TCRAP_Public/160105.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, January 5, 2016, Vol. 19, No. 2


                            Headlines


A U S T R A L I A

ATLAS IRON: Moody's Cuts Corporate Family Rating to Ca
DICK SMITH: Shares Trading Halt Pending Debt Financing Update
INVESTRUCTION PTY: First Creditors' Meeting Set For Jan. 14
STAR INVESTING: First Creditors' Meeting Set For Jan. 12
VOCATION LTD: Directors and Former Advisers Face Suits


C H I N A

CHINA: Shipowners Face Forced Sales, Possible Bankruptcy


I N D I A

AJAB SINGH: ICRA Upgrades Rating on INR6.50cr Loan to B+
AKSHAYA BUILDERS: CRISIL Reaffirms 'B' rating on INR114MM Loan
ALFA CHEMO: CRISIL Reaffirms B- Rating on INR25MM Cash Loan
BALAJI IRON: Ind-Ra Assigns B- Long-Term Issuer Rating
BANSIDHAR AGARWALLA: ICRA Reaffirms B- Rating on INR3.25cr Loan

BRAHMA REFRACTORIES: CRISIL Reaffirms B+ Rating on INR62.5MM Loan
BRUHAT BENGALURU: ICRA Withdraws IrB Issuer Rating
ER. UMAKANT: CRISIL Suspends 'C' Rating on INR60MM Term Loan
ESSKAY MACHINERY: CRISIL Reaffirms B- Rating on INR70MM Loan
EXIMPIPES PVT: CRISIL Cuts Rating on INR106MM Cash Loan to 'B'

GAYATRI HI-TECH: ICRA Reaffirms D Rating on INR491.10cr Loan
GREENLINE ECOFAB: Ind-Ra Assigns B+ Long-Term Issuer Rating
GRITTON CERAMICS: CRISIL Reaffirms B+ Rating on INR85MM Loan
GVS PROJECTS: ICRA Reaffirms B+ Rating on INR11.50cr Loan
HASTALLOY INDIA: CRISIL Reaffirms B+ Rating on INR55MM Cash Loan

HILLWOOD IMPORTS: CRISIL Reaffirms B+ Rating on INR10MM Loan
K. KOTESWARA: CRISIL Assigns B+ Rating to INR40MM Loan
K. MAGANLAL: Ind-Ra Affirms BB+ Long-Term Issuer Rating
L N CONSTRUCTIONS: CRISIL Reaffirms B- Rating on INR40MM Loan
MA SARADA: ICRA Cuts Rating on INR4.01cr Term Loan to D

N.C. JOHN: Ind-Ra Assigns BB+ Long-Term Issuer Rating
ONYX BIOTEC: CRISIL Assigns B+ Rating to INR60.9MM Term Loan
OYO CERAMIC: ICRA Reaffirms B+ Rating on INR3.92cr Term Loan
PRINCE YARNN: ICRA Ups Rating on INR12.81cr Term Loan to B+
PURUSHOTTAM JAIRAM: CRISIL Ups Rating on INR90MM Loan to B-

RADHESHYAM INDUSTRIES: CRISIL Reaffirms B+ Rating on INR120M Loan
RAGHU RAMA: ICRA Reaffirms 'B' Rating on INR15.68cr Loan
SAINATH ESTATES: CRISIL Suspends 'D' Rating on INR1.25BB Loan
SANDOZ MERCHANTS: CRISIL Assigns B+ Rating to INR35MM Cash Loan
SARVODAYA EDUCATION: CRISIL Assigns B Rating to INR250MM LT Loan

SAVINO CERAMIC: CRISIL Ups Rating on INR65MM Term Loan to B+
SAYAJI PACKAGING: ICRA Reaffirms B- Rating on INR2.5cr Loan
SHREE RAM: ICRA Lowers Rating on INR10cr Cash Loan to B+
SHRI MAHARANA: CRISIL Assigns 'B' Rating to INR59MM Cash Loan
SHRI REWA: CRISIL Assigns 'B' Rating to INR74.5MM Term Loan

SHRI WARDHMAN: CRISIL Cuts Rating on INR67MM Term Loan to 'B'
SUPER LIFESTYLE: Ind-Ra Assigns D Long-Term Issuer Rating
SVM CERA: ICRA Lowers Rating on INR5.50cr Cash Loan to D
SWAMI VIVEKANAND: Ind-Ra Assigns BB Long-Term Issuer Rating
SYNERGY GREEN: CRISIL Reaffirms 'D' Rating on INR110MM Cash Loan

TAYAL ENERGY: Ind-Ra Suspends D Long-Term Issuer Rating
TECHMECH ENGINEERS: CRISIL Assigns B+ Rating to INR92MM Loan
THIRU AROORAN: ICRA Lowers Rating on INR200.30cr Loan to D
TPRS ENTERPRISES: Ind-Ra Raises Long-Term Issuer Rating to BB+
UNIPHOS INTERNATIONAL: Ind-Ra Affirms BB+ Long-Term Issuer Rating

VARRON ALUMINIUM: Ind-Ra Withdraws BB- Long-Term Issuer Rating
VARRON INDUSTRIES: Ind-Ra Withdraws BB+ Long-Term Issuer Rating
VENKATA KRISHNA: CRISIL Reaffirms B Rating on INR115MM LT Loan
YOGESH TRADING: Ind-Ra Assigns BB Long-Term Issuer Rating


M A L A Y S I A

1MALAYSIA DEVELOPMENT: Anti-Graft Agency Submits Probe Results


N E W  Z E A L A N D

CLEGG & CO: Investors Get Back 58.7c in the Dollar
INTAGR8 LTD: Had 'Unsustainable Business Model', Liquidator Says


P H I L I P P I N E S

LBC DEVELOPMENT: PDIC Files PHP1.8BB Suit vs. LBC Group


T H A I L A N D

THAILAND: Central Bank Governor Set to Walk Economic Tightrope


X X X X X X X X

* BOND PRICING: For the Week Dec. 28, 2015 to Jan. 1, 2016


                            - - - - -


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


ATLAS IRON: Moody's Cuts Corporate Family Rating to Ca
------------------------------------------------------
Moody's Investors Service downgraded the rating on the USD267
million senior secured term loan B due December 2017 to Ca from
Caa3.  At the same time, Moody's has also downgraded Atlas Iron
Limited's corporate family rating to Ca from Caa3. The outlook for
all ratings is negative.

RATINGS RATIONALE

The rating action follows Atlas' announcement on 23 December 2015
that it has signed a debt restructuring support agreement with 75%
of its term loan B (TLB) lenders and an amendment to its existing
syndicated facility agreement.

Under the agreement, Atlas will make a pay down of the TLB loan of
USD10 million and issue shares and options in exchange for TLB
lenders to retire USD132 million (AUD183 million) of debt. On
implementation, Atlas will have reduced its term loan debt from
USD267 million to USD135 million and TLB lenders will subsequently
hold 70% of the company's shares and options. The maturity of the
TLB will also be extended from December 2017 to April 2021.

"If successful, the transaction will constitute a distressed debt
exchange, which is a default event under Moody's definition. The
downgrade of the secured term loan to Ca considers this default
and our assessment of the high economic loss when compared to the
original payment promise for the Notes," says Matthew Moore, Vice
President - Senior Credit Officer / Corporate Finance. "Moreover,
the downgrade of Atlas' corporate family rating to Ca from Caa3
reflects our concern that the company will continue to face
financial stress after the transaction closes as proposed," adds
Moore.

Moody's recognizes that the completion of the exchange offer will
substantially reduce Atlas' debt levels and interest costs.
However, given the significant drop in iron ore prices and Moody's
revised expectations for prices in 2016 and 2017, the rating
agency expects that prices will be below Atlas' breakeven levels
in the near term, barring further material cost reduction and/or
depreciation of the Australian dollar relative to the U.S. dollar.

Atlas' guidance for FY16 full cash costs is AUD55-AUD59 million.
However, at current iron ore prices of around USD40 per tonne and
the prevailing AUD/USD exchange rate in the low AUD0.70 range,
Moody's estimates that the company is operating near breakeven at
the low end of its cost guidance -- and is substantially cash
negative at the higher end. Assuming around 14-15 million tonnes
produced, this could lead to around AUD70-80 million in negative
cash flow over the next 12 months, relative to the company's
expected cash balance of AUD85-95 million at 31 December 2015
(before the USD10 million in term loan repayment as part of the
proposed debt restructure).

The negative rating outlook factors in uncertainty over whether
the exchange offer and consent solicitation will be successfully
completed; the fact that that, following the transaction, the
company's liquidity position is expected to remain significantly
stressed; and the consideration that its operating model has been
severely weakened. Accordingly, Moody's considers that the risk of
default remains high.

Atlas Iron Limited (Atlas), headquartered in Perth, Australia, is
an iron ore producer and developer focused on the North Pilbara
region of Western Australia. Atlas exports iron ore from its
current operations comprising three producing mines.


DICK SMITH: Shares Trading Halt Pending Debt Financing Update
-------------------------------------------------------------
Herald Sun reports that Dick Smith shares have placed into a
trading halt pending an announcement from the embattled
electronics retailer about its debt financing.

According to the report, the group said it expects to provide an
update to the market on its funding position and debt financing by
Wednesday, Jan. 6.

Herald Sun notes that the retailer's shares last traded at 35.5c -
- a massive 83% below its debut price of AUD2.20 when it floated
on the Australian Securities Exchange on December 2013.

The group's shares have shed more than 80% of their value since
August on the back of two profit warnings and weak sales in
October and November, the report notes.

Herald Sun says private equity firm Anchorage Capital Partners
bought the 325-store Dick Smith network from retail giant
Woolworths for AUD94 million in November 2012.

The report relates that the retailer was floated on the ASX just
over a year later with a market value of AUD520 million, under the
leadership of former Myer executive Nick Abboud.

But Dick Smith has struggled in the competitive sector, and
announced in October that full-year net profit was expected to be
as much as AUD8 million below the previously forecast result of
AUD45 million to AUD48 million, adds Herald Sun.

Dick Smith Electronics Pty Limited -- http://dicksmith.com.au/--
operates as a retailer and wholesaler of electronics products in
Australia and New Zealand. It offers computers, communications,
gaming, and entertainment products. Dick Smith Electronics Pty
Limited was founded in 1969 and is based in Chullora, Australia.


INVESTRUCTION PTY: First Creditors' Meeting Set For Jan. 14
-----------------------------------------------------------
William Hamilton of W J Hamilton & Co. was appointed as
administrator of Investruction Pty Ltd on Jan. 4, 2016.

A first meeting of the creditors of the Company will be held at
Suite 508,147 King Street, in Sydney, on Jan. 14, 2016, at 10:00
a.m.


STAR INVESTING: First Creditors' Meeting Set For Jan. 12
--------------------------------------------------------
Richard Rohrt of Hamilton Murphy Pty Ltd was appointed as
administrator of Star Investing Pty Ltd on Dec. 30, 2015.

A first meeting of the creditors of the Company will be held at
Hamilton Murphy Pty Ltd, 237 Swan Street, in Richmond, on
Jan. 12, 2016, at 11:30 a.m.


VOCATION LTD: Directors and Former Advisers Face Suits
------------------------------------------------------
The Australian reports that law firms pursuing collapsed education
interest Vocation Ltd have widened their focus to directors and
former advisers, which could be on the hook for payouts to
investors of up to AUD100 million.

The Australian relates that the move underscores an increasingly
popular path for class action litigators which, faced with the
prospect of suing a company with no cash or assets, have taken
action against company directors and trustees.

According to the report, Slater & Gordon and Maurice Blackburn,
which separately filed class actions against the former education
sector giant in 2014, are now understood to be reviewing their
strategies in pursuit of Vocation on behalf of investors.

Vocation's administrator, Ferrier Hodgson, in November 2015
recommended the company be placed into receivership and estimated
there was a net asset deficiency of up to AUD58 million.

The report says the collapse of Vocation, once worth more than
$770 million, left more than 12,000 students across Australia in
the lurch. The downfall of the company, previously chaired by
former Labor treasurer John Dawkins, exposed a growing problem in
private education.

For Vocation's part, it was unable to reach agreement with
investors about additional capital, after a year of poor
performance following a damning Victorian government audit that
stripped the firm of funding and shuttered two subsidiaries,
according to the Australian.

The Australian says Slater & Gordon, in its attempt to recover
funds for investors in failed debenture firm Provident Capital,
has turned its attention to the IOOF-owned Australian Executor
Trustees.

According to the report, the law firm declined to comment on the
specifics of the action against Vocation, but a spokeswoman said
lawyers were "carefully reviewing the position of the company and
related parties" and expected to have a more detailed announcement
early this year.

The Australian relates that Maurice Blackburn class actions
spokesman Cameron Scott said the firm was "continuing
investigations and awaiting further information before finalising
its approach".

With directors increasingly being targeted in shareholder action,
they are mostly covered by directors and officers insurance, which
protects board members and management from personal payouts over
decisions that have led to steep losses. However, in some
situations directors may lose their cover.

Both claims lodged against Vocation allege that the company failed
to comply with continuous disclosure obligations, the report
notes.

Vocation "knew, or ought reasonably to have known" its conduct
including the employment of unqualified or underqualified trainers
and the placement of students into courses inappropriate to their
needs would render the company noncompliant with its funding
contracts, it is alleged, The Australian relays.

The report notes that Maurice Blackburn's action is attempting to
recoup more than AUD95 million, while Slater & Gordon has yet to
detail its claim.

Mark Elliott, a former partner at Minter Ellison, is also pursuing
a class action, adds The Australian.

Even if the lawsuits are successful, they will rank below the
claims of unsecured creditors, who Ferrier Hodgson estimates will
receive a maximum of 14c in the dollar, the report says.

The Australian relates that administrators, led by Peter Gothard,
said their investigation about any breaches of directors' duties
was continuing.

"Prior to the appointment of administrators three separate class
actions were commenced by shareholders relating to the group's
alleged failure to comply with continuous disclosure
requirements," Ferrier Hodgson wrote to creditors, The Australian
relays.  "Further investigations would be required to assess
whether the actions of the directors would constitute a breach of
directors' duties."

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

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

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

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

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



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C H I N A
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CHINA: Shipowners Face Forced Sales, Possible Bankruptcy
--------------------------------------------------------
Robert Wright at The Financial Times reports that China's slowing
growth and a glut of ships have hit earnings for vessels carrying
coal and other dry bulk commodities so hard that owners face
forced sales, emergency capital raisings and possible bankruptcy.

Charter fees are not covering vessels' operating costs, let alone
their financing, in the latest bad news for the many private
equity firms that have invested in the sector, the FT says.

The FT notes that short-term charter rates for Capesize ships --
the largest kind -- were as low as $4,897 a day on December 23,
down from more than $20,000 a day in August. Vessels typically
cost around $13,000 a day to operate and finance.

The Baltic Dry index, which measures overall average charter
rates, has been at its lowest levels since it started in 1985, the
report discloses.

According to the report, the slide partly reflected growth in the
dry bulk fleet as vessels ordered in late 2013 and early 2014,
many with private equity funding, were delivered. The net capacity
of the world dry bulk fleet grew 3 per cent in the first 10 months
of 2015, despite a spike in the number of older vessels being
scrapped following the slump in rates.

The FT says the impact of the fleet's growth has been all the more
severe because China's slowdown has reduced an expected increase
in trade in dry bulk commodities from 5-6 per cent over 2015 to
zero.

"As you combine that with the supply problem we already knew
about, you get the worst conditions we've seen ever," the report
quotes one senior industry figure as saying.

The FT adds that the crisis has been made worse by the low oil
price. As the price of fuel has fallen, charterers have ordered
many shipowners to speed ships up instead of operating them slowly
to save fuel. Michael Bodouroglou, chief executive of Paragon
Shipping, an Athens-based, New York-listed dry bulk shipowner,
said the increased speed was making the oversupply problem worse
by increasing the fleet's carrying capacity, the report relates.

The FT says Paragon is one of at least four New York-listed
companies -- alongside DryShips, Scorpio Bulkers and Star Bulk --
that were forced in late November and early December to announce
sales of vessels to bring in cash.

According to the report, Mr Bodouroglou said operators were
burning through significant amounts of cash because rates were not
meeting their costs.

"Everybody who's selling, especially good-quality assets, these
days they really sell them because they need to," the FT quotes
Mr. Bodouroglou as saying.

The FT adds that the cash crunches at the listed companies affect
two high-profile private equity investors in the industry: Monarch
Alternative Capital, which holds an 18 per cent stake in Scorpio
Bulkers and a smaller stake in Star Bulk; and Oaktree Capital,
which controls Star Bulk.



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


AJAB SINGH: ICRA Upgrades Rating on INR6.50cr Loan to B+
--------------------------------------------------------
ICRA has upgraded the long-term rating for the INR10.5 crore fund
based/non-fund based limits of Ajab Singh & Co. from [ICRA]B to
[ICRA]B+.

                          Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Fund Based Limits        6.50       [ICRA]B+; upgraded
   Non-Fund Based Limits    4.00       [ICRA]B+; upgraded

The rating upgrade is driven by the improvement in ASC's revenues
over the past two years along with healthy net profitability of
7.38% and return indicators Return on Capital Employed for FY2015
without any major incremental debt. With significant traction in
its top order during FY2016, the revenue base of the firm is
likely to increase further however the order book position of the
firm remains modest. The rating continues to take into account the
experience of the promoters in the construction business. The
rating however remains constrained low networth base partly on
account of withdrawal of capital by partners, vulnerability of the
profitability to fluctuations in raw material prices, high
geographical concentration as well as highly competitive market.
The rating also factors in the high working capital intensity of
business owing to high inventory requirements which exerts
pressure on the liquidity position of the firm.

Going forward, the ability of the firm to maintain its
profitability, in addition to improving its working capital
intensity of operations; ability of the firm to obtain and execute
orders, diversify its customer base and scale of projects it
undertakes; and further strengthening of the capital structure
will remain the key rating sensitivities.

Ajab Singh and Company is a partnership firm which was
incorporated in 2006. The firm is engaged in construction of
flats, boundary wall and other such civil engineering projects in
NCR region for DDA. The firm has around 40 permanent employees and
200-250 labourers which are hired on a temporary basis.

Recent Results
During FY2015, ASC reported a profit after tax of INR4.20 crore on
an operating income of INR56.92 crore as against PAT of INR1.69
crore on an operating income of INR28.34 crore during FY2014.


AKSHAYA BUILDERS: CRISIL Reaffirms 'B' rating on INR114MM Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Akshaya Builders (AB)
continue to reflect AB's small scale of operations in the
intensely competitive civil construction industry, the firm's
large working capital requirements, and below-average financial
risk profile marked by high gearing. These rating weaknesses are
partially offset by the extensive experience of AB's promoters in
the civil construction industry.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         40       CRISIL A4 (Reaffirmed)
   Cash Credit           114       CRISIL B/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility     10       CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that AB will benefit over the medium term from its
promoters' extensive industry experience. The outlook may be
revised to 'Positive' if the firm scales up its operations
significantly while improving its profitability, leading to
improved cash accruals and liquidity. Conversely, the outlook may
be revised to 'Negative' if the firm's financial risk profile,
particularly its liquidity, weakens because of low revenue or
profitability, or deterioration in working capital management, or
any large debt-funded capital expenditure.

Update
AB's business risk profile remains moderate marked by moderate
scale of operations. The firm's revenue increased to INR177
million in 2014-15 (refers to financial year, April 1 to March 31)
from INR118 million in 2013-14 supported by its steady order
inflows. AB currently has an order book of INR250 million which
includes seven ongoing works with National Highways Authority of
India. CRISIL expects AB's revenue to improve moderately over the
medium term supported by healthy order book from NHAI. The firm
reported healthy operating margin of 14 per cent for 2014-15.
CRISIL believes that AB's operating margin will remain stable, at
14 per cent, over the medium term.

AB's financial risk profile remains below-average, marked by
moderate net worth and weak debt protection metrics. Its net worth
increased to INR92 million as on March 31, 2015, from INR87
million a year earlier. The net worth is expected to increase
moderately and range from INR98 million to INR106 million over the
medium term. Also, its debt protection metrics remain moderate,
with estimated interest coverage ratio of 1.78 times and net cash
accruals to total debt ratio of 0.09 times for 2014-15.. CRISIL
believes that AB's financial risk profile will remain below-
average, marked by moderate net worth and weak debt protection
metrics, over the medium term.

AB's liquidity remains weak marked by high bank limit utilization
though supported by adequate cash accruals. Its net cash accruals
are expected at around INR12 million per annum against annual debt
obligations of INR4 million over the medium term. Its bank limit
was utilised extensively, at an average of 96.4 per cent over the
13 months through April 2015. CRISIL believes that AB's liquidity
will remain stretched over the medium term marked by extensively
utilized bank limit and moderately matched cash accruals and debt
obligations.

Set up in 2013 and based in Kerala, AB executes road construction
projects for government undertakings. The firm's operations are
managed by managing partner Mr. Ajith Kumar P.


ALFA CHEMO: CRISIL Reaffirms B- Rating on INR25MM Cash Loan
-----------------------------------------------------------
CRISIL's ratings on the bank facilities of Alfa Chemo Plast
Private Limited (ACPPL) continue to reflect ACPPL's weak financial
risk profile because of moderate gearing and subdued debt
protection metrics.
                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            25       CRISIL B-/Stable (Reaffirmed)

   Letter of Credit       55       CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     20       CRISIL B-/Stable (Reaffirmed)

The ratings also factor in large working capital requirement,
small scale of operations, and susceptibility of operating margin
to volatility in raw material prices and fluctuations in foreign
exchange rates. These weaknesses are partially offset by
promoters' extensive experience in the chemicals trading business.
Outlook: Stable

CRISIL believes ACPPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company scales up
operations and registers sustainable improvement in operating
margin, leading to better liquidity. Conversely, the outlook may
be revised to 'Negative' if working capital cycle lengthens,
constraining liquidity, or if the company undertakes a large debt-
funded capital expenditure programme, weakening its financial risk
profile.

Update
ACCPL reported operating income of INR204 million during 2014-15
(refers to financial year, April 1 to March 31), against INR193
million in the preceding year. Operating income was at INR100-110
million for the eight months through November 2015. Operating
margin is expected to remain at 3.0-3.5 percent during 2015-16.

Working capital requirement will remain large, with gross current
assets expected at 170-190 days over the medium term, driven by
considerable receivables and inventory.

Financial risk profile will remain weak because of expected modest
networth of INR55-57 million as on March 31, 2016. Debt protection
metrics will remain subdued, with interest coverage ratio expected
at 1.2-1.5 times during 2015-16.

Liquidity is constrained by extensive bank line utilisation of 97
percent over the 11 months through November 2015. While net cash
accrual will remain low, ACPPL has no term debt obligation over
the medium term and promoters have moderate financial flexibility
to infuse need-based funds to meet incremental working capital
requirement.

ACPPL was set up in 2005-06 by Mr. Ambrish Mehta and his wife, Ms.
Jigna Mehta. The company trades in speciality chemicals. Its
office is in Mumbai and it has a godown at Bhiwandi in Thane
(Maharashtra). PU is used in cold storage, refrigeration, and
other insulation applications.


BALAJI IRON: Ind-Ra Assigns B- Long-Term Issuer Rating
------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Balaji Iron and
Steel Industries Private Limited (BISIPL) a Long-Term Issuer
Rating of 'IND B-'.  The Outlook is Stable.

KEY RATING DRIVERS

The ratings reflect in BISIPL's small scale of operations, weak
credit metrics and tight liquidity.  FY15 revenue was INR707 mil.
(FY14: INR1,408 mil.), EBITDA interest coverage was negative 0.3x
(FY14: negative 0.2x) and net leverage was negative 24.1x
(negative 58.4x).  EBITDA remained negative over FY12-FY15 due to
raw material price fluctuations.  The ratings also factor in
BISIPL's tight liquidity position with the fund-based facilities
being fully utilized over the 12 months ended December 2015.

The ratings are supported by over three decades of experience of
the company's promoter in the steel tubes and pipes business.

RATING SENSITIVITIES

Positive: Substantial growth in the top line and profitability
leading to a sustained improvement in the overall credit metrics
will be positive for the ratings.

Negative: A substantial decline in the profitability resulting in
sustained deterioration in the credit profile will lead to a
negative rating action.

COMPANY PROFILE

BISIPL, formerly known as Grass Steels Pvt Ltd, was incorporated
in 1987.  The company manufactures black tubes and electric
resistance welded steel pipes.

BISIPL's ratings are:

   -- Long-Term Issuer rating: assigned 'IND B-'; Outlook Stable
   -- INR250 mil. long-term loans: assigned 'IND B-'/Stable
   -- INR30 mil. fund-based facilities: assigned
      'IND B-'/Stable/'IND A4'


BANSIDHAR AGARWALLA: ICRA Reaffirms B- Rating on INR3.25cr Loan
---------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B- assigned to
the Rs 3.25 crore seasonal cash credit facility, INR1.50 crore
working capital term loan, INR0.86 crore working capital loan and
INR0.17 crore bank guarantee of Bansidhar Agarwalla & Company Pvt.
Ltd. unit: Chinsurah Cold Storage (CCS).

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Working Capital
    Term Loan            1.50         [ICRA]B- reaffirmed

   Seasonal Cash
   Credit                3.25         [ICRA]B- reaffirmed

   Working Capital
   Loan                  0.86         [ICRA]B- reaffirmed

   Bank Guarantee        0.17         [ICRA]B- reaffirmed


The rating reaffirmation takes into account CCS's adverse capital
structure, depressed coverage indicators, high working capital
intensive nature of operations and the regulated nature of the
industry, making it difficult to pass on increase in operating
costs in a timely manner, leading, in turn, to downward pressures
on profitability. ICRA also notes that the loans extended to
farmers by CCS may lead to delinquency, if potato prices fall to a
low level. The rating also takes into account CCS's exposure to
agro-climatic risks, with its business performance being entirely
dependent upon a single agro commodity, i.e. potato. The rating,
however, derives support from the long track record of the
promoters in the management of cold storages, the locational
advantage of CCS by way of presence of its cold storage units in
West Bengal, a state with large potato production, and the recent
increase in rental by the State Government which is likely to
provide cushion to the profitability of the company in the near to
medium term.

CCS, a cold storage unit of BASPL was set up in 1963 in Chinsurah,
in the Hooghly district of West Bengal. CCS is primarily engaged
in the business of storage and preservation of potatoes and
occasionally carries out trading of potatoes as well. Currently,
CCS has an annual storage capacity of 20,000 tonne.

Recent Results
In FY15, CCS reported a net profit of Rs 0.01 crore on the back of
an operating income (OI) of INR2.31 crore, as compared to a net
profit of Rs 0.01 crore on the back of an OI of INR2.71 crore in
FY14.


BRAHMA REFRACTORIES: CRISIL Reaffirms B+ Rating on INR62.5MM Loan
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Brahma Refractories
Private Limited (BRPL) continue to reflect the company's modest
scale of operations and large working capital requirement.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         20        CRISIL A4 (Reaffirmed)

   Cash Credit            62.5      CRISIL B+/Stable (Reaffirmed)

   Proposed Non Fund
   based limits            6.3      CRISIL A4 (Reaffirmed)

These weaknesses are partially offset by its promoter's extensive
experience in the refractory business, and it's improving
financial risk profile because of low gearing and adequate debt
protection metrics.
Outlook: Stable

CRISIL believes BRPL will continue to benefit from its promoter's
extensive industry experience. The outlook may be revised to
'Positive' if the company reports more-than-expected sales, stable
operating margin, and reduced working capital cycle. Conversely,
the outlook may be revised to 'Negative' in case of weakening of
working capital management or large debt-funded capital
expenditure or substantial decline in operating margin, leading to
pressure on financial risk profile.

BRPL, incorporated in 2005 by Mr. Surendra Kumar Sinha,
manufactures refractory bricks, refractory mortars, and high-
alumina castables. It is based in Dhanbad (Jharkhand).


BRUHAT BENGALURU: ICRA Withdraws IrB Issuer Rating
--------------------------------------------------
ICRA has withdrawn the issuer ratings assigned to the 15 urban
local bodies (ULBs) under Jawaharlal Nehru National Urban Renewal
Mission (JNNURM). The rating withdrawals follow the completion of
the mandate awarded to ICRA by the Ministry of Urban Development,
Government of India.

ULB-wise ratings withdrawn by ICRA have been shown in the table
below:

S.                                                      Previous
No.  ULBs                                Rating Action  Rating
---  ----                                -------------  ---------
1    Bruhat Bengaluru Mahanagara Palike    Withdrawn    IrB
2    Coimbatore City Municipal Corporation Withdrawn    IrBBB+
3    Corporation of Chennai                Withdrawn    IrBBB+
4    Corporation of Cochin                 Withdrawn    IrBBB-
5    Corporation of Thiruvananthapuram     Withdrawn    IrBBB-
6    Jammu Municipal Corporation           Withdrawn    IrBB-
7    Madurai Municipal Corporation         Withdrawn    IrBBB+
8    Municipal Corporation, Amritsar       Withdrawn    IrBB+
9    Municipal Corporation, Chandigarh     Withdrawn    IrA+
10   Municipal Corporation, Faridabad      Withdrawn    IrBBB-
11   Municipal Corporation, Ludhiana       Withdrawn    IrBBB-
12   Municipal Corporation, Shimla         Withdrawn    IrBB
13   Mysore City Corporation               Withdrawn    IrBBB+
14   Puducherry Municipality               Withdrawn    IrBB
15   Srinagar Municipal Corporation        Withdrawn    IrBB-


ER. UMAKANT: CRISIL Suspends 'C' Rating on INR60MM Term Loan
------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of
ER. Umakant Goel Memorial Education Society (EUGM).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Term Loan              60       CRISIL C

The suspension of ratings is on account of non-cooperation by EUGM
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, EUGM is yet to
provide adequate information to enable CRISIL to assess EUGM'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'

EUGM, a Bareilly (Uttar Pradesh) based society, promotes Lakshya
Institute of Mangement and Information Technology (LIMIT) and
Lakshya Technical Campus which offer management and engineering
courses.


ESSKAY MACHINERY: CRISIL Reaffirms B- Rating on INR70MM Loan
------------------------------------------------------------
CRISIL's ratings on the bank facilities of Esskay Machinery
Private Limited (Esskay) continue to reflect Esskay's weak
financial risk profile because of subdued capital structure and
debt protection metrics, and large working capital requirement.
These weaknesses are partially offset by the company's established
client relationships.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         48       CRISIL A4 (Reaffirmed)

   Cash Credit            70       CRISIL B-/Stable (Reaffirmed)

   Letter of Credit       20       CRISIL A4 (Reaffirmed)

   Working Capital
   Demand Loan             7       CRISIL B-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes Esskay will benefit over the medium term from its
established customer relationships and its promoters' extensive
industry experience. The outlook may be revised to 'Positive' in
case of infusion of substantial long-term funds or sharp
improvement in cash accrual, strengthening liquidity. Conversely,
the outlook may be revised to 'Negative' in case of larger-than-
expected capital expenditure or stretch in working capital cycle,
leading to deterioration in financial risk profile.

Esskay, based in Bhubaneswar, manufactures customised machinery,
including heat exchangers, liquefied petroleum bullet tanks, waste
heat recovery boilers, and fabricated heavy steel structures.
Manishri Refractories & Ceramics Pvt Ltd took over Esskay in 2006,
and holds 80 percent stake.


EXIMPIPES PVT: CRISIL Cuts Rating on INR106MM Cash Loan to 'B'
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Eximpipes Pvt Ltd (EPPL) to 'CRISIL B/Stable' from 'CRISIL
B+/Stable'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            106      CRISIL B/Stable (Downgraded
                                   from 'CRISIL B+/Stable')

   Long Term Loan          29      CRISIL B/Stable (Downgraded
                                   from 'CRISIL B+/Stable')

The downgrade reflects CRISIL's belief that EPPL's business risk
profile will remain constrained over the medium term because of
pressure on profitability, and financial risk profile will weaken
on account of increasing debt to fund its incremental working
capital requirements resulting in leveraged capital structure and
low interest coverage ratio. Although, sales improved to INR618.5
million in 2014-15 (refers to financial year, April 1 to March
31), EPPL reported net loss of INR6 million because of lower
capacity utilisation and realisations.

The rating reflects weak financial risk profile because of small
networth, high gearing, and subdued debt protection metrics. The
rating also factors in large working capital requirement and
exposure to intense competition in the roofing sheets industry.
These weaknesses are partially offset by promoters' extensive
industry experience and established relationships with customers
and suppliers.
Outlook: Stable

CRISIL believes EPPL will continue to benefit from its promoters'
extensive industry experience. The outlook may be revised to
'Positive' in case of higher-than-expected accrual or substantial
equity infusion, leading to improvement in financial risk profile,
particularly capital structure and liquidity. Conversely, the
outlook may be revised to 'Negative' in case of lower-than-
expected accrual or stretch in working capital cycle or large
debt-funded capital expenditure, leading to deterioration in
financial risk profile.

EPPL, established in 2004, manufactures roofing material. Promoted
by Mr. P Bhaskaran and his family, the company is based in
Palakkad, Kerala.


GAYATRI HI-TECH: ICRA Reaffirms D Rating on INR491.10cr Loan
------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA] D for INR537.00
crore bank facilities of Gayatri Hi-Tech Hotels Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Term Loan            491.10        [ICRA]D reaffirmed
   Cash Credit           18.00        [ICRA]D reaffirmed
   Long Term Non-
   Fund Based Limits     26.80        [ICRA]D reaffirmed
   Unallocated            1.10        [ICRA]D reaffirmed

The rating reaffirmation factors in the continued delays in
interest servicing by GHHL on the funded interest term loan
following the restructuring of its term loans of Rs 395.95 crore
under the Corporate Debt Restructuring (CDR) in June 2014. The
occupancy level for GHHL's 252 rooms (including 43 service
apartments) 5-Star hotel at Banjara Hills in Hyderabad though
improved to 38% for its third year of operations during FY15
against 23% during FY14, backed by improved political situation in
the state, the hotel has not able to generate surplus fund from
its operations (EBITDA of Rs -5.28 cr for FY15). With marginal
improvement in occupancy levels during H1 FY16, the debt servicing
during the current year is contingent upon external funding by the
promoters and this is expected to continue in the medium term as
GHHL has large upcoming debt repayments. Further the hotel
occupancy levels in Hyderabad region are expected to remain
subdued owing to oversupply of rooms in last few years and
prolonged demand slowdown. Thus, timely infusion of funds by the
promoters will remain critical to ensure regularity in servicing
its debt obligations in the medium term.

Gayatri Hi- Tech Hotels Limited (GHHL) has set up a 5-Star luxury
hotel consisting of 209 rooms (including 24 suites) and 43
serviced apartments at Hyderabad. The integrated hotel cum-
serviced apartment project is operational since April 2012 under
the brand name of Park Hyatt with specialty restaurants, lounge,
bar, meeting rooms, board rooms, banqueting facility, swimming
pool, health club and spa. The company has entered into a 25 year
agreement with Hyatt Hotels for operations and marketing of the
hotel.

Promoted by Mr. T Subarami Reddy, GHHL is a closely held public
limited company. The promoter group also has interests in
construction, real-estate development, sugar, chemicals, film
screening and financial services through separate companies.


GREENLINE ECOFAB: Ind-Ra Assigns B+ Long-Term Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Greenline Ecofab
Pvt. Ltd (GEPL) a Long-Term Issuer Rating of 'IND B+'.  The
Outlook is Stable.

KEY RATING DRIVERS

The ratings factor in GEPL's small scale of operations and
moderate credit metrics.  Revenue was INR122 mil. in FY15
(FY14: INR22 mil.), EBITDA interest coverage (operating
EBITDA/gross interest expense) was 2.5x (negative 0.2x) and net
financial leverage (adjusted net debt/operating EBITDA) was 4.9x
(4.2x).

However, EBITDA margin improved to 7.7% in FY15 (FY14: negative
3.1%) due to a change in the business model from manufacturing
non-woven fabrics to knitted garments.  Also, liquidity is
comfortable with the fund-based facilities being utilized at an
average of 44.5% over the 12 months ended November 2015.

The ratings are supported by the more than two decades of
experience of the company's promoter in the same line of business.

RATING SENSITIVITIES

Positive: Any substantial growth in the top line along with an
improvement in the EBITDA margin leading to a sustained
improvement in the credit metrics could be positive for the
ratings.

Negative: Any deterioration in the EBITDA margin leading to
sustained deterioration in the credit metrics could be negative
for the ratings.

COMPANY PROFILE

Incorporated in 2011, GEPL had commenced commercial production of
non-woven fabrics in 2012 and changed the business model to
knitted garments in FY15.  The company has a manufacturing unit in
Surat, Gujarat.

GEPL ratings:

   -- Long-Term Issuer Rating: assigned 'IND B+', Outlook Stable
   -- INR63 mil. long-term loan: assigned 'IND B+'/Stable
   -- INR25 mil. fund-based facilities: assigned
      'IND B+'/Stable/'IND A4'


GRITTON CERAMICS: CRISIL Reaffirms B+ Rating on INR85MM Loan
------------------------------------------------------------
CRISIL's ratings on the bank facilities of Gritton Ceramics
Private Limited (GCPL) continue to reflect its small scale of
operations in the highly competitive ceramic industry and large
working capital requirement. These weaknesses are partially offset
by promoters' extensive industry experience and comfortable
capital structure.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         15       CRISIL A4 (Reaffirmed)
   Cash Credit            85       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes GCPL will continue to benefit over the medium term
from its promoters' extensive industry experience. The outlook may
be revised to 'Positive' if the company stabilises operations in a
timely manner, leading to larger-than-expected cash accrual, or
improves its working capital cycle. Conversely, the outlook may be
revised to 'Negative' in case of lower-than-expected accrual due
to reduced order flow or profitability, or weakening of financial
risk profile because of stretch in working capital cycle or
larger-than-expected debt-funded capital expenditure.

Update
GCPL commenced commercial operations in August 2014, and
registered net sales of INR101.4 million in eight months of
operations in 2014-15 (refers to financial year, April 1 to March
31). Because of initial phase of operations, net sales are
expected to remain small, at INR250-280 million in 2015-16.
Operating profitability is expected to be modest, at 4-5 percent.
Working capital requirement will remain large, with gross current
assets expected at 150-160 days because of large raw material
inventory. Bank limit utilisation averaged 58 percent over the 12
months through November 2015.

GCPL's financial risk profile is expected to remain average
because of subdued debt protection metrics. However, capital
structure will remain comfortable, with gearing expected below 1.5
times over the medium term.

GCPL, incorporated in 2014, is promoted by Ahmedabad (Gujarat)-
based Mr. Ashok Garg, Mr. Pervinderkumar Mechu, and Mr. Rameshbhai
Patel. The company manufactures ceramic wall tiles.


GVS PROJECTS: ICRA Reaffirms B+ Rating on INR11.50cr Loan
---------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ assigned to
INR11.50 crore fund based limits and INR3.50 crore unallocated
limits of GVS Projects Private Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund based limits     11.50        [ICRA]B+ re-affirmed
   Unallocated limits     3.50        [ICRA]B+ re-affirmed

The reaffirmation of rating continues to be constrained by GVS's
small scale of operations in the electrical and civil construction
segment and the relatively low complexity of contracts undertaken
coupled with significant competitive pressures resulting in thin
profitability indicators. The rating is further constrained by
stretched liquidity position of the company as evident from full
utilization of working capital limits and vulnerability of
profitability to volatility in raw material prices mainly steel
and copper as the contracts are mainly fixed priced in nature.
This apart, the rating considers high sectoral and geographic
concentration risks with operations largely focused on electrical
contracts for 'Eastern Power Distribution Company of Andhra
Pradesh Limited', which resulted in revenue volatility in the
past. The rating is however supported by decade long experience of
the promoters in the electrical contracts and the established
relationship with clients & timely execution of projects resulting
in repeat orders.

Going forward, the ability of the company to improve its
profitability and manage its working capital requirements will be
key rating sensitivities from credit perspective.

Incorporated in 2003 by Mr. G. Balaji, Mrs. G. Sai Rathnam and Mr.
R. Sumanth, GVS Projects Private Limited (GVS) is a class-I
electrical and civil contractor in Andhra Pradesh executing
projects involving HT & LT substations, transmission lines,
external & internal electrification and underground cabling works
for government and private clients. The company also undertakes
civil construction works for substations, electrical control
buildings and other minor civil construction projects. Company has
an order book of INR69.73 crore as on October 31, 2015.

Recent Results
GVS has reported an operating income of INR28.40 crore and net
profit of INR1.06 crore in FY2014 as against an operating income
and net profit of INR40.25 crore and INR1.51 crore in FY2015
(provisional and un-audited).


HASTALLOY INDIA: CRISIL Reaffirms B+ Rating on INR55MM Cash Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Hastalloy India Limited
(HIL) continue to reflect the company's small scale of operations,
weak financial risk profile because of a small net worth, high
gearing, and weak debt protection metrics, and working capital-
intensive nature of operations. These rating weaknesses are
partially offset by the extensive experience of HIL's promoter in
manufacturing alloy steel castings, and established relationship
with customers.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         45       CRISIL A4 (Reaffirmed)

   Cash Credit            55       CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     50       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes HIL will continue to benefit over the medium term
from its promoters' extensive industry experience. The outlook may
be revised to 'Positive' if there is a substantial and sustained
increase in revenue and profitability margins, or a considerable
improvement in the networth on the back of sizeable equity
infusion. Conversely, the outlook may be revised to 'Negative' in
case of a steep decline in profitability margins, or significant
deterioration in the company's capital structure caused most
likely by large, debt-funded capital expenditure or a stretch in
its working capital cycle.

Incorporated in 1981 by Mr. G V K Rao, HIL manufactures alloy
steel castings of various grades. The current promoter, Mr. K
Eashwar, acquired HIL in 2006-07 (refers to financial year,
April 1 to March 31). The company is based in Hyderabad.


HILLWOOD IMPORTS: CRISIL Reaffirms B+ Rating on INR10MM Loan
------------------------------------------------------------
CRISIL's ratings on the bank facilities of Hillwood Imports and
Exports Private Limited (HIEPL; part of the Hillwood group)
continue to reflect the Hillwood group's below-average financial
risk profile because of high gearing and small networth, modest
scale of operations, and exposure to intense competition in the
timber industry. These weaknesses are partially offset by
promoter's extensive experience in the timber trading business.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            10       CRISIL B+/Stable (Reaffirmed)
   Letter of Credit      200       CRISIL A4 (Reaffirmed)

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of HIEPL and Hillwood Furniture Pvt Ltd
(HFPL). This is because both the companies, together referred to
as the Hillwood group, are in a similar line of business, share a
common management team, and have fungible cash flows.
Outlook: Stable

CRISIL believes the Hillwood group will continue to benefit over
the medium term from its promoter's industry experience. The
outlook may be revised to 'Positive' if financial risk profile
improves significantly, supported by increase in revenue and
considerable improvement in operating margin. Conversely, the
outlook may be revised to 'Negative' if financial risk profile
weakens because of large debt-funded capital expenditure or
decline in operating margin, or if increase in working capital
requirement weakens liquidity.

HFPL and HIEPL, based in Kerala, were incorporated during 2001-02
and are engaged in processing of timber logs. HFPL is also engaged
in manufacturing of building materials such as window, door and
kitchen frames. HFPL primarily deals in teak wood whereas HIEPL
deals mostly in hardwood.


K. KOTESWARA: CRISIL Assigns B+ Rating to INR40MM Loan
------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of K. Koteswara Reddy (KKR).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         70       CRISIL A4
   Secured Overdraft
   Facility               40       CRISIL B+/Stable

The rating reflects KKR's modest scale- and working capital
intensive nature of operations, with geographical concentration in
the intensely competitive civil construction segment. These rating
weaknesses are partially offset by promoters' extensive experience
in the civil construction industry.
Outlook: Stable

CRISIL believes that KKR will benefit over the medium term from
the extensive experience of its promoters in the civil
construction industry. The outlook may be revised to 'Positive',
if KKR increases its scale of operations and operating
profitability on a sustained basis over the medium term there by
leading to an improvement in its financial risk profile.
Conversely, the outlook may be revised to 'Negative', if the firm
undertakes any significant debt funded capital expenditure or if
its revenues and operating profitability decline leading to
deterioration in its financial risk profile.

Incorporated in the year 1998, KKR is based out of Hyderabad
(Telangana) and promoted by Mr.K.Koteswara Reddy. The firm is
engaged in undertaking civil contract primarily related to
construction of roads in Andhra Pradesh, Telangana and
Maharashtra.

KKR reported a profit after tax (PAT) of INR6.4 million on a net
sales of INR158 million for 2014-15 (refers to financial year
April 1 to March 31) as against a PAT of INR6.7 million on a net
sales of INR188 million for 2013-14.


K. MAGANLAL: Ind-Ra Affirms BB+ Long-Term Issuer Rating
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed K. Maganlal
Impex's (KMI) Long-Term Issuer Rating at 'IND BB+'.  The Outlook
is Stable.  Ind-Ra has also affirmed the company's INR110 mil.
fund-based working capital limits at 'IND BB+' with a Stable
Outlook.

KEY RATING DRIVERS

The affirmation reflects KMI's moderate financial profile due to
volatility in diamond prices and exchange rates as most of its
revenue is derived from exports to countries such as Hong Kong,
Belgium and Dubai.  In FY15, the company's revenue was moderate at
INR1,248 mil. (FY14: INR1,284 mil.), EBITDA margins were low at
1.4% (1.3%), EBITDA interest coverage was moderate at 1.9x (2x)
and net financial leverage was high at 7.1x (5x).  The debt
increased to INR125 mil. during FY15 from INR94m during FY14.

The ratings also reflect KMI's tight liquidity profile with full
utilization of its working capital limits for the 12 months ended
November 2015 along with instances of over utilization which were
regularized within 28 days.  The ratings are constrained by the
partnership nature of KMI's business.

The ratings are, however, supported by over 10 years of experience
of KMI's founders in the diamond business.

RATING SENSITIVITIES

Positive: An improvement in the scale of operations while
maintaining the profitability will be positive for the ratings.

Negative: A decline in the scale of operations will be negative
for the ratings.

COMPANY PROFILE

Incorporated in 2002, KMI is a partnership firm engaged in the
import of rough diamonds and manufacturing, cutting and export of
polished diamonds.  KMI is a member of the Gem & Jewellery Export
Promotion Council.  It has its registered office in Mumbai and a
factory in Gujarat.  The firm is managed by Kalubhai Jivabhai
Dudhat, Maganlal Jivabhai Dudhat and Dineshbhai Jivabhat Dudhat.


L N CONSTRUCTIONS: CRISIL Reaffirms B- Rating on INR40MM Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of L N Constructions (LN)
continue to reflect the firm's modest scale and working capital-
intensive nature of operations and below-average financial risk
profile because of a small networth and below-average debt
protection metrics.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         70       CRISIL A4 (Reaffirmed)
   Cash Credit            40       CRISIL B-/Stable (Reaffirmed)

These rating weaknesses are partially offset by the extensive
experience of the firm's promoters in the construction industry.
Outlook: Stable

CRISIL believes LN will continue to benefit over the medium term
from its promoters' extensive industry experience. The outlook may
be revised to 'Positive' if there is a substantial and sustained
increase in revenue and profitability margins, or sustained
improvement in working capital management. Conversely, the outlook
may be revised to 'Negative' in case of a steep decline in
profitability margins, or significant deterioration in the firm's
capital structure caused most likely by large, debt-funded capital
expenditure or a stretched working capital cycle.

LN was established as a partnership concern by Mr. Sudarshan Reddy
and his family in 2004. The firm undertakes construction of
irrigation projects, roads, and bridges for the Government of
Andhra Pradesh and the Indian Railways. It is based in Hyderabad.


MA SARADA: ICRA Cuts Rating on INR4.01cr Term Loan to D
-------------------------------------------------------
ICRA has revised downwards the long term rating assigned to the
INR4.01 crore term loan, INR0.80 crore working capital and INR0.75
crore seasonal cash credit facilities of Ma Sarada Cold Storage
Private Limited from [ICRA]C+ to [ICRA]D.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Term Loan               4.01        [ICRA]D downgraded
   Working Capital         0.80        [ICRA]D downgraded
   Seasonal Cash Credit    0.75        [ICRA]D downgraded

The rating revision primarily takes into account MSCPL's stretched
liquidity position because of high receivables and large advances
extended to the farmers resulting in delays in timely servicing of
debt obligations. The rating also considers the company's small
scale of operations at present, adverse financial profile as
reflected by high gearing, depressed coverage indicators and
subdued return on capital employed. The rating is further
constrained by the regulated nature of industry, making it
difficult to pass on increase in operating costs, thus exerting
pressure on the profitability, and MSCPL's exposure to agro-
climatic risks, with its business performance being entirely
dependent upon an agro commodity, i.e. potato, which is further
accentuated by the fact that the loans extended to farmers by
MSCPL may lead to delinquency, if potato prices fall to a low
level. ICRA notes that although the potato prices have fallen
significantly in the current financial year, no delinquency has
been observed by MSCSPL. The rating, takes note of the established
track record of the company in the cold storage business, with an
experience of around three decades of the promoters, and
locational advantage of MSCSPL by way of presence of its cold
storage unit in West Bengal, a state with large potato production.
The recent increase in rental by the State Government is likely to
provide cushion to the profitability of the company atleast over
the near term. Going forward, the ability of the entity to improve
its scale of operations and profitability while repaying the debt
obligations in a timely manner shall remain key rating
sensitivities.

Incorporated in 1987, Ma Sarada Cold Storage Private Limited is
engaged in providing cold storage facility to potato farmers and
traders on a rental basis. The facility of the company is located
in Bankura district of West Bengal having an annual storage
capacity of 21,052 metric tonnes.

Recent Results
During FY15, MSCSPL reported a net profit of INR0.08 crore on an
OI of INR4.29 crore as against a net profit of INR0.04 crore and
OI of INR4.36 crore during FY14.


N.C. JOHN: Ind-Ra Assigns BB+ Long-Term Issuer Rating
-----------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned N.C.John & Sons
(P) Ltd. (NCJ) a Long-Term Issuer Rating of 'IND BB+'.  The
Outlook is Stable.  The agency has also assigned NCJ's INR275 mil.
fund based working capital facility a long-term rating of
'IND BB+' with a Stable Outlook and a Short-term rating of
'IND A4+'.

KEY RATING DRIVERS

The ratings reflect the moderate credit metrics and volatile
profitability of NCJ.  Net leverage during FY15 was 3.6x (FY14:
2.2x) and EBITDA interest coverage was 2.2x (3.3x).  EBITDA
margins ranged between 4%-8% over the four years ended March 2015
on account of raw material price fluctuations.

However, the liquidity position is comfortable with the fund-based
facilities being utilized at an average of 21% over the 12 months
ended October 2015.

The ratings are supported by the over 70 years of experience of
the company's promoters in manufacturing floor coverings.  The
ratings also factor in the sustained yoy growth in the top line to
INR1,338 mil. in FY15 (FY14: INR1,208 mil.; 1HFY16: INR710 mil.).

RATING SENSITIVITIES

Positive: Substantial growth in the top line and stable
profitability leading to a sustained improvement in the credit
metrics and a comfortable liquidity position will lead to a
positive rating action.

Negative: Continued volatility in the profitability resulting in a
sustained deterioration in the credit profile of the company will
lead to a negative rating action.

COMPANY PROFILE

Incorporated in 1943, NCJ manufactures floor coverings made of
coir, jute, rubber and sisal.  NCJ started a hosiery garment
manufacturing unit in Tirupur in the early 90s.  Garments
contribute around 15% to the revenue on an average and floor
coverings contribute the remaining 85%. 95% of the total revenue
comes from exports to the EU and the US.


ONYX BIOTEC: CRISIL Assigns B+ Rating to INR60.9MM Term Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Onyx Biotec Private Limited (OBPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit           24        CRISIL B+/Stable
   Term Loan             60.9      CRISIL B+/Stable

The rating reflects OBPL's small scale of operations in the highly
fragmented pharmaceutical industry, susceptibility of the
company's operating margin to fluctuations in raw material prices
and project related risk associated with the on-going capital
expenditure. These rating weaknesses are partially offset by a
moderate financial risk profile because of adequate gearing and
comfortable debt protection metrics, and promoters' extensive
industry experience.
Outlook: Stable

CRISIL believes OBPL will continue to benefit over the medium term
from its promoters' extensive industry experience. The outlook may
be revised to 'Positive' in case of an increase in scale of
operations while profitability is sustained or timely
stabilization of the on-going debt-funded capital expenditure
being undertaken by the company. Conversely, the outlook may be
revised to 'Negative' in case of significant pressure on
profitability, or time or cost over runs in the on-going capital
expenditure, or an increase in working capital requirement,
thereby weakening the financial risk profile.

OBPL, incorporated in 2006, was taken over by the present
management comprising of Mr. Naresh Mahajan, Mr. Sanjay Jain, and
Mr. S P Singh in 2009. The company manufactures sterile water
injections of different compositions (5-30 millilitres). It also
manufactures sodium chloride-based sterile water injections of 5
ml and 10 ml capacities. Its manufacturing facility at Nalagarh,
Himachal Pradesh, has an installed capacity of 4.5 Lakhs viles per
annum.

Profit after tax (PAT) was INR9.8 million on net sales of INR253.0
million in 2014-15 (refers to financial year, April 1 to
March 31), vis-a-vis a PAT of INR6.5 million on net sales of
INR174.7 million in 2013-14.


OYO CERAMIC: ICRA Reaffirms B+ Rating on INR3.92cr Term Loan
------------------------------------------------------------
ICRA has reaffirmed the [ICRA]B+ rating assigned to the INR6.42
crore (reduced from INR7.36 crore) long term fund based facilities
of Oyo Ceramic Private Limited. ICRA has also reaffirmed the
[ICRA]A4 rating assigned to the INR1.80 crore short-term non-fund
based facility and INR1.25 crore short-term fund based facility
(sub-limit of Cash Credit) of OCPL.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit           2.50        [ICRA]B+ reaffirmed
   Term Loan             3.92        [ICRA]B+ reaffirmed
   Bank Guarantee        1.80        [ICRA]A4 reaffirmed
   Bill discounting      1.25        [ICRA]A4 reaffirmed

The reaffirmation of ratings factor in OCPL's modest scale of
operations with limited track record and weak financial profile of
the company with net losses reported during FY15, leveraged
capital structure, weak debt coverage indicators and high working
capital intensity. Further, the ratings are constrained by OCPL's
limited product portfolio comprising only ceramic wall tiles which
restricts its sales prospects and dealings with large
institutional buyers and the highly fragmented nature of the tiles
industry which results in intense competitive pressures. The
ratings also take into account the cyclical nature of the real
estate industry which is the main consuming sector and exposure of
profitability of the company to fluctuating prices of raw
materials and gas which is the major fuel.

The ratings, however, take comfort from the past experience of the
founder promoter in the ceramic industry and the marketing support
drawn from the group companies engaged in the similar line of
business. The ratings also take into account the company's
competitive advantage in raw material procurement on account of
its favourable location in Morbi.

Incorporated in February 2014, Oyo Ceramic Private Limited (OCPL)
commenced commercial production of ceramic wall tiles in November
2014. The manufacturing facility of the company is located at
Morbi in Rajkot district of Gujarat with an installed capacity of
30,000 Metric Tonnes Per Annum (MTPA). OCPL manufactures digitally
printed ceramic wall tiles of size 12" X 18". The promoters of the
company have experience in ceramic industry owing to their
association with the group concerns like M/s Lexo Ceramic, Blue
Lake Ceramic, Wipro Marketing and Romex Tiles Pvt. Ltd.

Recent Results
During its five months of operations (from November 2014 to March
2015), the company has reported an operating income of INR6.71
crore and net loss of INR0.06 crore for FY15.


PRINCE YARNN: ICRA Ups Rating on INR12.81cr Term Loan to B+
-----------------------------------------------------------
ICRA has upgraded the long-term rating to [ICRA]B+ from [ICRA]B
outstanding on the INR12.81 crore term loan facilities, INR7.00
crore cash credit facilities and INR2.00 crore non-fund based
facilities of Prince Yarnn India Limited. ICRA has reaffirmed the
short term rating at [ICRA]A4 outstanding on the INR3.00 crore
non-fund based facilities of the Company.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   LT-Term loan
   facilities            12.81        [ICRA]B+/Upgraded from
                                      [ICRA]B

   LT-Cash Credit
   Facilities             7.00        [ICRA]B+/Upgraded from
                                      [ICRA]B

   LT - Bank
   Guarantee              2.00        [ICRA]B+/Upgraded from
                                      [ICRA]B

   LT - Unallocated
   facilities             0.02        [ICRA]B+/Upgraded from
                                      [ICRA]B

   ST - Fund based
   facilities             3.00        [ICRA]A4/Reaffirmed


The rating upgrade takes into account the healthy growth in the
revenues and margins at the net level over the last two years
easing the liquidity position of the Firm. With no major debt
funded capital expenditure envisaged in the medium term, the
capitalisation and coverage indicators are expected to improve
going forward. The ratings continue to derive support from the
long-standing experience of the promoters in the spinning
industry, the stable operational performance of the Firm and
favourable domestic demand for viscose yarn. The ratings however
continue to remain constrained by the Firm's small scale of
operations restricting scale economies and the intense competition
prevalent in the highly fragmented industry, restricting pricing
flexibility to an extent.

PYIL, incorporated on January 22, 2007, is engaged in producing
viscose yarn in the range of 10s to 40s counts with a capacity of
16,128 spindles. Based in Erode, Tamil Nadu, the Firm procures
viscose staple fibre from Grasim Industries Limited and caters
completely to the domestic market including Pallipalayam (Tamil
Nadu), Mumbai (Maharashtra), Bhiwandi (Maharashtra), Kolkata (West
Bengal) and Uttar Pradesh.

Recent Results
According to the audited financials for 2014-15, the Firm reported
a PAT of INR1.1 crore on an operating income of INR52.4 crore. For
the financial year 2013-14, the Firm reported a net profit of
INR1.5 crore on an operating income of INR47.4 crore.


PURUSHOTTAM JAIRAM: CRISIL Ups Rating on INR90MM Loan to B-
-----------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of
Purushottam Jairam & Co (PJC) to 'CRISIL B-/Stable' from 'CRISIL
C'.

                       Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Cash Credit            25      CRISIL B-/Stable (Upgraded from
                                  'CRISIL C')

   Letter of Credit       90      CRISIL B-/Stable (Upgraded from
                                  'CRISIL C')

The upgrade follows reduction in the stress on the firm's
liquidity, supported by enhanced fund-based working capital
limits. Also, there has not been any irregularity in the bank
lines over the past few months.

The ratings reflect PJC's weak liquidity, driven by a stretched
working capital cycle, leading to almost fully utilised cash
credit limits. The ratings also factor in the weak financial risk
profile because of an aggressive capital structure and inadequate
debt protection metrics, the modest scale of operations, and the
exposure to risks relating to changes in regulatory policies
regarding timber import. These rating weaknesses are partially
offset by the extensive experience of PJC's promoters in the
timber business and their continued fund support.
Outlook: Stable

CRISIL believes PJC's business risk profile will continue to
benefit from its longstanding presence in the timber industry. The
outlook may be revised to 'Positive' if the financial risk profile
improves significantly most likely on account of fund infusion by
partners or the accrual increases considerably, coupled with an
improved working capital cycle. Conversely, the outlook may be
revised to 'Negative' if the financial risk profile weakens, most
likely because of a stretch in the working capital cycle, or a
decline in the revenue and profitability.

PJC was originally established in 1964 as a proprietorship firm by
Mr. Purushottam Jairam Tank, and later was reconstituted as a
partnership between Mr. Purushottam Jairam Tank and Mr. Mitesh
Tank. The firm trades in and processes timber logs. It has a
timber-processing plant in Lakadganj, Nagpur (Maharashtra).


RADHESHYAM INDUSTRIES: CRISIL Reaffirms B+ Rating on INR120M Loan
-----------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Radheshyam
Industries (RI) continues to reflect the firm's modest scale of
operations in a highly fragmented industry, exposure to intense
competition, and susceptibility to changes in government policies.
These weaknesses are partially offset by its partners' extensive
experience in the cotton industry.

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

Outlook: Stable

CRISIL believes RI will continue to benefit over the medium term
from its partners' extensive industry experience. The outlook may
be revised to 'Positive' in case of significantly higher-than-
expected accrual driven by substantial increase in revenue or
sustained improvement in operating profitability. Conversely, the
outlook may be revised to 'Negative' if financial risk profile
weakens because of increase in working capital requirement, or
sizeable debt-funded capital expenditure (capex), or larger-than-
expected capital withdrawal.

Update
RI's revenue increased 9 percent year-on-year to INR1.07 billion
in 2014-15 (refers to financial year, April 1 to March 31) because
of volume growth. Operating profitability improved to 1.5 percent
in 2014-15 from 1.3 percent in 2013-14. Profit after tax increased
to INR5 million from INR1.3 million. However, because of capital
withdrawal of INR8.3 million, accrual was negative. Revenue was
INR580 million for the eight months through November 2015.
However, CRISIL believes revenue will remain subdued over the
medium term because of expected weakness in cotton prices.

Gearing increased to 2.98 times as on March 31, 2015, from 0.82
time a year earlier on account of increase in working capital
debt. Networth was modest, at INR40 million. CRISIL believes
financial risk profile will improve marginally as reserves accrue
and as the firm plans no debt-funded capex. Debt protection
metrics were modest, with interest coverage ratio at 1.5 times in
2014-15.

RI has moderate working capital requirement, indicated by gross
current assets of 60 days as on March 31, 2015. However, because
of low accrual, working capital limit was utilised extensively, at
an average of 90 percent during the peak season (October-March)
and 35-40 percent during the off-season in the cotton season 2014-
15. RI's liquidity is supported by unsecured loans from partners,
at INR31.6 million as on March 31, 2015. CRISIL expects cash
accrual at INR4 million per annum over the medium term against nil
debt obligation.

RI was set up in 2008 as a partnership firm by Mr. Barkatali
Bhimjibhai, Mr. Amarshibhai Aambabhai, Mr. Samsudinbhai
Sadrudinbhai, Mr. Akbarali Bhimjibhai, Mr. Yogeshbhai Dirubhai,
Mr. Nagjibhai Aambabhai, Mr. Firojali Pyarlibhai, and Mr.
Alkeshbhai Sirajbhai. It has a cotton ginning and pressing unit in
Amreli (Gujarat).


RAGHU RAMA: ICRA Reaffirms 'B' Rating on INR15.68cr Loan
--------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B assigned to
INR15.68 crore (revised from INR13.96 crore) fund based limits and
INR0.32 crore (revised from INR2.04 crore) unallocated limits of
Raghu Rama Rice Industry.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund based limits     15.68        [ICRA]B re-affirmed
   Unallocated limits     0.32        [ICRA]B re-affirmed

The reaffirmation of rating continues to be constrained by RRRI's
weak financial profile characterized by low profitability
indicators, high gearing, modest coverage indicators, and
constrained liquidity position. The ratings also consider small
scale of operations in the rice milling industry and risks arising
from partnership nature of the firm. The rating is further
constrained by intensive competitive nature of the rice milling
industry restricting operating margins and agro climatic risks,
which can affect the availability of the paddy in adverse weather
conditions. ICRA also notes that change in government policy on
levy rice may also adversely affected the firm's revenues. The
rating is however supported by the long track record of the
promoters in the rice mill business; ease in paddy procurement due
to plant location in major paddy cultivating region of the
country; and favorable demand prospects of the industry with India
being the second largest producer and consumer of rice
internationally augurs well for the firm.

Going forward, the firm's ability to improve its profitability and
manage its working capital requirements will be key rating
sensitivities from credit perspective.

Founded in 2012 as a partnership firm, Raghu Rama Rice Industry
(RRRI) is engaged in milling of paddy and produces raw and boiled
rice. The firm started its operations from June 2013. The firm has
a milling unit in Jagannadhagiri village of East Godavari district
of Andhra Pradesh with an installed capacity of 8 tons per hour.

Recent Results
RRRI has reported an operating income of INR61.11 crore and net
profit of INR0.09 crore respectively in FY2015 as against an
operating income and net profit of INR49.88 crore and INR0.08
crore in FY2014.


SAINATH ESTATES: CRISIL Suspends 'D' Rating on INR1.25BB Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Sainath Estates Private Limited (SEPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee       1250       CRISIL D
   Cash Credit           650       CRISIL D
   Letter of Credit       50       CRISIL D

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'.

SEPL was set up in 1993 by Mr. K Premsagar Rao. The company
undertakes residential and commercial real estate projects for the
central and state governments. The company's day-to-day operations
are managed by Mr. S Sathyanarayana Rao (son of Mr. K Premsagar
Rao). The company is based out of Hyderabad, Andhra Pradesh.


SANDOZ MERCHANTS: CRISIL Assigns B+ Rating to INR35MM Cash Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Sandoz Merchants Private Limited (SMPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee        30        CRISIL A4
   Cash Credit           35        CRISIL B+/Stable

The ratings reflect the company's highly working-capital-intensive
operations, its modest cash accruals and exposure to risks
associated with the regulated nature of the jute industry. These
weaknesses are partially offset by the promoters' extensive
experience in the jute industry.
Outlook: Stable

CRISIL believes SMPL will continue to benefit over the medium term
from the extensive experience of its promoters. The outlook may be
revised to 'Positive' if the company registers substantial and
sustained improvement in its scale of operations and profitability
along with improved working capital management. Conversely, the
outlook may be revised to 'Negative' if SMPL's revenue and cash
accrual decline sharply, or if it undertakes a large debt-funded
capital expenditure programme, or witnesses further stretch in its
working capital cycle leading to weakening of its financial risk
profile, particularly liquidity.

SMPL, incorporated in 1995, is engaged in the business of
stitching of jute bags and trading of jute products, including
jute bags, jute yarn, and jute cloth. The company also trades in
hessian sheet and cotton fabric. SMPL is promoted by Kolkata-based
Agarwal family; Mr. Sajjan Agarwal and Mr. Amit Agarwal are the
directors and manage its operations.


SARVODAYA EDUCATION: CRISIL Assigns B Rating to INR250MM LT Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long term
bank facility of Sarvodaya Education Society (SES).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Long Term Loan         250      CRISIL B/Stable

The rating reflects SES's weak financial risk profile and exposure
to high risks pertaining to its ongoing project for setting up a
Central Board of Secondary Education (CBSE)-affiliated school.
These rating weaknesses are partially offset by an established
track record of 56 years in providing quality education in
Bengaluru.
Outlook: Stable

CRISIL believes SES will continue to benefit over the medium term
from its established reputation in Bengaluru for providing quality
education. The outlook may be revised to 'Positive' if the ongoing
project is completed before schedule and there is healthy student
intake in the coming academic year, leading to higher revenue,
while surplus levels improve. Conversely, the outlook may be
revised to 'Negative', in case of significant delay in the ongoing
project, leading to further deterioration in the financial risk
profile, particularly liquidity.

SES was established by the late Mrs. Jayalakshmi Siddaiah in 1959.
The society runs three schools in Bengaluru. Dr. B.Ramdas is the
current president of the society. The day-to-day operations are
handled by Dr. Vivekananda Siddiah, General Secretary.

SES reported, a profit after tax (PAT) of INR2 million on
operating income of INR36 million for 2014-15 (refers to financial
year, April 1 to March 31); the Society reported a PAT of INR11
million on operating income of INR39 million for 2013-14.


SAVINO CERAMIC: CRISIL Ups Rating on INR65MM Term Loan to B+
------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Savino Ceramic Private Limited (SCPL) to 'CRISIL B+/Stable' from
'CRISIL B/Stable', while reaffirming its rating on the short-term
facility at 'CRISIL A4'.

                        Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Bank Guarantee         9.5     CRISIL A4 (Reaffirmed)
   Cash Credit           25.0     CRISIL B+/Stable (Upgraded from
                                  'CRISIL B/Stable')
   Proposed Long Term     0.5     CRISIL B+/Stable (Upgraded from
   Bank Loan Facility             'CRISIL B/Stable')
   Term Loan             65.0     CRISIL B+/Stable (Upgraded from
                                  'CRISIL B/Stable')

The upgrade reflects CRISIL's belief that SCPL's business risk
profile will improve over the medium term backed by stabilisation
of its operations. Net sales were INR187.5 million and operating
margin was moderate at 15.5 percent in 2014-15 (refers to
financial year, April 1 to March 31). CRISIL believes revenue will
grow at 15-20 percent per annum over the medium term. However,
working capital management will remain a rating sensitive factor.

The ratings reflect SCPL's working capital-intensive nature and
modest scale of operations in the highly fragmented ceramic
industry. These rating weaknesses are partially offset by the
extensive industry experience of the company's promoters, and the
favourable location of its plant, ensuring availability of raw
material and labour while being near customers.
Outlook: Stable

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

Formed in 2012, SCPL is promoted by Morbi, Gujarat-based Mr.
Vishal Kalaria, Mr. Manojbhai Patel, and Mr. Satish Vadsola. The
company manufactures digital wall tiles; it begun production in
October 2013.


SAYAJI PACKAGING: ICRA Reaffirms B- Rating on INR2.5cr Loan
-----------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B- for the
INR2.00 crore cash credit facility, INR2.50 crore term loans
facility (reduced from INR3.00 crore) and unallocated limits of
INR0.50 crore of Sayaji Packaging Private Limited. ICRA has also
reaffirmed the short term rating of [ICRA]A4 for the INR2.00 crore
non fund based facilities of SPPL.

                           Amount
   Facilities            (INR crore)     Ratings
   ----------            -----------     -------
   Cash Credit Facility      2.00        [ICRA]B-; reaffirmed
   Term Loan                 2.50        [ICRA]B-; reaffirmed
   Unallocated Limits        0.50        [ICRA]B-; reaffirmed
   Letter of Credit          2.00        [ICRA]A4 reaffirmed

The reaffirmation of the ratings takes into account SPPL's small
scale of operations and the slower than expected ramp up of
revenues; its weak financial risk profile characterized by
continuous operating losses, high gearing levels and inadequate
debt protection metrics; and the need for funding support from the
promoters over the short term to meet its debt obligations and
losses. The ratings continue to be constrained by the high
competitive intensity in the metal packaging business which limits
pricing flexibility and profitability; the competition from
alternative packaging materials; and the vulnerability of
company's profitability to adverse fluctuations in the prices of
the key raw material.

The ratings, however, take comfort from the experience of SPPL's
promoters and their long track record in the metal packaging
business; and the favourable outlook for metal packaging products
due to increasing demand for food and other applications.

Incorporated in 2011, Sayaji Packaging Private Limited (SPPL) is
engaged in manufacturing tin cans for food and non-food packaging
applications. SPPL's manufacturing unit is located at Savli, Dist
Vadodra in Gujarat and is equipped with a production capacity of
approximately 150 lakh cans per annum. Commercial production at
the unit commenced in October 2012. SPPL's promoters have
longstanding experience in the manufacturing and marketing of tin
cans used for packaging paints, adhesives, pesticides etc. by
virtue of their association with other group companies namely
Modern Packaging, Maker Packaging and Sayaji Metal Cans engaged in
tin can manufacturing for non food packaging segment.

Recent Results
In FY15, SPPL reported an operating income of Rs 6.63 crore and
net loss of INR1.64 crore as against an operating income of
INR5.67 crore and net loss of Rs 1.57 crore during FY14. In H1
FY16 (provisional unaudited financials), SPPL recorded an
operating income of INR5.88 crore.


SHREE RAM: ICRA Lowers Rating on INR10cr Cash Loan to B+
--------------------------------------------------------
ICRA has revised downwards the rating assigned to the INR6.06
crore (enhanced from INR0.50 crore earlier) term loan and INR10.00
crore (enhanced from INR7.00 crore earlier) cash credit facilities
of Shree Ram Rolling Mill from [ICRA]BB- to [ICRA]B+. ICRA has
also assigned [ICRA]B+ rating to an untied limit of INR0.44 crore
of SRRM.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based Limit-
   Term Loam             6.06         [ICRA]B+ downgraded

   Fund Based Limit-
   Cash Credit          10.00         [ICRA]B+ downgraded

   Fund Based Limit-
   Untied Limit          0.44         [ICRA]B+ ; assigned

The revision in the rating primarily takes into account
unfavourable demand scenario in the domestic market, leading to a
de-growth in the top-line over the past two years and significant
debt servicing obligations arising on account of term loan availed
for expansion of the existing facilities, which is likely to keep
its cash flows under pressure in the near term at least. ICRA
notes that revival of the market scenario is unlikely to happen in
the near term, which may continue to adversely impact SRRM's
profitability and cash flows in the short term at least.

The rating also factor in the weak financial profile of the firm
characterized by high gearing, which is further likely to increase
on account of the recent capital expenditure incurred, and nominal
profits and cash accruals from the business, owing to the
relatively small size of its current operations, though the recent
expansion programme is likely to augment the firm's sales, going
forward. Also, the risk of capital withdrawal in a partnership
firm remains a concern.

The rating, however, derive comfort from the established track
record of the firm in the steel business and SRRM's partially
integrated nature of operations, which provides cost competiveness
to its operations to an extent.

SRRM, was established as a partnership firm by the Raipur based
Gidwani family in 2006. The plant of the firm is located at
Rawabhata Industrial Area, Raipur (Chattisgarh). SRRM has
facilities for manufacturing mild steel (MS) ingots/ billets and
steel structurals with an annual capacity of 42,000 metric tonne
(MT) and 15,000 MT per annum respectively.

Recent Results
During the first seven months of 2015-16, SRRM has reported a
turnover of INR39.71 crore (provisional). During 2014-15, the firm
reported a net profit of INR0.05 crore on an operating income of
INR57.95 crore.


SHRI MAHARANA: CRISIL Assigns 'B' Rating to INR59MM Cash Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' ratings to the long-term
bank facilities of Shri Maharana Chains (SMC).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit             59      CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility      11      CRISIL B/Stable

The ratings reflect SMC's modest scale of operations in intensely
competitive domestic jewellery segment and below average financial
risk profile marked by modest net worth, high gearing and weak
debt protection metrics. These rating weaknesses are partially
offset by the SMC's proprietor's extensive experience in gold
jewellery manufacturing business.
Outlook: Stable

CRISIL believes that SMC will maintain its stable business risk
profile over the medium term, backed by its proprietors' extensive
industry experience. The outlook may be revised to 'Positive' if
the firm reports a significant growth in revenues and
profitability; or there is equity infusion, leading to improvement
in financial risk profile. Conversely, the outlook may be revised
to 'Negative' in case of significant decline in revenues and
margins or lengthening of its working capital cycle leading to
pressure on liquidity and financial risk profile.

Setup in 2006 SMC is engaged in manufacturing of gold chains. The
firm is promoted by Mr. Chunasingh Dasana. The firm has its
manufacturing facility located in Mumbai (Maharashtra).


SHRI REWA: CRISIL Assigns 'B' Rating to INR74.5MM Term Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Shri Rewa Rice Mills Pvt Ltd (SRRMPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Term Loan             74.5      CRISIL B/Stable
   Cash Credit           70.0      CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility     5.5      CRISIL B/Stable

The rating reflects SRRMPL's initial stage of operations in the
highly fragmented rice industry, and below-average financial risk
profile because of modest net worth and expected high gearing due
to debt funded capital expenditure for project and working capital
intensive operations. These weaknesses are partially offset by
promoters' extensive experience in the trading of agricultural
commodities and allied businesses and their funding support.
Outlook: Stable

CRISIL believes SRRMPL will benefit over the medium term from its
promoters' extensive industry experience and established
relationships with customers. The outlook may be revised to
'Positive' if SRRMPL reports better-than-expected revenue and
profitability during initial phase of operations, resulting in
higher cash accrual. Conversely, the outlook may be revised to
'Negative' in case of weakening of financial risk profile
especially liquidity because of slow ramp-up in operations, or
larger-than-anticipated working capital requirement.

Incorporated in 2013, SRRMPL has set up a rice milling unit with
processing capacity of 100 tonnes per day at Udaipura in Raisen
(Madhya Pradesh). The company is promoted by Mr. Rajendra Singh
Raghuvanshi and Mr. Sandeep Raghuvanshi. Its registered office is
at Udaipura.


SHRI WARDHMAN: CRISIL Cuts Rating on INR67MM Term Loan to 'B'
-------------------------------------------------------------
CRISIL has downgraded its rating on the long term bank facilities
of Shri Wardhman Takniki Shiksha Samiti, Jabalpur (SWTSS) to
'CRISIL B/Stable' from 'CRISIL B+/Stable'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            32       CRISIL B/Stable (Downgraded
                                   from 'CRISIL B+/Stable')

   Overdraft Facility     33       CRISIL B/Stable (Downgraded
                                   from 'CRISIL B+/Stable')

   Term Loan              67       CRISIL B/Stable (Downgraded
                                   from 'CRISIL B+/Stable')

The downgrade reflects deterioration in SWTSS's credit profile,
marked by a decline in fee income along with sustenance of high
term repayment obligations. SWTSS' fee income declined to INR 105
million in 2014-15 (refers to financial year, April 1 to March 31)
from INR 122 million in 2013-14, on account of intense competition
from other colleges and institutes in Madhya Pradesh. The decline
in scale of operations, in turn led to reduced cash accrual at INR
6.8 million for 2014-15. Further the entity's annual term
repayment obligations of INR 9 million continue to remain high.
CRISIL believes that the extent of fund infusion in form of equity
or unsecured loans will remain key monitorables over the medium
term.

The ratings continue to reflect SWTSS's susceptibility to
regulatory changes, geographic concentration in its operations,
and its below-average financial risk profile. These rating
weaknesses are partially offset by the society's established
regional position in the education sector.
Outlook: Stable

CRISIL believes that SWTSS will continue to benefit over the
medium term from increasing demand for technical courses and its
established regional position. The outlook may be revised to
'Positive' if the society's financial risk profile improves
because of more-than-expected fee income with improvement in
operating margin, leading to larger-than-expected cash accruals.
Conversely, the outlook may be revised to 'Negative' if its
financial risk profile deteriorates because of lower-than-expected
cash accruals or large debt-funded capital expenditure (capex).

SWTSS was set up by the Jain family of Madhya Pradesh in 2006 in
Jabalpur (Madhya Pradesh). The society has one institute, Gyan
Ganga College of Technology, offering several courses in
engineering and management.


SUPER LIFESTYLE: Ind-Ra Assigns D Long-Term Issuer Rating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Super Lifestyle
Diamonds Private Limited (SLDPL) a Long-Term Issuer Rating of
'IND D'.

KEY RATING DRIVERS

The ratings reflect SLDPL's tight liquidity leading to delays in
debt servicing for the 12 months ended November 2015.

RATING SENSITIVITIES

Positive: Timely debt servicing for at least three consecutive
months with a satisfactory track record of at least 90 days could
result in a positive rating action.

COMPANY PROFILE

SLDPL was initially set up as partnership firm in 2002 and
converted to private limited company in 2011.  The company is into
wholesale trading of gold and diamond jewelry and ornaments.

SLDPL Ratings:

   -- Long-Term Issuer Rating: assigned Long-term 'IND D'
   -- INR85 mil. fund-based limits: assigned Long-term 'IND D'


SVM CERA: ICRA Lowers Rating on INR5.50cr Cash Loan to D
--------------------------------------------------------
ICRA has revised the long term rating from [ICRA]B to [ICRA]D for
the INR5.50 crore cash credit facility of SVM Cera Limited. ICRA
has also revised the short term rating from [ICRA]A4 to [ICRA]D
for the INR2.80 crore letter of credit facility and INR0.50 crore
bank guarantee (sublimit of letter of credit facility) of SCL.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based-Cash
   Credit                5.50         Revised to [ICRA]D from
                                      [ICRA]B

   Non Fund Based-
   Letter of Credit      2.80         Revised to [ICRA]D from
                                      [ICRA]A4

   Non Fund Based-
   Bank Guarantee       (0.50)        Revised to [ICRA]D from
                                      [ICRA]A4

The ratings revision of SVM Cera Limited (SCL) reflects instances
of ongoing LC devolvements and recent delays on interest payment
of working capital facilities. The ratings further incorporate
tight liquidity position due to stretched receivables and high
inventory levels resulting in high working capital utilization.
The ratings also incorporate the low profitability given the
limited value addition and high dependence on outsourcing. The
ratings also take note of modest scale of operations which is in
turn vulnerable to the business cycles in the ceramic tiles
industry. The ratings further incorporate the intensely
competitive business environment on account of the fragmented
industry structure for the CGF segment and susceptibility of
margins to raw material price volatility. ICRA also notes that the
availability of gas at competitive prices remains critical for
maintaining a competitive cost structure.

The ratings, however, positively consider the long experience of
the promoters in the Ceramic Glaze Frit (CGF) industry and strong
customer profile consisting of some of the leading organized
ceramic tile manufactures. The ratings also consider the location
advantages given its presence in Morbi, the tile manufacturing
hub.

SVM Cera Limited (formerly known as M/s. Matalvuoto Films (India))
was incorporated in January 1986. With effect from 1st April 2014,
the name of the company has been changed from erstwhile SVM Cera
Tea Limited to SVM Cera Limited. The registered office of the
company is located at 2, Biplabi Tarilokya Maharaj Sarani,
Kolkata. The management of the company is handled by Mr. K.M.
Bhanderi under the leadership of Chairman Mr. S.V. Mohta and other
professional directors. Initially the company was engaged in real
estate business. In 1994, the company diversified its area of
operations by entering into the manufacturing of ceramic glaze
frit by setting up a manufacturing unit in Ankleshwar with a total
installed capacity of 14490 MTPA. However, on account of rising
fuel prices and intense competition, the in-house production
capacity has remained ideal and the company has relied entirely on
the job work based production of CGF in the last two years.

Recent Results
During FY15, SCL reported an operating income of INR18.31 crore
(as against INR15.54 crore during FY14) and net loss of INR0.42
crore (as against net profit of INR0.17 crore during FY14).


SWAMI VIVEKANAND: Ind-Ra Assigns BB Long-Term Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Swami Vivekanand
Institute of Neurology Neurosurgery and Spine (SVINNS) a Long-Term
Issuer Rating of 'IND BB'.  The Outlook is Stable.  The agency has
also assigned the company's INR55.59 mil. term loans an 'IND BB'
rating with Stable Outlook.

KEY RATING DRIVERS

The ratings reflect SVINNS's small scale of operations and
moderate credit profile.  In FY15, revenue was INR23 mil.
(FY14: INR7 mil.), interest coverage (operating EBITDA/gross
interest expense) was 11.7x (3.9x), net financial leverage (Ind-Ra
adjusted net debt/operating EBITDAR) was 3.8x (1.1x).

The ratings are constrained by the delays in the completion of
SVINNS's building project, and the working capital intensive
nature of its business as reflected by its 98% average use of the
working capital limits over the 12 months ended November 2015.

The ratings, however, benefit from the service provided by the
hospital being the only of its kind in central India.  It is a
comprehensive facility to treat all type of patients with spine
problems.

RATING SENSITIVITIES

Negative: Deterioration in the operating margins leading to
deterioration in the credit profile could be negative for the
ratings.

Positive: The ability of the company to increase its scale of
operations along with strong profitability margins will be
positive for ratings.

COMPANY PROFILE

SVINNS, a charitable not-for-profit organisation established in
November 2011, is managed by Dr. Sunil Pandit and Dr. Gauri
Pandit.  Since April 2014, it has taken over the operations of
Swami Vivekanand Regional Spine Centre also, and is rendering
medical services to patients of neurosurgery and spine ailments.
SVINNS conducts about 300 surgeries a year, with outpatient
department consultation of nearly 7,000 patients.


SYNERGY GREEN: CRISIL Reaffirms 'D' Rating on INR110MM Cash Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Synergy Green
Industries Private Limited (Synergy) continue to reflect delays by
Synergy in meeting interest obligations on its term loan. The
delays have been driven by weak liquidity, and slow offtake,
partly on account of the current challenging business environment
in the casting and forging industry.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         10       CRISIL D (Reaffirmed)

   Cash Credit           110       CRISIL D (Reaffirmed)

   Letter of Credit       40       CRISIL D (Reaffirmed)

   Proposed Letter of
   Credit & Bank
   Guarantee              50       CRISIL D (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      3.2     CRISIL D (Reaffirmed)

Synergy is exposed to risks pertaining to offtake in the domestic
casting and forging market, and to early stage of operations and
highly leveraged capital structure. However, the company benefits
from the promoters' extensive industry experience. Synergy is a
subsidiary of SB Reshellers Pvt Ltd (SBR), which was incorporated
in 1978.

Synergy was set up in August 2010 in Kolhapur (Maharashtra). The
company manufactures iron castings for wind turbines, machine
tools, pumps, and valves. It began commercial production in June
2012. It is managed by Mr. Sachin Shirgaokar, Mr. Sohan
Shirgaokar, and Mr. V Srinivas Reddy.


TAYAL ENERGY: Ind-Ra Suspends D Long-Term Issuer Rating
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Tayal Energy
Limited's (TEL) 'IND D' Long-Term Issuer Rating to the suspended
category.  The rating will now appear as 'IND D(suspended)' on the
agency's website.  A full list of rating actions is at the end of
this commentary.  The ratings have been migrated to the suspended
category due to lack of adequate information.  Ind-Ra will no
longer provide ratings or analytical coverage for TEL.  The
ratings will remain in the suspended category for a period of six
months and be withdrawn at the end of that period.  However, in
the event the issuer starts furnishing information during this
six-month period, the ratings could be reinstated and will be
communicated through a rating action commentary.  TEL's ratings: -
Long-Term Issuer Rating: migrated to 'IND D(suspended)' from
'IND D' - INR1,283.2 mil. term Loans: migrated to long term
'IND D(Suspended)' from 'IND D' - INR965 mil. fund-based limits:
migrated to long term 'IND D(Suspended)' from 'IND D' - INR180
mil. non-fund-based limits: migrated to short term
'IND D(Suspended)' from 'IND D'.


TECHMECH ENGINEERS: CRISIL Assigns B+ Rating to INR92MM Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Techmech Engineers (TE).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Term Loan              16       CRISIL B+/Stable
   Cash Credit            92       CRISIL B+/Stable
   Channel Financing      12       CRISIL B+/Stable

The rating reflects TE's modest scale of operations in a highly
competitive industry along with working capital intensive nature
of operations and the weak financial risk profile because of high
gearing and below average debt protection metrics. These rating
weaknesses are partially offset by the extensive experience of the
promoters in the industrial machinery trading industry.
Outlook: Stable

CRISIL believes TE 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 considerable increase in
revenue and profitability, resulting in an improvement in the
financial risk profile. Conversely, the outlook may be revised to
'Negative' if a significant decline in revenue, or profitability
or larger-than-expected, debt-funded capital expenditure, or
weakening of working capital management results in deterioration
in the financial risk profile.

TE was set up in 1985 as a partnership by Mr. Dasarthy and Mr.
Srivatsa. In 2007, Mr. K R Ramesh replaced Mr. Dasarthy and in
2008, Mr. K Ananth was also added as a partner. The firm, based in
Karnataka, distributes electrical parts and system integrators
which are used in home and office automations.


THIRU AROORAN: ICRA Lowers Rating on INR200.30cr Loan to D
----------------------------------------------------------
ICRA has revised the long term rating to [ICRA]D from [ICRA]BB
(negative) to INR101.71 crore term loans, INR200.30 crore fund
based facilities and INR29.50 crore proposed fund based facilities
of Thiru Arooran Sugars Limited. ICRA has also revised the short
term rating to [ICRA]D from [ICRA]A4 to INR7.67 crore of non fund
based facilities of TASL.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Term Loan            101.71       [ICRA]D, revised from
                                     [ICRA]BB (negative)

   Fund Based Limits    200.30       [ICRA]D, revised from
                                     [ICRA]BB (negative)

   Proposed Fund         29.50       [ICRA]D, revised from
   Based Limits                      [ICRA]BB (negative)

   Non Fund Based         7.67       [ICRA]D, revised from
   Limits                            [ICRA]A4

The rating revision factors in the delays in the debt servicing by
the company on account of losses at operating level and at net
level given the high cane cost of production coupled with low
sugar realizations. The ratings continue to factor in the weak
capital structure and coverage metrics on account of consequent
erosion in net worth coupled with relatively high debt. While the
sugar realizations are firming up since Sep, 2015, the
sustainability of the same is yet to see given the surplus
domestic and international stock positions. The ratings continue
to remain constrained by the vulnerability of sugar operations to
agro climatic variations and government policies relating to cane
pricing and exports. However, ICRA notes the recent discussions of
the company with the lenders which include conversion of fund
based limits to non fund based limits, which could ease liquidity
pressure on TASL to an extent. The ratings continue to factor in
TASL's fully integrated nature of operations with cogeneration and
distillery units which provide alternate revenue streams and some
cushion against cyclicality in sugar business. The ratings also
take into consideration TASL's experienced management, the
dominant position of the company in its command area and proximity
of the plants of the company to ports which it has used favorably
to export sugar in the recent past.

Thiru Arooran Sugars Limited is one of the oldest sugar companies
and was incorporated in 1954. Its sugar plants are based in
Cuddalore and Thanjavur districts of Tamil Nadu. It has 8500 TCD
of cane crushing capacity in its two plants, and 60 klpd
distillery. Its units are also integrated with 47.10 MW
cogeneration units of its subsidiary Terra Energy Limited (TASL
holds 66.19% stake in Terra Energy Limited), with which it has
barter arrangement for supply of steam and power.

Recent Results
During FY15, TASL has reported operating income of INR267.00 crore
and net loss of INR47.22 crore as against operating income of
INR193.46 crore and net loss of INR15.96 crore during FY14. During
H1 FY16, TASL has reported operating income of INR75.68 crore and
net loss of INR37.33 crore as against operating income of
INR154.09 crore and net loss of INR14.91 crore during H1 FY15.

During FY15, the consolidated entity has reported operating income
of INR540.49 crore and net loss of INR66.52 crore as against
operating income of INR485.86 crore and net loss of INR21.16 crore
during FY14.


TPRS ENTERPRISES: Ind-Ra Raises Long-Term Issuer Rating to BB+
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded TPRS Enterprises
Private Limited's (TPRS) Long-Term Issuer Rating to 'IND BB+' from
'IND BB' with a Stable Outlook.

KEY RATING DRIVERS

The upgrade reflects an improvement in TPRS's credit profile on
EBITDA margins turning positive.  FY15 financials indicate EBITDA
margins of 5.1% (FY14: negative 0.2%) on high-margin orders from
long-standing customers and reduced power shortages.  Net leverage
improved to2.2x in FY15 (FY14: negative 78.8x) and EBITDA interest
cover was 3.1x (negative 0.1x).  Revenue grew at a CAGR of 4.7%
over FY12-FY15 to INR634m in FY15.  The company reported revenue
of INR350m in 1HFY16.  Ind-Ra expects the top line and
profitability to improve in FY16 on the commencement of operations
of the new unit in Dharawad.

The ratings continue to be constrained by the fragmented nature of
the toughened glass manufacturing industry TPRS operates in.

The ratings are supported by TPRS' comfortable liquidity position
and established operating track record.  Its use of the fund-based
facilities was 37% at an average during the 12 months ended
November 2015.  Established client relationships with reputed
companies such as Tata Marcopolo Motors Limited, Ashok Leyland
Limited also support the ratings.

RATING SENSITIVITIES

Positive: A substantial increase in the scale of operations and
maintaining profitability leading to a sustained improvement in
the credit metrics will be positive for the ratings.

Negative: A decline in EBITDA margins leading to sustained
deterioration in the credit metrics will be negative for the
ratings.

COMPANY PROFILE

TPRS was established in 2005.  It is a processor of glass sheets
into toughened and laminated glasses.  The processed glass caters
to the architectural needs and for automotive purposes.

TPRS's ratings:

   -- Long-Term Issuer Rating: upgraded to 'IND BB+' from
      'IND BB'; Outlook Stable

   -- INR57.5 mil. fund based working capital limits: upgraded to
      'IND BB+'/Stable from 'IND BB' and affirmed at 'IND A4+'

   -- INR10 mil. non-fund-based working capital limits: affirmed
      at 'IND A4+'

   -- INR52.5 mil. term loan (increased from INR5.5 mil.):
      upgraded to 'IND BB+'/Stable from 'IND BB'


UNIPHOS INTERNATIONAL: Ind-Ra Affirms BB+ Long-Term Issuer Rating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Uniphos
International Limited's (UIL) Long-Term Issuer Rating at
'IND BB+'.  The Outlook is Stable.

KEY RATING DRIVERS

The affirmation reflects UIL's continued small scale of operations
and volatility in its revenue (FY13: INR342 mil., FY14:
INR623 mil., FY15: INR507 mil.) due to the trading nature of its
business.  Additionally, the EBITDA margins have remained low
(FY14: 3.8%, FY15: 4.1%) due to the low-value adding nature of its
business.

The affirmation also reflects UIL's steady credit metrics.  The
company's borrowing levels have remained minimal historically as a
result of which leverage and coverage indicators have remained
comfortable.  In FY15, UIL's net leverage (net debt/EBITDA) was
comfortable at 0.18x (FY14: 0.89x, FY13: 1.38x).  UIL's gross
interest coverage has also remained comfortable (1HFY16: 6.59x,
FY15:2.5x, FY14: 3.79x).

The ratings factor in UIL's comfortable liquidity position with
interest income being higher than interest expenses as a result of
which net interest coverage (EBITDA/net interest expenses) has
remained negative (1HFY16: negative 3.71x, FY15: negative 3.9x,
FY14: negative 4.05x). UIL has also consistently generated
positive cash flow from operations in each of the last four years.
UIL also has unutilized fund-based limits of INR60 mil. which
provides a liquidity cushion.

The ratings are supported by UIL's prudent risk control measures.
The company's sales are concentrated in South American and African
countries, exposing it to counterparty risk; however, a majority
of UIL's sales are backed by letters of credit.  Furthermore, UIL
takes export credit insurance from Export Credit Guarantee
Corporation of India Ltd. in most transactions in which sales are
not backed by letters of credit.  UIL also has a short cash
conversion cycle (less than 30 days) and follows conservative
hedging policies to cover the risk of foreign currency
fluctuations.

RATING SENSITIVITIES

Positive: Significant improvements in the scale of operations
while maintaining a comfortable credit profile on a sustained
basis may lead to a rating upgrade.

Negative: Deterioration in the credit metrics or liquidity on a
sustained basis may lead to a rating downgrade.

COMPANY PROFILE

Incorporated in 1992, UIL is involved in the trading of chemicals,
agro products and engineering goods.  UIL is a private company and
is part of the UPL group.  UIL's shareholding is divided between
UPL Ltd (15.1%) and the promoters of the UPL group.

UIL's ratings are:

   -- Long-Term Issuer Rating: affirmed at 'IND BB+'/Stable
   -- INR60 mil. fund-based limits: affirmed at 'IND BB+'/Stable
   -- INR140 mil. non-fund-based-limits: affirmed at 'IND A4+'


VARRON ALUMINIUM: Ind-Ra Withdraws BB- Long-Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Varron Aluminium
Pvt Ltd's (VAPL) 'IND BB-(suspended)' Long-Term Issuer Rating.

The rating has been withdrawn due to lack of adequate information.
Ind-Ra will no longer provide ratings or analytical coverage for
VAPL.

Ind-Ra suspended VAPL's rating on Sept. 1, 2014.


VARRON INDUSTRIES: Ind-Ra Withdraws BB+ Long-Term Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Varron
Industries Limited's (VIL) 'IND BB+(suspended)' Long-Term Issuer
Rating.

The ratings have been withdrawn due to lack of adequate
information. Ind-Ra will no longer provide ratings or analytical
coverage for VIL.

Ind-Ra suspended VIL's ratings on Sept. 1, 2014.

VIL's ratings:

   -- Long-Term Issuer Rating: 'IND BB+(suspended)'; rating
      Withdrawn

   -- INR390 mil. long-term bank loans: 'IND BB+(suspended)';
      rating withdrawn

   -- INR740 mil. fund-based working capital limits (sublimit for
      bill discounting INR250 mil.): 'IND BB+(suspended)'and
      'IND A4+(suspended)'; ratings withdrawn


VENKATA KRISHNA: CRISIL Reaffirms B Rating on INR115MM LT Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Venkata Krishna
Constructions Private Limited (VKC) continue to reflect VKC's
small scale of operations in the intensely competitive
construction industry, large working capital requirement, high
geographical and customer concentration in order book, and below-
average financial risk profile because of small networth, high
gearing, and weak debt protection metrics.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         18       CRISIL A4 (Reaffirmed)

   Cash Credit             2       CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility    115       CRISIL B/Stable (Reaffirmed)

These weaknesses are partially offset by the extensive industry
experience of the company's promoters in the construction
industry.
Outlook: Stable

The outlook may be revised to 'Positive' if there is a substantial
and sustained improvement in revenue and profitability margins or
significant improvement in networth on the back of sizeable equity
infusion by promoters. Conversely, the outlook may be revised to
'Negative' if profitability margins decline sharply or capital
structure deteriorates due to large debt-funded capital
expenditure or stretch in working capital cycle.

VKC was set up in 2004 by Mr. G Subhas Chandra Bose and family in
Hyderabad. The company undertakes infrastructure projects,
primarily in the irrigation sector.


YOGESH TRADING: Ind-Ra Assigns BB Long-Term Issuer Rating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Yogesh Trading
Co. (YTC) a Long-Term Issuer Rating of 'IND BB'.  The Outlook is
Stable.  The agency has also assigned YTC's INR350 mil. fund-based
limits a Long-Term 'IND BB' rating with a Stable Outlook and a
Short-Term 'IND A4+' rating.

KEY RATING DRIVERS

The ratings reflect YTC's weak credit metrics on the back of thin
profitability margins.  The operating margins of the firm are
inherently low as the firm operates in a highly fragmented and
intensely competitive fabric trading business.  In FY15, interest
coverage (operating EBITDA/gross interest expense) was 1.35x, net
financial leverage (total Ind-Ra adjusted debt/operating EBITDAR)
was 5.82x and EBITDA margins were 1.03%.

The ratings also factor in YTC's tight liquidity as indicated by
its almost-full use of the working capital limits during the 12
months ended November 2015, along with its partnership structure
which exposes it to the risk of withdrawal of capital by the
partners.  The overall net conversion cycle deteriorated to 27
days in FY15 from 18 days in FY13, mainly due to higher payable
days than receivable days and increased inventory days.

The ratings benefit from YTC's comfortable scale of operations
despite a fall in its revenue to INR7,085.69 mil. in FY15 from
INR7,610.76 mil. in FY14. FY15 revenues declined due to weaker
demand for non-denim fabrics.

The ratings are also supported by the firm's 38-year long
operational track record and its strong presence in Delhi NCR
along with a strong supplier base.  YTC's promoters have over
three-decade-long experience in the garments trading business.

RATING SENSITIVITIES

Negative: A decline in profitability or lengthening of the working
capital cycle leading to deterioration in the overall credit
metrics will be negative for the ratings.

Positive: An improvement in the profitability leading to improved
credit metrics could lead to a positive rating action.

COMPANY PROFILE

YTC was established in 1977 and is engaged in wholesale trading of
denim and non-denim fabrics and is an authorized distributor for
all the major brands in India such as Ginni International Limited,
Oswal Denims, Arvind Mills Limited, Blue Blends (India) Limited,
Vardhman Fabrics etc.  The firm is managed by Mr. Deepak Gambhir
and is based in New Delhi.



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


1MALAYSIA DEVELOPMENT: Anti-Graft Agency Submits Probe Results
--------------------------------------------------------------
Shamim Adam at Bloomberg News reports that Malaysia's anti-graft
agency submitted results to the attorney general of a probe into
hundreds of millions of dollars that ended up in Prime Minister
Najib Razak's private accounts before the 2013 general elections.

Bloomberg relates that the Malaysian Anti-Corruption Commission
said it made several proposals and recommendations for action in
the case, according to a statement on Dec. 31. While it has
completed investigations involving witnesses in the country, the
MACC said it still needs permission from the attorney general to
get documents and evidence from overseas financial institutions,
according to Bloomberg.

"This evidence can only be taken by the Mutual Legal Assistance
process because it is tied to the provision of banking legislation
of the country concerned," the report quotes the agency as saying.
"MACC has made an application under the MLA to attorney general to
obtain documents and evidence."

According to Bloomberg, the premier, 62, has said the MYR2.6
billion ($605 million) of funds in accounts that have since been
closed were political donations from the Middle East rather than
public money. That was also the initial conclusion reached by the
anti-graft commission in August in its preliminary investigations.
Bloomberg relates that Najib has denied taking money for personal
gain and has been cited as saying that the funds were to meet the
needs of the party and the community, and that this wasn't a new
practice.

Bloomberg says Najib was questioned by anti-graft officials last
month in a case that has evolved into his biggest crisis since
coming to power in 2009. Bloomberg notes that the funding
imbroglio and alleged financial irregularities at debt-ridden
1Malaysia Development Bhd., whose advisory board he chairs, have
sparked political tensions within the ruling United Malays
National Organisation and led thousands of anti-government
protesters to rally in the capital in August.

"The MACC has high confidence in the attorney general as the
nation's prosecutor to make professional decisions," the agency,
as cited by Bloomberg, said.

Bloomberg adds that any criminal proceedings can only be initiated
by the attorney general. In a separate probe of 1MDB by the
central bank several months ago, the attorney general said it
found no evidence of wrongdoing and declined to take action even
as Bank Negara Malaysia alleged the company breached the Exchange
Control Act.

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

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

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

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

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



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


CLEGG & CO: Investors Get Back 58.7c in the Dollar
--------------------------------------------------
Jonathan Underhill at BusinessDesk reports that investors in Clegg
& Co Finance and related entities, whose former director Brian
Clegg was sentenced to home detention in 2009, got back 58.7 cents
in the dollar, according to the failed group's final receivers
report.

Clegg & Co Finance, the holding company of Clegg & Co Leasing and
Clegg & Co Capital, was put into receivership in October 2007 by
Covenant Trustee Co after breaching rules on related party lending
and net assets, the report discloses.

BusinessDesk relates that Brian Clegg was sentenced to 12 months
home detention in December 2009 (escaping the maximum possible
five years in prison) after he admitted securities and companies
law breaches related to NZ$2 million of lending to the ultimate
holding company, Clegg & Co, which he owned. According to reports
at the time, there was no documentation for the loans but the
company signed off on prospectuses saying it was in compliance
with its trust deed on related party lending.

According to BusinessDesk, the final receivers report from BDO,
for the period October 2007 to Dec. 22 this year, said total
distributions of about NZ$8.9 million, or 58.7 cents in the
dollar, were made to 496 investors in the group, leaving a
shortfall of NZ$6.2 million. The receivers had initially hoped to
return between 70 cents and 85 cents. Unsecured creditors weren't
paid.

BusinessDesk notes that the first receivers report back in 2007
said related party loans to Clegg & Co stood at about
NZ$3.1 million, partially secured by a first mortgage over Brian
Clegg and Pamela Nicholson-Clegg's residential property at Algies
Bay, north of Auckland, which was subsequently sold. That report
said a deficit of NZ$2.5 million was deemed not to be recoverable
because the principal asset of Clegg & Co was an amount due from
another of their companies, Classic Finance, which was placed in
liquidation in 2007 owing about NZ$4.5 million.

Clegg & Co. Finance Limited -- http://www.clegg.co.nz/-- is a
New Zealand finance company dealing with commercial plant finance
leases and other secured lending contracts.


INTAGR8 LTD: Had 'Unsustainable Business Model', Liquidator Says
----------------------------------------------------------------
Jonathan Underhill at BusinessDesk reports that Intagr8 Ltd, which
was placed in liquidation last month after failing to pay
creditors, ran an "unsustainable business model" with upfront
sales revenue too meager to cover the cost of inducements for new
customers to its bundled telephone and equipment deals, the
liquidator said.

The report says the collapse before Christmas left thousands of
small and medium-sized businesses without telecommunications and
internet services.

Steven Khov and Damien Grant of Waterstone Insolvency were unable
to estimate the total assets of the company or its liabilities in
their first report as liquidators, BusinessDesk relates. A
creditors meeting has been called tentatively for Jan. 16 where
the liquidators expect to give an update.

BusinessDesk relates that Mr. Grant was quoted in media reports
last month saying the business had monthly turnover of about NZ$1
million and staff were being kept on pending the sale. Vodafone
made up about 70% of Intagr8's creditors by dollar value, reports
said.

According to BusinessDesk, the liquidator's report, while short on
financial details, said Intagr8 "ran an unsustainable business
model with the upfront sales revenue insufficient to cover the
cost of the credits offered to induce sign ups."

"The liquidators are also aware that the failure of the business
can also be attributed to a major supplier withdrawing telco
services affecting the ability of the company to provide on-going
services to customers," the liquidators said in their report. "The
ability of the company and the liquidators to limit the damage to
the business as a result of the withdrawal and subsequent media
statement regarding the withdrawal has severely diminished the
value of the business in the hours following liquidation."

Making matters worse for the company, several suppliers had
withdrawn services to the company and "began to actively convert
customers of the company, further diminishing the viability and
value of the business," BusinessDesk says.

BusinessDesk relates that the liquidators said they would
investigate the affairs of the company to determine if any
insolvent transactions had occurred or if any company officers had
been in breach of their duties.

Intagr8's sole shareholder and director is listed as Murray
Taylor, BusinessDesk discloses citing the Companies Office. Mr.
Taylor, who has reportedly left the country, blamed bad publicity
after Vodafone severed ties with the company for its demise.
Vodafone is owed about $1 million and is listed among 20 known
creditors in the liquidators report, along with UDC Finance, ANZ
Bank, Westpac New Zealand, the Inland Revenue Department and
financing company Advaro, ultimately owned by a Maui Capital fund,
according to BusinessDesk.

BusinessDesk adds that the liquidators have already sold Intagr8's
business and remaining customer database to a new company
reportedly called RS Comms, although that name is showing only as
an approved name on the Companies Office.  BusinessDesk relates
that 2degrees corporate affairs director Mathew Bolland said the
new owner had contracted with 2degrees to be a wholesale supplier
for the business, although billing and other services were
Intagr8's responsibility.

Intagr8 Ltd was a telecommunication company based in New Zealand.



=====================
P H I L I P P I N E S
=====================


LBC DEVELOPMENT: PDIC Files PHP1.8BB Suit vs. LBC Group
-------------------------------------------------------
Doris Dumlao-Abadilla at Philippine Daily Inquirer reports that
the LBC courier group led by the Araneta family is grappling with
a PHP1.8-billion claim filed by the state-owned Philippine Deposit
Insurance Corp. (PDIC) on behalf of defunct banking affiliate LBC
Development Bank.

The Inquirer relates that the Regional Trial Court of Makati
branch 143 has issued a writ of preliminary attachment against
certain parties, including its parent company LBC Development
Corp. and subsidiary LBC Express Inc. in relation to a civil case
for collection of allegedly unpaid service fees, LBC Express
Holdings Inc. said in a disclosure to the Philippine Stock
Exchange on Jan. 4.

Other defendants in this civil case are LBC Properties Inc., Juan
Carlos Araneta, Santiago Araneta, Fernando Araneta, Monica
Araneta, Carlos Araneta, Ma. Eliza Berenguer, Ofelia Cuevas,
Apolonia Ilio, Joseph Jeffrey Rodriguez and Arlan Jurado, the
report says.

"Whether or not the claims against LBC Express Inc. and/or LBC
Development Corp. are successfully proven, there can be no
assurance that these claims will not cause business interruptions
or reputational harm to LBC Express Holdings Inc. and may
ultimately have a material adverse effect on its financial
performance and prospects," LBC Express said in the disclosure,
the Inquirer relays.

According to the Inquirer, trading on shares of LBC, which entered
the stock market through backdoor-listing last year, was halted at
the local stock exchange from 9:00 a.m. to 10:00 a.m. on Jan. 4
after the disclosure on the legal proceedings was posted.

The Inquirer notes that the writ of preliminary attachment directs
the sheriff of the court to attach real and personal properties of
any of the defendants sufficient to satisfy the plaintiff's claim
and costs of suit, unless the defendants provide security to
satisfy any final judgment in the case.

The Bangko Sentral ng Pilipinas ordered the closure of LBC Bank in
2011, citing huge advances to LBC Express as part of the reason
why the thrift bank had become insolvent, the report recalls.
According to the report, the cash advances allowed LBC to speed up
the delivery of remittances but some of the cash advances remained
unpaid, causing financial burden to the bank, based on earlier
reports quoting BSP Deputy Governor Nestor Espenilla Jr.

The PDIC, as the mandated receiver of the defunct bank, is thus
now running after such "unpaid service fees" estimated at
PHP1.8 billion, the Inquirer says.

The Inquirer relates that the disclosure said the summons and the
writ of preliminary attachment had been summoned on Dec. 28. As of
Jan. 4, LBC Development Corp. and LBC Express had yet to file
their respective replies to the complaint, the report states.

The Inquirer adds that LBC Express LBC Development are currently
"determining and assessing the various options and legal remedies
available," adding that any disclosure "should not be taken as an
admission" by any of the defendants of the validity or propriety
of the service of the summons and/or the writ of preliminary
attachment or the summons and/or the writ in itself.

                          About LBC

LBC Development Bank is a 20-unit thrift bank.  Its head office
is located at 809 J. P. Rizal St., Poblacion, Makati City.  Its
19 branches are located nationwide.

As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 13, 2011, the Monetary Board placed LBC Development Bank
under receivership of the Philippine Deposit Insurance
Corporation by virtue of MB Resolution No. 1354 dated Sept. 9,
2011.

LBC Development incurred non-performing loans of PHP316.3 million
representing 27.29% of its total loan portfolio of more than
PHP1 billion as of December 2010, according to Manila Standard
Today.  The bank also had more than PHP725 million in classified
loans and other risk assets as of December last year.  Against
these high-risk loans, the bank had only PHP158.7 million in
specific provision for loan losses.  While LBC Development Bank
had nearly PHP6 billion in deposit liabilities, its net loans and
receivables amounted to less than PHP1 billion, the Manila
Standard disclosed.



===============
T H A I L A N D
===============


THAILAND: Central Bank Governor Set to Walk Economic Tightrope
--------------------------------------------------------------
James Hookway and Nopparat Chaichalearmmongkol of The Wall Street
Journal report that Thailand's newly-minted central bank governor
said Dec. 28 that the country's economy is entering a difficult
transition, and that he stands ready to tailor the bank's policies
to support more growth while strictly managing price pressures.

"Stability is key. During a transition period we have to make sure
stability is key," Veerathai Santiprabhob told The Wall Street
Journal in his first interview with international media since
becoming the Bank of Thailand's governor in September.

At the same time, Mr. Veerathai said weak inflation means the Bank
of Thailand has more leeway to help buoy the country's troubled
economy as it grapples with a host of challenges, from slowing
demand in China to tensions in the Middle East to Thailand's
struggle to regain its former status as one of the world's most
attractive locations for foreign manufacturers, the Journal
relates.

"Our primary mandate is domestic monetary stability," the Journal
quotes Mr. Veerathai, 46 years old, as saying. "But when we are
not subject to strong pressure on prices, we can be more
accommodative to other considerations, but it doesn't mean that we
want to forego price stability, which is our core mandate."

Thailand, once one of the world's fastest-growing emerging
economies and hub for global names such as Toyota Motor Corp. and
Ford Motor Co., has struggled to recover from the impact of
devastating floods in 2011 that shut down much of its industrial
output, the Journal says. Combined with lower prices for
agricultural exports and the rise of new competitors for
investment, notably Vietnam, this has knocked the wind of its
economy's sails, according to the Journal.

The Journal notes that exports, an important driver of Thailand's
economy, fell 7.4% on year in November, and by 5.5% over the first
11 months of the year. Exports contracted in both 2013 and 2014,
and an overall decline is certain this year too. The Bank of
Thailand forecasts growth to remain flat in 2016, and last week
cut its economic growth target for next year to 3.5% from 3.7%,
compared with this year's forecast of 2.8% growth.

According to the Journal, economists said Thailand's political
upheavals, which culminated in a military coup last year, have
added another layer of uncertainty that has complicated the
country's attempts to regain its old luster and dented local
confidence, too.

The Journal notes that the Bank of Thailand's Monetary Policy
Committee twice cut its main policy rate in 2015, down to 1.5%, to
support borrowing and investment, and Mr. Veerathai said the
committee could again cut rates in the coming months if the
situation warranted.

The big question mark in 2016, he said, was the extent to which
demand in China will slow as its economic planners attempt to
steer its economy toward a more consumer-based model, the report
relays.

"China is a major world economy and the transition there could
definitely have a strong impact on countries like Thailand," the
Journal quotes Mr. Veerathai as saying. "We stand ready to be more
accommodative if need be."

Thailand's own domestic problems present another problem, says the
report.

The Journal relates that Mr. Veerathai, a former economist with
the International Monetary Fund who has also served as a policy
researcher at Thailand's finance ministry and as chief strategy
officer at the Stock Exchange of Thailand, said he was concerned
about the danger of an uneven economic recovery. He said that
while urban areas, particularly Bangkok, may perform relatively
well in the coming months, he and other economic policy makers are
worried about how depressed commodity prices, especially those of
rubber, are hurting rural communities.

He also pointed out how changing demographics are beginning to
weigh on the country. Thailand is one of the world's poorest
countries to face the phenomenon of aging, with the average woman
now giving birth to 1.6 children, about the same as China and less
than the 2.1 children that statisticians regard as being adequate
to maintain a country's population, the Journal says.

Mr. Veerathai said Thailand's workforce is beginning to contract
as a result, creating pressure to improve productivity if the
country is to continue to grow, the Journal adds.

The Journal notes that the ruling junta recently introduced new
measures including tax incentives to bring more research and
development-oriented investment to the country to help address the
problem. It is also attempting improve efficiency at the country's
state-owned enterprises, which together invest more money each
year than the entire national government.

The Journal meanwhile reports that Mr. Veerathai said there are
some signs that some of the worst might be over for Thailand's
economy, at least in the short term. Private consumption in
October, the latest month for which data is available, rose 2.2%
on year, while private investment grew by 1.5%, the report
discloses.

Moreover, long-delayed government investments in major
infrastructure projects might be realized in 2016, providing some
fresh impetus to support growth. Some smaller ones have already
been bid out.

"We will have to keep our eye on this," Mr. Veerathai said, to
make sure they provide a sufficient boost to keep the economy
growing, adds the Journal.



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


* BOND PRICING: For the Week Dec. 28, 2015 to Jan. 1, 2016
----------------------------------------------------------

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
BARRICK PD AUSTRALIA      5.95   10/15/2039   USD      69.32
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      23.00
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      62.02
IMF BENTHAM LTD           6.38    6/30/2019   AUD      72.00
KBL MINING LTD           12.00    2/16/2017   AUD       0.29
KEYBRIDGE CAPITAL LT      7.00    7/31/2020   AUD       0.68
LAKES OIL NL             10.00    3/31/2017   AUD       4.57
MIDWEST VANADIUM PTY     11.50    2/15/2018   USD       5.75
MIDWEST VANADIUM PTY     11.50    2/15/2018   USD       3.99
NEWCREST FINANCE PTY      5.75   11/15/2041   USD      74.17
STOKES LTD               10.00    6/30/2017   AUD       0.35
TREASURY CORP OF VIC      0.50   11/12/2030   AUD      64.32


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
CHANGZHOU WUJIN CITY      6.22     6/8/2018   CNY      74.80
CHINA GOVERNMENT BON      1.64   12/15/2033   CNY      75.54
CHONGQING NAN'AN DIS      6.29   12/24/2017   CNY      58.00
DANDONG CITY DEVELOP      6.21     9/6/2017   CNY      70.32
DATONG ECONOMIC CONS      6.50     6/1/2017   CNY      70.35
DRILL RIGS HOLDINGS       6.50    10/1/2017   USD      58.10
DRILL RIGS HOLDINGS       6.50    10/1/2017   USD      58.50
ERDOS DONGSHENG CITY      8.40    2/28/2018   CNY      69.11
ERDOS DONGSHENG CITY      8.40    2/28/2018   CNY      67.64
GRANDBLUE ENVIRONMEN      6.40     7/7/2016   CNY      70.30
GUOAO INVESTMENT DEV      6.89   10/29/2018   CNY      67.10
HANGZHOU XIAOSHAN ST      6.90   11/22/2016   CNY      41.41
HEBEI RONG TOU HOLDI      6.76     7/8/2021   CNY      74.66
HEILONGJIANG HECHENG      7.78   11/17/2016   CNY      41.48
HUAIAN CITY URBAN AS      7.15   12/21/2016   CNY      40.42
HUZHOU MUNICIPAL CON      7.02   12/21/2017   CNY      72.00
JIANGSU HUAJING ASSE      5.68    9/28/2017   CNY      50.72
KUNSHAN ENTREPRENEUR      4.70    3/30/2016   CNY      40.10
LIAOYUAN STATE-OWNED      7.80    1/26/2017   CNY      72.00
LINHAI CITY INFRASTR      7.98    11/6/2016   CNY      51.50
NANJING NANGANG IRON      6.13    2/27/2016   CNY      50.00
NINGDE CITY STATE-OW      6.25   10/21/2017   CNY      40.94
OCEAN RIG UDW INC         7.25     4/1/2019   USD      43.00
OCEAN RIG UDW INC         7.25     4/1/2019   USD      44.50
PANJIN CONSTRUCTION       7.70   12/16/2016   CNY      41.51
QINGZHOU HONGYUAN PU      6.50    5/22/2019   CNY      40.53
SHANDONG SHANSHUI CE      5.44    1/21/2016   CNY      61.00
SHENGZHOU HOTEL CO L      9.20    2/26/2016   CNY     100.00
TAIZHOU CITY CONSTRU      6.90    1/25/2017   CNY      70.42
TONGLIAO CITY INVEST      5.98     9/1/2017   CNY      68.00
WUXI COMMUNICATIONS       5.58     7/8/2016   CNY      50.34
WUXI HUISHAN SOFTWAR      9.00    3/19/2016   CNY      60.57
XIANGTAN JIUHUA ECON      6.93   12/16/2016   CNY      40.00
XIANYANG CITY CONSTR      7.90    12/9/2017   CNY      74.00
YANGZHOU ECONOMIC DE      6.10     7/7/2016   CNY      50.30
YANGZHOU URBAN CONST      5.94    7/23/2016   CNY      40.59
YIJINHUOLUOQI HONGTA      8.35    3/19/2019   CNY      72.80
YUNNAN INVESTMENT GR      5.25    8/24/2017   CNY      71.51
ZHUCHENG ECONOMIC DE      7.50    8/25/2018   CNY      41.04


INDONESIA
---------

BERAU COAL ENERGY TB      7.25    3/13/2017   USD      27.75
BERAU COAL ENERGY TB      7.25    3/13/2017   USD      29.43
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      71.94
PERUSAHAAN PENERBIT       6.10    2/15/2037   IDR      71.20


INDIA
-----

3I INFOTECH LTD           5.00    4/26/2017   USD      14.50
BLUE DART EXPRESS LT      9.30   11/20/2017   INR      10.10
BLUE DART EXPRESS LT      9.50   11/20/2019   INR      10.22
BLUE DART EXPRESS LT      9.40   11/20/2018   INR      10.15
COROMANDEL INTERNATI      9.00    7/23/2016   INR      15.61
GTL INFRASTRUCTURE L      4.03    11/9/2017   USD      25.13
INCLINE REALTY PVT L     10.85    8/21/2017   INR       7.16
JAIPRAKASH ASSOCIATE      5.75     9/8/2017   USD      71.76
JCT LTD                   2.50     4/8/2011   USD      37.00
PRAKASH INDUSTRIES L      5.25    4/30/2015   USD      20.25
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      20.13


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       8.13
ELPIDA MEMORY INC         0.50   10/26/2015   JPY       8.38
ELPIDA MEMORY INC         2.03    3/22/2012   JPY       8.25
ELPIDA MEMORY INC         2.29    12/7/2012   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      68.00


KOREA
-----

2014 KODIT CREATIVE       5.00   12/25/2017   KRW      30.49
2014 KODIT CREATIVE       5.00   12/25/2017   KRW      30.49
DOOSAN CAPITAL SECUR     20.00    4/22/2019   KRW      39.53
EXPORT-IMPORT BANK O      0.50   12/22/2017   BRL      76.05
HYUNDAI HEAVY INDUST      4.90   12/15/2044   KRW      53.57
HYUNDAI HEAVY INDUST      4.80   12/15/2044   KRW      57.12
HYUNDAI MERCHANT MAR      7.05   12/27/2042   KRW      30.45
INDUSTRIAL BANK OF K      2.04    3/10/2045   KRW     100.90
KIBO ABS SPECIALTY C     10.00     9/4/2016   KRW      39.19
KIBO ABS SPECIALTY C     10.00    2/19/2017   KRW      36.78
KIBO ABS SPECIALTY C      5.00   12/25/2017   KRW      29.22
KIBO ABS SPECIALTY C      5.00    3/29/2018   KRW      29.44
KIBO ABS SPECIALTY C      5.00    1/31/2017   KRW      32.23
KIBO ABS SPECIALTY C     10.00    8/22/2017   KRW      26.11
LSMTRON DONGBANGSEON      4.53   11/22/2017   KRW      30.09
POSCO ENERGY CORP         4.72    8/29/2043   KRW      65.77
POSCO ENERGY CORP         4.72    8/29/2043   KRW      65.79
POSCO ENERGY CORP         4.66    8/29/2043   KRW      66.30
PULMUONE CO LTD           2.50     8/6/2045   KRW      58.02
SINBO SECURITIZATION      5.00    3/18/2019   KRW      26.34
SINBO SECURITIZATION      5.00    3/18/2019   KRW      26.34
SINBO SECURITIZATION      5.00    8/31/2016   KRW      34.88
SINBO SECURITIZATION      5.00    8/31/2016   KRW      34.88
SINBO SECURITIZATION      5.00    10/1/2017   KRW      31.00
SINBO SECURITIZATION      5.00    10/1/2017   KRW      31.00
SINBO SECURITIZATION      5.00    10/1/2017   KRW      31.00
SINBO SECURITIZATION      5.00    10/5/2016   KRW      34.52
SINBO SECURITIZATION      5.00    10/5/2016   KRW      32.88
SINBO SECURITIZATION      5.00    3/13/2017   KRW      32.74
SINBO SECURITIZATION      5.00    3/13/2017   KRW      32.74
SINBO SECURITIZATION      5.00    5/27/2016   KRW      38.18
SINBO SECURITIZATION      5.00   12/13/2016   KRW      33.74
SINBO SECURITIZATION      5.00    1/29/2017   KRW      33.23
SINBO SECURITIZATION      5.00     6/7/2017   KRW      22.98
SINBO SECURITIZATION      5.00     6/7/2017   KRW      22.98
SINBO SECURITIZATION      5.00    2/27/2019   KRW      26.56
SINBO SECURITIZATION      5.00    2/27/2019   KRW      26.56
SINBO SECURITIZATION      5.00    6/29/2016   KRW      35.59
SINBO SECURITIZATION      5.00    2/21/2017   KRW      32.97
SINBO SECURITIZATION      5.00    2/21/2017   KRW      32.97
SINBO SECURITIZATION      5.00    5/27/2016   KRW      38.18
SINBO SECURITIZATION      5.00    7/26/2016   KRW      35.27
SINBO SECURITIZATION      5.00    7/26/2016   KRW      35.27
SINBO SECURITIZATION      5.00    6/27/2018   KRW      28.91
SINBO SECURITIZATION      5.00    6/27/2018   KRW      28.91
SINBO SECURITIZATION      5.00    7/24/2017   KRW      30.79
SINBO SECURITIZATION      5.00    7/24/2018   KRW      28.70
SINBO SECURITIZATION      5.00    7/24/2018   KRW      28.70
SINBO SECURITIZATION      5.00    8/29/2018   KRW      28.21
SINBO SECURITIZATION      5.00    8/29/2018   KRW      28.21
SINBO SECURITIZATION      5.00    3/12/2018   KRW      29.58
SINBO SECURITIZATION      5.00    3/12/2018   KRW      29.58
SINBO SECURITIZATION      5.00   12/23/2018   KRW      27.06
SINBO SECURITIZATION      5.00   12/23/2018   KRW      27.06
SINBO SECURITIZATION      5.00   12/23/2017   KRW      29.23
SINBO SECURITIZATION      5.00    1/19/2016   KRW      65.07
SINBO SECURITIZATION      5.00     2/2/2016   KRW      59.62
SINBO SECURITIZATION      8.00     2/2/2016   KRW      65.34
SINBO SECURITIZATION      5.00    1/30/2019   KRW      26.73
SINBO SECURITIZATION      5.00    1/30/2019   KRW      26.73
SINBO SECURITIZATION      5.00   10/30/2019   KRW      19.35
SINBO SECURITIZATION      5.00    2/11/2018   KRW      29.81
SINBO SECURITIZATION      5.00   12/25/2016   KRW      32.68
SINBO SECURITIZATION      5.00    1/15/2018   KRW      30.30
SINBO SECURITIZATION      5.00    2/11/2018   KRW      29.81
SINBO SECURITIZATION      5.00    1/15/2018   KRW      30.30
SINBO SECURITIZATION      5.00     7/8/2017   KRW      31.95
SINBO SECURITIZATION      5.00     7/8/2017   KRW      31.95
SINBO SECURITIZATION      5.00    8/16/2017   KRW      31.54
SINBO SECURITIZATION      5.00    9/26/2018   KRW      27.99
SINBO SECURITIZATION      5.00    9/26/2018   KRW      27.99
SINBO SECURITIZATION      5.00    9/26/2018   KRW      27.99
SINBO SECURITIZATION      5.00    8/16/2016   KRW      33.85
SINBO SECURITIZATION      5.00    8/16/2017   KRW      31.54
SINBO SECURITIZATION      5.00    3/14/2016   KRW      48.12
SK TELECOM CO LTD         4.21     6/7/2073   KRW      64.68
TONGYANG CEMENT & EN      7.50    4/20/2014   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      7.30    4/12/2015   KRW      70.00
TONGYANG CEMENT & EN      7.50    9/10/2014   KRW      70.00
U-BEST SECURITIZATIO      5.50   11/16/2017   KRW      31.26
WISE MOBILE SECURITI     20.00   12/14/2018   KRW      70.04


SRI LANKA
---------

SRI LANKA GOVERNMENT      5.35     3/1/2026   LKR      68.26


MALAYSIA
--------

BANDAR MALAYSIA SDN       0.35    2/20/2024   MYR      70.29
BANDAR MALAYSIA SDN       0.35   12/29/2023   MYR      70.81
BIMB HOLDINGS BHD         1.50   12/12/2023   MYR      71.13
BRIGHT FOCUS BHD          2.50    1/24/2030   MYR      70.08
BRIGHT FOCUS BHD          2.50    1/22/2031   MYR      67.30
HARKAND FINANCE INC       8.40    3/28/2019   USD      54.13
LAND & GENERAL BHD        1.00    9/24/2018   MYR       0.25
SENAI-DESARU EXPRESS      0.50   12/31/2040   MYR      68.99
SENAI-DESARU EXPRESS      0.50   12/31/2038   MYR      66.05
SENAI-DESARU EXPRESS      0.50   12/29/2045   MYR      74.19
SENAI-DESARU EXPRESS      0.50   12/31/2043   MYR      72.58
SENAI-DESARU EXPRESS      0.50   12/30/2039   MYR      67.74
SENAI-DESARU EXPRESS      0.50   12/30/2044   MYR      73.54
SENAI-DESARU EXPRESS      1.15    6/30/2023   MYR      69.40
SENAI-DESARU EXPRESS      1.35    6/30/2031   MYR      52.64
SENAI-DESARU EXPRESS      1.35    6/30/2028   MYR      58.56
SENAI-DESARU EXPRESS      1.15   12/29/2023   MYR      67.80
SENAI-DESARU EXPRESS      1.15    6/30/2025   MYR      63.54
SENAI-DESARU EXPRESS      1.35   12/31/2026   MYR      61.62
SENAI-DESARU EXPRESS      1.35    6/29/2029   MYR      56.56
SENAI-DESARU EXPRESS      1.10   12/31/2021   MYR      74.37
SENAI-DESARU EXPRESS      1.15    6/28/2024   MYR      66.34
SENAI-DESARU EXPRESS      1.35    6/30/2026   MYR      62.64
SENAI-DESARU EXPRESS      1.35   12/31/2030   MYR      53.64
SENAI-DESARU EXPRESS      1.35   12/29/2028   MYR      57.56
SENAI-DESARU EXPRESS      1.10    6/30/2022   MYR      72.56
SENAI-DESARU EXPRESS      1.35   12/31/2025   MYR      63.72
SENAI-DESARU EXPRESS      1.35   12/31/2029   MYR      55.59
SENAI-DESARU EXPRESS      1.15   12/30/2022   MYR      71.05
SENAI-DESARU EXPRESS      1.15   12/31/2024   MYR      64.89
SENAI-DESARU EXPRESS      1.35    6/30/2027   MYR      60.56
SENAI-DESARU EXPRESS      1.35   12/31/2027   MYR      59.57
SENAI-DESARU EXPRESS      1.35    6/28/2030   MYR      54.61
SENAI-DESARU EXPRESS      0.50   12/31/2041   MYR      70.12
SENAI-DESARU EXPRESS      0.50   12/31/2042   MYR      71.41
SENAI-DESARU EXPRESS      0.50   12/31/2047   MYR      76.22
SENAI-DESARU EXPRESS      0.50   12/31/2046   MYR      75.33
UNIMECH GROUP BHD         5.00    9/18/2018   MYR       1.15


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      7.78    5/18/2018   USD      53.61
BAKRIE TELECOM PTE L     11.50     5/7/2015   USD       3.19
BAKRIE TELECOM PTE L     11.50     5/7/2015   USD       3.72
BERAU CAPITAL RESOUR     12.50     7/8/2015   USD      28.71
BERAU CAPITAL RESOUR     12.50     7/8/2015   USD      74.78
BLD INVESTMENTS PTE       8.63    3/23/2015   USD       8.25
BUMI CAPITAL PTE LTD     12.00   11/10/2016   USD      18.70
BUMI CAPITAL PTE LTD     12.00   11/10/2016   USD      18.16
BUMI INVESTMENT PTE      10.75    10/6/2017   USD      19.00
BUMI INVESTMENT PTE      10.75    10/6/2017   USD      18.02
ENERCOAL RESOURCES P      6.00     4/7/2018   USD      10.50
GOLIATH OFFSHORE HOL     12.00    6/11/2017   USD       8.50
INDO INFRASTRUCTURE       2.00    7/30/2010   USD       1.88
ORO NEGRO DRILLING P      7.50    1/24/2019   USD      59.50
OSA GOLIATH PTE LTD      12.00    10/9/2018   USD      62.00
OTTAWA HOLDINGS PTE       5.88    5/16/2018   USD      46.00
OTTAWA HOLDINGS PTE       5.88    5/16/2018   USD      48.89
SWIBER HOLDINGS LTD       7.13    4/18/2017   SGD      69.00
TRIKOMSEL PTE LTD         5.25    5/10/2016   SGD      20.00
TRIKOMSEL PTE LTD         7.88     6/5/2017   SGD      24.00


THAILAND
--------

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


VIETNAM
-------

DEBT AND ASSET TRADI      1.00   10/10/2025   USD      48.00
DEBT AND ASSET TRADI      1.00   10/10/2025   USD      48.13



                             *********

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 2016.  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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