TCRAP_Public/151223.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

          Wednesday, December 23, 2015, Vol. 18, No. 253


                            Headlines


A U S T R A L I A

DEVERY'S PHARMACY: First Creditors' Meeting Slated For Jan. 5
MY JELLY: First Creditors' Meeting Slated For Jan. 4
NEWCASTLE COAL: Moody's Puts Ba2 Rating on Review for Downgrade
PLANET SAFE: First Creditors' Meeting Set For Jan. 6
QUAY WEST: First Creditors' Meeting Slated For Dec. 31

READYFIT PTY: First Creditors' Meeting Slated For Jan. 5

* Western Sydney Business Up for Sale


C H I N A

JIANGSU NEW HEADLINE: S&P Assigns 'BB+' CCR; Outlook Stable
CITIC RESOURCES: Moody's Changes Outlook on Ba3 CFR to Negative


I N D I A

ANNAPURNA INDUSTRIES: ICRA Assigns B+ Rating to INR6cr Loan
APRICA BUSINESS: ICRA Withdraws B+ Rating on INR16cr Loan
ASHOK HANDLOOM: ICRA Reaffirms 'B' Rating on INR5.60cr Loan
ASKA UCB: Four More Cooperative Banks in Odisha Face Liquidation
AVANTIS ENTERPRISE: ICRA Lowers Rating on INR30cr Term Loan to B+

CENTRAL BANK: Moody's Affirms Ba1/NP Deposit Ratings
CONVENTION HOTELS: CARE Lowers Rating on INR180.10cr Loan to 'D'
HIMGHAR UDYOG: ICRA Reaffirms B- Rating on INR3.50cr Loan
JAI SHARDHA: ICRA Suspends 'B' Rating on INR16cr LT Loan
JUHI ALLOYS: CARE Reaffirms B+ Rating on INR25cr Cash Loan

KAMAL GINNING: ICRA Reaffirms B+ Rating on INR6.50cr Loan
KRAFT LAND: ICRA Suspends B+ Rating on INR11cr Loan
KUMAR & COMPANY: CARE Assigns 'B+' Rating to INR12cr LT Loan
LAVASA CORPORATION: CARE Rates INR525cr Loan at Provisional B(SO)
MADRAS MEDICAL: ICRA Reaffirms 'B' Rating on INR18.88cr Loan

MANN MEDICITI: ICRA Suspends 'D' Rating on INR17cr Bank Loan
MBC INFRA: ICRA Reaffirms 'B+' Rating on INR3.50cr Cash Loan
PURITA WATER: ICRA Suspends C Rating on INR13cr Loan
SILVERTONES SPECIALITY: ICRA Reaffirms B+ Rating on INR16cr Loan
SOL IFMR: Ind-Ra Assigns BB- Rating to INR10.5MM Series A2 PTCs

SOMNATH COLD: ICRA Reaffirms 'B' Rating on INR8.0cr Cash Loan
SRI DEVI: ICRA Suspends 'B' Rating on INR8.20cr Loan
SRI SENDRAYAPERUMAL: CARE Assigns 'B+' Rating to INR4.69cr Loan
SRI VENKATA: ICRA Suspends 'B' Rating on INR10.20cr Loan
SRI VENKATESWARA: ICRA Suspends 'D' Rating on INR6.90cr Loan

SSPT LOGISTICS: CARE Assigns 'B+' Rating to INR8.69cr LT Loan
STALLION ENTERPRISE: CARE Reaffirms B+/A4 Rating on INR5cr Loan
STANLUBES & SPECIALITIES: CARE Cuts Rating on INR4.42cr Loan to B
SVR INFRATECH: ICRA Suspends 'B' Rating on INR3.50cr Loan
TANGLING MINI: ICRA Raises Rating on INR19.40cr Loan to B-

VIR ELECTRO: ICRA Raises Rating on INR12.50cr Term Loan to B-
VESTA EQUIPMENT: CARE Lowers Rating on INR8.50cr Loan to 'D'
WYAN INDUSTRIES: CARE Reaffirms B+ Rating on INR31.19cr LT Loan


J A P A N

SHINSEI BANK: S&P Raises Rating on Preferred Shares to 'BB'
TOSHIBA CORP: Plans to Slash 7,800 Jobs


S I N G A P O R E

707 TRAVEL: Falls Into Receivership


S O U T H  K O R E A

* FTC Fines Six Conglomerates for Regulatory Filing Violations


                            - - - - -


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DEVERY'S PHARMACY: First Creditors' Meeting Slated For Jan. 5
-------------------------------------------------------------
Michael Gregory Jones of Jones Partners Insolvency & Business
Recovery was appointed as administrator of Devery's Pharmacy
Services Pty Limited on Dec. 21, 2015.

A first meeting of the creditors of the Company will be held at
Jones Partners Insolvency & Business Recovery, Level 13, 189 Kent
Street, in Sydney, on Jan. 5, 2016, at 3:00 p.m.


MY JELLY: First Creditors' Meeting Slated For Jan. 4
----------------------------------------------------
Robert Ditrich and Craig Crosbie of PPB Advisory were appointed as
administrators of My Jelly Pty Ltd on Dec. 18, 2015.

A first meeting of the creditors of the Company will be held at
PPB Advisory, Level 21, 181 William Street, in Melbourne,
Victoria, on Jan. 4, 2016, at 10:30 a.m.


NEWCASTLE COAL: Moody's Puts Ba2 Rating on Review for Downgrade
---------------------------------------------------------------
Moody's Investors Service placed Newcastle Coal Infrastructure
Group Pty Ltd's (NCIG) Baa3 senior secured rating as well as the
Ba2 senior unsecured rating of its parent NCIG Holdings Pty Ltd
(NCIGH, together "the group") under review for downgrade.

NCIGH, owned by six coal companies ("shipper shareholders" or
"counterparties"), is NCIG's holding company.  NCIG has economic
ownership of, and operates the NCIG Coal Export Terminal under a
long term lease with Port of Newcastle (unrated).  The terminal is
located on a 173-hectare site on Kooragang Island at the Port of
Newcastle in New South Wales Australia.  It has a coal handling
capacity of 66 millions tonnes per annum.

RATINGS RATIONALE

"The rating action reflects the escalating risks in the coal
market, which are causing heightened counterparty risks due to the
increasing financial pressures facing the terminal's mine
counterparties," says Mary Anne Low, a Moody's Analyst.

"The sustained weakness in coal prices and the uncertain duration
of the downturn is increasing the likelihood of counterparty
failure and consequent volatility in NCIG's cash flows," adds Low.

The very weak conditions in the coal industry are stressing coal
mining companies, including Peabody Energy Corporation (Caa1, on
review for downgrade) and Yancoal Australia Ltd (Yanzhou Coal
Mining Co. Ltd., Ba3 stable), which own mines that are material
counterparties for NCIG.

Moody's believes that the coal market risks are outweighing the
benefit of the structural protections available to NCIG to
mitigate the risk of counterparty default.  Such protections
include NCIG's contractual right to immediately draw on third-
party provided security covering 12 months of ship-or-pay
obligations, the ability to recover shortfalls in revenue by
increasing tariffs to the remaining users up to a finance charge
cap, in addition to its right to sell or assign such default
capacity.

"Whilst NCIG's management has provided relief to miners by
reducing the terminal's operating cost through various efficiency
initiatives, in the event of a material counterparty default, it
is our view that NCIG may be unable to fully recover the lost
revenue from remaining mines due to their not having the capacity
to pay such an amount," says Low.

The review will focus on any actions that NCIG may undertake to
reduce the company's financial leverage and strengthen its capital
structure to counter the pressures arising from the heightened
counterparty risk.

The principal methodology used in these ratings was Generic
Project Finance Methodology published in December 2010.


PLANET SAFE: First Creditors' Meeting Set For Jan. 6
-----------------------------------------------------
Nicholas David Cooper and Rajendra Kumar Khatri of Worrells
Solvency & Forensic Accountants were appointed as administrators
of Planet Safe Energy Pty Ltd on Dec. 22, 2015.

A first meeting of the creditors of the Company will be held at
Worrells Solvency & Forensic Accountants, Suite 1103, level 11
147 Pirie Street, in Adelaide, on Jan. 6, 2016, at 9:30 a.m.


QUAY WEST: First Creditors' Meeting Slated For Dec. 31
------------------------------------------------------
Sule Arnautovic and Andrew John Spring of Jirsch Sutherland were
appointed as administrators of Quay West Plumbing and Hydraulics
Pty Ltd on Dec. 17, 2015.

A first meeting of the creditors of the Company will be held at
Jirsch Sutherland, Level 27, 259 George Street, in Sydney, on Dec.
31, 2015, at 11:00 a.m.


READYFIT PTY: First Creditors' Meeting Slated For Jan. 5
--------------------------------------------------------
Gavin Charles Morton of Morton's Solvency Accountants was
appointed as administrator of Readyfit Pty Ltd on Dec. 21, 2015.

A first meeting of the creditors of the Company will be held at
Adina Apartment Hotel, 15 Ivory Lane, in Brisbane, Queensland, on
Jan. 5, 2016, at 10:00 a.m.


* Western Sydney Business Up for Sale
-------------------------------------
Cliff Sanderson at Dissolve.com.au reports that a Western Sydney
business that operates in the fire protection services industry is
up for sale. The sale and the expressions of interest are sought
by the company's liquidators, the report says.

Brent Kijurina and Steven Gladman of Hall Chadwick have been
appointed liquidators of the company, Dissolve.com.au discloses.



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JIANGSU NEW HEADLINE: S&P Assigns 'BB+' CCR; Outlook Stable
-----------------------------------------------------------
Standard & Poor's Ratings Services said that it had assigned its
'BB+' long-term corporate credit rating to Jiangsu New Headline
Development Group Co. Ltd. (NHL).  The outlook is stable.  S&P
also assigned its 'cnBBB+' long-term Greater China regional
scale rating to the company.  NHL is a construction services
provider and the largest financing and investment company of the
Lianyungang municipal government.

"We base our rating on NHL on the credit profile of Lianyungang
Municipal Government and the support that we expect the city's
municipal government to extend to the company in the event of
financial distress," said Standard & Poor's credit analyst Apple
Li.  In S&P's opinion, NHL has an extremely high likelihood of
receiving timely and sufficient extraordinary government support
if it comes under financial stress.  The rating on NHL is four
notches above the company's stand-alone credit profile (SACP) of
'b'.

S&P's assessment of extraordinary government support reflects
these characteristics of NHL:

   -- Very important role to the government.  NHL undertakes
      construction services on behalf of the Lianyungang
      government and develops infrastructure projects on a build-
      and-transfer basis, particularly for the Lianyungang
      Economic and Technological Development Zone, an important
      economic region for the city.  The zone contributed 24% to
      the city's GDP in 2014 and 19% of its fiscal income, and
      NHL is the sole construction operator in the zone.  Most of
      NHL's businesses are not commercial in nature and it
      performs these mainly for public service, such as urban
      roads and public housing.  Still, S&P do not consider NHL
      as having a critical role to the government.  This is given
      the company's construction and infrastructure development
      activity can be replaced by other providers whenever
      necessary, although that won't be so easy considering
      NHL's dominant position in the city.  Integral link with
      the government.  The municipal government owns 100% of NHL,
      and S&P do not expect it to reduce its stake because the
      company will continue to undertake a public service for the
      government.  The government appoints NHL's senior
      management, drives the company's business strategy, and
      controls it through a commission directly such that S&P
      believes it has direct control over its operations.  A
      substantial portion of NHL's debt is considered as
      government debt and consolidated into the government's
      fiscal budget.  S&P believes the severability of non-
      government debt from government debt is limited.

"The credit profile of the Lianyungang municipal government
reflects our view of Lianyungang's exceptional liquidity," said
Ms. Li.  Partially offsetting this factor is China's evolving but
unbalanced institutional framework and the city's very high debt
burden that exceeds S&P's criteria threshold of debt burden.
S&P's view of the city's satisfactory financial management,
average budgetary flexibility and budgetary performance, and
moderate contingent liability are neutral to the creditworthiness.

S&P assess NHL's business risk profile as weak, considering the
company's high dependence on the government's public spending
plan, its small scale, and limited customer and product
diversification.  Government projects with high dependence on
NHL's investments will comprise more than 90% of NHL's revenues
over the next two years.  Hence, the company would have limited
control over its working capital flow, which has deteriorated
significantly over the past few years due to extended payments
from the government.

NHL's business is concentrated in Lianyungang and the zone.  The
company's primary business scope is to provide construction
services.  S&P sees limited prospect of this concentration
improving, given that NHL has a very specific government mandate.
Still, S&P do not believe the government will introduce a new
competitor for these services in the next two years.

Also, NHL's profitability is highly dependent on the government's
ongoing support.  The company can pass through most costs to the
government based on actual construction costs.  In addition, it
receives a recurring financial subsidy, including about Chinese
renminbi (RMB) 300 million per year in 2012-2014, mainly for its
build-and-transfer projects.  After incorporating the subsidy, S&P
estimates NHL's EBITDA margin to be high at 20% or more.  Still,
the company's return on capital appears low at about 2%.  NHL
earns profit mainly through asset expansion and S&P considers
return on capital as the best representative measure of the
company's profitability.

NHL's significant debt-funded expansion over the past several
years while returns have been low underpins S&P's assessment of
the company's financial risk profile as highly leveraged.  Also,
increased payment extension by the government has weakened the
company's cash flows and leverage.  NHL relies on government
subsidies and rollover by lenders to service its debt.  The
company's interest coverage is weak and S&P expects it to remain
less than 1x over the next two years.  The government has been
lengthening NHL's payment period over the past several years.
This gives the company limited control over collecting its
receivables compared with other construction companies in the
commercial space, which tightly manage their working capital and
cash flow during a project.

S&P scores NHL positive in S&P's comparable rating analysis to
reflect the ongoing government support.  This assessment results
in an SACP that is one notch above the anchor

The stable outlook on NHL reflects the stable outlook on the
Lianyungang government.  S&P also sees an extremely high
likelihood that the company will continue to receive extraordinary
support from the government over the next 24 months.

S&P could lower the rating on NHL if S&P believes the
creditworthiness of the Lianyungang government has significantly
deteriorated or the likelihood of extraordinary government support
has materially diminished.  The Lianyungang government
significantly reducing its ownership of NHL or loosening its
supervision and control could indicate diminishing government
support.  Government support could also decline if NHL's role as a
construction services provider and the largest financing and
investment company of the Lianyungang municipal government
weakens.  This could happen if NHL's investment in infrastructure
projects reduces materially because of the government's early
payments on the company's receivables or if the government opens
the sector for competition.

S&P could raise the rating on NHL if it views the creditworthiness
of the Lianyungang government to have significantly improved.  S&P
could also raise the rating if it sees a substantially enhanced
likelihood of extraordinary government support although S&P
believes the likelihood of this happening is low.  Potential
upside to NHL's SACP is limited due to the company's high
projected leverage.


CITIC RESOURCES: Moody's Changes Outlook on Ba3 CFR to Negative
---------------------------------------------------------------
Moody's Investors Service has changed to negative from stable the
outlook for CITIC Resources Holdings Limited's Ba3 corporate
family rating.

At the same time, Moody's has affirmed the Ba3 corporate family
rating.

RATINGS RATIONALE

"The change in the rating outlook to negative reflects the
weakening performance of the company's exploration & production
(E&P) businesses and its deteriorating credit metrics in view of
the persistency of the low oil price environment," says Joe
Morrison, a Moody's Vice President and Senior Credit Officer, and
also the International Lead Analyst for CITIC Resources.

Moody's has concerns that CITIC Resources' credit metrics will
likely deteriorate further in 2016.

Accordingly, adjusted debt/EBITDA will increase to a high level of
around 20x and adjusted EBITDA/interest will fall to 1.0x from 15x
and 1.5x in 2015 on the expectation of continued low oil prices
and the absence of any recovery in its commodity export business
in the next 12-18 months.

Such a high level of debt leverage will pressure its ratings.

"We also expect CITIC Resources will continue to be supported by
its parent, CITIC Group Corporation (A3 stable)," says Pingping
Xing, a Moody's Assistant Vice President and Local Market Analyst.

CITIC Resources' Ba3 corporate family rating combines the
company's standalone credit strength and a three-notch uplift,
reflecting our assessment that it is likely to receive strong
support from its ultimate parent, in times of financial
difficulty.

The three-notch uplift considers the company's importance as CITIC
Group's overseas platform for resources development and the high
reputational risk for the group should CITIC Resources default on
its debt.

Therefore, Moody's believes that the company is capable of
refinancing its short-term debt due to its association with CITIC
Group.  For example, the company was able to secure a syndicated
term loan of $490 million in 1H2015.

CITIC Resources' standalone credit strength reflects: (1) the
small scale of its E&P operations; (2) the cyclical nature of its
coal and metal businesses; (3) its acquisitive appetite; and (4)
the uncertainties surrounding the successful ramp-up of production
at the Hainan-Yuedong project.

CITIC Resources' diversified business portfolio partially
mitigates the volatility in its earnings, while its association
with CITIC Group helps it maintain good access to bank funding.

Upward ratings pressure is limited, given the negative ratings
outlook.

Nevertheless, the rating outlook could return to stable if CITIC
Group provides strong support to improve both the company's
financial profile -- through enhanced funding arrangements -- and
business profile.

On the other hand, the rating could be downgraded if: (1) CITIC
Resources embarks on a larger-than-expected debt-funded
acquisition, or if such an acquisition entails a high level of
implementation risk; (2) it suffers losses in its commodity import
and export businesses; (3) it breaches the financial covenants on
its syndicated loans, such that its liquidity position is further
weakened; or (4) its financial profile remains weak, as evidenced
by high debt leverage, with adjusted debt/EBITDA exceeding 10x and
adjusted EBITDA/interest falling below 1.0x for a prolonged
period.

Any weakening in the relationship with CITIC Group -- thereby
lowering the support level -- will be negative for the rating.

A downgrade of CITIC Group's rating would lead Moody's to revisit
its assumptions of support and hence the uplift in CITIC
Resources' ratings.

The principal methodology used in this rating was Global
Independent Exploration and Production Industry published in
December 2011.

CITIC Resources Holdings Limited is an energy and natural
resources investment holding company, with interests in aluminum
smelting, coal, import and the export of commodities, manganese,
bauxite mining and alumina refining operations, as well as the
exploration, development and production of oil.  The company
serves as the principal natural resources and energy arm of its
parent, CITIC Group.

The Local Market Analyst for this rating is Pingping Xing, +86
(10) 6319 6561.



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ANNAPURNA INDUSTRIES: ICRA Assigns B+ Rating to INR6cr Loan
-----------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B+ to the INR1.45
crore term loan and INR6.00 crore cash credit facilities of
Annapurna Industries. ICRA has also assigned a short term rating
of [ICRA]A4 to the INR7.00 crore bank guarantee facility of AI.

                          Amount
   Facilities           (INR crore)      Ratings
   ----------           -----------      -------
   Fund Based Limits-
   Term Loan                1.45         [ICRA]B+ assigned

   Fund Based Limits-
   Cash Credit              6.00         [ICRA]B+ assigned

   Non Fund Based
   Limits-Bank Guarantee    7.00         [ICRA]A4 assigned

The assigned ratings take into consideration the risks inherent in
an agro based business like rice milling, including the
vulnerability towards the changes in Government policies and raw
material supply risks as the level of harvest and quality of paddy
are highly dependent on agro climatic conditions. The ratings are
also constrained by the relatively small scale of current
operations; although growth in operating income witnessed during
2014-15 over the previous fiscal primarily supported by increased
volume of processing and sale of rice, low entry barrier and
intense competition in a highly fragmented rice milling industry,
which restricts pricing flexibility, and weak financial profile
characterized by nominal profits and cash accruals at an absolute
level. The profitability of the firm also remains susceptible to
the volatility in the raw material price and realization. The
ratings also factor in AI's legal status as a partnership firm,
including the risk of withdrawal of capital by the partners. The
ratings, however, derive comfort from the experience of the
promoters in the rice milling business, AI's proximity to raw
material sources, leading to easy availability and low landed cost
of input material, and a favourable long term demand prospects for
the industry, with rice being a staple food and India being the
world's second largest producer and consumer.

Established in 2006, Annapurna Industries (AI) is engaged in the
milling of non-basmati rice and processing of silky sortex rice
with an installed capacity of 76,800 metric tonne per annum
(MTPA). Besides, the firm is also engaged in milling of paddy on
job-work for Food Corporation of India (FCI). The manufacturing
facilities of the firm are located in the district of Rajnandgaon,
Chhattisgarh.

Recent Results
During the first seven months of 2015-16, the firm has reported a
turnover of INR17.31 crore (provisional). The firm reported a net
profit of INR0.21 crore on an operating income of INR35.64 crore
in 2014-15.


APRICA BUSINESS: ICRA Withdraws B+ Rating on INR16cr Loan
---------------------------------------------------------
ICRA has withdrawn the long-term rating of [ICRA]B+ assigned to
the INR16.00 crore working capital loan of Aprica Business
Solutions Pvt Lts, which were under notice of withdrawal. The
ratings are withdrawn as the period of notice of withdrawal is
completed.


ASHOK HANDLOOM: ICRA Reaffirms 'B' Rating on INR5.60cr Loan
-----------------------------------------------------------
ICRA has reaffirmed its long term rating of [ICRA]B on the INR5.60
crore bank limits of Ashok Handloom Factory Private Limited.

                            Amount
   Facilities             (INR crore)     Ratings
   ----------             -----------     -------
   Long Term-Cash Credit       5.60       [ICRA]B; Reaffirmed

ICRA's rating reaffirmation takes into account AHFPL's muted
growth of 4% in operating income (OI) in FY15 over the previous
year, and the company's low but stable, operating margins. The
rating also takes into account the high working capital intensity
of the company's operations and the vulnerability of the company's
profitability to volatility in raw material prices. Overall,
AHFPL's financial profile remains characterized by modest debt
coverage indicators and a highly leveraged capital structure as
evident from a gearing of 9.93 times as on March 31, 2015,
although most of the debt consists of bank borrowings for working
capital and unsecured loans from the promoters. ICRA also takes
note of the company's modest scale of operations.

The rating however continues to be supported by the long track
record of the company's operations, and its established
relationships with its customers and suppliers. ICRA notes that
over the years, there has been some moderation in the company's
customer concentration.

The company's ability to improve its profitability, ramp up its
scale of operations and attain an optimal working capital cycle
will be key rating sensitivities.

AHFPL was established in year 1946 as a proprietorship firm and
was converted into a private limited company in 1989. The company
manufactures home linen items such as bed sheets, bed linen pillow
cases, cushion cover sets, curtains, and drapes, which are
marketed under the brand name Sonalika. In addition, AHFPL also
manufactures power loom printed cloth and fabric, which are
directly marketed to wholesalers, trading firms etc.

The operations of the company are currently managed by Mr. Ambuj
Kumar, Managing Director, in collaboration with other
directors/family members. The company derives the bulk of its
revenues from the sale of power loom printed and grey cloth.

Recent Results
The company reported an OI of INR25.79 crore and a net profit of
INR0.01 crore for FY15, as against an OI of INR24.88 crore and a
net profit of INR0.00 crore for the previous year.


ASKA UCB: Four More Cooperative Banks in Odisha Face Liquidation
----------------------------------------------------------------
Indian Express reports that even after liquidation of six urban
cooperative banks in the State, four of the remaining nine banks
are heading in that direction.

The cooperative banks which have incurred loss in the last fiscal
are Cuttack UCB (INR5.61 crore), Rourkela UCB (INR14.59 lakh),
Berhampur UCB (INR8.14 lakh) and Jeypore UCB (INR33.64 lakh),
according to Indian Express.

The five urban cooperative banks (UCBs), which have registered
marginal profit during 2014-15 fiscal, include Utkal Cooperative
Banking Society, Bhubaneswar, the report notes.  The cooperative
bank in the City has made an operational profit of INR1.32 crore,
the report relays.

Six banks which are under liquidation include:

   -- Aska UCB,
   -- Bhanjanagar UCB,
   -- Dhenkanal UCB,
   -- Chatrapur UCB, and
   -- Baripada UCB.

The report discloses that the Reserve Bank of India (RBI) had
cancelled the banking license of Urban Cooperative Bank,
Bhubaneswar last year following failure on the part of the State
Government to merge it with any other co-operative society.

However, the operation of RBI order for cancellation of banking
licence of Baripada UCB and the process to liquidate the bank by
appointing a liquidator by the Registrar of Cooperative Societies
have been stayed by the Orissa High Court, the report says.

The six banks under liquidation have a deposit of INR107.14 crore
by the depositors, the report notes.  While depositors of
Bhanjanagr and Dhenkanal UCBs have been paid up to Rs1 lakh of
their deposit as per Deposit Insurance and Credit Guarantee
Corporation (DICGC) Act, steps are being taken to refund similar
amount to depositors of other UCBs, Cooperation Minister Damodar
Rout said, the report discloses.

The report relays that the Minister said the liquidators have been
asked to take legal process to recover the loan from defaulters
and after recovery, the balance amount will be refunded.

In 2007, the State Government infused an equity of Rs6 crore in
Bhubaneswar UCB but the revival of the bank was not possible, the
report notes.  While the bank owed about Rs28 crore to its
depositors, it had failed to recover Rs35 crore, including Rs19
crore as principal, from loanees. The bank's customer base was
about 14,000, the report relays.

The State Government had taken the initiative for a merger of the
bank with Pune-based Cosmos Cooperative Bank Society, the report
notes.  However, with huge unrecovered loan and various other
bottlenecks, the merger plan fell through, the report discloses.

According to a report of Cooperation Department, the Parlakhemundi
UCB has made a profit of INR1.19 lakh while the Balasore UCB
registered a profit of INR15.25 lakh, Indian Express says.  Puri
and Kendrapara UCBs have made a profit of INR32.14 lakh and
INR17.70 lakh in the last fiscal respectively, the report notes.

Banks which have incurred loss are Cuttack UCB (INR5.61 cr),
Rourkela UCB (INR14.59L), Berhampur UCB (INR8.14L) and Jeypore UCB
(INR33.64L), the report adds.


AVANTIS ENTERPRISE: ICRA Lowers Rating on INR30cr Term Loan to B+
-----------------------------------------------------------------
ICRA has revised the long term rating assigned to the INR30.00
Crore fund based facility of Avantis Enterprise from [ICRA]BB- to
[ICRA]B+.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long term Fund
   Based-Term Loan       30.00        [ICRA]B+ Revised from
                                      [ICRA]BB-(Stable)

The rating revision takes into account the delay in execution of
the project Ofira resulting in re-scheduling of term loan and
sizeable advances given by the firm to various entities/outside
parties; thereby leading to a high probability of cash flow
mismatches as the debt servicing liability, largely matches with
the receivables against sold area and value of unsold area. ICRA
notes that the firm has received only 5% of the total sales value
as advances till October 2015 and the pace of sales has remained
low during the last one year. The rating is further constrained by
sectoral and regional concentration risks arising from focus on
residential projects in Surat and its exposure to market risks
given the intense competition from upcoming projects in the area.
ICRA also notes that Avantis Enterprise is a partnership concern
and any significant withdrawals from the capital account would
impact the net worth and thereby the capital structure.

The rating, however, favorably considers the long experience of
the promoters of Avantis Enterprise (AE) in real estate
development, the favorable location of the project Ofira and the
low regulatory risk associated with the project.

Established as a partnership firm in 2012, M/s Avantis Enterprise
is engaged in real estate development, residential and commercial,
both. The firm is based out of Surat, Gujarat and is currently
focusing on the execution of residential projects in Surat. The
promoters have undertaken various residential and commercial
projects in a time span of ten years in Surat.


CENTRAL BANK: Moody's Affirms Ba1/NP Deposit Ratings
----------------------------------------------------
Moody's Investors Service has affirmed the local and foreign
currency deposit ratings of Union Bank of India at Baa3/P-3 and of
Central Bank of India (CBI) at Ba1/NP.

At the same time, Moody's has lowered the baseline credit
assessment (BCA) and adjusted BCA of Union Bank to ba3 from ba2.

Moody's has also affirmed the BCA and adjusted BCA of CBI at b3.

Moody's has also kept the rating outlook for Union Bank at
positive and changed the rating outlook for CBI to stable from
negative.

RATINGS RATIONALE

UNION BANK: RATINGS AFFIRMED AT Baa3/P-3; BCA AND ADJUSTED BCA
LOWERED TO ba3 FROM ba2

Union Bank's BCA and adjusted BCA have been lowered to ba3 from
ba2 to reflect the continued deterioration in its asset quality.

The bank's impaired loans ratio deteriorated to 11.6% at the end
of September 2015 compared to 9.0% at the end of September 2014.

While the pace of new impaired loan formation has moderated, the
bank's asset quality continues to face downside risks,
particularly from exposure to stressed corporates.

On the positive side, we expect the bank will benefit from recent
government policy initiatives to reduce stress in the banking
sector.

In particular, the UDAY (Ujwal DISCOM Assurance Yojana) scheme
will alleviate some of the pressure on the exposure of Union
Bank's loans to power distribution companies.

With the continued pressure on asset quality, credit costs are
expected to remain high and will adversely impact internal capital
generation.

However, Moody's also expects that Union Bank's capital level will
benefit from regular capital infusions by the Indian government
(Baa3 Positive), as evidenced by the capital injection of INR10.8
billion in September 2015.

Given that the bank's adjusted BCA was lowered to ba3, its
subordinate medium term note (MTN) and junior subordinate MTN
program ratings were downgraded to (P)Ba3 from (P)Ba2 and (P)B1
from (P)Ba3 respectively.

The deposit rating of Union Bank has been affirmed at Baa3, in
line with the sovereign rating, by factoring in three notches of
government support.

Moody's expects Union Bank to enjoy a very high level of
government support, given its position as the sixth-largest public
sector bank in India on an asset basis; its close relationship
with the government, which has a 63.4% stake; and the frequent
capital infusions that the bank receives.

CBI: RATINGS AFFIRMED AT Ba1/NP; BCA AND ADJUSTED BCA MAINTAINED
AT b3; OUTLOOK REVISED TO STABLE FROM NEGATIVE

CBI's BCA and adjusted BCA of b3 reflect the bank's poor asset
quality, weak earnings performance and inadequate buffers for
potential loan losses.

CBI's impaired loans ratio of 20.5% at the end of September 2015
is among the highest within the universe of rated Indian public
banks.  The high level of impaired loans is backed by relatively
weak buffers -- provisioning coverage of 46% and a common equity
tier 1 ratio of 7.7% at the end of September 2015.

Nevertheless, the bank's asset quality has started to stabilize
and the pace of impaired loan formation has slowed considerably.

For the quarter July-September 2015, the formation rate for CBI's
net new impaired loans on an annualized basis was -1.63% compared
to 1.17% for the quarter July-September 2014.

In addition, a large portion of the bank's standard restructured
loans is exposed to the power distribution companies which we
expect will benefit from the UDAY scheme.

CBI's capital level is expected to also benefit from regular
capital infusions from the Indian government.

Based on Moody's estimate, the bank will require about INR80
billion in external capital during FY 2016--FY 2019 to meet
minimum Basel III requirements.  Moody's expects a significant
portion of this capital will come from the government, since many
public sector banks, such as CBI, face challenges in raising
capital from the markets.

These factors have prompted Moody's to change the outlook on the
bank's ratings to stable from negative.

The deposit rating of CBI has been affirmed at Ba1/NP,
incorporating five notches of government support from the BCA of
b3.

Moody's expects it to enjoy a very high level of support, given
the government's majority ownership of 81.46% as of Sept. 30,
2015; CBI's extensive branch network, as it has the sixth-largest
in the country; and the record of regular capital injections by
the government.

WHAT COULD CHANGE THE RATINGS UP

UNION BANK

Union Bank's ratings could be upgraded if India's sovereign rating
is upgraded.

Moody's do not expect an improvement in the BCA, given the
weakness in the bank's borrower groups.

Nevertheless, upward pressure on the BCA could arise if the bank
improves its asset quality and subsequently improves its
profitability and loss-absorbing buffers, which include
provisioning coverage and capital.

CBI

Upward pressure on the BCA could arise if the bank improves its
asset quality and subsequently improves its profitability and
loss-absorbing buffers, which include provisioning coverage and
capital.

WHAT COULD CHANGE THE RATINGS DOWN

UNION BANK

The bank's BCA could be revised downwards if its level of impaired
loans continues to increase, and its loan-loss reserve coverage
and capital position further weaken.

Any indications that government support has diminished or that
additional capital requirements could measure beyond the
government's budgeted amount would pressure its deposit and senior
unsecured debt ratings.

Any downward changes in the sovereign ceilings could also affect
the bank's deposit and senior unsecured debt ratings.

CBI

Downward pressure on CBI's BCA could develop if the bank records
further extraordinary losses, or if there is continued
deterioration in the levels of impaired loans, loan-loss reserves
coverage, and capital.

Additionally, any indications that support from the government has
diminished or that additional capital requirements may arise
beyond the government's budgeted amount could put the bank's
deposit and senior unsecured debt ratings under pressure.

Any downward changes in the sovereign ceilings could also affect
the bank's deposit and senior unsecured debt ratings.

After taking into account the announcement, the two banks' ratings
are:

Union Bank of India

  Long-term Local and Foreign currency Bank Deposit ratings
   affirmed at Baa3; outlook Positive
  Short-term Local and Foreign currency Bank Deposit ratings
   affirmed at P-3
  Senior Unsecured MTN program rating affirmed at (P)Baa3
  Subordinate MTN program rating downgraded to (P)Ba3 from (P)Ba2
  Junior Subordinate MTN program rating downgraded to (P)B1 from
   (P)Ba3
  BCA and Adjusted Baseline Credit Assessment lowered to ba3 from
   ba2
  Counterparty Risk Assessment affirmed at Baa3(cr)/P-3(cr)

Union Bank of India, Hong Kong Branch

  Senior Unsecured debt rating affirmed at Baa3; outlook Positive
  Senior Unsecured MTN program rating affirmed at (P)Baa3
  Subordinate MTN program rating downgraded to (P)Ba3 from (P)Ba2
  Junior Subordinate MTN program rating downgraded to (P)B1 from
   (P)Ba3
  Counterparty Risk Assessment affirmed at Baa3(cr)/P-3(cr)
   Central Bank of India
  Long-term Local and Foreign currency Bank Deposit ratings
   affirmed at Ba1, outlook changed to Stable from Negative
  Short-term Local and Foreign currency Bank Deposit ratings
   affirmed at NP
  BCA and Adjusted Baseline Credit Assessment affirmed at b3
  Counterparty Risk Assessment affirmed at Ba1(cr)/NP(cr)

The principal methodology used in these ratings was Banks
published in March 2015.

Headquartered in India, Union Bank of India reported total assets
of INR3,936 billion as of Sept. 30, 2015.

Headquartered in India, Central Bank of India reported total
assets of INR3,042 billion as of Sept. 30, 2015.


CONVENTION HOTELS: CARE Lowers Rating on INR180.10cr Loan to 'D'
----------------------------------------------------------------
CARE revises ratings assigned to the bank facilities of
Convention Hotels India Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities    180.10      CARE D Revised from
                                            CARE B+

   Short-term Bank Facilities     2.50      CARE D Revised from
                                            CARE A4

Rating Rationale

The revision in the rating of Convention Hotels India Pvt. Ltd.
(CHIL) is on account of the ongoing delays in servicing debt
by the company owing to stressed liquidity.

CHIL was incorporated in August 2006, promoted by Mr Priyakanth
Amin and Ms Namrata Amin, to undertake a 5-star hotel development
projects at Bangalore and Goa with a management-cum-marketing tie-
up with Intercontinental Hotels Group (IHG) and Hyatt Hotels
Corporation (Hyatt) which was later terminated.


HIMGHAR UDYOG: ICRA Reaffirms B- Rating on INR3.50cr Loan
---------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B- for the
INR3.50 crore seasonal cash credit, INR0.27 crore working capital
term loan, INR0.75 crore working capital loan and INR1.50 crore
term loan facilities of Himghar Udyog Private Limited.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Seasonal Cash Credit    3.50        [ICRA]B- reaffirmed
   Working Capital Term
   Loan                    0.27        [ICRA]B- reaffirmed

   Working Capital Loan    0.75        [ICRA]B- reaffirmed
   Term Loan               1.50        [ICRA]B- reaffirmed

The reaffirmation of rating takes into account HUPL's small scale
of operations, adverse financial risk profile as reflected by high
gearing, depressed coverage indicators and subdued return on
capital employed and its high working capital intensity of
operations that exerts pressure on the liquidity position. ICRA
notes that the company has plans to increase its capacity by
10,000MT that would entail a capex of INR6.17 crore, which would
be funded through a term loan of INR3.50 crore and balance through
promoters' contribution. This is likely to keep the liquidity
position as well as capital structure and coverage indicators
under pressure. The rating is further constrained by the regulated
nature of industry, making it difficult to pass on increase in
operating costs, thus exerting pressure on the profitability and
HUPL's exposure to agro-climatic risks, with its business
performance being entirely dependent upon an agro commodity, i.e.
potato and to the loans extended to farmers by HUPL may lead to
delinquency, if potato prices fall to a low level. ICRA notes that
the potato prices have fallen significantly in the current
financial year aggravating such risks; however the company has
recovered about 90% of advances extended to the farmers. The
rating, however, derives support from the long track record of the
promoters in the management of cold storages and locational
advantage of HUPL by way of presence of its cold storage unit in
West Bengal, a state with large potato production. Going forward,
the ability of the entity to improve its profitability while
managing its working capital requirements efficiently would be a
key rating sensitivity going forward.

Incorporated in 1986, Himghar Udyog Private Limited is engaged in
providing cold storage facility to potato farmers and traders on a
rental basis. The facility of the company is located in Bankura
district of West Bengal having an annual storage capacity of
14,800 metric tonnes.

Recent Results
During FY15, HUPL reported a net profit of INR0.01 crore on an OI
of INR2.97 crore as against a net profit of INR0.02 crore and OI
of INR1.66 crore during FY14.


JAI SHARDHA: ICRA Suspends 'B' Rating on INR16cr LT Loan
--------------------------------------------------------
ICRA has suspended the long term rating of [ICRA] B assigned to
the INR16.00 crore of long term fund based limits of Jai Shardha
Rice Mills (JSRM). The suspension follows ICRA's inability to
carry out a rating surveillance in the absence of the requisite
information from the company.


JUHI ALLOYS: CARE Reaffirms B+ Rating on INR25cr Cash Loan
----------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Juhi Alloys Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities
   (Cash Credit)                   25       CARE B+ Reaffirmed

Rating Rationale

The rating of the bank facilities of Juhi Alloys Ltd (JAL)
continues to be constrained by low profitability margins and
moderate capital structure, high working capital intensive
operations, highly fragmented and cyclical nature of the steel
industry. The rating is also constrained on account of the
corporate guarantees extended to group companies. However,
the rating derives strength from the experienced promoters with
established track record of operations and wellrecognised
regional brand "Rimjhim".

Going forward, the ability of the company to consistently scale up
the operations with improvement in the profitability margins and
effective working capital management remain the key rating
sensitivities.

Incorporated on July 12, 1990, JAL is a part of Kanpur-based
Rimjhim group of companies managed by Mr Yogesh Agarwal & family
relatives. JAL is engaged in the manufacturing and sale of variety
of Thermo mechanically Treated (TMT) Bars, SS Flats and Rounds
products along with dealing in trading of billets, ingots, etc.
The products of the company find application mainly in
construction activities. The company markets its products through
mix of direct sales to builders and sales through traders. The
manufacturing facilities of the company are located in the
Hamirpur district of Uttar Pradesh (UP) with an installed capacity
of 90,000 MTPA as on March 31, 2015.

During FY15 (refers to the period April 01 to March 31), the
company has reported total operating income of INR164.61 crore
with PAT of INR1.11 crore as compared with total operating income
of INR144.80 crore and PAT of INR0.65 crore during FY14.


KAMAL GINNING: ICRA Reaffirms B+ Rating on INR6.50cr Loan
---------------------------------------------------------
ICRA has reaffirmed the [ICRA]B+ rating to INR6.50 crore long term
cash credit facility of Kamal Ginning Factory.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term, Fund
   based limits
   Cash Credit           6.50         [ICRA]B+ reaffirmed

The rating reaffirmation takes into account easy availability of
raw cotton on back of favourable location and substantial
experience of the promoters in the cotton ginning industry. The
rating is however constrained by leveraged capital structure and
stretched liquidity profile of the firm due to working capital
intensive operations and low profit margins in line with low value
add nature of business. ICRA also takes note of KGF's moderate
scale of operations in an intensely competitive industry and
vulnerability associated with agro climatic conditions and
regulatory environment which has direct bearing on capacity
utilization and profitability of the firm. Going forward, scaling
up operations and working capital cycle management remain key
rating sensitivities.

Established in 2006, KGF is a partnership concern promoted by Mr.
Dilip Mahale and Mr. Sunil Mahale. The firm is engaged in ginning
and pressing of cotton and crushing of cotton seeds. Ginning
facility of the firm is located in Jalgaon district of
Maharashtra. The plant has 24 ginning machines and 4 expellers
with an annual capacity to produce 240 bales per day and crushing
capacity of 300 quintals per day.


KRAFT LAND: ICRA Suspends B+ Rating on INR11cr Loan
---------------------------------------------------
ICRA has suspended the long term rating of [ICRA] B+ assigned to
the INR11.0 crore fund based and unallocated limits of Kraft Land
(India). ICRA has also suspended the short term rating of [ICRA]A4
assigned to the INR1.0 crore non fund based limits of KLI. The
suspension follows ICRA's inability to carry out rating
surveillance in the absence of requisite information from the
company.


KUMAR & COMPANY: CARE Assigns 'B+' Rating to INR12cr LT Loan
------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Kumar &
Company.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities       12       CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Kumar & Company
(KCO) is primarily constrained by its small and fluctuating
scale of operations, leveraged capital structure and weak debt
service coverage indicators. The rating is further constrained by
its working capital intensive nature of operations, competition
from other players and partnership nature of its constitution.

The rating, however, draw strength from the experienced partners
in trading of pharmaceutical products, association with reputed
pharmaceuticals companies and comfortable profitability margins.

Going forward, KCO's ability to scale-up its operations while
maintaining its profitability margins with improvement in capital
structure and effective working capital management would be the
key rating sensitivities.

Kumar & Company (KCO) was established as partnership firm in 2009
by Mr Vinod Kumar Singla and Mr Karan Singla with equal profit and
loss sharing. KCO is engaged in retail and wholesale trading of
pharmaceutical product such as medicines, surgical equipments,
cosmetics and other related items. The products are procured
through distribution contracts with pharmaceutical companies which
are renewed annually. Apart from, across the counter sales
(retail), the firm also started supplying medicines to private as
well as government institutions, various government hospitals and
command hospitals. Currently, KOC operates through single outlet
at Chandigarh.

In FY15 (refers to the period April 1 to March 31), KCO achieved a
total operating income (TOI) of INR4.69 crore with PBILDT and
profit after tax (PAT) of INR0.05 crore, respectively, as against
TOI of INR1.51 crore with PBILDT and profit after tax (PAT) of
INR0.03 crore in FY14. The firm had achieved total sales of INR7
crore till September, 2015 (as per unaudited result).


LAVASA CORPORATION: CARE Rates INR525cr Loan at Provisional B(SO)
-----------------------------------------------------------------
CARE assigns provisional 'CARE B (SO)' rating to the proposed
compulsory convertible preference shares issue of Lavasa
Corporation Limited.

                             Amount
   Facilities             (INR crore)    Ratings
   ----------             -----------    -------
   Proposed Compulsory         525       Provisional
   Convertible Preference                CARE B (SO)
   Shares (CCPS)

Rating Rationale

The rating assigned to the proposed CCPS issue of Lavasa
Corporation Limited (LCL), factors in the Put option on HCC Real
Estate Limited (HREL) and is subject to LCL ensuring compliance
with the structure and other terms in the draft term sheet.
Furthermore, the above rating is provisional and will be confirmed
on implementation of the structure as envisaged and execution of
various documents to the satisfaction of CARE.

The rating is constrained by the weak financial position of LCL
and HREL, nascent stage of the real estate projects in HREL,
along with significantly high corporate guarantees given to group
companies.

The rating however, factors the presence of experienced senior
management and near completion of Phase I of the project of LCL.

Any significant delay in the completion of the real estate
projects at HREL, hampering its ability to honor the repayment, if
the put option is exercised and ability of LCL to successfully
revive operations of its project-phase II and generate cash flows
from the same, are the key rating sensitivities.

Lavasa Corporation Limited (LCL) was incorporated on February 11,
2000; on March 3, 2003, the company became a Public Limited
company. Effective from June 8, 2004, the company's name has been
changed to its current name Lavasa Corporation Limited (LCL)
previously known as The Lake City Corporation Private Limited. The
main business of the company is to establish and develop
townships, holiday resorts, and facilities such as recreational,
educational, and commercial amenities, hotels, guesthouses, etc.

During FY15 (refers to the period April 1 to March 31), LCL
reported a net loss of INR36 crore on total operating income of
INR271 crore vis-a-vis net loss of INR5 crore and total operating
income of INR230 crore in FY14.

For HREL, total operating income decreased to INR20 crore and the
company reported a net loss of INR18 crore in FY15 vis-a-vis total
operating income of INR26 crore in FY14 and a net loss of INR82
lakh.

Structure of CCPS issue
The proposed CCPS issue of the size INR525 crore will have a tenor
of 20 years from the date of issue and will provide preference
dividend at 0.001% of the invested amount of CCPS. The terms of
the CCPS issue include a Put/Call option on HREL. The Put/Call
trigger event date is September 30, 2017 and every year
thereafter. Upon occurrence of a Put/Call Option Trigger Event,
the investor will have a Put/Call option right on HREL, pursuant
to which upon exercise of the Put/Call, HREL shall be obliged to
purchase/sell the CCPS at the Put/Call Option Price as initially
established. The CCPS are freely transferrable and are governed by
Indian Law. Breach of the definitive agreements and inability to
raise INR 1000 crs by end of Sept. 30, 2017, by LCL are considered
as events of default among other.


MADRAS MEDICAL: ICRA Reaffirms 'B' Rating on INR18.88cr Loan
------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B assigned to
the INR24.88 crore long term fund based facilities of The Madras
Medical Mission. ICRA has also reaffirmed the short-term rating of
[ICRA]A4 assigned to the INR63.35 crore short term fund based and
non-fund facilities of the entity.

                           Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Term loan facilities     18.88      [ICRA]B (reaffirmed)
   Fund based facilities     6.00      [ICRA]B (reaffirmed)
   Short-term loan
   Facilities               43.00      [ICRA]A4 (reaffirmed)
   Non fund based
   facilities               20.35      [ICRA] A4 (reaffirmed)

The rating reaffirmation considers MMM's stretched capital
structure, due to the accumulated losses over the years and
regular debt funded capital expenditure, which is expected to
remain under pressure in medium term due to additional planned
capex. The ratings also factor in the thin profit margins due to
concessions being extended to patients as a result of being a "not
for profit organization"; and, also the very high dependence on
donations. The ratings further consider the concentration risk
arising out of the high contribution from the Chennai facility;
and, the high dependence on short term loans which coupled with
large repayment obligations on term loans exposes the Entity to
refinancing risks. The ratings however draw comfort from MMM's
long standing presence in healthcare market in Chennai, with
strong technical capabilities backed by state-of-the art equipment
and quality professionals. The ratings are also supported by
revenue growth during 2014-15, aided by improvement in occupancy
in the flagship Chennai facility. ICRA also takes note of the
expansion being undertaken in Chennai and Pondicherry, which is
expected to aid revenue and accrual growth in medium term and will
be critical for improvement in credit profile.

The Madras Medical mission (MMM) is a registered society (under
the Tamil Nadu Societies Registration Act, 1975) established in
1982 by Bishop Zachariah Mar Dionysius. MMM commenced operations
in 1987 by providing cardiac care treatment out of rented premises
and over the years has developed into a multi specialty hospital.
Currently MMM has a cardiac centre, reproductive medicine centre,
transplant centre for renal cases, gastroentology division,
radiology division and a nuclear medicine centre with 270 beds in
Madras unit. In 2001, MMM started the Pondicherry Institute of
Medical Sciences (PIMS) to provide medical education with the
current capacity of 590 beds. MMM has also entered into public -
private partnership with the Ministries of Health and Family
Welfare of several countries including Tanzania, Seychelles,
Bangladesh, Fiji, Bahrain, Maldives and Rwanda for treatment of
their patients and for training of their medical and paramedical
professionals. In 2008, MMM College of Nursing was established to
train nursing personnel to serve the global markets.

Recent Results
MMM has reported net profit of INR6.65 crore on an operating
income of INR229.6 crore in 2014-15, as against net profit of
INR5.91 crore reported on an operating income of INR207.0 crore
for 2013-14.


MANN MEDICITI: ICRA Suspends 'D' Rating on INR17cr Bank Loan
------------------------------------------------------------
ICRA has suspended its long-term rating of [ICRA]D assigned to the
INR17.0 crores bank facilities of Mann Mediciti Wellness Centre
Private Limited. The suspension follows ICRA's inability to carry
out a rating surveillance in absence of requisite information from
the company.


MBC INFRA: ICRA Reaffirms 'B+' Rating on INR3.50cr Cash Loan
------------------------------------------------------------
ICRA has reaffirmed [ICRA]B+ rating for the INR3.50 crore
(enhanced from INR3.25 crore) cash credit facility of MBC Infra
Space Private Limited. A rating of [ICRA]A4 has also been
reaffirmed to INR6.00 crore (enhanced from INR5.00 crore) short
term non fund based limits of MBCISPL.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Cash Credit            3.50        [ICRA]B+ reaffirmed
   Bank Guarantee         6.00        [ICRA]A4 reaffirmed


The ratings continue to be constrained by MBC's modest size of
operations with the OI remaining weak on account of delays in
execution of orders due to untimely receipt of raw material from
client's end as well as delay on account of water logging in
monsoon season; The ratings further incorporate the high
competitive intensity in the construction space resulting in
pressure on margins; and concentration risks prevailing in
industrial civil construction. The rating is further constrained
by vulnerability in profitability margins due to changes in prices
of key raw ingredients such as steel & cement although the same
are shielded by escalation clauses in contracts. Profitability
margins have too remained on lower side due to high depreciation &
interests costs. Given the working capital intensive nature of
operations, the liquidity has remained stretched along with a
leveraged capital structure. The ability of the company to
maintain execution timelines and performance parameters remains
critical because of presence of Liquidated Damages (LD) clauses in
the contracts with the clients.

The ratings, however, favorably factor in the established track
record of promoters in the construction sector for more than a
decade; MBC's healthy order book position and stable demand
outlook for the construction sector given the government focus on
infrastructure development and increased public spending. The
ratings also factor in the presence of a reputed client base both
in public and as well as private sector leading to relatively
lower counter party credit risks.

MBC Infra Space Private Limited was incorporated on 13th April,
2012 .The promoters of the company have also been involved in the
same business through another proprietorship concern namely MB
Corporation established in 1999 and based at Vapi. The company is
primarily engaged in Industrial and Civil construction.

Recent Results
For the year ended 31st March 2015, MBC Infra Space Private
Limited reported an operating income of INR11.23 crore and profit
after tax of INR0.14 crore.


PURITA WATER: ICRA Suspends C Rating on INR13cr Loan
----------------------------------------------------
ICRA has suspended the rating of [ICRA]C and [ICRA]A4 ratings
assigned to the INR13.00 crore line of credit of Purita Water
Solutions Private Limited. The suspension follows ICRA's inability
to carry out a rating surveillance in the absence of the requisite
information from the company.

Incorporated as a private limited company on 3rd June 2005, Purita
Water Solutions Private limited is engaged in manufacturing of
chlorine dioxide systems for water disinfection. It provides
complete solution for water disinfection and anti-fouling
treatment using its TERSUS chlorine dioxide technology for
industrial application. It is also an authorized distributor of
Taprogge Gmbh, based in Germany. Currently, the manufacturing
operations of the company are being carried out from the unit
taken on rental basis at Vasai, Mumbai.


SILVERTONES SPECIALITY: ICRA Reaffirms B+ Rating on INR16cr Loan
----------------------------------------------------------------
ICRA has reaffirmed its long-term rating of [ICRA]B+ on the
INR16.00 crore fund-based limits, INR4.00 crore term loans and
INR12.00 crore non-fund based limits of Silvertones Speciality
Textiles Private Limited. The long-term non-fund based limits can
also be availed as short-term non-fund based limits with a short-
term rating of [ICRA]A4.

                          Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund Based Limits       16.00        [ICRA]B+; Reaffirmed
   Term loans               4.00        [ICRA]B+; Reaffirmed
   Long-Term/Short-term
   (interchangeable)
   Non-Fund Based limits   12.00        [ICRA]B+/[ICRA]A4;
                                        Reaffirmed

ICRA's rating reaffirmation takes into account ~14% year-on-year
growth in SSTPL's operating income in FY2014-15, however, the
company's operating profit margins continued to remain subdued.
The company's operations are working capital intensive as
reflected in high inventory levels of 92 days and receivables of
81 days for 2014-15; which have been funded through bank
borrowings and extended credit period from suppliers. The bank
borrowings for working capital and debt-funded capital expenditure
have resulted in moderately high gearing of 2.38 times as on
March 31, 2015 against 2.22 times, an year ago. Higher outside
liabilities for working capital requirements have also resulted in
elevated TOL/TNW of 4.0x as on March 31, 2015. The company's weak
capital structure combined with its modest profitability have
resulted in weak coverage indicators, with interest coverage
moderating to 1.47 times in FY2014-15 from 1.64 times in the
previous year. The company's liquidity is likely to remain
stretched with the scheduled debt repayments and planned capital
expenditure. ICRA has also taken note of the vulnerability of the
company's operating margins to fluctuations in raw material prices
i.e. PVC.

The ratings however derive comfort from the long track record of
the company in the PVC leather business (rexine), its established
sales and distribution network and high capacity utilisation
during the last three years. The ratings also positively factor in
the stability in demand for rexine driven by its varied
applications in footwear, upholstery, furnishing and auto
segments.

Going forward, given the company's significant working capital
requirements, securing timely enhancement of working capital
limits and arranging sufficient funding support from promoters for
margin requirements and maintaining high capacity utilisation will
be the key rating sensitivities.

Incorporated in 2005, SSTPL is engaged in manufacturing PVC
leather (rexine) and flock fabric. The company has two
manufacturing units - Mehatpur (Himachal Pradesh) and Dharuhera
(Haryana). As on March 31, 2015 the company had an installed
capacity of 20,000 Metric Tonnes Per Annum (MTPA) for
manufacturing PVC leather and flock fabric.

Recent Results
SSTPL registered an operating income (OI) of INR94.09 crore with a
profit after tax (PAT) of INR0.24 crore in FY15, as against an OI
of INR82.61 crore and a PAT of INR0.43 crore in the previous year.
On a provisional basis, SSTPL registered an OI of INR36.85 crore
in H1-FY16.


SOL IFMR: Ind-Ra Assigns BB- Rating to INR10.5MM Series A2 PTCs
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Sol IFMR Capital
2015 (an ABS transaction) final ratings as follows:

-- INR486.7 mil. Series A1 pass through certificates (PTCs):
   'IND A-(SO)'; Outlook Stable

-- INR10.5 mil. Series A2 PTCs: 'IND BB-(SO)'; Outlook Stable.

The micro finance loan pool assigned to the trust is originated by
Satin Creditcare Network Limited (SCNL; 'IND BBB+'/Stable).

KEY RATING DRIVERS

The final ratings are based on the origination, servicing,
collection and recovery expertise of SCNL, the legal and financial
structure of the transaction and the credit enhancement (CE)
provided in the transaction.  The final rating of Series A1 PTCs
addresses the timely payment of interest on monthly payment dates
and ultimate payment of principal by the final maturity date on
Aug. 23, 2017, in accordance with the transaction documentation.
The final rating of Series A2 PTCs addresses the timely payment of
interest on monthly payment dates only after the complete
redemption of Series A1 PTCs and ultimate payment of principal by
the final maturity date on Aug. 23, 2017, in accordance with the
transaction documentation.

The transaction benefits from the internal CE on account of excess
interest spread, subordination and over-collateralization.  The
levels of overcollateralization available to Series A1 and A2 PTCs
are 7% and 5%, respectively, of the initial pool principal
outstanding (POS).  The total excess cash flow or the internal CE
available to Series A1 and A2 PTCs is 17.62% and 14.92%
respectively, of the initial POS. The transaction also benefits
from the external CE of 9.00% of the initial POS.  The external CE
is divided into a first loss credit facility (FLCF) of 3.50% of
total POS and a second loss credit facility (SLCF) of 5.50% of
total POS. The SLCF will be available for Series A1 PTCs only.
The FLCF is provided in the form of fixed deposits with RBL Bank
in the name of the originator with a lien marked in favor of the
trustee and the SLCF is provided as non-funded undertaking by
Reliance Home Finance Limited which will be unconditional and
irrevocable.  The collateral pool is assigned to the trust at par
had the initial POS of INR523.3 mil., as of the pool cut-off date
of Oct. 18, 2015.

The external CE (FLCF and SLCF) will be used in case of a
shortfall in a) complete redemption of all Series A1 PTCs on the
final maturity date and b) monthly interest payment to Series A1
investors.  After the complete redemption of Series A1 investors,
the FLCF will be used in case of a shortfall in a) complete
redemption of Series A2 PTCs on the final maturity date and b)
monthly interest payment of Series A2 investors.

RATING SENSITIVITIES

As part of its analysis, Ind-Ra built a pool cash flow model based
on the transaction's financial structure.  The agency also
analyzed historical data to determine the base values of key
variables that would influence the level of expected losses in
this transaction.  The base values of the default rate, recovery
rate, time to recovery, collection efficiency, prepayment rate and
pool yield were stressed to assess whether the level of CE was
sufficient for the current rating levels.

Ind-Ra also conducted rating sensitivity tests.  If the
assumptions of the base case default rate worsen by 30%, the
model-implied rating sensitivity suggests that the rating of the
Series A1 and Series A2 PTCs will be downgraded by three notches
and one notch, respectively.


SOMNATH COLD: ICRA Reaffirms 'B' Rating on INR8.0cr Cash Loan
-------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B assigned to
the INR2.95 crore (revised from INR3.60 crore) term loan, INR8.00
crore (revised from INR7.51 crore) seasonal cash credit limits,
INR1.37 crore working capital loan, and INR0.37 crore non-fund
based bank facilities of Somnath Cold Storage Private Limited.

                          Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Seasonal Cash Credit    8.00         [ICRA]B reaffirmed
   Working Capital Loan    1.37         [ICRA]B reaffirmed
   Term Loan               2.95         [ICRA]B reaffirmed
   Bank Guarantee          0.37         [ICRA]B reaffirmed

The rating reaffirmation continue to takes into account Somnath
Cold Storage Pvt Ltd's (SCPL) adverse financial risk profile as
reflected by a high gearing, depressed coverage indicators and
high working capital intensity of operations, notwithstanding the
improvement in the same during FY15; and the regulated nature of
the industry, making it difficult to pass on increase in operating
costs in a timely manner, leading, in turn, to downward pressures
on profitability. The ratings also take into account SCPL's
exposure to agro-climatic risks, with its business performance
being entirely dependent upon a single agro commodity, i.e.
potato. Further, ICRA notes that the loans extended to farmers by
SCPL may lead to delinquency, if potato prices fall to a low
level; although with majority of the potato during the current
year being already withdrawn by the farmers, the risk remains low
during for the current year (FY16). The rating also takes into
account the long track record of the promoters in the management
of cold storages and the locational advantage of SCPL by way of
presence of its cold storage units in West Bengal, a state with
large potato production.

Incorporated in 1984, SCPL is a cold storage set up in Burdwan
district of West Bengal and is owned by the Nitin Agarwal family
of Kolkata, who have been in the business of managing cold
storages since 1963. SCPL is primarily engaged in the business of
storage and preservation of potatoes. Currently, SCPL has an
annual storage capacity of 38,000 tonnes. Besides SCPL, the
promoters own three more cold storage facilities namely, Chinsurah
Cold Storage, Hooghly (20,000 MT) and Shri Hazarilal Cold Storage
Private Limited, Jalpaiguri (14,000MT) and Himghar Udyog Private
Limited, Bankura (14,800 MT).

Recent Results
In FY15, SCPL reported a net profit of INR0.05 crore on an
operating income of INR4.53 crore as compared to a net profit of
INR0.04 crore on an operating income of INR4.71 crore in FY14.


SRI DEVI: ICRA Suspends 'B' Rating on INR8.20cr Loan
----------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B assigned to the
INR6.80 crore fund based facilities and INR8.20 crore unallocated
facilities of Sri Devi Enterprises. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of the
requisite information from the company.

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


SRI SENDRAYAPERUMAL: CARE Assigns 'B+' Rating to INR4.69cr Loan
---------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Sri
Sendrayaperumal Transports.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      4.69      CARE B+ Assigned

Rating Rationale

For arriving at the rating of Sri Sendrayaperumal Transports
(SST), CARE has combined the business and financial profile of
SST and SSPT Logistics (SSL; rated CARE B+) as both the entities
have common management and are engaged in the similar nature of
operations.

The rating assigned to the bank facilities of SST is constrained
by the modest scale of operations, highly leveraged capital
structure,weak liquidity position and the risk associated with the
proposed capex. The rating is also constrained by SST's presence
in the working capital intensive and fragmented logistics industry
with the presence of many small operators.

The rating, however factors in the more than a decade long
experience of partners in transport services business, established
relationship with reputed customer base, and the healthy growth in
turnover with improvement in profitability.

Going forward, ability of the firm to increase its scale of
operations, sustain operating profit margin and improve its
capital structure would be the key rating sensitivities.

SST was incorporated in September 2011 with an objective to carry
out Full Truck Load (FTL) services as a partnership firm by Mr P
Maruthavel and his brother Mr P Jayavel with their family members.
SST currently owns 120 trucks [25 tons -- 20 vehicles, 21 tons --
96 vehicles, 15 tons -- 4 vehicles] being operated in the states
of Tamil Nadu, Kerala, Haryana, Punjab, Delhi, Uttar Pradesh,
Rajasthan, and Jammu and Kashmir catering to industries such as
paper, textile (fabrics & yarn), steel, cashew, spices, household
items, automobile items and any other parcel services. SST also
operates trucks on a contract basis to companies with a time
period of 3-12 months which are normally renewed after the
contract period.

Its group entity SSL was incorporated in January 2013 and is also
managed by the same family.  The combined entities achieved a PAT
of INR1.78 crore on a total operating income (TOI) of INR64.15
crore in FY15 (refers to the period April 1 to March 31) as
compared with a PAT of INR0.09 crore on a TOI of INR43.91 crore in
FY14.


SRI VENKATA: ICRA Suspends 'B' Rating on INR10.20cr Loan
--------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B assigned to the
INR10.20 crore fund based facilities and INR4.80 crore unallocated
facilities of Sri Venkata Lakshmi Raw and Boiled Rice Mill. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

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


SRI VENKATESWARA: ICRA Suspends 'D' Rating on INR6.90cr Loan
------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]D assigned to the
INR6.90 crore fund based facilities and INR2.60 crore non-fund
based facilities of Sri Venkateswara Infratech. The suspension
follows ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.

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


SSPT LOGISTICS: CARE Assigns 'B+' Rating to INR8.69cr LT Loan
-------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of SSPT
Logistics.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     8.69       CARE B+ Assigned

Rating Rationale

For arriving at the rating of SSPT Logistics (SSL), CARE has
combined the business and financial profile of SSL and Sri
Sendrayaperumal Transports (SST; rated 'CARE B+'), as both the
entities have common management and are engaged in the similar
nature of operations.

The rating assigned to the bank facilities of SST is constrained
by the modest scale of operations, highly leveraged capital
structure, weak liquidity position and the risk associated with
the proposed capex. The rating is also constrained by SST's
presence in the working capital intensive and fragmented logistics
industry with presence of many small operators.

The rating, however, factors in the more than a decade long
experience of partners in transport services business,
established relationship with reputed customer base, and the
healthy growth in turnover with improvement in profitability.

Going forward, the ability of the firm to increase its scale of
operations, successfully implement the proposed capex, sustain
operating profit margin and improve its capital structure would be
the key rating sensitivities.

SSL was incorporated in January 2013 with an objective to carry
out speed parcel and cargo services as a partnership firm
by Mr P. Maruthavel and his brother Mr P. Jayavel with their
relatives.

SSL currently owns 113 trucks [21 tons -- 59 vehicles (open
trucks), 15 tons -- 29 vehicles (closed ones), 9 tons -- 25
vehicles (closed ones)] being operated across India. Unlike SST,
SSL's containers carry parcels of more than one customer catering
from small traders to large industries. SSL's trucks carry parcel
weighing from as low as 10 kg to 10 tons. SSL has its own
warehouse of 50,000 sq.ft. in Sankari, Tamil Nadu, and rented
warehouse and branches in other locations across India for pickup
and delivery. SSL utilizes medium commercial vehicles to supply
inside the city.

Its group entity SST was incorporated in September 2011 and is
also managed by the same family. SSL is also engaged in the
logistics business.


STALLION ENTERPRISE: CARE Reaffirms B+/A4 Rating on INR5cr Loan
---------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Stallion Enterprise.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long -term/Short-term           5        CARE B+/CARE A4
   Bank Facilities                          Reaffirmed

Rating Rationale

The ratings assigned to the bank facilities of Stallion Enterprise
(SES) continues to remain constrained due to its modest scale of
operations, thin profitability, leveraged capital structure and
weak debt coverage indicators. The ratings further continue to
remain constrained on account of its short track record of
operations in the fragmented and working capital intensive agro
trading industry, constitution as a partnership firm and
susceptibility of margins to foreign exchange fluctuation risk.

The ratings continue to derive strength from the promoters
experience and moderate liquidity position.

The ability of SES to increase its scale of operations with an
improvement in profitability margins along with capital structure
and effectively managing its working capital requirements is the
key rating sensitivity.

Rajkot-based, (Gujarat) SES established in 2012 is a partnership
firm engaged in trading of agricultural commodities like Rice,
Indian Raw Cotton, Maize, Yellow Corn, Millet, Groundnut Kernels,
Hulled Sesame Seeds, Natural White Sesame Seeds, Natural Black
Sesame Seeds, Raw Cashew nut, Wheat and Indian spices. SES is
promoted and managed by Mr Praful Fuletra and Mr Aatman
Bhesdadiya. SES supplies these products to various countries in
Africa, Saudi Arab and Europe with Benin in Africa as its major
export destination.

During FY15 (refers to the period April 1 to March 31), SES
reported a PAT of INR0.01 crore [FY14:INR0.03 crore] on a total
operating income (TOI) of INR9.70 crore [FY14: INR17.80 crore].
Furthermore, during H1FY16 (Provisional), SES achieved a
TOI of INR13.42 crore.


STANLUBES & SPECIALITIES: CARE Cuts Rating on INR4.42cr Loan to B
-----------------------------------------------------------------
CARE revises/reaffirms the ratings to the bank facilities of
Stanlubes & Specialities (India) Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      4.42      CARE B Revised from
                                            CARE B+

   Short-term Bank Facilities     1.00      CARE A4 Reaffirmed

Rating Rationale

The revision in the long-term rating assigned to the bank
facilities of Stanlubes & Specialities (India) Private Limited
(SSPL) was mainly due to decline in operating income and cash
accruals along with deterioration in debt coverage indicators and
liquidity position with elongation of operating cycle during FY15
(refers to the period April 1 to March 31).

The ratings continue to be constrained by relatively modest scale
of operations, moderate profitability, leveraged capital structure
and weak debt protection metrics, susceptibility of margins to raw
material and foreign exchange price fluctuation risk and its
presence in a highly competitive and fragmented industry.

The ratings, however, continue to derive strength from extensive
experience of the promoters in the industry and its reputed client
base.

The ability of the company to improve its overall scale of
operation and profit margins amidst intense competition and manage
its working capital requirement efficiently are the key rating
sensitivities.

Incorporated in 1992, Stanlubes & Specialities (India) Private
Limited (SSPL), is engaged in the business of manufacturing of
industrial greases &oils. The company's product range include
multiple purpose grease, wheel bearing grease, chassis grease,
hydraulic oil, machine oil, tool oils and others.

The company earns majority of the revenue from the domestic market
(forming about 98%) where it sells industrial greases to large
refining companies & lubricant manufacturers. SSPL's major raw
material is base oil which is procured from both, the domestic
(99.60% in FY15) & international markets.

The company's plant is located in Navi Mumbai and it has its
registered office in Mumbai. As per FY15 results (refers to period
April 1 to March 31),SSPL reported total operating income of
INR21.60 crore (vis-a-vis Rs. 25.22 crore in FY14) and net loss of
INR0.08 crore (vis-a-vis net profit of INR0.12 crore in FY14).


SVR INFRATECH: ICRA Suspends 'B' Rating on INR3.50cr Loan
---------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B assigned to the
INR3.50 crore fund based facilities, short term rating of [ICRA]A4
to INR1.65 crore non-fund based facilities and rating of
[ICRA]B/[ICRA]A4 to INR9.85 crore unallocated facilities of SVR
Infratech. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.

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


TANGLING MINI: ICRA Raises Rating on INR19.40cr Loan to B-
-----------------------------------------------------------
ICRA has upgraded its long term rating on the INR20.00 crore fund
based facilities of Tangling Mini Hydel Power Project to [ICRA]B-
from [ICRA]C.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund-Based Limits
   Term Loan             19.40        [ICRA]B-; Upgraded from
                                      [ICRA]C

   Fund-Based Limits
   Unallocated            0.60        [ICRA]B-; Upgraded from
                                      [ICRA]C

The rating upgrade factors in the company's track record of
regular debt servicing, which has been aided by the receipt of
capital subsidy from the Ministry of New and Renewable Energy
(MNRE). Further, the rating also derives comfort from the firm's
off take arrangement with the Himachal Pradesh State Electricity
Board (HPSEB) for a tenure of 40 years, which provides revenue
visibility due to the project's competitive tariffs and limited
demand risks due to energy deficit in North India.

However, the rating continues to be constrained by the limited
cushion available between the cash accruals and debt repayments of
the firm, which renders it vulnerable in any year of weak
generation. The rating also factors in the limited track record of
the promoters in the hydro power sector, as well as the firm's
exposure to hydrological risks as TMHPP is not covered under a
deemed generation clause in case of factors like shortage of water
or loss of generation due to silting, etc.

Going forward, satisfactory hydrology and the ability of the
company to meet the design performance parameters, thereby leading
to a sustained improvement in liquidity, will be the key rating
drivers.

TMHPP is a partnership firm, jointly promoted by Sai Engineering
Foundation and Mr. K.K. Kashyap. The firm operates a 5 Mega Watt
(MW) run of the river hydel power plant on the Tangling Nallah, a
tributary of River Sutlej, in district Kinnaur of Himachal
Pradesh. The plant commenced commercial operations in December
2010. TMHPP has entered into a Power Purchase Agreement (PPA) for
40 years with Himachal Pradesh State Electricity Board (HPSEB) for
sale of power generated from the project at a fixed tariff of
INR2.95 per unit. The project is expected to generate 22.74
Million Units (MU) in a 75% dependable year.

Recent Results
The firm reported a net profit of INR0.88 crore on an operating
income of INR4.42 crore in FY2015 as compared to a net loss of
INR0.73 crore on an operating income of INR3.60 crore in the
previous year.


VIR ELECTRO: ICRA Raises Rating on INR12.50cr Term Loan to B-
-------------------------------------------------------------
ICRA has upgraded the long term rating assigned to the INR2.00
crore cash credit facility, INR12.50 crore term loan facility and
INR5.50 crore unallocated facility of Vir Electro Engineering
Private Limited from [ICRA]D to [ICRA]B-.

                         Amount
   Facilities          (INR crore)   Ratings
   ----------          -----------   -------
   Long term, Fund
   Based-Cash Credit       2.00      [ICRA]B- upgraded from
                                     [ICRA]D

   Long Term, Fund
   Based Term Loan        12.50      [ICRA]B- upgraded from
                                     [ICRA]D

   Long Term Unallocated   5.50      [ICRA]B- upgraded from
                                     [ICRA]D

The revision in rating takes into account regularization of ICRA
rated debt on which company had delayed in the past owing to
liquidity issues and losses in the business. VEE's financial
profile remains stretched owing to leveraged capital structure,
weak debt coverage indicators and stretched liquidity. The ratings
are also constrained because of the modest scale of operations and
vulnerability of margins towards any fluctuation in raw material
prices. ICRA also takes note of the moderate client concentration
risk with top five clients contributing to ~60% of the total
revenues in FY15. Nevertheless, the rating favourably factors in
the long standing experience of the promoters in the metal
fabrication business as well as the established relationship with
reputed customers thus generating repeated business and providing
revenue visibility over the near to medium term.

Incorporated in 1996, VEE is engaged in metal steel fabrication
and galvanization -- primarily for Crompton Greaves Limited, ABB
Limited and Siemens India Limited. Mr. Santosh Dalvi, the director
of the company, oversees the operations of the company. The
company operates through its fabrication and galvanization units
at Ambad and Gonde, Nashik, with a total installed capacity of
2,600 MT per annum.


VESTA EQUIPMENT: CARE Lowers Rating on INR8.50cr Loan to 'D'
------------------------------------------------------------
CARE revises the rating to 'CARE D' to bank facilities of Vesta
Equipment Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      3.45      CARE D Revised from
                                            CARE B+

   Long/Short-term Bank           8.50      CARE D Revised from
   Facilities                               CARE B+/CARE A4

Rating Rationale

The revision in the rating of the bank facilities of Vesta
Equipment Private Limited (VEPL) is on account of delays in debt
servicing by the company resulting from tight liquidity position.
Vesta Equipment Private Limited (VEPL) was incorporated in May
2010 and is promoted by Mr R Balasubramanian and Mr Sam Alumkal
Thampi of Bangalore, Karnataka. The company is engaged in
designing, development and manufacturing of diesel engine driven
portable screw air compressor in technical collaboration with M/s.
Sullair Corporation, USA.

Currently, the company manufactures three kinds of air screw
compressors which are utilized in water well drilling, coal
bed methane drilling, geothermal, underbalanced drilling etc. The
manufacturing unit of the company is situated at Bangalore and has
a capacity to produce 690 units of machines per annum.

Company's operation is working capital intensive owing to
elongated receivables period and inventory holding days. During
FY14 (refers to the period April 1 to March 31), gross current
assets period was 221 days.


WYAN INDUSTRIES: CARE Reaffirms B+ Rating on INR31.19cr LT Loan
---------------------------------------------------------------
CARE reaffirms rating assigned to the bank facilities of Wyan
Industries Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     31.19      CARE B+ Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of Wyan Industries
Private Limited (WIPL) is primarily constrained by small &
fluctuating scale of operations with low profitability margins,
leveraged capital structure & weak coverage indicators and
significant exposure to its group associates in the form of
corporate guarantee given for their banking exposure and
working capital intensive nature of operations. The rating is
further constrained by the raw material price fluctuation risk,
presence of the company in a highly competitive industry and high
dependence on the automobile sector.

However, the rating draws comfort from the experienced promoters
with long track record of operations.

Going forward, the company's ability to increase the scale of
operations with improvement in its profitability margins and
improvement in its capital structure while managing its working
capital requirements shall be the key rating sensitivities.

Sonepat-based (Haryana) WIPL was incorporated in 2004 under the
name of MRA Metal Private Limited and promoted by Mr Somnath
Aggarwal (93.81% shareholding as on March, 31, 2014). In March
2013, the name was changed to WIPL. The company is engaged in
manufacturing of aluminum products. The manufacturing facility of
the company is located in Haryana with an installed capacity of 74
lakh pieces per annum as on April 30, 2015. Apart from the
manufacturing, the company is also engaged in the trading of
aluminum products and rice. The main raw material is aluminum
ingots which are mainly procured from Faridabad (Haryana). The
product finds its application in the manufacturing of automobile
parts.

Kamal International (partnership firm by Mr Somnath Aggarwal and
Ms Anita Aggarwal) is the group associates of WIPL which is
engaged in the trading of scrap and rice.

Performance in FY15 and H1FY16

In FY15 (refers to the period April 1 to March 31), WIPL achieved
a total operating income (TOI) of INR79.11 crore with PBILDT and
profit of INR4.51 crore and INR0.73 crore respectively as against
total operating income (TOI) of INR54.02 crore with PBILDT and
profit of INR3.68 crore and INR0.54 crore in FY14.

The company has achieved total operating income of INR53.51 crore
with PBILDT and PBT (profit before tax) of INR3.65 crore and
INR0.52 crore respectively for H1FY16 (refers to the period
April 1 to September 30) (as per unaudited results).



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


SHINSEI BANK: S&P Raises Rating on Preferred Shares to 'BB'
-----------------------------------------------------------
Standard & Poor's Ratings Services said it has revised its
outlooks on the long-term counterparty credit ratings on Japan-
based Shinsei Bank Ltd. and subsidiary Shinsei Financial Co. Ltd.
to stable from negative.  S&P has affirmed its counterparty credit
ratings on the two entities and S&P's debt rating on the
subordinated debt issued by Shinsei Bank.  At the same time, S&P
has raised by one notch its rating on Shinsei Bank's preferred
shares issued through group subsidiaries to 'BB' from 'BB-'.

The outlook revisions reflect a heightened likelihood that S&P
could raise its assessment of Shinsei Bank's risk position to
adequate from moderate, following the group's initiatives to
streamline its businesses and improve its asset quality.  It has
reduced noncore assets such as securitized products and private
equity investments that were among the main causes of massive
losses in the past.  As a result of the bank's improving risk
management, the bank's businesses and earnings capacity are more
stable than before and complex risky assets have been decreasing.
However, Shinsei Bank's exposures to structured finance, partly
through its real estate-related lending (including nonrecourse
loans), and unsecured loans to individuals are high among Japanese
peers.  Therefore, its performance is susceptible to economic and
market conditions, in S&P's opinion.

The stable outlook incorporates S&P's opposing views on Shinsei
Bank: Without taking into account the downward pressure that S&P
sees on its anchor for banks operating primarily in Japan, S&P
could revise upward the bank's stand-alone credit profile (SACP;
our assessment of the group credit profile excluding the
likelihood of extraordinary support); at the same time, the
outlook reflects this downward pressure on the anchor, which is
the starting point for S&P in determining the SACP.  S&P sees at
least a one-in-three chance that we could upgrade Shinsei Bank in
the next two years.  That could happen if S&P determines that the
bank -- through its own initiatives to stabilize its businesses
and earnings -- will likely at least maintain its loss experience
at about the industry's average level during both normal and
stressed economic periods.  However, S&P also sees the same chance
that it could revise its SACP on Shinsei Bank downward, which
would lead to a downgrade, if S&P was to lower the anchor.  S&P
believes its 'a-' anchor for banks operating primarily in Japan is
under pressure because S&P considers Japan's economic risk in its
banking sector to be on a negative trend.  Nevertheless, the
affirmations of S&P's ratings on Shinsei Bank reflect S&P's view
that its assessments of other factors that could affect the SACP
on the bank are relatively stable.

S&P may consider upgrading Shinsei Bank if S&P revises its SACP
for the bank upward by one notch, which may occur if S&P revises
its assessment of the bank's risk position.  Conversely, S&P may
downgrade Shinsei Bank if S&P come to believe the economic risk in
Japan's banking sector has risen before S&P raises its assessment
of the bank's risk position, and S&P revises its SACP on the bank
downward as a result of a lowered anchor for Japanese banks.

The stable outlook on S&P's rating on Shinsei Financial reflects
the outlook on the parent, Shinsei Bank.  S&P regards Shinsei
Financial as a highly strategic subsidiary of Shinsei Bank.
Therefore, S&P assigns Shinsei Financial a long-term counterparty
credit rating that is one notch lower than the SACP on Shinsei
Bank.  The ratings and outlook on Shinsei Financial will move in
tandem with any revision to the SACP on Shinsei Bank.  S&P may
also change the ratings on Shinsei Financial if S&P reviews and
change its assessment of its status within the Shinsei Bank group.
However, S&P currently views this as an unlikely scenario.

S&P sees a reduced possibility that payments on Shinsei Bank's
preferred shares issued through group subsidiaries will face any
legal or regulatory constraints.  This is because Shinsei Bank has
been booking profits in recent years, allowing it to accumulate
distributable earnings.  Accordingly, S&P no longer applies the
additional one-notch deduction on the preferred shares, which it
had applied on top of the standard notching for Basel II Tier 1
preferred shares.  As a result, the deduction of notches has
narrowed to three from four, leading to a one-notch upgrade of the
preferred shares.

RATINGS LIST

Ratings Affirmed/Outlook Action
                               To               From
Shinsei Bank Ltd.
  Counterparty credit rating   BBB+/Stable/A-2  BBB+/Negative/A-2
  Perpetual subordinated       BB+              BB+

Shinsei Financial Co. Ltd.
  Counterparty credit rating   BBB-/Stable/A-3  BBB-/Negative/A-3

Upgraded
Shinsei Bank Ltd.
  Preferred shares               BB             BB-


TOSHIBA CORP: Plans to Slash 7,800 Jobs
---------------------------------------
The Associated Press reports that Toshiba Corp said on Dec. 21 it
plans to cut 7,800 jobs, mostly in its consumer-electronics
business, as it reorganizes in the face of projected record losses
for the current fiscal year.

According to the report, the Japanese conglomerate has been
struggling with the aftermath of a major accounting scandal,
compounded by troubles in nuclear energy and losses in the
business that makes personal computers, TVs and consumer
appliances.

AP relates that the job cuts will affect about 30% of the
consumer-electronics business and represent about 3 percent of
Toshiba's overall employees.

Toshiba said it is also selling its TV manufacturing plant in
Indonesia and will sell or seek outside investors for a division
that makes electronics for health care, AP relays.

Despite its well-known brand, Toshiba has struggled to
differentiate its products in consumer electronics. Its television
business faces stiff competition from low-cost Chinese
manufacturers and high-end Korean brands, while demand for
personal computers has been falling worldwide, AP says.

According to AP, Toshiba is also wrestling with costs from
decommissioning the Fukushima Daiichi nuclear power plant, which
went into meltdown after the March 2011 tsunami. Toshiba said it
had not yet fully calculated the impact of the nuclear disaster on
its books, the report states.

AP relates that analysts said the company has been looking to sell
or restructure several businesses to generate more money for its
mainstay memory-chip business. That's one of the company's
strongest divisions but requires ongoing investment to keep pace
with technological changes.

The chip business faces "intense global competition and increasing
price pressures," AP says citing a recent report from Moody's.

Research firm IHS said Toshiba is the world's second-largest maker
of "flash" memory chips, behind Samsung, but its sales declined
slightly last year, according to the report.

AP says the company projected a loss of JPY550 billion for the
fiscal year through March 2016. That means Toshiba is sinking into
its second straight year of loss, after racking up a loss of
nearly 38 billion yens for the previous fiscal year. Japanese
media reports said the latest loss forecast would be a record for
Toshiba, surpassing the massive losses during the Lehman financial
crisis, the report states.

AP adds that the company said its job cuts in Japan will come
through early retirements, but a significant number of overseas
jobs will also be involved and steps will vary by each nation. The
cuts involve about 6,800 jobs in the consumer electronics, or
"lifestyle," segment and another 1,000 positions from Toshiba's
corporate staff, the report discloses.

According to the report, Toshiba said its global PC business will
focus on selling to big corporations that buy computers for their
workers, although it will continue marketing to individual
consumers in the United States and Japan. Analysts said the
corporate PC market worldwide has not sagged as much as demand for
consumer PCs.

AP says the company also plans to cut back further on TV
manufacturing, while seeking more deals to license the Toshiba
brand to outside manufacturers. Toshiba already does this for TVs
sold in North America and Europe. IHS analyst Paul Gagnon said
it's a growing trend among Japanese electronics companies, which
are struggling against Chinese and Korean competitors, adds AP.

                        About Toshiba Corp.

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

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

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

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

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

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



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


707 TRAVEL: Falls Into Receivership
-----------------------------------
Cliff Sanderson at Dissolve.com.au reports that 707 Travel
Services has fallen into receivership after it failed to meet its
financial obligations. A receiver has been appointed by DBS Bank
to settle the loans of 707 by taking control of its assets, the
report says.

707 Travel Services offers coach tours to Malaysia. The company
claims to be the first travel agency from Singapore to operate
Genting Highlands daily tours. Dissolve.com.au says the 2013
closure of the Genting Theme Park for renovation badly impacted
the company. Earlier, it was reported that integrated resorts'
opening was also a factor, the report notes.


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



* FTC Fines Six Conglomerates for Regulatory Filing Violations
--------------------------------------------------------------
Yonhap News Agency reports that South Korea's antitrust watchdog
said Dec. 22 it has slapped a combined KRW1.54 billion (US$1.3
million) fine on six conglomerates for breaking regulatory filing
rules as the country moves to better protect the rights of
shareholders.

Yonhap relates that the action by the Fair Trade Commission (FTC)
comes after a three-year probe that kicked off in April 2012,
which checked the practices of the country's largest business
groups.

According to the report, the FTC said 28 affiliates belonging to
six conglomerates failed to complete or delayed filings related to
large scale intra-group transactions that must be reported to all
shareholders. Some companies have been found to have skipped the
voting process with their boards of directors.

Under South Korean law, companies belonging to conglomerates
barred from cross-unit investments must report all deals with
other affiliates if the sum exceeds KRW5 billion, according to
Yonhap. This cover flows of funds, assets and stocks as well as
trading in goods and services.

Yonhap says the six business groups are OCI, Dongbu, Kumho Asiana,
Hyosung, Daelim and Young Poong.

"Companies penalized were found to have not made regulatory
filings, or delayed the mandatory process," the report quotes the
FTC as saying. "Others failed to go through the proper voting
procedures by their respective boards."

Among the offenders, chemical company OCI has been slapped with a
KRW992 million fine and Dongbu must pay KRW293 million, the report
discloses.

Yonhap adds that the corporate regulator said its latest move will
get companies to follow rules designed to keep stockholders
informed and enhance overall corporate transparency. It said
authorities will continue to check if companies adhere to
regulatory filing rules in the future, Yonhap reports.


                             *********

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

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

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


                            *********


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

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

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

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

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



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