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        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 12, 2016, Vol. 19, No. 7


                            Headlines


A U S T R A L I A

DICK SMITH: Receivers Provide Timeframe For Sale Possibility
MINTAILS: Board Appoints Administrators


C H I N A

GUANGZHOU R&F: S&P Revises Outlook to Stable & Affirms 'B+' CCR
R&F PROPERTIES: S&P Revises Outlook to Stable & Affirms 'B+' CCR
YOSEN GROUP: Posts Net Loss in Q3 2015, Has Going Concern Doubt


H O N G  K O N G

NOBLE GROUP: View it can Handle Junk Rating is put to Test


I N D I A

ADITYA OVERSEAS: CRISIL Suspends B+ Rating on INR40MM Cash Loan
ADITYAPUR CITY: ICRA Suspends B+ Rating on INR46.34cr Loan
AMAR ENTERPRISES: CRISIL Suspends B Rating on INR35MM Loan
AMBUJA GINNING: ICRA Suspends B+ Rating on INR8.0cr Cash Loan
AMIDEEP AUTOMOBILES: Ind-Ra Assigns 'IND BB-' LT Issuer Rating

AUTOMOBILE KAPOORS: CRISIL Suspends B- Rating on INR87.5MM Loan
BALA SUNDRI: ICRA Suspends B Rating on INR8.0cr Loan
BHANSALI DIAMONDS: ICRA Reaffirms B+ Rating on INR11.50cr Loan
BPL TECHNO: CRISIL Assigns B- Rating to INR50MM Cash Loan
DARP CONSTRUCTION: CRISIL Suspends 'D' Rating on INR170MM Loan

EXCLE PAPER: CRISIL Suspends 'D' Rating on INR60MM Term Loan
FASCINATION INDIA: CRISIL Suspends B- Rating on INR30MM Term Loan
G.G. TRONICS: ICRA Reaffirms 'D' Rating on INR10cr Term Loan
GAYATRI COTTON: ICRA Suspends 'B' Rating on INR6.90cr Loan
GLOBAL ENTROPOLIS: ICRA Puts IrB+ Rating on Notice For Withdrawal

HI TECH: CRISIL Assigns 'B' Rating to INR15MM Cash Loan
HULDIBARI INDUSTRIES: CRISIL Suspends B+ Rating on INR65MM Loan
INFOSOFT DIGITAL: Ind-Ra Assigns 'IND BB' LT Issuer Rating
ININNOVATION HOUSE: CRISIL Cuts Rating on INR135MM Loan to B-
INTERNATIONAL COIL: CRISIL Suspends D Rating on INR200M Cash Loan

JANAGAL EXPORTS: CRISIL Suspends 'D' Rating on INR137.5MM Loan
KATHPAL SOLVEX: CRISIL Suspends B- Rating on INR120MM Cash Loan
KUMARAGIRI ELECTRONICS: ICRA Reaffirms B Rating on INR6.64cr Loan
LAJJYA STEELS: CRISIL Reaffirms B Rating on INR180MM Cash Loan
M.M.G. HOLDINGS: CRISIL Reaffirms 'B' Rating on INR142.8MM Loan

MUMS MEGA: ICRA Assigns 'B' Rating to INR95cr LT Loan
N.S.R. MILLS: CRISIL Assigns 'B' Rating to INR42MM Term Loan
NISARG JEWELS: ICRA Puts B Rating on Notice for Withdrawal
NITAI CHANDRA: CRISIL Suspends B- Rating on INR25MM Cash Loan
P. SRI RAMULU: CRISIL Reaffirms B Rating on INR100MM Cash Loan

PADMABHUSHAN KRANTIVEER: ICRA Suspends B Rating on INR220cr Loan
PARAJ TRADING: CRISIL Suspends 'B' Rating on INR47MM Cash Loan
PATIALA DISTILLERS: CRISIL Suspends B+ Rating on INR60M Cash Loan
PEARTREE ENTERPRISES: CRISIL Suspends D Rating on INR123MM Loan
PLATINO CLASSIC: ICRA Assigns B+ Rating to INR10cr LT Loan

PRABH DAYAL: CRISIL Suspends B Rating on INR60MM Cash Loan
PRIME LUMBERS: ICRA Assigns B- Rating to INR3.25cr Loan
RAJESHWARI IRON: CRISIL Suspends B+ Rating on INR50MM Cash Loan
RAMAN AGRO: ICRA Assigns B+ Rating to INR10cr Fund Based Loan
RATTAN RICE: ICRA Suspends 'B' Rating on INR10cr Loan

REGENCY GANGANI: ICRA Ups Rating on INR73cr Loan to B
SAHARANPUR INSTITUTE: ICRA Lowers Rating on INR15cr Loan to D
SHETRON LIMITED: Ind-Ra Ups Long-Term Issuer Rating to 'IND BB+'
SUNRISE GLASS: ICRA Withdraws B+/A4 Rating on INR36.30cr Loan
THOMAS AND COMPANY: CRISIL Suspends B Rating on INR15MM Loan

TRT BUILDERS: ICRA Lowers Rating on INR6.50cr LT Loan to C+
UNIPEARL ALLOYS: CRISIL Suspends B+ Rating on INR35MM Cash Loan
WARADE PACK: ICRA Suspends B Rating on INR4.0cr Cash Loan


J A P A N

SHARP CORP: May Receive JPY200 Billion Government Bail Out


N E W  Z E A L A N D

DICK SMITH: KiwiSaver Cash Mostly Safe From Collapse


X X X X X X X X

* BOND PRICING: For the Week Jan. 4, 2016 to Jan. 8, 2016


                            - - - - -


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A U S T R A L I A
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DICK SMITH: Receivers Provide Timeframe For Sale Possibility
------------------------------------------------------------
Jonathan Underhill at BusinessDesk reports that the receivers of
Dick Smith Holdings have told employees it may take six-to-eight
weeks to determine if the consumer electronics chain can be sold
as a going concern.

BusinessDesk says the timeframe eliminates the (already slim)
possibility that any buyer could continue the Dick Smith Auckland
Nines sponsorship.

"We are immediately seeking a sale of the business as a going
concern and advertisements will appear in the national newspapers
shortly," the report quotes James Stewart of Ferrier Hodgson as
saying in a circular to employees in Australia and New Zealand.

BusinessDesk relates that Mr. Stewart said that in the meantime,
workers would stay on under the same terms and conditions, with
wages paid as usual in the next payroll. In the event of a going-
concern sale, the receivers "will endeavour to ensure" employees
can transfer their entitlements to the purchaser, the report
relays.

According to BusinessDesk, the circular said workers at the 393-
store retailer must have written authority from the receivers for
activities including placing orders or accepting deliveries for
goods and services, entering into commitments with suppliers or
customers, incurring debts or pledging assets of the company,
making payments, agreeing to any compromise or arrangement
including set-offs with debtors or creditors, or returning goods
to suppliers.

BusinessDesk relates that Mr. Stewart also reminded Dick Smith
employees that every invoice, order for goods or other document
must have the words "in receivership" after the company name.

Dick Smith's shares were suspended from trading on the ASX after
its banking syndicate withdrew support and put the company in
receivership, the report notes.

BusinessDesk says the stock last traded at 35.5 Australian cents
on the ASX, having tumbled 84 percent from the AUD2.20-a-share
Anchorage Capital Partners set for its initial public offering in
2013.

It bought Dick Smith from Woolworths in 2012, in a deal reportedly
valued at about AUD115 million, before selling down in 2013 in an
IPO that valued the company at AUD520.3 million. Anchorage sold
its remaining 20 percent in September 2014 for about AUD2.22 a
share, the report discloses.

BusinessDesk adds that Dick Smith chairman Rob Murray said this
week that while the company had explored alternative funding,
"directors formed the view that any success in obtaining
alternative funding would not have been sufficiently timely to
support short-term funding requirements and allow the company to
order required inventory during the next four-to-six weeks."

                         About Dick Smith

Dick Smith Holdings Limited Ltd (ASX:DSH) --
http://dicksmithholdings.com.au/-- is a retailer of consumer
electronics products. The Company sells a range of products across
four categories: office, mobility, entertainment, and other
products and services. The Company has two segments: Dick Smith
Australia and Dick Smith New Zealand. The Company connects with
its customers through four physical store formats, catering for
three distinct consumer demographics: Dick Smith, MOVE, David
Jones Electronics Powered by Dick Smith and MOVE by Dick Smith
Sydney International Airport. The Company's store network consists
of approximately 393 stores across Australia and
New Zealand, which include approximately 351 Dick Smith stores,
approximately 10 MOVE stores, approximately four MOVE by Dick
Smith stores and approximately 28 David Jones Electronics Powered
by Dick Smith stores.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 6, 2016, Dick Smith Holdings Ltd was placed in receivership
on Jan. 5 following the appointment of Voluntary Administrators.

Ferrier Hodgson partners Mr James Stewart, Mr Jim Sarantinos and
Mr Ryan Eagle were appointed Receivers and Managers over DSH and a
number of associated entities.  The appointment was made by a
syndicate of lenders which hold security over the group.

Receiver Mr James Stewart said it was too early to clearly
identify the primary causes of the company's current financial
position and the reasons for its decline other than saying the
business had become cash constrained in recent times. He said it
would be business as usual while the Receivers look at the
restructuring and realisation opportunities for the Group.

"Dick Smith is one of the best known brands associated with,
consumer electronics in Australia and New Zealand," Mr Stewart
said. "We are immediately calling for expressions of interest for
a sale of the business as a going concern."

Mr Stewart said that employees will continue to be paid by the
Receivers and that it is expected that Australian employee
entitlements will be covered under the Fair Entitlements Guarantee
(FEG) scheme if the business cannot be sold as a going concern.

Mr Stewart added that the New Zealand business was profitable and
expected it would be attractive to potential buyers. He also
stated that due to the financial circumstances of the Group,
unfortunately, outstanding gift vouchers cannot be honoured and
deposits cannot be refunded.  Affected customers will become
unsecured creditors of the Group.


MINTAILS: Board Appoints Administrators
---------------------------------------
Esmarie Swanepoel at Mining Weekly reports that the board of
embattled gold company Mintails announced the appointment of
administrators.

The ASX-listed tailings extractor in October warned that several
of the company's South African subsidiaries had fallen below
expectations across all aspects of production, which had continued
to adversely affect the company's output and costs, according to
Mining Weekly.

The report notes that delays in opencut mining, lower recoveries
owing to problematic ores, lower ore throughput and increased
costs made 2015 a tough year for Mintails, with the company
previously saying that the situation was "unlikely to improve in
the near term".

The financially distressed Mintails subsidiaries were placed in
business rescue in October, under the South African Companies Act,
which allowed proceedings to facilitate the rehabilitation of a
company that was financially distressed by providing the temporary
supervision of the company, and a moratorium on the rights of
claimants against the company, as well as the development and
implementation of a restructuring plan, the report adds.



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C H I N A
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GUANGZHOU R&F: S&P Revises Outlook to Stable & Affirms 'B+' CCR
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it had revised the
rating outlook on Guangzhou R&F Properties Co. Ltd. (R&F) to
stable from negative.  At the same time, S&P affirmed its 'B+'
long-term corporate credit rating on R&F.  As a result of the
outlook revision, S&P raised its long-term Greater China regional
scale rating on the company to 'cnBB' from 'cnBB-'.  R&F is a
China-based property developer.

"We revised the outlook because we expect R&F's liquidity to
improve over the next 12 months based on the company's concrete
fund-raising plan," said Standard & Poor's credit analyst Matthew
Kong.

The opening up of China's onshore bond market has greatly improved
R&F's access to new funding and alleviated the pressure on its
liquidity.  The company issued Chinese renminbi (RMB) 6.5 billion
in domestic corporate bonds in July 2015.  Also, on Jan. 7, 2016,
R&F announced that it would issue up to RMB12.5 billion in onshore
bonds.  The company is also likely to privately place its
corporate bonds if needed, in S&P's view.  The private placement
is not subject to the cap of 40% of an issuer's net assets for
public placement.

In S&P's view, R&F's sales performance has been stabilizing.  The
company's contracted sales of RMB54.4 billion in 2015 largely met
its revised annual target of RMB55 billion, and were better than
S&P's base-case scenario of about RMB50 billion.  S&P expects
property sales to be largely stable in 2016 underpinned by R&F's
large exposure to top-tier cities and favorable government
policies.  However, the company's still-weak balance sheet and
reduced land acquisitions in the past two years could constrain
further improvement in sales. The company only acquired land of
about RMB4.5 billion as of November 2015.

S&P expects R&F's profitability to remain above-average over the
next 12 months.  The gross margin could have improved to about 35%
for full-year 2015, from 29.5% in the first half, because of much
lower recognition of low-margin social housing projects in the
second half.

S&P expects R&F's financial strength to bottom out over the next
12 months.  S&P estimates the company's debt-to-EBITDA ratio to
stay at 7.0x-7.5x in 2015-2016, from 7.8x in 2014.  Nonetheless,
R&F's leverage should remain higher than that of peers with a
similar operating scale.  S&P expects R&F to continue to use its
onshore bond proceeds primarily to repay its high-cost borrowings,
especially perpetual capital securities (about RMB97.5 billion
outstanding at the end of 2015).  S&P estimates the company's
funding cost to have reduced to about 8% by the end of 2015, from
8.2% in the first-half of 2015, and expect it to fall lower to
7.5%-7.7% in 2016.  And this should moderately improve the EBITDA
interest coverage toward 2x by 2016.

"The stable outlook reflects our expectation that R&F will
maintain steady growth in property sales and above-average profit
margins over the next 12 months," said Mr. Kong.  "We anticipate
that the company will be disciplined in its debt-funded expansion
and improve liquidity over the same period."

S&P may lower the rating if: (1) R&F deviates from disciplined
growth management and pursues debt-funded expansion more
aggressively than S&P anticipates, such that its EBITDA interest
coverage falls below 1.5x or the ratio of total debt to EBITDA
continues to rise without any sign of improvement; or (2) the
company's liquidity does not improve and refinancing risk
increases because of weak access to new funding.

S&P could raise the rating if R&F improves its financial strength
through strong sales, good profitability, and well-managed
leverage, such that ratio of total debt to EBITDA is less than 5x.


R&F PROPERTIES: S&P Revises Outlook to Stable & Affirms 'B+' CCR
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it had revised its
outlook on R&F Properties (HK) Co. Ltd. to stable from negative.
At the same time, S&P affirmed the 'B+' long-term corporate credit
rating on the company.  S&P also affirmed its 'B' long-term issue
rating on R&F's outstanding senior unsecured notes.  In line with
the outlook revision, S&P raised its long-term Greater China
regional scale rating on R&F HK to 'cnBB' from 'cnBB-' and on the
notes to 'cnBB-' from 'cnB+'.  R&F HK is the sole offshore
financing platform of China-based property developer Guangzhou R&F
Properties Co. Ltd.

"We revised the outlook on R&F HK to stable from negative to
reflect a similar rating action on the company's parent Guangzhou
R&F Properties Co. Ltd. (R&F: B+/Stable/--; cnBB/--) earlier
today," said Standard & Poor's credit analyst Matthew Kong.

S&P expects R&F HK's position as a "core" subsidiary of R&F to
remain unchanged over the next 12 months.  Therefore the rating
and outlook on R&F will continue to reflect that on the parent.
S&P revised the outlook on R&F because of its improving liquidity
and stabilizing performance.

S&P applies a top-down approach to derive the rating on R&F HK.
The company's operations are fully integrated with those of R&F.
S&P expects R&F to continue to fully own R&F HK, and extend strong
and consistent support to the subsidiary.

"We believe R&F's financial risk profile will have a direct impact
on R&F HK's credit profile, given the subsidiary's reliance on
parental support," said Mr. Kong.  Although R&F HK has some income
from property investment and hotels operations, its contribution
to the parent company in terms of revenue and cash flow remains
small.  S&P expects R&F HK to remain R&F's sole offshore financing
platform.  S&P anticipates that R&F HK's financial risk profile
will remain "highly leveraged" because its generation of operating
cash flows is weak and the company could continue to incur
considerable new debt for the group.

The stable outlook on R&F HK reflects the outlook on R&F, and
S&P's assessment that R&F HK will remain a "core" subsidiary of
its parent over the next 12 months.

S&P could lower the rating on R&F HK if S&P downgrades R&F.  S&P
could also lower the rating if: (1) S&P believes that R&F HK's
strategic importance to R&F has diminished because of a change in
the parent's strategy; or (2) R&F's control and supervision of R&F
HK weakens.

S&P could upgrade R&F HK if S&P raises the rating on R&F.


YOSEN GROUP: Posts Net Loss in Q3 2015, Has Going Concern Doubt
---------------------------------------------------------------
Yosen Group, Inc.'s net loss was $90,467 for the three months
ended September 30, 2015 compared with a net loss of $436,455 for
the three months ended September 30, 2014. Net loss for the three
months ended September 30, 2015 increased due to the decreased
loss from discontinued operations, explained Zhenggang Wang, chief
executive officer and chairman, and Weiping Wang, chief financial
officer of the company in a regulatory filing with the U.S.
Securities and Exchange Commission on November 14, 2015.

The company realized net loss of $(387,751) for the nine months
ended September 30, 2015. The company had accumulated deficit of
$48,792,218 as of September 30, 2015. "There can be no assurance
that the company will become profitable or that it will survive as
a public company," the officers pointed out.

"These issues raise substantial doubt regarding the Company's
ability to continue as a going concern."

The officers told the SEC, "Starting from 2011, we closed most of
our stores in stores locations and laid off most of our employees.
We retained highly qualified personnel and a small number of
stores with stable revenues. As a result, we significantly cut our
operating expenses and our losses are decreasing over time. We are
now concentrating on improving our product mix, upgrading the
stores that are currently open and strengthening cooperation with
China Telecom, China Unicom and other large state-owned operators
to develop new businesses."

At September 30, 2015, the company had total assets of $2,904,259,
total liabilities of $4,419,375, and total stockholders' deficit
of $1,515,116.

A full-text copy of the company's quarterly report is available
for free at: http://tinyurl.com/hrb8bha

Yosen Group, Inc., through its corporate headquarters in Zhejiang,
China and its U.S. subsidiary, aims to build cross-border sales
channels for bringing the world's best consumer products to China,
and at the same time, introducing China's most competitive
products to the overseas markets. The company is China Commodity
City Group's exclusive partner in the Greater New York area.



================
H O N G  K O N G
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NOBLE GROUP: View it can Handle Junk Rating is put to Test
----------------------------------------------------------
Jonathan Burgos at Bloomberg News reports that Noble Group Ltd.'s
view that it can operate with a junk rating is about to be stress-
tested, after Standard & Poor's became the second agency to
downgrade the company's debt.

Bloomberg relates that shares in the Hong Kong-based commodity
trader, already at seven-year lows, lost as much as 11.6 percent
in Singapore on Jan. 8 after S&P's action. It follows a similar
move by Moody's Investors Service last month, piling on the
pressure as Noble seeks to navigate a rout in raw materials
prices, turmoil in Chinese markets and attacks on the firm's
accounting methods.

According to Bloomberg, Chief Executive Officer Yusuf Alireza will
need to shore up investor confidence and allay concerns that could
curb its access to short-term credit necessary for its trading
operations.  Bloomberg relates that Noble said Jan. 7 an increase
in calls for collateral, or demands it set aside more cash to
guarantee trades after the downgrades, was still below the $100
million to $200 million range that Alireza had estimated in
comments to analysts last year. The firm doesn't expect S&P's
action to have a material impact on operations, Bloomberg notes.

"Judging from the negative outlook for commodities, which might
prompt higher collateral requirements, investors are
understandably not optimistic about the stock," Bloomberg quotes
Bernard Aw, a strategist at IG Asia Pte in Singapore, as saying in
an e-mail. "If lenders start to raise their margin/collateral
requirements, then we could see Noble's liquidity position
straining further."

Shares of Noble finished 1.5 percent lower at 34 Singapore cents.
It's also become the riskiest company in Asia to hedge against
nonpayment of debt based on credit-default swaps contracts,
Bloomberg notes.

Its dollar bonds due in 2020, its most liquid, rose 3.3 cents on
the dollar to 58.6. They dropped below 53 earlier on Jan. 7 to
their lowest on record, implying a yield of about 26 percent for
the company's debt, Bloomberg discloses. That put it on par with
issuers such as the Republic of Venezuela and U.S. retailer Toys
"R" Us Inc., which rating firms have indicated are likely to miss
debt payments in the short term.

Bloomberg states that Noble's efforts to buoy its creditworthiness
and reduce debt include the sale in December of its agricultural
unit to Cofco Corp., China's top food company, for at least $750
million. Cofco already owned 51 percent of Noble Agri, bought for
$1.5 billion in 2014.

"The credit-rating downgrade is disappointing in light of the
company's efforts to keep its investment-grade rating with the
sale of its remaining 49 percent stake in Noble Agri to Cofco,"
Gerald Wong, an analyst at Credit Suisse Group AG, wrote in a note
to clients on Jan. 8, Bloomberg relays. The bank reduced its
share-price forecast for Noble by 20 percent to 40 Singapore
cents, citing growing concerns on its liquidity.

According to Bloomberg, S&P said liquidity, or short-term
financing, was no longer strong enough to sustain Noble's
investment-grade credit rating. The outlook for the commodity
trader's "capital raising could be complicated by depressed" raw-
materials markets, it said. The third major agency, Fitch Ratings,
has Noble at investment grade and said the trader has ample
liquidity to meet rising collateral needs.

"The sale of Noble Agri has certainly improved the financial
position of Noble Group, but whether it will remain sufficient to
cover its liquidity requirements will depend on how the global
commodity sector performs over the next few quarters," Bloomberg
quotes IG's Aw as saying.

The Bloomberg World Mining Index has fallen 6.5 percent this year
as investors shun metals amid worsening economic conditions in
China, the world's biggest consumer. Oil prices, meanwhile, have
hit a 12-year low because of a global glut.

Noble shares lost almost two-thirds of their value in 2015, making
it the worst performer on Singapore's benchmark Straits Times
index, after a year of attacks on its accounts by critics
including the anonymous Iceberg Research and short-seller Muddy
Waters LLC, according to Bloomberg. The company has rejected the
various allegations.

"If Noble manages to weather the liquidity issues in the next 12
months, the company should be fine, but with a smaller balance
sheet like in the days before it was upgraded to investment
grade," said Soren Bertelsen, a money manager in Copenhagen at BI
Asset Management, which oversees $1 billion of emerging-market
corporate bonds, Bloomberg relays.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 4, 2016, Moody's Investors Service has downgraded Noble Group
Limited's senior unsecured bond ratings to Ba1 from Baa3 and the
provisional rating on its senior unsecured MTN program to (P)Ba1
from (P)Baa3.

At the same time, Moody's has assigned a Ba1 corporate family
rating to Noble and has therefore withdrawn the company's issuer
rating.

The rating actions conclude Moody's review for downgrade initiated
on Nov. 16, 2015.

The outlook for the ratings is negative.

                         About Noble Group

Noble Group Limited (SGX:N21) -- http://www.thisisnoble.com/-- is
a Hong Kong-based company engaged in supply of agricultural,
industrial and energy products. The Company supplies agricultural
and energy products, metals, minerals and ores .Agriculture
products include grains, oilseeds and sugar to palm oil, coffee,
and cocoa. Energy business includes coal, gas and liquid energy
products. In metals, minerals and ores (MMO), it supplies iron
ore, aluminum, special ores and alloys. The Company operates
nearly in 140 locations. It supplies growth demand markets in Asia
and Middle East. Alcoa World Alumina and Chemicals is the
subsidiary of this company.



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ADITYA OVERSEAS: CRISIL Suspends B+ Rating on INR40MM Cash Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Aditya
Overseas (AO).

                          Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Cash Credit               40       CRISIL B+/Stable
   Letter of Credit          30       CRISIL A4
   Standby Line of Credit     6       CRISIL B+/Stable

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

AO was established in New Delhi in 2000 by Mr. Aditya Bansal and
Mr. Dinkar Bansal. The firm trades in several types of fatty
acids, chloro-alkali products, castor oil derivatives and
fragrances.


ADITYAPUR CITY: ICRA Suspends B+ Rating on INR46.34cr Loan
----------------------------------------------------------
ICRA has suspended the [ICRA]B+ rating assigned to the INR46.34
crore long term loans of Adityapur City Centre Hotel Pvt. Ltd. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

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


AMAR ENTERPRISES: CRISIL Suspends B Rating on INR35MM Loan
----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Amar
Enterprises (Amar).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         30       CRISIL A4
   Overdraft Facility     35       CRISIL B/Stable

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

Amar is a proprietorship firm established in 1984 by Mr. Mana Ram
Bishnoi and based in Jodhpur (Rajasthan). It undertakes civil
construction projects for state government authorities in
Rajasthan, such as Public Works Department (PWD), Jodhpur
Development Organisation (JDA), and Rajasthan Housing Board (RHB).


AMBUJA GINNING: ICRA Suspends B+ Rating on INR8.0cr Cash Loan
-------------------------------------------------------------
ICRA has suspended [ICRA]B+ rating reaffirmed to the INR9.39 crore
long term loans & working capital facilities of Ambuja Ginning
Pressing & Oil Company Private Limited. The suspension follows
ICRA's inability to carry out a rating surveillance in the absence
of the requisite information from the company.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund Based-
   Cash Credit           8.00        [ICRA]B+ suspended

   Fund Based-
   Term Loan             1.39        [ICRA]B+ suspended

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

Ambuja Ginning Pressing & Oil Company Private Limited was
incorporated in 1995 as a private limited company. It is engaged
in the ginning and pressing of raw cotton and crushing of
cottonseeds. It is managed by four directors namely Mr. Ashokbhai
Lathiya, Mr. Jinabhai Patel, Mr. Manojbhai Lathiya and Mr.
Tulshibhai Patel. The manufacturing unit is located at Talaja,
Bhavnagar, Gujarat. It currently has 32 double roller ginning
machines, one pressing machine (automatic) and five expellers with
the installed capacity to produce 600 cotton bales, three MT of
cottonseed oil and 30 MT cottonseed oil cake per day (24 hours
operation).


AMIDEEP AUTOMOBILES: Ind-Ra Assigns 'IND BB-' LT Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Amideep
Automobiles (Amideep) a Long-Term Issuer Rating of 'IND BB-'. The
Outlook is Stable. The agency also assigned Amideep's INR95m fund-
based working capital facilities Long-term 'IND BB-'/Stable and
Short-term 'IND A4+' ratings.

KEY RATING DRIVERS

The ratings reflect Amideep's moderate credit profile and short
operational track record. In FY15, revenue was INR647m (FY14:
INR448m), EBITDA interest coverage was 1.6x (1.6x) and net
leverage of 3.7x (negative 2.0x). Profitability has been on an
increasing trend over the past three years; it improved to 1.8% in
FY15 from 1.2% in FY13 when the firm started the dealership with
Honda Motorcycle and Scooter India Private Limited. Revenue
quadrupled during this period.

Liquidity was moderate with the fund-based facilities being
utilised at an average of 94.2% over the nine months ended
November 2015. The ratings also factor in the partnership form of
organisation.

RATING SENSITIVITIES

Positive: A positive rating action could result from an
improvement in the EBITDA margins or a substantial increase in the
scale of operations leading to a sustained improvement in the
credit metrics.

Negative: A negative rating action could result from any
deterioration in the EBITDA margins leading to sustained
deterioration in credit metrics.

COMPANY PROFILE

Amideep was started as a family-owned partnership firm in 2012 and
is an authorised dealer of Honda Motorcycle and Scooter India.


AUTOMOBILE KAPOORS: CRISIL Suspends B- Rating on INR87.5MM Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Automobile Kapoors India Pvt Ltd (AKPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee        15.7      CRISIL A4

   Cash Credit           87.5      CRISIL B-/Stable

   Proposed Long Term
   Bank Loan Facility    66.9      CRISIL B-/Stable

   Term Loan              2.5      CRISIL B-/Stable

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

AKPL was set up in 2001 by the members of the Kapoor family of
Punjab. It is the sole authorised dealer for Tata Motors Ltd's
(TML; rated 'CRISIL AA/Stable/CRISIL A1+') passenger cars in
Amritsar and Tarn Taran (both in Punjab) with three showrooms-cum-
integrated workshops.


BALA SUNDRI: ICRA Suspends B Rating on INR8.0cr Loan
----------------------------------------------------
ICRA has suspended [ICRA]B rating assigned to the INR8.00 crore
fund based and proposed limits of Bala Sundri Rice Mills. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

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


BHANSALI DIAMONDS: ICRA Reaffirms B+ Rating on INR11.50cr Loan
--------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ to the
INR11.50 crore fund based facilities of Bhansali Diamonds.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long-term, Fund-
   Based                 11.50        [ICRA]B+/reaffirmed

The rating reaffirmation continues to factor in promoters'
experience and operating track record of over two decades in the
diamond trading business. The rating, however, continues to be
constrained by the exposure to intense competition from a large
number of organized as well as unorganised players and the
relatively modest scale of operations. ICRA also notes the high
working capital intensity of operations owing to the high
inventory levels. The rating also factors in exposure to foreign
exchange risk due to absence of firm hedging mechanism and
relatively less stringent regulatory controls and risk of capital
withdrawal due to business constitution as a partnership firm.

Set up in 1992, Bhansali Diamonds is a partnership firm engaged in
trading of cut and polished diamonds. The firm procures rough
diamonds primarily from international markets i.e. Africa,
Belgium, Russia and Israel. The firm does not have an in-house
manufacturing facility and outsources the cutting and polishing
work to job workers based in Mumbai, Surat and Bhavnagar. The
major international markets for the firm are USA, Hong Kong, UAE,
Belgium and Thailand. Apart from export of diamonds, the firm is
also in the business of power generation. In 2006, it installed a
1.25 MW windmill at Dhule, Maharashtra. It supplies the generated
electricity to MSEB under a 15 year power purchase agreement.

Recent results
As per audited results, for the financial year ending March 2015,
Bhansali Diamonds reported operating income of INR59.80 crore and
profit after tax of INR1.32 crore as compared to operating income
of INR62.91 crore and profit after tax of INR1.27 crore in the
previous year.


BPL TECHNO: CRISIL Assigns B- Rating to INR50MM Cash Loan
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-term
bank facility of BPL Techno Vision Private Limited (BTVPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit             50      CRISIL B-/Stable

The rating reflects BTVPL's modest scale of operations in the
lanterns and home automation equipment industry, and its below-
average financial risk profile because of weak debt protection
metrics. These weaknesses are partially offset by its promoters'
extensive industry experience.

CRISIL believes BTVPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of significant
increase in scale of operations and profitability, or substantial
equity infusion, leading to a better financial risk profile.
Conversely, the outlook may be revised to 'Negative' if BTVPL
undertakes aggressive debt-funded expansion, leading to
deterioration in financial risk profile.

BTVPL, established in 1983 in Bengaluru (Karnataka), manufactures
lanterns and home automation equipment.

BTVPL reported loss of INR36.29 million on total income of
INR228.88 million for 2014-15 (refers to financial year, April 1
to March 31), against loss of INR18.75 million on total income of
INR206.58 million for 2013-14.


DARP CONSTRUCTION: CRISIL Suspends 'D' Rating on INR170MM Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of DARP
Construction (J.V.) (DARP).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Term Loan              170      CRISIL D

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

DARP, established in August 2009, is a joint venture between Mr.
Anant Kumar Singh, his associates Mrs. Ranjana Kumari and Mrs.
Pratima Devi, his sister-in-law Mrs. Dehuti Sinha, Shivanar
Constructions Pvt Ltd (promoted by Mrs. Ranjana Kumari), and
Rajnandani Projects Pvt Ltd (promoted by Mr. Singh's wife). DARP
was formed to construct a commercial complex, The Mall, in Patna
(Bihar). The cost of constructing the mall is around INR424
million; the project gearing is 0.67 times. The mall will be
entirely leased out.


EXCLE PAPER: CRISIL Suspends 'D' Rating on INR60MM Term Loan
------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Excle
Paper Packaging Pvt Ltd. (EPPPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit           22.5      CRISIL D
   Term Loan             60        CRISIL D

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

Incorporated in 2011, EPPPL manufactures corrugated boxes which
are used for packaging mainly in the biscuit industry. The
company's manufacturing unit is in Hajipur (Bihar). The commercial
production commenced from April 2013. The company is promoted by
Mr. Navin Motani and Mr. Gunjan Khemka.


FASCINATION INDIA: CRISIL Suspends B- Rating on INR30MM Term Loan
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Fascination India (FI).

                           Amount
   Facilities            (INR Mln)     Ratings
   ----------            ---------     -------
   Export Packing Credit     30        CRISIL A4
   Foreign Bill Purchase     15        CRISIL A4
   Term Loan                 30        CRISIL B-/Stable

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

FI was set up in 1982 as a proprietorship concern by Lieutenant
Colonel Kul Bhushan. In 1985, after the death of Lieutenant
Colonel Kul Bhushan, it was reconstituted as a partnership firm
with the inclusion of his wife Mrs. Usha Bhushan and sons Mr.
Vivek Bhushan and Mr. Virat Bhushan as partners. Mr. Virat Bhushan
retired as partner from the firm in 2013-14. FI manufactures tops,
blouses, skirts, and dresses for women, and shirts, T-shirts, and
trousers for men. The company exports to clients in Denmark,
Germany, Canada, France, Mexico and the US.


G.G. TRONICS: ICRA Reaffirms 'D' Rating on INR10cr Term Loan
------------------------------------------------------------
ICRA has reaffirmed the [ICRA]D rating to the INR5.00 crore
(reduced from INR10.50 crore) cash credit facility and INR10.00
crore (enhanced from INR4.50 crore) term loan facility of G.G.
Tronics India Private Limited.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Cash Credit            5.00      [ICRA]D/Reaffirmed
   Term Loan             10.00      [ICRA]D / Reaffirmed

The rating reaffirmation takes note of the stretched liquidity
position of the company as reflected by delays in debt servicing
and high utilization of working capital limits owing to the high
debtors and inventory. The rating continues to take into account
GTIPL's moderate scale of operations that limits the economies of
scale and the subdued financial profile as characterized by thin
net margin, leveraged capital structure and high working capital
intensity. Nevertheless, the rating notes the established track
record of the company in the railway signaling industry and
positive outlook for investment in railway safety and signaling
industry aided by capital expenditure of Indian Railways. Going
forward, timely debt servicing and a sustained improvement in the
company's liquidity position will be the key rating sensitivities.

GTIPL was established in 1991 and is involved in the business of
designing, manufacturing and supplying of real time embedded
systems for transport and industrial domain and other electrical
and electronic equipments. The company primarily supplies its
products to Indian railways. The company has its manufacturing
facilities and R&D center located in Peenya Industrial Area in
Bangalore spread over 58,000 sq. ft. It is a ISO 9001:2000 and ISO
9001:2008 certified company.

Recent Results For FY 2015, GTIPL reported a net profit of INR0.41
crore on an operating income of INR29.07 crore, as against a net
loss of INR5.02 crore on an operating income of INR4.71 crore in
FY 2014.


GAYATRI COTTON: ICRA Suspends 'B' Rating on INR6.90cr Loan
----------------------------------------------------------
ICRA has suspended [ICRA]B rating reaffirmed to the INR6.90 crore
working capital facilities of Gayatri Cotton Private Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Fund Based-Cash
   Credit                6.90       [ICRA]B suspended

   Fund Based-CCBD      (1.00)      [ICRA]B suspended

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

Incorporated in 2006, Gayatri Cotton Private Limited (GCPL) is
engaged in the ginning and pressing of raw cotton. The company is
managed by three directors, namely Mr. Jitendra Sangani, Mr.
Jignesh Sangani and Mr. Paresh Sangani. The manufacturing unit is
located in Mahuva, Bhavnagar, Gujarat. It has 28 ginning machines
and one pressin


GLOBAL ENTROPOLIS: ICRA Puts IrB+ Rating on Notice For Withdrawal
-----------------------------------------------------------------
ICRA has placed the IrB+ rating assigned to Global Entropolis
Vizag Private Limited on notice for withdrawal for twelve month on
the request of the company. As per ICRA's 'Policy on Withdrawal of
Credit Rating', the aforesaid rating will be withdrawn after
twelve months from the date of this withdrawal notice.


HI TECH: CRISIL Assigns 'B' Rating to INR15MM Cash Loan
-------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities HI Tech Transpower Private Limited (HTTPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         70       CRISIL A4
   Cash Credit            15       CRISIL B/Stable

The ratings reflect the company's modest scale of operations and
geographic concentration in its revenue profile. These rating
weaknesses are partially offset by the extensive experience of its
promoters in the electrical contracting industry and established
relationship with customers and suppliers

Outlook: Stable

CRISIL believes HTTPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of higher-than-
expected accrual driven by improvement in profitability or scale
of operations, while working capital requirement is prudently
managed, leading to a better financial risk profile. Conversely,
the outlook may be revised to 'Negative' in case of any major cost
or time overrun in projects being executed, or any debt-funded
capital expenditure, leading to deterioration in the company's
financial risk profile.

HTTPL was originally established as a partnership firm in 2005;
the firm was reconstituted as a private limited company with the
current name in July 2010. The company undertakes civil and
electrical projects on a turnkey basis for various government
departments and private sector companies. The company is promoted
by Mr. Ramesh Gami and family members.


HULDIBARI INDUSTRIES: CRISIL Suspends B+ Rating on INR65MM Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Huldibari Industries and Plantation Co. Limited (HIPCL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         7.5      CRISIL A4
   Cash Credit           65        CRISIL B+/Stable
   Packing Credit         7.5      CRISIL A4
   Proposed Long Term
   Bank Loan Facility    15.7      CRISIL B+/Stable
   Term Loan              4.3      CRISIL B+/Stable

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

HIPCL was set up by Mr. C L Bajoria and his family in 1889 as an
Association of Persons named Huldibari Tea Association. The
association was reconstituted as HIPCL in 1995. The company, based
in West Bengal, processes black crush, tear, and curl tea.


INFOSOFT DIGITAL: Ind-Ra Assigns 'IND BB' LT Issuer Rating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Infosoft Digital
Design & Services Private Limited (IDDS) a Long-Term Issuer Rating
of 'IND BB'. The Outlook is Stable. A full list of rating actions
is at the end of the commentary.

KEY RATING DRIVERS

The ratings reflect IDDS' small scale of operations and moderate
credit profile. Revenue was INR371.80m in FY15 (FY14: INR302.74m),
net financial leverage (total adjusted net debt/operating EBITDAR)
was 0.56x (0.97x), interest coverage ratio was 4.29x (4.85x) and
EBITDA margins were 5.62% (4.20%). The ratings are also
constrained by the tight liquidity position of the company as
evident from its 104.42% utilisation of the non-fund based limits
during October 2015 which was regularised within 20 days. The
average maximum utilisation of its fund-based limits was 68.42%
during the 12 months ended November 2015.

The ratings are supported by IDDS's established clientele
comprising government entities such as Airport Authority of India
and Railways and the over 15 years of experience of its promoter
in providing digital planning and engineering & services.

RATING SENSITIVITIES

Positive: Substantial growth in the top line along with an
improvement in the EBITDA margins while the credit metrics being
sustained at the current levels will lead to a positive rating
action.

Negative: A decline in the EBITDA margins with deterioration in
the overall credit metrics could lead to a negative rating action.

COMPANY PROFILE

IDDS was established in 1997. It is a diversified technology and
equipment manufacturer mainly focussing on information display
systems and security systems. It mainly provides services such as
flight information display systems, public address systems, touch
screen kiosks and computerised automatic announcement systems.

IDDS' ratings:

-- Long-Term Issuer Rating: assigned 'IND BB'; Outlook Stable
-- INR50.0 million fund-based facilities: assigned Long-term
    'IND BB'/Stable and Short-term 'IND A4+'
-- INR120.0 million non-fund-based facilities: assigned Short-
    term 'IND A4+'


ININNOVATION HOUSE: CRISIL Cuts Rating on INR135MM Loan to B-
-------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of InInnovation House Industries Private Limited (IHIPL) to
'CRISIL B-/Stable' from 'CRISIL B+/Stable'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit             15      CRISIL B-/Stable (Downgraded
                                   from 'CRISIL B+/Stable')


   Term Loan              135      CRISIL B-/Stable (Downgraded
                                   from 'CRISIL B+/Stable')

The downgrade reflects CRISIL's belief that IHIPL's liquidity will
remain constrained over the medium term on account of delay in
operationalisation of its project from the earlier expected April
2015 to September 2015. IHIPL's cash flow is expected to remain
depressed during the initial phase because of modest scale of
operations. Furthermore, term debt repayment commences in April
2016, which will increase pressure on liquidity. Annual net cash
accrual is expected to be just adequate to meet term debt
obligation.

The rating reflects IHIPL's expected small scale and large working
capital requirement in the initial phase of operations, and below-
average financial risk profile because of large debt-funded
capital expenditure. These weaknesses are partially offset by its
promoters' entrepreneurial experience, and increasing demand for
autoclaved aerated concrete (AAC) blocks.

Outlook: Stable

CRISIL believes IHIPL will benefit from demand for AAC blocks. The
outlook may be revised to 'Positive' if the company scales up
operations significantly and achieves healthy profitability,
resulting in sizeable net cash accrual. Conversely, the outlook
may be revised to 'Negative' if liquidity weakens due to large
working capital requirement or low cash accrual, impacting debt
servicing ability.

IHIPL, incorporated in January 2013, manufactures AAC blocks in
Amravati (Maharashtra), and has capacity to produce 150,000 cubic
metres of AAC blocks per annum.


INTERNATIONAL COIL: CRISIL Suspends D Rating on INR200M Cash Loan
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
International Coil Ltd (ICL).

                        Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Bank Guarantee         200        CRISIL D
   Cash Credit            200        CRISIL D
   Letter of credit &
   Bank Guarantee         130        CRISIL D
   Term Loan               96        CRISIL D

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

ICL, incorporated in July 2004, is promoted by Mr. Sucha Singh and
his sons, Mr. Paramjeet Singh and Mr. Amardeep Singh. The company
manufactures heat-exchange coils, heat-transfer systems such as
air-cooled fluid coolers, used for cooling all type of engines
producing power, and coils for refrigeration systems used in cold
storage and freezing units. ICL has two manufacturing units ' one
near Gurgaon (Haryana), and the other at Mayapuri, New Delhi. Its
operations are centred in Gurgaon (corporate office) and Delhi
(registered office); it has six sales office across India, at
Ahmedabad (Gujarat), Bengaluru (Karnataka), Chennai (Tamil Nadu),
Gurgaon, Jalandhar (Punjab), and Mumbai.

ICL also has tie-ups with Chinese companies - BROAD Group, Runh
Power Corporation Ltd, and Harbin Air Conditioning Company Ltd for
supplying cooling systems mostly to upcoming power plants in
India. The company earns fixed commission on supply as well as
balance-of-plant work for the contracts undertaken by these
associates.


JANAGAL EXPORTS: CRISIL Suspends 'D' Rating on INR137.5MM Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Janagal
Exports Pvt Ltd (JEPL).

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Cash Credit              10       CRISIL D
   Export Packing Credit   137.5     CRISIL D
   Term Loan                45       CRISIL D
   Working Capital
   Facility                 27.5     CRISIL D

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

Despite repeated requests by CRISIL, JEPL is yet to provide
adequate information to enable CRISIL to assess JEPL'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'

JEPL was incorporated in 2003, promoted by Mr. Malkit Chand and
Mr. Balwinder Pal for trading in ready-made garments such as T-
shirts, track suits, tops, shirts, and trousers. The company
exports 95 per cent of these garments to wholesalers and retailers
in Dubai.


KATHPAL SOLVEX: CRISIL Suspends B- Rating on INR120MM Cash Loan
---------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Kathpal
Solvex Pvt Ltd (KSPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit           120       CRISIL B-/Stable
   Proposed Long Term
   Bank Loan Facility     12.1     CRISIL B-/Stable
   Standby Line of
   Credit                  8       CRISIL B-/Stable
   Term Loan               4.9     CRISIL B-/Stable

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

KSPL was incorporated in 2000, promoted by Mr. Krishan Lal and Mr.
Rai Kumar. The company is engaged in milling of basmati and non-
basmati rice; it also trades in rice. The company has a rice
milling unit in Jalalabad (Punjab) with sorting capacity of 2
tonnes per hour (tph) and milling capacity of 3 tph.


KUMARAGIRI ELECTRONICS: ICRA Reaffirms B Rating on INR6.64cr Loan
-----------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B outstanding on
the INR6.64 crore term loan facilities and INR5.00 crore fund
based facilities of Kumaragiri Electronics Limited. ICRA has also
reaffirmed the short-term rating of [ICRA]A4 outstanding on the
INR4.00 crore non-fund based facilities of the Company.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long Term: Term
   loans                  6.64      [ICRA]B/reaffirmed

   Long Term: Fund
   based facilities       5.00      [ICRA]B/reaffirmed

   Short Term: Non-
   fund based facilities  4.00      [ICRA]A4/reaffirmed

The ratings continue to factor in the promoters' experience in the
textile industry and the Company's long-standing relationship with
its customers. The ratings also take into account the stable
operating margins during 2014-15 aided by the product profile of
value added and finer counts of yarn lending stability to the
margins amid volatile raw material prices during the period. The
working capital intensity has remained comfortable and is
supported by prompt collection from its customers. However, the
ratings are constrained by the highly leveraged capital structure,
with gearing at 3.1 times as on March 31, 2015 and the modest
coverage metrics with interest coverage at 2.1 times and NCA/TD at
24.0%. The debt metrics are expected to deteriorate further in the
coming years due to fresh term loans drawn to fund the ongoing
capex towards expansion of capacity which although would result in
improvement in the scale of operations and the margins on the back
of the focus on value addition. The ratings are further
constrained by the company's present modest business profile
marked by small scale of operations which restricts scale
economies, and intense competitive pressures which restrict
pricing flexibility. ICRA has also considered the dip in operating
income on account of decline in the volumes sold by 4% during
2014-15. With the repayment of term loans to commence from 2016-
17, the ability of the company to scale up its operations and
generate sufficient cash flows to meet its debt obligations in a
timely manner would be key rating sensitivity.

Incorporated in 1986, KEL is engaged in the production of cotton
yarn. Previously, the Company was engaged in the manufacture of
aluminium metalized di-electric polypropylene film. In 1995, the
business became redundant due to advancement in technology.
Consequently, the Company decided to diversify into textiles. The
Company presently has an installed capacity of 42,624 spindles.
KEL is closely held by the promoter and their relatives / friends.
The Company has manufacturing facilities located at Dharmapuri,
Tamil Nadu.

Recent Results
The Company reported a net profit of INR1.5 crore on an operating
income of INR46.7 crore during 2014-15 as against a net loss of
INR0.2 crore on an operating income of INR48.8 crore during 2013-
14.


LAJJYA STEELS: CRISIL Reaffirms B Rating on INR180MM Cash Loan
--------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Lajjya Steels
Ltd (LSL) continues to reflect the company's below-average
financial risk profile because of a high total outside liabilities
to tangible networth ratio and weak debt protection metrics,
modest scale of, and working capital-intensive, operations in the
highly competitive steel industry, and susceptibility to
volatility in steel prices. These weaknesses are partially offset
by promoters' extensive experience and no term debt obligation.

                         Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Cash Credit             180     CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility        5     CRISIL B/Stable (Reaffirmed)

   Standby Line of Credit   15     CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes LSL will continue to benefit over the medium term
from promoters' extensive experience. The outlook may be revised
to 'Positive' if capital structure improves either due to equity
infusion or substantial cash accrual, backed by ramp-up of
operations and better working capital management. Conversely, the
outlook may be revised to 'Negative' if financial risk profile
deteriorates due to further decline in revenue and profitability
or significant debt-funded capital expenditure, or if liquidity
weakens substantially due to increase in working capital
requirement.

Incorporated in 2009 and promoted by the Soni family of Ludhiana,
Punjab, LSL trades in wire rods and engages in wire drawing. The
company has been a dealer of JSW Steel Ltd and Rashtriya Ispat
Nigam Ltd (rated 'CRISIL A+/Negative') for over seven years. LSL
also trades in yarn, though on a small scale.

LSL reported a profit after tax (PAT) of INR1.5 million on net
sales of INR904.3 million for 2014-15 (refers to financial year,
April 1 to March 31), against a profit after tax (PAT) of INR1.8
million on net sales of INR1021.3 million for 2013-14.


M.M.G. HOLDINGS: CRISIL Reaffirms 'B' Rating on INR142.8MM Loan
---------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of M.M.G.
Holdings Private Limited (MMG) continues to reflect MMG's exposure
to risks associated with commercialisation of its commercial
complex project, and below-average financial risk profile because
of high gearing and weak debt protection metrics. These weaknesses
are mitigated by the benefits derived from the warehouse's prime
location.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Long Term Loan        142.8     CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     35.4     CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes MMG will benefit over the medium term from the
funding support by its group companies. The outlook may be revised
to 'Positive' if cash accrual is large owing to early finalisation
of tenants for its commercial complex and healthy occupancy rate.
Conversely, the outlook may be revised to 'Negative' if a time
overrun in the project, delay in finalising tenants, or any large,
debt-funded capital expenditure weakens financial risk profile.

MMG, incorporated in 2004, leases warehouse space in Chennai. The
company currently has a warehouse leased out in Madhavaram and has
built a commercial complex at Mount Road (both in Chennai). MMG is
part of the Chennai-based Gupta group of companies, promoted by
Mr. M.M.Gupta.


MUMS MEGA: ICRA Assigns 'B' Rating to INR95cr LT Loan
-----------------------------------------------------
ICRA has assigned its long-term rating of [ICRA]B to the INR95
crore proposed long term bank facilities of Mums Mega Food Park
Private Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long term bank
   facilities              95         [ICRA]B; Assigned

ICRA's rating is constrained by the initial stage of
implementation of MMFP's project, with the company having incurred
about 10% of the project cost so far. The company will have to
ramp up its pace of execution to ensure completion of the project
by the target completion date of January, 2018. ICRA also notes
that timely project implementation will be contingent on tying up
and disbursement of the term loan by the bank and timely release
of grants by the Ministry of Food Processing Industries (MoFPI)
and the Government of Bihar. Given its initial stage, the project
remains exposed to market risks for leasing out area to processing
units.

The rating however, draws comfort from the extensive experience of
the promoters in various industries, including food processing,
location of the food park in close proximity of farming belts,
obtaining of major clearances and approvals, and the support
provided by MoFPI. The rating also favourably takes into account
the healthy proportion of subsidies and grants in the overall
funding mix of the project, which helps reduce the gearing of the
project. ICRA also takes cognizance of the benefits the project
derives from units set up by its promoter, Amrapali Biotech India
Pvt Ltd (ABIP), which are operational in the food park, which will
facilitate putting the sourcing infrastructure in place.

Going forward, implementation of the project within the budgeted
time and cost, and quick ramp up of operations while managing
sourcing and off take will be crucial for timely debt servicing
and will hence constitute the key rating sensitivities.

MMFP is a special purpose vehicle (SPV) which was incorporated in
January 2012, to undertake a Mega Food Park project in the Buxar
district of Bihar under the MoFPI's Mega Food Parks Scheme. The
cost of the project estimated at INR154.48 crore, is proposed to
be funded by INR32.32 crore of equity, INR50 crore of grant from
MoFPI, INR15 crore of grant from Government of Bihar and INR57.16
crore of term loans.

The company is promoted by Ultra Home Construction Pvt Ltd and
ABIP, entities belonging to the Amrapali group. The Amrapali group
is a well established real estate player in Delhi with execution
track record of residential and commercial projects across the
National Capital Region. ABIP manufactures products such as corn
flakes, jams, pickles, sauce and vinegar, under the brand name
'Mums'. The company has started a new unit in Buxar for
manufacturing of corn flakes and grits.


N.S.R. MILLS: CRISIL Assigns 'B' Rating to INR42MM Term Loan
------------------------------------------------------------
CRISIL has assigned 'CRISIL B/Stable' rating to the long-term bank
facilities of N.S.R. Mills (NSR).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            10       CRISIL B/Stable
   Term Loan              42       CRISIL B/Stable

The rating reflects NSR's modest scale of operations in the
intensely competitive cotton yarn industry and below-average
financial risk profile because of high gearing and weak debt
protection metrics. These weaknesses are partially offset by
proprietor's extensive industry experience.

Outlook: Stable

CRISIL believes NSR will continue to benefit over the medium term
from proprietor's extensive experience. The outlook may be revised
to 'Positive' if the company registers higher-than-expected
revenues, while it improves its profitability and capital
structure. Conversely, the outlook may be revised to 'Negative' if
NSR generates lower-than-expected cash accruals, or undertakes a
large, debt-funded capital expenditure programme, resulting in
weakening of its financial risk profile.

Set up in 2007 by Ms S Amirtham as a proprietorship concern, NSR
manufactures cotton yarn of 60s and 40s counts.


NISARG JEWELS: ICRA Puts B Rating on Notice for Withdrawal
----------------------------------------------------------
ICRA has placed the [ICRA]B rating assigned to the INR8.00 crore
bank limits of Nisarg Jewels Private Limited on notice for
withdrawal for one month at the request of the company.
As per ICRA's 'Policy on Withdrawal of Credit Rating', the
aforesaid rating will be withdrawn after one month from the date
of this withdrawal notice.


NITAI CHANDRA: CRISIL Suspends B- Rating on INR25MM Cash Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Nitai
Chandra Saha (NSC).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         50       CRISIL A4
   Cash Credit            25       CRISIL B-/Stable
   Proposed Short Term
   Bank Loan Facility      0.2     CRISIL A4

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

NCS was set up in 1988 as a proprietary concern by Mr. Nitai
Chandra Saha. The firm undertakes contracts in civil construction,
including construction of roads, buildings, and fencings, for
government agencies such as National Buildings and Construction
Corporation and National Project Construction Corporation, in
Tripura.


P. SRI RAMULU: CRISIL Reaffirms B Rating on INR100MM Cash Loan
--------------------------------------------------------------
CRISIL's rating on the bank facility of P. Sri Ramulu (PRS; part
of the KRP group) continue to reflect the KRP group's modest scale
of operations and below-average financial risk profile, marked by
high external indebtedness. These rating weaknesses are partially
offset by the extensive experience of the group's promoters in the
rice industry.

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

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of K.R. Padmanabhan and Sons (KRP) and
PRS. This is because both the entities, together referred to as
the KRP group, are engaged in the same business and have
significant financial fungibility.

Outlook: Stable

CRISIL believes that the KRP group will benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the group reports
substantial improvement in revenue and margins, while improving
its capital structure. Conversely, the outlook may be revised to
'Negative' if the group reports low revenue and margins or if its
working capital cycle lengthens, leading to deterioration in its
financial risk profile.

The KRP group is engaged in rice trading. The group is based in
Chennai and is managed by Mr. P Sri Ramulu, Mr. P Damodaran, and
Mr. P Venkatesan.


PADMABHUSHAN KRANTIVEER: ICRA Suspends B Rating on INR220cr Loan
----------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B outstanding on
the INR220.00 Crore fund based bank facilities of Padmabhushan
Krantiveer Doctor Nagnathanna Naykawdi Hutatma Kisan Ahir Sahakari
Sakhar Karkhana Limited. The suspension follows ICRA's inability
to carry out a rating surveillance in the absence of the requisite
information from the company.


PARAJ TRADING: CRISIL Suspends 'B' Rating on INR47MM Cash Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Paraj
Trading Mini Rice Mill (PTMR).

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         2         CRISIL A4
   Cash Credit           47         CRISIL B/Stable
   Term Loan             22.2       CRISIL B/Stable

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

Established in 2004, PTMR processes rice at its facility in Paraj
(West Bengal). PTMR is a partnership firm of Mr. Tapas Kumar Kesh,
Mr. Abdus Salam Mondal, Mr. Anowar Hossain Mondal, Mr. Bangsi
Badan Sam, and Mr. Sabir Ahammed Mondal. The firm sells its
produce to Food Corporation of India Ltd (rated 'CRISIL AAA
(SO)/Stable') and also in the open market through brokers.


PATIALA DISTILLERS: CRISIL Suspends B+ Rating on INR60M Cash Loan
-----------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Patiala
Distillers and Manufacturers Ltd (PDML).

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            60        CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility     50        CRISIL B+/Stable
   Term Loan              40        CRISIL B+/Stable

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

PDML was incorporated in 1974, promoted by Mr. Sudarshan Kumar
Modi and family members. The company manufactures extra neutral
alcohol and rectified spirit, and sells it in the form of country
liquor and Indian-made foreign liquor (IMFL) in Punjab. The
company also does IMFL bottling on job basis. PDML's manufacturing
unit is located in Patiala (Punjab).


PEARTREE ENTERPRISES: CRISIL Suspends D Rating on INR123MM Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Peartree Enterprises Private Limited (PEPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         30       CRISIL D
   Cash Credit            27       CRISIL D
   Proposed Long Term
   Bank Loan Facility    123       CRISIL D

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

Promoted by Mr. Nagesh Singh in 2002, PEPL is engaged in
construction of roads and bridges for government departments,
primarily for government departments in Bihar. The company also
has a cold storage facility in Hakma (Bihar).


PLATINO CLASSIC: ICRA Assigns B+ Rating to INR10cr LT Loan
----------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B+ to the INR10.00
crore fund based facilities of Platino Classic Motors Pvt. Ltd.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term Fund
   Based Facilities      10.00        [ICRA]B+ assigned

The assigned ratings take into account the longstanding experience
of the promoters in the automobile dealership business spanning
over two decades and their association with the established
Koyenco group. The rating also factors in the strong market
presence of the company in Kerala, being the only dealer of BMW
with three showrooms across the length of the state; support
provided by the strong brand value of BMW; and, the favourable
demand outlook for the luxury car segment with the increase in
target population. The rating also considers the recently
completed showroom at Trivandrum, which will enable the company to
target customers in southern districts of Kerala and Tamil Nadu;
and, the impending release of new models from BMW which is likely
to aid sales volumes going forward.

The ratings, however, remain constrained by the company's moderate
scale of operations with a sharp decline in sales over the last
two years, mostly due to the absence of new releases from BMW and
the strong competition with brands like Audi and Mercedes gaining
strong foothold in the market. ICRA takes note of the stretched
capital structure and deteriorated coverage indicators resulting
from the recently completed large debt funded capital expenditure
for the construction of a third showroom.. The ability of the
company to improve its profitability and coverage indicators via
an increase in sales will be the key rating sensitivity going
forward.

Platino Classic Motors Private Limited is engaged in automobile
dealership of BMW cars in the state of Kerala. The company was
incorporated in 2007 by Mr. P.P Ashique who remains the Managing
director of the company. The first showroom was opened in
Ernakulum in 2007, following which the company opened another
showroom in Calicut in 2011. A third showroom in Trivandrum will
be commencing operations from January 2016. Platino Classic Motors
is the sole dealer of BMW cars in Kerala and with three showrooms
across the length of the state provide the company a strong market
presence. The company is related to the renowned Koyenco group,
which has business interests in automobile dealerships, real
estate, etc.

Recent Results
Platino Classic Motors Private Limited recorded a net profit of
INR0.21 crore on an operating income of INR95.9 crore during 2014-
15 as per the audited financial statements; as against a net
profit of INR0.1 crore on an operating income of INR113.4 crore
during 2013-14 as per the audited financial statements.


PRABH DAYAL: CRISIL Suspends B Rating on INR60MM Cash Loan
----------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Prabh
Dayal Om Parkash (Jalandhar) (PDOP).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            60       CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility     10       CRISIL B/Stable
   Term Loan              15       CRISIL B/Stable

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

PDP is a proprietorship firm promoted by Mr. Subhash Chandra
Agarwal. The firm is engaged in the distribution of galvanised
iron (GI), polyvinyl chloride (PVC), high density polyethylene
(HDPE), poly propylene random (PPR) pipes, and pipe fittings in
North India.


PRIME LUMBERS: ICRA Assigns B- Rating to INR3.25cr Loan
-------------------------------------------------------
The long term rating of [ICRA]B- has been assigned to the INR3.25
crore cash credit facility of Prime Lumbers Private Limited.
Further, the short term rating of [ICRA]A4 has been assigned to
the INR4.00 crore non-fund based letter of credit facility of
PLPL.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Cash Credit           3.25         [ICRA]B- assigned
   Letter of Credit      4.00         [ICRA]A4 assigned

The assigned ratings are constrained by the relatively modest
scale of operations of the company in highly competitive business
environment due to low entry barriers and weak financial profile
as characterized by fluctuating profit margins, adverse capital
structure and weak debt coverage indicators. The ratings also
factor in the exposure of the company's profitability to
volatility in timber price movements and currency fluctuation as
timber is majorly imported as well as susceptibility of timber
availability to export regulations in the key supplying markets.
Further, the ratings are also constrained by the vulnerability of
the company's profitability to cyclicality inherent in the real
estate industry which is the main consuming sector.

The assigned ratings, however, draw comfort from the established
track record of the promoter in the business of timber trading and
locational advantage arising from the presence of manufacturing
facility in close proximity to Kandla port.

Prime Lumbers Private Limited (PLPL) was incorporated in 2001 and
is engaged in the business of trading of timber logs with its
factory located at Gandhidham (Gujarat). The company is managed by
its promoters, Mr. Rohit Shah and Ms. Bhavna Shah who have long
standing experience in the timber industry through their
association with two of the group concerns, Woodman Veneers
Private Limited (WVPL) and Woodman Trading Private Limited (WTPL).
While WTPL is engaged in the similar business as that of PLPL,
WVPL is engaged in the manufacturing of veneers as well. The
company's product portfolio comprises of various qualities of
timber which primarily finds application in furniture making,
construction and packaging industry. The company imports timber
mainly from Singapore, New Zealand, Africa, Germany and Malaysia.

Recent Results
For the year ended March 31, 2015, PLPL reported an operating
income of INR12.96 crore and net loss of INR0.09 crore as against
an operating income of INR9.08 crore and profit after tax of
INR0.08 crore for the year ended March 31, 2014.


RAJESHWARI IRON: CRISIL Suspends B+ Rating on INR50MM Cash Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Rajeshwari Iron and Steel Co Pvt Ltd (RISCPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            50       CRISIL B+/Stable
   Letter of Credit      100       CRISIL A4

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

RISCPL was incorporated in Kolkata in 2008, promoted by Mr. Sumit
Kejriwal and his mother, Mrs. Asha Kejriwal. The company trades in
steel thermo-mechanically-treated bars, hot- and cold-rolled coil
and sheets, iron ore and coal.


RAMAN AGRO: ICRA Assigns B+ Rating to INR10cr Fund Based Loan
-------------------------------------------------------------
ICRA has assigned its long-term rating of [ICRA]B+ to the INR10.00
crore fund based facilities of Raman Agro Exports Private Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based Limits     10.00        [ICRA]B+; Assigned

ICRA's rating takes into account the high competition in the
industry which limits RAEPL's bargaining power and results in
subdued margins. The rating also takes into account the
vulnerability of the company's profitability to raw material price
fluctuations. The rating also factors in the company's leveraged
capital structure on account of debt funded capital expenditure
for factory expansion. ICRA also takes note of the company's
stretched liquidity position as reflected in the high utilization
levels of its bank lines. However, the rating derives comfort from
the extensive experience of the promoters and the company's
established relationships with its key customers enabling it to
procure repeat orders. ICRA also takes note of the healthy growth
in the company's operating income over the past few years.
Going forward, the company's ability to attain a sustained
improvement in scale in a profitable manner, while maintaining an
optimal capital structure, will be the key rating sensitivities.

Established in 2008, RAEPL manufactures cattle feed at its
manufacturing facilities located at Varanasi, Uttar Pradesh (UP)
and Raigarh, Chhattisgarh, with a total manufacturing capacity of
200 tonnes per day, with the Varanasi plant being automated in all
stages of production, from the feeding of raw material to the
packing of the finished product. RAEPL sells its products through
distributors in Bihar, Jharkhand, UP, Madhya Pradesh, and Odisha
under the brand names, 'Doodh Dhara' and 'Kranti'.

Recent Results
The company, on a provisional basis, reported a profit after tax
(PAT) of INR0.74 crore on an operating income of INR63.67 crore in
FY2015, as against a PAT of INR0.0.03 crore on an operating income
of INR29.33 crore in the previous year.


RATTAN RICE: ICRA Suspends 'B' Rating on INR10cr Loan
-----------------------------------------------------
ICRA has suspended [ICRA]B rating assigned to the INR10.00 crore
fund based and proposed limits of Rattan Rice & Gen. Mills. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

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


REGENCY GANGANI: ICRA Ups Rating on INR73cr Loan to B
-----------------------------------------------------
ICRA has upgraded its long term rating on the INR73.00 crore fund
based bank facilities of Regency Gangani Energy Private Limited to
[ICRA]B from [ICRA]C.

                          Amount
   Facilities           (INR crore)   Ratings
   ----------           -----------   -------
   Fund based facilities     73.00    [ICRA]B revised from
                                      [ICRA]C; suspension revoked

The rating suspension of June 2015 has been revoked.

The rating revision takes into account the operating track record
of RGEPL's plant, of more than a year with satisfactory Plant Load
Factor, which has provided support to cash flows, enabling regular
debt servicing. The rating also takes into account the company's
qualified and experienced promoters who have successfully executed
and operate four Small hydro power projects (SHPs) in Uttarakhand
and Himachal Pradesh. The rating also draws comfort from the
limited demand risks for the energy generated by the company's 9.5
Mega Watt (MW) hydroelectric plant at Uttarkashi, Uttarakhand,
given the significant energy deficit in the state, affordable
tariff of the plant and the presence of a long-term Power Purchase
Agreement (PPA) with Uttarakhand Power Corporation Limited (UPCL).
ICRA further draws comfort from the Trust and Retention Account
(TRA) mechanism, which is in place for debt servicing.

The rating is however constrained by high capital cost of the
project (Rs. 116 crore as against originally expected cost of
INR70 crore) on account of cost over runs due to cloud bursts that
have occurred twice in the past few years (Initially in August
2012 and subsequently in June 2013) causing extensive damage to
the project site. The rating also factors in the hydrological
risks due to shortage of water or loss of generation due to
silting. Given that the revenues of the company are linked to
actual unit sales, this exposes the company to the risk of cash
flow mismatches.

Going forward, satisfactory hydrology and the ability of the
company to meet the designed performance parameters thereby
ensuring timely repayment of its debt obligations will be the key
rating drivers.

RGEPL is an Independent Power producer (IPP) promoted by the
Regency group to develop, own and operate a 9.5 MW small hydro
power (SHP) project in Uttarkashi District of Uttarakhand.
The Regency group, which is based in Paonta Sahib, Himachal
Pradesh, commenced operations by setting up a calcium carbide
manufacturing unit in a company called Regency Carbide Limited
(RCL). Subsequently, the company diversified into power generation
mainly for meeting the captive power requirement of RCL.
Thereafter, the group has commissioned a number of other units as
well, with a total commissioned capacity of 27.50MW.

Recent Results
For FY 2015, the company reported a net profit of INR0.51 crore on
an operating income of INR14.53 crore.


SAHARANPUR INSTITUTE: ICRA Lowers Rating on INR15cr Loan to D
-------------------------------------------------------------
ICRA has revised its long term rating earlier assigned to the
INR15.0 Crore fund based bank facilities of Saharanpur Institute
of Medical Sciences Private Limited to [ICRA]D from [ICRA]B.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Term Loans             15.0        [ICRA]D Revised

The rating revision factors in the delay in debt servicing by the
company. Given the delay in commencement of the operations of
SIMS' hospital project along with changes in scope, the company
remained dependent on promoter support for servicing its debt
obligations. However, the company has requested for an extension
of moratorium and has not made the principal payment for Dec 2015
pending the approval of such extension. The rating thus will
remain sensitive to improvement in debt servicing track record and
change in terms of debt if any. ICRA has taken note of the
experience of the promoters in the healthcare industry and the
commencement of the hospital operations.

SIMS was incorporated in July, 2010 and is setting up a multi-
specialty hospital, spread over an area of about 6,800 square
meters, with a capacity of 100 beds at Delhi Road, Saharanpur,
Uttar Pradesh. The institute is being set up to provide a
comprehensive suite of health services which include Neurology,
Cardiology, Oncology etc.


SHETRON LIMITED: Ind-Ra Ups Long-Term Issuer Rating to 'IND BB+'
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Shetron Limited's
Long-Term Issuer Rating to 'IND BB+' from 'IND BB'. The Outlook is
Stable.

KEY RATING DRIVERS

The upgrade reflects the likelihood of an improvement in Shetron's
credit profile by FYE16 on improved profitability. In FY15, the
revenue jumped 21.2% yoy to INR1,610m while the credit metrics did
not improve materially on account of a margin contraction. Net
leverage was 3.3x in FY15 (FY14: 4.1x), interest coverage was 1.5x
(1.4x) and EBITDA margin was down 200bp yoy to 15.5%. The
profitability has been volatile due to raw material price
volatility with EBITDA margin moving between 11.4% and 17.5%
during FY12-FY15. Shetron's management has indicated revenue of
INR862m and EBITDA margin of around 16.4% for 1HFY16.

The ratings however continue to be constrained by Shetron's tight
liquidity position as indicated by the full utilisation of the
working capital facilities in the 12 months ended November 2015.
Shetron's net working capital cycle remained stable at 96 days in
FY15 (FY14: 95 days).

The ratings continue to be supported by the company's established
track record of over 30 years in the metal packaging sector.

RATING SENSITIVITIES

Positive: A significant increase in the revenue while maintaining
the profitability leading to a substantial improvement in the
credit metrics could lead to a positive rating action.

Negative: Any decline in the profitability leading to substantial
deterioration in the credit metrics could lead to a negative
rating action.

COMPANY PROFILE

Shetron is a Bangalore-based company, listed on the Bombay Stock
Exchange. It was established in 1980 by Diwakar S. Shetty and his
associates jointly with the Karnataka State Industrial &
Investment Development Corporation. The company produces and sells
dry cell metal battery jackets & components, metal food cans,
printed metal sheets, etc.

Shetron's rating:

-- Long Term Issuer Rating: upgraded to 'IND BB+'/Stable from
    'IND BB'
-- INR287.5m fund based working capital limits: upgraded to 'IND
    BB+'/Stable from 'IND BB' and affirmed at 'IND A4+'
-- INR372.5m non-fund based working capital limits (increased
    from INR350m): upgraded to 'IND BB+'/Stable from 'IND BB' and
    affirmed at 'IND A4+'
-- INR550.0m term loans (reduced from INR567.0m): upgraded to
    'IND BB+'/Stable from 'IND BB'


SUNRISE GLASS: ICRA Withdraws B+/A4 Rating on INR36.30cr Loan
-------------------------------------------------------------
ICRA has withdrawn the suspended rating of [ICRA]B+ and [ICRA]A4
assigned to the INR36.30 crore Bank Loans Programme of Sunrise
Glass Industries Private Limited. As per ICRA's policy on
withdrawals, ICRA can withdraw the rating in case the rating
remains suspended for more than three years.

SGIPL was incorporated in July 2009 for the manufacturing of glass
bottles and tableware primarily targeting the domestic market
catering to various industries especially soft drinks, liquor,
pharmaceuticals, food, cosmetics, milk and tableware. SGIPL is
part of the Astron group of companies promoted by Mr. Hargunbhai
Bhambhani having interests in the ceramic tiles, tableware and
other ceramic products though other group concerns. The plant
construction is in progress at Tena village, Taluka Olpad, Dist.
Surat, and expected to start commercial production from September
2011. The proposed plant has an installed capacity of 208 tonnes
of glass per day (considering 3 shifts), after considering
breakage of bottle and other process waste of around 17%.


THOMAS AND COMPANY: CRISIL Suspends B Rating on INR15MM Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Thomas
and Company Pvt Ltd (TCPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         60       CRISIL A4
   Cash Credit            15       CRISIL B/Stable

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

TCPL was established in 1988 as a proprietorship concern in New
Delhi. In 1997, the firm was reconstituted as a private limited
company. TCPL is engaged in civil construction activities, mainly
construction of industrial and institutional buildings for public
and private parties.


TRT BUILDERS: ICRA Lowers Rating on INR6.50cr LT Loan to C+
-----------------------------------------------------------
ICRA has revised the long term rating assigned to the INR6.5 crore
fund based limits of TRT Builders and Constructions (India)
Private Limited from [ICRA]B to [ICRA]C+. ICRA has reaffirmed the
short term rating of [ICRA]A4 to the INR4.0 crore non fund based
limits of TRT Builders.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long Term Fund
   Based                  6.50       [ICRA]C+ downgraded

   Short Term Non-
   Fund Based             4.00       [ICRA]A4 reaffirmed

The rating revision takes into account the stretched receivable
position of the company due to delays in payments from PWD which
has resulted in a significant increase in working capital
intensity. The ratings also consider the small scale of operations
of TRT Builders, the limitation on the maximum value of orders
that the company can bid for owing to prequalification limits of
INR25 crore; the geographical and sectoral concentration of the
company with presence limited to road projects in and around
Kollam in Kerala, the competition intensive nature of the industry
resulting in thin margins and the vulnerability of profit margins
to fluctuations in raw material and labour costs.

The rating, however positively factors in the company promoters'
long standing presence and established track record in the
construction industry in Kerala, the availability of orders in
hand providing visibility to the revenues in the short term, going
forward and the adequate man power and equipments available with
the company to execute the orders in hand.

TRT Builders and Constructions (India) Private Limited was
incorporated in the year 2011 as a private limited company
promoted by Mr. Sundareshan, Mr Nizamudeen and Mr Robin P Alex.
The company is prequalified to undertake Public Works projects of
up to INR25 crore and has undertaken six projects till date of
which four are completed and others are in different stages of
completion. The day to day activities of the company are managed
by Mr. Sundareshan who has more than 35 years of experience in the
construction industry. All three promoters of the firm are
registered class A contractors in Kerala with more than two
decades of experience in the construction industry each under
their personal capacities. Mr. Sundareshan, Mr. Nizamudeen and Mr
Robin P Alex own under their personal capacities firms M/s Trio
Builders, M/s Thoppil Builders and M/s Sreyas Builders
respectively with all three firms operating in the construction
segment in different regions of Kerala.

Recent results
TRT Builders recorded a net profit of INR0.1 crore on an operating
income of INR5.9 crore during 2014-15 as per the audited financial
statements; as against a net profit of INR0.2 crore on an
operating income of INR7.1 crore during 2013-14 as per the audited
financial statements.


UNIPEARL ALLOYS: CRISIL Suspends B+ Rating on INR35MM Cash Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Unipearl Alloys (UA).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            35       CRISIL B+/Stable
   Letter of Credit       24.5     CRISIL A4

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

UA was formed in 2005 and is a partnership firm managed by Mr.
Kuldeep Singh Kalsi, Mr. Pragat Singh, Mr. Rajveer Singh, and Mr.
Vikramjeet Singh. The company is in the manufacturing of steel
ingots, square steel billets, forgings ingots, mild steel ingots
etc. The manufacturing capacity of the firm located in Mandi
Gobindgarh, Punjab and has capacity of around 50 MT per day.


WARADE PACK: ICRA Suspends B Rating on INR4.0cr Cash Loan
---------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B outstanding on
the INR4.00 Crore cash credit facilities and the INR1.00 crore
term loans of Warade Pack Tech Private Limited. ICRA has also
suspended the short term rating of [ICRA]A4 outstanding on the
INR4.00 Crore non-fund based bank facilities of the company. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.



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


SHARP CORP: May Receive JPY200 Billion Government Bail Out
----------------------------------------------------------
Nikkei Asian Review reports that Sharp Corp. may spin off its
beleaguered LCD business and have a public-private fund take a
majority stake in the remaining company.

Under the proposal made by the Innovation Network Corp. of Japan,
Sharp would receive an investment of some JPY200 billion
($1.68 billion), the report says.

According to the report, the Japanese electronics manufacturer has
begun ironing out the details of the plan with the INCJ and its
two main lenders, Mizuho Bank and Bank of Tokyo-Mitsubishi UFJ.

After the liquid crystal display business is spun off, the INCJ
will take a roughly 90% interest in the new entity, according to
the proposal, the report relates. The INCJ will consider
eventually combining the LCD unit with Japan Display, a
manufacturer of small and midsize LCDs in which it is the largest
shareholder, according to Nikkei.

Nikkei says the INCJ may also invest in non-LCD businesses spun
off from Sharp.

In response to Sharp's request for additional financial
assistance, JPY150 billion of the loans from the two main lenders
would be transferred to the new LCD entity and converted to
preferred shares under a proposed debt-for-equity swap. Nikkei
notes that Sharp already received JPY200 billion through a similar
procedure last June. The company also intends to request that
interest rates be kept low on its remaining debt to shore up its
weak finances.

Nikkei adds that Taiwan's Hon Hai Precision Industry has presented
its own proposal to acquire Sharp for JPY500 billion, including
the LCD business. Meanwhile, a U.S. investment fund and others
have also set their sights on buying Sharp or a portion of its
businesses. As it examines the various proposals, Sharp is
expected to give the highest priority to the INCJ's in
consideration of workers' jobs and other factors, Nikkei reports.

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

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



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


DICK SMITH: KiwiSaver Cash Mostly Safe From Collapse
----------------------------------------------------
Stuff.co.nz reports that Dick Smith's collapse has left many Kiwis
owed money for deposits and gift cards, but few will take a hit on
investments in the company itself.

The electronics retailer was suspended from trading on the
Australian stock exchange after being placed into receivership.

The report notes that profit warnings in recent months saw its
share price tumble from AUD2.20 (NZ$2.34) in mid-2015, to
AUD35 cents before a trading halt was imposed.

While many KiwiSaver providers invest in Australian stocks, most
have avoided exposure to the falling stock, the report notes.

Stuff.co.nz adds that default providers ANZ, ASB, BNZ, Grosvenor,
Fisher Funds, Mercer and Westpac all said they had no KiwiSaver
cash invested in the troubled company.

AMP Capital's KiwiSaver Balanced Fund had some exposure, but it
only represented 0.0002 per cent of its assets under management,
the report discloses.

Stuff.co.nz relates that the company's head of New Zealand Multi
Asset Group, Peter Verhaart, said the exposure came from an
Australian equity index fund which tracks broad groups of stocks.

"This represents a small component of a broadly-diversified
portfolio."

New Zealanders collectively have over $30 billion saved in
KiwiSaver nest-eggs, which for many is their biggest exposure to
equity markets.

The report notes that some individuals may have invested directly
in Dick Smith Holdings.  However, posts on a bulletin board for
New Zealand sharemarket enthusiasts suggest locals were well aware
of the risks from the outset.

One prescient poster described the 2013 float of the company as a
"classic private equity play", with stores stripped of inventory
and staff reduced.

"You would have to be on crack to buy this stock," they wrote.

As troubles began to emerge last year, another poster warned the
community to stay away from the chain, "both as investors and
shoppers".

Stuff.co.nz relates that receivers have said gift vouchers will
not be honoured, meaning holders will become unsecured creditors
at the end of the queue for any distributions.

Across the Tasman, South Australia senator Nick Xenophon has
called for legislative changes so that customers with gift cards
and who have paid deposits are not left in the lurch in future,
adds Stuff.co.nz.

                         About Dick Smith

Dick Smith Holdings Limited Ltd (ASX:DSH) --
http://dicksmithholdings.com.au/-- is a retailer of consumer
electronics products. The Company sells a range of products across
four categories: office, mobility, entertainment, and other
products and services. The Company has two segments: Dick Smith
Australia and Dick Smith New Zealand. The Company connects with
its customers through four physical store formats, catering for
three distinct consumer demographics: Dick Smith, MOVE, David
Jones Electronics Powered by Dick Smith and MOVE by Dick Smith
Sydney International Airport. The Company's store network consists
of approximately 393 stores across Australia and
New Zealand, which include approximately 351 Dick Smith stores,
approximately 10 MOVE stores, approximately four MOVE by Dick
Smith stores and approximately 28 David Jones Electronics Powered
by Dick Smith stores.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 6, 2016, Dick Smith Holdings Ltd was placed in receivership
on Jan. 5 following the appointment of Voluntary Administrators.

Ferrier Hodgson partners Mr James Stewart, Mr Jim Sarantinos and
Mr Ryan Eagle were appointed Receivers and Managers over DSH and a
number of associated entities.  The appointment was made by a
syndicate of lenders which hold security over the group.

Receiver Mr James Stewart said it was too early to clearly
identify the primary causes of the company's current financial
position and the reasons for its decline other than saying the
business had become cash constrained in recent times. He said it
would be business as usual while the Receivers look at the
restructuring and realisation opportunities for the Group.

"Dick Smith is one of the best known brands associated with,
consumer electronics in Australia and New Zealand," Mr Stewart
said. "We are immediately calling for expressions of interest for
a sale of the business as a going concern."

Mr Stewart said that employees will continue to be paid by the
Receivers and that it is expected that Australian employee
entitlements will be covered under the Fair Entitlements Guarantee
(FEG) scheme if the business cannot be sold as a going concern.

Mr Stewart added that the New Zealand business was profitable and
expected it would be attractive to potential buyers. He also
stated that due to the financial circumstances of the Group,
unfortunately, outstanding gift vouchers cannot be honoured and
deposits cannot be refunded.  Affected customers will become
unsecured creditors of the Group.



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


* BOND PRICING: For the Week Jan. 4, 2016 to Jan. 8, 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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