TCRAP_Public/151229.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

          Tuesday, December 29, 2015, Vol. 18, No. 255


                            Headlines


A U S T R A L I A

ATLAS IRON: S&P Lowers CCR to 'CC'; Outlook Negative
CHERIES PIES: First Creditors' Meeting Set For Jan. 7
HOYTS GROUP: S&P Withdraws 'B' Issuer Credit Rating
INFA PRODUCTS: First Creditors' Meeting Set For Jan. 7
SUBURBAN SYSTEMS: First Creditors' Meeting Set For Jan. 7

TITAN ENERGY: Placed Into Administration


C H I N A

* CHINA: Bad Bank Sells Stake With View to IPO


I N D I A

A-1 LAUNDRY: CRISIL Suspends 'D' Rating on INR85MM Term Loan
ADITYA CONSTRUCTIONS: ICRA Assigns B/A4 Rating to INR10cr Loan
AEROLAM INSULATIONS: CRISIL Suspends B+ Rating on INR37MM Loan
AKASH PET: CARE Assigns B+ Rating to INR13.56cr LT Loan
AMITH CASHEW: CRISIL Assigns B+ Rating to INR35MM Pledge Loan

ASIAN INSTITUTE: ICRA Assigns B+ Rating to INR13.25cr LT Loan
AVADH COTTON: ICRA Reaffirms 'B' Rating on INR4.50cr Loan
BEE KAY: CRISIL Lowers Rating on INR80MM Cash Loan to 'C'
DHARMARATHINA TEXTILE: CRISIL Suspends B Rating on INR96MM Loan
EDIMANNICKAL FASHION: CRISIL Reaffirms B+ Rating on INR100M Loan

EVEREST HOLOVISIONS: CARE Reaffirms B+ Rating on INR4.39cr Loan
GHATGE PATIL: CARE Assigns 'D' Rating to INR7.50cr LT Loan
GOVIND RUBBER: CRISIL Cuts Rating on INR401.8MM Cash Loan to D
GURU KIRPA: CRISIL Assigns 'B' Rating to INR60MM Cash Credit
HALDIA NIRMAN: CRISIL Reaffirms B Rating on INR56.5MM Loan

IMPEX FERRO: ICRA Cuts Rating on INR123.24cr Term Loan to D
JINDAL TIMBER: ICRA Suspends B+ Rating on INR16cr Loan
K.S. COT: CARE Reaffirms 'B' Rating on INR0.12cr LT Loan
K. S. COTEX: CARE Reaffirms 'B' Rating on INR0.58cr LT Loan
KALPAKA TRANSPORT: CRISIL Reaffirms B Rating on INR90MM Loan

KERALA TRANSPORT: CRISIL Reaffirms 'B' Rating on INR290MM Loan
KUJJAL BUILDERS: CARE Lowers Rating on INR150cr LT Loan to 'D'
LANCO VIDARBHA: CARE Assigns 'D' Rating to INR9,614cr LT Loan
M S AHUJA: ICRA Reaffirms 'B' Rating on INR5.0cr Cash Loan
M V ALLOYS: ICRA Suspends B+ Rating on INR7.82cr Loan

MALT COMPANY: ICRA Lowers Rating on INR15cr LT Loan to B+
MANIKANTA COTTON: ICRA Upgrades Rating on INR12.50cr Loan to B
NILKANTH CHAWAL: CARE Lowers Rating on INR5.07cr LT Loan to D
PMV MALTINGS: ICRA Raises Rating on INR80MM Term Loan to B+
PRASADHINI ENTERPRISES: CARE Rates INR12cr Term Loan at B+

PRERNA SERVICES: CARE Assigns B+ Rating to INR5.5cr LT Loan
RAJASTHAN TUBE: ICRA Lowers Rating on INR20cr Loan to B+
RAJASTHAN VIKAS: ICRA Reaffirms B Rating on INR25cr Loan
REVIVE CONSTRUCTION: CRISIL Suspends 'B' Rating on INR100M Loan
SAKA EMBROIDERY: CRISIL Suspends B Rating on INR50MM Term Loan

SEPCON SYSTEMS: CRISIL Assigns B+ Rating to INR31MM Cash Loan
SHIV CARRIERS: CRISIL Assigns 'B' Rating to INR125MM Term Loan
SHIVAM ENTERPRISE: CRISIL Reaffirms B+ Rating on INR80MM Loan
SHREE BHAWANI: CARE Assigns B+/A4 Rating to INR13.50cr Loan
SHREE MAHAVIR: CRISIL Assigns 'B+' Rating to INR120MM Cash Loan

SIDDHI VINAYAK: CARE Reaffirms B+ Rating on INR6.50cr LT Loan
SILVERLINE ELECTRICALS: CRISIL Reaffirms B+ Rating on INR30M Loan
SITARAM HISSARIA: CRISIL Assigns 'B' Rating to INR60MM Loan
SKS POWER: CARE Reaffirms 'D' Rating on INR4,301.89cr Loan
SRI SAI: CRISIL Cuts Rating on INR100MM LT Loan to 'B-'

SRI MUTHUMARI: CRISIL Assigns 'D' Rating to INR70MM Term Loan
SURGICION MEDEQUIP: CARE Assigns 'D' Rating to INR5cr LT Loan
TAN SINGH: CRISIL Assigns 'B' Rating to INR120MM Overdraft Loan
THOUSU PERIYAKKAL: CRISIL Reaffirms 'D' Rating on INR189.4MM Loan
TULSI DEVI: CARE Assigns B+ Rating to INR1.86cr LT Loan

VASUNDHARA DEVELOPERS: ICRA Assigns B Rating to INR10cr Loan
VATSHAL INDUSTRIES: ICRA Suspends 'B' Rating on INR5.11cr Loan
VIKAS COTTON: CRISIL Reaffirms 'B' Rating on INR85MM Cash Loan


J A P A N

SHARP CORP: Hon Hai Willing to Buy Firm Provided Top Mgt Revamped


N E W  Z E A L A N D

HONEYPOT CAFE: In Administration, Owes NZ$250,000
TE AUPOURI: Inquiry Confirms Board Was Insolvent


X X X X X X X X

* BOND PRICING: For the Week Dec. 21 to Dec. 25, 2015


                            - - - - -


=================
A U S T R A L I A
=================


ATLAS IRON: S&P Lowers CCR to 'CC'; Outlook Negative
----------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term corporate
credit rating on Atlas Iron Ltd. to 'CC' from 'CCC+'.  The outlook
is negative.  At the same time, S&P lowered the rating on the
company's senior secured notes to 'CC' from 'CCC+'.  The recovery
rating remains unchanged at '4'.

"We lowered the rating on Atlas Iron because we view the company's
signed restructuring support agreement with its lenders of the
term loan B (TLB) as a distressed debt exchange equivalent to a
de-facto default," said Standard & Poor's credit analyst May
Zhong.

Under the agreements, Atlas Iron will pay down the TLB by an
aggregate amount of US$10 million and issue shares and options to
the TLB lenders in exchange for the TLB lenders retiring
US$132 million of the TLB debt.  Should the restructure be
successfully implemented, Atlas Iron will reduce its term loan
debt from US$267 million to US$135 million; extend the maturity
date to April 2021, from December 2017; and will incur lower
interest rates than those in the original terms and conditions.

In accordance with S&P's criteria for distressed debt exchange,
S&P believes that, in the absence of an agreement with the
lenders, there was a realistic possibility of a conventional
default on the senior secured notes over the near to medium term.
This is because Atlas Iron's mines could struggle to remain cash
flow positive under the challenging industry conditions.  In S&P's
view, despite the company's continued efforts to reduce its
operating costs, the rapid fall in iron ore prices since October
2015 could outweigh the benefits of the company's innovative
collaboration agreement with its contactors.  S&P estimates that
Atlas Iron is currently drawing down cash to fund its operations.
Should this trend continue, the miner may struggle to service its
debt over the next 12 months.

S&P believes that Atlas Iron will benefit from a lower interest
expense and leverage once the agreeement is implemented.  However,
key to its viability is the timing of the recovery in iron ore
prices and the company's liquidity position.

Ms. Zhong added: "The negative outlook reflects the likelihood
that we will lower the rating to 'SD' (selective default) once
Atlas Iron's proposed transaction with its lenders is completed.
We will then review Atlas Iron's credit profile after taking into
account the oulook for the iron ore industry, as well as the
company's debt level, further efforts to reduce its production
costs, and liquidity level."


CHERIES PIES: First Creditors' Meeting Set For Jan. 7
-----------------------------------------------------
Christopher Darin and Nicholas Malanos of Worrells were appointed
as administrators of Cheries Pies Pty Ltd on Dec. 23, 2015.

A first meeting of the creditors of the Company will be held at
the Meeting Room, Worrells, Suite 1, Level 15, 9 Castlereagh
Street, in Sydney, on Jan. 7, 2016, at 11:30 a.m.


HOYTS GROUP: S&P Withdraws 'B' Issuer Credit Rating
---------------------------------------------------
Standard & Poor's Ratings Services said that it had withdrawn its
'B' issuer credit rating on Hoyts Group Holdings LLC.  This rating
withdrawal follows the repayment of all of the group's outstanding
rated debt issues from proceeds of a new debt facility.  At the
time of withdrawal, the outlook on the long-term rating was
positive, reflecting the group's strong free cash flow generation
and improving financial profile.


INFA PRODUCTS: First Creditors' Meeting Set For Jan. 7
------------------------------------------------------
Christopher Damien Darin and Nicholas Malanos of BRI Ferrier were
appointed as administrators of Infa Products Pty Ltd on Dec. 23,
2015.

A first meeting of the creditors of the Company will be held at
BRI Ferrier, Level 30, Australia Square 264 George Street, in
Sydney, on Jan. 7, 2016, at 10:00 a.m.


SUBURBAN SYSTEMS: First Creditors' Meeting Set For Jan. 7
---------------------------------------------------------
Jonathan Paul McLeod of McLeod & Partners was appointed as
administrator of Suburban Systems Pty Ltd, formerly known as
Centenary Accounting Pty Ltd and Centenary Accounting, on Dec. 23,
2015.

A first meeting of the creditors of the Company will be held at
McLeod & Partners, Hermes Building, Level 1, 215 Elizabeth Street,
in Brisbane, Queensland, on Jan. 7, 2016, at 10:00 a.m.


TITAN ENERGY: Placed Into Administration
----------------------------------------
Cliff Sanderson at Dissolve.com.au reports that Titan Energy
Services Ltd has been placed into administration. Joanne Dunn and
Stefan Dopking of FTI Consulting were appointed administrators of
the company on Dec. 21, 2015, the report discloses.

According to the report, the company tried to sell assets and
raise funds, but was unsuccessful. In recent years, its losses
mounted and it attempted to rein in costs reducing its workforce
from 230 to 48 in November, Dissolve.com.au reports.

Titan Energy Services offered resources-camp accommodation and
drilling services.



=========
C H I N A
=========


* CHINA: Bad Bank Sells Stake With View to IPO
-----------------------------------------------
Grace Zhu at The Wall Street Journal reports that China Great Wall
Asset Management Corp. said on Dec. 22 that two state entities
will become investors and that it will seek more investors to pave
the way for an eventual initial public offering.

The Journal relates that the asset-management company -- one of
four Chinese financial institutions known as "bad banks" for
buying up sour loans -- said China's National Social Security Fund
and China Life Insurance will buy unspecified stakes in the firm.
It didn't disclose details. The moves will dilute the ownership of
China's Ministry of Finance, which currently holds 100% of its
stake, the Journal says.

According to the Journal, China Great Wall said it plans to
attract five to eight more strategic investors by June 2017, who
together will hold a 20% stake. The moves will pave the way for an
IPO that it hopes will take place both at home and abroad.

The Journal says Beijing set up four state-owned asset-management
companies in the 1990s to help resolve some CNY1.3 trillion
($200.72 billion) of bad debt from the nation's state banks. The
four have since moved to buy bad debt from other types of Chinese
companies.

Two of the bad banks -- China Cinda Asset Management Co. and China
Huarong Asset Management Co. -- have finished their share listings
in Hong Kong as the cooling economy in recent years has fueled a
surge in bad assets, the report relates.

The Journal adds that China's bad banks make money from distressed
assets by buying them at a discount from the country's banks and
other companies, and then restructuring the debt or recovering
cash from the borrowers.



=========
I N D I A
=========


A-1 LAUNDRY: CRISIL Suspends 'D' Rating on INR85MM Term Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
A-1 Laundry Services (ALS).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         8        CRISIL D
   Cash Credit            5        CRISIL D
   Proposed Long Term
   Bank Loan Facility     7        CRISIL D
   Term Loan             85        CRISIL D

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

ALS, set up in 2010, is a Mumbai-based joint venture firm promoted
by three partners: All Services Global Pvt Ltd, Key Engineers &
Developers Pvt Ltd, and Tesla Environmental Engineering Service
Pvt Ltd. The firm, which commenced operations in April 2013,
provides laundry services for the Central Railway.


ADITYA CONSTRUCTIONS: ICRA Assigns B/A4 Rating to INR10cr Loan
--------------------------------------------------------------
ICRA has assigned the long-term rating of [ICRA]B and short-term
rating of [ICRA]A4 to the INR10 crore unallocated limits of Aditya
Constructions.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Unallocated Limits    10.00       [ICRA]B/[ICRA]A4 assigned

The assigned rating is constrained by the weak financial profile
of the company, characterized by modest scale of operations
despite significant growth in FY15, thin profit margins and cash
accruals with low margin trading business dominating the revenue
mix. ICRA takes a note of the high execution risk involved on the
back of significantly higher order book in comparison to current
scale of operations of the construction division. ICRA also notes
the high order book concentration with the entire order book for
the construction division consisting of a single customer and
anticipated increase in debt levels to fund the working capital
requirements of construction division which could stretch the
capital structure and coverage indicators in the near term.
The ratings, however, draw comfort from the long standing
experience of AC's promoters in the field of steel trading and
execution of civil construction works.

Going forward, ability of the company to scale up its operations
by timely execution of current orders, improve profitability and
effectively manage its working capital requirements will be the
key rating sensitivity from credit perspective.

Aditya Constructions was established in 2012 as a proprietorship
concern and is engaged in trading of Steel, Granite processing and
trading and also execution of construction projects under the
capacity of sub-contractor. Mr. Ramesh Reddy is the Proprietor of
the firm. Mr. Reddy is a B.Tech graduate and has prior experience
of 15 years in the same field. In FY15, Steel Trading contributed
about 80% to the entire revenues while Granite trading and job-
works and Construction contributed 10% each towards the total
revenues.

Recent Result

According to audited FY2014 results, the firm recorded an
operating income of INR12.26 crore with a net profit of INR0.13
crore. As per provisional FY2015 numbers, the firm estimates an
operating income of INR62.38 crore with a net profit of INR0.28
crore.


AEROLAM INSULATIONS: CRISIL Suspends B+ Rating on INR37MM Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Aerolam
Insulations Pvt Ltd (AIPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            37       CRISIL B+/Stable
   Term Loan              36       CRISIL B+/Stable

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

AIPL, incorporated in 2011, was established by Patel family of
Ahmedabad (Gujarat). The company manufactures reflective roof
insulation and air bubble insulation material.


AKASH PET: CARE Assigns B+ Rating to INR13.56cr LT Loan
-------------------------------------------------------
CARE assigns 'CARE B+' ratings to the bank facilities of Akash Pet
Containers Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     13.56      CARE B+ Assigned

Rating Rationale

The ratings assigned to the bank facilities of Akash Pet
Containers Private Limited (APC) are constrained by the nascent
stage of operations, concentrated customer base and thin PAT
margin. The ratings are also constrained by the weak gearing and
coverage indicators and long operating cycle due to high inventory
levels.

The ratings, however factor in the three decade long experience of
the promoters in the packaging industry and established
relationship with customers.

Going forward, ability of the company to effectively utilize the
capacity being put up towards increasing the scale of operations,
prudently manage its raw material price risk and working capital
requirements would be the key rating sensitivities.

Akash Pet Containers Private Limited (APC) was incorporated in
2011 by Mr D Manickasundaram, Managing Director along with his
sister Ms A Indira with the objective of manufacturing PET
(Polyethylene terephthalate) bottle and its aluminium caps. APC
was established as MRVS Pet Containers Private Limited and
subsequently the name was changed in October 2013. APC
manufactures PET bottles of various size such as  180ml, 500ml,
750ml, 1litre, 2litre etc. which are used in the liquor industry.
APC commenced its aluminum caps production from April 2015. APC
has an installed capacity to manufacture 180 tons of PET bottles
per month and 35 tons of aluminium caps per month as of July 31,
2015.

APC has achieved a PAT of INR0.03 crore on a total operating
income of INR8.97 crore in FY15 (provisional, refers to the
period April 1 to March 31) as compared with a PAT of INR0.01
crore on a total operating income of INR5.54 crore in FY14.


AMITH CASHEW: CRISIL Assigns B+ Rating to INR35MM Pledge Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities Amith Cashew Industries (ACI).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Proposed Long Term
   Bank Loan Facility     3.2      CRISIL B+/Stable
   Pledge Loan           35        CRISIL B+/Stable
   Cash Credit           25        CRISIL B+/Stable
   Long Term Loan         6.8      CRISIL B+/Stable

The rating reflects the firm's modest scale of operations in the
intensely competitive cashew industry, and below-average financial
risk profile because of a small networth and below-average debt
protection metrics. These rating weaknesses are partially offset
by the extensive experience of ACI's partners in the cashew
processing industry.

Outlook: Stable

CRISIL believes ACI will continue to benefit over the medium term
from its partners' extensive industry experience. The outlook may
be revised to 'Positive' in case of a significant increase in
revenue and profitability, resulting in an improved financial risk
profile. Conversely, the outlook may be revised to 'Negative' in
case of lower-than-expected revenue and profitability, substantial
debt-funded capital expenditure, or significant withdrawals by
partners, leading to weakening of the financial risk profile.

Set up in 2009 as partnership firm, ACI processes raw cashew nuts
and sells cashew kernels. The firm market its products  under the
'OM Cashews' brand. The firm, based in Udupi (Karnataka), is
promoted by the Pai family. Operations are managed by Mr. Paladka
Shankar Pai and his son Mr. Amith Pai.


ASIAN INSTITUTE: ICRA Assigns B+ Rating to INR13.25cr LT Loan
-------------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B+ to the INR13.25
crore long-term loans of Asian Institute of Oncology Private
Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long-term fund
   based limits          13.25        [ICRA]B+ assigned

The rating assigned takes into consideration the limited track
record of operations of the company and the long gestation period
associated with recently established hospital projects, the low
bed occupancy levels and the stiff competitive pressures exerted
by reputed players in the region of operations of the company. The
rating is further constrained by the weak financial profile, as
evinced by the net losses, stretched capital structure and weak
coverage indicators. The ability of the company to commercialise
the indigenous facility within estimated timelines, achieve
adequate occupancies and per bed revenues will be key rating
sensitivities.

The rating however, draws comfort from the association with a
reputed body of oncology experts with a vast experience in the
field and he support extended by way of availability of leased
infrastructure facility to the project in the initial years of
operations. The rating also takes into consideration the healthy
revenues recorded by the company in the first full year of
operations in FY2015. The revenues have further grown by ~35%
(annualised; provisional) during H1 FY2016, accompanied by
improved profitability levels and net cash accruals.

The Asian Institute of Oncology Private Limited (AIOPL) was
instituted by a collaboration between the Asian Institute of
Oncology (AIO) and Somaiya Ayurvihar. AIO is an association of 25
doctors (including Dr. S.H. Advani. Dr. R.K. Deshpande, Dr. Deepak
Parikh and others), who specialise in the field of oncology. The
Association was born in 2002 in the Wellspring Clinic Piramal
Complex (Mumbai) and has collaborated with the S.L. Raheja
Hospital (associated with Fortis Healthcare Limited), before
shifting the base of operations to Somaiya Ayurvihar.

The company is currently operating out of a leased facility at
Somaiya Ayurvihar, which is equipped with ~80 beds. An indigenous
facility for ~200 beds is planned to be constructed in an adjacent
plot at Sion, Mumbai, which is expected to be commercialised by
FY2017.

Recent Results

During the 12-month period ending March 31, 2015, the company has
reported net losses of INR4.37 crore on an operating income of
INR30.64 crore (provisional). During the 12-month period ending
March 31, 2014, the company has reported a net loss of INR4.55
crore on an operating income of INR10.97 crore.

During the 6-month period ending September 30, 2015, the company
has reported net losses of INR0.31 crore on an operating income of
INR20.83 crore (provisional).


AVADH COTTON: ICRA Reaffirms 'B' Rating on INR4.50cr Loan
---------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B to the INR4.50
crore cash credit cum ODBD (Overdraft against Book Debt) facility
and the INR1.43 crore term loan facility of Avadh Cotton
Industries- Jamnagar.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based Cash
   Credit cum ODBD       4.50         [ICRA]B reaffirmed

   Fund Based Term
   Loan                  1.43         [ICRA]B reaffirmed

The reaffirmation of the rating continues to factor in Avadh
Cotton Industries' (ACI) modest scale and limited track record of
operations and financial profile characterized by modest
profitability and stretched capital structure due to recently
incurred debt funded capex and reliance on external working
borrowings. ICRA also takes note of the highly competitive and
fragmented industry structure with limited value additive nature
of operations, which leads to pressure on profitability. The
rating further incorporates the vulnerability of margins to
adverse movements in agricultural produce prices due to the
current low prices on account of slow cotton demand in market.
Also, being a partnership firm, any substantial withdrawal by the
partners can have an adverse impact on the capital structure of
the firm.

The rating, however, continues to factor in the favorable location
of the firm giving it easy access to high quality raw cotton.

Avadh Cotton Industries was established in January 2014 as a
partnership firm by Mr. Rohitbhai Sitapara and five other
partners. The firm is engaged in the ginning and pressing of raw
cotton. In December 2014, the firm commenced ginning operations.
The operations of the firm are managed by Mr. Shaileshbhai
Chikani, Mr. Rashikbhai Vaishnav and Mr. Rohitbhai Sitapara. The
manufacturing plant of the firm is situated at Moti Banugar,
District Jamnagar in Gujarat. It is equipped with 24 ginning
machines and one pressing machine with an installed capacity to
produce 225 cotton bales per day (24 hours operation).

Recent Results

In FY15, the firm reported an operating income of INR21.51 crore
and net profit of INR0.17 crore.


BEE KAY: CRISIL Lowers Rating on INR80MM Cash Loan to 'C'
---------------------------------------------------------
CRISIL has downgraded the ratings on the bank facilities of
Bee Kay Precision India Private Limited (Bee Kay Precision) to
'CRISIL C/CRISIL A4' from 'CRISIL BB/Stable/'CRISIL A4+'.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         10       CRISIL A4 (Downgraded from
                                   'CRISIL BB/Stable')

   Cash Credit            80       CRISIL C (Downgraded from
                                   'CRISIL BB/Stable')

The rating downgrade reflects weakening in liquidity of Bee Kay
Precision marked by instances of delay in servicing its debt
obligations. CRISIL believes that the liquidity will remain weak
over the medium term.

The rating reflects Bee Kay Precision's modest scale of operations
in a fragmented industry and its working-capital-intensive
operations. These rating weaknesses are partially offset by
promoters' funding support and their extensive experience in the
manufacturing industry.

Bee Kay Precision was originally established as a proprietorship
concern in Kanpur (Uttar Pradesh). This firm was reconstituted as
a private limited company in 2006. Bee Kay Precision manufactures
sheet metal and machined components.


DHARMARATHINA TEXTILE: CRISIL Suspends B Rating on INR96MM Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Dharmarathina Textile Pvt Ltd (DTPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit             45      CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility      69      CRISIL B/Stable
   Term Loan               96      CRISIL B/Stable

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

DTPL, set up in 2006, derives its revenue from supply of cotton
yarn. Its day-to-day operations are managed by Mr. Dharmarajan and
his son, Mr. D Ravi.


EDIMANNICKAL FASHION: CRISIL Reaffirms B+ Rating on INR100M Loan
----------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Edimannickal
Fashion Jewellery (EFJ) continue to reflect the firm's modest
scale of operations in an intensely competitive gold jewellery
retail segment, and the below-average financial risk profile,
marked by its subdued debt protection metrics.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            100      CRISIL B+/Stable (Reaffirmed)

These rating weaknesses are partially offset by the promoters'
extensive experience in the jewellery industry.
Outlook: Stable

CRISIL believes that EFJ will continue to benefit from the
promoters' extensive industry experience, over the medium term.
The outlook may be revised to 'Positive' if the firm improves its
financial risk profile with sizeable cash accruals. Conversely,
the outlook may be revised to 'Negative' if EFJ's financial risk
profile deteriorates with significantly low revenue or
profitability, and significant debt-funded capital expenditure.

Established in 2012, EFJ retails gold jewellery and operates one
showroom in Kerala. The firm's daily operations are managed by Mr.
E T Jose.

EFJ, reported a provisional profit after tax (PAT) of INR0.8
million on net sales of INR153.6 million for 2014-15 (refers to
financial year, April 1 to March 31), vis-a-vis PAT of INR0.7
million on net sales of INR153.4 million for 2013-14.


EVEREST HOLOVISIONS: CARE Reaffirms B+ Rating on INR4.39cr Loan
---------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Everest Holovisions Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      4.39      CARE B+ Reaffirmed
   Short-term Bank Facilities     0.80      CARE A4 Reaffirmed

Rating Rationale

The ratings assigned to the bank facilities of Everest Holovisions
Limited (EHL) continue to be constrained by the relatively small
scale of operations coupled with low and fluctuating profit
margins and continuous cash losses, leveraged capital structure
and weak debt coverage indicators. The ratings further continue to
be constrained by working capital intensive
nature of operations, presence in fragmented and competitive
holograms industry and susceptibility to raw material price
fluctuation.

The ratings however continue to derive strength from the long and
established track record of EHL with reputed clientele along with
the vast experience of the promoters in the industry and their
demonstrated financial support.

Going forward, ability of the company to increase its scale of
operations along with improving profit margins and capital
structure amidst intense competition and efficiently manage
working capital cycle are the key rating sensitivities.

Established as Ojasmit Holovision Ltd in 1997, Everest Holovision
Ltd (EHL) is an ISO 9001-2000 certified company and an accredited
member of International Hologram Manufacturers Association (IHMA)
and Authentication Solution Providers' Association (ASPA,
erstwhile Hologram Manufacturers Association of India). It is
engaged in manufacturing of holographic solutions (such as
holograms stickers, holographic films, holographic integrated
labels, holographic stamping foils, holographic shrink sleeves,
holographic strip and Holographic wads). EHL procures raw
materials (mainly high quality polyester films, adhesives and
release liner) largely from local suppliers (around 99% of total
purchase in FY15 refers to the period April 1 to March 31) and the
rest through imports.

The company generated around 95% of its revenue from domestic
market during FY15 (vis-a-vis about 90% in FY14), while the
exports accounted for the rest. EHL operates a manufacturing
facility located at Silvasa, having an installed capacity of about
3,150 MTPA and capacity utilization level of around 35% in FY15.
EHL's products find application in diverse fields of printing,
pharmaceuticals, automobile and others for brand establishment;
brand protection and promotion purposes.

During FY15 (refers to the period of April 01 to March 31), the
total operating income of EHL stood at INR17.65 crore (compared to
INR18.21 crore in FY14) while net loss incurred by the entity
stood at INR1.14 crore in FY15 (compared to INR1.32 crore FY14).


GHATGE PATIL: CARE Assigns 'D' Rating to INR7.50cr LT Loan
----------------------------------------------------------
CARE assigns 'CARE D' rating to the bank facilities of Ghatge
Patil Transports Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      7.50      CARE D Assigned
   Short term Bank Facilities     0.06      CARE D Assigned

Rating Rationale

The ratings assigned to the bank facilities of Ghatge Patil
Transports Limited (GPTL) factor in continuous overdrawal in its
cash credit facility on account of the stretched liquidity
position of the company.

GPTL is the flagship company of the Ghatge group and has been
operational since 1958 in the name of Ghatge & Patil (Transports)
Private Limited. During September 2002, the company was converted
into public limited (closely held) and as the name was changed to
'Ghatge Patil Transports Limited'. GPTL is engaged in logistics;
owning fleet of over 360 vehicles with over 300 branches pan
India. Furthermore, under the name of Chetan Motors (Division of
GPTL) the company operates as an authorised auto dealer of
TataMotors Limited (TML).


GOVIND RUBBER: CRISIL Cuts Rating on INR401.8MM Cash Loan to D
--------------------------------------------------------------
CRISIL has downgraded the ratings on the bank facilities of
Govind Rubber Limited (GRL) to 'CRISIL D/CRISIL D' from 'CRISIL B-
/Stable/CRISIL A4'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         35       CRISIL D (Downgraded from
                                   'CRISIL A4')

   Bill Discounting       42.9     CRISIL D (Downgraded from
                                   'CRISIL B-/Stable')

   Bills -- Inland         12.6     CRISIL D (Downgraded from
                                   'CRISIL A4')

   Cash Credit           401.8     CRISIL D (Downgraded from
                                   'CRISIL B-/Stable')

   Letter of Credit      286       CRISIL D (Downgraded from
                                   'CRISIL A4')

   Packing Credit         36       CRISIL D (Downgraded from
                                   'CRISIL A4')

   Proposed Long Term    366.5     CRISIL D (Downgraded from
   Bank Loan Facility              'CRISIL B-/Stable')

   Term Loan             109.2     CRISIL D (Downgraded from
                                   'CRISIL B-/Stable')

   Working Capital       210       CRISIL D (Downgraded from
   Demand Loan                      'CRISIL B-/Stable')

The downgrade reflects instances of delays in servicing term debt
obligations by GRL. The delays have been caused by the company's
weak liquidity marked by insufficient cash accrual to meet debt
obligations.

The ratings also factor in GRL's weak financial risk profile
marked by high gearing and weak debt protection metrics, and
susceptibility of GRL's margins to volatility in raw material
prices. These rating weaknesses are partially offset by the GRL's
established market position coupled with extensive experience of
its promoters in the tyre industry.

GRL, incorporated in 1985, is engaged in manufacturing of tyres
and tubes. The company's business operations are overseen by Mr.
Vinod Poddar. GRL has its manufacturing facilities located at
Ludhiana, Punjab.


GURU KIRPA: CRISIL Assigns 'B' Rating to INR60MM Cash Credit
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Guru Kirpa Agro Industries -- Firozpur (GKAI).

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Warehouse Financing      20       CRISIL B/Stable
   Cash Credit              60       CRISIL B/Stable
   Term Loan                40       CRISIL B/Stable

The rating reflects the firm's modest scale of operations and
susceptibility of its operating profitability to volatility in
paddy prices. The rating also factors in a below-average financial
risk profile because of high gearing and average debt protection
metrics. These rating weaknesses are partially offset by the
partners' extensive experience in the rice industry.

Outlook: Stable

CRISIL believes GKAI will continue to benefit over the medium term
from its partners' extensive industry experience and their funding
support. The outlook may be revised to 'Positive' in case of
substantial improvement in the financial risk profile, driven most
likely by more-than-expected revenue growth leading to high cash
accrual, or capital infusion, along with efficient working capital
management. Conversely, the outlook maybe revised to 'Negative' in
case of lower-than-expected cash accrual, a substantial increase
in working capital requirement, or large debt funded capital
expenditure, further constraining the firm's liquidity.

GKAI was established as a partnership firm in 2013 by Mr. Rajinder
Kumar and seven others. The firm primarily processes basmati and
non-basmati rice at its facilities in Fazilka, Punjab. Its
operations are managed by Mr. Rajinder Kumar, supported by the
other partners.


HALDIA NIRMAN: CRISIL Reaffirms B Rating on INR56.5MM Loan
----------------------------------------------------------
CRISIL's ratings on the bank facilities of Haldia Nirman Projects
Private Limited (HNPPL) continue to reflect the company's small
scale of operations in the highly fragmented civil construction
industry and large working capital requirement.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee          20      CRISIL A4 (Reaffirmed)
   Cash Credit             56.5    CRISIL B/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility      21.8    CRISIL B/Stable (Reaffirmed)
   Term Loan                1.7    CRISIL B/Stable (Reaffirmed)

These weaknesses are partially offset by the extensive experience
of HNPPL's promoter, and moderate order book providing revenue
visibility over the medium term.

Outlook: Stable

CRISIL believes HNPPL will continue to benefit over the medium
term from promoter's extensive industry experience and moderate
order book. The outlook may be revised to 'Positive' if ramp-up of
operations or greater customer diversity strengthens business risk
profile or if liquidity improves through better-than-expected
accrual, efficient working capital management, or capital infusion
by the promoter. Conversely, lower-than-expected accrual, stretch
in working capital cycle, or any large debt-funded capital
expenditure leading to deterioration in liquidity may lead to a
revision in the outlook to 'Negative'.

Promoted by the Kolkata-based Mr. Saroj Kumar Bera in 2004, HNPPL
undertakes civil construction and structural fabrication such as
reservoir construction, civil foundation, housing, and land
development primarily for privates companies. Operations are
managed by promoter-director, Mr. Sourav Kumar Bera.


IMPEX FERRO: ICRA Cuts Rating on INR123.24cr Term Loan to D
-----------------------------------------------------------
ICRA has revised downwards the long-term rating assigned to the
INR23.64 crore term loans, INR123.24 crore working capital term
loans, INR33.28 crore funded interest term loans, INR98.44 crore
fund based limits, INR1.40 crore unallocated limits, and INR10.00
crore bank guarantee limits of Impex Ferro Tech Limited (IFTL) to
[ICRA]D from [ICRA]C.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Term loans            23.64       Downgraded to [ICRA]D
                                     from [ICRA]C

   Working capital
   term loans           123.24       Downgraded to [ICRA]D
                                     from [ICRA]C

   Funded Interest
   Term Loan             33.28       Downgraded to [ICRA]D
                                     from [ICRA]C

   Fund Based Limits     98.44       Downgraded to [ICRA]D
                                     from [ICRA]C

   Letter of Credit      40.00       Downgraded to [ICRA]D
                                     from [ICRA]A4

   Bank Guarantee        10.00       Downgraded to [ICRA]D
                                     from [ICRA]C/[ICRA]A4

   Unallocated Limit      1.40       Downgraded to [ICRA]D
                                     from [ICRA]C

The bank guarantee limits have also been rated on the short term
scale, for which the rating has been revised downwards to [ICRA]D
from [ICRA]A4. The short term rating for the INR40.00 crore letter
of credit facilities of the company has also been downgraded to
[ICRA]D from [ICRA]A4.

The revision in the ratings take into account the recent instance
of devolvement of a Letter of credit (L/C) facility of the
company, and the resulting irregularity in bank payment remaining
uncorrected for a period more than 30 consecutive days. ICRA notes
that IFTL's cash flows are under stress, given the low realization
of the company's products vis-a-vis its cost of production. The
ratings also take into account the adverse financial metrics of
the company as reflected by its loss making nature of operations,
highly aggressive capital structure, and stretched liquidity
position. Additionally, ICRA notes that IFTL's non-integrated
nature of operations exposes the company's margins and cash flows
to the variability in the ferro alloy and raw material prices. The
ratings, however, favorably factor in the experience of the
promoters of the company in the steel and ferro alloys industries,
as well as the company's favorable debt repayment schedule over
the near term, in line with the recently implemented CDR
programme, which is likely to support the liquidity position of
the company going forward. Nevertheless, sizeable debt is required
to be serviced over the medium term.

IFTL, promoted by the SKP group based out of Kolkata, West Bengal,
is engaged in the manufacturing of ferro alloys from its facility
located at Asansol in West Bengal. The company started this
business in 1998 with two furnaces of 3.6 and 5.0 MVA
respectively. Over the years, the company added additional ferro
alloy manufacturing facilities, comprising two 7.5 MVA furnaces
and one 8.25 MVA furnace. In addition, the company had also
commissioned a 30 MW coal based power plant. Apart from
manufacturing ferro alloys, IFTL is also engaged in trading of
iron and steel based products.

Recent results

IFTL had registered a net loss of INR61.44 crore on an operating
income of INR506.69 crore in financial year 2014-15 (FY15) as
compared to a net loss of INR54.85 crore on an operating income of
INR699.30 crore in FY14. As per unaudited financial results, IFTL
has registered a net loss of INR27.06 crore on an operating income
of INR157.53 crore in April-September 2015.


JINDAL TIMBER: ICRA Suspends B+ Rating on INR16cr Loan
------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B+ assigned to
the INR2.00 crore fund based bank facilities and the short term
rating of [ICRA]A4 assigned to the INR16.00 crore non fund based
bank facilities of Jindal Timber & Plywood Private Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund- Based Limits
   Long Term              2.00        [ICRA]B+; Suspended

   Non Fund- Based
   Limits- Short Term    16.00        [ICRA]A4; Suspended

The ratings were suspended due to lack of cooperation by the
client to provide any further information.

JTPPL is a privately owned company that was incorporated in March
2009. Directors of the company are Mr. Ramesh Jain and Mr. Dinesh
Jain. Both the directors are actively engaged in the working of
the business. The company imports timber mainly from Malaysia, New
Zealand, Burma and Germany. The variety of timber that the company
deals in is mainly used in furniture making and light construction
work. The company's head office is located at Karnal (Haryana) and
branch office is located at Gandhidham (Gujarat) and is engaged in
cleaning and sawing of logs to make clean squared timber blocks.
All the sawn timber produced at its Gandhidham (Gujarat) factory
is sold from its office in Karnal in Haryana, and Gandhidham in
Gujarat.


K.S. COT: CARE Reaffirms 'B' Rating on INR0.12cr LT Loan
--------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
K.S. Cot Fiber Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      0.12      CARE B Reaffirmed
   Long-term /Short-term Bank
   Facilities                     7.00      CARE B/CARE A4
                                            Re-affirmed

Rating Rationale

The ratings assigned to the bank facilities of K.S. Cot Fiber
Private Limited (KSCPL) continue to remain constrained on
account of the decline in the total operating income (TOI) coupled
with thin profit margins, leveraged capital structure, weak debt
coverage indicators and elongated working capital cycle. The
rating is further constrained due to susceptibility of profit
margins to cotton price fluctuations, seasonality associated with
the cotton industry and the company's presence in highly
fragmented cotton ginning and pressing industry with limited value
addition resulting into working-capital intensive nature of
operations.

The ratings, however, continue to draw strength from the wide
experience of the partners in the cotton industry and location
advantage in terms of proximity to the cotton seed growing regions
in Madhya Pradesh. The ratings also factor in improvement in
profit margin and capital structure during FY15 (refers to the
period April 1 to March 31).

The ability of KSCPL to increase the scale of operations along
with improvement in profit margins and capital structure
while managing its working capital requirements efficiently are
the key rating sensitivities.

KSCPL was incorporated in June 2008 by Mr. Kailashchandra Agrawal
and Mr. Hemant Kumar Agrawal as a private limited company. KSCPL
is engaged into the business of cotton ginning and pressing. KSCPL
deals in 'Shankar 6' type of cotton which is being sourced through
local farmers from Madhya Pradesh and Maharashtra. KSCPL operates
from its sole manufacturing plant located at Sendhwa (Madhya
Pradesh) which has an installed capacity of 18,900 metric tonnes
per annum (MTPA) as onMarch 31, 2015.

During FY15 (A), KSCPL reported a TOI of INR39.11 crore and PAT of
INR0.18 as against TOI of INR47.83 crore and PAT of INR0.20 crore
during FY14 (A). During 8MFY16 (Provisional), KCIPL has achieved
TOI of around INR15 crore.


K. S. COTEX: CARE Reaffirms 'B' Rating on INR0.58cr LT Loan
-----------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
K. S. cotex (I) Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      0.58      CARE B Reaffirmed
   Long-term /Short-term Bank
   Facilities                     6.74      CARE B/CARE A4
                                            Reaffirmed

Rating Rationale

The ratings assigned to the bank facilities of K. S. Cotex (I)
Private Limited (KCIPL) continue to remain constrained on account
of the weak financial risk profile marked by thin profit margins,
leveraged capital structure and weak debt coverage indicators. The
ratings are further constrained due to susceptibility of profit
margins to cotton price fluctuations, seasonality associated with
the cotton industry and company's presence in highly fragmented
cotton ginning and pressing industry with limited value addition
resulting into working-capital intensive nature of operations.

The ratings, however, continue to draw strength from the wide
experience of the promoters in the cotton industry and location
advantage in terms of proximity to the cotton growing regions in
Madhya Pradesh. The ratings also factor in decline in total
operating income during FY15 (refers to the period April 1to
March 31).

The ability of KCIPL to increase the scale of operations along
with improvement in the profit margins and capital structure
while managing its working capital requirements efficiently are
the key rating sensitivities.

KCIPL was incorporated in April 2011 by Mr Hemant Kumar Agrawal
and Mr Amar Kumar Agrawal as a private limited company with an
objective for setting up of new ginning and pressing unit. KCIPL
deals in 'Shankar 6' type of cotton which is being sourced through
local farmers from Madhya Pradesh as well as Maharashtra. KCIPL
operates from its sole manufacturing plant located at Malkapur
(Madhya Pradesh) with an installed capacity to process. 18,900
metric tones per annum (MTPA) as onMarch 31, 2015.

During FY15 (A), KCIPL reported a TOI of INR27.75 crore and PAT of
INR0.06 as against TOI of INR33.58 crore and PAT of INR0.17 crore
during FY14 (A). During 8MFY16 (Provisional), KCIPL has achieved
TOI of around INR13 crore.


KALPAKA TRANSPORT: CRISIL Reaffirms B Rating on INR90MM Loan
------------------------------------------------------------
CRISIL's rating on the bank facility of Kalpaka Transport Co
Private Limited continue to reflect the group's below-average
financial risk profile because of high gearing and weak debt
protection metrics.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Overdraft Facility      90      CRISIL B/Stable (Reaffirmed)

The ratings also factor in working capital-intensive operations,
and susceptibility to intense competition in the road freight
transport industry. These rating weaknesses are partially offset
by the group's established position in this industry and
diversified customer profile.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of KTC and Kalpaka Transport Company Pvt
Ltd (KTCPL). This is because the two entities, together referred
to as the KTCO group, are in the same line of business, under a
common management, and have significant operational linkages and
fungible cash flows between them.

Outlook: Stable

CRISIL believes the KTCO group will continue to benefit over the
medium term from its promoters' extensive industry experience and
established tie-ups with clients. The outlook may be revised to
'Positive' in case of a significant increase in profitability
supported by improvement in working capital management, leading to
a better financial risk profile. Conversely, the outlook may be
revised to 'Negative' if debt protection metrics deteriorate, most
likely because of lower-than-expected growth in operating revenue,
decline in profit margins, or substantial debt-funded capital
expenditure.

Set up in 1958 and based in Kerala, KTC is a partnership firm set
up by Mr. P V Sami. The firm is managed by Mr. P V Chandran (son
of Mr. P V Sami), his brother, Mr. P V Gangadharan, and grandson,
Mr. P V Nidhish. The firm provides freight transportation services
largely to companies manufacturing fast-moving consumer goods,
automobiles, paints, and tyres, all over India. KTC also owns and
operates two Indian Oil Corporation Ltd (IOCL) fuel bunks in
Kozhikode and provides air cargo clearing and custom house agency
services at the Nedumbassery Airport and Cochin Port, all in
Kerala. Also, it owns some property and has undertaken projects to
build residential flats for sale.

KTCPL, incorporated in 1973, provides freight transportation
services. It also owns and operates one IOCL fuel bunk in
Kozhikode.


KERALA TRANSPORT: CRISIL Reaffirms 'B' Rating on INR290MM Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Kerala Transport
Company (KTC; part of the KTCO group) continue to reflect the
group's below-average financial risk profile because of high
gearing and weak debt protection metrics.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         30       CRISIL A4 (Reaffirmed)

   Cash Credit           290       CRISIL B/Stable (Reaffirmed)

   Long Term Loan         40       CRISIL B/Stable (Reaffirmed)

The ratings also factor in working capital-intensive operations,
and susceptibility to intense competition in the road freight
transport industry. These rating weaknesses are partially offset
by the group's established position in this industry and
diversified customer profile.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of KTC and Kalpaka Transport Company Pvt
Ltd (KTCPL). This is because the two entities, together referred
to as the KTCO group, are in the same line of business, under a
common management, and have significant operational linkages and
fungible cash flows between them.

Outlook: Stable

CRISIL believes the KTCO group will continue to benefit over the
medium term from its promoters' extensive industry experience and
established tie-ups with clients. The outlook may be revised to
'Positive' in case of a significant increase in profitability
supported by improvement in working capital management, leading to
a better financial risk profile. Conversely, the outlook may be
revised to 'Negative' if debt protection metrics deteriorate, most
likely because of lower-than-expected growth in operating revenue,
decline in profit margins, or substantial debt-funded capital
expenditure.

Set up in 1958 and based in Kerala, KTC is a partnership firm set
up by Mr. P V Sami. The firm is managed by Mr. P V Chandran (son
of Mr. P V Sami), his brother, Mr. P V Gangadharan, and grandson,
Mr. P V Nidhish. The firm provides freight transportation services
largely to companies manufacturing fast-moving consumer goods,
automobiles, paints, and tyres, all over India. KTC also owns and
operates two Indian Oil Corporation Ltd (IOCL) fuel bunks in
Kozhikode and provides air cargo clearing and custom house agency
services at the Nedumbassery Airport and Cochin Port, all in
Kerala. Also, it owns some property and has undertaken projects to
build residential flats for sale.

KTCPL, incorporated in 1973, provides freight transportation
services. It also owns and operates one IOCL fuel bunk in
Kozhikode.


KUJJAL BUILDERS: CARE Lowers Rating on INR150cr LT Loan to 'D'
--------------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
Kujjal Builders Pvt Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities       150      CARE D Revised from
                                            CARE BBB- (SO)

Rating Rationale

The revision in the ratings assigned to the bank facilities of
Kujjal Builders Pvt Ltd (KBPL) takes into consideration the
ongoing delays in debt servicing on account of liquidity
mismatches. The rating also factors in the downgrade of Bharat
Hotels Ltd (BHL) to 'CARE D' on account of on-going delays in BHL.

KBPL is a step-down subsidiary (Prime Cellular Limited, a 100%
subsidiary of Bharat Hotels Ltd (BHL) holds 50% shares of KBPL) of
BHL with remaining 50% shares of KBPL being held by other group
company of BHL. KBPL has developed a 179-room 5-star hotel in
Chandigarh under the brand name of 'The Lalit'. The total cost of
project was INR410 crore financed through debt of INR155 crore and
equity of INR80 crore and unsecured loans of INR175 crore. KBPL
has commenced its commercial operations from Q4FY14.


LANCO VIDARBHA: CARE Assigns 'D' Rating to INR9,614cr LT Loan
-------------------------------------------------------------
CARE assigns 'CARE D' ratings to bank facilities of Lanco Vidarbha
Thermal Power Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     9,614      CARE D Assigned

Rating Rationale

The rating of Lanco Vidarbha Thermal Power Ltd takes into account
the ongoing delays by Lanco Vidarbha Thermal Power Ltd (LVTPL) in
servicing its debt obligations.

Lanco Vidarbha Thermal Power Limited incorporated on 23rd February
2005 is promoted by Lanco Group. The company was initially
incorporated as a 'Private Limited' company and later converted
into a 'Public Limited' company on May 10, 2010. LVTPL was
promoted to develop, construct, own and operate a 1,320 MW (2x660
MW) thermal power plant based on domestic coal. The project is
being implemented on super critical technology by way of a turnkey
Engineering, Procurement & Construction (EPC) contract with an
initial estimated project cost of INR6,936 crore to be financed at
a debt to equity ratio of 4:1. The debt portion of INR5,549 crore
is tied up with financing by a consortium of 16 banks/ FIs led by
Punjab National Bank. The construction activities at the Project
started on March 1, 2011 and were progressing satisfactorily until
October 18, 2011 when the project company slowed down all
activities at site subsequent to a court directive in response to
a Public Interest Litigation (PIL) disputing the environment
clearance accorded to the project. Subsequently by May 2013, all
the construction activities were completely stopped. The
environment clearance was then subsequently revalidated vide MoEF
letter dated August 21, 2014. For nearly 2 years the construction
activities were at halt and restarted on April 1, 2015. The above
mentioned reasons and increase in project scope resulted into
increase in project cost to INR10,433 crores from the appraised
cost of INR 6,936 crores resulting in an increase of INR3,497
crore along with shift in COD to September 2017. It is proposed
that this increase will be funded in the debt equity ratio of 4:1.

On the fuel supply arrangements, LVTPL had received two separate
Letters of Assurances (LOA) from South Eastern Coalfields Limited
(SECL) on 26th October 2010 and 11th February 2011 for supply of
2.75 MTPA each aggregating to 5.50 MTPA of grade F coal against
requirement of 6.61 MTPA. The balance fuel shall be sourced
through e-auction from Coal India Limited and its subsidiaries.
For the power offtake, LVTPL has PPA with National Energy Trading
and Services limited (NETS) on February 11, 2011 for sale of 330
MWof power at levelized tariff INR3.25/kWh.


M S AHUJA: ICRA Reaffirms 'B' Rating on INR5.0cr Cash Loan
----------------------------------------------------------
ICRA has reaffirmed its rating of [ICRA]B on the INR8.50 crore
bank facilities of M S Ahuja Agro Foods Private Limited.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit           5.00        [ICRA]B; reaffirmed
   Term Loan             3.50        [ICRA]B; reaffirmed

The rating reaffirmation takes into account the small scale and
limited track record of operations of the company and its high
reliance on debt (including promoter loans) resulting in adverse
capital structure and stretched liquidity. The rating is also
constrained by the vulnerability of the company's profitability to
adverse fluctuations in raw material costs which are subject to
seasonality and crop harvest and the highly competitive nature of
the industry with the presence of a large number of unorganized
players.

The rating, however, derives comfort from the experience of the
promoters in the agricultural industry and the location advantage
of being situated in Punjab with easy availability of paddy and
favourable demand prospects for rice with India being the second
largest producer and consumer of rice. The ability of the company
to ramp up operations profitably, achieve satisfactory capacity
utilisation and sales volumes and manage liquidity will be the key
rating sensitivities.

MSAAF was incorporated in May 2013 to engage in the milling and
sorting of rice to produce raw and parboiled rice at its plant
located in Muktsar, Punjab with a milling capacity of 5 metric
tonnes of paddy per hour (MTPH) and sorting capacity of 4 MTPH.
The company is promoted by the Ahuja family, who have been engaged
in the rice milling and sorting business through an associate
firm, namely Shri Gobind Enterprises (SGE) which is engaged in a
similar line of business since 2012. SGE also has a milling
capacity of 5 MTPH of paddy and sorting capacity of 4 MTPH of
rice. The promoters of the company have been engaged in the agri
inputs business for the last five decades acting as commission
agents (for wheat, paddy, cotton etc) for the farmers in the
surrounding areas.


M V ALLOYS: ICRA Suspends B+ Rating on INR7.82cr Loan
-----------------------------------------------------
ICRA has suspended the [ICRA]B+ rating assigned to the INR7.82
crore limits of M V Alloys. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of the
requisite information from the company.

M V Alloys (MVA) was established in November 2010 as a partnership
firm and is engaged in the manufacturing of mild steel billets
which are used as a raw material by rolling mills for
manufacturing of mild steel bars, angles, beams etc. The firm is
promoted by Mr. Khushnoodraza S Varteji and Mr. Aliraza M.
Varteji. The manufacturing unit is located in Bhavnagar with
installed capacity of manufacturing 17,280 MT of mild steel
billets per annum.


MALT COMPANY: ICRA Lowers Rating on INR15cr LT Loan to B+
---------------------------------------------------------
ICRA has revised its long term rating on the INR17.70 crore
(reduced from INR20.00 crore) fund based facility of The Malt
Company (India) Private Limited to [ICRA]B+ from [ICRA]BB. ICRA
has reaffirmed its short term rating on the INR3.00 crore non-fund
based facility (enhanced from INR2 crore) of the company at
[ICRA]A4. ICRA has also revised its rating on the INR4.30 crore
unallocated limits (reduced from INR30 crore) of MCIPL to
[ICRA]B+/A4 from [ICRA]BB/A4.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Term Loans            2.70        [ICRA]B+;revised from
                                     [ICRA]BB (Stable)

   Fund-based, Long
   term facilities      15.00        [ICRA]B+;revised from
                                     [ICRA]BB (Stable)

   Non-Fund Based,       3.00        [ICRA]A4; reaffirmed
   Short-term facilities

   Unallocated Limits    4.30        [ICRA]B+/A4; revised
                                     from [ICRA]BB (Stable)/A4

In revising the ratings, ICRA has taken a consolidated view of
MCIPL along with PMV Maltings Private Limited (collectively
referred to as the Malt Group), due to the operational and
financial linkages and the common promoters and managements of the
two entities.

The revision in the long term rating takes into account the
deterioration in the company's financial profile as reflected by
fall in operating income along with decline in profitability and
return indicators, attributable to loss of some international
customers as well as capital expenditure incurred in relation to
revamping the company's ageing machinery.

The ratings continue to be constrained by the company's modest
scale of operations resulting in limited pricing and bargaining
power; the sector concentration risk and customer concentration
risk to which the company is exposed, though this risk is largely
mitigated by the long term relationship, of over four decades,
with its customers, and the exposure to agro-climatic risk as the
raw material (barley) is an agricultural produce. The ratings,
however, favourably factor in the long track record of the company
in the malt production business; favourable demand growth
prospects over the medium to long term; established and long
standing relationships with major health food producers, and
limited competition in the industry due to the major capacities
being vested with only two producers (the Malt group and Barmalt
Maltings(India) Private Limited).

MCIPL was established in 1970 by Mr. P.K. Jain to produce barley
malt and malt extract. The malt extract is sold in two forms
liquid extract and malt extract powder. The company commenced
operations with the facility located at Khandsa (Gurgaon) and
subsequently established two more units at Pataudi (Gurgaon) and
Kashipur (Uttrakhand) in 2002 and 2010 respectively. With effect
from April 2013, the company was demerged with the transfer of
Pataudi and Kashipur units to the newly formed company PMV, while
MCIPL retained the Khandsa unit with an installed capacity of
25,000 metric tonnes per annum (MTPA) of Malt and 25,000 MTPA of
liquid malt extract and 500 MTPA of Malt extract powder.

Recent Results

In 2014-15, MCIPL reported a net loss of INR4.11 crore on an
operating income of INR76.26 crore, as against a net profit of
INR0.73 crore on an operating income of INR85.41 crore in 2013-14.


MANIKANTA COTTON: ICRA Upgrades Rating on INR12.50cr Loan to B
--------------------------------------------------------------
ICRA has upgraded the long term rating assigned to the Rs.12.25
crore fund based limits and INR3.50 crore non-fund based limits of
Manikanta Cotton Agro Industries from [ICRA]B- to [ICRA]B.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term Fund
   based Limits          12.50        [ICRA]B; upgraded from
                                      [ICRA]B-

   Long Term Non-
   Fund based Limits      3.50        [ICRA]B; upgraded from
                                      [ICRA]B-

The rating upgrade takes into account the increased revenues being
the first full year of operations of the firm; and improved
liquidity profile owing to lower debtor days. The rating also
favourably factors in more than two decades of promoter experience
in the cotton industry; MCAI's proximity to cotton growing areas
of Telangana and fiscal benefits received from the Telangana
government towards TUFS (Technology Upgradation Fund Sceheme).

The rating, however, continues to be constrained by the limited
track record of the firm with the operations starting from
December 2013; low profitability on account of low value addition
in the cotton ginning business; and highly fragmented and
competitive nature of the industry which limits the ability of the
firm to pass on hike in raw material costs. The rating is further
constrained by weak financial profile of the firm characterised by
high gearing and modest coverage indicators on account of debt
funded capital expenditure coupled with high working capital
borrowings; vulnerability of profits to fluctuations in cotton
availability and prices and risks inherent to the partnership
nature of the firm.

Going forward, the firm's ability to improve its scale of
operations, profitability and effectively manage its working
capital requirement would be the key rating sensitivity.

Manikanta Cotton Agro Industries (MCAI) was setup as a partnership
firm in 2013 by Mr. D Malla Reddy and Mr. P. Ravinder Reddy and 6
other partners, with ginning activity as its main operations. The
firm is a TMC (Technology Mission on Cotton) unit and has its
production facility located at Muthannapeta village (Karimnagar
District), Andhra Pradesh with installed capacity of 36 gins and 1
press. The unit commenced operations in December 2013.

Recent Results

For FY2015, the firm reported net profit of 0.32 crore on an
operating income of 41.56 crore, as against a net profit of
INR0.01 crore on an operating income of INR22.91 crore during
FY2014 (four months of operations).


NILKANTH CHAWAL: CARE Lowers Rating on INR5.07cr LT Loan to D
-------------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
Nilkanth Chawal Mills Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      5.07      CARE D Revised from
                                            CARE BB

   Short-term Bank Facilities     2.75      CARE D Revised from
                                            CARE A4

Rating Rationale

The revision in the rating assigned to the bank facilities of
Nilkanth Chawal Mills Pvt. Ltd. (NCMPL) factors in the instances
of delay in servicing of its debt obligations on account of the
stressed liquidity position of the company.

Going forward, NCMPL's ability to improve its liquidity position
and service its debt on a regular basis would be the key rating
consideration.

Nilkanth Chawal Mills Private Limited (NCMPL), incorporated in
September 2005 was promoted by Mr Sunil Kumar, Mr R C P Sharma and
Mr Arun Kumar of Gaya, Bihar to set up a rice processing & milling
unit and sale of its by-products like husk, bran, khudi etc. in
the domestic market. The unit commenced commercial operation in
2007. The plant, having an installed capacity of 27,000 metric
tonnes per annum (MTPA) is situated in Gaya district of Bihar, a
major paddy growing area and is in close proximity to the local
grain market enabling easy paddy procurement.

In FY15 (refers to the period April 1 to March 31), the company
has reported a total operating income of INR24.83 crore (as
against INR27.53 crore in FY14) and net loss INR0.17 crore (as
against PAT of INR0.13 crore in FY14).


PMV MALTINGS: ICRA Raises Rating on INR80MM Term Loan to B+
-----------------------------------------------------------
ICRA has upgraded its long term rating on the INR20.00 crore cash
credit facility and INR80.00 crore term loan of PMV Maltings
Private Limited (PMV) to [ICRA]B+ from [ICRA]B-.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit           20.00       [ICRA]B+; upgraded from
                                     [ICRA]B-
   Term Loan             80.00       [ICRA]B+; upgraded from
                                     [ICRA]B-

In revising the rating, ICRA has taken a consolidated view of PMV
along with The Malt Company (India) Private Limited (collectively
referred to as the Malt Group), due to the operational and
financial linkages, and the common promoters and management of the
two entities.

The upgrade in PMV's rating is driven by the continued support
from the promoters and the improvement in the capital structure of
the company. The rating also factors in the company's moderate
coverage indicators and the established presence of the Malt group
in the malt production business. ICRA also takes note of the
limited competition in the industry due to the major capacities
being vested with only two producers (MCIPL and Barmalt Maltings
(India) Private Limited) and the favourable medium term demand
growth prospects for the beer industry in the domestic market.

The rating, however, continues to be constrained by the company's
exposure to agro-climatic risk as the raw material (barley) is an
agricultural produce. ICRA also takes note of the sector
concentration risk faced by the company with 100% exposure to the
beer industry; though this risk is largely mitigated by the over
four decades old relationship of the group with its customers.
Going forward, the ability of the company to ramp up its scale of
operations in a profitable manner and manage its liquidity
position will be the key rating sensitivities.

Incorporated in 2008, PMV was a dormant company till the demerger
of MCIPL with effect from April 2013. Under the demerger scheme,
MCIPL transferred two of its units i.e. Pataudi (Haryana) and
Kashipur (Uttarakhand) units to PMV, which were established in
2002 and 2010 respectively, while retaining the Khandsa (Haryana)
based unit. PMV manufactures barley malt with an installed
capacity of 30,000 MTPA and 130,000 MTPA at its Pataudi and
Kashipur units.

Recent Results

In 2014-15, PMV reported a net profit of INR4.49 crore on an
operating income of INR97.39 crore, as against a net profit of
INR4.83 crore on an operating income of INR93.96 crore in 2013-14.

The Malt Company (India) Private Limited was established in 1970
by Mr. P.K. Jain to produce barley malt and malt extract. Malt
extract is sold in two forms- liquid extract and malt extract
powder. The company commenced operations with the facility located
at Khandsa and subsequently established two more units at Pataudi
and Kashipur in 2002 and 2010 respectively. With effect from April
2013, the company was demerged with the transfer of Pataudi and
Kashipur units to the newly formed company PMV, while MCIPL
retained the Khandsa unit with an installed capacity of 25,000
metric tonnes per annum (MTPA) of Malt and 25,000 MTPA of liquid
malt extract and 500 MTPA of Malt extract powder.

In 2014-15, MCIPL incurred a net loss of INR4.11 crore on an
operating income of INR76.26 crore, as against a net profit of
INR0.73 crore on an operating income of INR85.41 crore in 2013-14.


PRASADHINI ENTERPRISES: CARE Rates INR12cr Term Loan at B+
----------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Prasadhini
Enterprises Pvt. Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term-Bank Facilities
   Term Loan-Lease Rental
   Discounting                     12       CARE B+ Assigned

   Long-term-Bank Facilities
   Cash Credit                      3       CARE B+ Assigned

Rating Rationale

The rating assigned to Prasadhini Enterprises Pvt. Ltd. is
constrained by its small scale of operations with past losses
completely eroding its networth, modest occupancy levels of its
hotel operations, high concentration risk of its retail property
with entire area leased out to single tenant and cyclical nature
of the hotel industry. These weaknesses are partially offset by
long track record of operations and promoters experience,
monetization of its loss making premium hotel property (Hotel Jade
garden) in FY15 (refers to the period April 1 to March 31) and
consequent reduction in debt, improved occupancy and ARR of its
budget hotel (Hotel Airlines), favourable location of hotel, and
100% occupancy at its retail mall ensuring regular cash flows with
lease agreement valid till the tenure of the loan.

The ability of the company to improve its hotel operational
performance and occurrence of rental escalations as projected
would be the key rating sensitivity.

Prasadhini Enterprises Pvt. Ltd. (PEPL), incorporated in the year
2000, is operating a budget Hotel- Airlines in Mysuru, Karnataka.
Company also has a retail property situated at Mysuru, Karnataka
with total built up area of 55,000 sft, which it has leased to
Trinethra Superretail P Ltd. for running More Hypermarket for
period upto 2024. PEPL also started luxury hotel-Jade Garden in
the year 2009, however, due to loss making proposition of the
hotel, company sold it in Q4FY15.

The company is promoted by Mr M H Abhishek Hegde and Ms. Jayapadma
Hegde, who are directors of the company. The directors have
adequate knowledge and experience in the field of banking, law and
business activities.

During FY15, PEPL registered a total operating income of INR4.76
crore (PY: INR4.61 crore) with a PAT of INR0.84 crore (PY:
Net loss of INR0.70 crore). During H1FY16, it earned total income
of INR1.54 crore and PBDIT of INR1.27 crore.


PRERNA SERVICES: CARE Assigns B+ Rating to INR5.5cr LT Loan
-----------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Prerna Services Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      5.50      CARE B+ Assigned
   Short-term Bank Facilities     2.00      CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Prerna Service
Private Limited (PSP) are primarily constrained by its short
track record and small scale of operations with leveraged capital
structure. The ratings are further constrained by its dependence
on overseas vendors, its exposure to foreign exchange fluctuation
risk coupled with intense competition in the industry.  The
ratings, however, draw comfort from the experienced management of
PSP.

Going forward, the ability of the company to achieve the envisaged
scale of operations and profitability margins coupled with
improvement in its capital structure and managing foreign exchange
fluctuation risk shall be the key rating sensitivities.

PSP was incorporated in February 2013. The commercial operations
of the company have started in February 2015. The company is
currently being managed by Mr Manoj Kumar Tyagi, Mr Vijender Singh
and Ms Pinki Hudda. The company is engaged in manufacturing as
well as trading of Information Technology (IT) products such as
personal computers, smart phones, chargers, tablets, etc. The
company imports its entire raw material requirement from China &
Hong Kong and assembles the parts at its plant, located at
Roorkee, Uttarakhand. The company has an installed capacity to
assemble 87,000 pieces of tablets as on September 30, 2015. The
product is sold under the brand name "PENTA" (brand name
acquired by PTP) to traders located in Delhi and near regions.
Pantel Technologies Private Limited (rated 'CARE B+/CARE A4') is
an associate concern of PSP engaged in similar business.

During FY15 (refers to the period February 01 to March 31, 2015),
PSP has achieved a total operating income (TOI) of INR2.31 crore
with PBILDT and PAT of INR0.20 crore and INR0.12 crore,
respectively. Moreover, the company has achieved total TOI of
INR25.82 crore till 7MFY16 (refers to the period April 01 to
October 31) (as per the unaudited results).


RAJASTHAN TUBE: ICRA Lowers Rating on INR20cr Loan to B+
--------------------------------------------------------
ICRA has revised its long term rating on the INR20 crore fund
based facilities of Rajasthan Tube Manufacturing Company Limited
to [ICRA]B+ from [ICRA]BB-. ICRA has reaffirmed its [ICRA]A4
rating on the INR12.25 crore non-fund based facilities of the
company.


                            Amount
   Facilities              (INR crore)   Ratings
   ----------              -----------   -------
   Fund based facilities       20.00     [ICRA]B+; revised from
                                         [ICRA]BB-

   Non-fund based facilities   12.25     [ICRA]A4; reaffirmed

ICRA's rating action factors in the decline in RTMCL's sales over
the last three years and the losses incurred by the company in
FY15 and the first half of FY16. ICRA notes that to the company's
capacity utilization has remained low (at ~31% in FY15) due to
intense competition from numerous organized and unorganized
players. The decline in global steel prices due to a slowdown in
Chinese steel demand, has resulted in inventory losses for
company, which coupled with sharp decline in the realisations of
Electric Resistance Welded (ERW) tubes over the last one year, has
impacted profitability. Moreover, the company's financial profile
continues to remain weak with high gearing, weak coverage
indicators and moderate net worth position. The ratings are also
constrained by the vulnerability of the company's profitability to
fluctuations in raw material prices, as the company is unable to
fully pass on price hikes in its key raw material (H.R coils) to
its customers. The ratings however, favorably take into account
the long standing experience of the promoters in the ERW pipes
industry and the company's distribution network across various
states.

Going forward, the ability of the company to improve its scale of
operations and bring about a sustained improvement in its
profitability will be the key rating sensitivity.

RTMCL was incorporated in 1985 and became a public limited company
in 1995. The main products of the company include ERW steel pipes
with size ranging from 15 mm to 250 mm. The company's
manufacturing facility is located at Jaipur (Rajasthan) and has an
annual capacity of 45,000 Metric Tonnes Per Annum (MTPA). The
pipes manufactured by the company have varied applications like
water, gas and sewage pipes, structural purposes, idlers /
conveyors, water wells (casing pipes) etc.

Recent Results

In FY2015 the company incurred a net loss of INR2.46 crore on an
operating income of INR92.22 crore, as against a profit after tax
of INR0.23 crore on an operating income of INR103.71 crore in the
previous year. In the first six months of FY2016, the company
reported an operating income of INR38.52 crore and a net loss of
INR0.64 crore.


RAJASTHAN VIKAS: ICRA Reaffirms B Rating on INR25cr Loan
--------------------------------------------------------
ICRA has reaffirmed its long term rating on the INR25.00 crore
(earlier rated INR11.00 crore) fund-based bank facilities of
Rajasthan Vikas Sansthan at [ICRA]B.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund based bank
   facilities-
   Term loans             25.0        [ICRA]B; reaffirmed

ICRA's rating takes into account the healthy occupancy of 87%
witnessed in the second year of operations of RVS school. The
rating continues to draw comfort from the school's association
with Delhi Public School (DPS) society, which apart from lending
the school an established brand name, also provides operational
expertise. The rating also continues to factor in the extensive
experience of the promoters in operating educational institutions.

The rating however remains constrained by the limited operational
track record of the company, as the school commenced operations in
AY15 and the consequent modest scale of operations. Given the
typical time period required for ramp up in student strength, the
revenue generation ability of the company will remained
constrained till students across all standards are admitted. The
company's debt coverage indicators also remain modest, with
interest coverage at 1.56x and DSCR at 1.57x as on March 31, 2015.
Further, the school will have to incur continuous capital
expenditure to meet the requirements of the increased student
base.

Given the scheduled debt repayments, the scale of capital
expenditure, and adequacy and timeliness of debt funding availed
to fund the same will be the key determinants of the credit
profile and liquidity position, and will thus remain the key
rating sensitivities. This apart, the ability of the company to
maintain high enrolments and generate adequate surpluses going
forward, will be the key rating monitorables.

Incorporated in 2012, RVS Company is a single asset company,
incorporated u/s of the Companies Act 1956, which runs and
operates the Delhi Public School (DPS) in Jodhpur, Rajasthan. The
school is located on a land parcel of 6.6 acres. The land for the
same has been taken on lease from Rajasthan Vikas Sansthan Society
-- a group entity, which is also engaged in the education sector.
The school commenced operations in AY15 and presently caters to
students from pre-primary to standard VIII. As of now, largely 3
sections per standard are operational; this is an increase from 2
sections per standard last year. The management has commenced
classes for Standard IX from AY16. The school has received the
CBSE affiliation for the same in December 2014.

Recent Results

RVS reported a net surplus of INR0.22 crore on revenue receipts of
INR4.03 crore in FY15. For the six months ended September 30,
2015, RVS, on a provisional basis, reported revenue receipts of
INR3.16 crore.


REVIVE CONSTRUCTION: CRISIL Suspends 'B' Rating on INR100M Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Revive Construction Company India Pvt Ltd (Revive).

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee          100      CRISIL A4
   Overdraft Facility      100      CRISIL B/Stable

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

Revive was set up by Mr.A R Nasarudeen and his family in
Trivandrum (Kerala) in 2009. The company undertakes civil
construction works related to the construction of roads.


SAKA EMBROIDERY: CRISIL Suspends B Rating on INR50MM Term Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Saka Embroidery Pvt Ltd (SEPL).

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

   Proposed Long Term
   Bank Loan Facility    12.5      CRISIL B/Stable

   Term Loan             50.0      CRISIL B/Stable

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

Established in 1999 by Mr. Satish Rathod and his family members,
SEPL is a distributor and retailer of sarees and dress materials.
The Pune (Maharashtra)-based company is an authorised distributor
for sarees and dress materials of Garden Silk Mills Ltd. SEPL
operates two retail stores in Pune under the brands SK Silks and
Pushpa Arts. These are operated under two sole proprietorships of
the same name which are owned and managed by SEPL.


SEPCON SYSTEMS: CRISIL Assigns B+ Rating to INR31MM Cash Loan
-------------------------------------------------------------
CRISIL has assigned the ratings at 'CRISIL B+/Stable/CRISIL A4' to
the bank facilities of Sepcon Systems Private Limited (SSPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Term Loan               5       CRISIL B+/Stable

   Proposed Long Term
   Bank Loan Facility     11.5     CRISIL B+/Stable

   Bank Guarantee         22.5     CRISIL A4

   Cash Credit            31       CRISIL B+/Stable

The ratings reflect SSPL's working capital-intensive and small
scale of operations with exposure to intense competition in the
industry. These weaknesses are partially offset by the promoter's
extensive experience in the water treatment industry and SSPL's
moderate financial risk profile because of healthy gearing and
debt protection metrics.

Outlook: Stable

CRISIL believes SSPL will benefit over the medium term from its
promoter's extensive industry experience. The outlook may be
revised to 'Positive' in case of significant and sustained
improvement in scale of operations along with improved working
capital cycle. Conversely, the outlook may be revised to
'Negative' if financial risk profile, especially liquidity,
weakens because of a substantial increase in the working capital
requirement or large, debt-funded capital expenditure plans.

SSPL, incorporated in 1995, in Bengaluru, provides solutions and
process systems for the treatment of water. The company was
incorporated by Mr. Jai Manjunath, a civil and environmental
engineer.

SSPL reported a profit after tax of around INR3.8 million on net
sales of around INR51.3 million in 2014-15 (refers to April 1st to
March 31st) against a PAT of INR2.6 million on net sales of
INR32.7 million in 2013-14.


SHIV CARRIERS: CRISIL Assigns 'B' Rating to INR125MM Term Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Shiv Carriers Roadways Pvt Ltd (SCRPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Term Loan              125      CRISIL B/Stable

The rating reflects the early stage, and expected modest scale, of
operations in the inland container depot (ICD) segment through the
Indian Railways. The rating also factors in the large capital
expenditure requirements for purchase of land as per the nature of
operations in the ICD facility. These rating weaknesses are
partially offset by the extensive industry experience of promoters
through group concern and low presence of private ICD in the
surroundings.

Outlook: Stable

CRISIL believes SCRPL will benefit over the medium term from the
promoters' extensive industry experience. The outlook may be
revised to 'Positive' if stabilisation of operations on time leads
to substantial cash accrual. Conversely, the outlook may be
revised to 'Negative' in case of modest accrual because of low
order flow or profitability, or weakening of the financial risk
profile because of substantial working capital requirement or
debt-funded capital expenditure.

Set up in 1995, SCRPL promoted by Mr. Avdhesh Chaudhary, is
setting up ICD for railways at Sukhpur Village between Dhangadhara
and Halvad.


SHIVAM ENTERPRISE: CRISIL Reaffirms B+ Rating on INR80MM Loan
-------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Shivam
Enterprise -- Morbi (SE) continues to reflect the firm's modest
scale of operations and low profitability owing to the trading
nature of its business, and large working capital requirement.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit             80      CRISIL B+/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility      45      CRISIL B+/Stable (Reaffirmed)

These rating weaknesses are partially offset by its promoters'
extensive experience in the ceramic and coal trading industry,
leading to a healthy relationship with customers and suppliers.
Outlook: Stable

CRISIL believes SE will continue to benefit over the medium term
from its promoters' industry and trading experience. The outlook
may be revised to 'Positive' in case of a substantial increase in
scale of operations and profitability, resulting in large cash
accrual. Conversely, the outlook may be revised to 'Negative' if
SE's liquidity weakens because of decline in profitability, or
stretch in working capital cycle, or any large debt-funded capital
expenditure.

Update

In 2014-15 (refers to financial year, April 1 to March 31) sales
increased by around 150 percent year-on-year to around INR227
million, as this was the firm's first full year of operation. Over
the medium term, sales are expected to be grow at a modest pace of
5 to 10 per cent. In 2014-15, operating profitability was 6.40
percent and is expected to be in range of 6.0-6.50 percent over
the medium term because of improved operating efficiency. In 2014-
15, working capital requirement was high with gross current assets
(GCAs) of 228 days as on March 31, 2015, because of high debtors
of 147 days and moderate inventory of 48 days. Over the medium
term, GCAs are expected at 220-240 days as working capital
requirement will rise with the expected increase in scale of
operation. As on March 31, 2015, the firm's total outside
liabilities to tangible networth (TOLTNW) ratio was high at 4.79
times due to higher working capital debt and a modest net worth.
Over the medium term, the TOLTNW ratio is expected at 3.5 to 4.5
times on account of high reliance on bank limits to fund
incremental working capital requirement. Over the medium term,
debt protection metrics are expected to remain weak with interest
coverage ratio at 1.60 to 1.80 times due to modest profitability
compared with debt levels. Liquidity continues to be stretched due
to high working capital requirement and limited financial
flexibility; however it is supported by a comfortable cushion
between net cash accrual and term debt repayment obligations and
by funding support from the partners.

In 2014-15, on provisional basis, SE reported profit after tax
(PAT) ofRs.4.40 million on sales of INR227 million, against a PAT
of INR0.5 million on sales of INR90 million in 2013-14.

SE, based in Morbi, Gujarat, was established in 2012. The firm
trades in coal, wall tiles, ink, Abrasive, and oil lubricants used
in the ceramic machinery. It started commercial operations in
December 2013.


SHREE BHAWANI: CARE Assigns B+/A4 Rating to INR13.50cr Loan
-----------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Shree Bhawani Lumbers.

                             Amount
   Facilities             (INR crore)    Ratings
   ----------             -----------    -------
   Long-term/Short-term
   Bank Facilities            13.50      CARE B+/CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Shree Bhawani
Lumbers (SBL) are primarily constrained on account of fluctuating
trend of the total operating income (TOI), low profit margins,
moderate capital structure, weak debt coverage indicators and
moderate liquidity position. The ratings are also constrained on
account of SBL's presence in highly fragmented and competitive
wood processing industry with limited value addition,
susceptibility of its profit margins to volatility in raw material
prices and foreign exchange fluctuations risk along with
partnership nature of constitution restricting its financial
flexibility.

The ratings, however, take comfort from the experience of the
promoters into the wood processing business along with established
operations track record.

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

Gandhidham-based (Gujarat) SBL is a partnership firm established
in 2003 by Mr Satish Goyal. The firm imports round timber logs
from New Zealand and Malaysia which is subsequently sawn and sized
at its saw mill into various commercial sizes as per the
requirement of its customers. The facility is located at
Gandhidham in Kutch district of Gujarat with a total sawing
capacity of 3,800 cubic feet per day. The timber processed by SBL
finds its application in packaging of various products apart from
use in infrastructure, building construction, interior designing,
woodwork, transportation and furniture.

During FY15 (refers to the period April 1 to March 31), SBL
reported PAT of INR0.01 crore on a TOI of INR28.34 crore as
against PAT of INR0.01 crore on a TOI of INR26.11 crore during
FY14. During 8MFY16 (Provisional), SBL has achieved a
turnover of INR20 crore.


SHREE MAHAVIR: CRISIL Assigns 'B+' Rating to INR120MM Cash Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facility of Shree Mahavir Oil Mills (SMOM).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            120      CRISIL B+/Stable

The rating reflects the firm's modest scale of operations and low
operating profitability because of volatility in raw material
prices. The rating also factors in its weak financial risk
profile, with high gearing and weak debt protection metrics. These
rating weaknesses are partially offset by the firm's established
track record and the promoters' extensive experience in the
industry.

Outlook: Stable

CRISIL believes SMOM will continue to benefit over the medium term
from its established brand in eastern India, especially West
Bengal, and from moderate debt protection metrics and healthy
liquidity. The outlook may be revised to 'Positive' if expansion
in geographic reach supports improvement in scale of operations
and profitability. Conversely, the outlook may be revised to
'Negative' if revenue and margin decline sharply, or if any large,
debt-funded capex or unrelated diversification weakens financial
risk profile.

SMOM, incorporated in 1973 by Mr. Daya Chand Jain as a
proprietorship firm, is currently owned and managed by his son,
Mr. Rajendra Kumar Jain. The firm manufactures and sells mustard
oil and oiled cake under brand, Sunehri Kiran. The processing
facilities at Jagraon, Punjab and Sri Ganganagar, Rajasthan, have
a combined capacity of around 150 tonne per day (Tpd).


SIDDHI VINAYAK: CARE Reaffirms B+ Rating on INR6.50cr LT Loan
-------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Siddhi Vinayak Cottsin.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     6.50       CARE B+ Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of Siddhi Vinayak
Cottsin (SVC) continues to remain constrained on account of its
financial risk profile marked by thin profit margins, moderate
capital structure, moderate debt coverage indicators and
liquidity position. Furthermore, the rating continues to remain
constrained on account of its partnership nature of constitution,
presence in highly fragmented and seasonal cotton ginning industry
with limited value addition and susceptibility of operating
margins to fluctuation in the cotton prices. The rating also takes
into consideration decline in total operating income (TOI) along
with marginal improvement in profit margins and capital structure
during FY15 (refers to the period April 1 to March 31).

The rating, however, continues to derive comfort from the long
experience of the partners in the cotton industry and location
advantage in terms of proximity to the cotton growing region of
Maharashtra.

The ability of SVC to improve its overall financial risk profile
by moving up in the value chain and thereby improving profit
margins and overall financial risk profile are the key rating
sensitivities.

Established in July 2010, SVC is a partnership firm formed by two
partners named Mr Kishanlal Padamdas Swami and Mr Sanjay
Trilokchand Goyal. SVC is engaged into cotton ginning and pressing
activity and it operates from its sole manufacturing facility
located at Ralegaon (Maharashtra) with an installed capacity to
process 475 cotton bales per day as on March 31, 2015.

In addition to SVC, the Agrawal family also operates two other
cotton processing units under Riddhi Siddhi Cotex Private Limited
(RSCPL; rated 'CARE BB-') and Rishi Fiber Pvt. Ltd. (RFPL rated
'CARE BB-') in Ahmednagar district and Yavatmal district of
Maharashtra, respectively. Furthermore, a partnership firm named
"Ramanuj Cotton Corporation" which is engaged into business of
cotton ginning and pressing and two proprietorship firms, namely,
Riddhi Siddhi Enterprises and Riddhi Siddhi Cotton Corporation in
Sendhawa District of Madhya Pradesh, which are engaged in trading
of cotton bales and cotton seeds, are also promoted by the Agrawal
family. The family has presence in the real estate business via
Rishi Realcon Private Limited.

During FY15 (A), SVC reported a TOI of INR48.45 crore and PAT of
INR0.11 as against TOI of INR73.75 crore and PAT of INR0.16 crore
during FY14 (A). During 8MFY16 (Provisional), SVC has achieved TOI
of around INR35 crore.


SILVERLINE ELECTRICALS: CRISIL Reaffirms B+ Rating on INR30M Loan
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Silverline Electricals
Private Limited (SEPL) continue to reflect the company's working
capital-intensive, and modest scale of, operations, and below-
average financial risk profile because of modest networth and a
high total outside liabilities to tangible networth ratio. These
weaknesses are partially offset by the extensive experience of
SEPL's promoters in the transformers industry and moderate debt
protection metrics.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         10       CRISIL A4 (Reaffirmed)
   Cash Credit            30       CRISIL B+/Stable (Reaffirmed)

   Letter of Credit        9       CRISIL A4 (Reaffirmed)
   Term Loan               1       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes SEPL's scale of operations will remain average
over the medium term despite expected healthy revenue growth.
Financial flexibility and ability to ramp up operations will
remain constrained because of small networth. The outlook may be
revised to 'Positive' if the company reports a significant and
sustained improvement in scale of operations coupled with
sustained margin and prudently managed working capital, or if
there is substantial infusion of funds by the promoters to improve
liquidity. Conversely, the outlook may be revised to 'Negative' if
liquidity deteriorates because of stretched working capital cycle.

Update

SEPL's revenue was INR244 million in 2014-15 (refers to financial
year, April 1 to March 31), as expected. Revenue growth is driven
by improving capacity utilisation and adequate order book.
Operating margin has been stable at 5 percent over the past two
years. However, significant increase in interest on debt resulted
in net losses in 2014-15. Debt level shot up due to high working
requirements, with gross current assets of 233 days as on March
31, 2015, due to large inventory and letter of credit-backed
receivables of 129 days and 89 days, respectively. Financial risk
profile remained below average, with modest networth of INR47
million and gearing of 1.21 times. The company had average debt
protection metrics with interest coverage and net cash accrual to
total debt ratios of 1.5 times and 0.07 time, respectively, for
2014-15. Average bank limit utilisation was in excess of 90
percent, thereby constraining liquidity.

Based in Maharashtra, SEPL was incorporated in January 2012. The
company is promoted by Mr. Milind Mahajan, Mr. Santosh
Vishwakarma, and Mr. Sachin Hivarkar. SEPL had, in March 2012,
acquired Haphen Transformers India Pvt Ltd for about INR40
million. SEPL manufactures transformers, feeder pillars, and
distribution boxes and also undertakes servicing, installing, and
commissioning of these products. The company manufactures
transformers in the 25-5000 kilovolt amperes (kVA) range at its
unit in Maharashtra, which has capacity of 20,000 kVA of
transformers per month.


SITARAM HISSARIA: CRISIL Assigns 'B' Rating to INR60MM Loan
-----------------------------------------------------------
CRISIL has assigned 'CRISIL B/Stable' rating to the long-term bank
loan facilities of Sitaram Hissaria Guwar Gum Industries (SRHGGI).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Term Loan              8        CRISIL B/Stable
   Cash Credit           60        CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility    32        CRISIL B/Stable

The rating reflects modest scale of operations in the highly
fragmented guar gum industry, below-average financial risk profile
with high gearing and vulnerability to government regulations.
These rating weaknesses are mitigated by the partners' extensive
experience in the guar gum industry, established clientele with
moderate working capital requirements.

Outlook: Stable

CRISIL believes SRHGGI will continue to benefit over the medium
term from the partners' extensive industry experience and its
established clientele. The outlook may be revised to 'Positive' if
increase in revenue and profitability and prudent working capital
management lead to considerably strong net cash accruals.
Conversely, the outlook may be revised to 'Negative' if the
financial risk profile, particularly, liquidity weakens due to
decline in revenue and profitability, or due to any large, debt-
funded capital expenditure programme, or with increase in working
capital requirements.

SRHGGI was established in 2012 by Rajasthan-based Hissaria family.
The firm manufactures guar gum and its by-product. Its
manufacturing facility has an installed capacity of 600 quintal
per day and is managed by Mr. Ravinder Kumar Hissaria, Mr. Arvind
Hissaria and Mr. Rajesh Hissaria.

SRHGGI had reported a PAT of INR0.3 million on net sales of
INR406.3 million in 2014-15 (refers to financial year, April 1 to
March 31), as compared to the PAT of INR1.4 million on net sales
of INR468 million in 2013-14.


SKS POWER: CARE Reaffirms 'D' Rating on INR4,301.89cr Loan
----------------------------------------------------------
CARE reaffirms the ratings assigned to SKS Power Generation
(Chhattisgarh) Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities   4301.89      CARE D Reaffirmed
   Long term/Short term Bank
   Facilities (NFB- LC/BG)      301.00      CARE D Reaffirmed

   Non-Convertible Debenture     31.00      CARE D Reaffirmed

   Proposed Non-Convertible
   Debenture                    227.74      CARE D Rating

Rationale

The ratings reflect the on-going delays in servicing of debt
obligations by the company on account of delays in project
completion along with cost over-runs.

SKS Power Generation (Chhattisgarh) Limited (SPGCL) promoted by
the SKS group is a 51% subsidiary of SKS Ispat and Power Limited
(SIPL). SPGCL is setting up the thermal power plant with capacity
of 1,200 MW (4x300 MW) in the State of Chhattisgarh based on
domestic coal in two phases of 600 MW each. SPGCL is currently
executing Phase I (600 MW) of project. Phase II of SPGL has been
currently delayed because of nonavailability of PPA and pending
tie-up of equity funding.

Status of project
Total Project cost stands at INR5240 crore (Rs 8.73 crore/MW) as
on 30th November, 2015 which is funded by senior debt
of INR3751 crore, sub debt of Rs551 crore and balance equity.
Original project cost was INR3787.2 crore. The cost overrun
of ~ INR1450 crores is entirely being funded by Debt. The project
is expected to be completed by June 2016 as against the
original scheduled completion date of June 2014.


SRI SAI: CRISIL Cuts Rating on INR100MM LT Loan to 'B-'
-------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Sri Sai Pavan Industries Pvt Ltd (SSP) to 'CRISIL B-/Stable'
from 'CRISIL B/Stable'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Long Term Loan         100      CRISIL B-/Stable (Downgraded
                                   from 'CRISIL B/Stable')

   Proposed Cash          100      CRISIL B-/Stable (Downgraded
   Credit Limit                    from 'CRISIL B/Stable')

The downgrade reflects the deterioration in SSP's liquidity, given
its depressed cash accrual'Rs.21 million in 2014-15 (refers to
financial year, April 1 to March 31). Although the cash accrual is
expected to increase in 2015-16, supported by a modest improvement
in profit margins, it is likely to be barely sufficient to meet
debt obligation of INR27 million.

CRISIL believes the promoters will need to infuse capital, or
substantially increase profitability levels, to alleviate the
pressure on SSP's liquidity.

The rating continues to reflect SSP's modest scale of operations
in the intensely competitive rice milling industry, the
susceptibility to volatility in paddy prices, the vulnerability of
its operations to unfavourable regulatory changes, and its small
networth limiting the financial flexibility. These rating
weaknesses are partially offset by the extensive experience of
promoters in the rice industry.

Outlook: Stable

CRISIL believes SSP will continue to benefit over the medium term
from the promoters' extensive industry experience. The outlook may
be revised to 'Positive' in case of a substantial and sustained
increase in profitability or an improvement in liquidity backed by
equity infusion from its promoters. Conversely, the outlook may be
revised to 'Negative' if profitability margins decline steeply, or
liquidity further weakens most likely because of a stretch in the
working capital cycle.

SSP was set up in 2009 by Mr. Soma Venkateshwarlu and his family
members. The company was acquired by Mr. Gouru Venkateswarulu and
Mr. Ranga Sridhar in 2010.

The company mills and processes paddy into rice; it also generates
by-products such as broken rice, bran, and husk. Its rice mill is
located in Nalgonda, Andhra Pradesh.


SRI MUTHUMARI: CRISIL Assigns 'D' Rating to INR70MM Term Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' on the long term bank facility
of Sri Muthumari Charitable and Educational Trust (SMCET). The
rating reflects instances of delay by SMCET in servicing its term
debt obligations; the delays have been caused by weak liquidity,
arising from the mismatch in the trust's cash flows.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Term Loan               70      CRISIL D

SMCET has a modest scale of operations in an intensely competitive
educational sector, geographical concentration in revenue profile
and is susceptible to adverse regulatory changes. The trust,
however, benefits from the healthy demand prospects for education
offerings in India and the extensive experience of its promoter in
the education industry.

SMCET, located in Karaikudi (Tamil Nadu), was set up in 2010 as a
trust registered under the Indian Trust Act, 1881.The trust offers
undergraduate courses in engineering and teacher education courses
and also runs a school. The operations of the trust are managed by
Mr.Periyasamy.


SURGICION MEDEQUIP: CARE Assigns 'D' Rating to INR5cr LT Loan
-------------------------------------------------------------
CARE assigns 'CARE D' rating to the bank facilities of Surgicion
Medequip Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities       5        CARE D Assigned
   Short term Bank Facilities      2        CARE D Assigned

Rating Rationale
The ratings assigned to the bank facilities of Surgicoin Medequip
Private Limited (SMPL) takes into account ongoing delays in
servicing of the interest of working capital borrowings due to
stressed liquidity position.

Rai, Sonipat-based (Haryana) Surgicoin Medequip Private Limited
(SMPL) was promoted by Mr Naresh Grover. Initially the company was
incorporated under the name of Super Cardiac Breaths Private
Limited in 1986. Later in February 2006, the name of the entity
was changed to Surgicoin Medequip Private Limited. The company is
primarily managed by Mr Naresh Grover. The firm is engaged in
manufacturing and trading of medical equipment like Operation
Theatre Equipment, Respiratory Apparatus, Electro Medical
Equipment, Patients ward Equipment and other medical products. The
company has its manufacturing facility located at Rai, Sonipat and
it is an ISO 9001:2000 and ISO 13485:2003 certified. The company
also has WHO GMP Certification. SMPL supplies equipment and other
products to government hospitals on a Pan India basis. The company
source orders on tender basis. The company procures the required
raw materials i.e. steel, fabric etc. domestically.

During FY15 (refers to the period April 1 to March 31) (as per
unaudited results), SMPL has achieved a total operating income
(TOI) of INR6.18 crore with PBILDT and net loss of INR0.39 crore
and INR2.21 crore respectively, as against TOI of INR13.68 crore
with PBILDT and PAT of INR2.92 crore and INR0.32 crore
respectively, in FY14.


TAN SINGH: CRISIL Assigns 'B' Rating to INR120MM Overdraft Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Tan Singh Chouhan (TSC).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         175      CRISIL A4
   Overdraft Facility     120      CRISIL B/Stable

The ratings reflect TSC's below-average financial risk profile
because of weak debt protection metrics, and working capital-
intensive operations. These weaknesses are partially offset by
TSC's moderate scale of operations in the construction industry,
and promoter's extensive industry experience.

Outlook: Stable

CRISIL believes TSC will continue to benefit from its promoter's
extensive industry experience over the medium term. The outlook
may be revised to 'Positive' in case of improvement in business
profile driven by geographical diversification and significant
increase in scale of operations, better profitability, and higher
cash accrual. Conversely, the outlook may be revised to 'Negative'
in case TSC's financial risk profile, particularly liquidity,
weakens most likely caused by large working capital requirements,
delays in project execution, low cash accrual, or a large debt-
funded capital expenditure.

TSC was set up as a partnership firm in 2002 by Mr. Tansingh
Chouhan and his family members. In 2006, it was reconstituted as a
proprietorship firm, by Mr. Tansingh Chouhan. The firm undertakes
civil construction of roads, buildings and bridges, primarily in
Barmer, Rajasthan.

TSC had book profit of INR26.08 million on net sales of INR546.34
million in 2014-15 (refers to financial year, April 1 to March
31), as compared to book profit of INR67.37 million on net sales
of INR1.18 billion in 2013-14.


THOUSU PERIYAKKAL: CRISIL Reaffirms 'D' Rating on INR189.4MM Loan
-----------------------------------------------------------------
CRISIL's rating on the long-term bank continues to reflect
instances of delays by Thousu Periyakkal Educational Health and
Charitable Trust (TPHCT) in servicing its term debt obligations;
the delays have been caused by weak liquidity, arising from the
mismatch in the trust's cash flows.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            16       CRISIL D (Reaffirmed)
   Long Term Loan        189.4     CRISIL D (Reaffirmed)
   Overdraft Facility     27       CRISIL D (Reaffirmed)

TPHCT also has a below-average financial risk profile, marked by
high gearing, and is susceptible to adverse regulatory changes and
intense competition in the educational sector. The trust, however,
benefits from the healthy demand prospects for education offerings
in India and the extensive experience of its promoter in the
education industry.

TPHCT, located in Trichy (Tamil Nadu), was set up in 2004 by Mr. B
Selvaraj as a trust registered under the Indian Trust Act,
1881.The trust offers undergraduate, post-graduate, and diploma
courses in engineering and teacher education courses.


TULSI DEVI: CARE Assigns B+ Rating to INR1.86cr LT Loan
-------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Tulsi Devi Educational Society.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      1.86      CARE B+ Assigned
   Short term Bank Facilities     3.70      CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Tulsi Devi
Educational Society (TDES) are constrained by its small scale of
operations and moderate debt coverage indicators. The ratings are
further constrained by the geographical concentration risk with
all institutes in the same city, high regulations in the education
sector in India with increasing competition. The ratings, however,
favourably take into account the experienced management, moderate
profitability margins & capital structure and buoyant prospects of
the K-12 segment in India.

Going forward, the ability of the society to profitably scale-up
the operations in a highly competitive scenario and to improve its
overall solvency position shall be the key rating sensitivities.

TDES was formed in April 1998 by Mr Har Bhagwan Munjal (Chairman),
Mrs Rita Munjal (Secretary) and Ms Kirti (Member) as the society
members. The society was formed with an objective to provide
higher education in the field of engineering, technology, science
and management. The society is running two schools and a college
by the name Tulsi Public School and Tulsi College of Education.
All the institutes are located in Ambala, Haryana. Tulsi College
of Education is offering full time B. Ed (Bachelor of Education) &
D. Ed (Diploma in Education) with affiliation from Kurukshetra
University and is also approved from National Council of Teacher
Education (NCTE), Jaipur whereas Tulsi Public Schools are Central
Board of Secondary Education (CBSE) affiliated schools, currently
offering classes from Pre-nursery to 12th standard.

For FY15 (refers to the period of April 1 to March 31), TDES
reported a total operating income of INR5.60 crore with
Surplus of INR0.67 crore, respectively, as against the total
income of INR5.92 crore with Surplus of INR0.61 crore in FY14.


VASUNDHARA DEVELOPERS: ICRA Assigns B Rating to INR10cr Loan
------------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B to INR10.00 crore
term loan facilities of Vasundhara Developers.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Term Loan             10.00       [ICRA]B assigned

The assigned rating is constrained by the exposure to execution
risk with 60% of the construction yet to be completed, significant
market risk with only 15% booking (out of 55 flats of the firm's
share) as on 15th November,2015 and premium pricing. The rating
also continues to be constrained by VD's concentration in the
Gollapudi residential market and exposure to cyclicality inherent
to the real estate sector. The assigned rating however positively
factors in the attractive location of the ongoing project,
'Vasundhara Orchids' owing to the proximity of the project to
capital region of bifurcated Andhra Pradesh and long standing
experience of more than 20 years of VD's promoters in the real
estate industry.

Going forward, timely execution of the project without time and
cost overruns and the ability of the firm to achieve sufficient
sales for the term loan repayments and maintain healthy collection
efficiency will remain the key rating sensitivities from credit
perspective.

Vasundhara Developers (VD) is a partnership firm founded in 2014
and is engaged in the construction of residential apartments with
its head office is located in Guntur District of Andhra Pradesh.
The firm is developing a residential project -- Vasundhara Orchids
in Vijayawada on a land area of 4360 sq Yards at an estimated cost
of INR22.00 crore to be funded by Rs.10.00 crore from bank loan,
Rs.8.00 crore of equity and unsecured loans from promoters and
remaining from customer advances. The firm has completed 40% of
the construction as on November 15, 2015 and the project is
expected to be completed by October, 2016.


VATSHAL INDUSTRIES: ICRA Suspends 'B' Rating on INR5.11cr Loan
--------------------------------------------------------------
ICRA has suspended the [ICRA]B rating assigned to the INR5.11
crore long term fund based facilities of Vatshal Industries. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

Established in 1995, Vatshal Industries is a sole proprietorship
firm promoted by Mr. Harsukhbhai Govinbhai Patodia. The firm is
engaged in trading of ground nut oil and dehulling of raw
groundnut into groundnut seeds and husks. The firm also undertakes
trading of other agricultural products namely soya oil, palm oil
and castor seeds. The firm carries out its operations from its
plant situated at Junagadh district, Gujarat having an installed
capacity 100 tonnes/day.


VIKAS COTTON: CRISIL Reaffirms 'B' Rating on INR85MM Cash Loan
--------------------------------------------------------------
CRISIL's rating on bank loan facilities of Vikas Cotton Industries
Private Limited (VCIPL) reflects its modest scale of operations in
the highly fragmented cotton industry, and its weak financial risk
profile, marked by a modest net worth, high gearing, and weak debt
protection metrics.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit             85      CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility       3      CRISIL B/Stable (Reaffirmed)

   Term Loan               12      CRISIL B/Stable (Reaffirmed)

These rating weaknesses are partially offset by the extensive
experience of the company's promoters in the cotton industry, and
the proximity of its production facility to the cotton-growing
belt of Gujarat.

Outlook: Stable

CRISIL believes that VCIPL will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company significantly
improves its scale of operations and profitability, or if there is
sizeable capital infusion by its promoters, leading to a better
financial risk profile. Conversely, the outlook may be revised to
'Negative' if VCIPL's accruals are lower than expected, or if it
undertakes a substantial debt-funded expansion programme, or if
its working capital management weakens, resulting in significant
deterioration in its financial risk profile.

Update

For 2014-15 (refers to financial year, April 1 to March 31), VCIPL
reported an operating income of INR526.9 million against INR924.4
million during a year earlier. The decline in operating income was
majorly due to moderation cotton prices and subdued demand during
the same year. CRISIL believes the company will register flattish
growth in turnover for 2015-16, due to moderation in cotton prices
throughout the year. For 2014-15, VCIPL reported an operating
margin of around 1.9 per cent and going forward; CRISIL believes
that the fragmented nature of the cotton industry will continue to
restrict VCIPL's bargaining power, thus leading to low margins
over the medium term. The company's operations are expected to
remain moderately working capital intensive with gross current
assets (GCA) at 50 to 55 days days over the medium term. VCIPL's
financial risk profile continues to be constrained by modest net
worth, a high gearing, and weak debt protection metrics over the
medium term. The liquidity profile is supported by sufficient
cushion between cash accruals v/s debt repayments, sufficient
cushion in BLU and no plans of major capex over the medium term.

VCIPL, based in Kadi (Gujarat), was incorporated in 2005 and
promoted by the Patel family. The company is engaged in ginning
and pressing of raw cotton. It has its facility at Kadi, with a
capacity of more than 350 bales of cotton per day.

VCIPL reported a profit after tax (PAT) of INR0.9 million on net
sales of INR 526 million for 2014-15; the company reported a PAT
of INR1.0 million on net sales of INR 924.4 million for 2013-14.



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


SHARP CORP: Hon Hai Willing to Buy Firm Provided Top Mgt Revamped
-----------------------------------------------------------------
Kyodo News reports that Taiwan's Hon Hai Precision Industry Co.
has proposed buying Sharp Corp. for around JPY300 billion on the
condition that the struggling Japanese electronics maker's top
management be revamped, sources close to the matter said Dec. 23.

Under the proposal, Hon Hai, the world's largest contract supplier
of electronics products, known for the Foxconn brand, is calling
for the Sharp management team, including President Kozo Takahashi,
to step down, and for Sharp's new leader to be someone from its
group, the sources said, Kyodo relates.

According to the report, the proposed amount represents an
approximately 50% premium to Sharp's current market value. Hon Hai
is seen as willing to shoulder Sharp's interest-bearing debt of
around JPY760 billion as of the end of September, according to the
sources.

Kyodo says the Innovation Network Corp. of Japan, a public-private
fund, is also considering investing in the Osaka-based electronics
company, but it will likely take until early next year to finish
drawing up its own proposal.

Sources familiar with the matter have said the fund, which is
financed in part by the Japanese government, is studying a plan to
spin off Sharp's unprofitable liquid crystal display business and
integrate it with Japan Display Inc., according to Kyodo.

The fund has a stake in Japan Display, which makes small and
medium-sized LCDs, the report discloses.

Kyodo adds that Sharp has been exploring ways to get back on its
feet, taking a series of restructuring steps that include job cuts
and the sale of its head office building in Osaka.

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

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



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


HONEYPOT CAFE: In Administration, Owes NZ$250,000
-------------------------------------------------
Sam Sherwood at stuff.co.nz reports that Christchurch's Honeypot
Cafe has gone into liquidation for a second time, owing at least
NZ$250,000.

Owners Brendan and Sophie Alcock took over the Colombo St cafe on
August 7, 2013, after the previous company, running it went into
liquidation, according to stuff.co.nz.

The report notes that the couple, who were new to the hospitality
industry, were now trying to sell the business after their
company, Sanders Ltd, also went into liquidation.

An initial liquidators report said the company owed at least
NZ$250,000, the report relays.

Liquidators were appointed on November 2, after all of the cafe's
staff were let go, the report says.

A list of eight secured creditors included ANZ, which was owed
$238,000, the report notes.  The report said the liquidators were
yet to receive a claim from Inland Revenue for any outstanding tax
obligations, the report relays.

The liquidators estimated there would be no funds available for
unsecured creditors, with nearly $13,000 owed, the report
discloses.

The Honeypot Cafe's original building in Lichfield St was
demolished after the February 2011 earthquake.

The report discloses that former owner Rob Gould said at the time
he made a "significant investment" to move it to Sydenham, but the
"gamble" did not pay off.

His company, Honeypot Cafe Ltd, was placed into liquidation in
July 2013, with debts of more than NZ$600,000, the report notes.

At the time the cafe reopened, new owner Brendan Alcock said he
did not want to see it disappear from the city, the report relays.


TE AUPOURI: Inquiry Confirms Board Was Insolvent
------------------------------------------------
Radio New Zealand News reports that a ministerial investigation
into the affairs of Te Aupouri Maori Trust Board has found no
evidence of fraud or mismanagement.  However, the report confirmed
the board was insolvent.

In September, Maori Development Minister Te Ururoa Flavell
appointed Ernst and Young partner Grant Taylor to conduct an
investigation and piece together how the board reached its
financial situation, the report recalls.

"The investigation found no evidence of fraud or mismanagement. I
am pleased to hear that this is the case," the report quotes Mr
Flavell as saying.

Radio NZ relates that Mr Flavell directed the board to comply with
its financial reporting requirements under the Maori Trust Board's
Act 1955.

He also encouraged the board to continue working closely with Te
Runanga Nui o Te Aupouri to address liabilities and risks
identified in the report, the report relates.

Te Hiku Claims Settlement Bill, which included the settlement for
Te Aupouri, had its final reading on September 9, Radio NZ says.

As a consequence of this legislation, the Aupouri Maori Trust
Board was dissolved and Te Runanga o Te Aupouri will receive the
tribe's settlement, the report adds.



===============
X X X X X X X X
===============


* BOND PRICING: For the Week Dec. 21 to Dec. 25, 2015
-----------------------------------------------------

Issuer                 Coupon    Maturity    Currency   Price
------                 ------    --------    --------   -----


  AUSTRALIA
  ---------

AUSDRILL FINANCE PTY      6.88     11/1/2019   USD      71.00
AUSDRILL FINANCE PTY      6.88     11/1/2019   USD      70.43
BOART LONGYEAR MANAG      7.00      4/1/2021   USD      41.25
BOART LONGYEAR MANAG      7.00      4/1/2021   USD      41.25
CML GROUP LTD             9.00     1/29/2020   AUD       0.98
CRATER GOLD MINING L     10.00     8/18/2017   AUD      35.00
EMECO PTY LTD             9.88     3/15/2019   USD      55.50
EMECO PTY LTD             9.88     3/15/2019   USD      55.50
FMG RESOURCES AUGUST      6.88      4/1/2022   USD      62.00
FMG RESOURCES AUGUST      6.88      4/1/2022   USD      62.07
IMF BENTHAM LTD           6.38     6/30/2019   AUD      71.75
KBL MINING LTD           12.00     2/16/2017   AUD       0.32
KEYBRIDGE CAPITAL LT      7.00     7/31/2020   AUD       0.69
LAKES OIL NL             10.00     3/31/2017   AUD       6.50
MIDWEST VANADIUM PTY     11.50     2/15/2018   USD       5.38
MIDWEST VANADIUM PTY     11.50     2/15/2018   USD       4.56
STOKES LTD               10.00     6/30/2017   AUD       0.40
TREASURY CORP OF VIC      0.50    11/12/2030   AUD      62.69


CHINA
-----

CHANGCHUN CITY DEVEL      6.08      3/9/2016   CNY      40.12
CHANGSHA HIGH TECHNO      7.30    11/22/2017   CNY      71.00
CHANGZHOU INVESTMENT      5.80      7/1/2016   CNY      40.36
CHANGZHOU WUJIN CITY      5.42      6/9/2016   CNY      50.08
CHINA GOVERNMENT BON      1.64    12/15/2033   CNY      74.80
DANDONG CITY DEVELOP      6.21      9/6/2017   CNY      70.32
DATONG ECONOMIC CONS      6.50      6/1/2017   CNY      71.50
DRILL RIGS HOLDINGS       6.50     10/1/2017   USD      68.25
DRILL RIGS HOLDINGS       6.50     10/1/2017   USD      69.80
ERDOS DONGSHENG CITY      8.40     2/28/2018   CNY      66.70
GRANDBLUE ENVIRONMEN      6.40      7/7/2016   CNY      70.41
GUOAO INVESTMENT DEV      6.89    10/29/2018   CNY      67.42
HANGZHOU XIAOSHAN ST      6.90    11/22/2016   CNY      41.03
HEBEI RONG TOU HOLDI      6.76      7/8/2021   CNY      74.34
HEILONGJIANG HECHENG      7.78    11/17/2016   CNY      41.25
HUAIAN CITY URBAN AS      7.15    12/21/2016   CNY      70.46
JIANGSU HUAJING ASSE      5.68     9/28/2017   CNY      50.90
JINAN CITY CONSTRUCT      6.98     3/26/2018   CNY      74.20
KUNSHAN ENTREPRENEUR      4.70     3/30/2016   CNY      40.06
LONGHAI STATE-OWNED       8.25     12/2/2017   CNY      73.00
NANJING NANGANG IRON      6.13     2/27/2016   CNY      50.10
OCEAN RIG UDW INC         7.25      4/1/2019   USD      49.00
OCEAN RIG UDW INC         7.25      4/1/2019   USD      42.31
PANJIN CONSTRUCTION       7.70    12/16/2016   CNY      71.02
QINGZHOU HONGYUAN PU      6.50     5/22/2019   CNY      40.35
SHANGHAI REAL ESTATE      6.12     5/17/2017   CNY      71.77
SHENGZHOU HOTEL CO L      9.20     2/26/2016   CNY     100.00
TAIZHOU CITY CONSTRU      6.90     1/25/2017   CNY      70.45
TONGLIAO CITY INVEST      5.98      9/1/2017   CNY      71.50
WUXI COMMUNICATIONS       5.58      7/8/2016   CNY      50.10
XIANGTAN JIUHUA ECON      6.93    12/16/2016   CNY      71.16
YANGZHOU ECONOMIC DE      6.10      7/7/2016   CNY      50.30
YANGZHOU URBAN CONST      5.94     7/23/2016   CNY      40.50
YIJINHUOLUOQI HONGTA      8.35     3/19/2019   CNY      71.50
YULIN CITY INVESTMEN      6.81     12/4/2018   CNY     103.50
YUNNAN INVESTMENT GR      5.25     8/24/2017   CNY      70.50
ZHENJIANG CULTURE AN      5.86      5/6/2017   CNY      74.01
ZHUCHENG ECONOMIC DE      7.50     8/25/2018   CNY      41.03


INDONESIA
---------


BERAU COAL ENERGY TB      7.25     3/13/2017   USD      27.75
BERAU COAL ENERGY TB      7.25     3/13/2017   USD      29.79
GAJAH TUNGGAL TBK PT      7.75      2/6/2018   USD      60.50
GAJAH TUNGGAL TBK PT      7.75      2/6/2018   USD      59.00
INDONESIA TREASURY B      6.38     4/15/2042   IDR      72.97


INDIA
-----

3I INFOTECH LTD           5.00     4/26/2017   USD      14.50
BLUE DART EXPRESS LT      9.30    11/20/2017   INR      10.12
BLUE DART EXPRESS LT      9.50    11/20/2019   INR      10.25
BLUE DART EXPRESS LT      9.40    11/20/2018   INR      10.18
COROMANDEL INTERNATI      9.00     7/23/2016   INR      15.60
GTL INFRASTRUCTURE L      4.03     11/9/2017   USD      27.00
INCLINE REALTY PVT L     10.85     8/21/2017   INR       7.74
JAIPRAKASH ASSOCIATE      5.75      9/8/2017   USD      71.16
JCT LTD                   2.50      4/8/2011   USD      29.25
PRAKASH INDUSTRIES L      5.25     4/30/2015   USD      20.00
PYRAMID SAIMIRA THEA      1.75      7/4/2012   USD       1.00
REI AGRO LTD              5.50    11/13/2014   USD       4.25
REI AGRO LTD              5.50    11/13/2014   USD       4.25
SVOGL OIL GAS & ENER      5.00     8/17/2015   USD      21.13


JAPAN
-----

AVANSTRATE INC            5.55    10/31/2017   JPY      31.00
AVANSTRATE INC            5.55    10/31/2017   JPY      37.00
ELPIDA MEMORY INC         0.70      8/1/2016   JPY       8.25
ELPIDA MEMORY INC         0.50    10/26/2015   JPY       8.38
ELPIDA MEMORY INC         2.29     12/7/2012   JPY       8.25
ELPIDA MEMORY INC         2.03     3/22/2012   JPY       8.25
ELPIDA MEMORY INC         2.10    11/29/2012   JPY       8.25
SHARP CORP/JAPAN          1.60     9/13/2019   JPY      69.00
TAKATA CORP               0.58     3/26/2021   JPY      65.75


KOREA
-----

2014 KODIT CREATIVE       5.00    12/25/2017   KRW      30.30
2014 KODIT CREATIVE       5.00    12/25/2017   KRW      30.30
DOOSAN CAPITAL SECUR     20.00     4/22/2019   KRW      38.96
HYUNDAI HEAVY INDUST      4.90    12/15/2044   KRW      54.78
HYUNDAI HEAVY INDUST      4.80    12/15/2044   KRW      55.70
HYUNDAI MERCHANT MAR      7.05    12/27/2042   KRW      30.96
KIBO ABS SPECIALTY C     10.00     8/22/2017   KRW      25.67
KIBO ABS SPECIALTY C      5.00     1/31/2017   KRW      32.14
KIBO ABS SPECIALTY C      5.00     3/29/2018   KRW      29.22
KIBO ABS SPECIALTY C     10.00     2/19/2017   KRW      36.58
KIBO ABS SPECIALTY C     10.00      9/4/2016   KRW      38.97
KIBO ABS SPECIALTY C      5.00    12/25/2017   KRW      29.04
LSMTRON DONGBANGSEON      4.53    11/22/2017   KRW      29.88
POSCO ENERGY CORP         4.72     8/29/2043   KRW      66.55
POSCO ENERGY CORP         4.72     8/29/2043   KRW      66.54
POSCO ENERGY CORP         4.66     8/29/2043   KRW      67.11
PULMUONE CO LTD           2.50      8/6/2045   KRW      59.91
SINBO SECURITIZATION      5.00     2/27/2019   KRW      26.31
SINBO SECURITIZATION      5.00     1/30/2019   KRW      26.48
SINBO SECURITIZATION      5.00    10/30/2019   KRW      19.46
SINBO SECURITIZATION      5.00     2/27/2019   KRW      26.31
SINBO SECURITIZATION      5.00     1/30/2019   KRW      26.48
SINBO SECURITIZATION      5.00     6/27/2018   KRW      28.67
SINBO SECURITIZATION      5.00     6/27/2018   KRW      28.67
SINBO SECURITIZATION      5.00     5/27/2016   KRW      36.46
SINBO SECURITIZATION      5.00     5/27/2016   KRW      36.46
SINBO SECURITIZATION      5.00     3/14/2016   KRW      44.60
SINBO SECURITIZATION      5.00      7/8/2017   KRW      31.76
SINBO SECURITIZATION      5.00      7/8/2017   KRW      31.76
SINBO SECURITIZATION      5.00     10/1/2017   KRW      30.79
SINBO SECURITIZATION      5.00     10/1/2017   KRW      30.79
SINBO SECURITIZATION      5.00     10/1/2017   KRW      30.79
SINBO SECURITIZATION      5.00     6/29/2016   KRW      35.46
SINBO SECURITIZATION      5.00    12/25/2016   KRW      32.64
SINBO SECURITIZATION      5.00     1/15/2018   KRW      30.10
SINBO SECURITIZATION      5.00     1/15/2018   KRW      30.10
SINBO SECURITIZATION      5.00     2/11/2018   KRW      29.61
SINBO SECURITIZATION      5.00     2/11/2018   KRW      29.61
SINBO SECURITIZATION      5.00    12/13/2016   KRW      33.71
SINBO SECURITIZATION      5.00     3/12/2018   KRW      29.37
SINBO SECURITIZATION      5.00     3/12/2018   KRW      29.37
SINBO SECURITIZATION      5.00     1/29/2017   KRW      33.11
SINBO SECURITIZATION      5.00     2/21/2017   KRW      32.82
SINBO SECURITIZATION      5.00     2/21/2017   KRW      32.82
SINBO SECURITIZATION      5.00     8/16/2016   KRW      33.73
SINBO SECURITIZATION      5.00     8/16/2017   KRW      31.34
SINBO SECURITIZATION      5.00     8/16/2017   KRW      31.34
SINBO SECURITIZATION      5.00     9/26/2018   KRW      27.73
SINBO SECURITIZATION      5.00     9/26/2018   KRW      27.73
SINBO SECURITIZATION      5.00     9/26/2018   KRW      27.73
SINBO SECURITIZATION      5.00     7/26/2016   KRW      35.13
SINBO SECURITIZATION      5.00     7/26/2016   KRW      35.13
SINBO SECURITIZATION      5.00     8/31/2016   KRW      34.72
SINBO SECURITIZATION      5.00     8/31/2016   KRW      34.72
SINBO SECURITIZATION      5.00     10/5/2016   KRW      34.35
SINBO SECURITIZATION      5.00     10/5/2016   KRW      32.72
SINBO SECURITIZATION      5.00     7/24/2017   KRW      30.61
SINBO SECURITIZATION      5.00     7/24/2018   KRW      28.45
SINBO SECURITIZATION      5.00     7/24/2018   KRW      28.45
SINBO SECURITIZATION      5.00     8/29/2018   KRW      27.96
SINBO SECURITIZATION      5.00     8/29/2018   KRW      27.96
SINBO SECURITIZATION      5.00     3/13/2017   KRW      32.58
SINBO SECURITIZATION      5.00      6/7/2017   KRW      22.95
SINBO SECURITIZATION      5.00      6/7/2017   KRW      22.95
SINBO SECURITIZATION     10.00    12/27/2015   KRW      76.38
SINBO SECURITIZATION      5.00     1/19/2016   KRW      57.07
SINBO SECURITIZATION      5.00      2/2/2016   KRW      53.30
SINBO SECURITIZATION      8.00      2/2/2016   KRW      58.41
SINBO SECURITIZATION      5.00    12/23/2018   KRW      26.81
SINBO SECURITIZATION      5.00    12/23/2017   KRW      29.06
SINBO SECURITIZATION      5.00    12/23/2018   KRW      26.81
SINBO SECURITIZATION      5.00     3/13/2017   KRW      32.58
SK TELECOM CO LTD         4.21      6/7/2073   KRW      65.89
TONGYANG CEMENT & EN      7.50     4/20/2014   KRW      70.00
TONGYANG CEMENT & EN      7.30     4/12/2015   KRW      70.00
TONGYANG CEMENT & EN      7.30     6/26/2015   KRW      70.00
TONGYANG CEMENT & EN      7.50     7/20/2014   KRW      70.00
TONGYANG CEMENT & EN      7.50     9/10/2014   KRW      70.00
U-BEST SECURITIZATIO      5.50    11/16/2017   KRW      31.03


SRI LANKA
---------

SRI LANKA GOVERNMENT      5.35      3/1/2026   LKR      74.29


MALAYSIA
--------

BANDAR MALAYSIA SDN       0.35     2/20/2024   MYR      70.26
BANDAR MALAYSIA SDN       0.35    12/29/2023   MYR      70.77
BIMB HOLDINGS BHD         1.50    12/12/2023   MYR      71.43
BRIGHT FOCUS BHD          2.50     1/22/2031   MYR      66.26
BRIGHT FOCUS BHD          2.50     1/24/2030   MYR      68.61
LAND & GENERAL BHD        1.00     9/24/2018   MYR       0.25
SENAI-DESARU EXPRESS      0.50    12/31/2040   MYR      68.81
SENAI-DESARU EXPRESS      0.50    12/29/2045   MYR      74.19
SENAI-DESARU EXPRESS      0.50    12/31/2047   MYR      76.14
SENAI-DESARU EXPRESS      0.50    12/31/2046   MYR      75.24
SENAI-DESARU EXPRESS      0.50    12/31/2043   MYR      72.39
SENAI-DESARU EXPRESS      0.50    12/31/2038   MYR      65.77
SENAI-DESARU EXPRESS      0.50    12/31/2041   MYR      69.98
SENAI-DESARU EXPRESS      0.50    12/31/2042   MYR      71.28
SENAI-DESARU EXPRESS      0.50    12/30/2044   MYR      73.31
SENAI-DESARU EXPRESS      0.50    12/30/2039   MYR      67.51
SENAI-DESARU EXPRESS      1.35    12/29/2028   MYR      57.22
SENAI-DESARU EXPRESS      1.15    12/29/2023   MYR      68.39
SENAI-DESARU EXPRESS      1.15     6/30/2023   MYR      69.98
SENAI-DESARU EXPRESS      1.15    12/30/2022   MYR      71.61
SENAI-DESARU EXPRESS      1.35     6/28/2030   MYR      53.96
SENAI-DESARU EXPRESS      1.35    12/31/2030   MYR      52.90
SENAI-DESARU EXPRESS      1.15    12/31/2024   MYR      65.36
SENAI-DESARU EXPRESS      1.10     6/30/2022   MYR      73.02
SENAI-DESARU EXPRESS      1.15     6/30/2025   MYR      63.91
SENAI-DESARU EXPRESS      1.10    12/31/2021   MYR      74.74
SENAI-DESARU EXPRESS      1.35     6/30/2026   MYR      62.84
SENAI-DESARU EXPRESS      1.15     6/28/2024   MYR      66.87
SENAI-DESARU EXPRESS      1.35    12/31/2029   MYR      55.01
SENAI-DESARU EXPRESS      1.35     6/30/2031   MYR      51.85
SENAI-DESARU EXPRESS      1.35    12/31/2025   MYR      64.02
SENAI-DESARU EXPRESS      1.35     6/30/2027   MYR      60.56
SENAI-DESARU EXPRESS      1.35     6/29/2029   MYR      56.10
SENAI-DESARU EXPRESS      1.35     6/30/2028   MYR      58.34
SENAI-DESARU EXPRESS      1.35    12/31/2026   MYR      61.71
SENAI-DESARU EXPRESS      1.35    12/31/2027   MYR      59.47
UNIMECH GROUP BHD         5.00     9/18/2018   MYR       1.18


PHILIPPINES
-----------

BAYAN TELECOMMUNICAT     13.50     7/15/2006   USD      22.75
BAYAN TELECOMMUNICAT     13.50     7/15/2006   USD      22.75


SINGAPORE
---------

AXIS OFFSHORE PTE LT      7.59     5/18/2018   USD      54.26
BAKRIE TELECOM PTE L     11.50      5/7/2015   USD       3.00
BAKRIE TELECOM PTE L     11.50      5/7/2015   USD       3.66
BERAU CAPITAL RESOUR     12.50      7/8/2015   USD      30.00
BERAU CAPITAL RESOUR     12.50      7/8/2015   USD      74.78
BLD INVESTMENTS PTE       8.63     3/23/2015   USD       8.38
BUMI CAPITAL PTE LTD     12.00    11/10/2016   USD      18.70
BUMI CAPITAL PTE LTD     12.00    11/10/2016   USD      18.18
BUMI INVESTMENT PTE      10.75     10/6/2017   USD      18.70
BUMI INVESTMENT PTE      10.75     10/6/2017   USD      18.14
ENERCOAL RESOURCES P      6.00      4/7/2018   USD      10.00
GOLIATH OFFSHORE HOL     12.00     6/11/2017   USD      17.05
INDO INFRASTRUCTURE       2.00     7/30/2010   USD       1.88
ORO NEGRO DRILLING P      7.50     1/24/2019   USD      67.00
OSA GOLIATH PTE LTD      12.00     10/9/2018   USD      62.00
OTTAWA HOLDINGS PTE       5.88     5/16/2018   USD      53.00
OTTAWA HOLDINGS PTE       5.88     5/16/2018   USD      50.92
SWIBER HOLDINGS LTD       7.13     4/18/2017   SGD      65.25
TRIKOMSEL PTE LTD         5.25     5/10/2016   SGD      20.00
TRIKOMSEL PTE LTD         7.88      6/5/2017   SGD      24.00


THAILAND
--------

G STEEL PCL               3.00     10/4/2015   USD       3.74
MDX PCL                   4.75     9/17/2003   USD      37.50


VIETNAM
-------

DEBT AND ASSET TRADI      1.00    10/10/2025   USD      48.00
DEBT AND ASSET TRADI      1.00    10/10/2025   USD      48.12



                             *********

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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