TCRAP_Public/151221.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 21, 2015, Vol. 18, No. 251


                            Headlines


A U S T R A L I A

BRIGHTON MINING: First Creditors' Meeting Set For Dec. 31
CASO ENGINEERING: First Creditors' Meeting Set For Dec. 29
KOOGI GROUP: Placed in Administration
ORIGIN ENERGY: Moody's Revises Outlook to Negative
VOCATION LIMITED: CSIA Enterprises Buys Unit For AUD316,920


C H I N A

FANYA METALS: Online Investment Platform Founder Missing
HYDOO INTERNATIONAL: Moody's Assigns B3 Rating to $100MM Sr Notes


H O N G  K O N G

HILONG HOLDING: Moody's Cuts Corporate Family Rating to Ba3


I N D I A

AISHWARYA INFRASTRUCTURE: CRISIL Reaffirms B INR100MM Loan Rating
ALM METALS: CRISIL Reaffirms B+ Rating on INR90.6MM LT Loan
ARAFAATH TRAVELS: CRISIL Reaffirms B+ Rating on INR45MM Loan
CHIRAG DEVELOPERS: CRISIL Reaffirms B+ Rating on INR140MM Loan
DELHI INT'L AIRPORT: Moody's Affirms Ba1 CFR; Outlook Neg.

EZONE STRIPS: CARE Revises Rating on INR46.77cr Loan to D
GOEL ROADWAYS: CARE Assigns 'B' Rating to INR9cr LT Loan
GUPTA INFOTECH: CRISIL Assigns 'B+' Rating to INR90MM Bill Disc.
JAGAT AGRO: CARE Lowers Rating on INR235.41cr LT Loan to D
JINDAL AGRO: CRISIL Cuts Rating on INR85MM Cash Loan to B+

K N INFRA: CRISIL Suspends 'D' Rating on INR75MM Term Loan
KASEGAON EDUCATION: CRISIL Reaffirms B Rating on INR126MM Loan
KAY KAY SCAFFOLDING: CARE Assigns B+ Rating to INR2.70cr LT Loan
M.S. SOLVENT: CARE Assigns 'B' Rating to INR5cr LT Loan
MAGADHMICRO TOWERS: CARE Revises Rating on INR7.50cr Loan to B

MAHAVIR RICE: CARE Assigns B+ Rating to INR9cr LT Loan
NARAYAN COTGIN: CARE Reaffirms 'B+' Rating on INR9cr LT Loan
P.G.INFRASTRUCTURE: CARE Revises Rating on INR9.78cr Loan to B+
PGH INTERNATIONAL: CARE Reaffirms B Rating on INR88.74cr Loan
REPUBLIC AUTO: CARE Reaffirms B+ Rating on INR11.25cr LT Loan

SARVAJANIK JANKALYAN: CARE Ups Rating on INR51.40cr Loan to B+
SARVESH AGENCIES: CARE Revises Rating on INR5.0cr Loan to D
SPIRE INDUSTRIES: CRISIL Suspends 'D' Rating on INR177.8MM Loan
SRI SURYA: CRISIL Suspends D Rating on INR88.5MM Term Loan
SRI VIJAYABHERI: CRISIL Suspends 'D' Rating on INR230MM Term Loan

UJALA MINERALS: CARE Assigns B+ Rating to INR15cr LT Loan
WHITE PEARLS: CARE Revises Rating on INR15cr ST Loan to B+
YOGI DEVELOPERS: CARE Assigns 'B+' Rating to INR10cr LT Loan


I N D O N E S I A

MNC INVESTAMA: Moody's Cuts Corporate Family Rating to B2
MNC SKY: Moody's Cuts Corporate Family Rating to B2


J A P A N

SHARP CORP: State-Backed Fund in Talks to Invest in Firm
TOSHIBA CORP: Auditor Faces Ban, Fine Over Accounting Scandal
TOSHIBA CORP: Expects to Post JPY500BB Annual Net Loss in March


N E W  Z E A L A N D

SANDERS LTD: Placed Into Liquidation


                            - - - - -


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A U S T R A L I A
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BRIGHTON MINING: First Creditors' Meeting Set For Dec. 31
---------------------------------------------------------
Martin Bruce Jones of Ferrier Hodgson was appointed as
administrator of Brighton Mining Group Ltd on Dec. 17, 2015.

A first meeting of the creditors of the Company will be held at
Ferrier Hodgson, Level 28, 108 St Georges Terrace, in Perth, on
Dec. 31, 2015, at 11:00 a.m.


CASO ENGINEERING: First Creditors' Meeting Set For Dec. 29
----------------------------------------------------------
Nick Combis and Peter Dinoris of Vincents Chartered Accountants
were appointed as administrators of Caso Engineering Pty Ltd on
Dec. 16, 2015.

A first meeting of the creditors of the Company will be held at
Vincents Chartered Accountants, Level 34, 32 Turbot Street, in
Brisbane, on Dec. 29, 2015, at 11:00 a.m.


KOOGI GROUP: Placed in Administration
-------------------------------------
Anne-Marie Barley of WRA Insolvency was appointed as administrator
of Koogi Group Pty Ltd, trading as Izakaya Wara Wara, on Dec. 18,
2015.


ORIGIN ENERGY: Moody's Revises Outlook to Negative
--------------------------------------------------
Moody's Investors Service revised the outlook of Origin Energy
Limited and Origin Energy Finance Limited to negative from stable.

At the same time, Moody's has affirmed Origin Energy Limited's
Baa3 issuer and senior unsecured ratings as well as its short term
issuer rating of P-3.

Furthermore, Origin Energy Finance Limited's Baa3/(P)Baa3 senior
unsecured and Ba2 preference stock ratings were also affirmed.

RATINGS RATIONALE

The rating actions follow the sharp reduction in Moody's central
oil price scenario -- a key driver of the company's financial
performance given the large contribution of oil-linked LNG exports
to its earnings base - in light of the continuing oversupply in
the global oil markets. Moody's now assumes the Brent crude oil
price to average $43 per barrel and US$ 48 per barrel in 2016 and
2017 respectively, a $10 per barrel and $12 per barrel reduction
from its previous scenario.

"The negative outlook reflects our expectation that Origin's
financial metrics will be weaker than previously anticipated, a
consequence of the material reduction in earnings from its 37.5%
equity interest in Australia Pacific LNG (APLNG) under lower oil
prices," says Spencer Ng, a Moody's Vice President and senior
analyst, adding "a failure of oil prices to recover from
prevailing low levels also increases the possibility that Origin
and its fellow shareholders will need to provide further capital
contribution to APLNG, which may further increase consolidated
leverage."

Spot oil prices are currently below the level at which APLNG is
able to service its project level debt and fund its operating and
capital expenditure requirements during steady state operations
from FY17, which Origin has reported as between USD38-42 per
barrel on average.

"Whilst our base case oil price assumption is above APLNG's
breakeven level, Origin is exposed to downside risk should oil
prices fail to recover from the prevailing multi-year lows on a
sustained basis," adds Ng.

Moody's expects Origin's financial metrics to improve to a level
consistent with the Baa3 rating in FY17 under Moody's base case
oil price assumption. This strengthening reflects the scheduled
ramp-up of the second LNG train in mid-2016 as well as the group's
recently completed AUD2.5 billion equity raising, which reduces
its reliance on APLNG's cash distributions to drive a recovery in
its financial metrics.

In particular, Moody's expects the company's financial leverage,
as measured by the ratio of funds from operations (FFO) to debt,
to improve to mid-to-high teens over the next 3 years, compared
with the rating tolerance level of 15%.

Origin's Baa3 rating considers management's strong and publicly-
stated commitment to an investment grade rating, and for timely
countermeasures -- such as further cost saving initiatives at both
APLNG and Origin level - to be implemented to support the rating,
if required.

The rating also reflects Origin's solid domestic energy retail
business, which is not directly exposed to volatility in the oil
price. The core domestic business is expected to contribute more
than half of group earnings.

Origin's ratings could be downgraded if there is persistent
weakness in the oil price, or on evidence of financial setbacks or
counterparty stress at APLNG level. The ratings could also be
downgraded if the expected improvement in Origin's domestic
(Australian) energy markets business does not materialize, which
could be indicated by its ratio of FFO to debt remaining below 15%
after APLNG production has ramped up.

Given the negative outlook, an upgrade to Origin's ratings is
unlikely over the next two to three years in the absence of a
sustained improvement in oil market conditions.

The principal methodology used in these ratings was Unregulated
Utilities and Unregulated Power Companies published in October
2014. Please see the Credit Policy page on www.moodys.com for a
copy of this methodology.

Origin is an integrated Australian-based company involved in
energy retailing, power generation, and gas and oil exploration
and production. The company is listed on the Australian Securities
Exchange. Origin Energy Finance Limited is a wholly owned
subsidiary of Origin Energy Limited and a financing vehicle for
the group.

APLNG is developing a major liquefied natural gas (LNG) export
project in Gladstone Queensland with a production capacity of up
to 9 million tonnes of LNG per annum. Origin and ConocoPhillips
(A2, review for downgrade) each hold 37.5% of APLNG's equity
interest with the remaining 25% held by China Petroleum and
Chemical Corporation (Aa3 stable).


VOCATION LIMITED: CSIA Enterprises Buys Unit For AUD316,920
-----------------------------------------------------------
Cliff Sanderson at Dissolve.com.au reports that Customer Service
Institute of Australia, one of the businesses of education firm
Vocation Limited, has been sold for AUD316,920 by the
administrators. It has been sold to CSIA Enterprises Pty Ltd, the
report says.

Dissolve.com.au relates that the sale of Customer Service
Institute of Australia came alongside BAWM and AVANA.

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 30, 2015, Ferrier Hodgson partners, Peter Gothard, Jim
Sarantinos and George Georges on Nov. 25, 2015, were appointed as
Voluntary Administrators of Vocation Limited and its subsidiaries:

   -- BAWM Pty Ltd;
   -- Aspin Pty Ltd;
   -- Avana Group Pty Ltd;
   -- QI Careers Pty Ltd;
   -- Avana Talent Pty Ltd;
   -- Avana Services Pty Ltd;
   -- Avana Education Pty Ltd;
   -- Green Skills Institute (Aust) Pty Ltd;
   -- Training & Development Australia Pty Ltd;
   -- Avana Learning Pty Ltd;
   -- Student Hub Pty Ltd;
   -- Customer Service Institute of Australia Pty Ltd;
   -- CSIA Education Services Pty Ltd;
   -- Oil Group Holdings Pty Ltd;
   -- Learning Verve Pty Ltd;
   -- ACN 152 406 338 Pty Ltd;
   -- TTS-100 Pty Ltd;
   -- Real Corporate Partners Pty Ltd; and
   -- Online Institute of Learning Pty Ltd.

"The Administrators are undertaking an urgent assessment of the
business with a view of determining how the Voluntary
Administration should proceed," Ferrier Hodgson said in a
statement.

SmartCompany related that Vocation has collapsed into voluntary
administration, just over 12 months since the company was forced
to forfeit AUD19.6 million in government funding. The appointment
of Ferrier Hodgson as administrators also comes after the training
provider entered several trading halts during 2015, SmartCompany
added.

Vocation Limited provides workforce based training and development
solutions to employees of Australian Corporate and government
clients. Vocation also provides training directly to individual
students.   Vocation operates several colleges in Victoria, New
South Wales, Queensland and South Australia, including Avana, Real
Institute, Real Community, Building Brighter Futures, TDA and the
Consumer Service Institute of Australia.



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FANYA METALS: Online Investment Platform Founder Missing
--------------------------------------------------------
South China Morning Post reports that the founder of a Chinese
online investment platform that defaulted on more than
CNY36 billion (HK$43.04 billion) in July, leaving thousands of
retail investors out of pocket, has gone missing.

Shan Jiuliang, founder of Fanya Metals Exchange, cannot be
contacted, said Imagi, a Hong Kong-listed animation studio, which
is also controlled by Shan, SCMP relates. Imagi made the
revelation in a stock exchange filing.

"Shan last attended a board meeting on 15 October 2015, and he has
not attended any subsequent board meetings," the filing said.

Zhang Peng, Shan's wife, also an executive director of Imagi, had
requested the company to reschedule the most recent board meeting
for Shan to December 11 from November 27, but none of them showed
up, SCMP relays.

Shan holds a 23.74 per cent stake in Imagi while his wife Zhang
holds 23.74 per cent, the report discloses. They are the biggest
shareholders, SCMP discloses citing the company's interim report.

SCMP relates that two sources with knowledge of the matter said
Shan may have been detained given that the Yunnan provincial
authorities were closely monitoring him since the default.

An official with the Yunnan provincial government declined to
comment, but said a "work group" had been "handling Fanya
matters," according to the report.

The report relates that an investor with access to inside
information said a manager controlling Fanya's sales agency in
Zhejiang province was taken away by police for questioning a month
ago.

According to SCMP, mainland media Caixin reported on Dec. 17 that
the authorities were considering filing a case against Shan and
Fanya based on charges of "illegally absorbing public savings".

The latest developments have added to investors' outrage.

"If they are calling Fanya illegal, it means the government will
not take over the mess or look to restructure the exchange. In
that case, our money is gone. Why didn't they take any action
earlier? Why did they allow Fanya to advertise on China Central
Television and party-run papers?" the report quotes a Shanghai-
based investor surnamed Wang as saying.

Shan set up Fanya in Yunnan in 2010. The platform allowed people
to trade 14 rare metals and borrow money from retail investors
online with a 20 per cent down payment.  But trading was suspended
in July after Fanya failed to pay back investors' principal and
the 13.7 per cent annualised return it had guaranteed.

More than 80,000 investors across China have been baying for
Shan's blood since, blaming him and his sales agencies of cheating
them of their money, adds SCMP.


HYDOO INTERNATIONAL: Moody's Assigns B3 Rating to $100MM Sr Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned a definitive B3 rating to
Hydoo International Holding Limited's $100 million, 13.75%, 3-year
senior unsecured notes, due December 15, 2018.

The outlook for the rating is stable.

RATINGS RATIONALE

Moody's definitive rating on this debt obligation follows Hydoo's
completion of its USD note issuance, the final terms and
conditions of which are consistent with Moody's expectations.

The provisional rating was assigned on 2 December 2015, and
Moody's rating rationale was set out in a press release published
on the same day.

The company plans to use the proceeds from the issuance for land
acquisitions and project development, debt repayment and other
general corporate purposes.

The principal methodology used in this rating was Homebuilding And
Property Development Industry published in April 2015. Please see
the Credit Policy page on www.moodys.com for a copy of this
methodology.

Established in 2010, Hydoo International Holding Limited is a
Chinese property developer that specializes in the development and
operation of trade centers in low-tier cities.

At 30 June 2015, the company had a land bank of about 10.4 million
sqm in nine provinces and autonomous regions in China.



================
H O N G  K O N G
================


HILONG HOLDING: Moody's Cuts Corporate Family Rating to Ba3
-----------------------------------------------------------
Moody's Investors Service has downgraded Hilong Holding Limited's
corporate family rating to Ba3 from Ba2.

The outlook on the rating is negative.

RATINGS RATIONALE

"The rating downgrade and negative outlook reflect our concern
that Hilong's credit metrics and liquidity position will be
negatively affected in the next 12-18 months by the sustained low
oil price, which has dropped to a multi-year low in December,"
says Kaven Tsang, a Moody's Vice President and Senior Credit
Officer.

The rating action also follows the sharp reduction in Moody's oil
price assumptions in light of continuing oversupply in the global
oil markets. Moody's now assumes Brent crude, the international
benchmark, to average $43 per barrel (bbl) and $48/bbl in 2016 and
2017, respectively. This marks a $10/bbl and $12/bbl reduction
from Moody's previous assumptions.

Moody's expects the low oil price over the next two years will
present challenges to the company, including (1) lower demand for
Hilong's drilling and oilfield services because upstream oil and
gas companies will continue to constrain their capital spending;
(2) weaker employment for Hilong's securing offshore engineering
services; and (3) declining profitability.

Moody's expects Hilong's EBITDA margin over the next 12-18 months
will fall below 23%-25% from 28.8% in last twelve months to 30
June 2015. Accordingly, its debt/EBITDA will escalate to 4.0x-4.5x
and EBITDA/interest will fall to around 3.5x. These levels
position the company in the lower Ba range.

Hilong's liquidity position is weak. Moody's estimates that the
company's cash and undrawn committed facilities are insufficient
to cover its debt maturing in the next 12 months. Thus, it has to
rely on successful refinancing to support its liquidity.

Hilong's Ba3 rating continues to consider its strong market
position in the drill pipes and coating material industry in
China. Its long-term contracts with Royal Dutch Shell Plc (Aa1
negative) and Poly-GCL (unrated) in oilfield services also provide
some income visibility in the next 12-18 months.

But Hilong's rating is constrained by its small-scale operation
and exposure to volatile oil prices, which affect drilling
activities.

The rating is further constrained by its high customer
concentration, although its major customers are financially strong
oil giants in China and other countries. Moreover, Hilong's fairly
diversified geographic coverage also partly offsets the challenges
from customer concentration.

Hilong's ratings will be further downgraded if its financial
position deteriorates such that adjusted debt/EBITDA exceeds 5.0x,
EBTIDA/interest slips below 3.0x or its gross margin declines
below 25% -20%.

Such deterioration could result from: (1) a material slowdown in
its businesses; (2) a decline in profit margins; and/or (3)
substantially higher financing costs.

A deterioration in Hilong's liquidity position, with its cash
(including undrawn committed facilities) to short-term debt ratio
falling below 0.5x, or evidence that the company is unable to
access bank funding, would also be negative to the ratings.

A rating upgrade in the near term is unlikely, given the negative
rating outlook and the weak operating environment for oil
equipment manufacturers and oilfield service providers.

The rating outlook, however, could return to stable if the company
(1) secures stable drilling and oilfield services contracts and
employment for offshore engineering services which support a
stable financial profile, with adjusted debt/EBITDA below 4.0x and
EBITDA/interest above 3.5x-4.0x; (2) improves its liquidity
position, with cash (including undrawn committed facilities) to
short-term debt above 1.0x; and (3) demonstrates its ability to
refinance its short-term debt and fund its capital expenditure.

Hilong Holding Limited is an integrated oilfield equipment and
services provider. Its four main businesses are: oilfield
equipment manufacturing and services, line pipe technology and
services, oilfield services, and offshore engineering services.

It listed on the Hong Kong Stock Exchange in 2011. Mr. Jun Zhang,
the chairman and founder of the company, is the controlling
shareholder, with a 59.8% equity interest at end-2014.



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AISHWARYA INFRASTRUCTURE: CRISIL Reaffirms B INR100MM Loan Rating
-----------------------------------------------------------------
CRISIL ratings on bank facilities of Aishwarya Infrastructure and
Developers (AID) continue to reflect its small scale of operations
in the fragmented civil construction industry, geographical and
customer concentration in its revenue profile, and stretched
liquidity due to large working capital requirements.

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

The rating also reflects the firm's high exposure to its associate
company that is engaged in real estate development. These rating
weaknesses are partially offset by the benefits that the firm
derives from its proprietor's extensive experience in the civil
construction industry and its comfortable capital structure.

Outlook: Stable

CRISIL believes that AID will continue to benefit over the medium
term from the extensive experience of its proprietor in the civil
construction business. The outlook may be revised to 'Positive' in
case of significant ramp up in the scale of operations along with
efficient working capital management, especially its receivables.
Conversely, the outlook may be revised to 'Negative' if continued
subdued demand leads to further pressure on turnover and
profitability or if stickiness of receivables and further support
to associate concern lead to strain on liquidity.

Set up in 1986, AID is engaged in civil construction works
specialising in construction of roads, building, repairs, and
drainage works. The firm is a registered Class IA Contractor with
Public Works Department, Karnataka. It primarily undertakes
contracts for Bruhat Bengaluru Mahanagara Palike (BBMP).


ALM METALS: CRISIL Reaffirms B+ Rating on INR90.6MM LT Loan
-----------------------------------------------------------
CRISIL's ratings to the bank facilities of ALM Metals and Alloys
Limited (ALM) continue to reflect the extensive experience of
ALM's promoters in the metal recycling and trading industry. This
strength is partially offset by the company's low profitability
and working capital-intensive operations.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee        2.2       CRISIL A4 (Reaffirmed)
   Cash Credit          35         CRISIL B+/Stable (Reaffirmed)
   Letter of Credit     60         CRISIL A4 (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility   90.6       CRISIL B+/Stable (Reaffirmed)
   Term Loan            12.2       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable
CRISIL believes ALM will continue to benefit over the medium term
from its promoters' extensive industry experience. The outlook may
be revised to 'Positive' if its scale of operations and
profitability increase substantially, leading to large cash
accrual. Conversely, the outlook may be revised to 'Negative' in
case of low revenue or accrual due to reduced profitability, or
weak financial risk profile because of stretched working capital
cycle, or substantial debt-funded capital expenditure.Update

Update
ALM had turnover at INR229.1 million in 2014-15 (refers to
financial year, April 1 to March 31), as against expectations of
INR350.5 million, due to shutdown of the factory from June to
August for repair and maintenance, and increase in prices of
alloys (raw material). Operations are working capital-intensive.
Gross current assets were at 219 days as on March 31, 2015. The
financial risk profile was average with moderate gearing of 1.32
times and adjusted net worth of over INR53 million as on
March 31, 2015. The interest coverage and net cash accrual to
total debt ratios were at 2.0 times and 0.07 times, respectively,
for 2014-15. The company is undergoing a capex to set up forward
integration facilities for die casting with installed capacity of
1800 tonnes per annum. The financial risk profile is expected to
improve most likely driven by improvement in revenues and margins
supported by benefits accruing from the forward integration of die
casting facility. The liquidity is expected to remain adequate
with support from promoters through unsecured loans.

Incorporated in 2010-11, ALM commenced production in February
2012. The company manufactures aluminium ingots from aluminium
scraps, for use in the automobile industry. The company is  part
of Dubai-based AnM group which runs 6-7 similar units in the
Middle East, the US and South Africa. Operations are managed by
promoters  Mr. Asif Rab  and Mr. Pragnesh Patel. The company's
facilities are located in Rajkot, Gujarat.


ARAFAATH TRAVELS: CRISIL Reaffirms B+ Rating on INR45MM Loan
------------------------------------------------------------
CRISIL's ratings on the bank facilities of Arafaath Travels
Private Limited (ATPL)  continues to reflect ATPL's modest scale
of operations, susceptibility of its revenue and profitability to
cyclicality in the airline industry and customer concentration in
its revenue profile.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Auto loans              5       CRISIL B+/Stable (Reaffirmed)
   Bank Guarantee         45       CRISIL A4 (Reaffirmed)
   Overdraft Facility     10       CRISIL B+/Stable (Reaffirmed)

These rating weaknesses are partially offset by the promoters'
extensive experience in the airline ticketing business and its
moderate financial risk profile marked by comfortable debt
protection metrics.

Outlook: Stable

CRISIL believes that ATPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company's scale of
operations improves significantly while maintaining its moderate
operating profitability resulting in improvement in business risk
profile. Conversely, the outlook may be revised to 'Negative' if
ATPL registers substantial reduction in cash accruals leading to
weakening of its financial risk profile.

ATPL, incorporated in 1980, and based out of Chennai (Tamil Nadu)
operates as a general sales agent for Saudia Airlines. The daily
operations of the company are managed by Mr. S.M. Idris.

ATPL, provisionally, reported profit after tax (PAT) of INR3.6
million on operating income of INR74.9 million for 2014-15 (refers
to financial year, April 1 to March 31); it had reported a PAT of
INR1.8 million on operating income of INR54.5 million for 2013-14.


CHIRAG DEVELOPERS: CRISIL Reaffirms B+ Rating on INR140MM Loan
--------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Chirag
Developers (CD) continues to reflect CD's exposure to project
implementation risks, and vulnerability to cyclical demand
inherent to the Indian real estate sector. These weaknesses are
mitigated by the promoters' extensive experience in Pune.

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

Outlook: Stable
CRISIL believes CD will benefit from its promoters' extensive
experience. The outlook may be revised to 'Positive' if sizeable
bookings and hence, commensurate cash accrual is generated to fund
the project, without any cost overrun. Conversely, the outlook may
be revised to 'Negative' if liquidity weakens owing to significant
project cost overruns or delayed customer bookings.

Set up in 2005, CD is executing Phases III and IV of its
residential real estate project, Grande View 7, in Ambegaon
(Pune). The firm has completed the construction of, and sold
around 262 flats in, Phases I and II, of Grande View 7. The
construction of Phase III comprising 140 flats has almost been
completed and Phase IV, which comprises 92 flats, is likely to be
completed by March 2018.


DELHI INT'L AIRPORT: Moody's Affirms Ba1 CFR; Outlook Neg.
----------------------------------------------------------
Moody's Investors Service has revised to negative from stable the
outlook on Delhi International Airport Private Limited's (DIAL)
Ba1 corporate family rating and senior secured ratings. At the
same time, the ratings have been affirmed.

RATINGS RATIONALE

The announced new tariff order by Airports Economic Regulatory
Authority (AERA), which will apply to DIAL over the 2016-2019
period, would lead to a decrease in annual aeronautical revenue by
~Rs20bn or around 70% from 2017 fiscal year", says Abhishek Tyagi.

"Such decline, in the absence of countermeasures by DIAL, would
lead to a weaker position relative to rating expectation" Tyagi
says, adding "We also see ongoing uncertainty regarding future
regulatory decisions, thereby raising the business risk for DIAL,
and potentially leading to an overall credit profile that may not
be consistent with the current Ba1 ratings".

Moody's notes that the tribunal authority - The Airports Economic
Regulatory Authority Appellate Tribunal (AERAAT) - is currently
reviewing the previous tariff order (covering the period 2010 to
2014). The impact of the newly announced new order will only
likely be known when the tribunal completes the review of the
previous tariff order.

"While the duration and outcome of the tribunal review is not
certain at this point of time, the potential for a final adverse
outcome on DIAL's credit profile is meaningful", Tyagi says.

Operationally, the DIAL's performance remains solid with the
airport reporting a 16.4% year-on-year (YOY) growth in the first
half of fiscal year ending 31 March 2016. Such growth rate was
supported by a strong 20% growth in domestic passenger growth.

DIAL's current liquidity position profile is adequate, with the
free cash on hand of US$170 million as of 30 November 2015 and a
debt servicing requirement totaling only US$14 million over next
12 months.

The ratings could be downgraded if the tariff order is
implemented, leading to the financial parameters deteriorating
beyond our rating expectation, including FFO/Debt declining below
8% and the Debt Service Coverage Ratio (DSCR) staying below 1.5x
on a consistent basis.

On the other hand, rating could revert to stable if DIAL is able
to maintain the financial metrics that adequately positions it
within the current rating which are FFO/Debt in the range of 8-10%
and DSCR of 1.5x-2.x on a consistent basis.

The methodologies used in these ratings were Privately Managed
Airports and Related Issuers published in December 2014, and
Government-Related Issuers published in October 2014. Please see
the Credit Policy page on www.moodys.com for a copy of these
methodologies.

Delhi International Airport Private Limited (DIAL) is the
concessionaire for Indira Gandhi International Airport, which is
located in the political capital of India under an Operations,
Management and Development Agreement (OMDA), entered in 2006 with
the Airports Authority of India (AAI), a government agency. The
concession is for a 30-year period, and DIAL has an option to
extend it for another 30 years, subject to meeting defined
performance criteria.


EZONE STRIPS: CARE Revises Rating on INR46.77cr Loan to D
---------------------------------------------------------
CARE revises the rating assigned to the bank facilities of
Ezone Strips Pvt Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     46.77      'CARE D' Revised from
                                            CARE BB

Rating Rationale

The revision in the rating of Ezone Strips Pvt. Ltd. (ESPL) takes
into account the ongoing delays in debt servicing on account of
stressed liquidity position of the company. The ability of the
company to improve its liquidity and regularize its debt servicing
will be the key rating sensitivities.

ESPL was promoted in 2006 by Mr. Subhash Kumar Sharma of Kolkata.
It started operation through trading in various types of value
added steel products such as MS strips, angles, black steel pipes
etc. from FY10. In August 2010, the company ventured into
manufacturing activities and started commercial production of ERW
pipes & tubes (diameter range of 0.5 to 6 inches), MS strips and
poles by setting up a tube mill unit with an installed capacity of
72,000 metric tonne per annum (MTPA) in Liluah, Howrah. In FY14,
the company has enhanced its existing operations by adding new
manufacturing lines which commenced operations from Dec.2013,
leading to a total installed capacity of 1,08,000 MTPA. ESPL sells
its products under the brand, 'Ezone'.

ESPL registered net loss of INR0.37 crore on total operating
income of INR372.16 crore in FY15 (refers to the period April 1
to March 31) as compared to PAT of INR1.14 crore on a total
operating income of INR419.55 crore in FY14.


GOEL ROADWAYS: CARE Assigns 'B' Rating to INR9cr LT Loan
--------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of Goel
Roadways.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities       9        CARE B Assigned

Rating Rationale

The rating assigned to the bank facilities of Goel Roadways (GRW)
is constrained primarily on account of its financial risk profile
marked by fluctuating profitability, leveraged capital structure,
moderate debt coverage indicators and modest liquidity position
coupled with proprietorship nature of constitution. The rating is
further constrained on account of customer concentration risk
coupled with presence in highly competitive nature of
transportation and logistics business with presence of large
number of small players.

The rating, however, derives strength from the experienced
promoters in transportation and logistics business coupled
with consistent increase its total operating income during the
past 3 years ending March 31, 2015.

The ability of GRW to increase its scale of operations along with
the customer diversification, improvement in the profitability and
continuation of its long-standing association with its key
customers would be the key rating sensitivity.

Incorporated in 1993, GRW is a part of 'Goel Group' based out at
Satna, Madhya Pradesh. GRW is a proprietorship concern and
promoted by the Mr Motilal Goel. GRW extracts limestone from mines
and deliver the same to the plant of Prism Cement Limited (PCL)
situated at Satna (M.P.) and also provides transportation services
for delivering goods from plant of PCL to various districts of
Madhya Pradesh and Uttar Pradesh. GRWhas fleet size of nearly 80
vehicles like trucks, trailers, tankers, etc. The other group
entities are also into related business and the group together has
fleet size of nearly owned fleet of 138 vehicles as on March 31,
2015.

As per the audited results of FY15 (refers to the period April 1
to March 31), GRW reported profit after tax (PAT) of INR0.43 crore
on a total operating income (TOI) of INR64.25 crore as against PAT
of INR1.07 crore on a TOI of INR45.86 crore in FY14.


GUPTA INFOTECH: CRISIL Assigns 'B+' Rating to INR90MM Bill Disc.
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Gupta Infotech (GI).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Proposed Long Term
   Bank Loan Facility     69.5     CRISIL B+/Stable

   Letter of Credit        0.5     CRISIL A4

   Import Letter of
   Credit Limit           30       CRISIL A4

   Cash Credit/Overdraft
   facility               20       CRISIL B+/Stable

   Bill Discounting       90       CRISIL B+/Stable

   Cash Credit            30       CRISIL B+/Stable

The ratings reflect the firm's modest scale and working capital
intensive nature of operations and susceptibility of its operating
profitability to volatile raw material prices. The ratings also
reflect the firm's subdued financial risk profile marked by modest
net worth and high gearing. These rating weaknesses are partially
offset by the proprietor's extensive industry experience and
established relations with customers.

Outlook: Stable

CRISIL believes GI will continue to benefit over the medium term
from the proprietor's extensive industry experience. The outlook
may be revised to 'Positive' in case of a substantial and
sustainable increase in the scale of operations and cash accrual,
along with improvement in working capital management and capital
structure. Conversely, the outlook may be revised to 'Negative' if
GI's operating income and cash accrual is lower than expected, or
its working capital requirements increase substantially, or if it
undertakes any large, debt-funded capital expenditure leading to
weakening of the financial risk profile, particularly liquidity.

GI, a proprietorship firm, was set up in 2003 by Mr. Saurabh Gupta
as compact fluorescent lamps (CFL) manufacturing unit. The firm
has also recently diversified into the manufacture and sale of
light-emitting diodes (LED).


JAGAT AGRO: CARE Lowers Rating on INR235.41cr LT Loan to D
----------------------------------------------------------
CARE revokes the suspension and revises the ratings assigned to
the bank facilities of Jagat Agro Commodities Private Limited.

                                Amount
   Facilities                (INR crore)   Ratings
   ----------                -----------   -------
   Long Term Bank Facilities     235.41    CARE D Suspension
                                           revoked and rating
                                           revised from CARE BBB-

   Long Term/Short Bank          136.99    CARE D Suspension
   Facilities                              revoked and rating
                                           revised from CARE BBB-
                                           /CARE A3

Rating Rationale

The revision in the ratings assigned to the bank facilities of
Jagat Agro Commodities Private Limited (JAC) takes into account
strained liquidity position of the company following sharp
deterioration in operational and financial performance in
FY15(refers to the period April 1 to March 31) and consequent
delays in debt servicing resulting in restructuring of debt.
Furthermore, JAC's liquidity is still under pressure.

Jagat Agro Commodities Private Limited (JAC) was incorporated in
the year 1984 by Mr. SatishPawa and Mr Santlal Aggarwal. The
company is primarily engaged in the processing and sale of rice
(mainly basmati rice). The company has total milling capacity of
16MT per hour and sortex capacity of 46MT per hour (including
hired capacity). The company also processes semi-processed rice
procured from small rice millers. JAC is mainly focused in the
domestic market with contribution of exports to total sales of
only 0.43% during FY15 (12% during FY14). The company is ISO
9001:2008 certified for its Quality Management Systems.

For FY15, JAC registered a total operating income of INR1482.04
crore and a negative PAT of INR61.61 crore against a total
operating income of INR 1073.34 crore and PAT of INR10.38 crore
during FY14. The restructuring of debt of JAC was approved in
June 2015.


JINDAL AGRO: CRISIL Cuts Rating on INR85MM Cash Loan to B+
----------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Jindal Agro Mills Pvt Ltd (JAMPL) to 'CRISIL B+/Stable/CRISIL A4'
from 'CRISIL BB/Stable/CRISIL A4+'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            85       CRISIL B+/Stable (Downgraded
                                   from 'CRISIL BB/Stable')

   Letter of Credit      370       CRISIL A4 (Downgraded from
                                   'CRISIL A4+')

   Proposed Long Term     30       CRISIL B+/Stable (Downgraded
   Bank Loan Facility              from 'CRISIL BB/Stable')

The downgrade factors in expected deterioration in JAMPL's
business risk profile due to steady decline in revenue and
realisation from commodities traded. Commodity prices have reduced
steadily in the last two years through 2014-15. Additional steep
fall in prices has been observed in last 7 months through October,
2015 and CRISIL expects the trend to continue over near term in
current industry scenario. Furthermore, since procurement is not
order backed, JAMPL is likely to face inventory losses and decline
in operating margin.

The ratings continue to reflect JAMPL's below-average financial
risk profile and moderate scale of operations, coupled with
susceptibility to volatility in raw material prices. These
weaknesses are partially offset by the promoters' extensive
experience in the non-ferrous metals trading.

Outlook: Stable

CRISIL believes JAMPL will continue to benefit from its promoters'
extensive experience. The outlook may be revised to 'Positive' if
growth in volumes sold and sustenance of operating margin leads to
higher than expected cash accrual. Conversely, the outlook may be
revised to 'Negative' if the financial risk profile and liquidity
deteriorate, caused most likely by sizeable inventory or lower
cash accrual.

Incorporated in 1992 and promoted by Mr. R K Jindal, JAMPL trades
in metals such as copper, zinc and nickel. It also manufactures
copper alloys, wire, strips and rods, and processes wheat flour
and bran. JAMPL also works as consignee agent for Binani Zinc Ltd.

For 2014-15 (refers to financial year, April 1 to March 31), JAMPL
reported a profit after tax (PAT) of INR1.6 million against
operating income of INR962.5 million, as against a PAT of INR8.4
million against operating income of INR1001.7 million for 2013-14.


K N INFRA: CRISIL Suspends 'D' Rating on INR75MM Term Loan
----------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
K N Infra Projects Pvt Ltd (KNIP).


                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Proposed Long Term
   Bank Loan Facility     45       CRISIL D

   Term Loan              75       CRISIL D

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

KNIP, incorporated in 2008, is engaged in real estate development
in Andhra Pradesh. The company is currently developing a
residential real estate project in Secunderabad, Andhra Pradesh.


KASEGAON EDUCATION: CRISIL Reaffirms B Rating on INR126MM Loan
--------------------------------------------------------------
CRISIL's rating the long-term bank facility of Kasegaon Education
Society (KES) continues to reflect the susceptibility to
regulatory changes and exposure to intense competition in the
education sector.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Term Loan               126     CRISIL B/Stable (Reaffirmed)

The rating also factors in the subdued debt protection metrics and
net losses. These rating weaknesses are partially offset by the
society's moderate capital structure, established regional
presence, and the promoter's extensive experience in the education
sector.

Outlook: Stable

CRISIL believes KES will continue to benefit over the medium term
from its established regional position in, and healthy demand
prospects for, the education sector. The outlook may be revised to
'Positive' if a significant increase in scale of operations while
maintaining the profitability margins and capital structure
results in higher-than-expected cash accrual, and consequently,
overall improvement in the financial risk profile. Conversely, the
outlook may be revised to 'Negative' if any larger-than-expected,
debt-funded capital expenditure, or any unfavourable regulatory
change, or a stretch in the working capital cycle considerably
weakens the financial risk profile.

Update
The trust reported moderate revenue growth of 15 percent to INR967
million, broadly in line with CRISIL's expectations. Revenue
growth has been driven by improvement in occupancy level,
supported by increased capacity and a moderate increase in fee
structure. Operating profitability has remained stable at around
15 per cent and is expected to remain at similar levels. However,
the society continued to report losses and had a net loss of INR45
million in 2014-15. It had moderate capital structure, with net
worth and gearing at INR760 million and 0.91 time, respectively,
as on March 31, 2015. KES had subdued debt protection metrics as
reflected in interest coverage ratio of 1.9 times and net cash
accrual to total debt ratio of 0.12 time, in 2014-15. Liquidity
was supported by rescheduling of term debt leading to reduced
annual debt obligation of INR38 million in 2014-15 which was
sufficiently met through cash accrual. Sizeable fund inflow
through donation has supported the financial flexibility and
liquidity.

KES was established in 1945 by the late Mr. Rajarambapu Patil. KES
is registered as a society under the Society's Registration Act
XXI of 1860 and is further registered as a trust under Bombay
Public Trust Act, 1950. KES operates educational institutes,
including schools, junior colleges and professional institutes,
across Sangli, Pune, and Mumbai (all in Maharashtra).


KAY KAY SCAFFOLDING: CARE Assigns B+ Rating to INR2.70cr LT Loan
----------------------------------------------------------------
CARE assigns 'CARE B+/CARE A4' ratings to the bank facilities of
Kay Kay Scaffolding Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      2.70      CARE B+ Assigned
   Short-term Bank Facilities     5.50      CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Kay Kay Scaffolding
Private Limited (KKSPL) is constrained on account of weak
financial risk profile marked by thin profit margins, leveraged
capital structure and weak debt coverage indicators. The ratings
are also constrained by working capital intensive nature of
operations of KKSPL as well as susceptibility of margins to
fluctuations in raw material prices.

These constraints outweigh the benefits derived from experience of
the promoters in the scaffolding industry, increasing scale of
operations coupled with presence of reputed and diversified
customers in its portfolio.

The ability of KKSPL to increase its scale of operations coupled
with improvement in profit margins, capital structure and
efficient working capital management is the key rating
sensitivity.

Valsad-based (Gujarat), KKSPL was incorporated in 2004 as a
private limited company by Mr Kinnar Bhandutia, Mr Biren
Champaneri, Mr Kantilal Champaneri and Ms Kirti Kinnar Bhandutia.
Initially, Mr Kinnar Bhandutia and Mr Kantilal (relative of
director) had started a partnership firm as Kay Kay equipments in
1984 which was subsequently closed down in 2004. KKSPL is into the
business of manufacturing of scaffold products, shuttering
material and crash barrier. KKSPL has manufacturing facility at
Valsad, Gujarat with installed capacity of 8000 Metric Tons Per
Annum for manufacturing of Scaffolding and shuttering material as
on March 31, 2015.

As per audited results for FY15 (refers to the period April 1 to
March 31), KKSPL reported loss of INR0.03 crore on a total
operating income of INR39.30 crore as against PAT of INR0.27 crore
on a TOI of INR28.62 crore in FY14. Furthermore, KKSPL has
achieved a TOI of INR15 crore till H1FY16 (Provisional).


M.S. SOLVENT: CARE Assigns 'B' Rating to INR5cr LT Loan
-------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of M.S.
Solvent Industries.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities        5       CARE B Assigned

Rating Rationale

The rating assigned to the bank facilities of M.S. Solvent
Industries (MSSI) is primarily constrained by its modest scale of
operations with low net worth base, low profitability margin and
leveraged capital structure. The rating is further constrained on
account of vulnerability of profitability margins due to presence
in the highly volatile agro-commodity business coupled with highly
fragmented industry having low level of capacity utilization and
constitution of the entity being a partnership concern.

The rating, however, draws comfort from experienced partners and
moderate operating cycle.

Going forward, the ability of the firm to increase the scale of
operations while improving its profitability margins and capital
structure shall be the key rating sensitivities.

M.S. Solvent Industries (MSSI) is a partnership firm established
in July 2009 by four partners, namely, MrMahendra Singh, Mr Anil
Kumar, Mr Harish Kumar and Mr Daleep Singh sharing profits and
losses equally. MSSI is engaged in extraction of rice bran oil at
its processing facility located in Gadarpur (Uttarakhand) with an
installed capacity to extract 150 tonnes of rice bran oil per day.
The residual product of the process is de oil cake. MSSI sells
rice bran oil to edible oil refineries based in Uttar Pradesh.
Furthermore, the de oil cake is sold directly to poultry farmers
based in Uttarakhand and Rajasthan. Key raw material required by
the firm is rice bran which is procured from rice mills based in
Uttarakhand.

MSSI has a group concern, namely, M.S. RiceMill (MSRM). MSRM is a
partnership firm established in 2004 and engaged in processing of
paddy.

In FY15 (refers to the period April 1 to March 31), MSSI has
achieved a total operating income (TOI) of INR50.45 crore with
PBILDT and PAT of INR0.53 crore and INR0.01 crore respectively as
against TOI of INR50.56 crore with PBILDT and PAT of INR0.65 crore
and INR0.01 crore respectively in FY14. Furthermore, the firm
achieved total sales of INR17 crore till September, 2015.


MAGADHMICRO TOWERS: CARE Revises Rating on INR7.50cr Loan to B
--------------------------------------------------------------
CARE revises the lt rating and reaffirms the st rating assigned to
the bank facilities of Magadhmicro Towers & Transmission Pvt. Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      7.50      CARE B Revised from
                                            CARE C

   Short-term Bank facilities     0.50      CARE A4 Reaffirmed

Rating Rationale

The revision in the ratings of Magadh Micro Towers & Transmission
Pvt. Ltd. (MTL) takes into cognizance the growth in the total
operating income, improvement in PAT & gross cash accruals, and
satisfactory capital structure and interest coverage ratios
However, the rating continues to remain constrained by its small
scale of operation, high working capital requirement, low &
concentrated order book position, volatility in input prices, risk
of delay in project execution and fragmented nature of business
leading to intense competition.

The ratings, however, continue to derive strength from its long
track record of operation and the long experience of the promoter
in the electrical infrastructure business.  Going forward, the
ability of the company to grow its scale of operations along with
profitability margins and manage working capital requirements
shall remain the key rating sensitivities.

MTL was incorporated in March 1988, by Mr Rama Shankar Tiwari and
Mr Ashok Kumar of Gaya district of Bihar. The company is engaged
in the work of electrical infrastructure supply, erection and
installation on turnkey basis. Over the years, the company has
completed a good number of small-sized projects on turnkey basis
for government entities, mainly Bihar State Electricity Board
(BSEB), Bihar State Holding Co. Ltd. (BSPHCL) and Jharkhand State
Electricity Board (JSEB) and established good relationship with
them.

During FY15, the company reported total operating income of
INR306.64 lakh (FY14: INR242.03 lakh) and a PAT of INR5.91
lakh (FY14: INR3.83 lakh). Furthermore, in 8MFY16, the company has
achieved TOI of INR350 lakh.


MAHAVIR RICE: CARE Assigns B+ Rating to INR9cr LT Loan
------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Mahavir
Rice And General Mills.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities       9        CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Mahavir Rice and
General Mills (MRGM) factors in small scale of operation with low
net worth base, low profitability margins, leveraged capital
structure and weak debt service coverage indicators.

The rating is further constrained by susceptibility to fluctuation
in raw material prices and monsoon dependent operations, presence
in the highly competitive and fragmented industry, high level of
government regulation and partnership nature of its constitution.

The rating is, however, supported by experienced promoters,
growing scale of operation and favorable manufacturing location.

Going forward, the ability of the firm to increase its scale of
operations while improving profitability margin and capital
structure shall be the key rating sensitivities.

Karnal-based Mahavir Rice and General Mills (MRGM) was established
in 1996 as a partnership firm. Currently it is being managed by Mr
Rakesh Jain andMr Jai Pal sharing profit and loss in 30:70. MRGMis
engaged in processing of paddy at its manufacturing unit is
located at Karnal with the installed capacity of 21,910 MTPA as on
July 31, 2015. MRGM procures paddy from local grain markets
through dealers and agents mainly from the state of Haryana. The
firm sells its products i.e. basmati and non-basmati rice in the
states of Delhi, Haryana and UP through a network of commission
agents and traders as well as exports to Nigeria.

In FY15 (refers to the period April 1 to March 31), MRGM has
achieved a total operating income (TOI) of INR28.11 crore with
PBILDT and net profit of INR1.04 crore and INR0.04 crore,
respectively as against total operating income (TOI) of INR25.85
crore with PBILDT and net profit of INR0.74 crore and INR0.03
crore, respectively in FY14. Furthermore, the firm had achieved
total operating income of INR6 crore as on till June, 2015.


NARAYAN COTGIN: CARE Reaffirms 'B+' Rating on INR9cr LT Loan
------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Narayan Cotgin Corporation.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities       9        CARE B+ Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of Narayan Cotgin
Corporation (NCC) continues to remain constrained on account of
the modest scale of operations, thin profitability, weak liquidity
and debt coverage indicators. The rating continues to remain
constrained also due to its working capital intensive nature of
operation in the fragmented and competitive cotton ginning
industry, susceptibility of margins to fluctuation in raw material
prices and seasonality associated with availability of raw
material and its partnership nature of constitution.

The rating, however, derives strength from the experienced
partners, presence of group entities at different levels of value
chain of cotton processing, moderate capital structure and
favorable location with presence in the leading cotton producing
region of India.

The ability of NCC to increase its scale of operations and improve
its profitability and capital structure and better working
capital management in light of the competitive nature of the
industry are the key rating sensitivities.

NCC was constituted as a partnership firm in 2005. NCC is engaged
in cotton ginning & pressing business. The firm is promoted by Mr
Thakarshi Metaliya and Mr Sunny Metaliya along with other family
members. NCC operates from its sole manufacturing plant located at
Amreli (Gujarat) which has an installed capacity of 72,000 bales
per annum (400 bales per day for 180 days) as on March 31, 2015.
NCC generates entire income from the domestic market. NCC has four
associate entities namely Narayan Spinning Mills Private Limited
(NSMPL: rated 'CARE B+/CARE A4') which is engaged in spinning of
cotton bales, Narayan Solvex (NRS) which is engaged in cotton seed
oil refining, Narayan Oil Mill (NOM) and Shakti Oil Mills (SOM)
which are engaged in cotton seeds crushing activities.

As per the audited results of FY15 (refers to the period April 1
to March 31), NCC reported net profit of INR0.08 crore on a total
operating income (TOI) of INR70.63 crore as against net profit of
INR0.11 crore on a TOI of INR92.43 crore during FY14. During
7MFY16 (provisional), NCC reported TOI of INR40.25 crore.


P.G.INFRASTRUCTURE: CARE Revises Rating on INR9.78cr Loan to B+
---------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of
P.G.Infrastructure & Services Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      9.78      CARE B+ Revised from
                                            CARE B

Rating Rationale

The revision in the rating of the bank facilities of P.G.
Infrastructure & Services Private Limited (PGIS) takes in to
account improvement in its profitability, cash accruals, debt
coverage indicators and reduction in net losses during FY15
(refers to the period April 1 to March 31).

The rating continues to be constrained by PGIS' modest scale of
operation, its short track record in publication business,
negative net-worth and stressed liquidity. The rating is further
constrained by its geographical concentration and presence in
highly fragmented and competitive industry.

The rating, however, derives strength from the long and
established presence of group in Bhopal and resourceful
promoters.

Incorporated in 2003, PGIS (erstwhile known as S. R. Offset
Printers Pvt. Ltd.) is engaged in publishing and circulation of a
daily newspaper 'People's Samachar' in Hindi and a weekly magazine
'People's Post' in English. PGIS has four printing facilities
across four different cities of Madhya Pradesh, namely, Bhopal,
Indore, Jabalpur and Gwalior. PGIS also runs an education
institute, viz, 'People's Institute of Media Studies' (PIMS)
offering degree courses in the fields of journalism, advertising,
public relations, mass communication and electronic media.

PGIS incurred net loss of INR0.73 crore on a total operating
income (TOI) of INR25.90 crore in FY15 as against net loss of
INR2.55 crore on a TOI of INR25.47 crore in FY14.


PGH INTERNATIONAL: CARE Reaffirms B Rating on INR88.74cr Loan
-------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of PGH
International Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     88.74      CARE B Reaffirmed

Rating Rationale

The rating of PGH International Private Limited (PGH) continues to
remain constrained on account of prolonged delay of its Mall
project and modest bookings thereof leading to increasing
salability risk. The rating is further constrained due to high
project implementation and marketability risk of its recently
launched residential project owing to nascent stage of its
implementation and inherent cyclical nature of the real estate
industry.

The rating, however, draws strength from the experienced and
resourceful promoters' group with long track record in execution
of real estate project.

Ability of PGH to complete the commercial mall project without
further delay, successfully lease out the ommercial/entertainment
space at favourable rates and maintain occupancy level thereafter
would be the key rating sensitivities. Furthermore, completion of
residential project within time and cost parameters along with
sale of units and realization of funds at envisaged rates would
also be crucial.

Originally incorporated in 2003 as NM International Pvt Ltd, PGH
was initially engaged in film production activities which were
subsequently discontinued. At present, PGH is developing a
shopping and entertainment project by the name 'People's World' at
Bhopal, on a land area of about 14.38 acres (owned by the
promoter, Mr Suresh N Vijaywargia) located at Bhanpur, Bhopal
(Madhya Pradesh). The company is developing a shopping mall-cum-
entertainment zone with a total construction area of 86,915 square
meters with the overall envisaged cost of project at INR187.97
crore, which is to be financed through a term loan of INR50 crore,
promoters' contribution of INR127.97 crore and the balance INR10
crore by way of security deposits from customers. The project
initially was envisaged to be completed by September 2013 however
due to various reasons including major fire outbreak in the Mall,
the completion is delayed by almost 30 months and is now expected
to be completed by March 2016. The company entered into
development agreement with the promoter and the revenue surplus
would be shared as 40:60 between Mr Suresh Vijaywargia and PGH.

Furthermore, adjacent to the present project site, on the land
area of about 85 acres (owned by PGH), the company has developed
banquet for events, adventure sports arena, film city, tourist
attractions, water park, hotel, resort, etc. The banqueting
facility, Water Park and multiplex (operating by Mukta Arts) have
commenced operations during FY15 (refers to the period April 1 to
March 31).

Furthermore, the company is presently developing a High-Rise
(Multistoried Residential Complex) named 'People High-Rise' on
65930 Sq. mts of land and proposed to construct 1720 residential
units in two phases.

The company is presently developing Phase I which includes
construction of 10 floors multi-storied residential complexes
constituting 1120 residential units. The project is envisaged to
be completed within three years i.e by the end of September 2018.
The project cost for phase I is envisaged at INR205 crore
including term loan of INR50 crore, customer advances of INR105
crore and balance promoters' contribution.


REPUBLIC AUTO: CARE Reaffirms B+ Rating on INR11.25cr LT Loan
-------------------------------------------------------------
CARE reaffirms the rating assigned to bank facilities of Republic
Auto Sales.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     11.25      CARE B+ Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of Republic Auto Sales
(RAS) continues to remain constrained by its fluctuating scale of
operations and weak financial risk profile marked by thin
profitability margins, leveraged capital structure, weak debt
service coverage indicators and working capital intensive nature
of operations. The rating is further constrained by intense
competition amongst distributors and from alternate brands along
with constitution of entity as a partnership firm. The rating also
takes cognizance of the fortunes linked to the performance of
manufacturers (Escorts Tractors Limited (Escorts) and India Yamaha
Motor Private Limited (Yamaha)).

The rating, however, continues to take comfort from experienced
partners in automobile dealership business and RAS's association
with Escorts & Yahama.

Going forward, the ability of RAS to increase its scale of
operations along with improvement in the profitability margins
and capital structure shall be the key rating sensitivities.

Lucknow-based (Uttar Pradesh) RAS was established in April 2005 as
a partnership firm by four partners, namely, Mr Mohd. Zubair,
MrMohd. Tariq, Mr Shama Sheikh andMs Shagufta Tariq sharing profit
and losses in the ratio of 40%, 40%, 10% and 10%, respectively.

RAS operates as authorized distributor of 'Escorts Limited' for
tractors and 'Yahama Motor Private Limited' for two wheelers. The
firm has one showroom in Lucknow and operates 3S facility (Sales,
Spares and Services).

RAS has two associate entities, namely, Republic Service Centre
and Metro Cargo Carriers. The former is engaged in the petrol pump
business, while the latter is engaged in cargo business for
carriers of Escorts, Yahama and Force motors.

RAS achieved a total operating income (TOI) of INR70.18 crore with
PBILDT and profit after tax (PAT) of INR0.88 crore and INR0.24
crore, respectively, in FY15 (refers to the period
April 1 to March 31) as against TOI of INR108.57 crore with PBILDT
and PAT of INR1.75 crore and INR0.58 crore, respectively, in FY14.
During FY16, the firm has achieved total operating income of INR41
crore till November 27, 2015.


SARVAJANIK JANKALYAN: CARE Ups Rating on INR51.40cr Loan to B+
--------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of
Sarvajanik Jankalyan Parmarthik Nyas.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     51.40      CARE B+ Revised from
                                            CARE B

Rating Rationale

The revision in the rating of the bank facilities of Sarvajanik
Jankalyan Parmarthik Nyas (SJPN) takes in to account healthy
enrolments in its medical and dental courses, improvement in fee
income and reduction in deficits during FY15 (refers to the period
April 1 to March 31).

The rating continues to be constrained on account of accumulated
deficit, modest operations, stressed liquidity and weak debt
coverage indicators of SJPN. The ratings further constrained by
its presence in the highly regulatory environment and competitive
education industry with low level of entry barriers.

The rating, however, derives strength from the long and
established presence of group in Bhopal and its resourceful
promoters, strong demand of medical and dental courses along with
well-equipped infrastructure facilities for such courses.

Registered in 2000, Bhopal-based SJPN is a charitable non-
profitable public trust formed by Mr Suresh Vijaywargia. The
society operates 13 institutions on its 40-acre campus at Bhanpur,
Bhopal and offer courses in multiple fields of education such as
medical, dental, nursing, paramedic, physiotherapy, pharmacy,
engineering, management, hotel management, etc, apart from running
a school. SJPN also manages a 750-bed hospital in its campus.

On May 04, 2011, SJPN received approval for setting up People's
University (PU) via the State Government Notification. PU is
empowered to award degrees as specified by the University Grants
Commission (UGC) under Section 22 of the UGC Act 1956 through its
main campus in regular mode.

During FY15, SJPN reported total operating income (TOI) of
INR108.68 crore (based on combined financials of SJPN and
PU) and deficit of INR2.85 crore, as against the total operating
income of INR105.64 crore (combined financials of SJPN and
PU) and deficit of INR3.25 crore during FY14.


SARVESH AGENCIES: CARE Revises Rating on INR5.0cr Loan to D
-----------------------------------------------------------
CARE revises the rating assigned to the bank facilities of
Sarvesh Agencies Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      5.00      CARE D Revised from
                                            CARE B+

   Short term Bank Facilities     5.00      CARE D Revised from
                                            CARE A4

Rating Rationale

The revision in rating takes into account continuous over-drawals
in cash credit limit and on-going delays in interest servicing due
to the stressed liquidity position of company.

Incorporated in 2008, Nagpur based Sarvesh Agencies Private
Limited (SAPL) is promoted by Mr. Sarvesh Agrawal and Mrs. Ritu
Agrawal. SAPL is primarily engaged in the trading of TMT bars of
varying sizes from 8mm to 32mm in eastern Maharashtra and western
Madhya Pradesh. SAPL's mainly supplies its products to
infrastructure companies, real estate developers and wholesalers.


SPIRE INDUSTRIES: CRISIL Suspends 'D' Rating on INR177.8MM Loan
---------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Spire
Industries Private Limited (Spire).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Proposed Long Term
   Bank Loan Facility   177.8      CRISIL D

   Rupee Term Loan       78.7      CRISIL D

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

Spire, set up in 2007 by Mr. Nagin Doshi, manufactures forged
products. The company's plant is located in Halol near Baroda
(Gujarat).


SRI SURYA: CRISIL Suspends D Rating on INR88.5MM Term Loan
----------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Sri Surya Educational Society, Nandyal (SES).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Proposed Long Term
   Bank Loan Facility     0.5      CRISIL D

   Term Loan             88.5      CRISIL D

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

SES was set up by Mr. N Keshava Reddy and his family members, and
is a part of the Keshava Reddy group of educational institutions.
SES runs four schools in Andhra Pradesh, which offer education
from the first to the tenth standard. The schools are affiliated
to the Andhra Pradesh State Board.


SRI VIJAYABHERI: CRISIL Suspends 'D' Rating on INR230MM Term Loan
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Sri Vijayabheri Cotton Mills Private Limited (SVCMPL).

                            Amount
   Facilities             (INR Mln)    Ratings
   ----------             ---------    -------
   Bank Guarantee            5.8       CRISIL D
   Cash Credit              40         CRISIL D
   Proposed Short Term
   Bank Loan Facility        0.9       CRISIL D
   Term Loan               230         CRISIL D

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

SVCML was promoted in 2011 by Mr.K.Siva Naga Malleswara Rao and
his wife Mrs.K.Ratna. The company is setting up a cotton-yarn
spinning mill in Guntur district in Andhra Pradesh.


UJALA MINERALS: CARE Assigns B+ Rating to INR15cr LT Loan
---------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Ujala
Minerals.

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

Rating Rationale

The ratings assigned to the bank facilities of Ujala Minerals
(UJM) are primarily constrained by its partnership nature of
constitution, small scale of operation with moderately low
profitability, presence in highly competitive and fragmented
industry and working capital intensive nature of operation. The
ratings, however, derive strength from its experienced promoters
with long track record of operation, reputed client profile along
with locational advantage and moderately comfortable capital
structure with satisfactory debt protection metrics and adequate
liquidity.

Going forward, the ability to increase its scale of operation and
profitability margins coupled with ability to manage working
capital effectively are the key rating sensitivities.

Bhubaneswar-based UJM was established in 2004 as a partnership
firm by one Mr Ramesh Chandra Moharana along with the then other
partner Mr Rajesh Jaiswal. In 2013, the firm was reconstituted and
presently it is governed by the partnership deed dated March 01,
2013, with present two partners (ie, Mr Ramesh Chandra Moharana
and Mr Anil Jaiswal). The firm is in the business of trading
minerals like iron ore fines to the various large and medium-sized
iron and steel companies of India.

The day-to-day affairs of the firm are looked after by Mr Ramesh
Chandra Moharana, the Managing partner, with adequate support from
other partner Mr Anil Jaiswal.

During FY15 (refers to the period April 01 to March 31), the firm
reported a total operating income of INR34.32 crore (FY14:
INR56.48 crore) and a PAT of INR1.23 crore (in FY14: INR1.33
crore). Furthermore, the firm has achieved a total operating
income of INR17.54 crore during 6MFY16 (refers to the period
April 1 to September 30).


WHITE PEARLS: CARE Revises Rating on INR15cr ST Loan to B+
----------------------------------------------------------
CARE revises the rating assigned to the bank facilities of White
Pearls Hotels And Investments Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Short-term Bank Facilities    15.00      CARE B+ Revised from
                                            CARE B

Rating Rationale

The revision in the rating assigned to the bank facilities of
White Pearls Hotels and Investments Private Limited (WHIPL)
takes into account the improvement in cash accruals, capital
structure and debt protection metrics during FY15 (refers to
the period April 1 to March 31).

The rating, however, continues to be constrained by its modest
scale of operations, leveraged capital structure and weak
debt protection metrics. The rating further continues to be
constrained by investment in loss making subsidiaries and its
presence in the highly competitive and fragmented industry with
demand linkage from the cyclical real estate sector.

The rating continues to derive strength from experience and
resourcefulness of the promoters in hospitality and real
estate leasing, WHIPL's long track record and location advantage
of its hotel and real estate properties and health profit
margins.

Going forward, the company's ability to timely receive the lease
rentals and maintain occupancy in both hospitality and
lease rental business amidst increasing competition along with any
further investment in the loss making subsidiaries are
the key rating sensitivities.

White Pearls Hotels & Investments Private Limited (WHIPL) was
incorporated in 1983 by Mr Ganesh Kumar Gupta and late Mr Dilkhush
Doshi. As on November 1, 2014, WPHI owns & operates a budget hotel
of 22 air conditioned rooms at Colaba, Mumbai (the company has
reduced the rooms from 43 in FY13; as the area of the remaining
rooms have been given on lease) located near the Gateway of India
which is a prime tourist destination in Mumbai and attracts
foreign tourists. The hotel also has tie-ups with corporate
clients who book multiple rooms for a period of one to three
months. Besides the hotel business, WPHI also invests in real
estate business wherein it buys residential and commercial
properties (properties mainly located in South Mumbai, Bandra,
Khar Road and other suburbs in Mumbai) and leases them out.

During FY15, the company reported total operating income of
INR12.40 crore (vis-a-vis INR12.19 crore during FY14) and PAT of
INR3.11 crore (vis-a-vis INR2.32 crore during FY14). Also the
provisional H1FY16 total operating income is INR6.14 crore.


YOGI DEVELOPERS: CARE Assigns 'B+' Rating to INR10cr LT Loan
------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Yogi
Developers.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities       10       CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Yogi Developers (YD)
is primarily constrained on account of salability risk due to
moderate booking status of the ongoing real estate project and
risk related to timely receipt of advances, high dependence on
external funding for project implementation, partnership nature of
the constitution and its presence in a highly fragmented and
cyclical real estate industry which is currently facing a subdued
scenario.

However, the rating derives strength from experienced promoters in
the real estate development activity.

The ability of YD to successfully complete the on-going real
estate project and timely receipt of sale proceeds from customers
at envisaged price are the key rating sensitivities.

YD is a Surat (Gujarat) based partnership firm formed in April
2014 by 10 partners and is involved in construction of residential
and commercial complexes.



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


MNC INVESTAMA: Moody's Cuts Corporate Family Rating to B2
--------------------------------------------------------
Moody's Investors Service has downgraded to B2 from B1 the
corporate family rating (CFR) of P.T. MNC Investama Tbk. (BHIT)
and to B3 from B2 the bond rating of the USD365 million senior
secured notes issued by its wholly owned subsidiary Ottawa
Holdings Pte. Ltd., and guaranteed by BHIT.

The outlook is negative.

Through its 50.24% stake in Global Mediacom (BMTR), BHIT has a
significant stake in media operating companies PT Media Nusantara
Citra Tbk (MNC), Indonesian's leading free to air (FTA) broadcast
company, and PT MNC Sky Vision Tbk (Sky Vision) Indonesia's
leading pay TV operator.

RATINGS RATIONALE

"The rating action reflects the deterioration in BHIT's financial
profile, as evidenced by its rising leverage and weaker interest
coverage metrics, as well the near-term refinancing risk
associated with the US dollar-denominated loan maturing in 2016 at
Sky Vision, one of its media operating subsidiaries," says
Annalisa Di Chiara, a Moody's Vice President and Senior Credit
Officer

Sky Vision has a USD243 million loan maturing in 2016, of which
25% is due in August and the remainder in November for which no
firm refinancing plan has yet been announced. As such, this near-
term refinancing risk weighs on BHIT's rating.

There are cross default provisions contained in BHIT's bond
indenture, in the event Sky Vision -- as a restricted subsidiary -
- defaults on an interest or principal payment on any debt
outstanding.

"BHIT's financial profile has also deteriorated over the last 12
months reflecting the weakening operating performance at its media
operating subsidiaries combined with higher absolute debt levels
and higher debt service costs as the rupiah has depreciated
against the dollar," adds Di Chiara, also the Lead Analyst for
BHIT

BHIT's consolidated leverage, as measured by adjusted debt/EBITDA,
has risen to 3.5x, Moody's expects leverage to increase further to
4.5x in 2016 which is more consistent with a B2 CFR given the
company's business risk profile.

As a holding company without any operating assets, BHIT relies on
cash dividends upstreamed from its operating subsidiaries to
service its debt. None of its media operating subsidiaries are
directly nor wholly owned and, as such, dividends are also exposed
to cash leakage.

MNC is the main source of dividend income for BHIT. And Moody's
believes that BHIT, as a controlling shareholder, can likely seek
higher dividend payouts from BMTR, MNC and other subsidiaries, if
necessary.

However, Moody's also recognizes that there may be some limitation
to the amount of dividends that can be ultimately upstreamed
specifically by MNC to BHIT, given MNC's own debt maturities,
including a USD250 million loan maturing in September 2017.

In Moody's opinion, this loan will need to be refinanced if MNC is
to continue upstreaming a sufficient level of dividends to help
BHIT support its own debt service requirements and fund its debt
service reserve account as required under the bond indenture.

"We expect MNC to continue to generate stable cash flow and
provide a sustainable source of dividends to BHIT. However, we
believe coverage of interest at the BHIT level with cash dividends
received from its subsidiaries, including MNC, will be around
0.5x-1.0x in 2016, which is well below the 1.5x level we had
originally expected BHIT to maintain in support of a B1 CFR," says
Di Chiara.

BHIT's lower interest coverage level reflects (1) higher absolute
debt levels at BHIT and its subsidiaries, (2) rising interest
costs associated with the USD debt at BHIT, Sky Vision and MNC (3)
the impact of the depreciation of the Indonesian rupiah against
the US dollar and currency mismatches between revenues and costs
and (4) a limited amount of dividends received from BHIT's other
non-media subsidiaries.

The negative outlook reflects lack of clarity around BHIT's
financial policy with regard to the group's funding strategy,
importantly including refinancing plans for maturing loans and
shareholder return initiatives at its key media operating
subsidiaries.

It also reflects BHIT's overall risk appetite, especially with
regard to its plans to expand into riskier non-media businesses
and our expectation that interest cover will remain weak over the
next 12-18 months.

Upward rating pressure is unlikely over the near term given the
negative outlook, however the outlook could return to stable
should BHIT's operating subsidiaries address upcoming debt
maturities over the next 12-18 months. Furthermore, interest
coverage from cash dividends from operating subsidiaries sustained
in the 1.5x range would further support a stable outlook.

On the other hand, further negative pressure could emerge should
(1) BHIT's operating subsidiaries not address their refinancing
needs in a timely manner, (2) leverage trend towards 5.0x on a
consolidated basis reflecting debt funded share repurchases or
more aggressive growth plans at media or non-media subsidiaries or
(3) interest coverage from cash dividends from operating
subsidiaries remaining below 1.0x on a sustained basis.

The principal methodology used in these ratings was Business and
Consumer Service Industry published in December 2014. Please see
the Credit Policy page on www.moodys.com for a copy of this
methodology.

Headquartered in Jakarta, P.T. MNC Investama Tbk. (BHIT) is a
listed investment holding company with strategic investments in
operating companies in media, financial services, and energy and
real estate.

In addition to P.T. Media Nusantara Citra and P.T. MNC Sky Vision.
BHIT's other principal operating companies include P.T. MNC
Kapital Indonesia Tbk, P.T. MNC Land, and P.T. MNC Energi.

The company also has portfolio investments in other private and
public companies operating in transport, infrastructure and other
industries. BHIT is controlled by Mr. Hary Tanoesoedibjo.


MNC SKY: Moody's Cuts Corporate Family Rating to B2
---------------------------------------------------
Moody's Investors Service downgraded P.T. MNC Sky Vision's
corporate family rating to B2 from B1.

The rating outlook is negative.

The rating action concludes the review for downgrade initiated on
25 September 2015.

Subsequent to today's rating action, Moody's will withdraw MNC's
corporate family rating for its own business reasons. Please refer
to the Moody's Investors Service's Policy for Withdrawal of Credit
Ratings, available on its website, www.moodys.com

RATINGS RATIONALE

"The downgrade primarily reflects the refinancing risk associated
with Sky Vision's USD243 million bank loan -- the bulk of which
matures in November 2016 -- and the rise in leverage due to its
significant and unhedged foreign-currency exposure and its
weakening operating performance," says Annalisa Di Chiara, a
Moody's Vice President and Senior Credit Officer.

Its EBITDA margin has also deteriorated, given that all of its
revenues are in rupiah, while a significant portion of its
programming costs are in USD. Furthermore, the pace of subscriber
growth has slowed from previous years.

Although Sky Vision was in compliance with its bank covenants as
of 30 September, Moody's estimates only marginal, if any, covenant
headroom under the leverage ratio for the company's USD bank loan
remains.

Moody's expects rising competition and piracy issues in the
Indonesian pay-TV market to continue to temper the growth in Sky
Vision's subscriber numbers and ARPU over the next 12 months.

As a result of all these factors and because the company needs to
continue to borrow to fund its operations, Moody's forecasts
leverage -- as measured by adjusted debt/EBITDA -- to rise into
the 3.5x range over the next six months from 3.2x as of 30
September.

In June, the company announced a share buyback program, to be
implemented by January 2017, of up to 5% of its paid-up capital or
a maximum of IDR636 billion, which given our expectations for
negative free cash flow, would likely have to be funded by debt.
However, this scenario is not our base case.

The negative outlook reflects the refinancing risks associated
with its USD243 million bank loan including its ability to remain
compliant with its bank covenants.

Headquartered in Jakarta, P.T. MNC Sky Vision is a provider of
direct-to-home pay-TV services. The company is 77.3% owned by PT
Global Mediacom Tbk, a diversified media company, and which is in
turn 50.24% owned by P.T. MNC Investama Tbk. Global Mediacom and
MNC Investama are publicly listed in Indonesia.



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



SHARP CORP: State-Backed Fund in Talks to Invest in Firm
--------------------------------------------------------
Taiga Uranaka and Makiko Yamazaki at Thomson Reuters report that a
Japanese state-backed fund is in advanced talks to invest in Sharp
Corp with plans to overhaul the manufacturer's consumer
electronics business including a possible deal with Toshiba Corp,
people familiar with the matter said Dec. 18.

Innovation Network Corporation of Japan (INCJ) considered
investing in Sharp's display division and merging it with rival
Japan Display Inc, in which the fund is the biggest shareholder,
sources told Reuters in recent months.

But INCJ is now looking to inject funds into Sharp's overall
business and pursuing broader restructuring including cost cuts
and deals such as a merger with Toshiba's consumer electronics
arm, people with knowledge of the matter told Reuters last week.

Reuters says Sharp and other Japanese consumer electronics makers
have lost market share over the past decade to Apple Inc, Samsung
Electronics Co Ltd and other more nimble rivals.

To stay competitive, the government in 2009 launched INCJ, which
was credited with the turnaround of auto-related semiconductor
supplier Renesas Electronics Corp, the report relates.

According to Reuters, a source said Sharp earlier this month
received an investment offer from Taiwan's Hon Hai Precision
Industry Co Ltd, also known as Foxconn.

Other potential investors included a private equity fund, a
separate senior banking source said, Reuters relays.

But discussions with INCJ are in a more advanced stage, and the
government is backing its plans as a way to help restructure the
domestic consumer technology industry, the people said last week,
Reuters relays. It was unclear how much INCJ was ready to spend.

A Sharp spokesman on Dec. 18 said "nothing has been decided at
this point of time" as the company was still negotiating options,
says Reuters.

A basic agreement between INCJ and Sharp would likely be concluded
by around March, one person told Reuters. But the fund and Sharp's
lenders were still at odds over issues such as debt forgiveness,
the people with knowledge of the matter said.

Reuters relates that INCJ has asked Sharp's main creditors to
forgive part of its roughly JPT700 billion ($5.75 billion) debt in
return for investment, the people said. The lenders are keeping
Hon Hai's offer on the table to win better terms from INCJ, they
said.

Sharp's main creditors are Mitsubishi UFJ Financial Group Inc
subsidiary Bank of Tokyo-Mitsubishi UFJ, and Mizuho Financial
Group Inc's Mizuho Bank, Reuters discloses.

Reuters relates that an official at INCJ said it hoped its
involvement would help prevent technologies from being transferred
overseas, as could be the case should investment come from abroad.

Sharp's innovations include energy-efficient high-resolution
screen technology known as "IGZO", used in high-end tablet
computers and larger displays.

"As a state-backed fund, we would not go for partnerships that
would result in a loss of initiatives or technology leaks
overseas," the official told Reuters.

The official and other sources declined to be identified as they
were not authorized to speak publicly on the matter, Reuters says.

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

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


TOSHIBA CORP: Auditor Faces Ban, Fine Over Accounting Scandal
-------------------------------------------------------------
The Japan Times reports that the Financial Services Agency plans
to take punitive steps against Ernst & Young ShinNihon LLC for the
leading Japanese auditor's failure to detect illicit accounting
practices at Toshiba Corp., informed sources said on Dec. 19.

The Japan Times relates that the sources said the agency is
considering imposing a three-month ban on new business launches
and a fine of JPY2 billion, the same amount Ernst & Young received
as audit fees from Toshiba for two years.

According to the report, the largest auditing firm in Japan
received a business improvement order from the FSA in 2012 over
the financial statement falsification at Olympus Corp.

The FSA has found it necessary to take tougher action against
Ernst & Young to redress defects in the firm's auditing business
and governance system, the sources said, the report relays.

The report says the agency is expected to hand down the
administrative punishments as early as Tuesday [Dec. 22] after
completing fact-finding work. Ernst & Young will be the first
auditing firm to be fined after the 2008 revision of the certified
public accountants law, the report notes.

On Dec. 15, the Certified Public Accountants and Auditing
Oversight Board advised the agency to punish the company, adds The
Japan Times.

                        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: Expects to Post JPY500BB Annual Net Loss in March
---------------------------------------------------------------
The Japan Times reports that Toshiba Corp. expects a record group
net loss of around JPY500 billion for the business year ending in
March, as it makes greater efforts to streamline operations
following its profit-padding scandal, a company source said on
Dec. 19.

The net loss, which will balloon from JPY37.8 billion for the
previous year, will eclipse the current record of JPY398.8 billion
logged in the year through March 2009 in the aftermath of the
global financial crisis, the Japan Times discloses. Its operating
loss for fiscal 2015 is expected to top JPY200 billion, against a
profit of JPY170.4 billion for fiscal 2014, according to the
source.

Slated to announce today [Dec. 21] a restructuring plan for its
home electronics business, including white goods, televisions and
personal computers, the company will also unveil its earnings
outlook for the current fiscal year, which has so far been
withheld, according to the Japan Times.

As part of its restructuring efforts, the company is considering
slashing several thousand jobs both at home and abroad, including
some 1,000 jobs in Japan, the report relates citing sources
familiar with the matter.

Toshiba is considering downsizing its Ome complex in western
Tokyo, which is engaged in TV and PC development, according to the
sources.

The Japan Times relates that the company is expected to sell its
TV plant in Indonesia while transferring a factory in Egypt to its
local joint venture partner El Araby Group to pull out of TV
production on its own.

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, the report says.

The scandal, in which Toshiba repeatedly padded profits by
deferring the booking of losses in infrastructure, semiconductor
and PC businesses, has led the firm to revise downward its profits
totaling JPY224.8 billion on a pretax basis from
April 2008 to December 2014, the report discloses.

                        About Toshiba Corp.

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

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

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

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

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

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



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


SANDERS LTD: Placed Into Liquidation
------------------------------------
Cliff Sanderson at Dissolve.com.au reports that Sanders Ltd which
owns Honeypot Cafe in Christchurch has been placed into
liquidation owing a minimum of NZ$250,000. The Colombo St cafe was
taken over by Sanders after its previous owner went into
liquidation, the report says.

The current owners are reportedly trying to sell the cafe, the
report says. The appointment of liquidators took place on November
2. All of the staff of the cafe were let go, the report relates.



                             *********

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 ***