TCRAP_Public/160126.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Tuesday, January 26, 2016, Vol. 19, No. 17


                            Headlines


A U S T R A L I A

AUSTRALIA SAMLY: Pays Fine for Continuous Disclosure Breach
C. G. SITE: Placed in Administration
DOOR 'N' LOCK: First Creditors' Meeting Set For Feb. 4
FORTESCUE METALS: Moody's Puts Ba2 CFR on Review for Downgrade
GAS CITY: Placed in Administration

ORIGIN ENERGY: Moody's Puts Ba2 Preference Stock Rating on Review
QUEENSLAND NICKEL: Owes Aurizon AUD27 Million
SANTOS LTD: S&P Lowers Rating on Subordinated Notes to 'BB+'
SHAW RIVER: First Creditors' Meeting Scheduled For Feb. 4


C H I N A

CHINA SOUTH CITY: Fitch Cuts LT Issuer Default Rating to 'B'
HIDILI INDUSTRY: Moody's Lowers CFR to C; Outlook Stable
HILONG HOLDING: Moody's Puts Ba3 CFR on Review for Downgrade
HYDOO INT'L: Fitch Cuts LT Issuer Default Rating to 'B-'
YANZHOU COAL: Moody's Puts Ba3 CFR on Review for Downgrade

YINHANG INTERNET: Raises Going Concern Doubt Amid Loss, Deficit

* CHINA: KKR Partners With China Orient for Distress Asset Deal


H O N G  K O N G

* Kelly Naphtali Joins Kirkland & Ellis' Hong Kong Team


I N D I A

BHAVANI COTEX: ICRA Reaffirms B+ Rating on INR5.0cr Cash Loan
CASVA TILES: CRISIL Reaffirms B Rating on INR60.8MM Term Loan
DAEWON INDIA: CRISIL Assigns B+ Rating to INR124MM Demand Loan
DARSUN HIGHER: ICRA Suspends B Rating on INR6.80cr Loan
DINESH DAS: CRISIL Suspends 'D' Rating on INR35MM Term Loan

DURGAPUR IRON: CRISIL Reaffirms B+ Rating on INR100MM Cash Loan
FORGING MACHINERY: CRISIL Suspends 'D' Rating on INR50MM Loan
G. S RADIATORS: CARE Reaffirms B+ Rating on INR4.61cr LT Loan
GARIMA MILK: CRISIL Suspends B+ Rating on INR112.8MM Term Loan
GLAZETECH INDUSTRIES: CARE Revises Rating on INR3.75cr Loan to B

GLOBAL WOOD: CRISIL Suspends B+ Rating on INR30MM Cash Loan
GULZAR EDUCATIONAL: ICRA Suspends B+ Rating on INR44cr Loan
GUPTA OVERSEAS: ICRA Suspends 'B' Rating on INR9.28cr Loan
IND SWIFT: ICRA Reaffirms 'D' Rating on INR610.89cr Loan
JAI PAWANSUT: CRISIL Reaffirms B Rating on INR69MM Term Loan

JAI SHIV: CRISIL Suspends 'D' Rating on INR100MM Whse Loan
JMJ INDUSTRIES: CRISIL Suspends 'D' Rating on INR90MM Cash Loan
JOYGURU COLD: CRISIL Reaffirms B- Rating on INR40.9MM Cash Loan
KAMNA MEDICAL: CRISIL Ups Rating on INR52.5MM Term Loan to B-
KANHAV CREATION: CRISIL Reaffirms B+ Rating on INR167.3MM Loan

KB ISPAT: ICRA Suspends B+/A4 Rating on INR12.42cr Loan
KIRAT CRAFTS: CRISIL Suspends B- Rating on INR50MM Term Loan
KRISHNA STEEL: CARE Reaffirms B+ Rating on INR0.21cr LT Loan
LAVASA HOTEL: CARE Lowers Rating on INR18.63cr LT Loan to 'D'
M. RAMSINGH: CRISIL Assigns B+ Rating to INR45MM Cash Loan

MADHAV GINNING: CARE Reaffirms B+/A4 Rating on INR20cr LT Loan
MANGALATHU ENTERPRISES: CRISIL Reaffirms B+ Rating on INR30M Loan
MAYAR HEALTH: CARE Lowers Rating on INR2.26cr LT Loan to B+
MEGHA GUM: CRISIL Reaffirms B+ Rating on INR150MM Cash Loan
OGUN STEELS: CRISIL Suspends 'D' Rating on INR100MM Cash Loan

ORIILON INDIA: CARE Revises Rating on INR14.83cr Loan to B+
P.S. CONSTRUCTION: CRISIL Reaffirms B+ Rating on INR5MM Loan
PIONEER EMBROIDERIES: CRISIL Assigns 'D' Rating to INR95MM Loan
PRAGATIPATH REAL: CRISIL Suspends B+ Rating on INR80MM Term Loan
PRITS LEATHER: CRISIL Assigns 'B' Rating to INR20MM Packing Loan

RASOYA PROTEINS: CARE Reaffirms 'D' Rating on INR247.27cr LT Loan
RATNAKAR ISPAT: Ind-Ra Assigns 'IND B+' Long-Term Issuer Rating
SAI PRINT: Ind-Ra Assigns 'IND B+' Long-Term Issuer Rating
SAMBHAV DETERGENTS: CRISIL Reaffirms B+ Rating on INR50MM Loan
SANJIVINI PIPES: CRISIL Reaffirms B Rating on INR45MM LT Loan

SHIV LAL: CRISIL Assigns 'B' Rating to INR80MM Whse Loan
SHIVA COTTON: Ind-Ra Assigns 'IND B+' Long-Term Issuer Rating
SHRI MAHADEV: CRISIL Reaffirms B Rating on INR27.5MM Cash Loan
SHUBHAM INDUSTRIES: ICRA Suspends B+ Rating on INR7.5cr Loan
SINHGAD TECHNICAL: CARE Reaffirms 'D' Rating on INR493.74cr Loan

SPARSH FAB: CRISIL Assigns B+ Rating to INR60MM Term Loan
SRI SATYANARAYANA: CRISIL Cuts Rating on INR400MM Cash Loan to B+
ST. GEORGE ELECTRONICA: CRISIL Rates INR157.5MM Term Loan at 'B'
VINDHYABASINI RICE: CRISIL Reaffirms B+ Rating on INR60MM Loan
VSR LAMINATES: CRISIL Assigns 'B' Rating to INR52.5MM Term Loan


I N D O N E S I A

ENERGI MEGA: Moody's Puts B2 CFR on Review for Downgrade
PERTAMINA (PERSERO): S&P Affirms 'BB+' CCR; Outlook Positive


J A P A N

SHARP CORP: Japan Inc May Win Battle, But Lose the LCD War
TOSHIBA CORP: Plans to Sell Part of Chip Operations
WATAMI CO: Unveils Tie-Up Deal With Shinmei to Restore Finances


N E W  Z E A L A N D

LDC FINANCE: Accused of Being Reckless, Insolvent Since Set Up


V I E T N A M

VINACOMIN HOLDING: Moody's Puts B2 CFR on Review for Downgrade


X X X X X X X X

* BOND PRICING: For the Week Jan. 18 to Jan. 22, 2016


                            - - - - -


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


AUSTRALIA SAMLY: Pays Fine for Continuous Disclosure Breach
-----------------------------------------------------------
Australia Samly Holdings Limited, a company listed on the Sydney
Stock Exchange (formerly Asia Pacific Stock Exchange), has paid a
penalty of AUD33,000 after Australian Securities and Investment
Commission served an infringement notice on the company for
allegedly failing to comply with its continuous disclosure
obligations.

ASIC investigated Samly's compliance with its continuous
disclosure obligations following the announcement of its half year
financial report on 17 March 2015. The report showed a
consolidated loss after income tax of AUD1,064,548 for the half
year ending 31 December 2014.  This was a 365% decrease from the
previous corresponding half year ended 31 December 2013.

'Accurate reporting of financial circumstances and timely
disclosure is inherent to fair, orderly and transparent markets,'
ASIC Commissioner John Price said.

'As demonstrated by our action against Samly, when we identify
issues with a company's disclosure to the market, we will take
action.'

The Samly corporate group is involved in the development,
manufacture and sale of health products and dietary supplements,
primarily in mainland China. Samly is a non-operating Australian
holding company that has direct and indirect subsidiaries located
in Hong Kong and mainland China.

On Feb. 2, 2014, Samly's mainland China based subsidiaries
provided internal accounting records for the half year ending
Dec. 31, 2014, to its auditor for the purpose of an audit review.

ASIC alleges that by Feb. 2, 2015, Samly was aware that its
operating profit/loss for the half year would be materially less
than its operating profit from the previous corresponding period.

ASIC alleges that by failing to inform the Sydney Stock Exchange
of this information from Feb. 2, 2015, Samly was in breach of its
continuous disclosure obligations.

ASIC issued Samly with an infringement notice and the company has
complied with the infringement notice and paid the penalty.

The Corporations Act provides that compliance with infringement
notices is not an admission of guilt or liability.


C. G. SITE: Placed in Administration
------------------------------------
Shane Justin Cremin and Geoffrey Niels Handberg of Rodgers Reidy
were appointed as administrators of C. G. Site Services Pty Ltd on
Jan. 25, 2016.


DOOR 'N' LOCK: First Creditors' Meeting Set For Feb. 4
------------------------------------------------------
Jonathan Paul McLeod of McLeod & Partners was appointed as
administrator of The Door 'N' Lock Centre Pty Ltd on Jan. 22,
2016.

A first meeting of the creditors of the Company will be held at
McLeod & Partners, Hermes Building, Level 1, 215 Elizabeth Street,
in Brisbane, on Feb. 4, 2016, at 10:00 a.m.


FORTESCUE METALS: Moody's Puts Ba2 CFR on Review for Downgrade
--------------------------------------------------------------
Moody's Investors Service has placed the ratings of four mining
companies in Australia, and their rated subsidiaries, on review
for downgrade.

The actions reflect Moody's effort to recalibrate the ratings in
the mining portfolio to align with the fundamental shift in the
credit conditions of the global mining sector.

"Slowing growth in China, which consumes and produces at least
half of base metals, and is a material player in the precious
metals, iron ore and metallurgical coal markets is weakening
demand for these commodities and driving prices to multi-year
lows," says Matthew Moore, a Moody's Vice President -- Senior
Credit Officer, adding "China's outsized influence on the
commodities market, coupled with the need for significant
recalibration of supply to bring the industry back into balance
indicates that this is not a normal cyclical downturn, but a
fundamental shift that will place an unprecedented level of stress
on mining companies."

RATINGS RATIONALE

As part of an ongoing assessment of mining companies, Moody's
sharply reduced its price sensitivity assumptions on December 8,
2015.  Since then, credit conditions in the mining industry have
weakened further, with prices continuing to decline.  The
likelihood has increased that prices for base metals, precious
metals, iron ore and metallurgical coal will approach levels
closer to Moody's stressed sensitivity scenario.  In addition, the
strong US dollar is a further factor contributing to weakening
demand and driving prices lower since most metals are traded in
dollars.

This broad ratings review will consider each mining company's
asset base, cost structure, likely cash burn and liquidity, as
well as management's strategy for coping with a prolonged downturn
and the ability to execute on same.  The review will assess each
company's cash flow and credit metrics closer to our latest
stressed price assumptions and the relative rating positioning.

Moody's believes that this downturn will mark an unprecedented
shift for the mining industry.  Whereas previous downturns have
been cyclical, the effect of slowing growth in China indicates a
fundamental change that will heighten credit risk for mining
companies.  This review reflects the belief that deteriorating
industry fundamentals require a recalibration of the global mining
portfolio rated by Moody's.  Although all issuers in these sectors
have been adversely affected by declining prices, severity varies
substantially by issuer.  Accordingly, the range of possible
outcomes upon conclusion of the review for given issuers varies
from possible confirmation of ratings to multi-notch downgrades.
Moody's expects to conclude a majority of the reviews by the end
of the first quarter.  While this review focuses on companies
rated in the range from A1 to B3, Moody's is also reevaluating
higher and lower rated companies in the context of industry
conditions. The higher rated companies, on average, are somewhat
more resilient to low commodity prices and many of the lower rated
companies have recently been downgraded.

This broad ratings review will incorporate ratings that have
previously been placed on review in the sector, which in Australia
includes BHP Billiton Limited (A1, rating under review for
downgrade).

The principal methodology used in these ratings was Global Mining
Industry published in August 2014.

On Review for Possible Downgrade:

Issuer: Alcoa of Australia Limited

  Long Term Issuer Rating (Local Currency), Placed on Review for
   Possible Downgrade, currently Baa2

Issuer: FMG Resources (August 2006) Pty Ltd

  Senior Secured Bank Credit Facility (Foreign Currency), Placed
   on Review for Possible Downgrade, currently Ba1
  Senior Secured Regular Bond/Debenture (Foreign Currency),
  Placed on Review for Possible Downgrade, currently Ba1
  Senior Unsecured Regular Bond/Debenture (Foreign Currency),
   Placed on Review for Possible Downgrade, currently B1

Issuer: Fortescue Metals Group Ltd

  Corporate Family Rating (Foreign Currency), Placed on Review
  for Possible Downgrade, currently Ba2

Issuer: Newcrest Finance Pty Limited

  Senior Unsecured Regular Bond/Debenture (Foreign Currency),
   Placed on Review for Possible Downgrade, currently Baa3

Issuer: Newcrest Mining Ltd.

  Issuer Rating (Foreign Currency), Placed on Review for Possible
   Downgrade, currently Baa3

Issuer: South32 Limited

  Short Term Issuer Rating (Foreign Currency), Placed on Review
   for Possible Downgrade, currently P-2
  Long Term Issuer Rating (Foreign Currency), Placed on Review for
   Possible Downgrade, currently Baa1
  Senior Unsecured Commercial Paper (Foreign Currency), Placed on
   Review for Possible Downgrade, currently P-2

Issuer: South32 Treasury (USA) Limited

  Senior Unsecured Commercial Paper (Foreign Currency), Placed on
   Review for Possible Downgrade, currently P-2


GAS CITY: Placed in Administration
----------------------------------
Melanie Samantha Grohovaz -- mgrohovaz@icloud.com -- was
appointed as administrator of Gas City Transport Pty Ltd and
KTEQ Rentals Pty Ltd on Jan. 22, 2016.


ORIGIN ENERGY: Moody's Puts Ba2 Preference Stock Rating on Review
-----------------------------------------------------------------
Moody's Investors Service has placed Origin Energy Limited's
Baa3/P-3 long-term and short-term issuer rating and Baa3 senior
unsecured rating on review for downgrade.

At the same time, Origin Energy Finance Limited's senior unsecured
rating of Baa3, senior unsecured MTN program rating of (P)Baa3 and
preference stock ratings of Ba2 were also placed on review for
downgrade.

RATINGS RATIONALE

The rating action reflects the downward revision to Moody's
expectation for Origin's earnings on the back of the reduction in
Moody's central oil price scenario.  The reduced oil price
scenario in turn is driven by the continuing oversupply in global
oil markets and demand growth that remains tepid.  Oil prices are
a key driver of the company's financial performance given its
large exposure to oil-linked LNG exports.  Moody's revised price
expectation for Brent crude oil price is an average of US$33 per
barrel and US$38 per barrel in 2016 and 2017 respectively, a $10
per barrel reduction from the previous scenario.

"The review will focus on the implications of the lower oil prices
to Origin, including quantifying the reduction in earnings from
APLNG and APLNG's ability to lower its cost base to be self-
funding over the medium term," says Spencer Ng, a Moody's Vice
President and senior analyst, adding "the prevailing oil price is
above the operating and capital cost breakeven of US$23 to US25
per barrel but below the breakeven level required for the project
to meet its debt servicing, which Origin has reported as US$38 to
US$42 per barrel."

In particular, the rating actions reflect the increased
uncertainty around Origin's financial metrics beyond the next 12-
18 months.  The put option entered into by Origin in December 2015
has reduced its downside oil exposure associated with APLNG to
June 2017.

As part of the review, Moody's will focus on the i) measures
available to APLNG to lower its cost base to be self-funding
without compromising production or its ability to meet its offtake
obligations and ii) Origin's ability to generate credit metrics --
which include Origin's proportionate consolidation of APLNG's
earnings and debt - within the rating tolerance level.

"We will also consider the levers available to Origin to further
strengthen its financial position to offset any incremental APLNG
funding needs, as well as management's commitment and capacity to
maintain an investment grade rating," adds Ng.

Moody's does not regard APLNG commissioning risk as a material
driver of the rating given the experience and track record of
Bechtel -- its main contractor -- in commissioning similar
facilities, and the imminent completion of the project.  APLNG
shipped its first LNG cargo in January 2016, and expects the
second LNG train to be operational from mid-2016.

When compared to pure-play oil exploration and production
companies, Origin's credit profile benefits from its solid
domestic energy retail business, which is not directly exposed to
volatility in the oil price.  Moody's expects the core domestic
business to contribute more than half of consolidated earnings.

Origin's ratings could be downgraded if its ratio of Funds from
Operations to debt is likely to remain below 15% after full ramp-
up in APLNG production.  This would likely result from a reduced
earnings contribution from, or additional debt-funded capital
infusion into APLNG, or if the expected improvement in Origin's
domestic (Australian) energy markets business does not
materialize.  Additionally, the rating could also be downgraded if
there is evidence of counterparty stress at APLNG level.

The principal methodology used in these ratings was Unregulated
Utilities and Unregulated Power Companies published in October
2014.

Origin is an integrated Australian-based company involved in
energy retailing, power generation, and gas and oil exploration
and production.  The company is listed on the Australian
Securities Exchange.  Origin Energy Finance Limited is a wholly
owned subsidiary of Origin Energy Limited and a financing vehicle
for the group.

APLNG is in the final stages of developing a major liquefied
natural gas (LNG) export project in Gladstone Queensland with a
production capacity of up to 9 million tonnes of LNG per annum.
Origin and ConocoPhillips (A2, review for downgrade) each hold
37.5% of APLNG's equity interest with the remaining 25% held by
China Petroleum and Chemical Corporation (Aa3 stable).


QUEENSLAND NICKEL: Owes Aurizon AUD27 Million
---------------------------------------------
Mark Ludlow and Primrose Riordan at Australian Financial Review
report that Aurizon Holdings Limited is shaping as the biggest
creditor from the financial collapse of Clive Palmer's Queensland
Nickel which was placed into voluntary administration on Jan. 18.

It is understood the publicly listed Aurizon, which ships nickel
from the refinery to the Port of Townsville every day, is owed up
to AUD27 million in unpaid debts, AFR relates.

Other major creditors are believed to include the tax office,
state-owned power company Powerlink as well as chemicals company
Ixom, which is waiting for payment for ammonia used in the nickel
refining process.

The Port of Townsville -- where Mr Palmer is the biggest customer
-- is also owed money, the report notes.

AFR relates that state-owned electricity generation company
Stanwell Corporation, which had been listed as owed money in a
December court case, said its outstanding debts had been paid
before the company went into voluntary administration.

Aurizon which has taken a battering on the ASX in the past month
due to plunging world commodity prices and an aborted rail project
in Western Australia would not comment on the money it was owed by
Queensland Nickel. It did not make a statement to the ASX, says
AFR.

AFR relates that Mr Palmer, the resources owner turned federal MP,
believes Queensland Nickel can trade its way out of troubles, but
there are growing fears for the remaining 550 workers at the
Yabulu refinery that Mr Palmer bought from BHP in 2009 amid
plunging global nickel prices.

On Jan. 15, the business announced 237 job losses, a move which
also came after Mr Palmer asked the Queensland government for a
AUD35 million taxpayer-funded bailout of his business -- a request
the government rejected, the report states.

Queensland Nickel operates the Palmer Nickel and Cobalt Refinery
in Queensland, Australia.  Queensland Nickel directors appointed
John Park, Stefan Dopking, Kelly-Anne Trenfield and Quentin Olde
of FTI Consulting as voluntary administrators on Jan. 18, 2016.


SANTOS LTD: S&P Lowers Rating on Subordinated Notes to 'BB+'
------------------------------------------------------------
Standard & Poor's Ratings Services said that it had lowered the
long- and short-term corporate ratings on Santos Ltd. to
'BBB-/A-3' from 'BBB/A-2'.  The outlook is negative.  S&P also
lowered the senior unsecured long-term issue ratings on Santos
Finance Ltd.'s debt issuance program to 'BBB-', the short-term
rating on its commercial paper program to 'A-3' from 'A-2', and
the subordinated issue rating on its subordinated notes to 'BB+'
from 'BBB-'.

"The downgrades reflect our view that Santos' financial
performance will remain subdued in the year ending Dec. 31, 2016,"
Standard & Poor's credit analyst Craig Parker said.  "We now
expect the company's credit metrics will not recover to a level in
line with the previous 'BBB' rating.  This is primarily a result
of the current depressed oil prices and our revised oil price
assumptions, which we recently lowered by 27% for 2016 and by 31%
for 2017."

"We previously expected that the A$3.5 billion equity raising and
asset sales announced in November 2015 would have provided Santos
with sufficient financial buffer to withstand lower oil prices.
However, the continued stress on oil prices means that Santos will
unlikely improve its funds from operations (FFO)-to-debt toward
30% in 2016 before consolidating above 30% in 2017, as we had
previously expected.  Under our base case, we expect that the oil
price will be US$40 per barrel (bbl) in 2016 and US$45/bbl in
2017.  We assume the Australian dollar-to-U.S. dollar foreign
exchange rate will be US$0.68 in 2016 and 2017.  Under these
assumptions, we expect that Santos' FFO-to-debt will be about in
the mid-teens in fiscal 2016 and thereafter improve to about 25%
in fiscal 2017," S&P said.

"We do believe that if oil prices continue to remain depressed,
Santos will continue to take action to retain cash within the
business and stem further deterioration in its credit metrics.
Indeed, its management has displayed a willingness to raise cash
proceeds to bolster its credit metrics either from asset sales,
sell-down of an interest in its producing assets, or via an equity
raising.  The recent equity raising has enabled the company's
unadjusted net debt to reduce to A$6.6 billion at Dec. 31, 2015,
from A$8.8 billion at Sept. 30, 2015.  Cash proceeds of A$520
million from the sale of the Kipper gas asset to Mitsui E&P
Australia are expected in the first quarter of 2016," S&P noted.

The recent initiatives taken to bolster the company's capital
structure reflect Santos' board commitment to an investment-grade
rating.  In addition, the upcoming start of the new CEO on Feb. 1,
2016 should assist in guiding the company as it transitions from
developing major projects to boosting its production capacity from
its liquefied natural gas (LNG) investments.  Santos' future
operating strategy under the new CEO is not anticipated to
significantly alter the company's long-term business focus.

The company's Gladstone LNG (GLNG) project is likely to be a
significant contributor and remains in a ramp-up phase.  Santos is
forecasting a production range of 57-to-63 million barrels of oil
equivalent (mmboe) in 2016, of which the GLNG project will
contribute about 6-to-8 mmboe.  The 2015 production levels were
57.7 mmboe at a production cost of between A$14.2-and-A$14.6 per
boe.  The GLNG project has produced its first LNG from Train 1 on
Sept. 24, 2015, with the first LNG cargo loaded on Oct. 16, 2015.
However, Santos will still be investing a significant amount of
capital in the GLNG project in relation to completion of Train 2
and associated facilities (first LNG is due in the second quarter
of 2016), as well as the development of the upstream gas supply
over the life of the project and associated infrastructure.  GLNG
will also be seeking to acquire significant volumes of gas supply
from third-party sources over the life of the project to
supplement long-term gas supplies from the GLNG joint-venture gas
fields.

Notwithstanding the lower rating, S&P continues to view Santos'
business risk profile as satisfactory.  This reflects the
company's geographically diversified portfolio, its status as one
of Australia's largest domestic suppliers of natural gas, and
stable contracted cash flow from its domestic gas business.
Offsetting these strengths are the company's exposure to volatile
oil prices, and project-execution risk (for example, considerable
operational, logistical, and environmental challenges) over the
remaining construction period of its two-train GLNG development.
S&P is mindful of the remaining ramp-up and commissioning risk
associated with its GLNG project.  S&P is expecting that Santos'
existing businesses will perform in line with rating expectations
and enable a gradual improvement in the group's credit metrics
despite the oil price pressure.

S&P has revised the comparable rating adjustment modifier to
neutral from positive.  While S&P views that Santos' credit
metrics can improve rapidly once its GLNG project is completed,
commissioned, and generating cash flow, under the prolonged and
depressed oil price outlook, the quantum of cash inflow would not
be sufficient to justify an uplift of the 'bbb-' anchor rating.

The negative outlook reflects S&P's expectation that Santos'
credit metrics will be pressured in the near term due to low oil
prices.  Recovery to a level in line with the 'BBB-' rating would
only occur from 2017, with limited buffer for underperformance or
lower oil prices.  S&P expects that over the outlook period,
Santos will not materially change its asset mix that could place
its competitive position under pressure.  While S&P expects the
GLNG project to generate significant cash flow over the long term,
it is subject to the project performing financially and
operationally in line with S&P's expectations in the short-term.

Assuming Santos' competitive position remains stable, S&P would
lower the long-term rating to 'BB+' if it believed that Santos'
ratio of FFO-to-debt could remain less than 25% in 2017.  This
could also occur from one or a combination of:

   -- continued deterioration in oil prices that causes the
      group's financial risk profile to be sustained outside
      ratings tolerances for an extended period;

   -- operational underperformance particularly from the GLNG
      project;

   -- further debt-funded investment; or

   -- outspending its internal cash flows by developing large
      projects.

The rating could also be at risk if Santos undertakes material
asset sales that weaken its competitive position, unless such
weakening was compensated by a corresponding strengthening of the
company's financial position.

Mr. Parker added: "A return to rating stability would be dependent
upon the group delivering cost competitive production sooner than
we expect or undertaking capital management measures or asset
sales that would quickly and confidently consolidate its ratio of
FFO-to-debt above 25% and operating within a 25%-to-30% range."


SHAW RIVER: First Creditors' Meeting Scheduled For Feb. 4
---------------------------------------------------------
Bryan Kevin Hughes and Daniel Johannes Bredenkamp of Pitcher
Partners were appointed as administrators of Shaw River Namibia
Pty Ltd on Jan. 22, 2016.

A first meeting of the creditors of the Company will be held at
Pitcher Partners, Level 1, 914 Hay Street, in Perth, on Feb. 4,
2016, at 12:00 p.m.



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


CHINA SOUTH CITY: Fitch Cuts LT Issuer Default Rating to 'B'
------------------------------------------------------------
Fitch Ratings has downgraded the Long-Term Issuer Default Rating
(IDR) of China South City Holdings Limited (CSC) to 'B' from 'B+'.
The Outlook is Stable. The company's senior unsecured rating and
the rating on its outstanding US dollar senior notes have also
been downgraded to 'B' from 'B+' with Recovery Rating of 'RR4'.

Fitch downgraded CSC's rating due to its deteriorating credit
profile amid weak industry demand. The Stable Outlook reflects
that CSC has the intention and flexibility to slow its pace of
development and reduce selling, general and administrative (SG&A)
expenses gradually, while increasing its non-property development
income.  "We expect its leverage to stabilise around 45%-50% if it
can maintain contracted sales at the January-December 2015 level
of CNY5 billion-6 billion (HKD6 billion -7 billion). The ratings
of China South City are supported by its unique business model,
close collaboration with local governments, a long track record in
integrated trade-centre development supported by an experienced
management team, and sufficient liquidity," Fitch said.

KEY RATING DRIVERS

Weak Industry Demand: Demand in the trade and logistics centre
sector has been weak since the end of 2014 due to SMEs' poor
sentiment towards investment amid weaker economic growth, slower
relocation demand, delays in the completion of transportation
networks by local governments, and lower investor appetite. CSC's
contracted sales for the nine months to December 2015 fell 42.5%
yoy to CNY4.4 billion (HKD5.2 billion). Demand from SME buyers and
investors is likely to continue to be lacklustre if the weak
economic environment persists and local governments' continue to
rein in infrastructure spending. Fitch expects CSC's contracted
sales to shrink to CNY5 billion -6 billion in the financial year
ended March 2016 (FY16), from about CNY10bn in FY14 and FY15.

Higher Leverage: CSC's leverage, measured by net debt / adjusted
inventory, rose to 44.5% at end-September 2015 from 37.3% at end-
March 2015, because of slower sales and increased construction
FY15 to grow its business scale. Construction slowed down in
1HFY16, with CSC's properties under development and unsold
completed properties (including investment properties) declining
to 13.3 million square metres (sqm) as at end-September 2015 from
13.9 million sqm at end-March 2015.

Fitch expects leverage to hover between 45% and 50% over the next
two years due to CSC's plan to reduce inventory by slowing
development and selling more completed stocks in 2016 while
continuing investment property development. CSC's extensive land
resources of 17 million sqm available for future development also
give it flexibility to refrain from land purchases.

Fragmented and Competitive Market: CSC's average selling price
(ASP) may come under pressure because the industry is fragmented
with many small players, and its trade centres face competition
from nearby wholesale/trade centre projects within the same city
and government-supported projects in nearby cities. CSC's brand
name and low land costs give it a stronger competitive position
and mitigate this risk.

Collaboration with Government Supports Sustainability: CSC's
continued cooperation with local governments gives it the benefits
of low land costs (1HFY16: CNY296/sqm), infrastructure support,
government grants and favourable policies that minimise project
execution risks. In the recent market downturn, government grants
increased to HKD870 million in FY15 and HKD686 million in 1HFY16
from HKD28 million in FY14. This allowed the company to maintain
EBITDA margin at 33% in 1HFY16 even though SG&A rose 30% to
HKD1.02 billion and revenue dropped 58% to HKD2.15 billion. Fitch
expects CSC's EBITDA margin to be above 30% in the next one to two
years, which gives the company buffer to absorb volatility in
ASPs.

Business Model Offers Competitive Edge: CSC's business profile is
supported by the fundamental strength of its trade centres, which
offer physical, online and logistics elements. CSC's business
model of providing a full range of integrated value-added services
and facilities to tenants, strategically positioned projects in
provincial capitals and large economic centres, and proven success
of the business model in its flagship property, CSC Shenzhen, give
it a stronger competitive position in a fragmented market.

Growing Non-development Income: CSC targets to increase its non-
development income - stemming from rental, property management,
logistic and warehouse, outlets and e-commerce related to its
trade centre projects - from HKD1.1 billion in FY15 to HKD1.5
billion in FY16 and HKD2 billion in FY17. CSC's non-development
income rose 63% yoy to HKD603 million in 1HFY16, and the non-
development income coverage of interest reached 0.6x. The
diversification into non-development business smoothed sales
volatility, reduced operational risk, and provided stronger cash
flow quality compared to peers. However, adjusted non-development
EBITDA margin remains low at around 20-30% in 1HFY16 after taking
into account estimated SG&A and other costs. Fitch expects SG&A
costs to decrease and EBITDA coverage from non-development
businesses to increase as the trade centre projects mature.

KEY ASSUMPTIONS

Fitch's key assumptions within the rating case for CSC include:
-- Contracted sales to remain weak at HKD6bn-7 billion in FY16-
    FY17.

-- Non-development income to increase to HKD1.5 billion in FY16
    and HKD2 billion in FY17.

-- Capital expenditure to decline to HKD8 billion -9 billion per
     year in FY16-FY017.

-- Government grants to reach HKD1.3 billion in FY16 and HKD0.8
    billion in FY17.

RATING SENSITIVITIES
Future developments that may, individually or collectively, lead
to negative rating action include:
-- Substantial decrease in contracted sales
-- EBITDA margin sustained below 20%
-- Net debt/adjusted inventory sustained at above 50% (with
    investment property valued at cost)

Future developments that may, individually or collectively, lead
to positive rating action include:
-- Total contracted sales sustained at above CNY10 billion
    a year
-- EBITDA margin sustained at above 30% (1HFY16: 33.1%)
-- Net debt/adjusted inventory sustained at below 40% (with
    investment property valued at cost) (1HFY16: 44.5%)
-- Contracted sales/total debt sustained at above 0.5x (1HFY16:
    0.3x)

LIQUIDITY
Sufficient Liquidity: CSC has the flexibility to rein in its rapid
development should sales come in below the company's expectations.
Fitch expects CSC to maintain sufficient liquidity with available
cash of HKD10.8 billion and unutilised credit facilities of HKD6bn
end-September 2015 to meet the repayment of its short-term
borrowings (HKD12.1 billion) and land acquisitions.

CSC's issuance in the onshore bond market has also alleviated its
refinancing pressure and lowered its average borrowing cost to
6.5% at end-September 2015 from 6.8% at end-March 2015. The group
also issued an additional CNY3 billion of onshore corporate bonds
due 2019 at 5.98% coupon on 15 January 2016.

FULL LIST OF RATING ACTIONS

China South City Holdings Limited
Long-Term Foreign-Currency Issuer Default Rating downgraded to 'B'
from 'B+'; Outlook Stable
Foreign-currency senior unsecured rating downgraded to 'B' from
'B+'; Recovery Rating of 'RR4'
Rating on $US125 million 13.50% senior unsecured bond due 2017
downgraded to 'B' from 'B+'
Rating on $US400 million 8.25% senior unsecured bond due 2019
downgraded to 'B' from 'B+'


HIDILI INDUSTRY: Moody's Lowers CFR to C; Outlook Stable
--------------------------------------------------------
Moody's Investors Service has downgraded Hidili Industry
International Development Ltd's corporate family rating to C from
Caa2.

The rating outlook is stable.

RATINGS RATIONALE

"The downgrade reflects Hidili's ongoing default situation and
lowered expected recovery rate resulting from the distressed coal
price environment," says Dylan Yeo, a Moody's Analyst.

Hidili missed the principal payment of $182.8 million and accrued
interest of $7.8 million on its outstanding US dollar bond on
Nov. 4, 2015, and is in default on some of its bank loans.  The
company is currently in talks with creditors to restructure its
debt.

On Jan. 19, 2016, a bondholder had filed a winding up petition
against the company.

In Moody's view, Hidili's expected recovery rate has declined
because the estimated recovery value of its mining assets will be
adversely affected by the prolonged weakness in the coking coal
market.

Slowing growth in China has resulted in weakened demand for coking
coal and drove prices to multi-year lows.  China's outsized
influence on the commodities market, coupled with the need for
significant recalibration of supply to bring the industry back
into balance indicates that this is not a normal cyclical
downturn, but a fundamental shift that will place an unprecedented
level of stress on the mining sector.

As part of an ongoing assessment of mining companies, Moody's
sharply reduced its price sensitivity assumptions on December 8,
2015.  Since then, credit conditions in the mining industry have
weakened further, with prices continuing to decline.  The
likelihood has increased that coking coal price will approach
levels closer to Moody's stressed sensitivity scenario.

Hidili's operations had been loss-making since the steep decline
in coking coal prices in 2012.  The company's coal production has
also decreased in recent years because of production suspensions
and the government-mandated consolidation of its coal mines in the
Sichuan and Guizhou provinces to control pollution and fossil fuel
consumption.

Because of the extended period of losses and the ongoing debt-
funded mine consolidation plan, Hidili's financial profile is
extremely weak.  Debt/capitalization surged to 58% at end-June
2015, from 45% at end-2011, and its adjusted debt/EBITDA was
negative at -55.7x for the 12 months to June 2015, compared to
14.0x in 2012.

In addition, there have been continued impairments on Hidili's
mining assets, which it provided to banks as collateral, due to
the weak coal price environment.  The impairments on its mining
assets totaled RMB800 million and RMB432 million in 2014 and 2013,
respectively.  At June 30, 2015, Hidili's aggregate pledged assets
totaled RMB4.3 billion.

The stable outlook reflects the ongoing restructuring and Moody's
expectation that Hidili's weak operating profile will persists for
the next 12-18 months.

An upgrade is unlikely due to the ongoing default situation and
the severe weakness in the company's business profile.

The principal methodology used in this rating was Global Mining
Industry published in August 2014.

Hidili Industry International Development Ltd is a vertically
integrated coal mining enterprise based in southwest China.  It
supplies coking coal products to the domestic steel industry.

The company -- formerly known as Panzhihua City Sanlian Industrial
Co Ltd -- was established in 2000 as a coal trading business.  It
was transformed into a coal mining company, after its first
acquisition of five mines, as well as coal washing and coking
facilities.


HILONG HOLDING: Moody's Puts Ba3 CFR on Review for Downgrade
------------------------------------------------------------
Moody's Investors Service placed the ratings of three Chinese
exploration and production (E&P) and oilfield services companies
on review for downgrade.

Oil prices have deteriorated substantially in the past few weeks
and have reached nominal price lows not seen in more than a
decade.  Moody's has adjusted its view downward for the likely
range of prices.  Moody's sees a substantial risk that prices may
recover much more slowly over the medium term than many companies
expect, as well as a risk that prices might fall further.  Even
under a scenario with a modest recovery from current prices,
producing companies and the drillers and service companies that
support them will experience rising financial stress with much
lower cash flows.

RATINGS RATIONALE

The review for downgrade considers that much weaker industry
fundamentals have potential to warrant rating changes for all
companies covered in this press release.  While this review
focuses on companies rated in the range from A1 to B3, Moody's is
also reevaluating higher and lower rated companies in the context
of industry conditions.  The higher rated companies on average are
somewhat more resilient to low oil prices and Moody's has recently
downgraded many of the lower rated companies.

As part of its ongoing assessment of energy markets, Moody's
sharply reduced its oil price assumptions on January 21 in light
of continuing oversupply in the global oil markets and demand
growth that remains tepid.  Iran is poised to add more than
500,000 barrels per day to global supply while OPEC and many non-
OPEC oil producers continue to produce without restraint as they
battle for market share.  The addition of Iranian oil to the
market this year will offset or exceed expected declines in US
production of about 500,000 barrels per day.  Increased production
vastly exceeds growth in oil consumption, given modest growth in
consumption from major consumers such as China, India and the US.
Production now exceeds demand by about 2 million barrels per day,
adding to already high global oil stocks.  Moody's natural gas and
natural gas liquids price assumptions are unchanged.  Natural gas
production in the US continues to increase while costs decline and
producers generate cash returns at ever-lower prices, although in
many cases these appear insufficient to service their debt.

Lower oil prices will further weaken cash flows for E&P companies
and the upstream portion of integrated oil and gas companies.
This will cause further deterioration in financial ratios,
including deeper negative free cash flow.  Most companies are
unable to internally fund sustaining levels of capital spending at
current market prices.  Current industry conditions also reduce
the value of assets offered for sale and have made accessing
capital markets more expensive for some companies and unavailable
for others.  While integrated oil and gas companies benefit from
the profitability of their downstream operations, the upstream
operations represent a much larger part of the capital employed
and cash flow for most of these companies.

Projected capex reductions by E&P and integrated oil companies
will severely challenge the drilling and oilfield services (OFS)
sector beyond what it had already experienced in 2015.  Moody's
expects OFS sector EBITDA to drop by another 25%-30% in 2016,
testing the viability of the capital structures of many of these
businesses.  Even if commodity prices recover, OFS companies are
unlikely to gain any pricing power because of the continued excess
capacity across most OFS subsectors.  As a result, Moody's expects
credit quality to deteriorate for all OFS players in 2016.
Smaller and more leveraged OFS companies in particular will
struggle to comply with debt agreement covenants, service their
debt and access the capital markets, raising their risk of
default.  Even large, diversified investment grade OFS companies
will have less financial flexibility and increasing financial
leverage.  Drillers with significant contract expirations will
also suffer material credit degradation as contracts are either
not renewed or are renewed at rates that produce far less revenue.

Although all issuers in these sectors have been adversely affected
by declining prices, severity varies substantially by issuer.
Accordingly, the range of possible outcomes upon conclusion of the
review for given issuers varies from possible confirmation of
ratings to multi-notch downgrades.  Moody's expects to conclude a
majority of the reviews by the end of the first quarter.

These ratings are placed on Review for Downgrade:

China Oilfield Services Limited
   -- Issuer rating at Baa1 placed on review for downgrade

COSL Finance (BVI) Limited
   -- Senior unsecured debt at Baa1 placed on review for
      downgrade

COSL Singapore Capital Ltd.
   -- Senior unsecured debt at Baa1 placed on review for
      downgrade

   -- Senior unsecured MTN program at (P)Baa1 placed on review
      for downgrade

Hilong Holding Limited
   -- Corporate family rating at Ba3 placed on review for
      downgrade

CITIC Resources Holdings Limited
   -- Corporate family rating at Ba3 placed on review for
      downgrade

The principal methodology used in rating China Oilfield Services
Limited and Hilong Holding Limited was Global Oilfield Services
Industry Rating Methodology published in December 2014.  The
principal methodology used in rating CITIC Resources Holdings
Limited was Global Independent Exploration and Production Industry
published in December 2011.

The local market analyst for China Oilfield Services Limited, COSL
Finance (BVI) Limited, COSL Singapore Capital Ltd., and CITIC
Resources Holdings Limited ratings is Pingping Xing, AVP-Analyst,
Corporate Finance Group, +86 (106) 319-6561.


HYDOO INT'L: Fitch Cuts LT Issuer Default Rating to 'B-'
--------------------------------------------------------
Fitch Ratings has downgraded the Long-Term Issuer Default Rating
(IDR) of Hydoo International Holding Limited (Hydoo) to 'B-' from
'B'. The Outlook is Stable. The Chinese property developer's
senior unsecured rating and the rating on its outstanding USD100m
senior notes have also been downgraded to 'B-' from 'B' with
Recovery Rating of 'RR4'.

The downgrade reflects Fitch's view that sales of trade centre and
logistic property in China will be depressed in the next 18-24
months due to slower macro-economic growth, declining local
government spending on infrastructure, and lower investor
appetite. Fitch believes that Hydoo's performance will track the
industry's over this period given its small scale and its focus on
lower-tier cities. As a result, Hydoo will likely achieve
contracted sales below CNY6.5bn in 2016 and 2017, which will also
mean that its leverage, as measured by net debt/adjusted
inventory, will be sustained above 30%. These were guidelines for
a negative rating action when Hydoo was rated at 'B'.

The Stable Outlook reflects Hydoo's flexibility in its land
purchases, which will help it to maintain a leverage of no higher
than 30%, and its adequate liquidity position.

KEY RATING DRIVERS

Weak Demand for Trade Centres: Contracted sales for trade centre
and logistic developers have been weak in 2015. This has been
driven by China's growth slowdown, resulting in SMEs adopting a
wait-and-see approach to their investments. In addition,
relocation demand and the progress in infrastructure development
around Hydoo's projects by local government have decelerated. We
expect the weak sales for Chinese trade centre and logistic
developers to persist in the next 18-24 months amid the
challenging market.

Lower-Tier Cities More Risky: Hydoo's trade centres are mainly in
Tier 3 and Tier 4 cities spread across 10-12 cities to tap
relocation and urbanisation demand. Fitch believes sales are more
volatile in these cities than in more developed cities, and demand
may reach saturation faster due to the smaller populations and GDP
in these economies. Sales for the subsequent phases of Hydoo's
large-scale integrated trade centre projects (those that are
400,000 square metres or larger) would hinge on continued
urbanisation, which may slow because of greater market
uncertainty.

Increasing Leverage: Fitch believes Hydoo's leverage will rise to
above 30% by 2016 from quite a low level of 18% at end-1H15
because of slower sales and increased construction to expand its
business scale. Hydoo's leverage will continue to increase until
its sales can be sustained above CNY6.5bn because of continued
capex, even if it reduces land acquisitions. Hydoo's large land
bank of 10 million sqm available for future development gives it
flexibility in cutting land purchases.

Convertible Bond Redemption Pressures Liquidity: Pingan Real
Estate Capital Limited, the sole noteholder of Hydoo's USD120m
(about CNY790m) convertible bond, on 14 January 2016 redeemed
USD40m of the bond, and revised the terms of the bond to allow
early redemption from 11 January 2016. Hydoo's liquidity is
sufficient with unrestricted cash balances of CNY1.4bn to cover
short-term debt of CNY801m at end-1H15. Hydoo also has unutilised
uncommitted bank facilities of CNY26.55bn at end-1H15. However,
the risk that Pingan could redeem the convertible bond early will
continue to pressure Hydoo's short-term liquidity.

Low Recurring Non-Development Income: Hydoo's business profile is
constrained by its focus on trade centre development and low
recurring non-development income. As of 1H15, rental income
contributed to 1% of the revenue. The lack of diversification
results in Hydoo's weaker cash flow quality and increases its
operation risk amid industry downturns. If market demand continues
to be weak, Hydoo may need to trim average selling prices (ASPs)
and reduce margin to speed up sales, which may materially reduce
its operational cash flow generation.

KEY ASSUMPTIONS

Fitch's key assumptions within the rating case for Hydoo include:
-- Contracted sales ASP growth of 5% in 2016
-- Growth in contracted sales in terms of gross floor area (GFA)
    of 10% in 2016
-- EBITDA margin of around 18%-20% over 2015-2017
-- Total debt of around CNY5.3 billion including convertible
    bonds in 2016

RATING SENSITIVITIES

Future developments that may, individually or collectively, lead
to negative rating action include:
-- deterioration in refinancing prospects that has significant
    adverse impact on its liquidity profile

Future developments that may, individually or collectively, lead
to positive rating action include:
-- EBITDA margin sustained above 25%
-- Net debt/ adjusted inventory sustained below 40%
-- Contracted sales / total debt sustained above 1.5x
-- Annual contracted sales sustained above CNY6.5 billion in
    next two years

FULL LIST OF RATING ACTIONS

Hydoo International Holding Limited
Long-Term Foreign-Currency Issuer Default Rating downgraded to 'B-
' from 'B'; Outlook Stable
Foreign-currency senior unsecured rating downgraded to 'B-' from
'B'; Recovery Rating of 'RR4'
Rating on $US100 million 13.75% senior unsecured bond due 2018
downgraded to 'B-' from 'B'; Recovery Rating of 'RR4'


YANZHOU COAL: Moody's Puts Ba3 CFR on Review for Downgrade
----------------------------------------------------------
Moody's Investors Service has placed the ratings of four mining
companies in China, and their rated subsidiaries, on review for
downgrade.

The actions reflect Moody's effort to recalibrate the ratings in
the mining portfolio to align with the fundamental shift in the
credit conditions of the global mining sector.

"Slowing growth in China, which consumes and produces at least
half of base metals, and is a material player in the precious
metals, iron ore and metallurgical and thermal coal markets is
weakening demand for these commodities and driving prices to
multi-year lows," says Dylan Yeo, a Moody's Analyst, adding
"China's outsized influence on the commodities market, coupled
with the need for significant recalibration of supply to bring the
industry back into balance indicates that this is not a normal
cyclical downturn, but a fundamental shift that will place an
unprecedented level of stress on mining companies."

RATINGS RATIONALE

As part of an ongoing assessment of mining companies, Moody's
sharply reduced its price sensitivity assumptions on December 8,
2015.  Since then, credit conditions in the mining industry have
weakened further, with prices continuing to decline.  The
likelihood has increased that prices for base metals, precious
metals, iron ore and metallurgical and thermal coal will approach
levels closer to Moody's stressed sensitivity scenario.  In
addition, the strong US dollar is a further factor contributing to
weakening demand and driving prices lower since most metals are
traded in dollars.

This broad ratings review will consider each mining company's
asset base, cost structure, likely cash burn and liquidity, as
well as management's strategy for coping with a prolonged downturn
and the ability to execute on same.  The review will assess each
company's cash flow and credit metrics closer to our latest
stressed price assumptions and the relative rating positioning.

Moody's believes that this downturn will mark an unprecedented
shift for the mining industry.  Whereas previous downturns have
been cyclical, the effect of slowing growth in China indicates a
fundamental change that will heighten credit risk for mining
companies.  This review reflects the belief that deteriorating
industry fundamentals require a recalibration of the global mining
portfolio rated by Moody's.  Although all issuers in these sectors
have been adversely affected by declining prices, severity varies
substantially by issuer.  Accordingly, the range of possible
outcomes upon conclusion of the review for given issuers varies
from possible confirmation of ratings to multi-notch downgrades.
Moody's expects to conclude a majority of the reviews by the end
of the first quarter.  While this review focuses on companies
rated in the range from A1 to B3, Moody's is also reevaluating
higher and lower rated companies in the context of industry
conditions. The higher rated companies, on average, are somewhat
more resilient to low commodity prices and many of the lower rated
companies have recently been downgraded.

On Review for Possible Downgrade:

Issuer: Baosteel Resources International Company Ltd.
  Issuer Rating (Foreign Currency), Placed on Review for Possible
   Downgrade, currently Baa1
  Issuer Rating (Local Currency), Placed on Review for Possible
   Downgrade, currently Baa1

Issuer: Baosteel Financing 2015 Pty Ltd.
  Senior Unsecured Regular Bond/Debenture (Foreign Currency)
   Jan. 28, 2020, Placed on Review for Possible Downgrade,
   currently Baa1

Issuer: China Minmetals Corporation
  Issuer Rating (Foreign Currency), Placed on Review for Possible
   Downgrade, currently A3

Issuer: Minmetals Bounteous Finance (BVI) Limited

  Senior Unsecured Regular Bond/Debenture (Local Currency)
   July 30, 2025, Placed on Review for Possible Downgrade,
   currently A3
  Senior Unsecured Regular Bond/Debenture (Local Currency)
   July 30, 2020, Placed on Review for Possible Downgrade,
   currently A3

Issuer: Yanzhou Coal Mining Co. Ltd.

  Corporate Family Rating (Foreign Currency), Placed on Review
  for Possible Downgrade, currently Ba3

Issuer: Yancoal International Trading Co., Limited

  Senior Unsecured Regular Bond/Debenture (Foreign Currency),
   Placed on Review for Possible Downgrade, currently Ba3

Issuer: Yancoal Int'l Resources Development Co., Ltd

  Senior Unsecured Regular Bond/Debenture (Foreign Currency)
   May 16, 2022, Placed on Review for Possible Downgrade,
   currently Ba3
  Senior Unsecured Regular Bond/Debenture (Foreign Currency)
   May 16, 2017, Placed on Review for Possible Downgrade,
   currently Ba3

Issuer: China National Gold Group Corporation

  Issuer Rating (Foreign Currency), Placed on Review for Possible
   Downgrade, currently Baa3
  Issuer Rating (Local Currency), Placed on Review for Possible
   Downgrade, currently Baa3

The principal methodology used in rating Baosteel Resources
International Company Ltd. and Yanzhou Coal Mining Co. Ltd. was
Global Mining Industry published in August 2014.  The principal
methodology used in rating China Minmetals Corporation and China
National Gold Group Corporation was Global Mining Industry
published in August 2014.  Other methodologies used include the
Government-Related Issuers methodology published in October 2014.

The local market analyst for Baosteel Resources International
Company Ltd. and Baosteel Financing 2015 Pty Ltd.'s ratings is
Jiming Zou, VP-Senior Analyst, Corporate Finance Group, +86 (212)
057-4018.

The local market analyst for China Minmetals Corporation,
Minmetals Bounteous Finance (BVI) Limited, and China National Gold
Group Corporation's ratings is Pingping Xing, AVP-Analyst,
Corporate Finance Group, +86 (106) 319-6561.


YINHANG INTERNET: Raises Going Concern Doubt Amid Loss, Deficit
---------------------------------------------------------------
Yinhang Internet Technologies Development, Inc., posted a net loss
of $200,106 for the three months ended Sept. 30, 2015, compared
with a net loss of $640,612 for the period ended September 30,
2014.

The company incurred net losses of $2.07 million for the nine
months ended September 30, 2015.  The company also had a
shareholders' deficit of $8.30 million as of Sept. 30, 2015 with
total assets of $9.57 million and total liabilities of $17.9
million.

"These conditions raise a substantial doubt about the company's
ability to continue as a going concern," said Yahong Zhao, chief
executive officer, and Changqing Liu, chief financial officer of
the company in a regulatory filing with the U.S. Securities and
Exchange Commission on November 20, 2015.

"The company is currently changing its current business model to a
rural e-commerce trading platform, which integrates e-commerce and
electronic administrative affairs of villages, and targets the
users from villages and rural areas.  The company is currently
test running the rural e-commerce trading platform, expects
official operation to begin within a few months.  With existing
resources for sales and marketing channels including over 8,000
agents, and the huge market for internet users in rural areas, the
managements expects a healthy growth of the business; the
management also intends to raise additional financing through debt
and equity financing or through other means that it deems
necessary, with a view to moving forward and sustaining prolonged
growth in its strategy phases.  However, no assurance can be given
that the company will be successful in raising additional
capital."

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

Beijing, China-based Yinhang Internet Technologies Development,
Inc. was incorporated under the name Bison Petroleum, Corp. in
2010. In May 2015, Bison, then a publicly traded shell company
without any operations, entered into and closed a share exchange
agreement with Yinhang Internet Technologies Development, Inc.,  a
privately-owned Nevada holding company (Yinhang US), whereby Bison
acquired 100% of the issued and outstanding capital stock of
Yinhang US in exchange for a total of 758,116,667 shares of
Bison's common stock.  As a result of the Share Exchange, Yinhang
US became a wholly-owned subsidiary of Bison and Bison became the
owner of the all of the outstanding capital stock of Yinhang
(Hongkong) Internet Technologies Development Limited (Yinhang HK),
which in turn owned all of the outstanding capital stock of
Huashang Wujie (Beijing) Internet Technology Co., Ltd. (Huashang),
a wholly foreign owned enterprise under Chinese law.


* CHINA: KKR Partners With China Orient for Distress Asset Deal
---------------------------------------------------------------
Darren Boey at Bloomberg News reports that KKR & Co. formed a
venture with one of China's biggest state-owned bad-loan
managers to invest in distressed assets as the nation's economic
growth slows.

KKR will partner with China Orient Asset Management Corp. and an
investment firm part-owned by the government-controlled fund
manager, China Orient Summit Capital, the companies said in a Jan.
21 press release distributed by Business Wire, Bloomberg relates.
The venture will invest in credit and distressed assets in China,
and the partners will explore areas for broader collaboration,
according to the release cited by Bloomberg.

China Orient Asset Management is one of four Chinese state-owned
asset managers set up to dispose of bad loans following a banking
crisis in the late 1990s, Bloomberg notes. The country's
nonperforming loans have been rising for four years and reached
CNY1.19 trillion ($180 billion) at the end of September, the
highest since the global financial crisis, Bloomberg discloses
citing data from the banking regulator.

The new venture with KKR offers an opportunity to provide
"flexible capital solutions" particularly in the property
industry, Edward Han, China Orient Summit Capital's head of
special situations, said in the statement. Real estate "is facing
increased macro and funding challenges," he said.

The nation's bad-loan managers have been looking for creative ways
to dispose of the soured assets they've acquired. China Huarong
Asset Management Co. and China Cinda Asset Management Co. have
been selling troubled assets through Alibaba Group Holding Ltd.'s
Taobao online marketplace since last year.



================
H O N G  K O N G
================


* Kelly Naphtali Joins Kirkland & Ellis' Hong Kong Team
-------------------------------------------------------
Kirkland & Ellis is pleased to announce that Kelly Naphtali has
joined the Firm as a partner in the Hong Kong office. Ms Naphtali
has joined Kirkland's Restructuring Practice Group, which includes
more than 100 lawyers around the world.

"Kelly's market-leading capabilities and experience make her an
exciting new addition to our Asia Restructuring Group," said Neil
McDonald, a partner in Kirkland's Asia Restructuring Practice
Group in Hong Kong. "Kirkland is one of the only international
firms in Asia with a restructuring team that offers contentious as
well as non-contentious advice to clients. We are all very
thrilled to have Kelly on board to join our steadily expanding
practice."

Ms. Naphtali has a wealth of experience in managing cross-border
litigation and insolvencies and pursuing claims in various
jurisdictions including Hong Kong, China, Japan, Singapore, Korea,
the Philippines, Australia and the Caribbean. She has particular
experience in borrower default actions, shareholders disputes,
insolvency and company law.

"Kelly has earned an excellent reputation for handling difficult
commercial and insolvency related disputes," said James
Sprayregen, a restructuring partner and member of the Firm's
Global Management Executive Committee. "We are delighted that she
will be joining the Firm to help further strengthen the
contentious side of restructuring work in Asia."

Ms. Naphtali was a partner at Hogan Lovells and Lipman Karas
before joining Kirkland & Ellis. Her reputation has been
recognized by legal directories, including being listed as a
leading restructuring lawyer in China by Chambers Asia-Pacific.

"We are very excited Kelly has joined us, because our Asia
Restructuring Group works closely with our Litigation Group,"
stated Mark Filip, a member of the Firm's Global Management
Executive Committee and a partner in the Litigation and Government
Enforcement Defense and Internal Investigations Practice Groups.
Filip added: "Kirkland offers unique strengths in Asia because of
our ability to assemble first-class talent from various legal
disciplines to assist clients.  The most sophisticated client
issues typically require integrated teams of legal experts,
including various combinations of transactional, restructuring,
and litigation attorneys.  Kirkland's team in Asia is
fundamentally grounded on that model, and the Asia team is fully
integrated with broader teams in the United States and Europe."

The recruitment of Ms. Naphtali follows the joining of Neil
McDonald, previously the head of the business restructuring and
insolvency practice in the Hong Kong office of Hogan Lovells, and
Damien Coles, formerly a partner at Hogan Lovells, at the end of
2014.

           About Kirkland & Ellis' Restructuring Practice

Kirkland & Ellis' Restructuring Practice Group utilizes its
offices in the United States, Europe and Asia to provide
integrated services to clients worldwide. Kirkland's restructuring
lawyers have advised on some of the most complex,
multijurisdictional restructurings in recent history and have a
broad range of business advisory and crisis management skills to
navigate clients through situations involving financially troubled
companies. Kirkland lawyers have handled matters across industries
including media, entertainment, transportation, manufacturing,
energy and real estate.

                      About Kirkland & Ellis

Kirkland & Ellis (www.kirkland.com) is a 1,600-attorney law firm
representing global clients in complex restructuring, corporate
and tax, litigation, dispute resolution and arbitration and
intellectual property matters. The Firm has offices in Hong Kong,
Beijing, Chicago, Houston, London, Los Angeles, Munich, New York,
Palo Alto, San Francisco, Shanghai and Washington, D.C.


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


BHAVANI COTEX: ICRA Reaffirms B+ Rating on INR5.0cr Cash Loan
-------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ to the
INR0.60 crore (reduced from INR 0.93 crore) term loan facility and
INR5.00 crore cash credit facility of Bhavani Cotex.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based- Term
   Loan                   0.60        [ICRA]B+ reaffirmed

   Fund Based- Cash
   Credit                 5.00        [ICRA]B+ reaffirmed

The reaffirmation of rating continues to factor in Bhavani Cotex's
(BC) modest scale of operations and the weak financial profile
characterized by high gearing due to the recently incurred debt-
funded capex and reliance on external working capital borrowings.
The ratings further incorporate the stretched liquidity position
of the firm due to high inventory levels. ICRA also takes note of
the highly competitive and fragmented industry structure with the
limited value additive nature of operations, which leads to
pressure on profitability. The rating further incorporates the
vulnerability to adverse movements in agricultural produce prices,
which in turn is linked to the seasonal nature of the cotton
industry and government regulations on MSP and export. Also, being
a partnership firm, any substantial withdrawal by the partners can
have an adverse impact on the capital structure of the firm.

The rating, however, positively considers the long experience of
the partners in the cotton industry as well as the favorable
location of the firm, giving it easy access to high quality raw
cotton. The rating further considers the foray into the crushing
of cottonseeds in FY15 providing diversification and additional
revenues.

Bhavani Cotex was established in 2010 as a partnership firm. Mr.
Gordhanbhai Patel, Mr. Rakeshbhai Patel, and Mr. Naineshbhai Patel
are the promoters who also manage the firm. It is engaged in raw
cotton ginning and pressing. The manufacturing unit is located at
Bodeli, Vadodara, Gujarat. It has 32 ginning machines and one
pressing machine with an installed capacity of producing 300
cotton bales per day (24 hours). In FY15, the firm has commenced
crushing facility equipped with 5 expellers having an installed
capacity to produce 3 MT of cottonseed oil per day (24 hours
operation).

Recent Results
In FY15, the firm reported an operating income of INR15.05 crore
and net profit of INR0.22 crore against an operating income of
INR33.77 crore and net profit of INR0.13 crore in FY14.


CASVA TILES: CRISIL Reaffirms B Rating on INR60.8MM Term Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Casva Tiles Private
Limited continue to reflect the company's modest scale of
operations in the highly fragmented ceramic tiles industry and
working capital-intensive operations. These rating weaknesses are
partially offset by the extensive industry experience of the
company's promoters and the proximity of its manufacturing
facilities to raw material and labour sources.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         1.3      CRISIL A4 (Reaffirmed)
   Cash Credit           30.0      CRISIL B/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility    25.7      CRISIL B/Stable (Reaffirmed)
   Term Loan             60.8      CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes CTPL will continue to benefit over the medium term
from its promoters' extensive industry experience. The outlook may
be revised to 'Positive' in case of higher-than-expected sales,
leading to substantial cash accrual, or an improved working
capital cycle. Conversely, the outlook may be revised to
'Negative' in case of lower-than expected accrual due to reduced
order flows or profitability, or weakening of the company's
financial risk profile, most likely because of a stretched working
capital cycle or larger-than-expected debt-funded capital
expenditure.

Update
CTPL commenced commercial operations in July 2014, and had net
sales of about INR97.4 million in 2014-15 (refers to financial
year, April 1 to March 31); net sales are expected to be modest at
INR130-150 million in 2015-16. Operating profitability for the
year is expected to be moderate, at 15-17 percent, in line with
other players in the industry. Working capital requirement will
remain moderate, with gross current assets expected at 150-160
days over the medium term. Bank limit utilisation averaged 91
percent over the 12 months through November 2015. The financial
risk profile is expected to remain average because of modest debt
protection metrics coupled with a moderate capital structure with
expected gearing of around 2 times over the medium term.
Incorporated in 2013, CTPL is promoted by Morbi, Gujarat-based Mr.
Arvind Aghara and Mr. Chamanlal Aghara. The company produces
digital wall tiles and started commercial operations in July 2014.


DAEWON INDIA: CRISIL Assigns B+ Rating to INR124MM Demand Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank loan facilities of Daewon India Auto Parts Private Limited.
                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Foreign Currency
   Demand Loan            76       CRISIL B+/Stable
   Working Capital
   Demand Loan           124       CRISIL B+/Stable

The rating reflects DIAPL's below-average financial risk profile
because of leveraged capital structure, and customer concentration
in revenue. These weaknesses are partially offset by established
market position in the coil springs and stabiliser bars industry,
and technological support from parent - Daewon Kang Up Co Ltd
(DKUCL).
Outlook: Stable

CRISIL believes DIAPL will continue to benefit over the medium
term from its established market position. The outlook may be
revised to 'Positive' if the company significantly scales up
operations and operating profitability, or if promoters infuse
substantial equity, leading to a better capital structure.
Conversely, the outlook may be revised to 'Negative' in case of
large debt-funded capital expenditure, or increase in working
capital requirement, or decline in profitability.

Incorporated in 2007, Chennai-based DIAPL is a 100 percent
subsidiary of DKUCL, South Korea. The company manufactures coil
springs and stabiliser bars used in the automotive industry.

DIAPL reported loss of INR17.84 million on revenue of INR1.43
billion for 2014-15 (refers to financial year, April 1 to
March 31), against loss of INR129.47 million on revenue of INR1.47
billion for 2013-14.


DARSUN HIGHER: ICRA Suspends B Rating on INR6.80cr Loan
-------------------------------------------------------
ICRA has suspended the long term rating of [ICRA] B assigned to
the INR6.80 crore fund-based bank facilities of Darsun Higher
Educational Society (DHES). The suspension follows ICRA's
inability to carry out the rating surveillance in the absence of
requisite information from the society.

DHES was established in December 2007 and manages the Acme College
of Engineering (ACE), from its campus in Ganga Canal Road,
Muradnagar,Ghaziabad, Uttar Pradesh. It offers a B. Tech. course
in five different fields. Mr. Sudhir Chand Jain heads the society,
and daily operations are managed by the governing body. All the
trustees are experienced in their respective fields.


DINESH DAS: CRISIL Suspends 'D' Rating on INR35MM Term Loan
-----------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Dinesh Das and Sons Mines and Steels Private Limited (DDSM).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            25       CRISIL D
   Term Loan              35       CRISIL D

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

Incorporated in 2005, DDSM mines quartz and manganese. The company
has leased four quartz mines and one manganese mine. The mines are
located in Odisha and Andhra Pradesh. The minerals are primarily
sold to steel manufacturers situated in eastern and south-eastern
India.


DURGAPUR IRON: CRISIL Reaffirms B+ Rating on INR100MM Cash Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Durgapur Iron and Steel
Co Private Limited (DISCO) continue to reflect DISCO's marginal
market share in the fragmented mild steel (MS) ingots industry,
and susceptibility of its operating margin to downturns in the
end-user industry and to volatility in steel prices. The ratings
also factor in a weak financial risk profile. These rating
weaknesses are partially offset by the experience of the company's
promoters in the steel industry.

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

   Letter of Credit       13.4     CRISIL A4 (Reaffirmed)

   Proposed Cash
   Credit Limit           20.0     CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes DISCO will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of an increases in
scale of operations and operating margin, while the company
maintains its working capital cycle. Conversely, the outlook may
be revised to 'Negative' if the financial risk profile
deteriorates, most likely because of low net cash accrual, a
stretched working capital cycle, or significant debt-funded
capital expenditure.

Incorporated in 2004, DISCO is promoted by Mr. Sanjeev Ganeriwala,
his brother, Mr. Rajeev Ganeriwala, and Mr. Vimal Saraf. It
commenced operations in August 2006. The company previously
manufactured MS ingots, but it started manufacturing billets since
December 2015.


FORGING MACHINERY: CRISIL Suspends 'D' Rating on INR50MM Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Forging
Machinery Manufacturing Co. (FMMC).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee        12.5      CRISIL D
   Cash Credit           30        CRISIL D
   Proposed Long Term
   Bank Loan Facility    30        CRISIL D
   Term Loan             50        CRISIL D

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

Formed in 2002, FMMC is a partnership firm of Mr. S Kulwant Singh
and his family and is part of the Ludhiana (Punjab)-based NKH
group. The firm manufactures forging machines and tools, such as
friction drop hammers, power press, and billet shearing machines,
and various forged components.


G. S RADIATORS: CARE Reaffirms B+ Rating on INR4.61cr LT Loan
-------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
G. S Radiators Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      4.61      CARE B+ Reaffirmed
   Short-term Bank Facilities     9.00      CARE A4 Reaffirmed
   Long-term/Short-term Bank
   Facilities                     4.00      CARE B+/CARE A4
                                            Reaffirmed

Rating Rationale

The ratings assigned to the bank faculties of G.S Radiators
Limited (GSR) continue to be constrained by GSR's small scale of
operations, weak debt coverage indicators, working capital
intensive nature of operations and fortunes linked to the
automobile industry, which is cyclical in nature. The ratings also
take cognizance of exposure to the raw material price volatility.
The ratings, however, derive strength from the long experience of
the promoters, reputed client base of the company and moderate
capital structure.

Going forward, the ability of the company to improve its scale of
operations while improving its profitability margins and effective
management of its working capital requirement shall be the key
rating sensitivities.

Incorporated in 1988, GSR is a closely-held public limited company
promoted by Mr Ranjodh Singh. Mr Ranjodh Singh has an experience
of more than two decades in the auto ancillary industry. He looks
after the overall affairs of the company.

He is supported by his wife, Mrs Rajinder Kaur, who has an
experience of more than a decade in the auto ancillary
industry. The company is engaged in the manufacturing of copper-
brass radiators for the automotive original equipment
manufacturers (OEMs). The clientele of the company includes
Mahindra & Mahindra Limited, Kirkland Associates, SML ISUZU Ltd,
Punjab Tractors Ltd, etc.

The manufacturing unit of the company is located at Ludhiana
(Punjab) and has an installed capacity for processing one
lakh pieces per annum (LPA) as on March 31, 2015. The main raw
materials of the company are brass and copper which are mainly
procured domestically. The company sells its products in both
domestic and overseas market under the brand name "GS RADIS
EUROPE" [exports constituted around 37% of the total income in
FY15 (refers to the period April 1 to March 31)].

GSR reported a PAT of INR0.06 crore on a total income of INR36.39
crore in FY15 as against the PAT of INR0.51 crore on a total
income of INR46.20 crore in FY14. In 8MFY16 (as per the unaudited
results), GSR achieved a total income of INR25.18 crore.


GARIMA MILK: CRISIL Suspends B+ Rating on INR112.8MM Term Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Garima Milk and Foods Products Limited (GMFPL).

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            81        CRISIL B+/Stable
   Proposed Term Loan     32.6      CRISIL B+/Stable
   Term Loan             112.8      CRISIL B+/Stable

The suspension of rating is on account of non-cooperation by GMFPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, GMFPL is yet to
provide adequate information to enable CRISIL to assess GMFPL'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'.
GMFPL, incorporated in May 2010, is promoted by Mr. Banwarilal
Kushwah and his family members. The company processes milk to
produce ghee and skimmed milk powder. Its day-to-day operations
are managed by Mr. Banwarilal Kushwah. GMFPL commenced commercial
operations in November 2011. Its manufacturing facility is in
Dholpur (Rajasthan).


GLAZETECH INDUSTRIES: CARE Revises Rating on INR3.75cr Loan to B
----------------------------------------------------------------
CARE revises the LT rating and reaffirms the ST rating assigned to
the bank facilities of Glazetech Industries Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     3.75       CARE B Revised from
                                            CARE B+

   Short-term Bank Facilities    4.60       CARE A4 Reaffirmed

Rating Rationale
The revision in the long-term rating of Glazetech Industries
Private Limited (GIPL) takes into account significant decline in
Total Operating Income (TOI) during FY15 (FY refer to the period
from April 1 to March 31.) and significant increase in
collection and inventory holding period leading to stressed
liquidity position.

The ratings continue to remain constrained on account of financial
risk profile of GIPL marked by small scale of operations,
leveraged capital structure, weak debt coverage indicators and
elongated working capital cycle leading to stressed liquidity
position. The ratings, further, remain constrained due to its
presence in the highly competitive and fragmented industry along
with susceptibility of profitability margins to volatile raw
materials prices.

The ratings, however, continue to derive strength from the wide
experience of the promoters in the industry. The ability of GIPL
to increase its scale of operations while maintaining rofitability
margins amidst slowdown in the major end use segment i.e. real
estate sector and efficient management of working capital cycle
would be the key rating sensitivities.

Incorporated in 2004, GIPL is promoted by Mr Brijesh Ghiya and is
engaged into manufacturing of Aluminium Composite Panels (ACP) and
trading of aluminium coils which find application in the real
estate industry (interior and external designs used in high rise
buildings, shopping malls, etc), infrastructure industry and
automobile industry. During FY15, the company has also started
manufacturing of Zinc Composite Panels (ZCP). The company has an
installed capacity of 36 Lakh square feet per annum for
manufacturing of ACP's and ZCP's with manufacturing facility
located at Jaipur, Rajasthan.

During FY15 (refers to the period of March 31 to April 1), PTPL
has reported a total operating income of INR18.77 crore (FY14:
INR24.49 crore) with a net profit of INR0.06 crore (FY14: INR0.08
crore).


GLOBAL WOOD: CRISIL Suspends B+ Rating on INR30MM Cash Loan
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Global
Wood India Private Limited (GWIPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            30       CRISIL B+/Stable
   Letter of Credit      125       CRISIL A4

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

GWIPL is promoted by the Karnal (Haryana)-based Goyal family. It
is involved in the timber trading business. The company commenced
operations in April 2013, prior to which its promoters were
involved in the timber industry through Goyal Timber Store. GWIPL
has a sawing mill, with capacity of 20,000 meters per month, at
Gandhidham (Gujarat). Its sales office is in Delhi, and its head
office is in Karnal.


GULZAR EDUCATIONAL: ICRA Suspends B+ Rating on INR44cr Loan
-----------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B+ assigned to
the INR44.00 crore bank facilities of Gulzar Educational &
Charitable Trust (GECT). The suspension follows ICRA's inability
to carry out the rating surveillance in the absence of requisite
information from the society.

The society runs the Gulzar Group of institutes, which includes
three colleges encompassing fields like engineering, management
and computer applications. Mr. Gurcharan Singh and his son Mr.
Gurkirat Singh manage the society. The trustee members are also
associated with car dealerships through their two group entities-
Gulzar Trading Company and Gulzar Motors Pvt. Ltd.


GUPTA OVERSEAS: ICRA Suspends 'B' Rating on INR9.28cr Loan
----------------------------------------------------------
ICRA has suspended long term Rating of [ICRA]B assigned to the
INR9.28 Crore bank facilities of Gupta Overseas Private Limited.
The suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

Gupta Overseas Private Limited (GOPL) was incorporated in 1995
which was taken over by the current promoters, Garg family, in
2009. The company is engaged in manufacturing of coarse count open
end cotton yarn at its manufacturing facility located in Panipat
(Haryana) with an installed capacity of 1,320 rotors which can
manufacture ~10 MT (metric tonnes) of yarn per day with count in
the range of 4s to 8s.


IND SWIFT: ICRA Reaffirms 'D' Rating on INR610.89cr Loan
--------------------------------------------------------
ICRA has reaffirmed [ICRA]D/[ICRA]D ratings for the INR1213.57
Crore bank facilities of Ind Swift Laboratories Limited.

                            Amount
   Facilities            (INR crore)   Ratings
   ----------            -----------   -------
   Term Loan Facilities     610.89     [ICRA]D reaffirmed
   Cash Credit Facilities   303.41     [ICRA]D reaffirmed
   Bank Guarantee            25.00     [ICRA]D reaffirmed
   Letter of Credit         240.00     [ICRA]D reaffirmed
   Unallocated               34.27     [ICRA]D/[ICRA]D reaffirmed

The rating reaffirmation factors in the continuation in delays in
debt servicing by ISLL, even post implementation of the Corporate
Debt Restructuring (CDR) mechanism. The company's liquidity
profile remains stretched and the company's financial risk profile
has remained weak since 2012-13. The restrictions imposed on the
company as a result of the implementation of the CDR mechanism
have also led to a significant decline in its scale of operations
over the past three years. Going forward, ISLL's ability to timely
service its interest and principal payments would remain the key
rating sensitivity and would remain dependent on infusion of funds
by the promoters to help improve the company's liquidity profile.

ISLL, part of the Ind-Swift Group based at Chandigarh, was
promoted in 1995 by Ind-Swift Limited in joint venture with the
Punjab State Industrial Development Corporation Limited (PSIDC).
ISLL went public in 1997 and subsequently in 2002-03, PSIDC exited
from ISLL. Ind Swift Laboratories (ISLL) is a medium sized
manufacturer of Active Pharmaceuticals Ingredients (APIs) and
Advanced Intermediates with presence mostly in domestic markets
and certain semi-regulated markets. The company develops,
manufactures and supplies bulk drugs to various domestic
formulations companies and leading generic players across semi-
regulated markets (with predominant presence in East European
Markets). ISLL also manufactures a range of menthol products.

Recent Results
In 2014-15, ISLL reported Operating Income of INR 663.1 Crore,
representing a decline of 31% over the previous year. It reported
a Profit before Depreciation, Interest and Tax (PBDIT) of INR
106.3 Crore and a net loss of INR 119.2 Crore.

In H1, 2015-16, ISLL reported Operating Income of INR 337.1 Crore,
representing a decline of 4% over the previous year. It reported a
Profit before Depreciation, Interest and Tax (PBDIT) of INR 62.2
Crore and a net loss of INR 32.0 Crore.


JAI PAWANSUT: CRISIL Reaffirms B Rating on INR69MM Term Loan
------------------------------------------------------------
CRISIL's ratings on the bank facilities of Jai Pawansut Polytex
Private Limited (JPPPL) continue to reflect the below-average
financial risk profile, because of a weak capital structure, and
modest scale of operations. These rating weaknesses are mitigated
by the benefits derived from the promoters' extensive experience
in the textile industry through group entities.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         1.2      CRISIL A4 (Reaffirmed)

   Cash Credit           42.5      CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     1.8      CRISIL B/Stable (Reaffirmed)

   Term Loan             69        CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes JPPPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the scale of operations
and profitability improve significantly, resulting in better cash
accrual thereby increasing networth and improving the capital
structure. Conversely, the outlook may be revised to 'Negative' in
case of constrained liquidity because of low cash accrual or large
working capital requirement or any large debt-funded capital
expenditure.

Update
For 2014-15 (refers to financial year, April 1 to March 31), JPPPL
recorded turnover of INR216.7 million as against INR259.7 million,
year-on-year dip of 17 percent led by reduction in raw material
price. Backed by addition of new product in the current financial
year and continuous dip in raw material price, JPPPL will have 5-
10 percent growth over the medium term. The operating
profitability was better, at 8.1 percent, for 2014-15 as against
6.8 percent because of improved average realisation. With proposed
capex stabilising in the current year the profitability will
remain at 8.5-9 percent over the medium term. Over the medium
term, the operating cycle is expected to remain stable at 90-95
days, and working capital requirement to increase along with
increasing scale of operations.

The financial risk profile continues to be constrained by modest
networth, high gearing, average debt protection metrics, and
stretched liquidity over the medium term. As on March 31, 2015,
JPPPL's gearing was at 2.2 times led by modest networth of INR20
million. The company has undertaken a debt-funded capex programme
in 2015-16 of INR46.9 million towards modernisation of machinery
which will be funded through term loan of INR34.5 million and
remainder through promoter's contribution. With debt-funded capex
and moderate working capital requirement, the gearing is expected
to remain high at 2-2.3 times over the medium term. The liquidity
is constrained by barely sufficient accrual versus debt obligation
limiting the financial flexibility due to leveraged capital
structure, moderately working capital-intensive operations, and
low current ratio but it continues to have its promoters' funding
support.

JPPPL's profit after tax (PAT) and sales were at INR4.2 million
and INR216.7 million, respectively, for 2014-15; the company
reported profit of INR1 million on sales of INR259.7 million for
2013-14.

JPPPL was set up in 2010 in Surat (Gujarat) by the Khanna family.
The company manufactures and trades in yarn, mainly bright
polyester yarn. Its manufacturing facility is in Surat.


JAI SHIV: CRISIL Suspends 'D' Rating on INR100MM Whse Loan
----------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Jai Shiv
Foods (JSF).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Warehouse Receipts     100      CRISIL D

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

JSF was set up as a proprietorship firm by Mr. Shiv Charan in
2009. Based in Narela (New Delhi), the firm trades in rice and
paddy.


JMJ INDUSTRIES: CRISIL Suspends 'D' Rating on INR90MM Cash Loan
---------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of JMJ
Industries Private Limited (JMJ).

                        Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit             90        CRISIL D
   Letter of Credit        45        CRISIL D
   Term Loan               22.3      CRISIL D

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

JMJ is promoted by the Haryana-based Jindal family. The company
manufactures rexine, which is used in the synthetic leather
industry. It began rexine manufacturing in 2009-10, prior to which
the promoters manufactured thread used to stitch shoes, in Alipur
(Delhi). The rexine manufacturing unit is in Nathupur (Haryana).
The company has recently ventured into shoe manufacturing. Its
operations are managed by Mr. Hemant Jindal.


JOYGURU COLD: CRISIL Reaffirms B- Rating on INR40.9MM Cash Loan
---------------------------------------------------------------
CRISIL ratings on the bank facilities of Joyguru Cold Storage
Private Limited (Joyguru) continue to reflect Joyguru's below-
average financial risk profile, marked by a small net worth,
moderate gearing, and weak debt protection metrics.

                         Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee         0.7       CRISIL A4 (Reaffirmed)

   Cash Credit           40.9       CRISIL B-/Stable (Reaffirmed)

   Term Loan              22        CRISIL B-/Stable (Reaffirmed)

   Working Capital Loan    7.4      CRISIL B-/Stable (Reaffirmed)

The ratings also factor in company's operating performance which
is exposed to risks related to unfavourable regulatory changes and
fragmented cold storage industry in West Bengal. These rating
weaknesses are partially offset by the benefits derived from the
extensive experience of promoters in the cold storage business.
Outlook: Stable

CRISIL believes that Joyguru will continue to benefit over the
medium term from the promoters' extensive experience in the cold
storage business. The outlook may be revised to 'Positive' if the
company efficiently manages farmer credit financing, significantly
scales up its operations, and improves its profitability.
Conversely, the outlook may be revised to 'Negative' if Joyguru's
liquidity is under pressure because of delays in repayments by
farmers, low cash accruals, or any large debt-funded capital
expenditure.

Incorporated in 1989, Joyguru provides its cold-storage facilities
to potato farmers and traders. The company is owned by the West
Bengal-based Nandi family, which has experience of over two
decades in the same line of business. Joyguru's cold storage is
located in Bankura (West Bengal).


KAMNA MEDICAL: CRISIL Ups Rating on INR52.5MM Term Loan to B-
-------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Kamna Medical Centre Private Limited (KMC) to 'CRISIL B-/Stable'
from 'CRISIL D'.


                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            7.5      CRISIL B-/Stable (Upgraded
                                   from 'CRISIL D')

   Term Loan             52.5      CRISIL B-/Stable (Upgraded
                                   from 'CRISIL D')

The rating upgrade reflects regularisation of the company's term
loan repayments driven by improvement in liquidity due to high
cash accrual. The liquidity is further supported by promoter
funding. However, bank limit utilisation is high on account of
stretched receivables. CRISIL believes that the liquidity will
improve over the medium term on account of high cash accrual and
promoters' supports.

The rating reflects KMC's small scale of operations, geographical
concentration in its revenue profile, and exposure to regulatory
risk in the competitive healthcare industry. Furthermore, the
company has a weak financial risk profile because of high gearing
and modest debt protection metrics. These rating weaknesses are
partially offset by the extensive experience of its promoters in
the healthcare industry.
Outlook: Stable

CRISIL believes KMC will continue to benefit over the medium term
from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' in case of substantially high
cash accrual, driven by an increase in scale of operations while
operating profitability and working capital cycle are maintained.
Conversely, the outlook may revised to 'Negative' in case of low
cash accrual, substantial increase in working capital requirement,
or large, debt-funded capital expenditure, resulting in
deterioration in the financial risk profile.

KMC, incorporated in July 2006, operates a 250-bed general-purpose
hospital in Meerut, Uttar Pradesh. The company is promoted by Dr.
Gupta and Dr. Agarwal it provides a full range of medical
services.


KANHAV CREATION: CRISIL Reaffirms B+ Rating on INR167.3MM Loan
--------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Kanhav
Creation Private Limited (KCPL) continue to reflects KCPL's
exposure to off take related risks in its first year of operations
and its modest financial risk profile marked by modest net worth
and high gearing.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            40       CRISIL B+/Stable (Reaffirmed)
   Term Loan             167.3     CRISIL B+/Stable (Reaffirmed)

These rating weaknesses are partially offset by the extensive
industry experience of KCPL's promoters in the warp knitted
textile manufacturing industry and supportive government policies
for the textile sector.
Outlook: Stable

CRISIL believes that KCPL will continue to benefit over the medium
term from its promoter's extensive industry experience. The
outlook may be revised to 'Positive' if the company achieves
higher than expected revenue or profitability, resulting in
improvement in its financial risk profile. Conversely, the outlook
may be revised to 'Negative' if KCPL's cash accruals are lower
than expected or if its working capital cycle lengthens
significantly, or if the company undertakes large debt-funded
capital expenditure programme, leading to further deterioration of
its financial risk profile.

Update
For  2014-15 (refers to financial year, April 1 to March 31),
KCPL's recorded turnover of INR111.2 million in eight months of
operations. In the current financial year for six month ended
September 30, 2015 company reported sales of INR87.3 million and
is expected to report growth of 15-20 per cent over the medium
term backed by stabilization of capacities and proposed capacity
addition. KCPL's operating profitability was at 18.5 per cent, for
2014-15 and for six month ended September 30, 2015 it is at 27.6
per cent. CRISIL expects operating profitability to remain in
range of 23-25 per cent over the medium term.

KCPL's operating cycle is working capital intensive marked by
gross current asset of 106 days for March 2015 led by high debtor
level and moderate inventory requirements. CRISIL expects
company's gross current asset to remain in range of110-130 days
over the medium term.

Company's financial risk profile continues to be constrained by
small net worth, high gearing, average debt protection metrics,
and stretched liquidity over the medium term. As on March 31,
2015, KCPL's gearing was 7.6 times on account of debt funded
capex, high bank line utilization and modest net worth. Bank line
utilization remained high at 94 per cent for 12 month ended
October 2015 on account of working capital intensive operations.
The net worth as on March 31, 2015 is at INR14.6 million.
Company's interest coverage ratio is at 1.8 times as on March 2015
and is expected to remain in range of 2-3 times over the medium
term.

Incorporated in 1995, KCPL is promoted by Mr. Sanjay Todi. The
company manufactures warp-knitted fabric. It commenced commercial
operations in August 2014. It is based in Surat (Gujarat).


KB ISPAT: ICRA Suspends B+/A4 Rating on INR12.42cr Loan
-------------------------------------------------------
ICRA has suspended the [ICRA]B+/[ICRA]A4 ratings rating assigned
to the INR12.42 crore limits of KB Ispat Private Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

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

KBPL was incorporated in November 2010 as a private limited
company and is engaged in the manufacturing of mild steel billets
which finds application as inputs by rolling mills for
manufacturing of mild steel bars, angles, beams etc. The company
is promoted by the members of Vora family who have an experience
of two decades in the steel rolling business through their
associate concerns. The manufacturing unit is located in Bhavnagar
(Gujarat) with installed capacity of manufacturing 160 MT of mild
steel billets per day.


KIRAT CRAFTS: CRISIL Suspends B- Rating on INR50MM Term Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Kirat Crafts (KC).


                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Packing Credit         50       CRISIL A4
   Term Loan              50       CRISIL B-/Stable

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

KC was established in 2009 as partnership firm by Mr. Rajendra
Sethi, Mr. Hardeep Sethi, Mrs. Inderpal Sethi, and Mr. Bineet
Sethi. In 2011, the existing partners exited the firm and three
new partners, Mr. Vishal Singhavi, Mr. Vishal Bohra, and Mr.
Suresh Bohra took over the firm. KC plans to set up a unit for
manufacturing ready-to-assemble furniture such as cabinets and
bookshelves at the special economic zone in Jaipur (Rajasthan).
Ready-to-assemble furniture, such as cabinets and bookshelves, is
made out of particle board and MDF (medium-density fibre) board.
The furniture is assembled at the place of the end-user. The firm
started with the project in November 2011 and was able to start
its operations in April 2014.


KRISHNA STEEL: CARE Reaffirms B+ Rating on INR0.21cr LT Loan
------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Krishna Steel Industries.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      0.21      CARE B+ Reaffirmed
   Short-term Bank Facilities     4.00      CARE A4 Reaffirmed
   Long-term/Short-term Bank
   Facilities                     2.50      CARE B+/CARE A4
                                            Reaffirmed

Rating Rationale

The ratings assigned to the bank facilities of Krishna Steel
Industries (KSI) continues to remain constrained by its small
scale of operations, weak financial risk profile characterized by
low profitability margins, leveraged capital structure, weak
debt service coverage indicators and working capital intensive
nature of operations. The ratings are further constrained
by raw material price fluctuation risk, presence in the
competitive agriculture implements industry and constitution of
the entity being a partnership firm.

The rating constraints are partially offset by experience of the
promoters in manufacturing of agriculture equipments.

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

Karnal-based (Haryana) KSI is a partnership firm established in
2008 by Mr Rakesh Bajaj and Mr Harish Kumar sharing profits and
losses equally. The firm commenced its operations in 2009 and is
engaged in the manufacturing of agriculture implements. The
product portfolio of the firm comprised harrow disc blades of
different sizes and shapes which are used to prepare the soil for
cultivation. The firm has its manufacturing unit in Karnal,
Haryana, with an installed capacity to process 5,500 metric tonnes
of metal per annum. The manufacturing processes of the firm are
ISO 9001:2000 certified.

The firm sells its products to various tractor manufacturers and
dealers in the domestic market as well as in the overseas
markets under the brand name 'ZORRO and KSI'. The export
proportion accounted for around 41% of the total sales in
FY15 (refers to the period April 1 to March 31). The key raw
material is iron billet and the firm procured directly from the
steel manufacturers in the domestic market.

Weak Financial Risk Profile

In FY15 (refers to the period April 01 to March 31), KSI has
achieved a total operating income (TOI) of INR14.74 crore with
PBILDT and profit after tax (PAT) of INR1.11 crore and INR0.15
crore, respectively, as against TOI of INR11.73 crore with
PBILDT and PAT of INR0.83 crore and INR0.05 crore, respectively,
in FY14. The profitability margin continues to remain low
marked by PBILDT margin and PAT margin of 7.50% and 1.02%
respectively in FY15. Furthermore, in the 9MFY16 (April to
December), KSI has achieved a total operating income (TOI) of
INR15.24 crore with PBILDT and PAT of INR0.76 crore and INR0.05
crore respectively.

Moreover, the capital structure remained leveraged marked by
overall gearing ratio of 2.83x as on March 31, 2015 owing
to low net worth base coupled with unsecured loans infused by the
partners to support the business operations. Coverage indicators
also remained weak marked by interest coverage ratio and total
debt to GCA of 1.68x and 8.04x respectively for FY15.


LAVASA HOTEL: CARE Lowers Rating on INR18.63cr LT Loan to 'D'
-------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of Lavasa
Hotel Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     18.63      CARE D Revised from
                                            CARE B

Rating Rationale

The revision in the rating assigned to the bank facilities of
Lavasa Hotel Limited (LHL) takes into account the recent delays
in servicing of interest obligations due to increase in
operational expenses. The rating is further constrained by
continuous losses in the past, low occupancy levels and weak
financial indicators.

ABC LHL is a full service hotel promoted by Lavasa Corporation
Limited (LCL) situated at the Sahyadri Mountains across the
Warasgaon Lake in Dasve district, Lavasa, Maharashtra. Lavasa is
India's first planned city spread over 23,000 acres and it is at
few hours' drive from Mumbai and Pune. The hotel is spread over
1.5 acres of land with 48 standard rooms, 6 suites and 6 executive
suites. The hotel also has three banquet halls with capacity of
around 300 guests, 24 hour coffee shop and a lounge bar. The hotel
is operated by Fortune Park Hotels Ltd (FPHL, 100% subsidiary of
ITC Limited) for which it gets 3% of the gross operating income as
its fee.

During FY15 (refers to the period April 1 to March 31), LTL
reported a net loss of INR1.32 crore on total operating income
of INR11.66 crore vis-…-vis net loss of INR1.31 crore and total
operating income of INR11.28 crore in FY14. The occupancy of
the hotel has remained low at approximately 68%, and the company
has thus not been able to meet its interest obligations in a
timely manner due to its weak liquidity position.


M. RAMSINGH: CRISIL Assigns B+ Rating to INR45MM Cash Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of M. Ramsingh Agro Foods Private Limited.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Term Loan               4       CRISIL B+/Stable
   Standby Line of
   Credit                  6       CRISIL B+/Stable
   Cash Credit            45       CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility     22.5     CRISIL B+/Stable

The rating reflects MRAFPL's modest scale of operations in the
fragmented rice-milling industry. The rating also factors in the
below-average financial risk profile because of a modest net worth
and below-average debt protection metrics. These weaknesses are
partially offset by the promoters' extensive experience in the
rice-milling industry.
Outlook: Stable

CRISIL believes MRAFPL will maintain its business risk profile
backed by the promoter's extensive industry experience. The
outlook may be revised to 'Positive' if the company substantially
scales up its operations while improving profitability leading to
an improvement in its financial risk profile. Conversely, the
outlook may be revised to 'Negative' in case of lower-than-
expected cash accrual, stretch in the working capital cycle, or if
MRAFPL undertakes any larger-than-expected, debt-funded capital
expenditure leading to weakening of the financial risk profile.

Incorporated in 2014, MRAFPL, based in Theni (Tamil Nadu), mills
and processes paddy into rice. The company is promoted by Mr. M
Ramsingh.


MADHAV GINNING: CARE Reaffirms B+/A4 Rating on INR20cr LT Loan
--------------------------------------------------------------
CARE reaffirms ratings to the bank facilities of Madhav Ginning
and Pressing Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term/Short-term            20       'CARE B+/CARE A4'
   Bank Facilities                          Reaffirmed

Rating Rationale

The ratings of Madhav Ginning and Pressing Private Limited (MGPPL)
continues to remain constrained due to weak debt coverage
indicators, low profitability, working capital intensive nature of
business along with presence in the highly fragmented industry
with limited value addition and prices & supply for cotton being
highly regulated by the government.

The ratings also remained constrained on account of susceptibility
of profits to fluctuations in cotton prices along with seasonality
associated with the cotton industry.

The ratings, however, continued to derive strength from experience
of the promoters in cotton ginning business with locational
advantage of being situated in cotton producing region of Gujarat.

Madhav Ginning and Pressing Private Limited (MGPPL) was
incorporated in 2005 by Mr Chhaganbhai Kakadiya, at Rajkot
district, Gujarat and is engaged in the cotton ginning and
pressing business. As on March 31, 2015, MGPPL had a total
installed capacity of processing 12,000 bales of cotton per annum.

During FY15 ( refers to the period April 1 to March 31), MGPPL
earned a PAT of INR0.11 crore on a total operating income (TOI) of
INR111.53 crore as against a PAT of INR0.18 crore on a TOI of
INR110.54 crore in FY14. As per the provisional results for
9MFY16, MGPPL has achieved total sales of about INR70 crore.


MANGALATHU ENTERPRISES: CRISIL Reaffirms B+ Rating on INR30M Loan
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Mangalathu Enterprises
(ME) continue to reflect ME's modest scale of operations in the
intensely competitive cashew industry and the firm's large working
capital requirement. These rating weaknesses are partially offset
by the extensive industry experience of the firm's proprietor, and
its above average financial risk profile because of moderate debt
protection metrics.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            30       CRISIL B+/Stable (Reaffirmed)
   Export Packing
   Credit                 15       CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     25       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes ME will continue to benefit over the medium term
from its proprietor's extensive industry experience and stable
demand prospects in the cashew industry. The outlook may be
revised to 'Positive' in case of a considerable increase in scale
of operations while operating profitability improves, resulting in
better liquidity. Conversely, the outlook may be revised to
'Negative' in case of lower-than-expected revenue and
profitability, substantial debt-funded capital expenditure, or
significant withdrawals by the proprietor.

Update
Revenue increased to INR228 million in 2014-15 (refers to
financial year, April 1 to March 31) from INR181.9 million in
2013-14 supported by steady demand from the domestic market. For
the eight months through November 2015, revenue was INR140 million
and is expected to marginally decline to INR210 million for 2015-
16 owing to intense competition in the market. The firm's
operating margin was 3.98 percent in 2014-15 and is expected to
stabilise at around 3.50 percent over the medium term because of
increase in raw cashew prices.

The financial risk profile is above average. Networth was INR19.75
million and total outside liabilities to tangible networth
(TOLTNW) ratio around 1.81 times, as on March 31, 2015. The
networth is expected to remain modest over the medium term because
of low accretion to reserves. Debt protection metrics remain
moderate, with interest coverage ratio of 2.18 times and risk
coverage ratio of 6.74 times in 2014-15. CRISIL believes the
financial risk profile will remain above average over the medium
term because of moderate TOLTNW and above-average debt protection
metrics.

Liquidity remains comfortable because of moderate bank limit
utilisation and sufficient cash accrual to meet repayment
obligations. Net cash accrual is expected at around INR1.2 million
per annum against minimal term debt obligations, over the medium
term. The firm's bank limit was moderately utilised, at an average
of 82.9 per cent over the 12 months through November 2015. CRISIL
believes liquidity will remain comfortable over the medium term
because of a moderately utilised bank limit and sufficient cash
accrual to meet debt obligations.

Set up in 2004, ME processes raw cashew nuts. The firm's
operations are managed by the proprietor, Mr. R Sathyadevan.


MAYAR HEALTH: CARE Lowers Rating on INR2.26cr LT Loan to B+
-----------------------------------------------------------
CARE revises the ratings assigned to bank facilities of Mayar
Health Resorts Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     2.26       CARE B+ Revised from
                                            CARE D
   Short term Bank Facilities    2.00       Withdrawn

Rating Rationale
The revision in the ratings of the bank facilities of Mayar Health
Resorts Ltd (MHR) takes into account the improvement in the debt
servicing track record of the company.

The ratings continue to be constrained by deterioration in the
financial risk profile marked by significant decline in
profitability and coverage indicators, small scale of operations,
geographic concentration risk and stiff competition from the
unorganized as well as the organized players in the industry.
The ratings, however, derive strength from the experience of the
company in the wellness industry.  Going forward, the ability of
the company to scale-up its operations and improve its
profitability shall be the key rating sensitivity.

Incorporated in 2003, as a public limited company, MHR is the
healthcare arm of the Mayar group. The Mayar group has diversified
business interests in the trading of timber, publication paper,
infrastructure/real estate hospitality and shipping sector with
presence in Asia and Europe. MHR is engaged in the wellness
business and provides services through its two brands: "Amatra
Spa" and "Three Graces".

Post the launch of 'Amatrra' brand in October 2004 in New Delhi,
the company has increased its presence and visibility by launching
a new brand, 'Three Graces'. The brand was launched in 2010, and
offers various services like: Weight Loss Treatments, Salon
Services, Spa, Fitness Center, Cosmetic Dermatology, etc.

MHR reported losses at PAT level of INR8.15 crore on a total
income of INR20.29 crore for FY15 (refers to the period April 1
to March 31) as compared with a PAT of INR0.70 crore on a total
income of INR29.50 crore for FY14. For H1FY16 (provisional), MHR
has reported total operating income of INR 8.72 crore.


MEGHA GUM: CRISIL Reaffirms B+ Rating on INR150MM Cash Loan
-----------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Megha Gum and
Chemicals (MGC) continues to reflect weak financial risk profile
because of modest networth and high gearing, small scale of
operations due to presence in highly fragmented industry, and
susceptibility to volatility in guar gum prices due to
commoditised nature of product.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit           150       CRISIL B+/Stable (Reaffirmed)
   Term Loan              30       CRISIL B+/Stable (Reaffirmed)

These weaknesses are partially offset by promoters' extensive
experience in the guar gum industry, low working capital
requirement, and benefits derived from diversification in the
cotton ginning industry.
Outlook: Stable

CRISIL believes MGC will continue to benefit over the medium term
from its promoters' extensive industry experience and
diversification in the cotton ginning industry. The outlook may be
revised to 'Positive' in case of improvement in MGC's capital
structure, leading to a better financial risk profile. Conversely,
the outlook may be revised to 'Negative' if liquidity deteriorates
on account of lower-than-expected net cash accrual, weakening
working capital management.

MGC commenced operations in 2005 by setting up a guar gum refining
unit in Hisar (Haryana). The firm is promoted by Ms. Urmila Goyal
and operations are managed by her husband Mr. Rajinder Goyal and
nephew Mr. Anuj Goyal. The firm's cotton ginning and cotton oil
refining unit commenced operations in November 2012.


OGUN STEELS: CRISIL Suspends 'D' Rating on INR100MM Cash Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Ogun Steels Private Limited (OSPL; part of the Paragon group).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            100      CRISIL D
   Letter of Credit        60      CRISIL D

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

The Paragon group was established in 1969 by Mr. M Paramsivam.
OSRM, established in 2009, manufactures thermo-mechanically
treated (TMT) bars; its unit is in Sulur (Tamil Nadu). Paragon
Steel, set up in 1994, manufactures TMT bars and ingots; its plant
is in Palakkad (Kerala). OSPL, set up in 2009, is the trading arm
of the group.


ORIILON INDIA: CARE Revises Rating on INR14.83cr Loan to B+
-----------------------------------------------------------
CARE revises the lt rating and reaffirms the st rating assigned to
the bank facilities of Oriilon India Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     14.83      CARE B+ Revised from
                                            CARE B

   Long-term/Short-term Bank      8.00      CARE B+/CARE A4
   Facilities                               Long-term rating
                                            revised from CARE B
                                            and Short term
                                            rating re-affirmed

   Short-term Bank Facilities     0.85      CARE A4 Reaffirmed


Rating Rationale
The revision in the long-term rating assigned to the bank
facilities of Oriilon India Private Limited (OIPL) is primarily on
account of healthy growth in Total Operating Income (TOI) and
improvement in liquidity profile of the company during FY15
(refers to the period April 1 to March 31). The ratings continue
to derive comfort from promoters' extensive experience into the
textiles industry and location advantage with presence in Surat -
the largest manmade fiber cluster in India - with proximity to a
large customer base resulting in reduced transportation costs.

The ratings, however, continue to remain constrained on account of
declining profit margins coupled with moderate capital structure
and debt coverage indicators. The ratings are further constrained
due to the company's presence in the highly competitive and
fragmented textile industry and susceptibility of operating
margins to fluctuation in raw material prices and foreign exchange
rate.

Going forward, OIPL's ability to increase its scale of operations,
improve its profit margins, capital structure and efficient
management of working capital would be the key rating sensitivity.

Incorporated in 2008, OIPL (erstwhile known as "Vandana Suppliers
Pvt. Ltd.") is engaged in the manufacturing of Nylon Filament Yarn
(NFY), which is mainly used in the textile industry, with an
installed capacity of 18,000 metric tonnes per annum (MTPA) as on
March 31, 2015. The entity is a part of "Rangoli Group of
companies" located in Gujarat. The group has been into the textile
industry for about two decades. The manufacturing facility is
located at Surat in Gujarat.

During FY15, OIPL reported a TOI of INR43.48 crore and PAT of
INR0.54 crore as against TOI of INR16.31 crore and PAT of
INR0.32 crore during FY14. Furthermore, during 8MFY16
Provisional), OIPL has achieved TOI of INR36.59 crore.


P.S. CONSTRUCTION: CRISIL Reaffirms B+ Rating on INR5MM Loan
------------------------------------------------------------
CRISIL's ratings on the bank loan facilities of P.S. Construction
Private Limited (PSPL) continue to reflect the company's small
scale of operations, high geographical concentration in its
revenue profile, small order book, and low profitability, which is
vulnerable to fluctuation in raw material prices. These rating
weaknesses are partially offset by the extensive experience of
PSPL's promoters in the construction industry and the company's
reputed customer base.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         100      CRISIL A4 (Reaffirmed)
   Cash Credit              5      CRISIL B+/Stable (Reaffirmed)
   Overdraft Facility       5      CRISIL A4 (Reaffirmed)

Outlook: Stable

CRISIL believes PSPL 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 substantial increase in
scale of operations, driven by better order flows, along with
efficient working capital management. Conversely, the outlook may
be revised to 'Negative' in case of lack of continued order flows,
lower profitability, and significant pressure on working capital
management due to delays in project execution and in realisation
of receivables.

PSPL was originally established by Mr. S Ramachandran in 1999 as a
proprietorship firm; the firm was reconstituted as a private
limited company with the current name in 2003. It undertakes
civil, mechanical, and electrical construction for oil and gas
companies.


PIONEER EMBROIDERIES: CRISIL Assigns 'D' Rating to INR95MM Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long-term bank
facilities of Pioneer Embroideries Limited (PEL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Working Capital
   Term Loan              39        CRISIL D

   Cash Credit            95        CRISIL D

   Term Loan              26        CRISIL D

The rating reflects continuous delays by PEL in servicing its debt
owing to weak liquidity. The liquidity has weakened due to large
funding support extended by PEL to its subsidiaries and
associates.

PEL also has a weak financial risk profile because of subdued debt
protection metrics and susceptibility to volatility in raw
material prices and intense competition in the textile industry.
However, the company benefits from its established position in
embroidered fabrics, laces, and dope dyed polyester yarn (DDPY)
backed by the extensive experience of promoters in the textile
industry.

Incorporated in 1991, PEL manufactures and exports DDPY and
embroidered fabrics, laces. It is promoted by Mr. Raj Kumar
Sekhani and is headquartered in Mumbai. The company's
manufacturing facilities are located in six different locations in
India.

PEL reported a profit after tax of INR21.2 million on sales of
INR2.65 billion for 2014-15 (refers to financial year, April 1 to
March 31), against a net loss of INR77.2 million on sales of
INR2.68 billion for 2013-14.


PRAGATIPATH REAL: CRISIL Suspends B+ Rating on INR80MM Term Loan
----------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Pragatipath Real Estates Pvt. Ltd (PPR).

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

   Proposed Term Loan      80      CRISIL B+/Stable

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

PPR, incorporated in 2007 by Mr. Vikas Trivedi, Surya Kumar
Trivedi and Sameer Trivedi, is a Lucknow (Uttar Pradesh) based
company engaged in real estate broking and liasoning business.
Company is also developing one residential real estate project in
Aishbagh, Lucknow.


PRITS LEATHER: CRISIL Assigns 'B' Rating to INR20MM Packing Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Prits Leather Art (P) Ltd. (PLA).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bills Discount/
   Cheque Purchase        80       CRISIL A4
   Export Packing
   Credit                 20       CRISIL B/Stable

The ratings reflect the weak financial risk profile owing to
below-average liquidity and high total outside liabilities to
adjusted networth (TOLANW) ratio due to high creditors. The
ratings also factor in the low profitability margins and large
working capital requirement. These rating weaknesses are partially
offset by the extensive experience of promoters in the leather
products industry and established relationships with customers.
Outlook: Stable

CRISIL expects PLA to maintain its credit risk profile on the back
of the promoters' extensive industry experience and established
customer relationships. The outlook may be revised to 'Positive'
if the liquidity and capital structure improve with a decline of
creditors through infusion of funds by promoters. Conversely, the
outlook may be revised to 'Negative' if any stretch in the working
capital cycle or any large, debt-funded capital expenditure leads
to deterioration in the liquidity and financial risk profile.

PLA was incorporated in 2006 as a private limited company.
Promoted by Mr. Ashwani Bhatia and his wife Ms. Seema Bhatia, the
company manufactures and exports leather garments, leather bags,
and accessories. PLA has manufacturing facilities located in
Noida, Uttar Pradesh and derives its revenue primarily through
export of leather garments and bags to European countries.


RASOYA PROTEINS: CARE Reaffirms 'D' Rating on INR247.27cr LT Loan
-----------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Rasoya Proteins Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities    247.27      CARE D Reaffirmed
   Short-term Bank Facilities     4.43      CARE D Reaffirmed

Rating Rationale

The ratings assigned to the bank facilities of Rasoya Proteins
Limited (RPL) factor in ongoing delays in debt servicing by RPL
due to its stressed liquidity position.

RPL, incorporated in 1992, is engaged in soya solvent extraction
and refining of soya oil. RPL operates two integrated solvent
plants, with one located at Wani District, Yavatmal (Maharashtra)
and other at Malkapur district, Buldhana (Maharashtra). The Wani
plant has 900 tonnes per day (TPD) of seed crushing capacity, 150
TPD of oil refining capacity and 7 TPD of liquid lecithin
manufacturing capacity, while the Malkapur plant has a 1,000 TPD
of extraction facility, 150 TPD of oil refining capacity, 7 TPD of
liquid lecithin manufacturing capacity and soya floor capacity of
100 TPD.

RPL's product portfolio includes soya de-oiled cake (DOC), soya
hi-pro DOC, soya crude oil, soya refined oil, lecithin and wheat
flour (wheat flour accounted for 1% of the revenue in FY14 [refers
to the period April 1 to March 31]). The soy-based products are
sold under the brand name 'Rasoya', while wheat-based products are
sold under the brand name 'Mejwani'. The company has a 10-megawatt
(MW) captive thermal power plant at its Wani plant. The company
has a power purchase agreement with Maharashtra State Electricity
Distribution Company Limited to sell the excess power. RPL has a
UAE based wholly owned subsidiary named RPL International Trade
FZE (RITF) in Sharjah. RITF was incorporated in June 2011 and is
engaged in the trading of edible oil. RITF purchases refined
edible oil from Malaysia and sells the same outside India and most
of the refined oil sales by RITF are made under the brand name of
'Rasoya'.

As per the SEBI circular dated September 24, 2014, RPL and five of
its directors have been restrained from accessing the securities
market and further prohibited from buying, selling or dealing in
securities or any instrument exchangeable or convertible into
securities, directly or indirectly, in any manner whatsoever, till
further directions.

During FY15, RPL has recorded sales of INR470.66 crore and a net
loss of INR58.93 crore. During H1FY16, the company has recorded
sales of INR47.59 crore and a net loss of INR57.61 crore
(provisional results).


RATNAKAR ISPAT: Ind-Ra Assigns 'IND B+' Long-Term Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Ratnakar Ispat
India Private Limited (RIIPL) a Long-Term Issuer Rating of 'IND
B+'. The Outlook is Stable. A full list of rating actions is at
the end of this commentary.

KEY RATING DRIVERS

The ratings reflect RIIPL's lack of an operational track record as
it started commercial operations only from April 2015. The ratings
also consider the company's presence in the highly competitive and
fragmented steel industry.

However, the ratings are also supported by the over three decades
of experience of RIIPL's promoters in steel industry.

RATING SENSITIVITIES

Positive: The stabilisation of operations will lead to a positive
rating action.

Negative: Failure in the stabilisation of operations leading to
delays in debt servicing could result in a negative rating action.

COMPANY PROFILE

RIIPL was established in 2012 by Mr. Shankar Lal Jat, Mrs. Prem
Devi Jat and Mrs. Geeta Devi Jat. The proposed 80,000MT per annum
unit for manufacturing of TMT bars and mild steel billets is
located in Bhilwara (Rajasthan).

RIIPL's ratings:

-- Long-Term Issuer Rating: assigned 'IND B+'/Stable
-- INR125.6 million long-term loan: assigned 'IND B+'/Stable
- INR100.0 million fund-based working capital limit: assigned
   'IND B+'/Stable


SAI PRINT: Ind-Ra Assigns 'IND B+' Long-Term Issuer Rating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Sai Print & Pack
a Long-Term Issuer Rating of 'IND B+'. The Outlook is Stable. A
full list of rating actions is at the end of the commentary.

KEY RATING DRIVERS

The ratings reflect Sai Print & Pack's small scale of operations
and moderate credit profile. In FY15, revenue was INR234m,
interest coverage was 2x, net financial leverage was 4.1x and
EBITDA was INR19m. The ratings are constrained by the company's
weak liquidity profile as reflected in its almost-full working
capital utilisation during the 12 months ended December, along
with instances of over utilisation which were regularised within a
day. The company's proprietorship nature of business also
constrains the ratings.

The ratings, however, benefit from the directors' over 10 years of
experience in the packaging business.

RATING SENSITIVITIES

Positive: An improvement in the overall credit profile will be
positive for the ratings.

Negative: Any deterioration in the profitability will be negative
for the ratings.

COMPANY PROFILE

Incorporated in 1998, Sai Print & Pack is a proprietorship firm
provides packaging solutions. It manufactures solid fibre folding
cartons, large decorative cases, multi coloured printed litho
laminated corrugated cartons. The firm is managed by Mr Anuj Dayal
and has its registered office in Faridabad.

Sai Print & Pack's ratings:
-- Long-Term Issuer Rating: assigned 'IND B+'/Stable
-- INR30 million fund based limit:  assigned 'IND B+'/Stable
-- Proposed INR20 million fund based limit: assigned
    'Provisional IND B+'/Stable


SAMBHAV DETERGENTS: CRISIL Reaffirms B+ Rating on INR50MM Loan
--------------------------------------------------------------
CRISIL's rating on the long-term bank loan facilities of
Sambhav Detergents Private Limited (SDPL) continues to reflect its
constrained financial risk profile marked by low net worth and
high gearing levels in view of nascent stage of operation and the
company's exposure to risks relating to intense industry
competition.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit             29      CRISIL B+/Stable (Reaffirmed)

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

   Term Loan               50      CRISIL B+/Stable (Reaffirmed)

These weaknesses are partially offset by the extensive experience
of the promoters in the manufacturing detergents and allied
products and successful implementation of the manufacturing
facility.
Outlook: Stable

CRISIL believes SDPL will benefit over the medium term from the
extensive experience of the promoters in the detergents and allied
products business. The outlook may be revised to 'Positive' in
case of stabilization of operations of its new manufacturing unit
leading to faster ramp up of revenue and profitability, thereby
leading to improvement in the financial risk profile. Conversely,
the outlook may be revised to 'Negative' in case of lower-than-
expected accrual, lengthening of the working capital cycle, or any
large, debt-funded capital expenditure plan resulting in
deterioration of the financial risk profile.

Incorporated in 2012, SDPL is setting up a manufacturing unit in
the Kampur district of Assam to manufacture detergents and other
cleaning products. The operations are managed by the promoter-
directors, Mr. Ritum Jain and Mr. Vinod Kumar Jain.


SANJIVINI PIPES: CRISIL Reaffirms B Rating on INR45MM LT Loan
-------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Sanjivini
Pipes and Fittings Private Limited continues to reflect
Sanjivini's small scale of operations, large working capital
requirement, below-average financial risk profile because of high
gearing, and susceptibility of operating margin to volatility in
raw material prices. These weaknesses are partially offset by its
promoters' extensive experience in the polyvinyl chloride (PVC)
pipes industry.

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

   Long Term Loan         45       CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      4       CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes Sanjivini will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company reports
significantly large cash accrual and improves its capital
structure. Conversely, the outlook may be revised to 'Negative' if
Sanjivini reports low cash accrual, or undertakes any large debt-
funded capital expenditure, or if its working capital management
deteriorates.

Update
Revenue increased to INR105.5 million in 2014-15 (refers to
financial year, April 1 to March 31) from INR98.1 million in 2013-
14. Revenue was over INR50 million till September 2015 in 2015-16
and the company had orders of INR15 million as of November 30,
2015. Revenue is expected to sustain due to increase in demand
from the infrastructure and agriculture sectors, scope for
increase in capacity utilisation, and leveraging of healthy
relationships with dealers across Karnataka (through businesses in
PVC pipes, transportation/logistics, and fishing). Sustained
realisations and decline in raw material prices led to healthy
operating margin of 20 percent in 2014-15. However, the margin
remains susceptible to volatility in raw material prices.
Sustenance of revenue and operating margin will remain a key
rating sensitivity factor.

Sanjivini's financial risk profile remains below average because
of modest networth of INR24 million and high gearing of 3.5 times
as on March 31, 2015, and subdued interest coverage and net cash
accrual to total debt ratios of 2 times and 0.13 time,
respectively, in 2014-15. Net cash accrual is expected at INR10
million in 2015-16 and will be sufficient to meet term loan
obligation of INR6 million. Bank limit utilisation was moderate,
averaging 76 percent over the 12 months through August 2015.

Sanjivini, incorporated in 2012, manufactures PVC pipes and
fittings. It is promoted by Mr. Mohammed Ali and his family
members, and is based in Udupi, Karnataka.


SHIV LAL: CRISIL Assigns 'B' Rating to INR80MM Whse Loan
--------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Shiv Lal Trading Co (SLTC).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit             14      CRISIL B/Stable
   Warehouse Receipts      80      CRISIL B/Stable

The rating reflects SLTC's limited revenue diversity with high
geographic concentration, low operating profitability, and below-
average financial risk profile because of small net-worth and weak
debt protection metrics. These weaknesses are partially offset by
its proprietor's extensive experience in the rice industry and
financial support by way of unsecured loans.
Outlook: Stable

CRISIL believes SLTC will continue to benefit over the medium term
from its proprietor's extensive industry experience. The outlook
may be revised to 'Positive' in case of more-than-expected
increase in sales and profitability leading to higher cash
accrual, steady working capital cycle, or considerable fund
infusion. Conversely, the outlook may be revised to 'Negative' if
revenue and profitability decline significantly due to intense
competition, or if the firm undertakes a larger-than-expected
debt-funded capital expenditure, or if working capital cycle
lengthens, leading to deterioration in liquidity.

SLTC, a proprietorship concern established in 1990, trades in
wheat and paddy in the domestic market and is based in Delhi. The
firm is managed by Mr. Subhash Chand.

SLTC's book profit and net sales were INR1.75 million and INR501.9
million, respectively, for 2014-15 (refers to financial year,
April 1 to March 31), against INR1.6 million and INR142.7 million,
respectively, for 2013-14.


SHIVA COTTON: Ind-Ra Assigns 'IND B+' Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Shiva Cotton
Industries (SCI) a Long-Term Issuer Rating of 'IND B+'. The
Outlook is Stable. The full list of rating actions is at the end
of this commentary.

KEY RATING DRIVERS

The ratings reflect SCI's limited operational track record as it
commenced its operations only in March 2015. The ratings consider
the company's small scale of operations with revenue of INR4
million in FY15. Ind-Ra expects the scale to remain small during
FY16 as the firm only achieved INR117.62 million as revenue till
end-November 2015. The ratings also consider the partnership
nature of the organisation.

The ratings are supported by SCI's partners' three decades of
experience in the textile industry. The ratings benefit from the
company's comfortable liquidity position as reflected in its
maximum average fund-based utilisation of 64.02% during the six
months ended December 2015.

RATING SENSITIVITIES

Positive: An improvement in the scale of operations will lead to a
positive rating action.

Negative: Deterioration in the liquidity could lead to a negative
rating action.

COMPANY PROFILE

SCI was incorporated in 2014 and started its operations in March
2015 in the Shahpur District of Karnataka. Its registered office
is in Sendhwa, Madhya Pradesh. The firm is mainly into ginning and
pressing of cotton and operates with 36 ginning and one pressing
machine.

Shyamsunder Goyal, Gopaldas Agarwal and Pawan Kumar Agarwal are
the partners of the firm.

SCI's ratings:

  -- Long-Term Issuer Rating: assigned 'IND B+'; Outlook Stable
-- INR60.00 million fund-based working capital limit: assigned
    'IND B+'/Stable
-- INR35.00 million long-term loans: assigned 'IND B+'/Stable


SHRI MAHADEV: CRISIL Reaffirms B Rating on INR27.5MM Cash Loan
--------------------------------------------------------------
CRISIL rating on the long term bank facilities of Shri Mahadev
Silk Mills Private Limited (SMSMPL) continues to reflect SMSMPL's
exposure to intense competition in the fragmented dyeing and
processing segment and its large working capital requirements. The
above mentioned rating weaknesses are partially offset by the
extensive experience of the promoters in the industry.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit           27.5      CRISIL B/Stable (Reaffirmed)
   Long Term Loan        26.4      CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes the company will maintain a stable credit risk
profile over the medium term, backed by its promoter's extensive
experience in the industry. The outlook may be revised to
'Positive', if SMSMPL achieves a healthy growth in its scale of
operations, while prudently managing its working capital cycle and
maintaining its financial risk profile. Conversely, the outlook
may be revised to 'Negative', if SMSMPL's accruals decline, or if
its working capital requirements lengthen further, leading to
deterioration in financial risk profile and liquidity.

Surat (Gujarat) based SMSMPL is engaged in the business of dyeing
and processing of man-made fabrics. The company caters majorly to
the textile players in and around the city of Surat. SMSMPL has
been engaged in this business for more than 10 years. SMSMPL is
promoted by Mr. Nandkishore Rathi and his family.


SHUBHAM INDUSTRIES: ICRA Suspends B+ Rating on INR7.5cr Loan
------------------------------------------------------------
ICRA has suspended the [ICRA]B+ rating assigned to the INR7.50
crore limits of Shubham Industries. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of the
requisite information from the company.

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

Shubham Industries (SI) was established as a partnership firm in
2005 and is engaged in the business of ginning & pressing of raw
cotton and crushing of cotton seeds. The firm's manufacturing
facility is located at Kadi in Gujarat and is equipped with forty-
two ginning machines, one pressing machine and thirteen expeller
machines. The firm is currently promoted by Mr. Ashok Patel, Mr.
Bhavin Patel along with other family members who have a long-
standing experience in the cotton industry.


SINHGAD TECHNICAL: CARE Reaffirms 'D' Rating on INR493.74cr Loan
----------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Sinhgad Technical Education Society.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     493.74     CARE D Reaffirmed
   Short-term Bank Facilities     24.45     CARE D Reaffirmed

Rating Rationale
The ratings assigned to the bank facilities of Sinhgad Technical
Education Society (STES) continue to factor in the ongoing delays
in debt servicing by STES due to its stressed liquidity position.

STES was registered under the Societies Registration Act, 1860 in
August 1993. It is also registered under the Bombay Public Trust
Act, 1950.

STES manages 59 higher education colleges and pre-primary, primary
and secondary schools. These schools and colleges provide full
time courses in the fields of Engineering, Management, Pharmacy,
Architecture, Gemology and Jewellery Designing, etc. The
educational courses offered by the various institutes of STES are
recognized by the All India Council of Technical Education (AICTE)
and the Government of Maharashtra. These courses are affiliated to
the University of Pune. STES also runs Medical, Dental, Nursing
and Physiotherapy Degree courses at its campus at Narhe. These
courses are approved by the Medical, Dental and Nursing Council of
India and are affiliated to the Maharashtra University of Health
Sciences. STES also runs a 500-bed hospital at its Narhe Campus
that provides free services. STES has seven campuses in the Pune
District at Vadagaon, Narhe, Ambegaon, Kondhwa, Lonavala,
Erandwane and Warje. The institute had student strength of around
70,118 for 2014-2015.

During FY15, STES recorded total operating income of INR609.77
crore and PAT of INR62.01 crore as against total operating income
of INR579.67 crore and PAT of INR52.62 crore during FY14.


SPARSH FAB: CRISIL Assigns B+ Rating to INR60MM Term Loan
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Sparsh Fab Textiles Private Limited (SFTPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            50       CRISIL B+/Stable
   Rupee Term Loan        60       CRISIL B+/Stable

The rating reflects the company's below-average financial risk
profile marked by a highly leveraged capital structure and small
net worth, and its modest operating profitability in the
fragmented textile industry. These rating weaknesses are partially
offset by the extensive industry experience of the company's
promoters.

Outlook: Stable

CRISIL believes SFTPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of higher-than-
expected cash accrual, resulting in an improvement in the
financial risk profile. Conversely, the outlook may be revised to
'Negative' in case of a decline cash accrual, stretched working
capital cycle, or large, debt-funded capital expenditure, leading
to deterioration in the financial risk profile, especially
liquidity.

SFTPL was incorporated in 2009, promoted by the Bhiwandi,
Maharashtra-based Todi family. The company trades in fabric for
uniforms, shirting, and others. It undertakes designing work and
outsources the manufacturing and processing of the fabric, which
it sells under the Sparsh Fab brand. Operations are managed by Mr.
Girish Todi, the managing director.


SRI SATYANARAYANA: CRISIL Cuts Rating on INR400MM Cash Loan to B+
-----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Sri Satyanarayana Raw and Boiled Rice Mill Private Limited (SSRM)
to 'CRISIL B+/Stable/CRISIL A4' from 'CRISIL BB-/Stable/CRISIL
A4+'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         1.5      CRISIL A4 (Downgraded from
                                   'CRISIL A4+')

   Cash Credit          400        CRISIL B+/Stable (Downgraded
                                   from 'CRISIL BB-/Stable')

   Export Packing       291.9      CRISIL A4+ (Downgraded
   Credit                          from 'CRISIL A4+')

   Derivatives Facility  14        CRISIL A4 (Downgraded from
                                   'CRISIL A4+')

   Export Packing       260        CRISIL B+/Stable (Downgraded
   Credit                          from 'CRISIL BB-/Stable')

   Key Cash Credit       50        CRISIL B+/Stable (Downgraded
                                   from 'CRISIL BB-/Stable')

   Proposed Long Term    95        CRISIL B+/Stable (Downgraded
   Bank Loan Facility              from 'CRISIL BB-/Stable')

   Term Loan             30        CRISIL B+/Stable (Downgraded
                                   from 'CRISIL BB-/Stable')

The downgrade reflects weakening of SSRM's business risk profile
driven by lower-than-expected revenue and profitability, and a
stretched working capital cycle.

The ratings on the bank facilities of SSRM continue to reflect the
below-average financial risk profile because of a modest networth,
high gearing, and subpar debt protection metrics. The ratings are
also constrained by its exposure to intense competition in the
rice milling industry, and the susceptibility to changes in
government regulations and paddy prices. These rating weaknesses
are partially offset by the extensive experience of promoters in
the rice milling industry.
Outlook: Stable

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

SSRM was set up in 1998 by Mr. Bonda Venkateswara Rao. The company
mills and processes paddy into rice; it also generate by-products
such as broken rice, bran, and husk. The company's rice milling
unit is located in the West Godavari district in Andhra Pradesh.

SSRM, on a provisional basis, reported a profit after tax (PAT) of
INR0.20 million on sales of INR698.10 million for 2014-15 (refers
to financial year, April 1 to March 31) as against net loss of
INR2.70 million on sales of Rs,2.49 billion for 2013-14.


ST. GEORGE ELECTRONICA: CRISIL Rates INR157.5MM Term Loan at 'B'
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of ST. George Electronica Private Limited (STG).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Working Capital
   Term Loan              50       CRISIL B/Stable
   Cash Credit           157.5     CRISIL B/Stable
   Long Term Loan         82.5     CRISIL B/Stable

The rating reflects below-average financial risk profile, because
of high total outside liabilities to tangible networth ratio and
modest networth and its moderate scale in the intensely
competitive consumer electronics and home appliances retail
segment. These rating weaknesses are mitigated by the promoters'
extensive industry experience.
Outlook: Stable

CRISIL believes that STG will continue to benefit over the medium
term from the promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the financial risk profile
improves on account of sizeable cash accrual. Conversely, the
outlook may be revised to 'Negative' if the financial risk profile
weakens with significantly low revenue or profitability or
sizeable debt contracted for its capital expenditure or working
capital requirement.

STG was set up in 2014 in Thrissur (Kerala). The company deals in
consumer electronics and home appliances and operates six retail
stores in Kerala. Mr. KT Jissy, the promoter, manages the daily
operations.


VINDHYABASINI RICE: CRISIL Reaffirms B+ Rating on INR60MM Loan
--------------------------------------------------------------
CRISIL's rating on the bank facilities of Vindhyabasini Rice Mills
Cluster Private Limited (VRMCPL) continues to reflect its working
capital-intensive and modest scale of operations in a highly
fragmented and intensely competitive rice milling and flour
milling business.

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

   Proposed Long Term
   Bank Loan Facility      60      CRISIL B+/Stable (Reaffirmed)

   Term Loan               40      CRISIL B+/Stable (Reaffirmed)

These rating weaknesses are partially offset by VRMCPL's average
financial risk profile marked by a moderate capital structure and
the extensive industry experience of promoters.
Outlook: Stable

CRISIL believes VRMCPL will maintain the business risk profile on
the back of the promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of a significant and
sustained increase in operating income and cash accruals along
with improved working capital management. Conversely, the outlook
may be revised to 'Negative' if the operating income or cash
accruals decline, or the working capital cycle stretches or if the
company undertakes any significant debt funded capital expenditure
leading to deterioration in financial risk profile, particularly
liquidity.

Incorporated in January 2010, VRMCPL mills and processes par
boiled rice. The company has also started a flour milling unit
which commenced commercial operations from May 2015 onwards. The
plants are located in Rohtas (Bihar). The operations are primarily
managed by Mr. Sunil Singh.


VSR LAMINATES: CRISIL Assigns 'B' Rating to INR52.5MM Term Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank loan facilities of VSR Laminates Private Limited (VSR).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit           30        CRISIL B/Stable
   Term Loan             52.5      CRISIL B/Stable

The rating reflects limited track record of operations with small
scale of operations and working capital-intensive operations.
These rating weaknesses have been mitigated by the promoters'
extensive industry experience and average financial risk profile
marked by moderate gearing.
Outlook: Stable

CRISIL believes VSR will continue to benefit from the promoters'
extensive industry experience and established relationship with
customers and suppliers. Further, the outlook may be revised to
'Positive' in case of better-than-expected operating income along
with improvement in profitability or diversification in the
customer profile, leading to improvement in overall business
profile. Conversely, the outlook may be revised to 'Negative' in
case of deterioration in working capital management, or any
significant debt-funded capital expenditure plans leading to weak
liquidity.

VSR, incorporated in 2012 and promoted by Mr. Sushil Karnani, Mr.
Rajat Chandak, Mr. Vikas Kansal and his wife Ms. Ritu Kansal,
commenced operations in 2013. The company manufactures flexible
packaging such as printing pouches, snacks packaging lamination
and zipper pouches.



=================
I N D O N E S I A
=================


ENERGI MEGA: Moody's Puts B2 CFR on Review for Downgrade
--------------------------------------------------------
Moody's Investors Service placed the ratings of seven south and
south east Asian exploration and production (E&P) and integrated
oil companies on review for downgrade.

Oil prices have deteriorated substantially in the past few weeks
and have reached nominal price lows not seen in more than a
decade.  Moody's has adjusted its view downward for the likely
range of prices.  Moody's sees a substantial risk that prices may
recover much more slowly over the medium term than many companies
expect, as well as a risk that prices might fall further.  Even
under a scenario with a modest recovery from current prices,
producing companies and the drillers and service companies that
support them will experience rising financial stress with much
lower cash flows.

RATINGS RATIONALE

The review for downgrade considers that much weaker industry
fundamentals have potential to warrant rating changes for all
companies covered in this press release.  While this review
focuses on companies rated in the range from A1 to B3, Moody's is
also reevaluating higher and lower rated companies in the context
of industry conditions.  The higher rated companies on average are
somewhat more resilient to low oil prices and Moody's has recently
downgraded many of the lower rated companies.

As part of its ongoing assessment of energy markets, Moody's
sharply reduced its oil price assumptions on January 21 in light
of continuing oversupply in the global oil markets and demand
growth that remains tepid.  Iran is poised to add more than
500,000 barrels per day to global supply while OPEC and many non-
OPEC oil producers continue to produce without restraint as they
battle for market share.  The addition of Iranian oil to the
market this year will offset or exceed expected declines in US
production of about 500,000 barrels per day.  Increased production
vastly exceeds growth in oil consumption, given modest growth in
consumption from major consumers such as China, India and the US.
Production now exceeds demand by about 2 million barrels per day,
adding to already high global oil stocks.  Moody's natural gas and
natural gas liquids price assumptions are unchanged.  Natural gas
production in the US continues to increase while costs decline and
producers generate cash returns at ever-lower prices, although in
many cases these appear insufficient to service their debt.

Lower oil prices will further weaken cash flows for E&P companies
and the upstream portion of integrated oil and gas companies.
This will cause further deterioration in financial ratios,
including deeper negative free cash flow.  Most companies are
unable to internally fund sustaining levels of capital spending at
current market prices.  Current industry conditions also reduce
the value of assets offered for sale and have made accessing
capital markets more expensive for some companies and unavailable
for others.  While integrated oil and gas companies benefit from
the profitability of their downstream operations, the upstream
operations represent a much larger part of the capital employed
and cash flow for most of these companies.

Although all issuers in these sectors have been adversely affected
by declining prices, severity varies substantially by issuer.
Accordingly, the range of possible outcomes upon conclusion of the
review for given issuers varies from possible confirmation of
ratings to multi-notch downgrades.  Baseline credit assessments of
government related issuers (GRI) may also experience multi notch
downgrades but the impact on the final ratings may be partly
mitigated by expectation of extraordinary support from their
respective governments.  Moody's expects to conclude a majority of
the reviews by the end of the first quarter.

The principal methodologies used in rating Oil and Natural Gas
Corporation Ltd. and Oil India Limited were Global Independent
Exploration and Production Industry published in December 2011,
and Government-Related Issuers published in October 2014.  The
principal methodologies used in rating P.T. Pertamina (Persero),
Petroliam Nasional Berhad, and PTT Public Company Limited were
Global Integrated Oil & Gas Industry published in April 2014, and
Government-Related Issuers published in October 2014.  The
principal methodology used in rating P.T. Energi Mega Persada Tbk
and PTT Exploration & Production Public Co. Ltd. was Global
Independent Exploration and Production Industry published in
December 2011.

These ratings are placed on Review for Downgrade:

Issuer: Energi Mega Persada Tbk (P.T.)

  Long Term Corporate Family Rating, B2, Placed on Review for
   Downgrade

Issuer: Oil and Natural Gas Corporation Ltd.

  Local Currency Issuer Rating, Baa1, Placed on Review for
   Downgrade
  Foreign Currency Issuer Rating, Baa2, Placed on Review for
   Downgrade

Issuer: ONGC Videsh Limited
  Backed Senior Unsecured Regular Bond/Debenture, Baa2, Placed on
   Review for Downgrade

Issuer: Oil India Limited

  Issuer Rating, Baa2, Placed on Review for Downgrade
  Senior Unsecured Regular Bond/Debenture, Baa2, Placed on Review
   for Downgrade

Issuer: Pertamina (Persero) (P.T.)

  Issuer Rating, Baa3, Placed on Review for Downgrade
  Senior Unsecured MTN, (P)Baa3, Placed on Review for Downgrade
  Senior Unsecured Regular Bond/Debenture, Baa3, Placed on Review
   for Downgrade

Issuer: Petroliam Nasional Berhad

  Issuer Rating, A1, Placed on Review for Downgrade
  Senior Unsecured Regular Bond/Debenture, A1, Placed on Review
   for Downgrade

Issuer: PETRONAS Capital Limited

  Backed Senior Unsecured MTN, (P)A1, Placed on Review for
   Downgrade
  Backed Senior Unsecured Regular Bond/Debenture, A1, Placed on
   Review for Downgrade

Issuer: PETRONAS Global Sukuk Ltd.

  Backed Senior Unsecured Regular Bond/Debenture, A1, Placed on
   Review for Downgrade

Issuer: PTT Public Company Limited

  Issuer Rating, Baa1, Placed on Review for Downgrade
  Senior Unsecured Bank Credit Facility, Baa1, Placed on Review
   for Downgrade
  Senior Unsecured Regular Bond/Debenture, Baa1, Placed on Review
   for Downgrade

Issuer: PTT Exploration & Production Public Co. Ltd.

  Issuer Rating, Baa1, Placed on Review for Downgrade
  Backed Senior Unsecured Regular Bond/Debenture, Baa1, Placed on
   Review for Downgrade
  Subordinated Debt Rating, Baa3, Placed on Review for Downgrade

Issuer: PTTEP Canada International Finance Limited

  Backed Senior Unsecured Regular Bond/Debenture, Baa1, Placed on
   Review for Downgrade


PERTAMINA (PERSERO): S&P Affirms 'BB+' CCR; Outlook Positive
------------------------------------------------------------
Standard & Poor's Ratings Services said that it had affirmed its
'BB+' long-term corporate credit rating on PT Pertamina (Persero).
The outlook is positive.  At the same time, S&P affirmed the 'BB+'
issue rating on the company's senior unsecured notes.  S&P also
affirmed its 'axBBB+' long-term ASEAN regional scale rating on the
company.  Pertamina is an Indonesia-based integrated oil and gas
producer.

"We affirmed the ratings because we expect Pertamina to continue
playing a strategic role in Indonesia's upstream, mid-stream, and
downstream hydrocarbon sector for the next five years at least,"
said Standard & Poor's credit analyst Vishal Kulkarni.  "However,
we lowered Pertamina's stand-alone credit profile (SACP) to 'bb'
from 'bb+' because we expect reduced operating cash flows and
still-high capital spending to weaken the company's cash flow
adequacy over the next three years."

S&P believes Pertamina will maintain its integral link with the
government, including full ownership.  S&P therefore equalizes the
rating on Pertamina to S&P's sovereign credit rating on Indonesia
(BB+/Positive/B; axBBB+/axA-2).

S&P lowered Pertamina's SACP following S&P's reduced price
expectations for crude oil over the next three years.  Standard &
Poor's lowered its base-case oil prices by US$15 per barrel for
2016 and by US$20 per barrel for 2017 and 2018.  S&P anticipates
that Pertamina's EBITDA and operating cash flows will be lower
than S&P's earlier forecasts following the price revision because
the company derives more than 90% of its EBITDA from exploration
and production.  At the same time, Pertamina's planned capital
spending remains high and mostly committed, in S&P's opinion.  The
capital spending plan will likely require additional debt and
therefore erode the company's cash flow adequacy through 2017.

"Our lower oil price assumptions reduced our earlier expectations
for Pertamina's EBITDA by about 15% over the next three years.  We
now expect the company's reported EBITDA to be US$3.5 billion-
US$3.8 billion in 2016, compared with more than US$4 billion we
had anticipated under our previous price assumption of US$55 a
barrel for 2016.  We still expect EBITDA to grow to US$3.8
billion-US$4.2 billion in 2017 and US$4.8 billion-US$5.2 billion
in 2018, as the company increases its stake in a number of
maturing oil and gas concessions in Indonesia and grows
production.  Pertamina's reported EBITDA for the nine-months ended
Sept. 30, 2015, was about US$3.65 billion, with about US$1.3
billion in the quarter ended Sept. 30, 2015.  Over the period, the
average Brent crude price was about US$50.5 per barrel," S&P said.

"Our revised EBITDA estimates will likely coincide with a pick-up
in Pertamina's capital spending in 2016-2018," said Mr. Kulkarni.
"In our view, the company is committed to investing in
exploration, enhancing refinery efficiencies, developing renewable
energy, and developing gas (including liquefied natural gas)
infrastructure."

S&P includes in its base case forecast capital spending of US$5
billion-US$5.5 billion in 2016, and US$6 billion-US$6.5 billion
annually in 2017 and 2018.  That's a step-change from annual
capital spending of US$4.2billion-US$4.3 billion over the past two
years.  S&P notes that Pertamina's capital spending program has
some discretionary element.  Nevertheless, S&P expects the company
to broadly adhere to its investment program through 2018.

S&P forecasts Pertamina's ratio of funds from operations (FFO) to
debt to be marginally higher than 15% in 2016 but fall to 12%-14%
in 2017 and 2018.  This level is below S&P's threshold for a 'bb+'
SACP.  It is also below S&P's forecast of well above 15% in 2016
and thereafter on a sustained basis.  S&P also projects the
company's debt-to-EBITDA ratio to increase from about 4.5x in 2016
to close to 5.0x in 2017, from about 3.0x in 2015.  S&P is
therefore revising its financial risk profile to aggressive from
significant.  S&P's calculation of debt includes adjustments for
asset retirement obligations, pensions, and operating leases, and
deducts surplus cash.

The positive outlook on Pertamina reflects that on the sovereign
credit rating on Indonesia.

S&P may upgrade Pertamina if it raises the sovereign rating on
Indonesia, and the company's relationship with the government
remains unchanged, in S&P's view.

The prospect for a higher SACP assessment is limited over the next
12 months, given S&P's expectations of subdued oil prices, and
Pertamina's still-high capital spending.  An improvement in the
SACP would most likely be driven by a sustained improvement in oil
prices, and the company's consistently strong operating profile
and prudent capital spending that relieve pressure on its
financial health.  An FFO-to-debt ratio moving closer to 17%-18%
will indicate such an improvement in the financial profile.

S&P may revise the outlook to stable if it takes a similar action
on Indonesia or S&P's assessment of Pertamina's relationship with
the sovereign weakens.

S&P may lower Pertamina's SACP if the ratio of FFO to debt falls
below 10% on a sustained basis.  This scenario could arise if oil
prices are lower than S&P anticipates, the company's capital
expenditure and acquisitions remain elevated, and its working
capital requirements increase.  All these factors would translate
into Pertamina generating substantial negative discretionary cash
outflows with no prospect of improvement.



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


SHARP CORP: Japan Inc May Win Battle, But Lose the LCD War
----------------------------------------------------------
Ritsuko Ando and Makiko Yamazaki at Japan Today report that a
state-backed Japanese fund is frontrunner to rescue Sharp Corp,
ahead of a rival approach from Apple supplier Foxconn, but
industry insiders question whether it can protect the group in the
long term amid cut-throat competition.

Innovation Network Corporation of Japan (INCJ), if successful,
would represent the third bailout in as many years for Sharp,
known for its liquid crystal display (LCD) technology and super-
thin screens, Japan Today says.

The report notes that the INCJ is keen to keep it in domestic
hands, and plans to merge it eventually with state-owned rival
Japan Display.

According to Japan Today, industry experts and some policy
advisers are beginning to question whether "old-school" government
intervention can help Sharp's LCD business survive, as competition
from Korean and Chinese rivals ratchets up.

"Rather than cutting away the dysfunctional groups, this is about
combining the weak part," the report quotes William Saito, an
entrepreneur and special adviser to Prime Minister Shinzo Abe's
cabinet office, as saying.

The report says Sharp's main advantage in LCDs is its IGZO
technology, which allows for high definition and thin, touch-
screen displays that consume less power than conventional screens.
That has failed to shield it from pricing pressure, and weak
finances have prevented it from investing in new technologies even
as rivals experiment in newer screen innovations.

According to the report, Japan Display, formed in a government-
backed deal in 2012 from parts of Sony, Toshiba and Hitachi Ltd,
was previously seen as a weaker rival.  But it is now doing
better, thanks to orders from Apple and Chinese smartphone makers
for its "in-cell" screens, which are easier to assemble than other
types of high-end LCD screens.

Both Japanese manufacturers face strong competition from Samsung
and LG Display, which have been working on OLED (organic light-
emitting diode) screens that do not require backlights and can
therefore be thinner or curved, Japan Today states.

In the end, analysts said the ability to quickly ramp up capacity
will matter as much as, if not more than superior display
technology, giving an edge to Samsung and well-funded Chinese
players like BOE, the report relays.

Japan Today states that Sharp's troubles come as Japan's
technology industry has struggled against more nimble Asian
rivals, with brands that were once household names, such as Sony,
losing cachet among global consumers.

Though he won't stand in the way of a foreign buyer, Abe's office
would prefer to see Sharp rescued by a Japanese deal, the report
notes.

Japan Today adds that INCJ is also considering merging Sharp's
home appliances business with that of Toshiba Corp, which is eager
to bolster its finances in the wake of an accounting scandal.

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

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


TOSHIBA CORP: Plans to Sell Part of Chip Operations
---------------------------------------------------
Reuters reports that Toshiba Corp plans to sell part of its chip
business as it aims to recover from a $1.3 billion accounting
scandal, three people familiar with the matter said.

The electronics conglomerate has started accepting bids, with
early interest shown by the Development Bank of Japan Inc, said
the sources, who declined to be identified because they are not
authorized to talk to the media Reuters relates.

Reuters says the state-owned bank has already invested in Seiko
Holdings Corp's semiconductor operations.

The sale would exclude Toshiba's mainstay NAND flash memory
operations, according to two people with direct knowledge of the
matter and one person familiar with the discussions, Reuters
relays.

On the block are businesses that handle system LSI and discrete
chips, which are widely used in cars, home appliances and
industrial machinery, Reuters discloses. The loss-making
operations posted sales of JPY330 billion ($2.78 billion) in the
year ended March 2015.

A Toshiba spokesman told Reuters the company hasn't made a
decision yet on the sale of its chip operations, while a
spokeswoman at the Development Bank of Japan declined to comment.

Reuters notes that following the accounting scandal, Toshiba has
been focusing on nuclear and other energy operations, as well as
its storage business, which centers on NAND flash memory chips
used in smart phones.

The Tokyo-based company, which is selling off non-core chip
operations, plans to invest heavily in its flash memory production
capacity in Japan to better compete with South Korea's Samsung
Electronics Co Ltd, adds Reuters.

                       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.


WATAMI CO: Unveils Tie-Up Deal With Shinmei to Restore Finances
---------------------------------------------------------------
Nikkei Asian Review reports that bar chain operator Watami Co.
announced on Jan. 22 a capital and business tie-up with Japan's
largest rice wholesaler, aiming to engineer a return to financial
health by expanding into family restaurants and bolstering its
delivery business.

According to the report, Kobe-based Shinmei Holding will buy a
portion of Watami's treasury stock on Feb. 8 for JPY1.4 billion
($11.7 million). The purchase will give Shinmei a 4.19% stake,
making it the fourth-largest shareholder aside from Watami itself.

"We have to work with a variety of companies to strengthen our
business," the report quotes Watami President Kuniaki Shimizu as
saying.  Shinmei President Mitsuo Fujio said he hopes to use
Watami's overseas restaurants to boost shipments of Shinmei's
Japanese rice. A committee will be set up soon to discuss the
details of the tie-up, Nikkei says.

By partnering with Shinmei -- a major stakeholder in Genki Sushi,
a chain popular among families -- Watami hopes to create a new
family-oriented restaurant brand this year, the report notes. It
has taken advantage of capital tie-ups for such purposes in the
past, including jointly developing a new bar brand with Suntory
Liquors, its second-largest shareholder. Watami will put the
proceeds from the stock sale toward bar renovation, according to
Nikkei.

Shinmei supplies more than 500,000 tons of rice a year, Nikkei
discloses. It has responded to falling household rice consumption
by turning to the restaurant and home-meal replacement industries.
It made Genki Sushi a subsidiary in June.

With the Watami partnership, Shinmei hopes to provide a stable
supply of name-brand rice to bars and for boxed meals for
delivery, as well as market such products as packaged precooked
rice, according to Nikkei.  Shinmei's rice brands will also be
produced at Watami plants.

Nikkei notes that with its core bar business flagging, Watami sold
its nursing care operations to insurer Sompo Japan Nipponkoa
Holdings in December for JPY21 billion. It expects to move into
the black this fiscal year with a JPY13 billion net profit, up
from a JPY12.8 billion loss in fiscal 2014, Nikkei discloses. But
its restaurant operations are still foundering, with same-store
sales for the April-December period sinking 7% year on year, adds
Nikkei.

Watami Co., Ltd. is a holding company which engages in the
operation of restaurants. It operates through the following
business segments: Domestic Restaurant Business, Nursing Care
Business, Food Catering Business, and Others.



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


LDC FINANCE: Accused of Being Reckless, Insolvent Since Set Up
--------------------------------------------------------------
Hamish Fletcher at The New Zealand Herald reports that LDC Finance
was insolvent from the time it was set up and its directors ran it
"recklessly, incompetently and with disregard for the basic
requirements of a finance company", a lawyer for the firm's out-
of-pocket investors has alleged.

The Herald says the allegations are laid out in a pre-trial
decision on how a High Court lawsuit brought by LDC's investors
and liquidators should be run.

The representative action is against the firm's former directors,
accountants, trustee and auditor, the report notes.

The Herald relates that the directors named in the proceeding are
David Miller, Kevin Elliott, Christopher Hardiman and John
Janetto.  The accountants are Carran Miller Strawbridge, now in
liquidation.  The firm's trustee was Perpetual Trust (which has
since merged with Guardian Trust) and the auditor was accounting
firm Sherwin Chan & Walshe.

According to the Herald, the six-week trial is due to begin in
Nelson in July -- almost nine years after LDC collapsed owing
1,000 investors about NZ$20 million.

Some got their money back but unsecured investors have received
nothing and are still owed more than $12.5 million. Secured
investors are still owed about $1.5 million in interest over-and-
above what they have already got back, the Herald discloses.

Any further recovery likely hangs on the outcome of the upcoming
court action, the report notes.

The Herald notes that although the trial is still half a year
away, lawyers from the parties appeared before Associate Judge
John Matthews last month in a dispute over how the case should be
run.

The report relates that the investors' lawyer, Hugh Rennie QC,
said it was believed the evidence showed LDC was "from its
incorporation insolvent and operating in breach throughout of
prospectus disclosure and other requirements".

"The directors were conducting the operation of the company at
least recklessly, incompetently and with disregard for the basic
requirements of a finance company," Mr. Rennie is quoted as
alleging in Associate Judge Matthews' decision, the Herald relays.

The directors' lawyer, Tim Spear, told the Herald his clients
refuted the allegations and say LDC was solvent when it went into
receivership.

The Herald adds that Mr. Rennie also submitted it was believed
Perpetual had "failed to act as a competent trustee" and that it
"agreed to or acquiesced in actions which enabled trading to
continue when LDC was insolvent".

Perpetual said it strenuously denied the allegations, the report
relays.

                         About LDC Finance

LDC Finance Ltd, a New Zealand finance company, was established
in 2004 to take over LDC Investments, which breached securities
law after it raised money without a registered prospectus and
without a trustee.

As reported by the Troubled Company Reporter-Asia Pacific on
Sept. 4, 2007, LDC Finance went into receivership for not being
able to get new funds and maintain existing investments.
Perpetual Trust Limited, trustee for the secured debenture stock
and deposits issued by LDC Finance appointed
PricewaterhouseCoopers partners Malcolm Hollis and John Fisk as
Receivers.

In July 2012, PricewaterhouseCoopers stood down as the company's
receivers.

Richard Simpson and David Ruscoe of Grant Thornton took over
receivership of LDC, stuff.co.nz disclosed citing PwC's letter to
investors.

In September 2012, Associate Judge John Matthews placed LDC
Finance into liquidation and appointed Iain Shephard and Heath
Gair from Shephard Dunphy as liquidators.



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


VINACOMIN HOLDING: Moody's Puts B2 CFR on Review for Downgrade
--------------------------------------------------------------
Moody's Investors Service has placed the ratings of three mining
companies in the South and Southeast Asia region, and their rated
subsidiaries, on review for downgrade.

The actions reflect Moody's effort to recalibrate the ratings in
the mining portfolio to align with the fundamental shift in the
credit conditions of the global mining sector.

"Slowing growth in China, which consumes and produces at least
half of base metals, and is a material player in the precious
metals, iron ore and metallurgical and thermal coal markets is
weakening demand for these commodities and driving prices to
multi-year lows," says Brian Grieser, a Moody's Vice President --
Senior Analyst, adding "China's outsized influence on the
commodities market, coupled with the need for significant
recalibration of supply to bring the industry back into balance
indicates that this is not a normal cyclical downturn, but a
fundamental shift that will place an unprecedented level of stress
on mining companies."

                         RATINGS RATIONALE

As part of an ongoing assessment of mining companies, Moody's
sharply reduced its price sensitivity assumptions on Dec. 8, 2015.
Since then, credit conditions in the mining industry have weakened
further, with prices continuing to decline.  The likelihood has
increased that prices for base metals, precious metals, iron ore
and metallurgical and thermal coal will approach levels closer to
Moody's stressed sensitivity scenario.  In addition, the strong US
dollar is a further factor contributing to weakening demand and
driving prices lower since most metals are traded in dollars.

This broad ratings review will consider each mining company's
asset base, cost structure, likely cash burn and liquidity, as
well as management's strategy for coping with a prolonged downturn
and the ability to execute on same.  The review will assess each
company's cash flow and credit metrics closer to our latest
stressed price assumptions and the relative rating positioning.

Moody's believes that this downturn will mark an unprecedented
shift for the mining industry.  Whereas previous downturns have
been cyclical, the effect of slowing growth in China indicates a
fundamental change that will heighten credit risk for mining
companies.  This review reflects the belief that deteriorating
industry fundamentals require a recalibration of the global mining
portfolio rated by Moody's.  Although all issuers in these sectors
have been adversely affected by declining prices, severity varies
substantially by issuer.  Accordingly, the range of possible
outcomes upon conclusion of the review for given issuers varies
from possible confirmation of ratings to multi-notch downgrades.
Moody's expects to conclude a majority of the reviews by the end
of the first quarter.  While this review focuses on companies
rated in the range from A1 to B3, Moody's is also reevaluating
higher and lower rated companies in the context of industry
conditions.  The higher rated companies, on average, are somewhat
more resilient to low commodity prices and many of the lower rated
companies have recently been downgraded.

On Review for Possible Downgrade:

Vinacomin Holding Corporation Limited

   -- Long-term local currency corporate family rating at B2
      placed on review for downgrade

Vedanta Resources plc

   -- Long-term foreign and local currency corporate family
      rating at Ba2 placed on review for downgrade

   -- Foreign currency senior unsecured debt at B1 placed on
      review for downgrade

Indika Energy Tbk (P.T.)

   -- Long-term local currency corporate family rating at B3
      placed on review for downgrade

Indo Energy Finance B.V.

   -- Foreign currency senior secured debt at B3 placed on review
      for downgrade

Indo Energy Finance II B.V.

   -- Foreign currency senior secured debt at B3 placed on review
      for downgrade

The principal methodology used in rating Vinacomin Holding
Corporation Limited and Vedanta Resources plc was Global Mining
Industry published in August 2014.  The principal methodology used
in rating Indika Energy Tbk (P.T.) was Business and Consumer
Service Industry published in December 2014.



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


* BOND PRICING: For the Week Jan. 18 to Jan. 22, 2016
-----------------------------------------------------

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


  AUSTRALIA
  ---------

AUSDRILL FINANCE PTY      6.88    11/1/2019    USD       70.52
AUSDRILL FINANCE PTY      6.88    11/1/2019    USD       70.68
BARRICK PD AUSTRALIA      5.95   10/15/2039    USD       70.76
BOART LONGYEAR MANAG      7.00     4/1/2021    USD       40.13
BOART LONGYEAR MANAG      7.00     4/1/2021    USD       40.13
CML GROUP LTD             9.00    1/29/2020    AUD        0.98
CRATER GOLD MINING L     10.00    8/18/2017    AUD       23.00
EMECO PTY LTD             9.88    3/15/2019    USD       54.00
EMECO PTY LTD             9.88    3/15/2019    USD       55.50
FMG RESOURCES AUGUST      8.25    11/1/2019    USD       73.27
FMG RESOURCES AUGUST      6.88     4/1/2022    USD       60.02
FMG RESOURCES AUGUST      8.25    11/1/2019    USD       73.52
FMG RESOURCES AUGUST      6.88     4/1/2022    USD       59.93
IMF BENTHAM LTD           6.52    6/30/2019    AUD       72.00
KBL MINING LTD           12.00    2/16/2017    AUD        0.30
KEYBRIDGE CAPITAL LT      7.00    7/31/2020    AUD        0.68
LAKES OIL NL             10.00    3/31/2017    AUD        4.05
MIDWEST VANADIUM PTY     11.50    2/15/2018    USD        5.13
MIDWEST VANADIUM PTY     11.50    2/15/2018    USD        3.99
NEWCREST FINANCE PTY      5.75   11/15/2041    USD       75.45
NEWCREST FINANCE PTY      5.75   11/15/2041    USD       75.45
ORIGIN ENERGY FINANC      4.00    9/16/2074    EUR       64.73
STOKES LTD               10.00    6/30/2017    AUD        0.37
TREASURY CORP OF VIC      0.50   11/12/2030    AUD       65.52


CHINA
-----

CHANGCHUN CITY DEVEL      6.08     3/9/2016    CNY       40.12
CHANGCHUN CITY DEVEL      6.08     3/9/2016    CNY       39.17
CHANGSHA HIGH TECHNO      7.30   11/22/2017    CNY       72.34
CHANGSHA HIGH TECHNO      7.30   11/22/2017    CNY       74.60
CHANGZHOU INVESTMENT      5.80     7/1/2016    CNY       40.46
CHANGZHOU WUJIN CITY      5.42     6/9/2016    CNY       50.20
CHINA GOVERNMENT BON      1.64   12/15/2033    CNY       76.99
CHONGQING HECHUAN UR      6.95     1/6/2018    CNY       73.00
CHONGQING JIANGJIN H      6.95     1/6/2018    CNY       73.40
CHONGQING NAN'AN DIS      6.29   12/24/2017    CNY       62.49
DANDONG CITY DEVELOP      6.21     9/6/2017    CNY       71.10
DATONG ECONOMIC CONS      6.50     6/1/2017    CNY       70.35
DRILL RIGS HOLDINGS       6.50    10/1/2017    USD       54.94
DRILL RIGS HOLDINGS       6.50    10/1/2017    USD       57.00
ERDOS DONGSHENG CITY      8.40    2/28/2018    CNY       71.50
GRANDBLUE ENVIRONMEN      6.40     7/7/2016    CNY       70.53
GUOAO INVESTMENT DEV      6.89   10/29/2018    CNY       69.00
HANGZHOU XIAOSHAN ST      6.90   11/22/2016    CNY       40.91
HEBEI RONG TOU HOLDI      6.76     7/8/2021    CNY       74.50
HEBEI RONG TOU HOLDI      6.76     7/8/2021    CNY       72.50
HEILONGJIANG HECHENG      7.78   11/17/2016    CNY       41.00
HUAIAN CITY URBAN AS      7.15   12/21/2016    CNY       40.39
JIANGSU HUAJING ASSE      5.68    9/28/2017    CNY       50.55
KUNSHAN ENTREPRENEUR      4.70    3/30/2016    CNY       40.03
KUNSHAN ENTREPRENEUR      4.70    3/30/2016    CNY       39.12
NANJING NANGANG IRON      6.13    2/27/2016    CNY       50.10
NINGHAI COUNTY CITY       8.60   12/31/2017    CNY       70.50
NONGGONGSHANG REAL E      6.29   10/11/2017    CNY       72.28
OCEAN RIG UDW INC         7.25     4/1/2019    USD       43.00
OCEAN RIG UDW INC         7.25     4/1/2019    USD       45.00
PANJIN CONSTRUCTION       7.70   12/16/2016    CNY       41.12
QINGZHOU HONGYUAN PU      6.50    5/22/2019    CNY       40.31
SHANDONG SHANSHUI CE      5.44    1/21/2016    CNY       46.90
SHANGHAI REAL ESTATE      6.12    5/17/2017    CNY       71.96
SHENGZHOU HOTEL CO L      9.20    2/26/2016    CNY      100.46
TAIZHOU CITY CONSTRU      6.90    1/25/2017    CNY       70.39
TONGLIAO CITY INVEST      5.98     9/1/2017    CNY       68.00
WUXI COMMUNICATIONS       5.58     7/8/2016    CNY       50.62
WUXI COMMUNICATIONS       5.58     7/8/2016    CNY       50.26
WUXI HUISHAN SOFTWAR      9.00    3/19/2016    CNY       60.43
XIANGTAN JIUHUA ECON      6.93   12/16/2016    CNY       41.25
YANGZHOU ECONOMIC DE      6.10     7/7/2016    CNY       50.45
YANGZHOU URBAN CONST      5.94    7/23/2016    CNY       40.35
YIJINHUOLUOQI HONGTA      8.35    3/19/2019    CNY       74.62
YUNNAN INVESTMENT GR      5.25    8/24/2017    CNY       71.98


INDONESIA
---------

BERAU COAL ENERGY TB      7.25    3/13/2017    USD       27.75
BERAU COAL ENERGY TB      7.25    3/13/2017    USD       26.01
GAJAH TUNGGAL TBK PT      7.75     2/6/2018    USD       62.50
GAJAH TUNGGAL TBK PT      7.75     2/6/2018    USD       61.37
INDONESIA TREASURY B      6.38    4/15/2042    IDR       73.61
PERUSAHAAN PENERBIT       6.10    2/15/2037    IDR       71.21


INDIA
-----

3I INFOTECH LTD           5.00    4/26/2017    USD       15.25
BLUE DART EXPRESS LT      9.30   11/20/2017    INR       10.10
BLUE DART EXPRESS LT      9.40   11/20/2018    INR       10.16
BLUE DART EXPRESS LT      9.50   11/20/2019    INR       10.23
COROMANDEL INTERNATI      9.00    7/23/2016    INR       15.68
GTL INFRASTRUCTURE L      4.03    11/9/2017    USD       30.00
INCLINE REALTY PVT L     10.85    8/21/2017    INR        6.57
JAIPRAKASH ASSOCIATE      5.75     9/8/2017    USD       72.34
JCT LTD                   2.50     4/8/2011    USD       35.00
JSW STEEL LTD             4.75   11/12/2019    USD       72.30
PRAKASH INDUSTRIES L      5.25    4/30/2015    USD       20.00
PYRAMID SAIMIRA THEA      1.75     7/4/2012    USD        1.00
REI AGRO LTD              5.50   11/13/2014    USD        1.71
REI AGRO LTD              5.50   11/13/2014    USD        1.71
SVOGL OIL GAS & ENER      5.00    8/17/2015    USD       22.88


JAPAN
-----

AVANSTRATE INC            5.55   10/31/2017    JPY       32.13
AVANSTRATE INC            5.55   10/31/2017    JPY       37.00
ELPIDA MEMORY INC         0.70     8/1/2016    JPY        8.00
ELPIDA MEMORY INC         0.50   10/26/2015    JPY        8.13
ELPIDA MEMORY INC         2.03    3/22/2012    JPY        8.00
ELPIDA MEMORY INC         2.10   11/29/2012    JPY        8.00
ELPIDA MEMORY INC         2.29    12/7/2012    JPY        8.00
SHARP CORP/JAPAN          1.60    9/13/2019    JPY       68.88
TAKATA CORP               0.58    3/26/2021    JPY       71.00


KOREA
-----

2014 KODIT CREATIVE       5.00   12/25/2017    KRW       30.77
2014 KODIT CREATIVE       5.00   12/25/2017    KRW       30.77
DOOSAN CAPITAL SECUR     20.00    4/22/2019    KRW       40.09
HANA FINANCIAL GROUP      3.95    5/29/2045    KRW      483.40
KIBO ABS SPECIALTY C     10.00    2/19/2017    KRW       37.28
KIBO ABS SPECIALTY C     10.00    8/22/2017    KRW       26.71
KIBO ABS SPECIALTY C      5.00    3/29/2018    KRW       29.72
KIBO ABS SPECIALTY C     10.00     9/4/2016    KRW       39.62
KIBO ABS SPECIALTY C      5.00   12/25/2017    KRW       29.47
KIBO ABS SPECIALTY C      5.00    1/31/2017    KRW       32.63
LSMTRON DONGBANGSEON      4.53   11/22/2017    KRW       30.36
PULMUONE CO LTD           2.50     8/6/2045    KRW       71.39
SINBO SECURITIZATION      5.00   10/30/2019    KRW       19.20
SINBO SECURITIZATION      5.00     6/7/2017    KRW       23.15
SINBO SECURITIZATION      5.00    2/27/2019    KRW       26.80
SINBO SECURITIZATION      5.00    2/27/2019    KRW       26.80
SINBO SECURITIZATION      5.00    6/27/2018    KRW       29.17
SINBO SECURITIZATION      5.00    6/27/2018    KRW       29.17
SINBO SECURITIZATION      5.00    7/24/2017    KRW       31.07
SINBO SECURITIZATION      5.00    7/24/2018    KRW       28.96
SINBO SECURITIZATION      5.00    7/24/2018    KRW       28.96
SINBO SECURITIZATION      5.00    6/29/2016    KRW       37.21
SINBO SECURITIZATION      5.00    5/27/2016    KRW       40.40
SINBO SECURITIZATION      5.00    5/27/2016    KRW       40.40
SINBO SECURITIZATION      5.00    7/26/2016    KRW       35.64
SINBO SECURITIZATION      5.00    7/26/2016    KRW       35.64
SINBO SECURITIZATION      5.00    1/29/2017    KRW       33.67
SINBO SECURITIZATION      5.00    2/21/2017    KRW       33.37
SINBO SECURITIZATION      5.00    2/21/2017    KRW       33.37
SINBO SECURITIZATION      5.00    8/16/2016    KRW       34.17
SINBO SECURITIZATION      5.00    8/16/2017    KRW       31.84
SINBO SECURITIZATION      5.00    8/16/2017    KRW       31.84
SINBO SECURITIZATION      5.00    3/13/2017    KRW       33.12
SINBO SECURITIZATION      5.00    3/13/2017    KRW       33.12
SINBO SECURITIZATION      5.00    8/29/2018    KRW       28.46
SINBO SECURITIZATION      5.00    8/29/2018    KRW       28.46
SINBO SECURITIZATION      5.00     2/2/2016    KRW       70.68
SINBO SECURITIZATION      5.00    3/14/2016    KRW       53.17
SINBO SECURITIZATION      5.00    9/26/2018    KRW       28.23
SINBO SECURITIZATION      5.00    9/26/2018    KRW       28.23
SINBO SECURITIZATION      5.00    9/26/2018    KRW       28.23
SINBO SECURITIZATION      5.00     7/8/2017    KRW       32.25
SINBO SECURITIZATION      5.00     7/8/2017    KRW       32.25
SINBO SECURITIZATION      5.00     6/7/2017    KRW       23.15
SINBO SECURITIZATION      5.00    10/5/2016    KRW       34.85
SINBO SECURITIZATION      5.00    10/5/2016    KRW       33.21
SINBO SECURITIZATION      5.00    3/18/2019    KRW       26.57
SINBO SECURITIZATION      5.00    3/18/2019    KRW       26.57
SINBO SECURITIZATION      5.00    10/1/2017    KRW       31.29
SINBO SECURITIZATION      5.00    10/1/2017    KRW       31.29
SINBO SECURITIZATION      5.00    10/1/2017    KRW       31.29
SINBO SECURITIZATION      5.00   12/25/2016    KRW       32.97
SINBO SECURITIZATION      5.00    3/12/2018    KRW       29.87
SINBO SECURITIZATION      5.00    3/12/2018    KRW       29.87
SINBO SECURITIZATION      5.00   12/13/2016    KRW       34.06
SINBO SECURITIZATION      5.00    8/31/2016    KRW       35.23
SINBO SECURITIZATION      5.00    8/31/2016    KRW       35.23
SINBO SECURITIZATION      5.00    1/30/2019    KRW       26.98
SINBO SECURITIZATION      5.00    1/30/2019    KRW       26.98
SINBO SECURITIZATION      5.00   12/23/2018    KRW       27.29
SINBO SECURITIZATION      5.00   12/23/2018    KRW       27.29
SINBO SECURITIZATION      5.00   12/23/2017    KRW       29.49
SINBO SECURITIZATION      5.00    1/15/2018    KRW       30.57
SINBO SECURITIZATION      5.00    1/15/2018    KRW       30.57
SINBO SECURITIZATION      5.00    2/11/2018    KRW       30.11
SINBO SECURITIZATION      5.00    2/11/2018    KRW       30.11
TONGYANG CEMENT & EN      7.30    4/12/2015    KRW       70.00
TONGYANG CEMENT & EN      7.50    4/20/2014    KRW       70.00
TONGYANG CEMENT & EN      7.50    7/20/2014    KRW       70.00
TONGYANG CEMENT & EN      7.30    6/26/2015    KRW       70.00
TONGYANG CEMENT & EN      7.50    9/10/2014    KRW       70.00
U-BEST SECURITIZATIO      5.50   11/16/2017    KRW       31.55
WISE MOBILE SECURITI     20.00   12/14/2018    KRW       71.02


SRI LANKA
---------

SRI LANKA GOVERNMENT      5.35     3/1/2026    LKR       66.94


MALAYSIA
--------

BANDAR MALAYSIA SDN       0.35   12/29/2023    MYR       70.79
BANDAR MALAYSIA SDN       0.35    2/20/2024    MYR       70.28
BIMB HOLDINGS BHD         1.50   12/12/2023    MYR       71.62
BRIGHT FOCUS BHD          2.50    1/22/2031    MYR       67.35
BRIGHT FOCUS BHD          2.50    1/24/2030    MYR       70.14
LAND & GENERAL BHD        1.00    9/24/2018    MYR        0.23
SENAI-DESARU EXPRESS      0.50   12/31/2038    MYR       68.98
SENAI-DESARU EXPRESS      0.50   12/31/2046    MYR       79.36
SENAI-DESARU EXPRESS      0.50   12/31/2042    MYR       74.96
SENAI-DESARU EXPRESS      0.50   12/30/2039    MYR       70.82
SENAI-DESARU EXPRESS      0.50   12/31/2040    MYR       72.21
SENAI-DESARU EXPRESS      0.50   12/30/2044    MYR       77.25
SENAI-DESARU EXPRESS      0.50   12/29/2045    MYR       78.20
SENAI-DESARU EXPRESS      0.50   12/31/2047    MYR       80.38
SENAI-DESARU EXPRESS      0.50   12/31/2041    MYR       73.47
SENAI-DESARU EXPRESS      0.50   12/31/2043    MYR       76.27
SENAI-DESARU EXPRESS      1.35   12/29/2028    MYR       57.82
SENAI-DESARU EXPRESS      1.15    6/30/2025    MYR       63.89
SENAI-DESARU EXPRESS      1.35   12/31/2026    MYR       61.80
SENAI-DESARU EXPRESS      1.35    6/28/2030    MYR       55.11
SENAI-DESARU EXPRESS      1.35    6/30/2028    MYR       58.80
SENAI-DESARU EXPRESS      1.15    6/30/2023    MYR       69.99
SENAI-DESARU EXPRESS      1.15    6/28/2024    MYR       66.83
SENAI-DESARU EXPRESS      1.35   12/31/2030    MYR       54.27
SENAI-DESARU EXPRESS      1.35    6/30/2031    MYR       53.36
SENAI-DESARU EXPRESS      1.10    6/30/2022    MYR       73.13
SENAI-DESARU EXPRESS      1.15   12/31/2024    MYR       65.30
SENAI-DESARU EXPRESS      1.10   12/31/2021    MYR       74.90
SENAI-DESARU EXPRESS      1.15   12/29/2023    MYR       68.36
SENAI-DESARU EXPRESS      1.35   12/31/2025    MYR       64.00
SENAI-DESARU EXPRESS      1.15   12/30/2022    MYR       71.66
SENAI-DESARU EXPRESS      1.35    6/30/2026    MYR       62.85
SENAI-DESARU EXPRESS      1.35   12/31/2027    MYR       59.78
SENAI-DESARU EXPRESS      1.35   12/31/2029    MYR       55.99
SENAI-DESARU EXPRESS      1.35    6/30/2027    MYR       60.76
SENAI-DESARU EXPRESS      1.35    6/29/2029    MYR       56.89
UNIMECH GROUP BHD         5.00    9/18/2018    MYR        1.07


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

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


SINGAPORE
---------

AXIS OFFSHORE PTE LT      7.78    5/18/2018    USD       51.13
BAKRIE TELECOM PTE L     11.50     5/7/2015    USD        3.56
BAKRIE TELECOM PTE L     11.50     5/7/2015    USD        3.56
BERAU CAPITAL RESOUR     12.50     7/8/2015    USD       26.39
BERAU CAPITAL RESOUR     12.50     7/8/2015    USD       74.78
BLD INVESTMENTS PTE       8.63    3/23/2015    USD        9.25
BUMI CAPITAL PTE LTD     12.00   11/10/2016    USD       20.50
BUMI CAPITAL PTE LTD     12.00   11/10/2016    USD       17.80
BUMI INVESTMENT PTE      10.75    10/6/2017    USD       19.50
BUMI INVESTMENT PTE      10.75    10/6/2017    USD       17.71
ENERCOAL RESOURCES P      6.00     4/7/2018    USD       10.38
GOLIATH OFFSHORE HOL     12.00    6/11/2017    USD        8.50
INDO INFRASTRUCTURE       2.00    7/30/2010    USD        1.88
NEPTUNE ORIENT LINES      4.40    6/22/2021    SGD       71.75
ORO NEGRO DRILLING P      7.50    1/24/2019    USD       67.00
OSA GOLIATH PTE LTD      12.00    10/9/2018    USD       62.00
OTTAWA HOLDINGS PTE       5.88    5/16/2018    USD       48.75
OTTAWA HOLDINGS PTE       5.88    5/16/2018    USD       48.04
SWIBER HOLDINGS LTD       7.13    4/18/2017    SGD       69.00
TRIKOMSEL PTE LTD         5.25    5/10/2016    SGD       20.00
TRIKOMSEL PTE LTD         7.88     6/5/2017    SGD       21.63

THAILAND
--------

G STEEL PCL               3.00    10/4/2015    USD        3.74
MDX PCL                   4.75    9/17/2003    USD       37.75


VIETNAM
-------

DEBT AND ASSET TRADI      1.00   10/10/2025    USD       48.00
DEBT AND ASSET TRADI      1.00   10/10/2025    USD       47.50



                             *********

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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