+ to the INR7.00
crore bank facilities of Gripwell Forging & Tools (GFT).

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long Term Fund
   Based-FBP             7.00        [ICRA]B+; assigned

ICRA's ratings take into account the extensive experience of GFT's
promoters in the manufacturing and trading of hand tools. The
ratings also factor in the steady growth in the firm's Operating
Income (OI) backed by a growing customer base in different
countries, along with satisfactory profitability as indicated by
operating profit margin of 11.7% and net profit margin of 7.4% in
FY15. The rating also factors in the client concentration risks
with around 54% of the total sales made to top two customers in
FY15. The ratings are, however, constrained by the firm's
elongated working capital cycle on account of stretched
receivables; reliance on bank borrowings for funding the working
capital cycle has resulted in high leverage with gearing of 3.4
times as on March 31, 2015. The ratings also take into account the
firm's exposure to foreign exchange fluctuation risk given the
export oriented nature of business. ICRA also takes note of the
proprietorship constitution of the firm, which exposes it to risks
of dissolution, and withdrawal of capital, as has been witnessed
in the past.

Going forward GFT's ability to ramp up its operating scale over a
diversified customer base, improve its leverage and optimally
manage its working capital cycle will be the key rating
sensitivities.

Established in 1948, GFT is a proprietorship concern started by
Sardar Kesar Singh and is engaged in the manufacturing and exports
of a diverse range of hand tools. The firm is presently managed by
Mr. Gunit Singh Rana, who is the proprietor and Mr. Ajit Singh
Rana. The firm's products are exported to countries like
Australia, Czech Republic, Belgium, Netherlands, France, UK and
other European countries, with major portion of the revenues being
earned from spanners and vices.

Recent Results
The company reported an operating income of INR19.1 crore in FY15
with a net profit of INR1.6 crore, as compared to an operating
income of INR18.5 crore with a net profit of INR1.4 crore in the
previous year.


JAYMALA SPINTEX: CARE Assigns B+ Rating to INR31.94cr LT Loan
-------------------------------------------------------------
CARE assigns 'CARE B+/CARE A4' ratings to the bank facilities of
Jaymala Spintex Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     31.94      CARE B+ Assigned
   Short-term Bank Facilities     2.40      CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Jaymala Spintex
Limited (JSL) are primarily constrained on account of weak
financial risk profile marked by net losses incurred during FY15 (
refers to the period April 1 to March 31), leveraged capital
structure, moderate debt coverage indicators and moderate
liquidity position. The ratings are also constrained on account of
short track record of operations along with JSL's presence in the
highly fragmented and competitive cotton yarn industry,
susceptibility of its profit margins to volatility in raw material
prices.

The ratings, however, take comfort from the experience of the
promoters into the cotton industry along with location advantage
on account of presence of JSL within cotton producing hub of
Gujarat and receipt of fiscal benefits from the government.

The ability of JSL to increase its scale of operations,
improvement in profit margins, capital structure along with better
working capital management are the key rating sensitivities.

Idar-based (Gujarat), JSL was incorporated in May 2006 as
Saraswati Cotspin Pvt. Ltd. by Mr Niranjan Patel, Mr Bharat
Patel and Mr Ishwar Patel. Subsequently, during March 2013, JSL
was converted into a public limited company and renamed to JSL.
JSL manufactures cotton combed yarn of finer quality with 30s
count and operates from its sole manufacturing facility located at
Idar. JSL commenced commercial production from February 2014. The
products manufactured by the entity find its application in
manufacturing of suiting, shirting, and hosiery products. The
major raw material for manufacturing cotton yarn is ginned cotton
which will be procured from the local market of Idar.

The promoters are also partners in Paras Seeds Corporation (PSC:
rated CARE B+) which is engaged in seeds processing, cotton
ginning and pressing business and Bhoomi Bio Seeds Limited which
is engaged in the packaging, trading, research and production of
seeds and other ancillary services.

During FY15, JSL reported net loss of INR1.88 crore on a TOI of
INR56.93 crore as against net loss of INR2.15 crore on a TOI
of INR9.09 crore during FY14. During H1FY16 (Provisional), JSL has
achieved a turnover of INR27.17 crore.


KADVANI FORGE: ICRA Reaffirms 'B' Rating on INR25cr Cash Loan
-------------------------------------------------------------
ICRA has reaffirmed the long term rating assigned to the INR25.00
crore cash credit facility, the INR1.48 crore (reduced from
INR2.32 crore) term loans and the INR1.30 crore working capital
demand loan of Kadvani Forge Limited at [ICRA]B. Further, ICRA has
also reaffirmed the short term rating assigned to the INR1.00
crore bill discounting facility, the INR4.00 crore (enhanced from
INR1.50 crore) forex forward limit, the INR2.00 crore Letter of
credit facility and the INR1.50 crore bank guarantee facility of
KFL at [ICRA]A4.

                           Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Cash Credit facility     25.00       [ICRA]B reaffirmed
   Term Loan                 1.48       [ICRA]B reaffirmed
   Working Capital
   Demand Loan               1.30       [ICRA]B reaffirmed
   Letter of Credit
   Facility                  2.00       [ICRA]A4 reaffirmed
   Sale Bill Discounting
   LCBD                      1.00       [ICRA]A4 reaffirmed
   Forex Forward Limit       4.00       [ICRA]A4 reaffirmed
   Bank Guarantee facility   1.50       [ICRA]A4 reaffirmed

The reaffirmation in ratings takes into account the weak financial
risk profile of the company characterised by moderation in
operating profitability and net losses incurred during FY 2015
leading to weakened debt coverage metrics as well as adverse
capital structure as on FY 2015 end. The ratings continue to
remain constrained by the high customer concentration risk,
vulnerability of sales volumes to performance of automobile sector
and intense competition from large number of domestic forging
units leading to pressure on operating margins. The ratings also
take into account the high working capital intensity leading to
stretched liquidity position of the company.

The ratings, however, take into account the promoters' experience
in the forging industry; long standing relationships with a stable
customer base and order linked production leading to low risk of
raw material price fluctuations. The ratings also favourably
factor in the revival in operating income during FY 2015 supported
by increased orders from export markets.

Incorporated in 1995, Kadvani Forge Limited (KFL) is involved in
manufacturing of closed die steel forged products in carbon, alloy
and stainless steel with its plant located at GIDC Lodhika in
Rajkot, Gujarat. KFL was initially promoted by Kadvani family and
was taken over by Mr. Vitthal Dhaduk in February 2009. Currently
the plant has an installed capacity of 30,000 MTPA.

Recent Results
For FY 2015, the company reported an operating income of INR84.10
crores and net loss of INR1.57 crores as against operating income
of INR68.25 crores and net loss of INR1.18 crores for FY 2014.


KELTRON COMPONENT: ICRA Ups Rating on INR11.25cr Loan to B-
-----------------------------------------------------------
ICRA has upgraded the rating outstanding on the INR11.25 crore
fund based facilities of Keltron Component Complex Limited from
[ICRA]C to ICRA]B-. ICRA has re-affirmed the short term rating
outstanding on the INR12.75 crore non fund based facilities of
KCCL at [ICRA]A4.

                            Amount
   Facilities            (INR crore)    Ratings
   ----------            -----------    -------
   Fund-based facilities     11.25      [ICRA]B-/Upgraded from
                                        [ICRA]C

   Non-Fund based
   Facilities                12.75      [ICRA]A4/re-affirmed

The upgrade of the long term rating considers the improvement in
operational and financial performance of the company during the
recent quarters, illustrated by its revenue growth and margin
expansion and also improved liquidity position. The established
presence of the company in the electronics components market with
sizeable market share in the aluminium electrolytic capacitor
segment has supported the growth in revenues from the Original
Equipment Manufacturers (OEMs) during the recent past, where the
overall demand scenario remains modest. The earnings and cash
flows of the company have also been supported by the lower
employee costs (26% of revenues during 2014-15 as against 32%
during 2013-14) and funds received from the State government
towards capacity expansion and meeting increasing working capital
requirements. The ratings however remain constrained by the
stretched financial profile of the company, characterized by
negative networth and inadequate coverage indicators. Continued
losses owing to increasing interest charges amidst modest earnings
have eroded the networth of the company and also resulted in
strained liquidity position over the years. Further, limited
pricing flexibility in an industry characterised by intense
competition from imports expose earnings to volatile raw material
prices and exchange rates as witnessed during the recent past.
While the capacity constraints and high fixed costs had limited
earnings in the past, the ongoing expansion funded through loans
received from the state government and reducing employee costs are
likely to support the earnings and financial profile of KCCL over
the medium term.

Keltron Component Complex Limited (KCCL) is a subsidiary of Kerala
State Electronics Development Corporation Limited (KSEDC), a
Government of Kerala undertaking. KSEDC produces a wide range of
products ranging from discrete electronics components to complex
telecom equipment and other systems. KSEDC entered the electronic
components space by setting up an Aluminium Electrolytic Capacitor
plant in technical collaboration with Spargue Electromag, Belgium,
in 1976 under KCCL in Kannur, Kerala. Aluminium Electrolytic
Capacitors and Metallised Plastic Film Capacitors are the major
product segments of KCCL which contribute to more than 90% of the
total revenues of KCCL.


MAHAJAN FABRICS: CARE Assigns B+ Rating to INR13.94cr LT Loan
-------------------------------------------------------------
CARE assigns 'CARE B+/CARE A4' ratings to the bank facilities of
Mahajan Fabrics Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities    13.94       CARE B+ Assigned
   Long-term/Short-term Bank
   Facilities                    0.21       CARE B+/CARE A4
                                            Assigned

Rating Rationale

The ratings assigned to the bank facilities of Mahajan Fabrics
Private Limited (MFPL) are primarily constrained by its modest
scale of operations, leveraged capital structure and working
capital intensive nature of operations. The ratings are further
constrained by the susceptibility of margins to fluctuations in
raw material prices and foreign exchange fluctuations with
presence in a highly fragmented and competitive industry. The
ratings, however, derive strength from the experienced promoters
and favourable location of the manufacturing unit.

Going forward, the ability of the company to increase its scale of
operations along with improvement in profitability margins &
solvency position and efficient management of the working capital
requirements would be the key rating sensitivities.

Initially incorporated as a sole proprietorship, in 2008, MFPL was
reconstituted as a private limited company, in 1993. The company
is engaged in the manufacturing of fabric and readymade garments
at its facility located in Ludhiana, Punjab. MFPL is currently
being managed by Mr Rajesh Mahajan and Mr Nikhil Mahajan. The
product profile of the company includes sweaters, trousers,
shirts, t-shirts, lowers, etc. sold under its own brand name
'Mahajan' to over 150 retailers located in Delhi, Andhra Pradesh,
Bangalore, Hyderabad, etc. The company was also engaged in export
of readymade garments to retailers in Dubai under the same brand
name till FY14 (exports constituted around 15% of the total income
in FY14). However no export sales were made in FY15 (refers to the
period April 1 toMarch 31).

The raw material primarily used by the company includes various
types of yarns like cotton yarn, acrylic yarn, and polyester yarn
which are procured from local agents of manufacturers based in
Punjab and Maharashtra. The current installed capacity of the
manufacturing facilities is 45 lakh pieces per annum, as on
September 30, 2015. The promoters of the company are also
associated with RMH Hosiery Private Limited which is engaged in
the similar line of business.

MFPL registered a total operating income of INR 62.12 crore during
FY15 (refers to the period April 1 to March 31) with a
PAT of INR0.68 crore as against a total operating income of
INR51.83 crore with a PAT of INR0.47 crore in FY14. The
company has achieved total operating income of INR29 crore till
September 28, 2015.


MALAXMI HIGHWAY: CARE Reaffirms 'D' Rating on INR208.85cr LT Loan
-----------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Malaxmi Highway Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities    208.85      CARE D Reaffirmed

Rating Rationale

The re-affirmation of the rating assigned to the bank facilities
of Malaxmi Highway Private Limited (MHPL) takes into account
delays in debt servicing on account of receipt of lower annuity
from the National Highways Authority of India (NHAI) at the back
of non-execution of partial stretch of 9.24 km in view of non-
receipt of Right of Way. However, the uncompleted stretch of 9.24
kms has been removed from the scope of work by NHAI with effect
from May 18, 2015.

Malaxmi Highway Pvt. Ltd. (MHPL) is a Special Purpose Vehicle
promoted by Meenakshi Infrastructures Pvt. Ltd. (MIPL), Kinnera
Power Co. Ltd (KPCL) and Nava Bharat Ventures Ltd. (NVL) to
undertake widening of the existing 2-lane portion from Km 547/400
to Km 596/750, covering 49.35 km on NH-7 in Madhya Pradesh to 4
lanes on Built, Operate & Transfer (BOT) Annuity basis. Meenakshi
group holds 98.92% shareholding in MHPL through its group
companies; KPCL (50%) and MIPL (48.92%). The balance 1.01%
shareholding lies with NVL. The Concession Agreement (CA) was
executed between MHPL and NHAI on September 29, 2006 for a
concession period of 20 years from the appointed date inclusive of
a construction period of 2.5 years. The COD was achieved on
September 29, 2009. The company was under obligation to complete
work on the balance 9.24 Kms of road within a period of 15 months
from the date of handling over the same by NHAI. However, as the
land with respect to the unfinished stretch has not been made
available in the absence of forest clearance, MHPL requested NHAI
to remove the unfinished stretch from the scope of the project and
the same has been approved by NHAI on May 18, 2015.

Meenakshi group holds 98.92% shareholding in MHPL through its
group companies; KPCL (50%) and MIPL (48.92%). The balance 1.01%
shareholding lies with NVL.  During FY15 (refers to the period
April 01 to March 31), MHPL registered a net loss of INR8.02 crore
(FY14 - loss of INR4.67 crore) on annuity income of INR44.84 crore
for FY15 (FY14 - INR44.84 crore).


MANGALAM TIMBER: CARE Reaffirms B+ Rating on INR12cr LT Loan
------------------------------------------------------------
CARE reaffirms the ratings assigned to bank facilities of Mangalam
Timber Products Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     12.00      CARE B+ Reaffirmed
   Short-term Bank Facilities     6.08      CARE A4 Reaffirmed

Rating Rationale

The ratings of the bank facilities of Mangalam Timber Products Ltd
(MTPL) continue to be constrained by continuous losses during the
last 4 years, volatile raw material prices with low bargaining
power, and exposure to the industry cycle.

The ratings, however, draw strength from long track record and
experience of the promoters, along with regular financial
support from the group companies.

The ability to derive benefit from the upcoming captive power
plant and financial support from the group companies are the key
rating sensitivities.

MTPL, incorporated in 1982, belongs to the B K Birla group of
companies. MTPL is engaged in the manufacturing of Medium Density
Fibre Boards (MDF), plain boards and pre-laminated boards of
varied thickness, from low-grade hard woods with an installed
capacity of 30,000 MT per annum. The product of the company finds
its usage in door & window panels, decorative furniture, veneer,
plywood, board, etc. The manufacturing facility of the company is
located in Nabarangpur, Odisha. The company sells its product
under the brand name of 'Duratuff'.

The B K Birla group is a diversified industrial group having an
interest in tea, chemicals & fertilizers, cement, tyres, textiles,
vegetables oils, etc.

During FY15 (refers to period April 1 to March 31), MTPL incurred
operational loss of INR11.60 crore (Rs. 6.29 crore in FY14) and a
net loss of INR10.08 crore (Rs. 7.62 crore in FY14) on total
operating income of INR42.87 crore (Rs. 59.40 crore in FY14). As
per the unaudited H1FY16 results, MTPL incurred a net loss of
INR8.04 crore on a total operating income of INR21.36 crore.



NIGAM COLD: CARE Revises Rating on INR4.5cr LT Loan to B+
---------------------------------------------------------
CARE revises the rating assigned to the bank facilities of Nigam
Cold Storage Private Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      4.5       CARE B+ Revised from
                                            CARE B

Rating Rationale

The revision in the rating for the bank facilities of Nigam Cold
Storage Pvt Ltd (NSCPL) takes into cognizance the improvement in
profit margins and improvement in capital structure. However, the
rating continues to remain constrained by its small size of
operations in the cold storage industry, seasonality of business
and dependence on the vagaries of nature and competition from
other local players. These factors far outweigh the benefits
derived from the experience of the promoters with long track
record of operations and easily accessible storage facility to
farmers due to the proximity to potato-growing area.

The ability of the company to increase its scale of operations and
effective working capital management would be the key rating
sensitivities.

NCSPL incorporated on December 18, 1995 was promoted by Rana
family of West Bengal to set up a cold storage facility with
a storage capacity of 2,29,880 quintals in Midnapur district of
West Bengal. NCSPL is engaged in the business of trading of
potato along with providing cold storage facility primarily for
potatoes to farmers & traders. Besides providing cold storage
facility, the company also works as a mediator between the farmers
and marketers of potato by taking advances from marketers on
behalf of the farmers in order to facilitate sale of potato stored
and it also provides advances to farmers for farming of potato
against potato stored. This apart it also provides additional
services to farmers such as insurance of potatoes stored & drying
of potatoes.

During FY15 (refers to the period April 1 to March 31), NCSPL has
reported a total operating income of INR2.60 crore (FY14: INR2.91
crore) with APAT of INR0.17 crore (FY14: INR0.09 crore).
Furthermore in H1FY16, NCSPL has earned revenue of INR2.31 crore.


OSWAL KNIT: CARE Assigns B- Rating to INR19cr LT Loan
-----------------------------------------------------
CARE assigns 'CARE B-/CARE A4' to the bank facilities of Oswal
Knit India Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities       19       CARE B- Assigned
   Short-term Bank Facilities      16.70    CARE A4 Assigned

Rating Rationale
The ratings assigned to the bank facilities of Oswal Knit India
Limited (OKIL) are primarily constrained by its weak financial
risk profile characterised by cash losses, leveraged capital
structure, weak debt coverage indicators and working capital
intensive nature of operations. The ratings are further
constrained by the susceptibility of margins to fluctuations in
raw material prices and foreign exchange rates and presence in a
highly fragmented and competitive industry. The ratings, however,
derive strength from the experienced promoters, favourable
location of the manufacturing unit, diversified product profile
and integration of production activity with group concerns.

Going forward, the ability of the company to profitably scale-up
its operations along with improvement in overall solvency position
and efficient management of the working capital requirements would
be the key rating sensitivities.

OKIL is a closely held public limited company incorporated in
November 1992. The company is currently being managed by Mr Jangi
Lal Oswal who has an experience of nearly four decades in the
industry. OKIL is engaged in the manufacturing of readymade woolen
and hosiery apparel for men and women at its manufacturing
facility located at Ludhiana, Punjab.

The products are sold under the brand name of 'Gadoni' and
'Casablanca' through its exclusive showrooms located in Delhi,
Dehradoon, Bathinda, Ludhiana and also supplies to various
wholesalers and retailers. OKIL is a part of the Malwa Group of
Companies comprising of Malwa Industries Ltd, Malwa Cotton
Spinning Mills Ltd, Malwa Worsted Division and Processing House,
and Oswal Kniiting and Spinning Industries Limited (rated 'CARE
B/A4') engaged in the entire value chain of the textile industry
including manufacturing of yarn, fabric and a diverse range of
readymade garments, for over three decades.

OKIL registered a total operating income of INR135.67 crore during
FY15 (refers to the period April 01 to March 31) with net loss of
INR3.07 crore as against a total operating income of INR123.14
crore with net loss of INR2.64 crore in FY14.


PARAS RAM: CARE Upgrades Rating on INR8.50cr LT Loan to B+
----------------------------------------------------------
CARE revises/reaffirms the ratings assigned to the bank facilities
of Paras Ram Textiles Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     8.50       CARE B+ Revised from
                                            CARE C

   Short term Bank Facilities    0.01       CARE A4 Reaffirmed

Rating Rationale

The revision in the ratings of the bank facilities of Paras Ram
Textiles Private Limited (PRT) takes into account increase in
scale of operations in FY15 (refers to the period April 01 to
March 31), improvement in the profitability margins and
capital structure. The ratings further derive strength from the
experience of the promoters and location of the manufacturing
facility. The ratings are however, constrained by small scale of
operations, leveraged capital structure and weak debt coverage
indicators. The rating is further constrained by elongated
operating cycle and highly fragmented market resulting in intense
competition.

Going forward, the ability of the company to efficiently manage
the working capital requirements, increase the scale of operations
while improving its profitability margins would be the key rating
sensitivities.

Paras Ram Textiles Private Limited (PRT) incorporated in February
1995 is currently being managed by Mr Ved Prakash Batra, Mr Ramesh
Batra, Mr Narender Batra and Mr Vijay Batra. The business
operations were being managed through a proprietorship firm under
the name of "Paras Ram Textiles Mills" since 1974 and the business
was subsequently taken over by PRT in 1995. The company is engaged
in the manufacturing of fabrics which mainly includes knitted
cloth and acrylic cloth as well as other textile products like
blankets, ladies suits, T-shirts and shawls from its manufacturing
facility situated in Ludhiana, Punjab with varying installed
capacity of each product. The main raw materials like polyester
yarn, cotton yarn and wool yarn are procured directly from
manufacturers located in different states. The company sells its
products in the domestic market mainly to wholesalers and traders.

For FY15 (refers to the period April 01 to March 31), PRT reported
a total income of INR41.35 crore with PAT of INR 0.35 crore
against the total operating income achieved INR34.94 crore with
PAT of INR0.21 crore in FY14. The company has achieved gross sales
of INR16 crore in 7MFY16 (unaudited).


PRJ POLYMERS: ICRA Reaffirms B+ Rating on INR8.0cr Loan
-------------------------------------------------------
ICRA has reaffirmed its ratings of [ICRA]B+ on the long-term scale
and [ICRA]A4 on the short-term scale on the INR14.00 crore bank
facilities of PRJ Polymers Private Limited.

                              Amount
   Facilities              (INR crore)    Ratings
   ----------              -----------    -------
   Fund-Based Facilities        8.00      [ICRA]B+; reaffirmed
   Non Fund-Based Facilities    6.00      [ICRA]A4; reaffirmed

ICRA's ratings continue to take into account the extensive
experience of PPPL's promoters in the polymer trading business;
the established relationships of the company with its principal as
well as its customer base, along with its large network of dealers
which facilitates its sales. The ratings however continue to be
constrained by the company's high working capital requirements;
moderately high customer, geographic and segment concentration
risks and its weak financial profile characterized by low cash
accruals and weak debt coverage indicators. Further, the
operations of the company remain exposed to the volumes handled
for its principal, Indian Oil Corporation Ltd (IOCL). However,
ICRA favourably factors in the long-standing established
relationships of the company with its customers in the plastic
industry.

Going forward, the ability of company to increase its scale of
operations in a profitable manner and efficiently manage its
working capital cycle will be the key rating sensitivities.

PPPL was earlier engaged in the business of distributing chemicals
and polymers for GAIL India Ltd, Reliance Industries Limited, IOCL
etc. In 2009, PPPL applied to be a distributor of IOCL and got the
distributorship for PP/HDPE products on 24th May, 2010. Presently,
PPPL is a Del-Credere agent (DCA) as well as a Consignment
Stockist (CS) of IOCL for distribution of polymer products in the
National Capital Region. The company has a rented warehouse in
Kavinagar Industrial Area with a capacity of 350 Metric Tonnes
(MT) for stocking goods.

Recent Results
For 2014-15, PPPL reported a net profit of INR0.12 crore on an
operating income (OI) of INR1.82 crore, as against a net profit of
INR0.10 crore on an OI of INR1.54 crore in the previous year.


SAMRAT PLASTIC: CARE Assigns 'B' Rating to INR5.93cr LT Loan
------------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of Samrat
Plastic Industries.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      5.93      CARE B Assigned

Rating Rationale
The rating assigned to the bank facilities of Samrat Plastic
Industries (SPI) is constrained on account of its modest scale of
operations with partnership nature of constitution restricting its
financial flexibility and thin profit margins. The rating is
further constrained on account of stabilization risk associated
with its debt-funded diversification capex, working capital
intensive nature of operations, raw material price fluctuation
risk along with its presence in an intensely competitive
industry with low entry barriers.

The rating, however, derives benefit from experience of the
partners in the manufacturing of plastic products, moderate
capital structure and debt coverage indicators.

The ability of SPI to achieve early stabilization of operations
from its new project along with improvement in its overall
financial risk profile would be the key rating sensitivities.

Rajkot-based SPI was established in 2006 as a partnership firm.
Earlier the firm was engaged in the manufacturing of rigid
Polyvinyl Chloride (PVC) pipes. During Q1FY16 (refers to the
period April 1 to June 30), the firm undertook a diversification
project to set up machinery for manufacturing of Un-plasticized
Polyvinyl Chloride (uPVC) and Chlorinated Polyvinyl Chloride
(cPVC) pipes and fittings. The firm started commercial production
from Nov. 7, 2015. The installed capacity of the plant is 1500
Tonne per Annum (TPA) for uPVC pipes, 750 TPA for cPVC pipes and
700 TPA for uPVC and cPVC fittings. The plant is situated at GIDC,
Paddhari and is spread across an area of 3000 square meters. The
partners have an experience of over two decades in the
manufacturing of plastic and plastic products. The firm markets
its products under the brand name of 'KING' pipes and fittings.
The total project cost for diversification was INR6.65 crore
which was financed through term debt of INR4.93 crore and the
balance through partners' contribution.

The pipes and fittings manufactured by the firm find applications
in irrigation systems and construction industry.

SPI reported nil Profit after Tax (PAT) on a total operating
income (TOI) of INR1.86 crore during FY15 (refers to the period
April 1 to March 31) as against a nil PAT on a TOI of INR1.35
crore during FY14. As per provisional results for H1FY16, the firm
reported a turnover of INR1.50 crore.


SARASWATI ASSOCIATES: CARE Reaffirms B Rating on INR3.50cr Loan
---------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Saraswati Associates Company.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      3.50      CARE B Reaffirmed
   Long-term/Short-term Bank
   Facilities                     4.50      CARE B/CARE A4
                                            Reaffirmed

Rating Rationale

The ratings assigned to the bank facilities of Saraswati
Associates Company (SAC) continue to remain constrained on
account of its constitution as a proprietorship firm, modest scale
of operations in a highly competitive and fragmented road
construction industry, moderate order book position and weak
financial risk profile marked by leveraged capital structure,
moderate debt coverage indicators and weak liquidity position. The
ratings, continue to remain constrained on account of limited
revenue diversity and geographical concentration risk along with
vulnerability of profits to fluctuation in raw material prices in
absence of price escalation cost.

The ratings, however, continue to derive benefits from the vast
experience of proprietor in road construction activity and
its association with reputed clientele. The ratings also factors
in increase in total operating income (TOI) in FY15 (FY refers
to the period from April 1 toMarch 31) as well as improvement in
profit margins.

The ability of SAC to increase its scale of operations through
diversification of order book amidst high competition prevailing
in the road construction industry along with improvement in
profitability and capital structure are the key rating
sensitivities. Further, improvement in overall liquidity position
would also remain crucial.

SAC located at Radhanpur (Gujarat) started its operations as a
proprietorship firm in the year 1982. SAC is established by Mr
Dashrathbhai Patel. The firm is engaged in construction of roads
and registered as 'AA' Class Government contractor (highest on the
4 point scale of AA to C) and 'Special Category-1 for road works'
(i.e. highest in the scale of Category-1 to Category-3) from
Government of Gujarat. SAC undertakes the government contracts and
its operations are in mainly concentrated in North Gujarat.

During FY15, SAC reported PAT of INR0.39 crore on a TOI of
INR22.66 crore as against PAT of INR0.22 crore on a TOI of
INR13.51 during FY14. During 7MFY16 (Provisional), SAC has
achieved a turnover of INR8 crore.


SENTHIL PAPER: CARE Lowers Rating on INR177.67cr LT Loan to D
-------------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
Senthil Paper and Boards Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities-
   CC                           177.67      CARE D Revised from
                                            CARE BB+

   Long-term Bank Facilities-
   TL                            50.00      CARE D Revised from
                                            CARE BB+

   Short-term Bank Facilities     0.25      CARE D Revised from
                                            CARE A4+

Rating Rationale
The revision in the ratings assigned to the bank facilities of
Senthil Papers and Boards Private Limited (SPBPL) factor in the
ongoing delays in the debt servicing due to constrained liquidity
position.

Senthil Papers and Boards Private Limited (SPBPL) formerly Saradha
Papers and Boards Private Limited (SPBPL), was originally
incorporated in 2002 as Vaikgunth Duplex Board Mills Private
Limited for setting up a paperboard manufacturing plant at Ikkarai
Thathapalli village, Sathyamangalam taluk, Erode district, Tamil
Nadu. In 2005, the company was renamed as SPBPL and subsequently
in 2006, it was taken over by Coimbatore based Senthil Group,
which has interests in steel rod manufacturing, entertainment,
education and food products. The group chairman Mr O Arumugasamy
provides strategic inputs and the daily operations of SPBPL are
actively managed by his son Mr Senthil Kumar, who is theManaging
Director of SPBPL.

SPBPL manufactures cup stock, white line chip boards, coated
duplex board, white top kraft, test liner, paperboards from
recycled paper and wood pulp. These uncoated paper boards are
primarily used in industries such as matches, packaging,
fireworks etc.

As per audited results for FY 15 (refers to the period April 1 to
March 31), SPBPL has posted net loss of INR9.7 crore on total
operating income of INR68.4 crore.


SHRINATH COTTON: CARE Reaffirms B+ Rating on INR6.31cr LT Loan
--------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Shrinath Cotton Industries.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     6.31       CARE B+ Reaffirmed

Rating Rationale
The rating assigned to the bank facilities of Shrinath Cotton
Industries (SCI) continue to remain constrained by its thin
profit margins, moderately leveraged capital structure, moderate
debt coverage indicators and liquidity position. The rating is
further constrained by its presence in the highly competitive and
fragmented cotton-ginning business with limited value addition,
exposure to the volatility associated with the raw material
prices, working capital intensive operations, susceptibility to
changes in the government policy for cotton along with partnership
nature of the constitution.

The above constraints far offset the benefits derived from the
experience of the partners in cotton ginning business and its
proximity to the cotton-producing region of Gujarat.

Furthermore, the rating also takes into account the increase in
the operating income in FY15 (refers to the period April 01 to
March 31) and marginal improvement in its profitability.

SCI's ability to increase its scale of operations and further
improvement in the profitability and capital structure while
managing its working capital requirement remains the key rating
sensitivity.

SCI is a partnership firm established in 2006 by three partners Mr
Keshavlal Popat, Mr Bharat Popat and MrsRaksha Popat which was
later reconstituted with the retirement of Mr Keshavlal Popat as
on January 18, 2011. It is now managed by Mr Bharat Popat and Mrs
Raksha Popat and has its manufacturing facility at Amreli
district, Gujarat. SCI is engaged in the cotton ginning and
pressing business. The firm is ISO 9001:2008 certified and
Technology Mission on Cotton (TMC) approved firm by the Ministry
of Textile, GOI. As on March 31, 2015, SCI had a total installed
capacity of 24,000 bales of cotton and 6,133 metric tonne per
annum (MTPA) of cotton seed.

During FY15, SCI reported a PAT of INR0.09 crore on a TOI of
INR36.74 crore as against a PAT of INR 0.08 crore on a TOI of
INR30.69 crore in FY14. During H1FY16 (Provisional), SCI has
achieved a turnover of INR16.30 crore.


SRI VENKATRAMANA: ICRA Cuts Rating on INR28cr LT Loan to D
----------------------------------------------------------
ICRA has downgraded the long-term rating from [ICRA]B+ to [ICRA]D
to the INR28.0 crore term loan facilities, the INR14.5 crore fund
based facilities and the INR4.5 crore proposed facilities of Sri
Venkatramana Paper Mills Private Limited. ICRA has also downgraded
the short-term rating from [ICRA]A4 to [ICRA]D to the INR5.0 crore
letter of credit facility and INR2.0 crore bank guarantee facility
of SVPMPL.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   LT-Term Loan           28.0       [ICRA]D/Downgraded from
   Facilities                        [ICRA]B+

   LT-Cash Credit         14.5       [ICRA]D/Downgraded from
   Facilities                        [ICRA]B+

   LT-Proposed             4.5       [ICRA]D/Downgraded from
   Facilities                        [ICRA]B+

   ST-Letter of Credit     5.0       [ICRA]D/Downgraded from
                                     [ICRA]A4

   ST- Bank Guarantee      2.0       [ICRA]D/Downgraded from
                                     [ICRA]A4

The ratings downgrade reflect the delays in debt servicing by the
company due to liquidity pressures arising from delays in
commencement of the new gas-based power plant. This delay was
because of SVPMPL's failure to secure regulatory approvals for the
plant, and the penalty paid to the Oil and Natural Gas Corporation
Limited (ONGC) due to its inability to take gas as per the 'take-
or-pay' agreement. While the company had managed to get a
deferment in repayment schedule for principle payments, its
interest payment obligations remain high. ICRA notes that the
management is trying to negotiate lower penalty payments with
ONGC, wherein the outcome will be monitored. Early commencement of
the project and regularisation of debt servicing remain the key
rating sensitivity factors and are critical for improvement in
SVPMPL's credit profile. ICRA also takes note of the highly
fragmented and competitive paper industry, especially in the B-
grade segment where the company operates.

SVPMPL was incorporated in 2008 as a private limited company for
manufacturing Printing and Writing Paper (PWP) and newsprint.
Operations began in 2009 by purchasing the de-merged paper
division of Sam Turbo Industries Limited, Coimbatore. The assets
of this company were transferred to SVPMPL and production began in
2010. Currently, SVPMPL produces various types of PWP and
newsprint, and has many prominent local dailies as its clients.
The company is setting up a 6MW gas power plant at Thiruvarur,
Tamil Nadu, which is yet to be commissioned. SVPMPL plans to
consume the power generated primarily for the paper mill, while
rest would be sold to Tamil Nadu Electricity Board. The company is
a part of a three company group set up by Mr. Sanjeevi. The oldest
entity is Sri Balaji Traders. The Group also owns a spinning mill,
Amaravathi Spinning Mills (Rajapalayam) Private Limited.

Recent Results
According to the audited financials for 2014-15, the company
reported a profit after tax of INR0.3 crore on an operating income
of INR75.3 crore.


SUPER COTTON: CARE Assigns B+ Rating to INR8.10cr LT Loan
---------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Super
Cotton Industries.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      8.10      CARE B+ Assigned

Rating Rationale
The rating assigned to the bank facilities of Super Cotton
Industries (SCI) is primarily constrained on account of thin
profit margins, leveraged capital structure, weak debt coverage
indicators and moderate liquidity position. The rating is also
constrained on account of SCI's short track record of operations
coupled with partnership nature of constitution, presence in
highly fragmented and competitive cotton ginning and pressing
industry, seasonality associated with raw material availability,
exposure to any changes in government policies and susceptibility
of its profit margins to volatility in raw material prices.

The rating, however, take comfort from the vide experience of the
partners into the cotton ginning and pressing industry along with
location advantage on account of presence of SCI within the cotton
producing hub of Gujarat and fiscal benefits from the government.

The ability of SCI to increase its scale of operations,
improvement in profit margins, capital structure along with better
working capital management are the key rating sensitivities.

Jamnagar-based (Gujarat) SCI was established in April 2013 as a
partnership firm by five partners, namely, Mr Naresh Kalola, Mr
Mayur Fefar, Mr Dhaval Fefar, Mr Haresh Fefar and Mr Kantilal
Boda. SCI is into the business of cotton ginning and pressing. SCI
has an installed capacity of 36,982 metric tonne per annum (MTPA)
for cotton bales and cotton seeds as on March 31, 2015 (A.). FY15
(refers to the period April 1 to March 31) was the first full year
of operation as SCI commenced operation from January 2014 onwards.

During FY15, SCI reported PAT of INR0.02 crore on a TOI of
INR50.22 crore as against PAT of INR0.01 crore on a TOI of
INR15.35 crore. During 7MFY16 (Provisional), SCI has achieved a
turnover of INR24.93 crore.


SURYAJYOTI SPINNING: CARE Lowers Rating on INR256.70cr Loan to D
----------------------------------------------------------------
CARE revises the ratings assigned to bank facilities of Suryajyoti
Spinning Mills Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities    256.70      CARE D Revised from
                                            CARE B-

   Short term Bank Facilities    52.32      CARE D Revised from
                                            CARE A4

Rating Rationale

The revision in the ratings assigned to the bank facilities of
Suryajyoti Spinning Mills Limited (SSML) takes into account
delays in servicing debt obligations owing to the stretched
liquidity position of the company due to continuous net loss
reported in FY15 (refers to the period April 1 to March 31).

Suryajyoti Spinning Mills Ltd. (SSML), promoted by Mr Ravinder
Kumar Agarwal (Managing Director), was incorporated in1983, and
commenced operations from January 1991. SSML commenced operations
with installed capacity of 5,040 spindles and gradually increased
it to 86,560 spindles. The manufacturing units are located at
Makthal, Burgul and Rajapur Villages of Mahaboobnagar District,
Telangana. SSML manufactures medium to coarser counts of carded
and combed cotton yarn and various blends of synthetic yarn such
as polyester (100%), viscose (100%) and polyesterviscose/
polyester-cotton blends. SSML has set up fabric unit with an
installed capacity of 20 Million Meters Per Annum as an attempt to
move up the value chain which commenced in October 2009.

During FY15, SSML reported total operating income of INR419.83
crore with PBILDT of INR46.85 crore and net loss of INR8.71 crore
as against total operating income of INR450.88 crore with a PBILDT
of INR54.15 crore and net loss of INR12.08 crore in FY14.


TIRUPATI NIRYAT: CARE Assigns B+ Rating on INR15cr Loan
-------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Tirupati
Niryat Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities       15       CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Tirupati Niryat
Private Limited (TNPL) is primarily constrained by its modest
scale of operations in the highly regulated and competitive jute
industry, below average financial risk profile marked by declining
profitability margin & leveraged capital structure and high
working capital intensity.

The aforesaid constraints are partially offset by the experience
of the promoters in the jute industry with promoters support and
moderate track record of operations.

Going forward, TNPL's ability to grow its scale of operations with
simultaneous improvement in its profitability margins, prospects
of jute industry and effective management of working capital would
be the key rating sensitivities.

Tirupati Niryat Private Limited (TNPL), incorporated in July 1993,
was taken over by Mr Aditya Sarda of Kolkata in the year 2006.
Since 2010, the company is engaged in trading of raw jute. Prior
to this the company was engaged in the business of infrastructure
and real estate activities. TNPL along with its three associate
companies viz. Pennar Trading Pvt Ltd, Delight Suppliers Pvt Ltd,
and Santosh Promoters Pvt Ltd. co-owns a property in South
Kolkata. The total carpet area of the building is around 80,000
sq. ft. (approximately) and this has been rented for around INR6.6
crore for commercial purpose. The income from the same is being
equally distributed among the four co-owners. TNPL derives major
portion of the income, around 98% of the total operating income
from trading sales and the rest from rental income in FY15.
TNPL is a closely held company. The board consists of three
directors -- Mr Aditya Sarda (MD), Mr C R Pugalia and Mr
Naveen Nayyar.

In FY15 (refers to the period April 1 to March 31), the company
achieved a total operating income of INR80.26 crore and
PAT of INR0.08 crore as against a total operating income of
INR41.08 crore and PAT of INR0.10 crore in FY14. The management
has stated to have achieved revenue of approximately INR40.40
crore till H1FY16.


WAVE INDUSTRIES: ICRA Reaffirms 'B' Rating on INR258.23cr Loan
--------------------------------------------------------------
ICRA has reaffirmed its long-term rating of [ICRA]B on the
INR283.23 crore(reduced from INR375 crore) fund based and non fund
based limits of Wave Industries Private Limited.

                           Amount
   Facilities            (INR crore)     Ratings
   ----------            -----------     -------
   Fund Based limits        258.23       [ICRA]B; reaffirmed
   Non-fund Based limits     25.00       [ICRA]B; reaffirmed

The rating reaffirmation takes into account continued pressures on
the operating profitability of Uttar Pradesh (U.P.) based sugar
mills, including WIPL, mainly on account of high cane costs in the
state in relation to prevailing domestic sugar prices. These
pressures have resulted in significant financial losses in the
sugar division of WIPL during the past two years. While the
profitability of the company's liquor division provided some
cushion, as the company continues to enjoy a dominant position in
the wholesale liquor business in U.P., however all other major
businesses reported losses in FY15. The ratings also take into
account the risks arising out of the inherent cyclicality in sugar
business, exposure to agro-climatic risks and vulnerability to
regulatory policies. ICRA also notes the sizeable amount of
corporate guarantees extended by WIPL to its group companies. The
near term outlook for the sugar industry remains weak on account
of the surplus sugar production in the country in sugar year (SY)
2014-15 which, coupled with the high cane costs has resulted in
depressed sugar prices and pressure on operating profitability for
sugar mills across the country. While the recent increase in
import duty from 25% to 40% is expected to provide some protection
from the threat of import of sugar and in turn support domestic
prices, the current surplus situation, both in the domestic and
international markets, is likely to have an adverse bearing on the
price levels in the short term. While the government has taken
additional steps to support the industry by providing export
subsidy and soft loans for cane payments to the tune of INR6,000
crore. However these steps are unlikely to improve the fortunes of
sugar mills as the current sugar prices fail to adequately cover
even the cost of cane procured from farmers. ICRA notes that
profitability of UP based sugar mills will continue to remain
vulnerable to the Government of UP's (GoUP's) policy on cane
prices.

The ratings however continue to derive comfort from the company's
long track record in the sugar business, adequate size of
operations with enhanced crushing capacity of 18800 tonnes crushed
per day (TCD) and partial forward integration into cogeneration,
which is expected to provide some cushion to the company's
revenues and profitability against cyclicality in the sugar
industry.

WIPL is a group company of the Chadha Group. It was originally
incorporated as Chadha Sugars Private Limited in 1997 by the
acquisition of a 2500 TCD running sugar mill from Oswal Agro Mills
Ltd., (Abhey Oswal Group Company) for a consolidated price of
INR25 crore. The sugar mill is located in the midst of the cane
belt in Dhanaura Tehsil of Jyoti Ba Phoole Nagar (Amroha) District
of Uttar Pradesh. Subsequent to the acquisition, the crushing
capacity was expanded to 5000 tcd during 1999-2000. Since then,
the company has expanded its crushing capacity several times.
Currently, WIPL is operating with a crushing capacity of 18800
TCD, along with a biomass based co-generation plant of 33 MW (10
MW for catering to the captive power needs of the sugar unit).
Other business segments of the company includes Liquor trading,
TMT bar manufacturing, Film distribution etc.



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


TOSHIBA CORP: To Unveil Restructuring Steps Later This Month
------------------------------------------------------------
Kyodo News reports that Toshiba Corp. plans to unveil
restructuring steps for its loss-making TV, personal computer and
white goods businesses around Dec. 21, sources familiar with the
matter said Dec. 11.

Kyodo relates that the steps will likely include the sale of
overseas factories and more job cuts, the sources said, as the
scandal-hit industrial conglomerate aims to rebuild from a massive
accounting scandal.

Toshiba's white goods business, which makes products such as
refrigerators and washing machines, is expected to be
significantly downsized, the report notes. The company is in talks
to sell its Indonesian plant and also is seeking to reorganize its
factories in China, the sources said, Kyodo relays.

According to Kyodo, the sources said that for TVs, Toshiba is
expected to sell a plant in Indonesia to a foreign maker, while
transferring a factory in Egypt to its local joint venture partner
El Araby Group.

Kyodo says Toshiba is also considering merging its PC business
with those of Fujitsu Ltd. and Vaio Corp., which was spun off from
Sony Corp. last year. Toshiba's white goods operation may be sold
to Sharp Corp., under another plan.

Toshiba President Masashi Muromachi has said he will proceed with
restructuring "without limits," after the accounting scandal led
the firm to revise profits totaling JPY224.8 billion ($1.8
billion) on a pretax basis from December 2014 to as far back as
April 2008, adds Kyodo.

                      About Toshiba Corp.

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

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

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

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

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

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


TOSHIBA CORP: Eyes Top Accounting Firms to Replace Auditor
----------------------------------------------------------
Nikkei Asian Review reports that Toshiba Corp will talk with
Deloitte Touche Tohmatsu, KPMG Azsa and PricewaterhouseCoopers
Aarata about replacing Ernst & Young ShinNihon as its auditing
firm to help clean up its image after a damaging accounting
scandal.

Nikkei says the Japanese company is expected to end its contract
with EYSN after auditing of fiscal 2015 earnings is complete,
making the switch for fiscal 2016. It has begun sounding out some
firms about their interest in the position and expects to make a
decision as early as spring, the report relates.

The report relates that Toshiba's global network of roughly 590
consolidated subsidiaries effectively limits its options to the
major players. Deloitte handles auditing for 915 companies
publicly traded in Japan, putting it in second, behind EYSN's 960.
KPMG Azsa has 692 listed clients and PwC Aarata 96. All of these
auditing companies are affiliated with top foreign accounting
firms, Nikkei notes.

Toshiba paid JPY2.9 billion ($23.6 million) in total to EYSN and
Ernst & Young in fiscal 2014, the report discloses. "A contract
with one of Japan's leading companies is attractive," a source at
a major auditor said, Nikkei relays.

But Toshiba's internal control issues have led the Tokyo Stock
Exchange to designate it a security on alert. Its auditing firm
would also handle such responsibilities as improving disclosure,
presenting a significant risk. The three candidates will take time
to carefully consider whether to take the job, according to
Nikkei.

Nikkei notes that listed Toshiba subsidiaries Toshiba Plant
Systems & Services and Toshiba Tec also have contracts with EYSN.
They, too, could switch auditing firms to the one selected by
their parent, the report says.

EYSN and forerunners have audited Toshiba for more than 60 years,
Nikkei reports. The firm had around 70 employees assigned to
Toshiba before the accounting scandal. This long-standing cozy
relationship has been cited as a reason the profit manipulation
slipped through the cracks. EYSN apparently harbors distrust of
Toshiba for having lied to it about the company's books for years,
Nikkei adds.

                      About Toshiba Corp.

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

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

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

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

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

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



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


STX OFFSHORE: To Receive KRW450BB Financial Aid From Creditors
--------------------------------------------------------------
Yonhap News Agency reports that STX Offshore & Shipbuilding Co.
will receive KRW450 billion (US$385 million) in financial aid from
its creditors in return for thorough restructuring, industry
sources said Dec. 11.

According to the report, sources said the creditors, led by the
state-run Korea Development Bank (KDB), have decided to salvage
the shipbuilder from a liquidity shortage.

Local lenders' exposure to STX Offshore & Shipbuilding stood at
KRW4.29 trillion at the end of September, with KDB alone extending
the largest amount of loans, totaling KRW1.89 trillion, Yonhap
discloses.

STX Shipbuilding has been under the control of its creditors since
2013, in line with a protracted slump in the shipbuilding sector,
the report notes.

The creditors had provided over KRW4 trillion to the shipyard, but
it is still reeling from losses. Last year, the shipyard suffered
operating losses of KRW314 billion, Yonhap recalls.

In return for additional financial aid, STX Offshore's business
portfolio will be reorganized to focus on tanker ships and small-
sized LNG carriers, Yonhap reports citing sources.

Sources said STX Offshore will also slim down its workforce by 930
by the end of next year, and the wages of all of its employees
will be cut by 10 percent, adds Yonhap.

STX Offshore & Shipbuilding Co. Ltd. is a Korea-based company
mainly engaged in the shipbuilding and offshore business. The
company operates its business through five segments: merchant
vessel, cruise, offshore and specialized vessel (OSV), vessel
apparatus and other segment. The merchant vessel segment engages
in the manufacture of liquefied natural gas (LNG) and liquefied
petroleum gas (LPG) carriers, container ships, tankers, very large
ore carriers (VLOCs), bulk carriers as well as pure cars and truck
carriers. The cruise segment provides cruise ships. The OSV
segment engages in the manufacture of offshore patrol vessels,
corvettes and others. The vessel apparatus segment produces vessel
engines, deck houses and others. The other segment mainly engages
in the plant construction business, rental business, crane
business and others.



                             *********

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

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

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


                            *********


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

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

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

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

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



                 *** End of Transmission ***