TCRAP_Public/160118.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Monday, January 18, 2016, Vol. 19, No. 11


                            Headlines


A U S T R A L I A

AIMS 2004-1 TRUST: Fitch Affirms 'Bsf' Rating on Class B Tranche
C.A.P. STEEL: First Creditors' Meeting Slated For Jan. 27
EMECO HOLDINGS: S&P Lowers CCR to 'CCC+'; Outlook Negative


C H I N A

PACTERA TECHNOLOGY: S&P Lowers CCR to 'B+'; Outlook Stable
WEIHAI SAMJIN: To Start Restructuring After Investor Found


I N D I A

AISWARYA SILKS: CRISIL Assigns B+ Rating to INR90MM Cash Loan
AIYAPPAN INDUSTRIES: CRISIL Suspends B+ Rating on INR15MM Loan
ALINTA GRANITO: CRISIL Assigns B Rating to INR255MM Term Loan
AXEL POLYMERS: CRISIL Assigns B Rating to INR50MM Cash Loan
BIVERAH HOTEL: CRISIL Suspends B- Rating on INR70MM LT Loan

DAULAT FLOUR: Ind-Ra Assigns 'IND B' Long-Term Issuer Rating
DHOSA CHANDANESWAR: CRISIL Assigns 'B' Rating to INR130MM LT Loan
DR. M.V.: CRISIL Suspends 'D' Rating on INR170MM Term Loan
DURASIGN CORPORATION: CRISIL Assigns 'B' Rating to INR20MM Loan
GAJANAN SIDDHIVINAYAK: CRISIL Rates INR90MM Cash Credit at 'D'

GEE EMM: CRISIL Reaffirms B+ Rating on INR60MM Cash Loan
GEETA ENTERPRISES: CRISIL Assigns B+ Rating to INR25MM Loan
GHSPL MUZF: CRISIL Assigns B+ Rating to INR100MM LT Loan
GHSPL SAMBHAV: CRISIL Assigns B+ Rating to INR84.9MM LT Loan
GODAVARI KHORE: CRISIL Ups Rating on INR80MM Cash Loan to B+

GOLDSTAR BATTERY: CRISIL Ups Rating on INR90MM Loan to 'B'
GOPINATH DAIRY: CRISIL Assigns B- Rating to INR300MM Term Loan
GOYAL RICE: Ind-Ra Affirms 'IND B' Long-Term Issuer Rating
GURU NANAK: CRISIL Assigns B- Rating to INR50MM Cash Loan
HARO GOURI: CRISIL Assigns 'B' Rating to INR45MM Term Loan

HARYANA OILS: Ind-Ra Withdraws B+ Long-Term Issuer Rating
HINDUSTHAN LOHA: Ind-Ra Assigns 'IND BB' Long-Term Issuer Rating
INDIA CIRCUITS: CRISIL Cuts Rating on INR60MM Cash Loan to 'B'
JAGAT PROJECTS: CRISIL Suspends B+ Rating on INR200MM Loan
JATSON POWER: CRISIL Cuts Rating on INR37.5MM Loan to B+

JOSEPH LESLIE: Ind-Ra Affirms 'IND B' Long-Term Issuer Rating
KAMAL SUITINGS: CRISIL Assigns B- Rating to INR65MM Cash Loan
LOPAN METAL: CRISIL Assigns B- Rating to INR75MM Term Loan
LTG INFRASTRUCTURE: CRISIL Assigns 'B' Rating to INR1.0BB Loan
MAGNAMIND VENTURES: CRISIL Cuts Rating on INR67MM Term Loan to D

MAYURI BROILER: CRISIL Cuts Rating on INR65MM Term Loan to D
MEENAKSHI ASSOCIATES: CRISIL Cuts Rating on INR100.8MM Loan to D
MET THERAPEUTICS: Ind-Ra Assigns 'IND BB' Long-Term Issuer Rating
MOHAN GEMS: CRISIL Cuts Rating on INR1.0BB Cash Loan to D
MULLAS WEDDING: CRISIL Assigns 'B' Rating to INR50MM LT Loan

NARUVIZHI AMBAL: CRISIL Suspends B Rating on INR110MM Cash Loan
NGD JEWELS: CRISIL Assigns 'B' Rating to INR69.5MM Cash Loan
OXFORD SHIKSHA: CRISIL Assigns 'B' Rating to INR10MM LT Loan
PARA ENTERPRISES: CRISIL Assigns 'B' Rating to INR280MM Loan
PELICAN RUBBER: CRISIL Cuts Rating on INR240MM Loan to 'D'

PHORUM JEWELS: CRISIL Cuts Rating on INR80MM Cash Loan to 'D'
Q - ONE: CRISIL Assigns B+ Rating to INR85.5MM Term Loan
R.G. TIMBERS: CRISIL Assigns B- Rating to INR10MM Cash Loan
RAMADA ALLEPPEY: CRISIL Assigns 'D' Rating to INR175MM LT Loan
ROOP RAM: CRISIL Assigns 'D' Rating to INR140MM LT Loan

SANJEEV KUMAR: CRISIL Assigns B+ Rating to INR80MM Cash Loan
SELVARANI IMPEX: CRISIL Assigns B+ Rating to INR40MM Cash Loan
SHREE HAREKRISHNA: CRISIL Ups Rating on INR60MM Loan to B+
SHRI SAI: CRISIL Assigns B+ Rating to INR50MM Cash Loan
SHRIMATI URMILA: CRISIL Assigns 'C' Rating to INR10MM LT Loan

SRE DHANALAKSHMI: CRISIL Suspends B+ Rating on INR50MM Loan
SREEVALSAM EDUCATIONAL: CRISIL Suspends B Rating on INR470MM Loan
SRI BALAMURUGAN: CRISIL Suspends 'B' Rating on INR70MM LT Loan
SRI PRASANNA: CRISIL Lowers Rating on INR180MM Loan to B+
SRI VEDHAA: CRISIL Assigns 'D' Rating to INR75MM LT Loan

STEELFUR SYSTEM: Ind-Ra Assigns 'IND BB-' Long-Term Issuer Rating
STS UTILITY: CRISIL Assigns 'B' Rating to INR30MM Cash Loan
SUKEE ENTERPRISES: CRISIL Suspends B+ Rating on INR65MM LT Loan
SYNERGY AGRI: Ind-Ra Assigns 'IND D' Long-Term Issuer Rating
TRILOK CHAND: CRISIL Suspends D Rating on INR75MM Bank Loan

V. I. SHETTY: CRISIL Assigns 'B' Rating to INR40.5MM LT Loan
VAZHRAA NIRMAAN: CRISIL Assigns B+ Rating to INR200MM LT Loan
VIZAG COMPANYS: CRISIL Cuts Rating on INR150MM Cash Loan to D
YAMUNA BIO: CRISIL Lowers Rating on INR42.5MM Loan to B+


J A P A N

TOSHIBA CORP: Fujifilm to Bid for Firm's Medical Equipment Unit


M O N G O L I A

MONGOLIA: Fitch Assigns B Rating to Forthcoming US$ Bonds
MONGOLIA: Moody's Affirms B2 Gov't. Bond Rating; Outlook Neg.
MONGOLIA: Moody's Rates Notes Issued Under MTN Program at (P)B2
MONGOLIA: S&P Rates Notes Issued Under US$5BB MTN Program 'B'


N E W  Z E A L A N D

DICK SMITH: NZ Staff Join Creditors' Queue; Owed NZ$353,000


V I E T N A M

SAIGON THUONG: Moody's Maintains Review on B3 LT Issuer Ratings


                            - - - - -


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


AIMS 2004-1 TRUST: Fitch Affirms 'Bsf' Rating on Class B Tranche
-----------------------------------------------------------------
Fitch Ratings has affirmed the ratings of five tranches of three
AIMS residential mortgage backed securities (RMBS) transaction.
The transactions are securitizations of first-ranking Australian
residential mortgages originated by AIMS Home Loans Pty Limited
and Loancorp Pty Limited.

KEY RATING DRIVERS

The affirmations reflect Fitch's view that available credit
enhancement is sufficient to support the notes' current ratings,
and can withstand deterioration of economic conditions in
Australia in line with the agency's expectations.  The credit
quality and performance of the loans in the collateral pools have
also remained in line with expectations.  The Class B ratings for
all three transactions benefit from lenders' mortgage insurance
(LMI) and excess spread.

Arrears for the transactions, as a percentage, tend to be volatile
due to the relatively small size of the pools, but arrears
balances have remained stable over the past 12 months.  As at
November 2015, all three AIMS transactions had 30+ day arrears,
above Fitch's Dinkum Index, which measures industry-wide
performance (3Q15: 0.91%).  Fitch considers all loans marked in
arrears or in hardship, as being in arrears.  This resulted in an
additional loan in AIMS 2005-1 Trust and AIMS 2007-1 Trust being
marked in arrears, compared to the AIMS reporting.

There were no defaults recorded in any AIMS transactions over the
12 months ending November 2015.  Losses on the underlying
mortgages in the pool have been covered primarily by LMI.  All
loans contained in the collateral pools have LMI in place, with
policies being provided by QBE Lenders' Mortgage Insurance Limited
(Insurer Financial Strength rating: AA-/Stable), and Genworth
Financial Mortgage Insurance Pty Ltd (Insurer Financial Strength
rating: A+/Stable).  Any losses not covered by LMI have been
covered by excess spread.

The transactions are well seasoned between 9.6 years and 12.3
years.  As a result, Fitch's calculated weighted average indexed
loan to value ratios were 36.3%, 44.0% and 47.2 % respectively,
compared to 51.6%, 59.9% and 62.2% before indexation.  Each pool
is geographically concentrated in NSW which Fitch has taken into
account in its analysis.

RATING SENSITIVITIES

Sequential pay-down has increased credit enhancement for the
senior notes of each transaction, with the 'AAAsf' rated notes
able to withstand many multiples of the latest reported arrears.

The 'AAAsf'-modelled default rates were 12.8% and 18.9% for AIMS
2005-1 Trust and AIMS 2007-1 Trust, respectively.  The Class A
notes can withstand 100% in defaults at Fitch's 'AAAsf' loss
severity and are LMI independent, meaning they are not sensitive
to downgrades of the LMI providers' ratings.  This analysis
excludes credit to excess spread, which has been strong and stable
in each of the transactions.

The ratings of all the AIMS RMBS transactions' Class A notes are
independent of downgrades to the LMI provider's ratings.

Class B notes may be downgraded if there were to be a significant
reduction in payment of LMI claims or excess spread.  There have
been no charge-offs to date on the Class B notes.

DUE DILIGENCE USAGE

No third party due diligence was provided or reviewed in relation
to this rating action.

DATA ADEQUACY

Fitch has checked the consistency and plausibility of the
information it has received about the performance of the
underlying pools and the transactions.  There were no findings
that were material to this analysis.  Fitch has not reviewed the
results of any third party assessment of the underlying pools'
information or conducted a review of loan origination files as
part of its ongoing monitoring.

The rating actions are:

AIMS 2004-1 Trust:

  AUD17.2 mil. Class B (ISIN AU300AIM2043) affirmed at 'Bsf';
  Outlook Stable.

AIMS 2005-1 Trust:

  AUD9.7 mil. Class A (ISIN AU300AIM3017) affirmed at 'AAAsf';
   Outlook Stable; and
  AUD12.8 mil. Class B (ISIN AU300AIM3025) affirmed at 'Bsf';
   Outlook Stable.

AIMS 2007-1 Trust:
  AUD10.1 mil. Class A (ISIN AU3FN0002663) affirmed at 'AAAsf';
   Outlook Stable; and
  AUD16.3 mil. Class B (ISIN AU3FN0002671) affirmed at 'Bsf';
   Outlook Stable.


C.A.P. STEEL: First Creditors' Meeting Slated For Jan. 27
---------------------------------------------------------
Kimberley Wallman of HLB Mann Judd was appointed as administrator
of C.A.P. Steel Pty Ltd, formerly Known as Living Iron Pty Ltd, on
Jan. 14, 2016.

A first meeting of the creditors of the Company will be held at
Level 3,35 Outram Street, in West Perth, on Jan. 27, 2016, at
10:00 a.m.


EMECO HOLDINGS: S&P Lowers CCR to 'CCC+'; Outlook Negative
----------------------------------------------------------
Standard & Poor's Ratings Services said that it had lowered its
corporate credit rating on Australia-based mining equipment rental
company EMECO Holdings Ltd. (Emeco) to 'CCC+', from 'B-'.  S&P
also lowered the senior secured debt issue rating to 'CCC+', from
'B-'.  The outlook is negative.  The recovery rating on the senior
secured debt issue remains at '3'.

"The downgrades reflect our concerns that Emeco's ability to meet
its financial commitments has deteriorated.  Worsening conditions
in the company's Canadian oil sands segment, stemming from a
depressed oil price environment, will reduce its earnings in the
year ending June 30, 2016," said Standard & Poor's credit analyst
Minh Hoang.

In S&P's view, Emeco's material exposure to the oil sands segment
in Canada will place sustained pressure on Emeco's cash position,
making the company increasingly vulnerable.

Assuming earnings at the mid-point of the guidance at
AUD55 million, the combination of maintenance capital expenditure
of AUD30 million and debt interest of AUD40 million would consume
about AUD10 million of cash.  This would rapidly deplete Emeco's
cash position which was AUD20.9 million at the end of September
2015.  In that context, the ability of the company to realize
asset sales will be critical to supporting its ongoing solvency.
In the absence of material new contracts that would uplift Emeco's
earnings, S&P views Emeco's capital structure as unsustainable in
the long term.  This is despite the recent debt repurchase that
the company executed at a significant discount to face value.

S&P continues to assess Emeco's business risk profile as
vulnerable due to its significant exposure to the downturn in the
mining sector and its small size relative to other more-
diversified equipment rental providers.

The negative outlook reflects S&P's concerns that the continuing
challenging conditions in the mining services sector will persist,
and as a result, Emeco's margins, earnings, and operating cash
flows will remain under pressure.  It also reflects S&P's concerns
that any continued underperformance will further strain the
company's liquidity position.

Mr. Hoang added: "We could lower the ratings if the company fails
to arrest the current downward trend in earnings, and Emeco's cash
holdings were to deteriorate to a level where a default scenario
could be envisioned within 12 months."

This scenario could occur if the company is unable to maintain
sufficient liquidity to fund its fixed obligations on an ongoing
basis due to weak cash flow generation or constraints on drawing
down its asset-backed loan.

A revision of the outlook to stable is unlikely in the near term
given the continued near-term earnings risks (primarily from the
company's exposure to the Canadian oil sands industry), Emeco's
projected cash position, and the reliance on asset sales to
generate positive cash flows.  A pre-requisite to positive rating
momentum would be, at a minimum, a return to positive free
operating cash flow before asset sales.



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C H I N A
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PACTERA TECHNOLOGY: S&P Lowers CCR to 'B+'; Outlook Stable
----------------------------------------------------------
Standard & Poor's Ratings Services said that it has lowered its
long-term corporate credit rating on Pactera Technology
International Ltd. to 'B+' from 'BB-'.  The outlook is stable.
S&P also lowered its issue rating on the US$275 million senior
unsecured notes due 2021 that the company guarantees to 'B+' from
'BB-'.  BCP (Singapore) VI Cayman Financing Co. Ltd. issued the
notes.  At the same time, S&P lowered its long-term Greater China
regional scale rating on Pactera and the notes to 'cnBB' from
'cnBB+'.  Pactera is a China-based information technology (IT)
outsourcing services provider.

S&P downgraded Pactera because S&P expects the company's
profitability to remain weak over the next 12-24 months due to
increasing competition in the Chinese and international IT
services and outsourcing industry.

Technology in the IT industry is now evolving faster than before,
lowering Pactera's profitability.  For example, demand for cloud
and mobile environment services in the U.S is increasing, while
demand growth for traditional datacenter outsourcing services is
subdued.  As a result, Pactera's revenue from the U.S. fell in the
first three quarters of 2015.  S&P believes the company will be
compelled to make material expenditure on systems upgrade and
talent acquisition to obtain new service capabilities and remain
competitive.

Material IT labor cost inflation in China has also hit Pactera's
profitability, in S&P's view.  The recent boom in the Chinese IT
industry, with numerous success stories of start-ups, has lured
many IT engineers to opt to work for start-ups rather than
established companies.  This trend has led to a shortage of IT
talent, materially pushing up wages.  The very competitive nature
of the IT services industry has meant that service providers have
largely fixed unit labor cost agreements.  Pactera was therefore
not able to fully pass the increase in labor costs to its clients.

S&P expects labor cost inflation to moderate, but persist.
Meanwhile, Pactera is likely to implement additional measures to
counter the decline in margins.  These measures include giving up
projects with low profitability and improving working capital
management.  As such, S&P expects the company's profitability to
stabilize over the next one to two years.  The company's financial
risk profile should therefore remain commensurate with S&P's
"aggressive" assessment over the period.

The stable outlook reflects S&P's view that Pactera will maintain
its competitive position and grow its revenue in China over the
next 12-18 months, despite its weak international performance.
S&P expects the company to focus on maintaining and improving
profitability from 2015 levels, as well as limiting working
capital outflow, so as to maintain its debt-to-EBITDA ratio below
5x over this period.  The controlling ownership of Pactera by
funds advised by Blackstone Group L.P. continues to constrain
S&P's assessment of the company's financial risk profile.

S&P could downgrade Pactera if the company's ratio of debt to
EBITDA increases to 5x or above on a sustained basis.  This could
happen if the IT services and outsourcing industry becomes more
competitive, or if Pactera loses its competitive advantage or
makes any material debt-funded acquisition.  S&P may also
downgrade Pactera if S&P believes its financial sponsor will
extract cash and other resources from the company to enhance the
sponsor's returns, leading to increased leverage for Pactera.

An upgrade is unlikely in the next 12 months, in S&P's view.
However, S&P could upgrade Pactera if the company materially
strengthens its competitive advantage, such that its adjusted
EBITDA margin rises to materially above 10% on a sustained basis.
This also assumes that Pactera is able to maintain its current
leverage.


WEIHAI SAMJIN: To Start Restructuring After Investor Found
----------------------------------------------------------
Lee Hong Liang at Seatrade reports that bankrupt Weihai Samjin
Shipbuilding has gained approval from a local Chinese court to
start a restructuring to revive the company, after it found an
investor.

Established in November 2000, the Korean-invested Weihai Samjin
was hit by the global financial crisis in 2008, leading to its
bankruptcy in September 2014, the report says.

Seatrade relates that local reports said the investor is a local
Chinese businessman and founder of compatriot Zhenghe
Shipbuilding, another financially-shaken yard that has stopped
work and is seeking a restructuring.

The investor has put in CNY300 million ($46 million) to help with
the restructuring of Weihai Samjin, the report relates.

According to the report, Weihai Samjin is expected to continue to
bring in shipbuilding techology from Korea, rebuild its
engineering team and revive its branding.



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I N D I A
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AISWARYA SILKS: CRISIL Assigns B+ Rating to INR90MM Cash Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long term
bank loan facilities of Aiswarya Silks (AS).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Standby Line of
   Credit                  5       CRISIL B+/Stable
   Cash Credit            90       CRISIL B+/Stable
   Long Term Loan         10       CRISIL B+/Stable

The ratings reflect AS's modest scale and working capital
intensive nature of operations in the apparels retailing business.
The rating also factors in AS's below-average financial risk
profile marked by modest net worth and moderate total outside
liabilities to tangible net worth ratio and interest coverage
ratio. These rating weaknesses are partially offset by its
partner's extensive experience in the apparels retailing business.
Outlook: Stable

CRISIL believes that AS will continue to benefit over the medium
term from its promoter's extensive industry experience. The
outlook may be revised to 'Positive' if significant increase in
revenue, profitability and cash accruals, or improved working
capital management, or infusion of large capital strengthens the
financial risk profile, particularly capital structure and
liquidity. Conversely, the outlook may be revised to 'Negative' if
low cash accruals, stretch in working capital cycle, or any large
debt funded capital expenditure weakens the financial risk
profile, particularly liquidity.

Established as a partnership firm in 1986, AS is engaged in the
retailing of apparel/readymade garments with 2 retail outlets
spread across Vellore. Based in Kottayam, Kerala, the firm is
promoted and managed by Mr. A Venugopalan.

For 2014-15, AS reported profit after tax (PAT) of INR1.7 million
on net sales of INR335 million against PAT of INR2.8 million on
net sales of INR297 million for 2013-14.


AIYAPPAN INDUSTRIES: CRISIL Suspends B+ Rating on INR15MM Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Aiyappan Industries (AI).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee        12.5      CRISIL A4
   Cash Credit           15        CRISIL B+/Stable
   Letter of Credit      35        CRISIL A4

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

AI is a Chennai-based proprietorship firm executing Engineering
Procurement Construction (EPC) contracts for Tamil Nadu
Electricity Board. The firm's day-to-day operations are managed by
its proprietor Mr. Gautham and his brother, Mr. Yashwanth Kumar.


ALINTA GRANITO: CRISIL Assigns B Rating to INR255MM Term Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facilities of Alinta Granito Private Limited (AGPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Proposed Term Loan     255      CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility      25      CRISIL B/Stable
   Proposed Bank
   Guarantee               50      CRISIL B/Stable
   Proposed Cash Credit
   Limit                   90      CRISIL B/Stable

The ratings reflect AGPL's start-up stage and expected modest
scale of operations in the highly competitive ceramic tiles
industry. The ratings also factor in the large expected working
capital requirement. These rating weaknesses are partially offset
by the extensive experience of promoters in the ceramic industry
and the benefits AGPL derives from its favourable location in
Morbi, Gujarat, hub of the ceramics industry in India.
Outlook: Stable

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

AGPL, established in Morbi in 2015, is promoted by Mr.
Santoshkumar N Serasiya, Mr. Rameshbhai Limbabhai Patel, and their
family members. The company is setting up a facility, with
capacity of 69,750 tonnes per annum for manufacturing ceramic
vitrified tiles; it will commence operations by the end of May
2016.


AXEL POLYMERS: CRISIL Assigns B Rating to INR50MM Cash Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Axel Polymers Ltd (APL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit             50      CRISIL B/Stable
   Inland/Import Letter
   of Credit               40      CRISIL A4

The ratings reflect APL's weak financial profile because of high
gearing and weak debt protection metrics, susceptibility to
volatility in raw material prices, and large working capital
requirement. These weaknesses are partially offset by promoters'
extensive experience in the engineering polymer compounding
industry.
Outlook: Stable

CRISIL believes APL will continue to benefit over the medium term
from its promoters' extensive industry experience. The outlook may
be revised to 'Positive' in case of substantial increase in
revenue and operating profitability, and efficient working capital
management, leading to more-than-expected cash accrual.
Conversely, the outlook may be revised to 'Negative' in case of
low revenue or profitability, or debt-funded capital expenditure.

APL, incorporated in 1992, manufactures compounds, blends, and
alloys of engineering, specialty, and commodity polymers. It is
based in Vadodara, Gujarat, and is promoted by the Bodhanwala
family. It is listed on the Bombay Stock Exchange.

For 2014-15 (refers to financial year, April 1 to March 31), APL's
net profit was INR1.3 million on net sales of INR162.3 million,
against net loss of INR17.83 million on net sales of INR55.85
million for 2013-14. For the three months ended June 30, 2015, net
profit was INR2.4 million on net revenue of INR37.5 million.


BIVERAH HOTEL: CRISIL Suspends B- Rating on INR70MM LT Loan
-----------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Biverah
Hotel and Suites (BHS).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Long Term Loan          70      CRISIL B-/Stable

The suspension of rating is on account of non-cooperation by BHS
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, BHS is yet to
provide adequate information to enable CRISIL to assess BHS'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 2011 as a proprietorship concern by Mr. K
Venugopal, BHS runs a 44-room hotel in Thiruvananthapuram.


DAULAT FLOUR: Ind-Ra Assigns 'IND B' Long-Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Daulat Flour Mill
(DFM) a Long-Term Issuer Rating of 'IND B' with Outlook Stable.

KEY RATING DRIVERS

The ratings reflect DFM's short operational track record as it
started its business operations from September 2015.  The ratings
further factor in DFM's small scale of operations with revenue of
INR50 mil. in FY15; the revenue is likely to be in the range of
INR130 mil.-INR140 mil. in FY16.  The interest coverage (operating
EBITDA/gross interest expense) is likely to be around 2.5x in
FY16.

However, the ratings are supported by DFM's comfortable EBITA
margins of 8.37% in FY15.

RATING SENSITIVITIES

Negative: Inability to achieve stable business operations could be
negative for the ratings.

Positive: The stabilization of business operations could be
positive for the ratings.

COMPANY PROFILE

DFM was established in October 2012 as a partnership concern and
has set up a flour mill in Bulandshahr (Uttar Pradesh) with an
installed capacity of 30,000 MT per annum.

DFM's ratings:

   -- Long-Term Issuer Rating: assigned 'IND B'; Outlook Stable

   -- INR30 mil. fund-based facilities: assigned 'IND B'/Stable
      and 'IND A4'

   -- INR27 mil. term loan: assigned 'IND B'/Stable

   -- Proposed INR13 mil. fund-based facilities: assigned
      'Provisional IND B'/Stable and 'Provisional IND A4'


DHOSA CHANDANESWAR: CRISIL Assigns 'B' Rating to INR130MM LT Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank loan facility of Dhosa Chandaneswar Bratyajana Samity (DCBS).

                         Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Proposed Long Term
   Bank Loan Facility      130      CRISIL B/Stable

The rating reflects DCBS's small scale of operations characterised
by geographical concentration, modest capitalisation and the
exposure to risks inherent in the microfinance industry. These
rating weaknesses are mitigated by DCBS's average asset quality
and long track record in the microfinance sector.
Outlook: Stable

CRISIL believes DCBS's scale of operations is expected to remain
small and geographically concentrated with modest capitalisation
over the medium term. The outlook could be revised to 'Positive'
if scale of operations and capitalisation improve significantly.
Conversely, the outlook could be revised to 'Negative' if asset
quality and profitability weaken thereby impacting its
capitalisation.

DCBS is a non-governmental organisation and microfinance
institution (NGO-MFI), operating in South 24 Paraganas district of
West Bengal. It was registered as Society under the West Bengal
Societies Registration Act [XXVI] of 1961, in 2003. It was started
with the initiative of youths of the village lead by Sri Animesh
Naiya, Secretary DCBS. Apart from microfinance loans under Joint
Liability Group model it also provides individual loans for small
and medium enterprises, and medical and education loans. The
society had an asset under management of INR71.2 million and a net
worth of INR32.4 million as on September 30, 2015. Currently, it
operates in three districts in West Bengal and Bihar with a
network of seven branches.

For 2014-15 (refers to financial year, April 1 to March 31), DCBS
had a surplus of INR2.1 million on a total income of INR17.5
million, against a surplus  of INR3.3 million on a total income of
INR14.0  million for the previous year.


DR. M.V.: CRISIL Suspends 'D' Rating on INR170MM Term Loan
----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Dr.
M.V. Shetty Memorial Trust (DMVS).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Overdraft Facility     2.5      CRISIL D
   Proposed Long Term
   Bank Loan Facility     2.5      CRISIL D
   Term Loan            170        CRISIL D

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

DMVS was established in 1985 by Dr M. Ramgopal Shetty. The trust
has established 11 educational institutions in an around
Mangalore, Karnataka, and offers Physiotherapy, Nursing,
Engineering, Arts and Science course. The trust was a pioneer in
starting nursing courses in Mangalore in mid- 1980's. This trust
grew under the management of Dr M Ramgopal Shetty, who is surgeon
by profession and runs the Dr M V Shetty Hospital at Mangalore.


DURASIGN CORPORATION: CRISIL Assigns 'B' Rating to INR20MM Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
proposed bank facilities of Durasign Corporation (DSC; part of the
Durasign group).

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Proposed Term Loan       10       CRISIL B/Stable

   Proposed Long Term
   Bank Loan Facility       20       CRISIL B/Stable

   Proposed Bank Guarantee   5       CRISIL A4

   Proposed Cash Credit
   Limit                    15       CRISIL B/Stable

The ratings reflect the group's small scale of operations and the
constrained financial risk profile because of a modest net worth.
These rating weaknesses are partially offset by the extensive
experience of promoters in the labels and signage business, and
established clientele.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of DSC and Durasign Technology (DST). This
is because the two firms, together referred to as the Durasign
group, have common promoters, are in a similar line of business,
and have operational and financial linkages.
Outlook: Stable

CRISIL believes the Durasign group will benefit from the extensive
experience of promoters in the labels and signage manufacturing.
The outlook may be revised to 'Positive' if the group
significantly improves the scale of operations and profitability,
leading to higher-than-expected cash accrual. Conversely, the
outlook may be revised to 'Negative' if any stretch in receivables
or larger-than-expected debt contracted for working capital or
capacity expansion, deteriorates the financial risk profile and
liquidity.

Based in Pune (Maharashtra), DSC was established as a partnership
firm in 2011. It manufactures labels and stickers, and undertakes
domed labelling, signage marking and engraving for end-user
industries. DST was established in 2013-14 (refers to financial
year, April 1 to March 31), to foray into the overseas market.

The promoters, Mr. Prasad Ghatpande and Mr. Sandeep Poredi, manage
the group's operations.


GAJANAN SIDDHIVINAYAK: CRISIL Rates INR90MM Cash Credit at 'D'
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long-term bank
facility of Gajanan Siddhivinayak Foods Private Limited (GSFPL).
The rating reflects delay by GSFPL in servicing its debt (note
rated by CRISIL) obligations owing to weak liquidity.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            90       CRISIL D

GSFPL has a weak financial risk profile, because of modest
networth, high gearing, and weak debt protection metrics. Its
operations are working capital-intensive. However, the company
benefits from its promoters' extensive industry experience and
stable demand for rice.

Incorporated in April 2012 by family of Mr. Lakhi Prasad Jaiswal,
GSFPL mills non-basmati raw and parboiled rice. Its manufacturing
facility is at Sasaram, Bihar. The mill commenced commercial
operations in July 2014. GSFPL markets its product under the brand
Shiva Gajanan.


GEE EMM: CRISIL Reaffirms B+ Rating on INR60MM Cash Loan
--------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Gee Emm
Overseas (GEO; part of the Gee group) continues to reflect the Gee
group's modest scale of operations, and susceptibility of its
profitability to volatility in input prices and to changes in
government regulations.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            60       CRISIL B+/Stable (Reaffirmed)

   Inventory Funding
   Facility               23.5     CRISIL B+/Stable (Reaffirmed)

   Term Loan              16.5     CRISIL B+/Stable (Reaffirmed)


The rating also factors in the group's below-average financial
risk profile because of modest networth and high leverage. These
weaknesses are partially offset by its partners' extensive
experience in the rice-milling business.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of GEO and Gee Agrotech (GGA). This is
because the two entities, together referred to as the Gee group,
are in the same line of business and have common promoters and
management.
Outlook: Stable

CRISIL believes the Gee group will continue to benefit over the
medium term from its partners' extensive industry experience. The
outlook may be revised to 'Positive' if the group achieves
significant and sustainable increase in revenue, while maintaining
profitability, and improving capital structure. Conversely, the
outlook may be revised to 'Negative' if working capital
requirement increases significantly, or if the group undertakes a
sizeable debt-funded capital expenditure programme, resulting in
deterioration in financial risk profile.

GEO was set up as a partnership firm in 2010 by the Goyal family,
which has been in the rice-milling industry since 1998. The firm
processes basmati and parboiled rice at its facility in Moga
(Punjab). Its operations are managed by Mr. Naresh Goyal and his
son Mr. Manav Goyal.

Established in 2005, GGA mills and processes rice (including
basmati rice), and undertakes milling work for the Government of
Punjab. Its production facilities are in Moga and have capacity of
10 tonne per hour. The firm is owned and managed by Mr. Manav
Goyal and his family.


GEETA ENTERPRISES: CRISIL Assigns B+ Rating to INR25MM Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Geeta Enterprises Pvt Ltd (GEPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            25       CRISIL B+/Stable
   Letter of Credit      100       CRISIL A4

The rating reflects a modest scale of operations in the highly
competitive timber industry and low margins on account of the
trading nature of business. These rating weaknesses are partially
offset the extensive industry experience of the company's
promoters.
Outlook: Stable

CRISIL believes GEPL will continue to benefit over the medium term
from its promoters' extensive industry experience. The outlook may
be revised to 'Positive' in case of a significant increase in
scale of operations and profitability, leading to larger-than-
expected cash accrual. Conversely, the outlook maybe revised to
'Negative' if accrual is lower than expected due to reduced
revenue and profitability, or if the financial risk profile
deteriorates, most likely because of a stretched working capital
cycle or substantial debt-funded capital expenditure.

GEPL was incorporated in November 1993, but started operations
from 2011-12 (refers to financial year, April 1 to March 31). The
company undertakes high-sea timber trading. Mr. Vijendra Gupta and
Mr. Jai Gopal handle operations. They have an experience of more
than a decade through group concern, Jai Gopal International
Import Pvt Ltd (JGIIPL), which processes and trades in timber.
JGIIPL had sales of INR1210 million in 2014-15.


GHSPL MUZF: CRISIL Assigns B+ Rating to INR100MM LT Loan
--------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facility of GHSPL MUZF Super Speciality Healthcare LLP (GHSPL
MUZF).

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

The rating reflects the firm's below-average financial risk
profile because of high gearing and weak debt protection metrics
owing to its nascent stage of operations. These rating weaknesses
are partially offset by the extensive experience of the firm's
partners in the medical sector, and financial support received
from them.
Outlook: Stable

CRISIL believes GHSPL MUZF will continue to benefit over the
medium term from its partners' extensive experience in the medical
sector. The outlook may be revised to 'Positive' if operations
stabilise at the firm's hospital with high occupancy, while its
capital structure improves and there is significant growth in its
revenue and operating margin. Conversely, the outlook may be
revised to 'Negative' in case of lower-than-expected occupancy,
adversely impacting revenue and profitability, delays servicing
debt, or large debt-funded capital expenditure, thereby weakening
the firm's debt protection metrics.

Established in 2013, GHSPL MUZF is a secondary care hospital in
Muzaffarpur, Bihar, with 100 beds. The hospital has been
operational since November 2015. Services are provided in several
medical facilities including surgery, gynaecology, obstetrics,
paediatrics, orthopaedics, and critical care.


GHSPL SAMBHAV: CRISIL Assigns B+ Rating to INR84.9MM LT Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of GHSPL Sambhav KNJ Healthcare LLP (GHSPL KNJ).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Long Term Loan        84.9      CRISIL B+/Stable
   Proposed Fund-
   Based Bank Limits     15.1      CRISIL B+/Stable

The rating reflects the firm's below-average financial risk
profile because of high gearing and weak debt protection metrics
owing to its nascent stage of operations. These rating weaknesses
are partially offset by the extensive experience of the firm's
partners in the medical sector, and financial support received
from them.
Outlook: Stable

CRISIL believes that KNJ's operations benefit from its partners'
extensive experience in the medical sector. The outlook may be
revised to 'Positive' if the hospital stabilises its operations,
records high occupancy, simultaneously improves its capital
structure and generates significant growth in its its revenues and
operating margin. Conversely, the outlook may be revised to
'Negative' if the hospital records lower than-expected occupancy
resulting in lower-than-expected revenue and profitability, delays
servicing debt, or large debt-funded capital expenditure, thereby
weakening the firm's debt protection metrics.

Established in 2013, GHSPL KNJ is a secondary-care hospital in
Krishnanagar, West Bengal, with 100 beds. The hospital has been
operational since March 2015. Services are provided in several
medical facilities including surgery, gynaecology, obstetrics,
paediatrics, orthopaedics, and critical care.


GODAVARI KHORE: CRISIL Ups Rating on INR80MM Cash Loan to B+
------------------------------------------------------------
CRISIL has upgraded its rating on the long term bank facilities of
Godavari Khore Namdeoraoji Parjane Patil Taluka Sahakari Dudh
Utpadak Sangh Limited (Godavari) to 'CRISIL B+/Stable' from
'CRISIL B/Stable'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit             80      CRISIL B+/Stable (Upgraded
                                   from 'CRISIL B/Stable')

   Proposed Long Term      10      CRISIL B+/Stable (Upgraded
   Bank Loan Facility              from 'CRISIL B/Stable')

   Term Loan               30      CRISIL B+/Stable (Upgraded
                                   from 'CRISIL B/Stable')

The rating upgrade reflects improvement in Godavari's liquidity
and business profiles on the back of increase in cash accruals'
generation. Godavari's cash accruals are expected to increase to
INR50 million in 2015-16 on the back of an improvement in
operating margin and revenue growth.

Godavari's operating margin is expected to increase to 4.5 to 5
per cent in 2015-16 from 3.9 per cent in the previous year driven
by decrease in procurement prices of milk from farmers.
Additionally, Godavari is expected to achieve healthy growth in
volumes in 2015-16 on account of healthy demand and
operationalization of enhanced capacities. Godavari's liquidity
profile is further supported by stable working capital cycle which
reduces the company's reliance on external debt to service its
working capital requirements.

The ratings continue to reflect Godavari's small net worth and
exposure to supply constraints. These rating weaknesses are
partially offset by the extensive experience of Godavari's
promoters in the milk processing industry.
Outlook: Stable

CRISIL believes that Godavari will benefit over the medium term
from its long-standing presence in the industry. The outlook may
be revised to 'Positive' in case the company reports higher-than-
expected revenue and profitability, resulting in a material
improvement in its capital structure and liquidity. Conversely,
the outlook may be revised to 'Negative' in case of lower-than-
expected revenues and profitability resulting in lower cash
accruals or if it undertakes a larger-than-expected, debt-funded
capital expenditure, resulting in weakening its financial risk,
particularly its liquidity.

Incorporated in 1976, Godavari is promoted by Mr. Namdeo Rao
Rakhmaaji Parjane Anna of Ahmednagar (Maharashtra). Godavari has
set up a milk processing unit in Ahmednagar. The company mainly
processes milk and also manufactures dairy products, such as ghee,
shrikhand, and paneer.


GOLDSTAR BATTERY: CRISIL Ups Rating on INR90MM Loan to 'B'
----------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Goldstar Battery Private Limited (GBPL) to 'CRISIL B/Stable' from
'CRISIL B-/Stable' and reaffirmed its rating on the short-term
bank facilities at 'CRISIL A4'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bill Discounting       90       CRISIL B/Stable (Upgraded
                                   from 'CRISIL B-/Stable')

   Cash Credit            60       CRISIL B/Stable (Upgraded
                                   from 'CRISIL B-/Stable')


   Corporate Loan         20       CRISIL B/Stable (Upgraded
                                   from 'CRISIL B-/Stable')

   Letter of Credit       50       CRISIL A4 (Reaffirmed)

   Proposed Long Term     19       CRISIL B/Stable (Upgraded
   Bank Loan Facility              from 'CRISIL B-/Stable')

   Term Loan              41       CRISIL B/Stable (Upgraded
                                    from 'CRISIL B-/Stable')

The rating upgrade reflects CRISIL's belief that GBPL's business
risk profile will improve over the medium term because of
continuous demand for automotive batteries from a key customer,
Amara Raja Batteries Ltd (ARBL; rated 'CRISIL AA+/Stable/CRISIL
A1+'). Revenue declined 23 percent year-on-year in 2014-15 (refers
to financial year, April 1 to March 31) to INR369 million because
of substantial decline in orders from top two customers. GBPL
incurred operating loss in 2014-15. However, extraordinary income
(claims realised from Tractor & Farm Equipment Limited, TAFE) of
INR39.4 million led to cash accrual of INR15 million. In February
2015, the company started supplying automotive batteries to ARBL,
which provided a boost to its business risk profile. The company
recorded revenue of INR230 million in the first half of 2015-16,
backed by order from ARBL and operating profitability improved to
7-8 percent. Working capital requirement declined because of less
credit extended to ARBL, supporting liquidity. CRISIL expects
GBPL's cash accrual at INR19.5 million in 2015-16 against debt
obligation of INR15 million.

The ratings reflect GBPL's below-average financial risk profile,
because of weak debt protection metrics, and large working capital
requirement. The ratings also factor-in the volatility in
company's revenue profile owing to customer concentration risk.
These weaknesses are partially offset by promoters' extensive
experience in the automotive battery industry.
Outlook: Stable

CRISIL believes GBPL will continue to benefit over the medium term
from promoters' extensive industry experience. The outlook may be
revised to 'Positive' if the company significantly improves
working capital management or generates more-than-expected cash
accrual, resulting in better liquidity. Conversely, the outlook
may be revised to 'Negative' if financial risk profile
deteriorates because of pressure on revenue and profitability,
leading to less-than-anticipated cash accrual, or in case of
larger-than-expected, debt-funded capex, or substantial increase
in working capital requirement.

GBPL, established in 1991, manufactures batteries ranging from 35
ampere hour (AH; for small cars) to 200 AH (for large trucks and
inverters). Its manufacturing unit is in Jamnagar (Gujarat). GBPL
is managed by Mr. Muljibhai Pansara and his brother, Mr. Amrutlal
Pansara, and sons, Mr. Navneet Pansara and Mr. Vishal Pansara.

Its profit after tax (PAT) was INR1.54 million on net sales of
INR374.8 million for 2014-15, against PAT of INR8.53 million on
net sales of INR488.3 million in 2013-14.


GOPINATH DAIRY: CRISIL Assigns B- Rating to INR300MM Term Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-term
bank facilities of Gopinath Dairy Products Private Limited
(GDPPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Rupee Term Loan       300       CRISIL B-/Stable
   Cash Credit             9       CRISIL B-/Stable
   Proposed Cash
   Credit Limit            1       CRISIL B-/Stable

The rating reflects risks relating to early stages of execution of
GDDPL's ongoing project, susceptibility of its operating
performance to risk of delays in completion of project and/or
stabilisation of operations. These weaknesses are mitigated by the
long-term offtake contract with Reliance Dairy Foods Ltd (RDFL).

Outlook: Stable

CRISIL believes GDPPL will continue to benefit from the long-term
contract with RDFL which ensures revenue visibility over the
medium term. The outlook may be revised to 'Positive' if the
company completes its project on time and ramps up operations
substantially while making healthy operating margin.  Conversely,
the outlook may be revised to 'Negative' if financial risk profile
deteriorates on account of time or cost overrun in the project, or
if delays in stabilisation of operations lead to weaker-than-
expected operating performance.

Incorporated in 1994 as Glaze Polycoat Pvt Ltd and later renamed
to Gopinath Dairy Products Private Limited. It is setting up a
plant for processing milk and milk products ub Turbhe, Navi Mumbai
for RDFL (a step-down subsidiary of Reliance Industries Ltd) on a
10 years' job work arrangement. The company is promoted by Mr.
Rajesh Chitalia, Mr. Lallubhai Chitalia and Ms. Sonal Chitalia.


GOYAL RICE: Ind-Ra Affirms 'IND B' Long-Term Issuer Rating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Goyal Rice Mills'
(GRM) Long-Term Issuer Rating at 'IND B'.  The Outlook is Stable.

KEY RATING DRIVERS

The affirmation reflects GRM's small scale of operations despite
revenue increasing to INR111.54 mil. in FY15 (FY14: INR10.46
mil.).  The ratings are constrained by the company's continued
weak credit metrics with net financial leverage of 9.94x (FY14:
2.20x) and EBITDA gross interest coverage of 1.63x (2.04x).

GRM's revenue jumped drastically in FY15 mainly due to its in-
house milling and sorting facility which started operations during
September 2014.  The firm incurred capex of around INR27 mil. for
the same, which was largely debt funded.  Total debt increased to
INR94.84 mil. during FY15 from INR5.96 mil. during FY14.
Operating EBITDA margins reduced to 8.44% in FY15 from 21.89% in
FY14 on the high direct cost incurred in the manufacturing
process; earlier the margins were on the higher side because of
the job work facilities it provided to Food Corporation of India.
The ratings also consider the commoditized nature of the end
product, and volatility in raw material prices.

The ratings are supported by the entity's comfortable liquidity
position as evident from its 71.40% working capital utilization
during the nine months ended December 2015, and the fact that its
milling and sorting plant became operational only from September
2014.

RATING SENSITIVITIES

Negative: Deterioration in the profitability leading to
deterioration in the credit metrics will be negative for the
ratings.

Positive: A significant increase in the operating profitability
leading to an improvement in credit metrics will be positive for
the ratings.

GRM was incorporated in 2008 as a partnership firm and is engaged
in rice milling and sorting. The entity has a facility in Moonak
(Punjab).

GRM ratings:

   -- Long-Term Issuer Rating: affirmed at 'IND B'/Stable
   -- INR 50 mil. fund-based facility: affirmed at
      'IND B'/Stable/'IND A4'
   -- INR 16.50 mil. long-term loans (reduced from INR18 mil.):
      affirmed at 'IND B'/Stable


GURU NANAK: CRISIL Assigns B- Rating to INR50MM Cash Loan
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-term
bank facilities of Guru Nanak Rice Mill - Bilaspur (GNRM).

                             Amount
   Facilities              (INR Mln)    Ratings
   ----------              ---------    -------
   Cash Credit                  50      CRISIL B-/Stable
   Long Term Bank Facility      10      CRISIL B-/Stable

The rating reflects the firm's small scale of operations in the
highly fragmented rice industry, large working capital
requirement, and below-average financial risk profile because of
small networth and high gearing. These weaknesses are partially
offset by the extensive industry experience of GNRM's promoters
and their financial support.
Outlook: Stable

CRISIL believes GNRM will continue to benefit over the medium term
from promoters' extensive experience. The outlook may be revised
to 'Positive' if significant and sustained improvement in revenue
and margins along with efficient working capital management, leads
to higher-than-expected cash accrual, or if partners extend
sizeable funds. Conversely, the outlook may be revised to
'Negative' if revenue or profitability declines or financial risk
profile deteriorates because of stretched working capital cycle or
large, debt-funded capital expenditure.

Established as a partnership firm in Bilaspur, Uttar Pradesh, by
Mr. Gurjeet Singh and Mr. Amreet Pal Singh in 1994, GNRM mills and
sorts basmati and non-basmati rice and sells in the domestic
market under its brand, Sardar Rice.

GNRM registered book profit and net sales of INR1.4 million and
INR125.2 million, respectively, in 2014-15 (refers to financial
year, April 1 to March 31), against a book profit of INR1.3
million on net sales of INR143.8 million in 2013-14.


HARO GOURI: CRISIL Assigns 'B' Rating to INR45MM Term Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Haro Gouri Agro Products (HGAP).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Term Loan               45      CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility       5      CRISIL B/Stable
   Bank Guarantee           5      CRISIL A4
   Cash Credit             35      CRISIL B/Stable

The rating reflects HGAP's exposure to risks relating to project
implementation and stabilisation, regulatory changes, volatility
in raw material prices, and vagaries of the monsoon. These rating
weaknesses are partially offset by the extensive entrepreneurial
experience of the firm's partners, and benefits expected from
stable demand for rice.
Outlook: Stable

CRISIL believes HGAP will benefit over the medium term from the
partners' extensive experience and the healthy prospects of the
rice industry. The outlook may be revised to 'Positive' if the
production facility being set up begins operations on time and
drives higher-than-expected revenue and profitability. Conversely,
the outlook may be revised to 'Negative' if time and cost overrun
in project completion, low capacity utilisation, or stretch in
working capital management considerably weakens financial risk
profile.

HGAP is a partnership firm set up in February 2015, with Mr. Shyam
Sunder Mandal and Mrs.Anushi Mandal as partners. Based in Bankura,
West Bengal, the firm is setting up a 43,200 tonne per annum paddy
milling plant for three variants of rice: Miniket, Ratna, and
Swarna.


HARYANA OILS: Ind-Ra Withdraws B+ Long-Term Issuer Rating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Haryana Oils &
Soya Ltd's (HOSL) 'IND B+(suspended)' Long-Term Issuer Rating.
The ratings have been withdrawn due to lack of adequate
information.  Ind-Ra will no longer provide ratings or analytical
coverage for HOSL.

Ind-Ra suspended HOSL's ratings on June 18, 2015.

HOSL's ratings:

   -- Long-Term Issuer Rating: 'IND B+(suspended)'; rating
      withdrawn
   -- INR40 mil. fund-based limits: IND B+(suspended)' and
      'IND A4(suspended)'; ratings withdrawn
   -- INR600 mil. non-fund-based limits: IND B+(suspended)' and
      'IND A4(suspended)'; ratings withdrawn


HINDUSTHAN LOHA: Ind-Ra Assigns 'IND BB' Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Hindusthan Loha
Limited (HLL) a Long-Term Issuer Rating of 'IND BB'.  The Outlook
is Stable.  The agency has also assigned HLL's INR230 mil. fund-
based working capital limits an 'IND BB' rating with a Stable
Outlook.

KEY RATING DRIVERS

The ratings reflect HLL's short operating track record with its
commercial operations starting only from FY14.  The ratings factor
in the company's moderate scale of operations with revenue of
INR1,488.7 mil. in FY15 (FY14: INR688 mil.).  Moreover, the credit
profile is moderate with net financial leverage (total adjusted
net debt/operating EBITDAR) of 6.9x (19.1x) and interest coverage
(operating EBITDA/gross interest expense) of 1.3x (1.4x).

The ratings are, however, supported by the more than two decades
of experience of one of the company's promoters in the iron and
steel trading business.

RATING SENSITIVITIES

Positive: A positive rating action could result from a sustained
improvement in the EBITDA interest coverage ratio.

Negative: A negative rating action could result from further
deterioration in the EBITDA interest coverage ratio.

COMPANY PROFILE

Incorporated in July 2013, HLL is engaged in the trading of iron
and steel products in Raipur, Chhattisgarh.  The company is
managed by three promoters namely Vipin Kumar Aggarwal, Ganga Dhar
Aggarwal and Ritu Agrawal.


INDIA CIRCUITS: CRISIL Cuts Rating on INR60MM Cash Loan to 'B'
--------------------------------------------------------------
CRISIL has downgraded its ratings on bank loan facilities of
India Circuits Limited (ICL) to 'CRISIL B/Stable/CRISIL A4' from
'CRISIL BB-/Stable/CRISIL A4+'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            60       CRISIL B/Stable (Downgraded
                                   from 'CRISIL BB-/Stable')

   Foreign Letter
   of Credit               55      CRISIL A4 (Downgraded from
                                   'CRISIL A4+')

The downgrade reflects the company's constrained liquidity due to
a further stretch in its working capital cycle. Gross current
assets increased to 413 days as on March 31, 2015, from 341 days a
year earlier. The increase was mainly because of large work-in-
progress inventory. Also, the company's recently expanded capacity
at its Barwala, Haryana, unit is under gestation period. The
management plans to undertake moderate capital expenditure (capex)
for expansion of capacities over medium term. The quantum and
funding of the same will remain a key rating sensitivity factor.
Further some of its capex requirements are being met through
unsecured loans and internal accruals augmenting the stretch in
liquidity leading to a frequently overdrawn cash credit limit.
CRISIL believes that on account of its large working capital cycle
coupled with anticipated debt funded capex ICL's financial risk
profile, particularly gearing, will weaken over the medium term.

The ratings reflect ICL's modest scale of operations and cyclical
printed circuit board (PCB) Industry. The ratings also factor in a
weak financial risk profile because of high gearing, and working
capital-intensive operations. These rating weaknesses are
partially offset by the industry experience and technical
expertise of its promoters, and a wide and established customer
profile.

Outlook: Stable

CRISIL believes ICL will continue to benefit over the medium term
from the industry experience of its promoters, and their strong
technical expertise and established relationship with customers.
The outlook may be revised to 'Positive' in case of higher-than-
expected net cash accruals and significant improvement in working
capital management. Conversely, the outlook may be revised to
'Negative' in case of significant deterioration in the operating
margin, , or if it contracts higher than expected debt for funding
capex leading to more than anticipated deterioration in financial
profile.

ICL, incorporated in 2007, undertakes production, sale, and design
of single-sided, double-sided, and multi-layered PCBs. The company
is headed by Mr. Rajneesh Garg (managing director). Presently it
has PCB production plants at Barwala (contributes 60 percent of
revenue) and Panchkula, Haryana (40 percent), each with a capacity
of 15,000 square metres per month.

In 2014-15, ICL has reported profit after tax of INR5.8 million on
operating income of INR280.8 million; against net loss of INR2.3
million on operating income of INR224.9 million reported in 2013-
14.


JAGAT PROJECTS: CRISIL Suspends B+ Rating on INR200MM Loan
----------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Jagat
Projects Limited (JPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Overdraft Facility     200      CRISIL B+/Stable

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

JPL, incorporated in 2008 and based in New Delhi, is promoted by
Mr. Satish Pawa and Mr. Santlal Agarwal and their family members.
JPL trades in basmati/non-basmati rice and paddy in the domestic
market.


JATSON POWER: CRISIL Cuts Rating on INR37.5MM Loan to B+
--------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Jatson
Power Private Limited to 'CRISIL B+/Stable/CRISIL A4' from 'CRISIL
BB-/Stable/CRISIL A4+'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee        30        CRISIL A4 (Downgraded from
                                   'CRISIL A4+')

   Cash Credit           37.5      CRISIL B+/Stable (Downgraded
                                   from 'CRISIL BB-/Stable')

   Proposed Long Term     4.8      CRISIL B+/Stable (Downgraded
   Bank Loan Facility              from 'CRISIL BB-/Stable')

   Term Loan              1.6      CRISIL B+/Stable (Downgraded
                                   from 'CRISIL BB-/Stable')

The downgrade reflects CRISIL's belief that the company's
liquidity will remain weak over the medium term due to an increase
in working capital requirement and barely sufficient cash accrual
to meet repayment obligations. Large working capital requirement,
indicated by gross current assets of 192 days as on March 31,
2015, coupled with low cash accrual, resulted in high utilisation
of bank limits at an average of around 93 per cent over the 12
months through October 2015. Cash accrual is expected at INR7.1
million, against repayment obligation of INR6.2 million, in 2015-
16.

The ratings reflect the company's working capital-intensive and
modest scale of operations in a highly fragmented industry. The
ratings also factor in a below-average financial risk profile
because of modest debt protection metrics. These rating weaknesses
are partially offset by the extensive experience of JPPL's
promoters in the electrical components and installations industry.
Outlook: Stable

CRISIL believes JPPL 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 improvement in
scale of operations and profitability, resulting in a substantial
increase in cash accrual, while working capital requirement is
efficiently managed. Conversely, the outlook may be revised to
'Negative' if the financial risk profile, including liquidity,
deteriorates, most likely due to lower-than-expected cash accrual,
a stretched working capital cycle, or any debt-funded capital
expenditure.

JPPL was originally set up as a proprietorship firm, Jatson Power
Control, in 1995 by Mr. Sandip Thakor; the firm was reconstituted
as a private limited company with the current name in 2004. The
company undertakes turnkey projects for electrical installations
such as switchyards; it also manufactures low-voltage electric
panels. It is an authorised energy auditor for Gujarat.

Profit after tax (PAT) was INR2.33 million on net sales of
INR193.9 million in 2014-15 (refers to financial year, April 1 to
March 31) against INR3.24 million on net sales of INR203.7 million
in 2013-14.


JOSEPH LESLIE: Ind-Ra Affirms 'IND B' Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Joseph Leslie
Dynamiks Manufacturing Private Limited's (JLDPL) Long-Term Issuer
Rating at 'IND B'.  The Outlook is Stable.

KEY RATING DRIVERS

The affirmation reflects JLDPL's continued small scale of
operations with revenue of INR180 mil. in FY15 (FY14: INR260
mil.).  Also, the EBITDA margins remained negative in FY15,
leading to negative credit metrics.  This was due to the EBITDA
losses that the company incurred because of its disassociation
with Germany-based Dragerwerk AG.

The ratings, however, continue to benefit from the company's
founders' experience of more than two decades in the safety rescue
and fire related product manufacturing business.

RATING SENSITIVITIES

Positive: A positive rating action could result from a
considerable increase in the scale of operations along with an
improvement in the credit metrics.

Negative: A negative rating action could result from a decline in
the scale of operations along with further deterioration of the
credit metrics.

COMPANY PROFILE

JLDPL was incorporated in 1987 as Joseph Leslie Drager
Manufacturing Pvt Ltd by Mumbai-based Leslie family and
Dragerwerks.  In 2013, the company disassociated with Dragerwerks
and commenced business under the present name.  The company trades
and manufactures equipment used in gas detection, fire safety and
disaster management and has its manufacturing unit in Vasai
(Maharashtra).

JLDPL's ratings:

   -- Long-Term Issuer Rating: affirmed at 'IND B';
      Outlook Stable
   -- INR97 mil. fund-based facilities (increased from INR40
      mil.): affirmed at 'IND B'; Outlook Stable
   -- INR68.7 mil. non-fund-based facilities (increased from
      INR44.5 mil.): affirmed at 'IND A4'


KAMAL SUITINGS: CRISIL Assigns B- Rating to INR65MM Cash Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to
the bank facilities of Kamal Suitings Private Limited (KSPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Term Loan             35        CRISIL B-/Stable
   Standby Letter of
   Credit                 5        CRISIL B-/Stable
   Cash Credit           65        CRISIL B-/Stable
   Letter of Credit       5        CRISIL A4

The ratings reflect the company's modest scale of operations in a
highly fragmented industry along with weak debt protection metrics
and high gearing. These weaknesses are partially offset by the
extensive industry experience of the promoters and KSPL's moderate
Return on Capital Employed (RoCE) backed by average profitability.
Outlook: Stable

CRISIL believes KSPL will continue to benefit over the medium term
from its promoters' extensive experience in the textile industry.
The outlook may be revised to 'Positive' if it reports higher-
than-expected growth in revenue and cash accrual, while improving
profitability, resulting in improvement in the capital structure.
Conversely, the outlook may be revised to 'Negative' if KSPL's
financial risk profile deteriorates, most likely because of a
decline in profitability, larger-than-expected working capital
requirements or a large, debt-funded capital expenditure.

KSPL is a Bhilwara (Rajasthan)-based entity acquired in 2008 by
Mr. Kapil Maheshwari. The company manufactures and markets
synthetics blended suiting cloth, which it supplies to wholesalers
all over the country.

KSPL has reported a net profit of INR0.7 million on net sales of
INR368.9 million in FY 2014-15 against net profit of INR0.5
million on net sales of INR343.8 million in FY 2013-14.


LOPAN METAL: CRISIL Assigns B- Rating to INR75MM Term Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-term
bank facilities of Lopan Metal Treatment Private Limited (LMTPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            35       CRISIL B-/Stable
   Term Loan              75       CRISIL B-/Stable

The rating reflects LMTPL's modest scale and working-capital-
intensive nature of operations, and weak financial risk profile
because of a small net worth and high gearing. These rating
weaknesses are partially offset by the promoters' extensive
experience in the automotive components industry.
Outlook: Stable

CRISIL believes LMTPL will continue to benefit over the medium
term from its long track record in the automotive components
industry. The outlook may be revised to 'Positive' if the
financial risk profile improves significantly driven most likely
by higher-than-expected revenue and profitability. Conversely, the
outlook may be revised to 'Negative' in case of significant debt-
funded capital expenditure or if cash accrual decreases
significantly, resulting in deterioration in the financial risk
profile.

LMTPL was incorporated in 2005 as a private limited company,
promoted by Mr. O P Sekhri and Mr. Sanjay Sekhri. It provides heat
treatment for various components that are required by the
automotive industry.

LMTPL had a profit after tax (PAT) of INR0.8 million on net sales
of INR120 million in 2014-15 (refers to financial year, April 1 to
March 31), against a PAT of INR2.8 million on net sales of
INR114.3 million in the previous year.


LTG INFRASTRUCTURE: CRISIL Assigns 'B' Rating to INR1.0BB Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of LTG Infrastructure Pvt Ltd (LIPL).

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Proposed Long Term
   Bank Loan Facility      1000      CRISIL B/Stable

The rating reflects the exposure to risks related to completion
and saleability of its ongoing project and the susceptibility to
risks inherent in the real estate industry. These rating
weaknesses are partially offset by the extensive experience of
promoters in the real estate development business.
Outlook: Stable

CRISIL believes LIPL will benefit over the medium term from the
promoters' industry experience. The outlook may be revised to
'Positive' if the company completes its projects early or
generates more sales from ongoing projects, leading to
substantially large cash flows. Conversely, the outlook may be
revised to 'Negative' if any delay in project execution or in the
receipt of customer advances, or any large, debt-funded project,
negatively impacts the financial risk profile.

LIPL is a Bengaluru (Karnataka)-based real estate development
company. It was set up in 2006 as a proprietary concern and
reconstituted as a private limited company in 2008 before finally
being renamed as LIPL in 2010. Its operations are managed by the
chairman Mr. HP Lakshmana.


MAGNAMIND VENTURES: CRISIL Cuts Rating on INR67MM Term Loan to D
----------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Magnamind Ventures Pvt Ltd (MVPL) to 'CRISIL D' from 'CRISIL
B+/Stable. The rating downgrade reflects instances of delay by
MVPL in servicing its term debt; the delays were because of the
company's weak liquidity.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit             5       CRISIL D (Downgraded from
                                   'CRISIL B+/Stable')

   Proposed Long Term      8       CRISIL D (Downgraded from
   Bank Loan Facility              'CRISIL B+/Stable')

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

MVPL also has a below-average financial risk profile marked by
weak debt protection metrics. The company, however, benefits from
its promoter's extensive experience in the laundry segment.

MVPL, established in 2013, has set up an industrial laundry
facility in Kochi (Kerala). It commenced operations in July 2014.
The company's daily operations are managed by Mr. Sreejith
Narendran.


MAYURI BROILER: CRISIL Cuts Rating on INR65MM Term Loan to D
------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of Mayuri
Broiler Breeding Farms Pvt Ltd (MBFPL; part of the Mayuri group)
to 'CRISIL D' from 'CRISIL B/Stable'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit             50      CRISIL D (Downgraded from
                                   'CRISIL B/Stable')

   Proposed Long Term       4      CRISIL D (Downgraded from
   Bank Loan Facility              'CRISIL B/Stable')

   Term Loan               65      CRISIL D (Downgraded from
                                   'CRISIL B/Stable')

   Working Capital         30      CRISIL D (Downgraded from
   Term Loan                       'CRISIL B/Stable')

The rating downgrade reflects instances of delay by MBFPL in
servicing its debt. The delays have been caused by the weakening
in the group's weak liquidity arising from a stretch in its
working capital cycle.

The Mayuri group has a weak financial risk profile marked by its
high gearing, and weak debt protection metrics. The group has
large working capital requirements, is exposed to intense
competition in the poultry industry, its profitability margins are
susceptible to volatility in raw material prices, and the group is
susceptible to risks inherent in the poultry industry such as
outbreak of epidemics. However, the group benefits the extensive
industry experience of its promoter.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of MBFPL, Lakshmi Venkat Farms Ltd (LVFL),
and Krishika Farms Pvt Ltd (KFPL). This is because the three
companies, collectively referred to as the Mayuri group, have
operational synergies being in the same line of business, and have
a common promoter and fungible cash flow.
LVFL, incorporated in 1995, produces hatching eggs and day-old
chicks. MBFPL, incorporated in 2006, produces hatching eggs and
broiler birds. KFPL, incorporated in 2010, produces table eggs.
The group is promoted by Mr. V Harshvardhan Reddy, Mr.
V.Krishnaveni, Mr. V.Venkat Ram Reddy, and their family members,
is based in Hyderabad.


MEENAKSHI ASSOCIATES: CRISIL Cuts Rating on INR100.8MM Loan to D
----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Meenakshi Associates Private Limited (MAPL) to 'CRISIL D/CRISIL D'
from 'CRISIL B/Stable/CRISIL A4'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee        100.8     CRISIL D (Downgraded from
                                   'CRISIL A4')

   Cash Credit            70       CRISIL D (Downgraded from
                                   'CRISIL B/Stable')

   Letter of Credit       55       CRISIL D (Downgraded from
                                   'CRISIL A4')

   Term Loan              10       CRISIL D (Downgraded from
                                   'CRISIL B/Stable')

The downgrade reflects continuous devolvement of letter of credit
(LC) over the past three months for more than 30 days. The cash
credit facility is also fully utilised because of weak liquidity
on account of large receivables and inventory.

MAPL has weak liquidity because of low cash accrual and large
working capital requirement. It has modest scale of operations in
a fragmented and competitive industry. However, the company
benefits from its promoters' extensive experience in the heavy
fabrication industry, and its established customer relationships.

Incorporated in 1985, MAPL fabricates pressure vessels, heat
exchangers, storage tanks, and chemical gas cylinders mainly for
the petroleum refining and chemicals industries. The company has
manufacturing facilities in Noida (Uttar Pradesh). It is promoted
by Mr. Ish Kumar Narang and his family members, who have been in
the heavy fabrication industry for more than two decades.


MET THERAPEUTICS: Ind-Ra Assigns 'IND BB' Long-Term Issuer Rating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned MET Therapeutics
Private Limited (MTPL) a Long-Term Issuer Rating of 'IND BB'.  The
Outlook is Stable.

KEY RATING DRIVERS

The ratings reflect MTPL's moderate credit profile and small scale
of operations.  In FY15, net leverage was 1.9x, EBITDA interest
cover was 9.4x, revenue was INR510 mil. and EBITDA margins were
7.6%.  MTPL started its business operations in February 2014, and
FY15 was the first full year of operations.  1HFY16 revenue is
INR400 mil.

MTPL is setting up a manufacturing unit in Hyderabad with a
project cost of INR608.4 mil., to be funded in a debt-equity ratio
of 2.2:1.  This is likely to stress the net leverage to around
3.5x in FY16.  The new project is to commence operations during
FY18.

The ratings also factor in the comfortable liquidity position of
the company with the fund-based facilities being utilized at an
average of 85.7% during the 12 months ended November 2015.

The ratings are supported by the promoters' more than two decades
of experience in the pharmaceutical industry.

RATING SENSITIVITIES

Positive: Timely completion of the project and commencement of
operations leading to substantial revenue growth while maintaining
the profitability could lead to a positive rating action.

Negative: Delays in project completion and commencement of
operations leading to substantial deterioration in the credit
profile could lead to a negative rating action.

COMPANY PROFILE

Incorporated in 2013, MTPL is a Hyderabad-based manufacturer and
seller of pharmaceutical products with specialization in the
oncology segment.  MTPL utilizes third-party manufacturing
facilities.

MTPL's ratings:

   -- Long-Term Issuer Rating: assigned 'IND BB'; Outlook Stable
   -- INR25 mil. long-term loans: assigned 'IND BB'/Stable
   -- INR65 mil. fund-based facilities: assigned
      'IND BB'/Stable/'IND A4+'
   -- Proposed INR420 mil. long-term loans: assigned 'Provisional
      IND BB'/Stable
   -- Proposed INR85 mil. fund-based facilities: assigned
      'Provisional IND BB'/Stable/'Provisional 'IND A4+'


MOHAN GEMS: CRISIL Cuts Rating on INR1.0BB Cash Loan to D
---------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Mohan Gems and Jewels Private Limited (MGJPL) to 'CRISIL D'
from 'CRISIL C'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit           1000      CRISIL D (Downgraded from
                                   'CRISIL C')

   Funded Interest        250      CRISIL D (Downgraded from
   Term Loan                       'CRISIL C')

   Working Capital       2250      CRISIL D (Downgraded from
   Term Loan                       'CRISIL C')

The downgrade reflects MGJPL's inability to service its long term
debt repayment obligation on time due to delay in realizations
from customers.

The company has a large working capital cycle and a weak financial
risk profile because of high gearing and weak debt protection
measures. However, it benefits from promoters' extensive
experience in the gems and jewels industry.

MGJPL, promoted by Mr. Murari Lal Soni, is a private limited
company incorporated in 2006. It manufactures gold jewellery
ranging from 18 to 24 carats. The company also has a retail
showroom in the Karol Bagh area of Delhi.


MULLAS WEDDING: CRISIL Assigns 'B' Rating to INR50MM LT Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Mullas Wedding Centre (MWC).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Long Term Loan          50      CRISIL B/Stable
   Overdraft Facility      30      CRISIL B/Stable

The rating reflects MWC's modest scale of operations in the
intensely competitive and highly fragmented apparel retail
industry, and below-average financial risk profile because of weak
debt protection metrics. These weaknesses are partially offset by
proprietor's extensive experience.
Outlook: Stable

CRISIL believes MWC will continue to benefit over the medium term
from proprietor's extensive experience. The outlook may be revised
to 'Positive' if sustainable increase in revenue and profitability
leads to a better financial risk profile. Conversely, the outlook
may be revised to 'Negative' if lower-than-expected cash accrual
or large, debt-funded capital expenditure results in deterioration
in financial risk profile.

Set up as a proprietorship firm by Mr. MV Thomas in 2013, MWC
operates a retail textile showroom in Mannarkkad, Kerala.

For 2014-15 (refers to financial year, April 1 to March 31), MWC
reported a net loss of INR3.12 million on sales of INR116.34
million, against a net loss of INR5.73 million on sales of
INR164.94 million for 2013-14.


NARUVIZHI AMBAL: CRISIL Suspends B Rating on INR110MM Cash Loan
---------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Naruvizhi Ambal Modern Rice Mill Private Limited (NARM).

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            110       CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility      22.5     CRISIL B/Stable
   Term Loan               24       CRISIL B/Stable

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

Set up in 1999, NARM mills and processes paddy into rice, rice
bran, broken rice, and husk. The company is promoted by
Mr.Krishnan and his family members.


NGD JEWELS: CRISIL Assigns 'B' Rating to INR69.5MM Cash Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of NgD Jewels (NGD).

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Term Loan              10        CRISIL B/Stable
   Cash Credit            69.5      CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility      0.5      CRISIL B/Stable

The rating reflects NGD's below-average financial risk profile,
because of small networth, average capital structure, and subdued
debt protection metrics, small scale of operations in the
competitive domestic jewellery segment, and working capital-
intensive operations. These weaknesses are partially offset by the
benefits that NGD derives from the proprietor's extensive
experience in the jewellery retail segment.
Outlook: Stable

CRISIL believe NGD will continue to benefit from the proprietor's
extensive experience in the jewellery retail segment. The outlook
may be revised to 'Positive' if the firm sustainably and
significantly increases its scale of operations and profitability
leading to more-than-expected cash accrual or if there is fresh
capital infusion leading to improvement in the financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
NGD's financial risk profile, especially liquidity, weakens most
likely due to lower cash accrual, larger-than-expected working
capital requirements, or further capital withdrawal.

NGD was set up in the 1989 as a proprietorship firm, Neettukattil
Gold Park, by Mr. Ali Neettukattil. The firm was given the current
name in 2013. It retails jewellery in Valanchery (Kerala). The
firm operates a showroom in Valanchery (Kerala) and offers a large
range of gold, silver, diamond, and platinum jewellery.


OXFORD SHIKSHA: CRISIL Assigns 'B' Rating to INR10MM LT Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Oxford Shiksha Prasar Sansthan (OSPS). The rating
reflects the society's small scale of operations, not-for-profit
business model, and large working capital requirement. These
weaknesses are partially offset by established network of track
record of successful execution of contracts, and no debt
obligation.

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

Outlook: Stable

CRISIL believes OSPS's business risk profile will remain
constrained over the medium term by small scale of operations. The
outlook may be revised to 'Positive' if the society bags major
government projects, and receives donations from members and
government grants on time. Conversely, the outlook may be revised
to 'Negative' in case of delay in receipt of grants or donations,
or increase in working capital requirement, weakening financial
risk profile.

OSPS, based in Kannauj (Uttar Pradesh), is a not-for-profit
society set up in 2000. It supplies hot cooked food to anganwadi
children, free meals under the mid-day meal scheme to school
children, organises women empowerment programmes and runs other
government schemes. The society is registered under Registrar of
Societies, Firms & Chits, Kanpur (Uttar Pradesh). It is managed by
chairman Mr. Sashi Dubey and secretary Mr. Rajvardhan Shukla.


PARA ENTERPRISES: CRISIL Assigns 'B' Rating to INR280MM Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings on the
bank facilities of Para Enterprises Pvt Ltd (PEPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Working Capital
   Term Loan              209      CRISIL B/Stable
   Proposed Long Term
    Bank Loan Facility     11      CRISIL B/Stable
   Cash Credit            280      CRISIL B/Stable
   Letter of Credit       100      CRISIL A4

The ratings reflect PEPL's working capital intensive nature of
operations, and exposure to changes in government regulations. It
also reflects PEPL's below average financial risk profile on
account of significant losses incurred in the past few years.
These rating weaknesses are partially offset by the extensive
experience of PEPL's promoters in the Wind Engineering Procurement
Construction (EPC) business and their funding support.

Outlook: Stable

CRISIL believes that PEPL will continue to benefit over the medium
term from its promoters' extensive experience Wind EPC business,
and funding support from them in the form of unsecured loans. The
outlook may be revised to 'Positive' if the company's cash
accruals improves substantially, or its working capital cycle
improves, leading to improvement in the company's financial risk
profile and liquidity. Conversely, the outlook may be revised to
'Negative' in case of deterioration in PEPL's liquidity, resulting
from lower-than-expected cash accruals or larger-than expected
working capital requirements or significant debt funded capex.

Incorporated in December 1996, PEPL is a Chennai based company
engaged in undertaking wind EPC contracts in  the 250 Kw and 750
Kw windmills segment (around 70 percent of revenue) and
manufacturing and export of match sticks and skillets (around 30
percent of revenue).

Prior to 2013-14, matchstick business was being undertaken under
PEPL, while the wind EPC business was being undertaken under a
separate entity i.e. Pioneer Wincon Pvt Ltd (PWPL) which was
incorporated in 1996.

PWPL was merged into PEPL w.e.f. 1st April, 2013.


PELICAN RUBBER: CRISIL Cuts Rating on INR240MM Loan to 'D'
----------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Pelican Rubber Limited (PRL) to 'CRISIL D/CRISIL D' from 'CRISIL
B+/Stable/CRISIL A4'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         15       CRISIL D (Downgraded from
                                   'CRISIL A4')

   Cash Credit           230       CRISIL D (Downgraded from
                                   'CRISIL B+/Stable')

   Letter of Credit      240       CRISIL D (Downgraded from
                                   'CRISIL A4')

   Proposed Long Term     20.3     CRISIL D (Downgraded from
   Bank Loan Facility              'CRISIL B+/Stable')

   Standby Line of        25       CRISIL D (Downgraded from
   Credit                          'CRISIL B+/Stable')

The rating downgrade reflects frequent instances of overdrawls in
PRL's cash credit facility and devolvement in its letter of
credit.  The overdrawls are on account of the company's weak
liquidity.

PRL has large working capital requirements, and is exposed to
intense competition in the tubes manufacturing industry, and its
profitability margins are susceptible to volatility in prices of
butyl rubber. However, the company benefits from its promoters'
extensive experience in the tubes industry.

Pelican was set up in 1996 by Mr. Shiv Shanker Agarwal and his
brother Mr. Shyam Sunder Agarwal. The company manufactures butyl
rubber tubes used in tyres, and sells them under the brand -
'Avis'.


PHORUM JEWELS: CRISIL Cuts Rating on INR80MM Cash Loan to 'D'
-------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Phorum Jewels Ltd (PJL) from 'CRISIL B+/Stable' to 'CRISIL D'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit             80      CRISIL D (Downgraded from
                                   'CRISIL B+/Stable')

   Proposed Long Term      40      CRISIL D (Downgraded from
   Bank Loan Facility              'CRISIL B+/Stable')

The rating downgrade reflects PJL's continuously overdrawn limits
owing to weak liquidity driven by modest cash accrual.

PJL has modest scale of operations in the intensely competitive
jewellery retailing industry, large working capital requirement to
fund inventory, and below-average financial risk profile marked by
small networth and modest interest coverage ratio. However, PJL
benefits from its promoters' extensive experience.

PJL was incorporated in 2001 by Mr. Bharat Mewawala and his
family. The company retails in plain gold and diamond-studded gold
jewellery. PJL has two retail showrooms - one in Byculla and
another in the Opera House (both in Mumbai).


Q - ONE: CRISIL Assigns B+ Rating to INR85.5MM Term Loan
--------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Q - One. The rating reflects the firm's modest
scale of operations in an intensely competitive textile industry.
This weakness is partially offset by the extensive industry
experience of the firm's partners and its comfortable debt
protection metrics.
Outlook: Stable

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit           14.5      CRISIL B+/Stable
   Term Loan             85.5      CRISIL B+/Stable

CRISIL believes Q-One's business risk profile will continue to
benefit over the medium term from its partners' extensive industry
experience. The outlook may be revised to 'Positive' if there is
significant and sustained improvement in scale of operations and
profitability along with prudent working capital management,
leading to a better financial risk profile. Conversely, the
outlook may be revised to 'Negative' if revenue and operating
margin decline significantly, or in case of larger-than-expected
debt-funded capital expenditure, leading to deterioration in the
financial risk profile, particularly liquidity.

Q-One was originally set up as a proprietorship firm in 2012; it
was reconstituted as a partnership firm in 2013. The firm
undertakes embroidery assignments on a job-work basis at its
facility in Gurgaon, Haryana. It is promoted by Mr. Manish Kapoor,
Mr. Vikas Kapoor, and Ms. Kavita Ahlawat.


R.G. TIMBERS: CRISIL Assigns B- Rating to INR10MM Cash Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to
the bank facilities of R.G. Timbers and Saw Mills (RG).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit             10      CRISIL B-/Stable
   Letter of Credit        80      CRISIL A4

The ratings reflect RG's modest scale of operations in the highly
fragmented timber trading industry and its working capital
intensive nature of operations. The rating also factors in the
below-average financial risk profile marked by highly leveraged
capital structure and weak debt protection metrics. These rating
weaknesses are partially offset by the extensive industry
experience of the firm's partners.
Outlook: Stable

CRISIL believes RG will continue to benefit over the medium term
from its partners' extensive industry experience. The outlook may
be revised to 'Positive' if there is an improvement in scale of
operations and profitability, leading to higher-than-expected cash
accruals leading to an improvement in the financial risk profile.
Conversely, the outlook may be revised to 'Negative', if the firm
reports significant decline in revenues or profitability or
undertakes large debt-funded capital expenditure programme, or any
stretch in working capital requirements lead to further weakening
of the financial risk profile.

Established in 1999 as a partnership firm established in 1999 by
Mr. Ramasamy along with his wife Mrs. Ganapathi Ammal RG trades in
timber mainly in Tamil Nadu and Kerala.


RAMADA ALLEPPEY: CRISIL Assigns 'D' Rating to INR175MM LT Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long-term bank
facilities of Ramada Alleppey (RA).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit             15      CRISIL D
   Long Term Loan         175      CRISIL D

The rating reflects the delays by RA in the repayment of its debt.
The delays are on account of weak liquidity. The rating also
reflects the firm's modest scale of operations with a limited
track record and susceptibility to geographical concentration and
cyclicality in the hospitality industry. RA, however, benefits
from the extensive experience of the promoters in the industry.

Set up in 2012 by Mr. Regi Cherian as a proprietorship firm, RA is
a luxury hotel located in Alappuzha, Kerala.


ROOP RAM: CRISIL Assigns 'D' Rating to INR140MM LT Loan
-------------------------------------------------------
CRISIL has revoked the suspension of its ratings on Roop Ram
Educare Pvt Ltd (RRL) assigned its 'CRISIL D/CRISIL D' ratings to
these bank facilities. The ratings had been 'Suspended' by CRISIL
on April 9, 2015, as RRL had not provided the necessary
information for a ratings review.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Overdraft Facility      10      CRISIL D (Assigned;
                                   Suspension revoked)

   Proposed Long Term     140      CRISIL D (Assigned;
   Bank Loan Facility              Suspension revoked)

   Term Loan               50      CRISIL D (Assigned;
                                   Suspension revoked)

The ratings reflect continuous delays by RRL in payment of
interest and repayment of term loan instalments due to company's
weak liquidity.

RRL has a below-average financial risk profile, marked by a high
total outside liabilities to tangible net worth ratio and weak
debt protection metrics, and working-capital-intensive of
operations. However, the company benefits from its promoters'
extensive experience in the education sector.

RRL was started in 2007 by Mr Anand Singh Mann and his family
members. The company offers a co-educational school named Lancers
International School at Gurgaon (Haryana). The school follows the
International Baccalaureate (IB) and the University of Cambridge
International Examinations (CIE) syllabus and has classes from
pre-primary (lower kindergarten and upper kindergarten) to
standard 12 (primary, lower secondary, and higher secondary
levels).

RRL reported loss of INR6.6 million on net sales of INR203.6
million in FY 2014-15 against net profit of INR24.5 million on net
sales of INR171 million in FY 2013-14.


SANJEEV KUMAR: CRISIL Assigns B+ Rating to INR80MM Cash Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Sanjeev Kumar Goyal Contractor (SKGC).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         40       CRISIL A4
   Cash Credit            80       CRISIL B+/Stable

The ratings reflect SKGC's modest scale of operations in the
tender-based construction business and working capital-intensive
operations. These rating weaknesses are mitigated by the partners'
extensive experience in the civil construction industry, SKGC's
moderate order book and average financial risk profile because of
moderate gearing and debt protection metrics.
Outlook: Stable

CRISIL believes SKGC will continue to benefit over the medium term
from its partners' extensive industry experience, and its moderate
order book. The outlook may be revised to 'Positive' in case of
significant improvement in scale of operations along with
maintenance of operating profitability and improvement of working
capital cycle. Conversely, the outlook may be revised to
'Negative' if the financial risk profile weakens owing to lower-
than-expected revenue and cash accrual or due to stretched working
capital cycle or significant capital withdrawal by partners.

SKGC was established in 1994 as a proprietorship firm which was
reconstituted as a partnership firm in 2010. It is based in
Bhatinda (Punjab) and undertakes civil construction activities
majorly road construction for several government and private
enterprises. Currently the firm is managed by brothers - Mr.
Sanjeev Kumar Goyal, Mr. Amit Goyal and Mr. Khet Ram Goyal.


SELVARANI IMPEX: CRISIL Assigns B+ Rating to INR40MM Cash Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Selvarani Impex (SI).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            40       CRISIL B+/Stable
   Short Term Loan        60       CRISIL A4

The rating reflects SI's below-average financial risk profile
marked by moderate gearing and below average debt protection
metrics, and modest scale of operations in a highly fragmented
rice mill industry. These rating weaknesses are partially offset
by extensive industry experience and its vast customer base.
Outlook: Stable

CRISIL believes that SI will continue to benefit over the medium
term from its promoters' extensive industry experience and its
vast customer base. The outlook may be revised to 'Positive' if
the firm significantly increases its revenues and profitability,
leading to an improvement in its financial risk profile.
Conversely, the outlook may be revised to 'Negative' if SI
undertakes aggressive, debt-funded expansions, or if the partners
withdraw capital from the firm, leading to deterioration in its
financial risk profile.

SI was set up as a partnership firm in the 2013. It mills and
processes paddy into rice, rice bran, broken rice, and husk; it
also trades in imported pulses. The operations are managed by Mr.
S Siva and Mr. S Surulivel.

SI reported, on a provisional basis, profit after tax (PAT) of
INR1.1 million on operating income of INR267.8 million for 2014-15
(refers to financial year, April 1 to March 31) against PAT of
INR0.2 million on operating income of INR35.2 million for 2013-14.


SHREE HAREKRISHNA: CRISIL Ups Rating on INR60MM Loan to B+
----------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Shree Harekrishna Cotton Industries - Jamnagar (SHKCI) to 'CRISIL
B+/Stable' from 'CRISIL B/Stable'.

                       Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Cash Credit            60      CRISIL B+/Stable (Upgraded from
                                  'CRISIL B/Stable')

   Cash Term Loan         15      CRISIL B+/Stable (Upgraded from
                                  'CRISIL B/Stable')

   Proposed Long Term     25      CRISIL B+/Stable (Upgraded from
   Bank Loan Facility             'CRISIL B/Stable')

The rating upgrade is driven by an improvement in SHKCI's business
risk profile following stabilisation of its operations. The firm
commenced operations in November 2014 and had revenue of around
INR429 million in 2014-15 (refers to financial year, April 1 to
March 31). In 2014-15 its operating profitability margin remained
low at 2.10 percent and cash accrual were at INR4.0 million. With
net sales of INR330 million in the eight months through November
2015, CRISIL believes revenue will grow by 15 to 20 percent per
annum and operating profitability will remain stable, over the
medium term.

The rating reflects SHKCI' nascent stage of operations in the
highly competitive cotton industry , susceptibility of the firm's
profitability to volatility in cotton prices and weak financial
risk profile marked by high gearing and weak debt protection
metrics.  These rating weaknesses are partially offset by the
extensive experience of the firm's promoters in the cotton ginning
industry, leading to an established relationship with customers
and suppliers, and the advantageous location of its plant.
Outlook: Stable

CRISIL believes SHKCI will continue to benefit over the medium
term from the promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of higher-than-
expected revenue and/or profitability, leading to improvement in
debt protection metrics. Conversely, the outlook may be revised to
'Negative' in case of further deterioration in the financial risk
profile, most likely due to large, debt-funded capital expenditure
and/or a stretch in the firm's working capital cycle.

Set up in 2014, SHKCI is a partnership firm promoted by the
Vasjaliya and Varsani families. The firm has started its
commercial operations from November 2014.

For 2014-15 (refers to financial year, April 1 to March 31), SHKCI
on provisional basis reported a book profit of INR0.23 million on
sales of INR429.1 million.


SHRI SAI: CRISIL Assigns B+ Rating to INR50MM Cash Loan
-------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Shri Sai Hasti Agro (SSHA).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Term Loan              9.3      CRISIL B+/Stable
   Cash Credit           50        CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility     3.7      CRISIL B+/Stable

The rating reflects SSHA's modest scale and working capital-
intensive operations in the fragmented rice milling industry and
below-average financial risk profile because of leveraged capital
structure and subdued debt protection metrics. These weaknesses
are partially offset by extensive experience of the firm's
proprietor and established relations with customers and suppliers.
Outlook: Stable

CRISIL believes SSHA will continue to benefit over the medium term
from proprietor's extensive industry experience and established
relationship with suppliers and customers. The outlook may be
revised to 'Positive' if revenue and profitability increase,
leading to better accrual, financial risk profile, and capital
structure. Conversely, the outlook may be revised to 'Negative' if
the firm undertakes any large, debt-funded expansions, or if
revenue and profitability decline substantially, or working
capital cycle stretches, leading to deterioration in financial
risk profile.

Set up in 2007 by Mr. Pragneshkumar R Naik, SSHA mills rice at its
facility in Navsari, Gujarat.

In 2014-15 (refers to financial year, April 1 to March 31), net
profit was INR1.7 million on net sales of INR307.3 million,
against net profit of INR1 million on net sales of INR196.8
million in 2013-14.


SHRIMATI URMILA: CRISIL Assigns 'C' Rating to INR10MM LT Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL C/CRISIL A4' ratings to the bank
facilities of Shrimati Urmila Devi Mehgaiya Paropkari Trust
(SUDMPT).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee          50      CRISIL A4

   Proposed Long Term
   Bank Loan Facility      10      CRISIL C

The rating reflects SUDMPT's risks related to timely commencement
of operations owing to pending approvals, and its weak financial
risk profile in the absence of any commercial operations. These
weaknesses are partially offset by funding support from the
trustees.

SUDMPT, formed in 2003, were managing a veterinary college,
Mahatma Gandhi Veterinary College, in Bharatpur (Rajasthan). Mr. B
D Gupta is president of the college. However, the operations are
suspended as the college has been derecognized in 2011. The trust
is in the process of obtaining fresh recognition.


SRE DHANALAKSHMI: CRISIL Suspends B+ Rating on INR50MM Loan
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Sre
Dhanalakshmi Spinning Mills (SDSM).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Letter of Credit      10        CRISIL A4
   Long Term Loan         6.5      CRISIL B+/Stable
   Open Cash Credit      50        CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility    33.5      CRISIL B+/Stable

The suspension of rating is on account of non-cooperation by SDSM
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SDSM is yet to
provide adequate information to enable CRISIL to assess SDSM'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 1998 as a proprietorship concern by Ms. K V
Dhanalakshmi, SDSM manufactures cotton yarn.


SREEVALSAM EDUCATIONAL: CRISIL Suspends B Rating on INR470MM Loan
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Sreevalsam Educational Trust (SET).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee          95      CRISIL A4
   Proposed Working
   Capital Facility        35      CRISIL B/Stable
   Term Loan              470      CRISIL B/Stable

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

SET, based in Thrissur (Kerala), was set up in 2010 and is setting
up a medical college, Sreevalsam Institute of Medical Sciences, in
Edappal. The institute will offer a five-year undergraduate course
in medicine. The institute is likely to commence operations in
August 2014.


SRI BALAMURUGAN: CRISIL Suspends 'B' Rating on INR70MM LT Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Sri Balamurugan Modern Rice Mill (SBMRM).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit             60      CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility      70      CRISIL B/Stable
   Short Term Loan         20      CRISIL A4

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

Set up in 1991, SBMRM is engaged in milling and processing of
paddy into rice. The firm is promoted by Mr. Mani and his family
members.


SRI PRASANNA: CRISIL Lowers Rating on INR180MM Loan to B+
---------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
Sri Prasanna Anjaneya Raw & Boiled Rice Mill (SPAR) to 'CRISIL
B+/Stable' from 'CRISIL BB-/Stable'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            180      CRISIL B+/Stable (Downgraded
                                   from 'CRISIL BB-/Stable')

The rating downgrade reflects deterioration in SPAR's capital
structure, with its depressed cash accrual and large incremental
working capital requirements, resulting in significant reliance on
debt. CRISIL believes the firm will need fresh capital from the
promoters, or will have to register sustained improvement in its
working capital cycle, to alleviate the pressure on its balance
sheet.

The cash accrual is expected to remain depressed at INR4 million
in 2015-16 (refers to financial year, April 1 to March 31) and
will be sufficient to meet less than 20 percent of incremental
working capital requirements. This has resulted in a significant
increase in the firm's reliance on debt and deterioration in its
capital structure'gearing is expected to increase to 4.2 times as
on March 31, 2016, from 3.6 times as on March 31, 2015.

The rating also reflects SPAR's below-average financial risk
profile because of small networth, high gearing, and weak debt
protection metrics. The rating is also constrained by exposure to
intense competition in the rice-milling industry resulting in low
profitability margins, the susceptibility of profitability margins
to volatility in paddy prices, and the vulnerability of operations
to regulatory changes. The firm, however, benefits from the
promoters' extensive experience in the rice-milling business.

Outlook: Stable

CRISIL believes SPAR will continue to benefit over the medium term
from its partners' extensive industry experience. The outlook may
be revised to 'Positive' if there is sustained improvement in the
working capital cycle, or if there is improvement in the capital
structure owing to sizeable capital infusion by the partners.
Conversely, the outlook may be revised to 'Negative' in case of a
steep decline in profitability margins, or significant
deterioration in the capital structure caused most likely by a
large, debt-funded capital expenditure or a stretch in the working
capital cycle.

SPAR was set up in 1991 as a partnership firm by Mr. K Hanumantha
Rao and his family members. The firm mills and processes paddy
into rice; it also generates by-products, such as broken rice,
bran, and husk. Its rice mill is located in Nellore district of
Andhra Pradesh.


SRI VEDHAA: CRISIL Assigns 'D' Rating to INR75MM LT Loan
--------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the bank facilities
of Sri Vedhaa Creations Pvt Ltd (VCPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Long Term Loan          75      CRISIL D

The rating reflects instances of delay by VCPL in meeting its debt
obligation; the delays were on account of weak liquidity.

VCPL is exposed to implementation and offtake risks associated
with its ongoing residential project. However, the company
benefits from the extensive experience of promoter in real estate
development.

Incorporated in 2003 by Mr. G Ravichandran, VCPL undertakes real
estate development in Tamil Nadu.

Prior to 2003, Mr. Ravichandran developed plots in and around
Puducherry under a proprietorship concern, the business of which
was taken over by VCPL during 2003.


STEELFUR SYSTEM: Ind-Ra Assigns 'IND BB-' Long-Term Issuer Rating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Steelfur System
Private Limited a Long-Term Issuer Rating of 'IND BB-'.  The
Outlook is Stable.

KEY RATING DRIVERS

The ratings reflect Steelfur's small scale of operations and
moderate credit metrics.  In FY15, revenue was INR95.9 mil.
(FY14:58.7 mil.), net leverage (Ind-Ra adjusted net debt/Operating
EBITDAR) was 5.3x (7.6x) and EBITDA interest coverage was 1.9x
1.4x).  High working capital requirements leading to a tight
liquidity position also constrain the ratings.  The company's peak
use of the working capital facilities was around 98% during the 12
months ended November 2015.

The ratings also consider the vulnerability of Steelfur's EBITDA
margins to raw material price volatility.  However, the margins
had been improving during FY11-FY14 before showing slight
deterioration year-on-year in FY15 (12.6%; FY14: 13.5%).

The ratings are supported by the around three decades of
experience of the company's founders and its diversified customer
base as it caters to varied industries.

RATING SENSITIVITIES

Positive: Substantial revenue growth and an improvement in the
profitability leading to a sustained improvement in the credit
metrics will lead to a positive rating action.

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

COMPANY PROFILE

Established in 2007, Steelfur mainly provides storage solutions
such as racks and cabinets for super markets and various
industries.  The company is ISO 9000-2000 and TQM certified and it
has two manufacturing units in Vadodara.

Steelfur's ratings:

   -- Long-Term Issuer Rating: assigned 'IND BB-'; Outlook Stable
   -- INR28.5 mil. of fund-based working capital limit: assigned
      Long-term 'IND BB-'/Stable and Short term 'IND A4+'
   -- INR18.6 mil. of term loan limit: assigned Long-term
      'IND BB-'/Stable
   -- INR5.0 mil. of non-fund-based working capital limit:
      assigned Short-term 'IND A4+'
   -- Proposed INR1.5 mil. fund-based working capital limit:
      assigned Long-term 'Provisional IND BB-'/Stable and Short-
      term 'Provisional IND A4+'
   -- Proposed INR5.0 mil. non-fund-based working capital limit:
      assigned Short-term 'Provisional IND A4+'


STS UTILITY: CRISIL Assigns 'B' Rating to INR30MM Cash Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of STS Utility Services (STUTSE).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Term Loan             17.7      CRISIL B/Stable

   Proposed Long Term
   Bank Loan Facility     0.1      CRISIL B/Stable

   Bank Guarantee        30.0      CRISIL A4

   Cash Credit           30.0      CRISIL B/Stable

The ratings reflect STUTSE's small scale of operations in the
fragmented industry, working capital-intensive operations and
below-average financial risk profile because of moderate gearing.
These weaknesses are mitigated by proprietor's extensive
experience in the transformers industry.
Outlook: Stable

CRISIL believes STUTSE will benefit from the longstanding
experience of its proprietor in the transformers industry. The
outlook may be revised to 'Positive' if significant ramp up in
scale of operations and sustainability of operating profitability
is reported along with improved working capital management.
Conversely, the outlook may be revised to 'Negative' if financial
risk profile weakens owing to decline in revenue and
profitability, larger-than-expected, debt-funded capital
expenditure, or if liquidity degrades significantly due to
increased working capital requirement.

STUTSE was set up in 2007 as a proprietorship firm by Mr. Suraj
Gupta. The firm manufactures distribution transformers of 10-400
kilovolt amps. Its manufacturing facility is in Greater Noida.


SUKEE ENTERPRISES: CRISIL Suspends B+ Rating on INR65MM LT Loan
---------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Sukee
Enterprises (SE).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            30       CRISIL B+/Stable
   Long Term Loan         65       CRISIL B+/Stable

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

Set up in 1968 as a proprietorship firm, SE manufactures
corrugated paper boxes using kraft paper. The firm also undertakes
offset printing. It is based in Bengaluru (Karnataka) and is
promoted by Mr. V S Sukananda.


SYNERGY AGRI: Ind-Ra Assigns 'IND D' Long-Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Synergy Agri
Products Private Limited (SAPPL) a Long-Term Issuer Rating of 'IND
D'.

KEY RATING DRIVERS

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

RATING SENSITIVITIES

Timely debt servicing for three consecutive months could result in
a positive rating action.

COMPANY PROFILE

SAPPL, situated in Bargoria village, Durgapur, West Bengal,
started its operations in 2006.  The company is engaged in plant
tissue culture.  It is managed by Francis Antony and Ritu Francis.

SAPPL's ratings:

   -- Long-Term Issuer Rating: assigned 'IND D'
   -- INR 17.74 mil. term loan 1: assigned Long-term 'IND D'
   -- INR 20 mil. term loan 2: assigned Long-term 'IND D'
   -- INR 16.28 mil. term loan 3: assigned Long-term 'IND D'
   -- INR 8.41 mil. term loan 4: assigned Long-term 'IND D'
   -- INR 16.36 mil. term loan 5: assigned Long-term 'IND D'
   -- INR 22.5 mil. fund-based limit: assigned Long-term 'IND D'


TRILOK CHAND: CRISIL Suspends D Rating on INR75MM Bank Loan
-----------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Trilok
Chand Gupta and Co. (TCG).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         75       CRISIL D
   Cash Credit            40       CRISIL D

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

TCG was set up as a partnership firm in 1987 by Mr. Trilok Chand
Gupta and his family members in Haridwar (Uttarakhand). It is a
Class-A contractor that executes road construction projects. Mr.
Sudhir Kumar Gupta (son of Mr. Trilok Chand Gupta) was inducted
into the firm as a partner in 2006-07 (refers to financial year,
April 1 to March 31). TCG is currently managed by Mr. Sudhir Kumar
Gupta.


V. I. SHETTY: CRISIL Assigns 'B' Rating to INR40.5MM LT Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of V. I. Shetty and Company (VISC).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Proposed Long Term
   Bank Loan Facility    40.5      CRISIL B/Stable
   Bank Guarantee        30        CRISIL A4
   Cash Credit           19.5      CRISIL B/Stable

The ratings reflect VISC's moderate financial risk profile, marked
by a modest net worth and modest scale of operations and exposure
to intense competition in the civil construction industry. These
rating weaknesses are partially offset by the extensive experience
of VSIC's promoter in the civil construction industry.

Outlook: Stable

CRISIL believes VISC will continue to benefit over the medium term
from its promoters' extensive industry experience. The outlook may
be revised to 'Positive' if the firm scales up its operations
significantly while improving profitability, leading to
substantial cash accrual and a better financial risk profile.
Conversely, the outlook may be revised to 'Negative' if VISC's
scale of operations declines considerably or if there is a stretch
in the working capital cycle, resulting in weak liquidity.

VISC was established in 1983 by Mr. Venka. I Shetty as and is
engaged in civil construction works in Karnataka, Uttar Pradesh
and Maharashtra. The firm is based out of Karnataka.


VAZHRAA NIRMAAN: CRISIL Assigns B+ Rating to INR200MM LT Loan
-------------------------------------------------------------
CRISIL has assigned its ' CRISIL B+/Stable' rating to the bank
facility of Vazhraa Nirmaan Private Limited (VNPL)

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Long Term Loan         200      CRISIL B+/Stable

The rating reflect VNPL's susceptibility to risks related to the
completion and saleability of its ongoing real estate residential
projects in Hyderabad (Telangana), and to cyclicality in the real
estate industry. These weaknesses are partially offset by the
established regional presence of VNPL's promoters, backed by their
extensive experience in the residential real estate development
segment.
Outlook: Stable

CRISIL believes that VNPL will benefit over the medium term from
its promoters' extensive experience in the residential real estate
development segment. The outlook may be revised to 'Positive' if
VNPL completes its projects earlier than expected or in case of
more-than-expected sales realizations from on-going projects,
leading to substantial cash flows. Conversely, the outlook may be
revised to 'Negative' if there are any delays in project
completion, in the receipt of advances from customers, or if VNPL
undertakes a large, debt-funded project.

Established in 2006, as a partnership firm and later reconstituted
in 2007 as a private limited company, Vazhraa Nirmaan Pvt ltd
(VNPL) is engaged in real estate development. The company is
currently undertaking one residential project in Nizampet,
Hyderabad on joint development basis. The company is promoted by
Sri M Srinivasa Rao and Sri M Umamaheshwara Rao.


VIZAG COMPANYS: CRISIL Cuts Rating on INR150MM Cash Loan to D
-------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Vizag Companys Steel (VCS) to 'CRISIL D' from 'CRISIL BB-
/Stable'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            150      CRISIL D (Downgraded from
                                   'CRISIL BB-/Stable')

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

The rating downgrade reflects VCS' overdrawn cash credit facility
for more than 30 days. The overdrawal is on account of the
weakening in the firm's liquidity on account of a stretch in its
working capital cycle.

VCS has a below-average financial risk profile marked by small
networth, moderate total outside liabilities to tangible networth
ratio, and average debt protection metrics. The company is also
exposed to intense competition in the steel trading business
resulting in low profitability margin. The firm, however, benefits
from its partners' extensive experience in the steel trading
industry.

VCS was set up in 2002 as a partnership firm by Mr. Ashok
Chaudhary and Mr. Yashwant. The firm trades in thermo-mechanically
treated bars and billets. It is based in Visakhapatnam, Andhra
Pradesh.


YAMUNA BIO: CRISIL Lowers Rating on INR42.5MM Loan to B+
--------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Yamuna Bio Energy Private Limited (YBEPL) to 'CRISIL B+/Stable'
from 'CRISIL BB-/Stable'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            42.5     CRISIL B+/Stable (Downgraded
                                   from 'CRISIL BB-/Stable')

   Proposed Long Term     32.5     CRISIL B+/Stable (Downgraded
   Bank Loan Facility              from 'CRISIL BB-/Stable')

   Term Loan              25.0     CRISIL B+/Stable (Downgraded
                                   from 'CRISIL BB-/Stable')

The downgrade reflects deterioration in the company's financial
risk profile marked by deterioration in liquidity and gearing. The
bank line utilisation has been at 102 per cent with intermittent
overdrawings for the 12 months through November 2015 on account of
working capital-intensive operations. Led by high bank line
utilisation the gearing declined from 1.78 times as on March 31,
2014 to 3.47 times as on March 31, 2015. Cash accrual for 2014-15
(refers to financial year, April 1 to March 31) was at INR5.3
million against debt repayments of INR5.0 million. With moderate
accretion to reserve, CRISIL expects cash accrual to remain in
range of INR13-18 million as against repayment obligations of INR5
million over the medium term.

The rating continues to reflect the extensive experience of
promoters in the biodiesel industry and its above-average debt
protection metrics. These rating strengths are partially offset by
YBEPL's modest scale of operations in a niche product segment, and
working capital-intensive operations.
Outlook: Stable

CRISIL believes YBEPL will benefit over the medium term from the
industry experience of its promoters, and healthy relationships
with customers and suppliers. The outlook may be revised to
'Positive' in case of significant improvement in scale of
operations and prudent working capital management leading to large
cash accrual. Conversely, the outlook may be revised to 'Negative'
in case the financial risk profile weakens because of a large
debt-funded capital expenditure, or decline in revenue and
profitability.

Set up initially as a proprietorship, Yamuna Industries was
reconstituted as a private limited company with the current name
in 2014. It is promoted by the Vadodara (Gujarat)-based Mr.
Gaurang Shah and others. The company manufactures bio-diesel.

For 2014-15, YBEPL had profit after tax of INR3.9 million on net
sales of INR213.4 million, against profit after tax of INR6.7
million on net sales of INR194.4 million for 2013-14.



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


TOSHIBA CORP: Fujifilm to Bid for Firm's Medical Equipment Unit
---------------------------------------------------------------
The Japan Times reports that Fujifilm Holdings Corp. plans to
participate in the upcoming bidding for Toshiba Corp.'s fully
owned medical equipment unit.

According to The Japan Times, informed sources said Fujifilm
expects synergies from its acquisition of Toshiba Medical Systems
Corp. because its medical equipment operations do not overlap much
with those of the Toshiba unit.

Hitachi Ltd., Canon Inc. and Sony Corp. also appear to be
interested in acquiring Toshiba Medical Systems, the report says.

The Japan Times relates that Toshiba Medical Systems, based in
Otawara, Tochigi Prefecture, has strength in diagnostic imaging
systems, including computed tomography and magnetic resonance
imaging scanners.

In the business year to March 2015, Toshiba Medical Systems logged
sales of JPY405.6 billion ($3.46 billion) and an operating profit
of JPY26 billion ($220 million), the report discloses.

Fujifilm, which has been diversifying its operations, is promoting
medical equipment as one of its core areas. But it currently does
not make CT or MRI scanners, according to the report.

The Japan Times notes that Toshiba plans to sell 50 percent or
more of its stake in the unit as part of efforts to improve its
financial health, which is bound to deteriorate due to business
restructuring.

The company is likely to hold a first round of bidding within this
month, the report states. Toshiba hopes to pick a buyer by the end
of March, after a second round of bidding, the sources, as cited
by The Japan Times, said.

The sources said Toshiba expects to gain some JPY500 billion if it
sells 80% of Toshiba Medical Systems, the report adds.

                      About Toshiba Corp.

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

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

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

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

On Dec. 28, 2015, Moody's Japan K.K. has downgraded Toshiba
Corporation's long-term senior unsecured bond ratings to Ba2 from
Baa3.  Moody's has also downgraded Toshiba's subordinated debt
rating to B1 from Ba2, and short-term rating to Not Prime from
Prime-3.  At the same time, Moody's has downgraded Toshiba's Baa3
issuer rating to a corporate family rating (CFR) of Ba2, and has
therefore withdrawn the issuer rating.  In addition, Moody's has
placed Toshiba's Ba2 CFR and long-term senior unsecured bond
ratings, as well as its B1 subordinated debt rating under review
for downgrade.

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



===============
M O N G O L I A
===============


MONGOLIA: Fitch Assigns B Rating to Forthcoming US$ Bonds
---------------------------------------------------------
Fitch Ratings has assigned Mongolia's forthcoming US dollar-
denominated bonds, issued under the Government of Mongolia's
global medium-term note programme, an expected rating of 'B(EXP)'.

KEY RATING DRIVERS

The expected rating is in line with Mongolia's Long-Term Foreign-
Currency Issuer Default Rating (IDR) of 'B' with Stable Outlook.

RATING SENSITIVITIES

The rating would be sensitive to any changes in Mongolia's Long-
Term Foreign-Currency IDR.

On Nov. 24, 2015, Fitch downgraded Mongolia's Long-Term Foreign-
Currency IDR to 'B' with a Stable Outlook.  The Long-Term Local-
Currency IDR is also 'B'.


MONGOLIA: Moody's Affirms B2 Gov't. Bond Rating; Outlook Neg.
-------------------------------------------------------------
Moody's Investors Service affirmed Mongolia's government bond
rating at B2. The outlook on the rating remains negative.
Concurrently, Moody's has affirmed the government's B2 issuer
rating, its senior unsecured MTN rating at (P)B2 and the short-
term Not Prime issuer rating.

The affirmation of the rating signifies Moody's view that
Mongolia's credit profile will remain in line with B2 peers over
the medium term, with current credit-negative trends dissipating
over the coming one to two years. Key credit supports include
strong potential growth and abundant mineral resource wealth.

The decision to maintain a negative outlook reflects Moody's view
that while some of the credit pressures that drove our assignment
of the outlook in July 2014 have diminished, others have emerged.
The external environment has worsened, particularly in relation to
Mongolia's major commodities exports. Until such time as a ramp-up
in production and exports from large mining projects occurs, risks
stemming from the country's external position will remain
elevated. At the same time, the government's debt burden has not
fallen and fiscal space is limited.

Mongolia's long-term local currency bond and bank deposit ceilings
are unchanged at Ba3. The long-term foreign currency bond and bank
deposit ceilings are unchanged at B1 and B3, respectively. The
foreign currency short-term bond and bank deposit ceilings are
unchanged at Not Prime. These ceilings act as a cap on ratings
that can be assigned to the foreign and local currency obligations
of entities domiciled in the country.

RATINGS RATIONALE

RATIONALE FOR AFFIRMING THE B2 GOVERNMENT BOND RATING

Moody's decision to affirm Mongolia's rating reflects the rating
agency's view that growth and inward investment flows will, over
time, reduce the domestic and external pressures that the country
currently faces, and support its credit profile at a level
commensurate with a B2 rating.

Moody's downgrade of Mongolia's government bond rating to B2 from
B1 in July 2014 took into account a worsening external liquidity
position and the government's expansionary policy stance. The
decision to maintain a negative outlook at that time highlighted
the risk of an additional decline in foreign exchange reserves,
continued rapid credit growth and the potential for further
deterioration in debt metrics.

Some of the pressures we identified have since abated. The
external liquidity position, including the current account balance
and the level of reserves, deteriorated initially but has now
stabilized. The central bank has tightened monetary policy. Credit
growth has cooled. And the government has taken steps -- albeit
haltingly -- to arrest the deterioration in debt metrics.

At the same time, the external environment has worsened. The
combination of falling commodities prices and lower growth in
China (Aa3 stable) has undermined export revenues and related
investment flows that drive output in Mongolia. Accordingly, we
expect growth to decline to 2.5% in 2015, from 11.6% in 2013. The
government has struggled to cope with the impact of the shock.
Moody's estimates that the fiscal deficit remains high, at around
6.6% as of the end of 2015. General government debt levels have
climbed further, to just under 50% of GDP in late 2015 (excluding
public sector liabilities outside the general government ring
fence), and Moody's does not expect them to peak until 2017, at
close to 60%. Economy-wide external debt has continued to rise.
Moody's projects it to hit 181.8% of GDP in 2015 and closer to
190% in 2016. Mongolia's External Vulnerability Indicator, which
measures the adequacy of foreign reserves relative to short-term
and maturing long-term external debt, should peak at over 300% in
2017.

However, beyond that horizon, there is a strong prospect of growth
and inward investment flows resuming to adequate levels to address
these vulnerabilities. The key driver for the affirmation of the
B2 rating is our expectation of an improvement in the outlook for
growth over the medium-term, led by foreign direct investment in
large mining projects - in particular the development of the
second phase of the Oyu Tolgoi copper and gold mine over the next
seven years. Although the external liquidity position will remain
strained for some time, future export and investment revenue
streams from the projects should result in credit risks moderating
towards the end of this decade.

A resumption in growth would support the authorities' efforts to
rein in rising domestic and external debt. The government's
medium-term fiscal framework sets out a programme for reducing
first primary deficits, and subsequently fiscal deficits, towards
the end of the decade. While the framework rests on a number of
optimistic assumptions, our view is that growth should keep
Mongolia's economic and debt metrics consistent with a B2 rating.
Over time, despite the persistence of credit-negative pressures in
recent years, most of Mongolia's key credit metrics, including
growth, the fiscal balance and the debt burden, should converge
with those of similarly-rated sovereigns over the rating horizon,
if mining projects materialize as Moody's anticipates.

RATIONALE FOR THE NEGATIVE OUTLOOK

The negative outlook illustrates our view that credit risks will
remain biased to the downside over the next 12 to 18 months.
Future growth continues to rest on inward investment flows that
have yet to materialize, and on mining projects that have still to
come to fruition. External vulnerability risks, arising
particularly from Mongolia's exposure to lower commodity prices
and to slowing growth in China, are likely to remain elevated.
Foreign reserves, although stable, are low relative to maturing
long-term debt and short-term external debt, and rely heavily on
the Bank of Mongolia's near-complete draw-down on a swap line with
China. Such vulnerabilities could turn more acute as long-term
debt repayments, scheduled for 2017, 2018 and 2022, approach.

Although the authorities have reversed many fiscal and monetary
policy stimulus measures undertaken in 2012 and 2013 that resulted
in credit deterioration, Moody's projects budgetary imbalances to
widen over the next year due to shortfalls in mining revenues, and
the debt burden to increase.

WHAT COULD CHANGE THE RATING - UP

There is very little prospect of upward pressure on Mongolia's
rating emerging over our forecast horizon. A prior condition of
any such pressure would be steps to address Mongolia's structural
weaknesses including weak institutions and extremely volatile
growth, which in turn reflects very high reliance on commodities.
We would expect any such action to be accompanied by positive
credit indicators such as: (1) a replenishment of official foreign
exchange reserves and reduction in external funding vulnerability;
(2) predictability in mineral resource development that bolsters
fiscal, external payments and economic prospects; and (3) a
strengthening of government finances.

WHAT COULD CHANGE THE RATING - DOWN

The current rating level assumes a strong and reasonably imminent
resumption in growth, and that the government then proves able to
reap the fiscal benefits that that brings. Should either
expectation prove unfounded, we would likely downgrade the rating.
Other more immediate factors that could trigger a downward
movement in the rating include: (1) a continued rise in external
debt relative to official international reserves; (2) a sharp
increase in credit or in inflationary pressures; (3) an increase
in government debt; (4) a significant decline in foreign direct
investment that places additional strain on the balance of
payments.

GDP per capita (PPP basis, US$): 11,919 (2014 Actual) (also known
as Per Capita Income)

Real GDP growth (% change): 7.8% (2014 Actual) (also known as GDP
Growth)

Inflation Rate (CPI, % change Dec/Dec): 11.0% (2014 Actual)

Gen. Gov. Financial Balance/GDP: -3.8% (2014 Actual) (also known
as Fiscal Balance)

Current Account Balance/GDP: -11.7% (2014 Actual) (also known as
External Balance)

External debt/GDP: 173.9% (2014 Actual)

Level of economic development: Low level of economic resilience

Default history: At least one default event (on bonds and/or
loans) has been recorded since 1983.

On 12 January 2016, a rating committee was called to discuss the
rating of the Mongolia, Government of. The main points raised
during the discussion were: The issuer's economic fundamentals,
including its economic strength, have materially increased. The
issuer's fiscal or financial strength, including its debt profile,
has materially decreased. The issuer has become increasingly
susceptible to event risks.


MONGOLIA: Moody's Rates Notes Issued Under MTN Program at (P)B2
---------------------------------------------------------------
Moody's Investors Service has assigned a provisional long-term
rating of (P)B2 applicable to the forthcoming drawdown under the
US$5,000,000,000 Global Medium Term Note Program of the Government
of Mongolia, in line with the Government of Mongolia's B2 issuer
rating. The outlook on the Government of Mongolia's B2 issuer
rating is negative.

The rating is subject to receipt of final documentation, the terms
and conditions of which are not expected to change in any material
way from the draft documents reviewed by Moody's.

RATINGS RATIONALE

Mongolia's B2 government bond rating is supported by the country's
strong economic potential, driven in large part by its abundant
natural resource wealth. However, slowing growth due to falling
commodity prices, coupled with sizeable fiscal deficits and a thin
foreign reserve cover, has weighed on credit quality. Based on
Moody's Sovereign Bond Methodology, the three-notch ratings range
for Mongolia is B2-Caa1.

The high dependency of the economy on mining and agriculture
leaves the growth path vulnerable to mineral price volatility and
occasional extremely severe winters. The development of the Oyu
Tolgoi copper and gold deposits, and other large mineral deposits,
such as high-grade coking coal in Tavan Tolgoi, will be
transformational for the Mongolian economy. Growth and inward
investment flows will, over time, curb the domestic and external
pressures that Mongolia currently faces, and support its credit
profile at a level commensurate with a B2 rating.

Moody's downgrade of Mongolia's government bond rating to B2 from
B1 in July 2014 took into account a worsening external liquidity
position and the government's expansionary policy stance. The
decision to maintain a negative outlook at that time highlighted
the risk of an additional decline in foreign exchange reserves,
continued rapid credit growth and the potential for further
deterioration in debt metrics.

Although some of the pressures we identified in 2014 have since
abated, in January 2016 we affirmed the B2 rating and maintained a
negative outlook. The external liquidity position, including the
current account balance and the level of reserves, deteriorated
initially but has now stabilized. The central bank has tightened
monetary policy. Credit growth has cooled. And the government has
taken steps -- albeit haltingly -- to arrest the deterioration in
debt metrics.

At the same time, the external environment has worsened. The
combination of falling commodities prices and lower growth in
China (Aa3 stable) has undermined export revenues and related
investment flows that drive output in Mongolia. Accordingly, we
expect growth to decline to 2.5% in 2015, from 11.6% in 2013. The
government has struggled to cope with the impact of the shock.
Moody's estimates that the fiscal deficit remains high, at around
6.6% as of the end of 2015. General government debt levels have
climbed further, and Moody's does not expect them to peak until
2017, at close to 60%. Economy-wide external debt has continued to
rise. Moody's projects it to hit 181.8% of GDP in 2015 and closer
to 190% in 2016. Mongolia's score on our External Vulnerability
Indicator, which measures the adequacy of foreign reserves
relative to short-term and maturing long-term external debt,
should peak at over 300% in 2017.

However, beyond that horizon, there is a strong prospect of growth
and inward investment flows resuming to adequate levels to address
these vulnerabilities. The key driver for the affirmation of the
B2 rating is our expectation of an improvement in the outlook for
growth over the medium term, led by foreign direct investment in
large mining projects -- in particular the development of the
second phase of the Oyu Tolgoi copper and gold mine over the next
seven years. Although Mongolia's external liquidity position will
remain strained for some time, future export and investment
revenue streams from the projects should result in credit risks
moderating towards the end of this decade.

A resumption in growth would support the authorities' efforts to
rein in rising domestic and external debt. The government's
medium-term fiscal framework sets out a programme for reducing
first primary deficits, and subsequently fiscal deficits towards
the end of the decade. While the framework rests on a number of
optimistic assumptions, our view is that growth should keep
Mongolia's economic and debt metrics consistent with a B2 rating.
Despite the persistence of credit-negative pressures in recent
years, most of Mongolia's key credit metrics, including growth,
the fiscal balance and the debt burden, should converge with those
of similarly rated sovereigns over the rating horizon, if mining
projects materialize as Moody's anticipates.

RATING OUTLOOK

The negative outlook illustrates our view that credit risks will
remain biased to the downside over the next 12 to 18 months.
Future growth continues to rest on inward investment flows that
have yet to materialize, and on mining projects that have still to
come to fruition. External vulnerability risks, arising
particularly from Mongolia's exposure to lower commodity prices
and to slowing growth in China, are likely to remain elevated.
Foreign reserves, although stable, are low relative to maturing
long-term debt and short-term external debt, and rely heavily on
the Bank of Mongolia's near-complete draw-down on a swap line with
China. Such vulnerabilities could turn more acute as long-term
debt repayments, scheduled for 2017, 2018 and 2022, approach.

Although the authorities have reversed many fiscal and monetary
policy stimulus measures from 2012 and 2013 that resulted in
credit deterioration, Moody's projects budgetary imbalances to
widen over the next year, due to shortfalls in mining revenues,
and the debt burden to increase.

WHAT COULD CHANGE THE RATING -- UP

There is very little prospect of upward pressure on Mongolia's
rating emerging over our forecast horizon. A prior condition of
any such pressure would be steps to address Mongolia's structural
weaknesses including weak institutions and extremely volatile
growth, which in turn reflects very high reliance on commodities.
We would expect any such action to be accompanied by positive
credit indicators such as: (1) a replenishment of official foreign
exchange reserves and reduction in external funding vulnerability;
(2) predictability in mineral resource development that bolsters
fiscal, external payments and economic prospects; (3) a
strengthening of government finances.

WHAT COULD CHANGE THE RATING - DOWN

The current rating level assumes a strong and reasonably imminent
resumption in growth, and that the government then proves able to
reap the fiscal benefits that brings. Should either expectation
prove unfounded, we would likely downgrade the rating. Other more
immediate factors that could trigger a downward movement in the
rating include: (1) a continued rise in external debt relative to
official international reserves; (2) a sharp increase in credit or
in inflationary pressures; (3) an increase in government debt; (4)
a significant decline in foreign direct investment that places
additional strain on the balance of payments.


MONGOLIA: S&P Rates Notes Issued Under US$5BB MTN Program 'B'
-------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' long-term
issue rating to notes that Mongolia (B/Stable/B) has issued under
its US$5 billion global medium-term note program.

The notes will constitute the direct, unconditional,
unsubordinated, and unsecured obligations of Mongolia.

The ratings and stable outlook on Mongolia balance the country's
low-income resource-driven economy, weak policy environment and
fiscal performance, high external risk, and limited monetary
flexibility with the prospect that large mining projects could
quickly reverse Mongolia's sovereign credit profile during the
next 12 months.

Upward pressure could build on the rating if the development of
the Oyu Tolgio and Tavan Tolgio mines accelerates economic growth
and improves fiscal and external performance beyond S&P's current
expectations.  Downward pressure could emerge on the ratings if
Mongolia's external liquidity weakens markedly.



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


DICK SMITH: NZ Staff Join Creditors' Queue; Owed NZ$353,000
-----------------------------------------------------------
Tao Lin and Richard Meadows at Stuff.co.nz report that almost 200
Dick Smith New Zealand staff are owed NZ$353,000 by the company
and it is uncertain whether they will get their money.

Dick Smith's administrators McGrathNicol held the first
New Zealand creditors meeting in Auckland on Jan. 15, where they
revealed the amount owed by Dick Smith NZ to staff, Stuff.co.nz
relates.

They also revealed two secured creditors were owed an estimated
NZ$135 million, and a further 49 trade creditors over
NZ$11 million, the report says.

According to the report, the administrator said the number of
affected customers owed money and landlords of Dick Smith New
Zealand shops were not yet known.

Information provided by the Ministry of Business, Innovation and
Employment, says employees' wages and holiday pay claims have
priority over unsecured creditors when a business is placed in
receivership, says Stuff.co.nz.

Workers are owed any salary, wages and holiday pay owing up until
the date of receivership, the report notes.

According to Stuff.co.nz, Duncan Cotterill partner Dale Nicholson
said the bulk of the money owed to employees was likely to
represent current wages and salaries.

Staff would probably be paid as usual while the receivers
continued to trade while finding a buyer for the business,
Ms. Nicholson, as cited by Stuff.co.nz, said.

Employees that continue on their existing contracts would retain
their rights and entitlements under those contracts, she said.

About 60 creditors attended the creditors meeting at the Pullman
Hotel, the report relays.

Stuff.co.nz says McGrathNicol told creditors that they may apply
for an application to extend their administration.

In Australia, the company has applied to delay the crucial second
creditors meeting for six months to properly assess complex sale
transactions, Stuff.co.nz relates.

Stuff.co.nz adds that McGrathNicol also successfully defended an
attempt to replace them, after creditors voted on a motion to
replace McGrathNicol with Waterstone Insolvency's Damien Grant and
Steven Khov.

Stuff.co.nz relates that Mr. Grant said there was a possibility
banks had alerted the Dick Smith board before they pulled their
support from the struggling electornics retailer.  If that had
occurred, a claim could be investigated.

                         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.



=============
V I E T N A M
=============


SAIGON THUONG: Moody's Maintains Review on B3 LT Issuer Ratings
---------------------------------------------------------------
Moody's Investors Service maintains its review with direction
uncertain on the ratings of Saigon Thuong Tin Commercial Joint-
Stock Bank (Sacombank), including the bank's long-term deposit and
long term issuer ratings of B3, the standalone baseline credit
assessment (BCA) and adjusted BCA of caa1, and counterparty risk
assessment of B2(cr).

The ratings and assessments of Vietnam-based Sacombank are on
review since 9 October 2015, following the announcement by
Sacombank that it had completed the merger with Phuong Nam
Commercial Joint Stock Bank (Southern Bank; not rated).

The review on Sacombank is continuing until the publication of its
annual consolidated financial report for 2015 that would include
the operations of Southern Bank. As a result, Moody's at this
stage is unable to assess the impact of the merger on Sacombank's
key financial fundamentals and risk profile.

Moody's expects to conclude the review in the first quarter of
2016 following the publication and analysis of Sacombank's
consolidated financial report for 2015.

RATINGS RATIONALE

The review with direction uncertain is driven by the uncertainty
of the impact of the merger on Sacombank's key financial
fundamentals and risk profile. Following consolidation of Southern
Bank, Sacombank increased its asset base by around 40%, which
might lead to changes in its standalone risk profile.

Recent financial reports of Southern Bank are not publicly
available, hence it is impossible to assess at this stage the
financial standing of that bank, and the impact of the merger on
Sacombank. Moody's understands that the asset quality of Southern
Bank is somewhat weaker than that of Sacombank, which could
potentially lead to a higher problem loans ratio for the enlarged
Sacombank.

The merger could also be negative for the capital buffer and
profitability of Sacombank. According to Sacombank, the group's
post-merger equity to assets ratio will amount to 7.8% at the end
of 2015, which represents a decrease from 9% for Sacombank as of
June 2015. The bank also estimates that post-merger profit before
tax as a share of assets and equity might decrease to 0.3% and
4.4%, respectively, from 1.2% and 12% for Sacombank in 2014.

During the ratings review, Moody's will consider the effects of
the merger on Sacombank's risk profile, with a focus on the
quality of new assets, capital adequacy, profitability, as well as
funding and liquidity. Moody's will also analyze the growth and
development strategy of the bank.

The merger was executed through a share swap, whereby 0.75 share
of Sacombank was exchanged against 1 share of Southern Bank.

WHAT COULD CHANGE THE RATINGS UP/DOWN

A ratings downgrade could occur if Moody's determines that
Sacombank's risk profile is materially impaired by the merger,
leading to a significant erosion in asset quality, substantial
decrease in the tangible common equity to risk weighted assets
ratio, weaker profitability and/or pressured funding and liquidity
profiles.

During the review, Moody's will also explore the possible benefits
of the merger for Sacombank, namely in areas such as business
diversification, new revenue streams, as well as its enlarged
branch network.

Taking into account today's announcement, the ratings are as
follows:

Saigon Thuong Tin Commercial Joint-Stock Bank (Sacombank)

-- The local currency and foreign currency long-term deposit
    ratings of B3; review with direction uncertain

-- The local currency and foreign currency long-term issuer
    ratings of B3; review with direction uncertain

-- The BCA and Adjusted BCA of caa1; review with direction
    uncertain

-- The long-term counterparty risk assessment of B2(cr); review
    with direction uncertain

Headquartered in Ho Chi Mihn City, Vietnam, Sacombank had total
assets of VND213 billion (around USD9.5 billion) at end-September
2015.



                             *********

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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