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        T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

          Wednesday, January 27, 2016, Vol. 19, No. 18


                            Headlines


A U S T R A L I A

DICK SMITH: Seeks Asian Buyers as Offer Deadline Nears
SUMO GROUP: First Creditors' Meeting Set For Feb. 3
VERTICAL SERVICES: First Creditors' Meeting Set For Feb. 3


C H I N A

CITIC RESOURCES: S&P Lowers CCR to 'BB-'; Outlook Stable
FUTURE LAND: Moody's Affirms Ba3 CFR & Changes Outlook to Neg.
MIE HOLDINGS: S&P Lowers CCR to 'B-'; Outlook Negative
WUZHOU INTERNATIONAL: Moody's Lowers CFR to Caa1; Outlook Neg.
YINGDE GASES: Moody's Puts B1 CFR on Review for Downgrade


H O N G  K O N G

HUA HAN: S&P Assigns 'BB-' Corp. Credit Rating; Outlook Stable
HUA HAN: Moody's Assigns Ba3 Corp. Family Rating; Outlook Stable


I N D I A

AANCHAL CREATIONS: ICRA Suspends B+/A4 Rating on INR7cr Loan
AGARWAL JEWELLERS: Ind-Ra Affirms IND BB- Long-Term Issuer Rating
ARYAN CASTINGS: ICRA Suspends 'B' Rating on INR15cr Loan
CHHAPRA HAJIPUR: ICRA Reaffirms 'D' Rating on INR585cr Loan
ETHICS BIO: CRISIL Suspends B+ Rating on INR85MM LT Loan

GATI INFRASTRUCTURE: CARE Cuts Rating on INR229.23cr LT Loan to D
GENTLEMAN SUITINGS: CARE Ups Rating on INR11.31cr LT Loan to BB-
GO GREEN: CARE Reaffirms 'D' Rating on INR9.56cr LT Loan
GURUDEV OVERSEAS: CRISIL Assigns B+ Rating to INR40MM Cash Loan
HARSHVARDHAN RETAILING: CARE Assigns B+ Rating to INR10.35cr Loan

HIGHBAR TECHNOLOGIES: CARE Reaffirms B+ Rating on INR21.75cr Loan
HIMACHAL FLOUR: CRISIL Assigns B+ Rating to INR70MM Cash Loan
INANI INTERNATIONAL: ICRA Suspends B+/A4 Rating on INR8.85cr Loan
INTEGRATED THERMOPLASTICS: CARE Reaffirms D INR14.5cr Loan Rating
JAGDISH SARAN: Ind-Ra Assigns BB Long-Term Issuer Rating

KHANAPUR TALUKA: CARE Assigns 'B' Rating to INR23.31cr LT Loan
KRISHNA STEEL: CARE Reaffirms B+ Rating on INR0.21cr LT Loan
KSM SPINNINGMILLS: CARE Lowers Rating on INR191.18cr Loan to 'D'
MAHASHAKTHI CHEMICALS: CARE Reaffirms B+ Rating on INR7.5cr Loan
MALAIYA TRACTORS: CARE Reaffirms B+ Rating on INR3.50cr LT Loan

MEENAKSHI INFRASTRUCTURES: CARE Rates INR305cr LT Loan at B+
MOD AGE: CARE Reaffirms B- Rating on INR17cr LT Loan
NAYAAB JEWELS: CARE Ups Rating on INR17.50cr LT Loan to 'B'
PATEL AGRI: Ind-Ra Assigns BB- Long-Term Issuer Rating
PEE KAY: CRISIL Assigns 'B' Rating to INR75MM Long Term Loan

RAVIAN ENGINEERS: CRISIL Suspends B+ Rating on INR50MM Loan
RHAPSO IFMR: Ind-Ra Puts IND B+(SO) Prov. Rating to Series A2 PTC
SAMRAT IRONS: Ind-Ra Assigns BB Long-Term Issuer Rating
SARVOTTAM POULTRY: CRISIL Assigns B+ Rating to INR89MM Cash Loan
SAVITRIBAI PHULE: CARE Reaffirms D Rating on INR127.84cr LT Loan

SEA BLUE: CARE Assigns 'D' Rating to INR12.57cr LT Loan
SHAKTI INDUSTRIES: CRISIL Reaffirms B Rating on INR104MM Loan
SHIV SHAKTI: ICRA Suspends B+/A4 Rating on INR7.50cr Loan
SHREE KHODIYAR: ICRA Lowers Rating on INR15cr Cash Loan to D
SIGNATURE AUTOMOBILES: CARE Reaffirms B+ INR11.09cr Loan Rating

SNB INFRASTRUCTURE: CRISIL Reaffirms D Rating on INR200MM Loan
SONA ALLOYS: CARE Ups Rating on INR952.53cr LT Loan From B+
SPECIAL LIME: CRISIL Assigns B+ Rating to INR60MM Cash Loan
SRI GANESH: CRISIL Suspends B+ Rating on INR80MM Cash Loan
SRINIVASA STEEL: CARE Lowers Rating on INR9.25cr LT Loan to 'D'

TARA SYNTEX: Ind-Ra Assigns Long-Term Issuer Rating at 'IND B+'
TECHNOVAA PLASTIC: CARE Assigns 'D' Rating to INR105.03cr LT Loan
U.C. JAIN: CARE Lowers Rating on INR9cr LT Loan to 'D'
UNITECH AUTOMOBILES: CARE Reaffirms 'B' Rating on INR60cr LT Loan
VASAVI POWER: CARE Lowers Rating on INR50cr ST Loan to 'D'

VIJAY DIAM: Ind-Ra Assigns 'IND BB' Long-Term Issuer Rating
VIJAY SHEETS: Ind-Ra Assigns 'IND BB-' Long-Term Issuer Rating


I N D O N E S I A

INDOSAT TBK: S&P Affirms 'BB+' Corp. Credit Rating; Outlook Pos.


J A P A N

FORD MOTOR: To Shut Japan, Indonesia Operations on Lack of Profit


N E W  Z E A L A N D

GRACE HOLDINGS: Investors May Bankrupt Jailed Bullion Trader


P H I L I P P I N E S

INTERCONTINENTAL BROADCASTING: IBC 13 Up for Sale for PHP2BB


S O U T H  K O R E A

DONGBU STEEL: Sale of Steelmaker in Limbo
SK E&S: Moody's Lowers Preferred Stock Rating to Ba1


T A I W A N

AJ GREENTECH: Incurs Net Loss, Raises Going Concern Doubt


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A U S T R A L I A
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DICK SMITH: Seeks Asian Buyers as Offer Deadline Nears
------------------------------------------------------
Sue Mitchell at The Sydney Morning Herald reports that receivers
of collapsed consumer electronics retailer Dick Smith are hoping
to attract interest from cashed-up Asian buyers in an attempt to
maximise returns to creditors owed AUD400 million.

According to SMH, Ferrier Hodgson has advertised the sale of Dick
Smith in Asian newspapers, including the Asian Wall Street
Journal, in a bid to lure major consumer electronics retailers
such as Gome, Suning and Yamada and electronics suppliers seeking
to establish a retail footprint in Australia.

"We don't want to leave any stone unturned," the report quotes
Ferrier Hodgson retail partner James Stewart as saying. Ferrier
Hodgson took control of Dick Smith's 393 stores at the behest of
lenders on January 5 after the company appointed McGrathNicol
administrators.

"Most of the world's consumer electronics retailers are supplied
through Asian markets.  We want to make sure we give everyone an
opportunity," Mr Stewart said.

SMH relates that Ferrier Hodgson has received at last 50
expressions of interest for Dick Smith's assets and more offers
are likely before the deadline for non-binding expressions of
interest closes on Jan. 27.

The report says many of the offers are from "tyre kickers" and
buyers interested in parts of the business, such as fash-tronics
chain Move, the New Zealand operations and individual store
leases.

However, industry sources believe that the sale of Dick Smith at a
bargain basement price may lure major Asian consumer electronics
retailers who do not yet have a bricks and mortar presence or
distribution network in Australia, adds SMH.

                          About Dick Smith

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

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

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

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

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

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

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


SUMO GROUP: First Creditors' Meeting Set For Feb. 3
---------------------------------------------------
Simon Roger Coad of Ticcidew Insolvency was appointed as
administrator of Sumo Group Pty ltd on Jan. 22, 2016.

A first meeting of the creditors of the Company will be held at
Level 2, 55 Carrington Street, in Nedlands, on Feb. 3, 2016, at
10:30 a.m.


VERTICAL SERVICES: First Creditors' Meeting Set For Feb. 3
----------------------------------------------------------
Vincent Anthony Smith and Samuel Freeman of Ernst & Young were
appointed as administrators of Vertical Services Pty Ltd and
Vertical Services QLD Pty Ltd on Jan. 22, 2016.

A first meeting of the creditors of the Company will be held at
The Ernst & Young Building, Level 5, 11 Mounts Bay Road, in Perth,
on Feb. 3, 2016, at 11:00 a.m.



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C H I N A
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CITIC RESOURCES: S&P Lowers CCR to 'BB-'; Outlook Stable
--------------------------------------------------------
Standard & Poor's Ratings Services said that it had lowered its
long-term corporate credit rating on CITIC Resources Holdings Ltd.
(CRH) to 'BB-' from 'BB'.  The outlook is stable.  S&P also
lowered its Greater China regional scale rating on the China-based
company to 'cnBB+' from 'cnBBB-'.

"We downgraded CRH to reflect our view that the company's
profitability and financial leverage could weaken over the next
two years because of reduced oil prices and a decline in the
company's sales volume," said Standard & Poor's credit analyst
Apple Lo.

All of CRH's businesses are affected by weak prices of commodities
such as crude oil, coal, and aluminum.  S&P expects the crude oil
business, the key EBITDA contributor for the company, to be hit
hard by a larger fall in prices than S&P expected.  S&P now
estimates that CRH's EBITDA interest coverage will fall to
negative 1.0x to 1.0x over the next two years, compared with 2.6x
in 2014.  S&P believes that the cash flow ratios will remain
within its "highly leveraged" financial risk profile category over
the period.

S&P continues to assess CRH's business risk profile as "weak,"
reflecting the company's small production capacity and geographic
concentration in China and Kazakhstan.  The slide in oil prices is
likely to weaken the company's profitability.  As a result, S&P
forecasts that CRH's EBITDA margin will fall to 6.4% in 2015, from
8.0% in 2014, and turn negative in 2016.  S&P expects production
from CRH's oil fields to stay flat in 2016.

S&P continues to factor in three notches of parental support into
the rating on CRH.  S&P views the company as a strategically
important subsidiary of CITIC Group Corp.  This is because CRH is
an important platform for the wider group to invest in the natural
resources sector, including crude oil production.

S&P assess CRH's liquidity as less than adequate.  The company's
sources of liquidity as of June 30, 2015, are likely to fall short
of its needs over the next 12 months, mainly due to the negative
cash FFO.  Although CRH's liquidity position is weakening because
of falling oil prices, S&P expects the company to continue to
benefit from ongoing support from its parent.

"The stable outlook reflects our expectation that CRH will
continue to receive ongoing support from its parent over the next
12 months at least," said Ms. Lo.  "However, we believe that the
company's stand-alone liquidity is less than adequate to meet its
capital spending and debt repayments.  The fall in oil prices will
likely have a negative impact on CRH's operations and financial
strength."

The rating could come under pressure if CRH's parental support
becomes weaker than S&P currently expects.

S&P could raise the rating if the oil industry recovers
meaningfully, or CRH controls its leverage and ramps up crude oil
production, such that its credit metrics improve.  A decline in
the company's debt-to-EBITDA ratio to less than 5x on a
sustainable basis could indicate such improvement.


FUTURE LAND: Moody's Affirms Ba3 CFR & Changes Outlook to Neg.
--------------------------------------------------------------
Moody's Investors Service has changed the outlook on Future Land
Development Holdings Limited (FLDH) to negative from stable.

At the same time, Moody's has affirmed FLDH's Ba3 corporate family
and B1 senior unsecured debt ratings.

The change in outlook follows FLDH's announcement on Jan. 22,
2016, that Mr. Wang Zhenhua -- executive director, chairman and
the ultimate controlling shareholder of FLDH -- is being
investigated by the Commission on Discipline Inspection of Wujin
of Changzhou in Mainland China.

RATINGS RATIONALE

"The negative outlook reflects the uncertainty over the company's
operations and funding support created by the investigation of its
key shareholder, Mr. Wang Zhenhua," says Stephanie Lau, a Moody's
Assistant Vice President and Analyst, and the Lead Analyst for
FLDH.

FLDH's chairman has been the key decision maker in the company's
business strategy and in the execution of its development
business.  Any restrictions that result from the investigation
could impact the company's business and its ratings.

Some of the company's existing funding arrangements contain
provisions that require the key shareholder to maintain control.
This requirement is important to FLDH's bond holders because the
majority of its assets and businesses will be transferred to its
68.27% Shanghai's A-share listed subsidiary, Future Land Holdings
(unrated), once it completes its reorganization.

As such, the chairman's large stake in FLDH ensures that the
company has sufficient financial support from the group to cover
its debt obligations.  Any change to Mr. Wang's position as
chairman and/or key controlling shareholder could therefore affect
the funding access of the company.

FLDH's Ba3 corporate family rating reflects its long and solid
track record in Jiangsu Province.  The rating also recognizes that
the company's sales, operating scale and credit metrics are
comparable to rated peers at the low end of the Ba rating
category.  FLDH's track record is underpinned by its four standard
product lines that aim to maximize its efficiency and strengthen
its sales execution.

However, its Ba3 rating is constrained by the lack of geographic
diversification in its portfolio, which exposes it to the
volatility of regional economies.  Furthermore, its investment
holding in its Mainland-listed subsidiary, Jiangsu Future Land
(unrated), limits the free flow of surplus cash within the group.

A ratings upgrade is unlikely given the negative outlook.

The ratings outlook could return to stable if (1) there are signs
that the company's operations and access to the onshore and
offshore debt are unaffected by the reported investigation; or (2)
the investigation ends without any restrictions being imposed on
the company's business, and without a change in the company's
chairman and his level of ownership in the company.

On the other hand the ratings could be downgraded if:

  (1) There are further negative developments with regard to the
      investigation that are highly likely to negatively affect
      the company's operations or financial position;

  (2) There is a significant decline in contracted sales;

  (3) FLDH materially increases debt-funded investments in its
      projects;

  (4) Its balance-sheet liquidity weakens materially; in
      particular, if cash/short-term debt coverage falls below
      1.0x;

  (5) its credit metrics deteriorate, with EBIT/interest below
      2.5x-3.0x, and/or revenue/adjusted debt below 85%-90%;

  (6) its debt rises substantially, such that FLDH is unable to
      service its debt from its own operating cash flows and
      expected dividends from Future Land Holdings post
      reorganization; and/or

  (7) FLDH materially lowers its stake in Future Land Holdings,
      or if Future Land Holdings' dividend payout policy changes,
      such that FLDH's expected dividend income from Future Land
      Holdings significantly declines.

The principal methodology used in these ratings was Homebuilding
and Property Development Industry published in April 2015.

Future Land Development Holdings Limited was founded in 1996 by
its Chairman, Mr. Wang Zhenhua.  Mr. Wang has been in the property
development business in China since 1993.  The company listed on
the Hong Kong Stock Exchange in November 2012.

At end-June 2015, FLDH's portfolio consisted of 97 projects in 19
cities in China.  Its land bank totaled approximately 18.1 million
sqm of gross floor area in the same period.


MIE HOLDINGS: S&P Lowers CCR to 'B-'; Outlook Negative
------------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit
rating on China-based oil and gas exploration and production (E&P)
company MIE Holdings Corp. to 'B-' from 'B'.  The outlook on the
corporate credit rating is negative.  At the same time, S&P
lowered its issue rating on the company's senior unsecured debt to
'B-' from 'B'.

S&P also lowered its Greater China regional scale rating on MIE
and its notes to 'cnB-' from 'cnBB-'.  S&P has removed all the
ratings from CreditWatch pursuant to the termination of the Long
Run Exploration transaction.

"The downgrade reflects our reduced oil and natural gas price
assumptions, which we recently lowered by 27% for 2016 and 31% for
2017," said Standard & Poor's credit analyst Apple Lo.  "Lower
price assumptions, coupled with a decline in MIE's sales volume,
would result in higher leverage in the next two years."

MIE has a small production capacity and geographic concentration
in China and Kazakhstan.  Compared to its peers, MIE would be more
vulnerable to falling oil prices due to its high cost of
operations in Kazakhstan.  Weak oil prices will likely put
pressure on the company's profitability despite the overall
decline of US$2/barrel (bbl) in lifting costs in the first half of
2015.

"Should oil prices remain below our price assumptions for a
prolonged period, we estimate that MIE's Kazakhstan operation
could incur negative cash flow," Ms. Lo said.  "We view the
deferral of capital expenditures as a short-term relief to the
company's liquidity position. In our assessment, MIE has a weak
business risk profile."

The negative outlook reflects S&P's view that MIE's financial
performance or liquidity could deteriorate further in the volatile
commodity environment, driven mainly by low oil and gas prices and
reduction in sales volumes.

S&P could lower its rating on MIE if the company's liquidity
deteriorates sharply.  This could happen if oil prices stay below
our price assumptions for a prolonged period.  S&P could lower the
rating if the company's projected EBITDA interest coverage falls
below 1x in the next 12 months.

In addition, if MIE engages in large-scale cash and debt-funded
acquisition, it may also pressure the rating.  But this scenario
is less likely under the current market condition.

S&P may revise the outlook to stable if the industry environment
improves significantly, leading to stabilization of MIE's
financial performance and business position.


WUZHOU INTERNATIONAL: Moody's Lowers CFR to Caa1; Outlook Neg.
--------------------------------------------------------------
Moody's Investors Service has downgraded Wuzhou International
Holdings Limited's corporate family rating to Caa1 from B2.

At the same time, Moody's has downgraded Wuzhou's senior unsecured
debt rating to Caa2 from B3.

The ratings outlook is negative.

RATINGS RATIONALE

"The downgrade reflects our concern over Wuzhou's increased level
of liquidity risk, arising in turn from the weakening in its
contracted sales and uncertainty over its ability to refinance its
short-term debt," says Stephanie Lau, a Moody's Assistant Vice
President and Analyst.

For January-September 2015, Wuzhou's contracted sales amounted to
RMB4.2 billion, down 5% year-on-year, and Moody's expects the
company to fall short of Moody's expectation for full-year sales
and its own target of RMB7 billion.

Moody's further expects that Wuzhou's contracted sales will remain
weak over the next 12-18 months as the Chinese economy's slower
pace of growth will likely persist.

This assumption is also based on the expectation of weakness in
the demand among small- and medium-sized enterprises for trade
centers and their more restrained ability to raise finance to
purchase Wuzhou's properties.

Such weakness in contracted sales will impair the company's
liquidity position which will in turn add uncertainty to its
ability to repay short-term debt of RMB2.3 billion as at 1H 2015.

Moody's estimates that its cash-to-short term debt ratio had
deteriorated to around 65% at end-December 2015 from 82% at end-
June 2015.

Moody's also notes that restricted cash rose to RMB1.1 billion in
1H 2015 from RMB0.6 billion in December 2014, while growth in
contracted sales was negative.  Such a situation could indicate a
reduction in the company's financing flexibility.

Accordingly, Moody's is concerned that refinancing risk has risen
and believes that the company is more appropriately positioned at
the Caa1 rating level.

The negative outlook reflects Moody's concern over Wuzhou's both
weakened level of contracted sales and liquidity position which
will undermine its ability to service its debt.

Upward rating pressure is unlikely, given the negative outlook.
However, the rating outlook could return to stable if Wuzhou
improves its liquidity position through positive growth in
contracted sales and raising new debt to refinance its short-term
debt without incurring high borrowing costs.

The ratings could be under downgrade pressure if Wuzhou's is
unable to repay its debt obligations.

EBIT/interest coverage and revenue/debt ratios are calculated
based on Moody's standard adjustments and the definition stated in
Moody's Homebuilding And Property Development Industry published
in April 2015.  "Capitalized interest" is added to the calculation
of EBIT to substitute for "interest charged to cost of goods
sold", and debt does not include adjustments for mortgage
guarantees.

The principal methodology used in these ratings was Homebuilding
And Property Development Industry published in April 2015.

Wuzhou International Holdings Limited specializes in the
development and operation of wholesale markets and multi-
functional commercial complexes in China.

At June 30, 2015, the company had a total of 37 projects in 11
provinces and municipal cities, including 20 merchandising and
logistics centers and 17 multi-functional commercial complexes.
At the same time, its land bank totaled approximately 7.4 million
square meters in gross floor area.

Listed on the Hong Kong Stock Exchange in June 2013, Wuzhou was
51.14% owned by its two founders, Mr. Shu Cecheng and Mr. Shu
Cewan.


YINGDE GASES: Moody's Puts B1 CFR on Review for Downgrade
---------------------------------------------------------
Moody's Investors Service has placed on review for downgrade
Yingde Gases Group Co Ltd's B1 corporate family rating and the B2
senior unsecured rating on the bonds issued by Yingde Gases
Investment Limited and guaranteed by Yingde Gases.

RATINGS RATIONALE

"The ratings review reflects our concern that the continued
adverse operating environment in the steel industry will heighten
Yingde Gases' liquidity risk and adversely affect the company's
working capital position," says Gerwin Ho, a Moody's Vice
President and Senior Analyst.

Moody's notes that Yingde Gases reported short-term debt and lease
obligations totaling around RMB2.9 billion at June 30, 2015.  This
amount was large relative to the company's unrestricted cash of
RMB900 million on the same date and estimated annual operating
cash flow of about RMB1.0 billion.

Moreover, Moody's expects that the company's capital expenditure
will likely total around RMB1.0 billion and that it will continue
to distribute dividends.  Such a situation indicates that the
company will need to refinance substantially its short-term debt
obligations or raise substantial debt to fund its capital
expenditure.

But the weakness in the steel industry will challenge the
company's ability to raise new debt or refinancing its short-term
debt obligations.

Moody's also expects that Yingde Gases will continue to show slow
accounts receivables collections, given that the company generates
substantial revenues from the steel industry; a sector which
Moody's has assigned a negative outlook.

China's (Aa3 stable) steel production fell 2.3% in 2015, the first
decline in the past three decades according to the country's
National Statistics Bureau.  The roughly 30% drop in average steel
prices in 2015 - amid worsened oversupply - resulted in
substantial losses in many steel companies.

Moody's is concerned that the credit risk of the company's clients
will increase because the steel industry faces mounting business
losses and tightened credit lines.

Despite the company's efforts to strengthen working capital
management, including wining a favorable arbitration outcome
against one of its customers on past due payments, it has not
resolved its problem of past due accounts receivable.

Moody's will review Yingde Gases': (1) plan to refinance its
RMB2.9 billion in short-term debt and lease payment obligations;
and (2) client quality and their impact on the company's take-or-
pay business model.

The principal methodology used in these ratings was Global
Chemical Industry Rating Methodology published in December 2013.

Yingde Gases Group Co Ltd is one of the largest players in the
independent onsite industrial gas market in China.

The company reported RMB7.7 billion in revenues in 2014.  It
exhibited a total of 65 production facilities in operation and
another 14 under development as of June 2015.  Onsite gas
production accounted for about 80%-90% of Yingde Gases' revenues,
with the remainder from merchant sales.



================
H O N G  K O N G
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HUA HAN: S&P Assigns 'BB-' Corp. Credit Rating; Outlook Stable
--------------------------------------------------------------
Standard & Poor's Ratings Services said it has assigned its 'BB-'
long-term corporate credit rating on Hua Han Health Industry
Holdings Ltd.  The outlook is stable.  At the same time, S&P
assigned its 'cnBB+' long-term Greater China regional scale rating
on the China-based pharmaceutical and hospital services provider.

The rating on Hua Han reflects the company's small operating
scale, limited market share, and high revenue concentration in
comparison with global peers.  It also incorporates S&P's view of
the high events risks stemming from the company's aggressive
expansion into the hospital services business and construction of
self-owned hospitals.  The growing profit generation of Hua Hun's
new hospital services business and a large cash balance available
to partially fund capital spending mitigate the risks.  The
company completed a share offering in June 2015 to raise Hong Kong
dollars (HK$) 3.1 billion of cash, which replenished its cash
balance.

S&P expects Hua Han's scale and product diversity to remain
limited against global peers over the next two to three years.
Despite having a portfolio of more than 80 types of drugs, Hua Han
generates about 70% of the revenue of its pharmaceutical segment
from only five products, including Qijiao Shengbai capsules, Fuke
Zaizao pills and capsules, Yi Fu, Yi Bei, and Zhisou Huatan pills.
Although the company has more than five new drugs in the pipeline,
their potential revenue or profit contribution in the next two
years is uncertain, in S&P's view, considering the unpredictable
timing for product commercialization and the company's limited
track record in product development.  The majority of Hua Han's
existing key products were obtained through acquisitions instead
of being developed through internal research and development.

The company's expansion in the hospital services business, outside
its existing pharmaceutical business, is likely to improve its
business diversity.  S&P expects the hospital services business to
account for 30%-40% of Hua Han's total revenue in fiscal years
2016 and 2017 (ending June 30), from 12% in fiscal 2015.  Hua Han
entered the hospital services business in 2014, under a trust,
investment, operation, and transfer (TIOT) model by investing in
and cooperating with public hospitals in China.  Hua Han receives
management fees based on a fixed percentage of medical income of
the hospitals and earns profits from its supply chain management,
while the hospitals keep their state ownership and "nonprofit"
nature unchanged.

S&P sees high event risks in the company's rapid expansion into
the hospital services business and construction of self-owned
hospitals.  The company lacks comprehensive risk management and
has yet to demonstrate a proven track record of financial
discipline, in S&P's view.  Any overrun of capital expenditure,
unexpected operation defects in its new business, or any material
acquisition could result in the company's financial metrics
deteriorating well beyond S&P's forecast.  This underpins S&P's
negative assessment of the company's financial policy.

Nevertheless, S&P believes Hua Han will continue to benefit from
China's fast-growing pharmaceutical and hospital services
industry.  S&P anticipates Hua Han to achieve strong revenue and
good profit growth over the next two to three years, driven by its
fast expansion in the hospital services segment and good
profitability of its pharmaceutical business.  These factors
underpin S&P's assessment of company's business risk profile as
"weak."

S&P expects Hua Han's debt leverage, as defined by the ratio of
debt to EBITDA, to improve to below 3x by the end of fiscal 2017,
from a higher level over the next six months, although S&P
anticipates that the company will take on debt to partly fund its
high capital spending.  The company's good profit growth from the
fast expansion of its new hospital services business and good
operating cash flow from its pharmaceutical business mitigate the
risks.  S&P also expects the company to use its large cash balance
to partially fund its substantial capital spending requirement
over the next two to three years, in addition to debt.  As a
result, S&P assess Hua Han's financial risk profile as
intermediate.

The stable outlook on Hua Han reflects S&P's expectation that the
company's debt leverage will improve to below 3x at the end of
fiscal 2017, driven by the company's fast expansion and growing
EBITDA generation in the hospital services segment and use of cash
to partially fund capital expenditure.  S&P continues to see high
event risks from Hua Han's aggressive expansion in hospital
services, which may result in the company's financial metrics
deteriorating well beyond S&P's forecast.

Rating upside is limited over the next 12 months.  S&P may raise
the rating if Hua Han adopts more conservative debt financing for
capital spending, such that its debt-to-EBITDA ratio stays below
2x on a sustained basis.  S&P may also upgrade the company if it
demonstrates a track record of more prudent financial discipline
while expanding its business.

S&P may lower the rating if Hua Han's debt-to-EBITDA ratio
deteriorates and stays above 3x at the end of fiscal year 2017.
This could happen if: (1) Hua Han's debt-funded expansion, most
likely in hospital services, is more aggressive than S&P's
expectation; or (2) its profitability, especially in its
pharmaceutical business, deteriorates due to weaker-than-expected
growth of the industry in China, more intense competition, or a
dilution of management's focus on existing core segments.


HUA HAN: Moody's Assigns Ba3 Corp. Family Rating; Outlook Stable
----------------------------------------------------------------
Moody's Investors Service has assigned a first-time corporate
family rating (CFR) of Ba3 to Hua Han Health Industry Holdings
Limited.

The outlook on the rating is stable.

RATINGS RATIONALE

"Hua Han's Ba3 corporate family rating reflects its established
domestic market position as a pharmaceutical company -- mainly in
traditional Chinese medicines -- with stable product demand, and
generating steady profits and cash flows," says Gerwin Ho, a
Moody's Vice President and Senior Analyst.

"This core business, combined with a solid net cash position,
supports the company's efforts both in developing new
biopharmaceutical products, and more importantly, in diversifying
its business to include hospital management services," adds Ho,
who is also the Lead Analyst for Hua Han.

Founded in 1992, Hua Han has a portfolio of 84 drugs, which
include 81 traditional Chinese medicine (TCM) products and three
biopharmaceutical products.  Of its portfolio, 31 are included in
the National Essential Medicine Catalogue or provincial essential
medicine catalogues, and 73 in the National Medical Insurance
Catalogue or provincial medical insurance catalogues.  Inclusion
in these drug catalogues means that patients can be reimbursed for
the drug costs under the National Medical Insurance Program, which
covers 95% of the population.

Pharmaceutical products accounted for 88% of Hua Han's revenue in
the fiscal year ended June 2015 (FY2015).  Hua Han began to
provide hospital management services in FY2015, which generated
12% of total revenue.

However, Hua Han's rating is constrained by its small scale,
product and geographic concentration of its TCM business, as well
as intense competition and pricing pressure in the Chinese
pharmaceutical industry.  Hua Han's expansion into hospital
services also poses execution and financial risks.

Hua Han's top-three drug products accounted for about 56% of the
company's FY2015 annual revenue of HKD1.8 billion.  Average ex-
factory prices have generally been on a downtrend, partly offset
by sales volume increases.  The company is mitigating some of the
pricing pressure by changing package sizes, entering new
provinces, and diversifying its sales channels to community
clinics.

Hua Han is also broadening its pharmaceutical product portfolio by
developing new biopharmaceutical products, including human nerve
growth factor and human placenta blood albumin.  These products
require greater technological sophistication and expertise than
TCMs and also require regulatory approvals before sales can
commence in FY2017.

In addition, Hua Han is diversifying its business to include
hospital management by partnering with local governments and
public hospitals using a "trust, investment, operate, transfer"
(TIOT) model, and providing value-added services to certain
hospitals.  In addition, it will build and own majority interests
in three new hospitals, the first of which will begin operations
in early 2017.

The hospital management business, which has lower margins than
pharmaceuticals, will diversify Hua Han's revenue streams.
Moody's expects revenue contribution from this business to
increase to about 40% of the company's total by FY2018, although
it will at the same time reduce Hua Han's adjusted EBITDA margin
to 30%-40% between FY2016 and FY2018 from about 44% in FY2015.

The hospital management business entails execution risks, given
Hua Han's limited experience in building and managing hospitals
and specialty clinics.  Moreover, during the initial period of
investments, debt will increase as the company prefunds capital
expenditures (capex).  This will drive up Hua Han's adjusted
debt/EBITDA to 4.0x-4.5x in FY2016 from 0.8x in FY2015.

However, the company's plan to maintain a net cash position
provides some buffer against high near-term leverage.  Moody's
expects the company to ramp up the hospital management business,
and leverage should moderate to 3.0x-3.5x in FY2017, declining
further to around 2.0x in FY2018, which will support Hua Han's Ba3
rating.

Hua Han has solid liquidity, following the issuances of
convertible bonds and equity in FY2015 totaling about HKD3.8
billion.  It had HKD6.6 billion in cash as of end-FY2015, which
can fully cover its near term committed and uncommitted capex,
repayments of maturing debt, and payments of dividends.

The stable outlook reflects Moody's expectation that Hua Han will
(1) maintain disciplined financial management and a net cash
position; (2) maintain solid profitability; and (3) roll out its
hospital management expansion plan within its planned budget and
timeframe.

Upward rating pressure is limited in the near to medium term as
the Ba3 rating factors in successful rollout of the hospital
management expansion plan (including self-owned hospital
construction), the financial benefits of which may not become
fully apparent until FY2018.

However, upward rating pressure could emerge in the longer term if
the company (1) has ramped up and completed development of its
three self-owned hospitals without delays or cost overruns; (2)
maintains high profitability in its pharmaceutical business; and
(3) reduces its leverage as measured by adjusted debt/EBITDA to
around 2.0x.

Downward rating pressure could emerge (1) if delays in the
completion of self-owned hospital construction, cost overruns,
changes in industry conditions, government policies, or the
pursuit of growth initiatives result in Moody's view that the
company's debt/EBITDA will likely trend above 3.5x by FY2017; or
(2) if there is significant deterioration in the company's
liquidity position or it loses its net cash position.

The principal methodology used in this rating was the Global
Pharmaceutical Industry published in December 2012.

Listed on the Hong Kong Stock Exchange in 2002, Hua Han Health
Industry Holdings Limited manufactures and distributes traditional
Chinese medicines and bio-pharmaceutical medicines, and provides
hospital services in China.  Annual revenues for FY2015 amounted
to HKD1.8 billion (USD235 million).



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


AANCHAL CREATIONS: ICRA Suspends B+/A4 Rating on INR7cr Loan
------------------------------------------------------------
ICRA has suspended [ICRA]B+ and [ICRA]A4 ratings assigned to the
INR7.00 crore term loans and non fund based facilities of Aanchal
Creations. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.

Established in the year 2003 by Mr. Narendra Agarwal, Aanchal
Creations is a Jaipur (Rajasthan) based proprietorship concern
primarily engaged in exports of garments for women like tops,
dresses, skirts, scarves etc. While the firm has been outsourcing
the manufacturing operations, it is now implementing a Greenfield
project for setting up a manufacturing facility, which is proposed
to become operational in FY2015.


AGARWAL JEWELLERS: Ind-Ra Affirms IND BB- Long-Term Issuer Rating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed M/s. Agarwal
Jewellers (AJ) Long-Term Issuer Rating at 'IND BB-' with a Stable
Outlook.

KEY RATING DRIVERS

The affirmation reflects AJ's continued small scale of operations
along with its moderate credit metrics.  In FY15, revenue was
INR296 mil. (FY14: INR287 mil.), financial leverage (Ind-Ra
adjusted debt/operating EBITDAR) was 4.9x (5.1x) and interest
coverage (operating EBITDA/gross interest expense) was 1.6x
(1.5x).

The ratings also factor in AJ's moderate liquidity as reflected by
its 90% average working capital limit utilization during the 12
months ended December 2015 with a net working capital cycle of 267
days in FY15.  Moreover, operating EBITDA margin were stable at
10.7% in FY15 (FY14: 10.7%).

The ratings are supported by the two decades of experience of the
company partners in the gems and jewellery industry.

RATING SENSITIVITIES

Negative: Future developments that could lead to a negative rating
action include deterioration in the liquidity led by an extension
in the working capital cycle or a fall in the operating margins.

Positive: Future developments that could lead to a positive rating
action include significant growth in the revenue and profitability
leading to a sustained improvement in the credit profile.

COMPANY PROFILE

Incorporated in 1996, AJ is a partnership firm in Bhopal. It
trades gold and silver jewellery in its showroom at Roshanpura, TT
Nagar, Bhopal.

AJ's ratings:

   -- Long-Term Issuer Rating: affirmed at 'IND BB-'/Stable
   -- INR28.6 mil. long-term loans (reduced from INR41.2 mil.):
      affirmed at 'IND BB-'/Stable
   -- INR40.0 mil. fund-based working capital limits: affirmed at
      'IND BB-'/Stable


ARYAN CASTINGS: ICRA Suspends 'B' Rating on INR15cr Loan
--------------------------------------------------------
ICRA has suspended [ICRA]B rating assigned to the INR15.00 crore
term loan and the INR10.00 crore cash credit facilities of Aryan
Castings Private Limited. The suspension follows ICRA's inability
to carry out a rating surveillance in the absence of the requisite
information from the company.

Incorporated in 2011, Aryan Castings Private Limited is engaged in
the manufacture of MS Billets. The company has setup its
manufacturing plant in Dindori district near Nashik in Maharashtra
with an installed capacity of 200 MTPD. The company commenced its
operations in September 2012.


CHHAPRA HAJIPUR: ICRA Reaffirms 'D' Rating on INR585cr Loan
-----------------------------------------------------------
ICRA has re-affirmed the long-term rating assigned to INR585.00
crore fund based facilities of Chhapra Hajipur Expressways Limited
at [ICRA]D.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Term loans           585.00        [ICRA]D Reaffirmed

The re-affirmation of rating takes into account the continued
delays in servicing its term loan obligations. ICRA notes that
owing to delays in securing RoW by the authority, CHEL was granted
extension of timeline for completion of project till May, 2016 as
against scheduled COD of July, 2013. In terms of financial
progress, CHEL achieved a progress of 75% of initial project cost
which corresponds to 67.15% in terms of physical progress.
Further, there has been cost escalation which is estimated at
INR369 crore (45% of initial project cost); of this, INR260 crore
is required for completion of 51.7 Km stretch (75% of total
stretch) in order to achieve provisional completion certificate.
The financial closure has been achieved to the extent of INR260
crore (Rs. 172 crore of additional debt sanction is in place and
remaining INR88 crore is to be infused by promoters). Another
INR109 crore is required for completion of balance 15 Km stretch
which is yet to be handed over. The total project cost is now
revised to INR1181.50 crore as against initial estimates of
INR812.50 crore. The rating continues to take into account the
implementation risks, pending land acquisition and susceptibility
to adverse movement of the interest rates. The rating is further
constrained by CHEL's exposure to funding risk in the light of
deteriorated financial risk profile of Madhucon Projects Limited
(MPL, rated [ICRA]D) and given that MPL is required to part fund
the cost escalation, which gets further accentuated by group's
significant funding commitments towards various on-going BOT
projects.

While reaffirming the rating, ICRA has noted the operational
strength of the promoter (MPL), who is also the Engineering,
Procurement and Construction (EPC) contractor, fixed-price EPC
contract; absence of traffic risk and low revenue risk due to
annuity nature of the project and the deferment in repayment
schedule to December 31, 2016 from June 30, 2015 earlier. ICRA
notes that CHEL has been selected by NHAI for one time fund
infusion. Under this scheme, NHAI would have the first charge on
annuities post project completion. However, incumbent lenders have
not agreed for sub-ordination. Currently, discussions are going on
between NHAI and lenders. Further, Cabinet Committee on Economic
Affairs (CCEA) in November 2015 authorized NHAI for rationalized
compensation to concessionaires for languishing BOT projects in
case if delays are not attributable to them. Compensatory
annuities payable by the Authority to the concessionaire for such
delayed period would be the product of Average Daily Annuity and
the actual period of such delay in number of days as recommended
by the Independent Engineer. This is paid upon successful
completion (on achieving COD) of project.

Going forward, CHEL's ability to service its debt obligations in a
timely manner will be the key rating sensitivity. Further,
achieving provisional completion, the acquisition of the remaining
right of way will be the other rating sensitivities.


ETHICS BIO: CRISIL Suspends B+ Rating on INR85MM LT Loan
--------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Ethics
Bio Lab Private Limited (EBLPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            5        CRISIL B+/Stable
   Long Term Loan        85        CRISIL B+/Stable

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

EBLPL, incorporated in 2012, is a contract research company
providing services such as bio-equivalence studies and clinical
research. The company, promoted by Mr. J Jayaseelan, Mr. Muthusamy
Shanmugam, and Clan Laboratories P Ltd, commenced operations in
January 2013.


GATI INFRASTRUCTURE: CARE Cuts Rating on INR229.23cr LT Loan to D
-----------------------------------------------------------------
CARE revised the rating assigned to the bank facilities of
Gati Infrastructure Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     229.23     CARE D Revised from
                                            CARE BB-

Rating Rationale

The revision in the rating of Gati Infrastructure Private Limited
(GIPL) is on account of the stretched liquidity position due
to low power generation due to flash floods coupled with slower
realization of sale of power leading to delays in the servicing of
debt obligations.

GIPL is a special purpose vehicle (SPV) promoted by Mr M. K.
Agarwal & associates along with his group company - Amrit
Jal Ventures P Ltd. (AJVPL) to set up a 110 MW run-of-the-river,
Chuzachen hydro-electric project (HEP) in the state of Sikkim. The
project is located on the tributaries of Teesta River - Rangpo and
Rangli, in east Sikkim. The project was awarded to GIPL under an
implementation agreement entered into between Govt. of Sikkim
(GoS), Sikkim Power Development Company (SPDC) for a period of 35
years from COD.

The company has completed the project and achieved COD in May 2013
with a total project cost of INR1,189 crore which was funded by
debt of INR770 crore and equity of INR419 crore. FY15 (refers to
the period April 1 to March 31) is the first full year of
operation after the commencement of the project.

During FY15, the company has reported PBILDT of INR109.07 crore
(as against INR51.29 crore in FY14) on a total operating
income of INR158.71 crore (as against INR83.62 crore in FY14). The
company incurred net loss of INR57.24 crore in FY15 (as
against INR90.95 crore in FY14).


GENTLEMAN SUITINGS: CARE Ups Rating on INR11.31cr LT Loan to BB-
----------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of
Gentleman Suitings Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     11.31      CARE BB- Revised from
                                            CARE B+

Rating Rationale

The revision in the long-term rating of Gentleman Suitings Private
Limited (GSPL) takes into consideration improvement in its
solvency position after considering unsecured loans of INR1.04
crore which are subordinate to bank borrowings as a quasi equity.

The rating continues to remain constrained on account of
relatively modest scale of operations of GSPL in the highly
competitive and fragmented textile industry and its weak financial
risk profile marked by thin profitability, moderately leveraged
capital structure and working capital intensive nature of
operations. The rating, further, remains constrained on
account of the susceptibility of the company's profitability to
fluctuations in the raw material prices.

The rating, however, continues to draw strength from the long
standing experience of GSPL's management along with its
established track record of operations of around two decades in
the textile industry and location advantage by way of proximity to
the raw material as well as customers due to its presence in the
textile cluster.

GSPL's ability to increase its scale of operation while improving
profitability in the light of the volatile raw material prices
and efficient management of working capital is the key rating
sensitivities.

Bhilwara-based (Rajasthan) GSPL was initially incorporated as a
proprietorship concern in the name of M/s Gentleman Suitings in
1987 by its key promoter, Mr Dolat Mal Bharaktya. However, in
1994, the constitution was changed into private limited with Mrs
Nirmala Bharaktya, wife of the promoter joining the business. GSPL
is primarily engaged in the business of manufacturing of synthetic
grey fabrics from polyester yarn and outsources the processing
work required for the manufacturing of finished fabrics on job
work basis to the nearby process house located at Bhilwara.
Furthermore, the company also does trading of grey and finished
fabrics. The company caters to domestic market and sells its
products through the network of its agents located all over India
under the brand name of "Gentleman Plus".

Furthermore, during FY15 (refers to the period of March 31 to
April 1), GSPL took a project to install 16 second-hand
advanced shuttle less rapier looms at a cost of INR2.31 crore
financed through term loan of INR1.50 crore and remaining
through internally which was completed in June 2015. GSPL has
total 70 sulzer/rapier looms with installed capacity of
3.95 lakh meters per month (LMPM) as on December 31, 2015.


GO GREEN: CARE Reaffirms 'D' Rating on INR9.56cr LT Loan
--------------------------------------------------------
CARE reaffirms the rating assigned to bank facilities of
The Go Green Buildtech Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      9.56      CARE D Reaffirmed

Rating Rationale
The reaffirmation in rating assigned to the bank facilities of The
Go Green Buildtech Private Limited (GBP) takes intoaccount the
delays in debt servicing due to cash losses.

The GBP was incorporated in December 26, 2012. The company is
promoted by Mr Umesh Chand Jain, Mr Rishabh Jain and Mr Nikhil
Jain. GBP is a part of the "Velveleen Group" which has interests
in the manufacturing of velvet and fabric, real estate
infrastructure development, manufacturing of concrete bricks and
education through Rishabh Velveleen Private Limited, Vardhman
Developers, Alpro Industries, U.C. Jain Foundation Trust (rated
CARE D) and Rishabh Winpro Private Limited (rated CARE B).

GBP is engaged in manufacturing of civil construction materials
such as fly ash bricks at its manufacturing unit at Dadri, Uttar-
Pradesh with installed capacity of 5 crore pieces per annum. The
commercial production of its fly ash plant commenced from
June 15, 2014. The main raw material for manufacturing the
products is fly ash and the same is procured from NTPC Limited.
Other raw material such as cement, lime etc. is procured from the
local market. GBP sells its product to real estate and commercial
space developers mainly located in Delhi NCR region.

GBP achieved a total operating income (TOI) of INR0.49 crore in
FY15 (refers to the period April 1 to March 31) with net loss of
INR0.23 crore.


GURUDEV OVERSEAS: CRISIL Assigns B+ Rating to INR40MM Cash Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Gurudev Overseas Limited (GOL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            40       CRISIL B+/Stable
   Inland/Import
   Letter of Credit       75       CRISIL A4

The ratings reflect GOL's weak financial risk profile because of
muted debt protection metrics and high total outside liabilities
to tangible net worth ratio, and its modest scale of operations in
the fragmented metal trading industry leading to low
profitability. These weaknesses are mitigated by the promoter's
extensive experience in the metal trading industry.
Outlook: Stable

CRISIL believes GOL will benefit over the medium term from its
promoter's extensive experience. The outlook may be revised to
'Positive' if revenue and margins achieve significant and
sustained improvement leading to greater than expected net cash
accruals. Conversely, the outlook may be revised to 'Negative' if
significant decline in its revenue or margins, or increase in
working capital requirements, or any large, debt-funded capital
expenditure weakens financial risk profile.

GOL promoted by Mr. Sanjay Chaudhary was incorporated in 1993. The
company trades in heavy metal scrap and iron scrap in the domestic
market. The company has a warehouse in Mandi Gobindgarh (Punjab).


HARSHVARDHAN RETAILING: CARE Assigns B+ Rating to INR10.35cr Loan
-----------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of
Harshvardhan Retailing Private Company.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     10.35      CARE B+ Assigned

Rating Rationale
The rating assigned to the bank facilities of Harshvardhan
Retailing Private Limited (HRPL) is primarily constrained on
account of nascent stage of operations with operating and cash
losses, weak solvency position and stressed liquidity position.
The rating is, further, constrained on account of highly
competitive and fragmented nature of the industry as well
as project implementation risk associated with it.

The rating, however, favourably takes into account its highly
experienced promoters as well as qualified key managerial
personnel and association with well known brands with geographical
diversification and lease rental linked to sales.

The ability of the company to Increase its scale of operations
with improvement in profitability margins and improvement in
capital structure are the key rating sensitivities.

Jaipur (Rajasthan) based, HRPL was incorporated in May 2014 by
Mr Suresh Chand Khandelwal and Mr Mohit Khunteta.

The group concern of HRPL includes Samarth Lifestyle Retailing
Private limited (SLRPL, rated CARE BB/CARE A4, incorporated in
1995) and Iconic Fashion Retailing Private Limited (IFRPL, rated
CARE BB-/CARE A4, incorporated in 2011).

SLRPL is engaged in the retailing of reputed international brands
dealing in apparels, sports shoes, denim, mobiles and accessories,
through 96 retail stores running under the name of respective
brands and four Multi Brand Outlets (MBOs) situated at various
places in Rajasthan, Punjab, Delhi, Uttar Pradesh, etc as on
December 31, 2015. IFRPL is engaged in the business of retailing
of international and domestic branded apparels, shoes and
accessories through its 7 MBOs running under the name of 'ICONIC'
in Rajasthan and NCR region.

The promoters have incorporated HRPL in order to cater kids
segment. HRPL is engaged in the business of retailing of
international and domestic branded apparels, shoes and accessories
through its MBOs running under the name of 'ICONIC Kids'. The
company envisaged to open five MBOs at Ahmadabad, Jaipur,
Hyderabad, Noida and New Delhi by October 2015 and envisaged total
project cost of INR11.10 crore to be funded through share capital
of INR2.50 crore, term loan of INR5.75 crore and remaining through
unsecured loans. However, till November 30, 2015, HRPL has opened
three MBOs located at Ahmedabad, Hyderabad and New Delhi.

During FY15, HRPL has registered TOI of INR1.17 crore with PAT of
INR(0.35) crore.


HIGHBAR TECHNOLOGIES: CARE Reaffirms B+ Rating on INR21.75cr Loan
-----------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Highbar Technologies Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     21.75      CARE B+ Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of Highbar Technologies
Limited (HTL) continues to be constrained by stiff competition
from large players, small scale of operations and concentrated
operations.

The rating derives strength from vast experience of the promoter
group in the infrastructure industry and less penetration of
Information Technology (IT) in the infrastructure sector leading
to a large target market.

Ability of HTL to increase the scale of operations along with an
improvement in profitability amidst intense competition is the key
rating sensitivity.

Highbar Technologies Limited (HTL), 100% subsidiary of HCC (rated
CARE C/CARE D/CARE A4 for its bank facilities and instruments);
was formed in 2009 by spinning off the IT department of HCC-one of
the largest infrastructure development companies which have
implemented ERP as well as other IT solutions to connect all its
project locations on SAP platform.  Information technology is very
crucial for the infrastructure sector, considering multiple
locations and projects that the companies operate in. Thus, HCC
leveraged its technical expertise in the infrastructure sector to
provide end to end IT services to infrastructure clients. HTL's
business mainly involves developing, designing, marketing of
supporting services, products and accessories used in field of IT.
Moreover, in FY12, HTL incorporated Highbar Technologies FZ-LLC in
Dubai to cater to international clients in Middle East.On January
1, 2014, Hincon Technoconsult Limited (HTC), an erstwhile 100%
subsidiary of HTL, was amalgamated with HTL for better synergies
of operations.

During FY15 (refers to the period April 1 to March 31), HTL
reported a net profit of INR2.40 crore on total operating income
of INR41.27 crore vis-a-vis net loss of INR 35 lakh and total
operating income of INR25.80 crore in FY14.


HIMACHAL FLOUR: CRISIL Assigns B+ Rating to INR70MM Cash Loan
-------------------------------------------------------------
CRISIL has revoked the suspension of its rating on the bank
facility of Himachal Flour Mills Private Limited (HFMPL) and has
assigned its 'CRISIL B+/Stable' rating to the company's bank
facilities. CRISIL had earlier, on December 06, 2014, suspended
the ratings as HFMPL had not provided the necessary information
required for a rating review. The company has now shared the
requisite information, enabling CRISIL to assign a rating to the
company's bank facilities.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit             70      CRISIL B+/Stable (Assigned;
                                   Suspension revoked)

The rating reflects HFMPL's small scale of operations in a highly
fragmented agro-commodities industry, exposure to risks related to
commodity nature of products and to intense competition, and
limited pricing power leading to constrained operating margin.
These weaknesses are partially offset by the promoters' extensive
experience in the ago-commodities industry and above average
financial risk profile marked by low gearing.
Outlook: Stable

CRISIL believes HFMPL will maintain a stable business risk profile
over the medium term on the back of the promoters' extensive
experience in the agro-commodities industry. The outlook may be
revised to 'Positive' if the company improves its scale of
operations and profitability leading to higher net cash accrual,
or if its promoters infuse capital into the company, resulting in
improvement in the financial risk profile. Conversely, the outlook
may be revised to 'Negative' if the financial risk profile weakens
most likely due to pressure on profitability or substantial, debt-
funded capital expenditure.

HFMPL is a private limited company that manufactures atta, suji,
and maida. It was set up in 1972 as a partnership firm Himachal
Flour Mills; the firm was converted into private limited company
in 1996. Key promoter and director of the company Mr. Jagmohan Lal
Gupta, along with his family members, manage the operations. The
company's manufacturing facilities are in Kangra, Himachal
Pradesh. The products are sold to the state government as well as
in the wholesale market under HFMPL's Hans brand.

On a provisional basis, HFMPL reported profit after tax (PAT) of
INR0.5 million on net sales of INR190.5 million for 2014-15
(refers to financial year, April 1 to March 31), vis-a-vis PAT of
INR0.05 million on net sales of INR196.6 million for 2013-14.


INANI INTERNATIONAL: ICRA Suspends B+/A4 Rating on INR8.85cr Loan
-----------------------------------------------------------------
ICRA has suspended [ICRA]B+ and [ICRA]A4 ratings assigned to the
INR8.85 crore fund based working capital and non fund based
facilities of Inani International Private Limited. The suspension
follows ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.

Incorporated in 2008 by Mr. H.P. Maheshwari and his son Mr. Vishal
Inani, Inani International Private Limited is engaged in trading
of finished fabrics. The product profile of the company is
dominated by polyester-viscose blended fabrics, though the firm
also supplies cotton fabrics. The promoters have been in the
textile business for more than a decade.


INTEGRATED THERMOPLASTICS: CARE Reaffirms D INR14.5cr Loan Rating
-----------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Integrated Thermoplastics Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     14.50      CARE D Reaffirmed
   Short-term Bank Facilities     6.50      CARE D Reaffirmed

Rating Rationale

The ratings of the bank facilities of Integrated Thermoplastics
Ltd (ITL) continue to remain constrained by the stretched
liquidity position resulting in delays in debt servicing.

Incorporated in 1994, ITL, erstwhile Torrent Thermo-Plastics
Limited, was originally promoted by Mr Simon Joseph and
Mr S.V. Raghu. Later, during FY06 (refers to the period April 01
to March 31), ITL was acquired by the current Chairman,
Mr S.P.Y. Reddy. A part of Nandyal (Andhra Pradesh)-based Nandi
Group of companies, ITL is engaged in the manufacturing of
fabricate Polyvinyl Chloride (PVC) pipes and fittings, tubes,
bends etc (installed capacity of 15,000 MTPA) at its facilities
located at Medak District (Telangana). Nandi group, promoted by Mr
S.P.Y Reddy, is a South Indiabased industrial house having
diversified business interest such as cement, dairy, PVC pipes,
construction, etc.

During FY15, ITL posted a PBILDT of INR2.60 crore (as against
INR2.13 crore in FY14) on a total operating income of INR34.27
crore (as against INR36.02 crore in FY14). The company reported
net loss of INR1.57 crore in FY15 (as against net loss of INR1.38
crore in FY14).


JAGDISH SARAN: Ind-Ra Assigns BB Long-Term Issuer Rating
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Jagdish Saran
(JS) a Long-Term Issuer Rating of 'IND BB'.  The Outlook is
Stable.

KEY RATING DRIVERS

The ratings are constrained by JS' small scale of operations with
revenue of INR653.62 mil. in FY15, (FY14: INR455.95 mil.).  The
ratings also reflect the firm's regional concentration as a large
proportion of its contracts are executed in Uttar Pradesh.  The
ratings are further constrained by the partnership structure of
the firm.

The ratings are, however, supported by the two-decade-long
operating experience of JS' promoters in the construction sector.
The ratings benefit from the firm's moderate order book of
INR800 mil. for FY16, providing revenue visibility of 1.3x.

The ratings are further supported by JS' satisfactory EBITDA
margins of 7.10% in FY15 (FY14: 8.98%) and its comfortable credit
profile with EBITDA interest coverage (operating EBITDA/gross
interest expense) of 2.22x (1.89x) and net financial leverage
(total Ind-Ra adjusted net debt/operating EBITDAR) of 1.81x
(3.32x).

RATING SENSITIVITIES

Negative: A decline in the revenue due to the lack of work orders
or deterioration in the EBITDA margins leading to weaker credit
metrics will be negative for the ratings.

Positive: Significant growth in the revenue and profitability
leading to an improvement in the overall credit profile will be
positive for the ratings.

COMPANY PROFILE

JS was established in 1969 and is engaged in contract-based
construction work, mainly for organizations such as National
Highways authority of India ('IND AAA'/Stable), Uttar Pradesh
Public Works Department, Uttarakhand Public Works Department and
various central and state government bodies.  The company is
located in Shahjahanpur (Uttar Pradesh).

JS' ratings:

   -- Long Term Issuer Rating: assigned 'IND BB'; Outlook Stable
   -- INR65 mil. fund based limit: assigned long-term
      'IND BB'/Stable and short term 'IND A4+'
   -- INR200 mil. non-fund based limit: assigned short-term
      'IND A4+'


KHANAPUR TALUKA: CARE Assigns 'B' Rating to INR23.31cr LT Loan
--------------------------------------------------------------
CARE assigns "CARE B" rating to the bank facilities of Khanapur
Taluka Co-Op Spinningmills Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     23.31      CARE B Assigned

Rating Rationale
The rating assigned to the bank facilities of Khanapur Taluka Co-
op Spinning Mills Limited (KTCSML) is constrained by exposure to
fluctuations in raw material prices leading to susceptibility of
margins, customer concentration risk, presence in the fragmented
industry with high susceptibility to changes in government
regulations and elongated working capital cycle and working
capital intensive nature of the industry. The rating further takes
into account moderately weak financial risk profile marked
by moderate capital structure and weak debt coverage indicators.
The rating, however, continues to factor in long track record of
the entity along with experienced and qualified promoters and
improvement in the financial risk profile during FY15 (refers to
the period April 1 to March 31).

The ability of the entity to increase its scale of operations in
addition to improvement in profit margins in light of volatile raw
material costs coupled with improvement in capital structure and
debt coverage indicators along with efficient management of
working capital are the key rating sensitivities.

KTCSML is a Khanapur-based not for profit co-operative society
established in 1974, promoted by Mr G B Momin (Managing Director)
and Mr S J Katkar (General Manager). There are 21 members in the
society and the society is engaged in the business of cotton
spinning with its sole manufacturing unit spread over an area
of 1 acre located in Khanapur, Maharashtra. The society has an
open end spinning unit with an installed capacity for spinning
process is 576 open end machine rotors consisting of three
machines having production capacity of 90 lakh kg per annum and
manufactures cotton yarn with the range of 6-20 counts. These
yarns are further used in the manufacturing of grey cloth and
knitted fabric. The entity procures its raw material i.e.
cotton bales from suppliers like I.J.P. Brothers, Sangli, Harshad
Kumar & Brothers, Mumbai, Pinaak & Co., Mumbai, etc. Mainly the
suppliers of the firm are into cotton ginning located
approximately 70-80km away from the entity's spinning unit. The
entity has generated major proportion of its revenue in FY15 from
the sole customer namely, Shankar Textiles, Ichalkaranji.


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          2.50       CARE B+/CARE A4
   Bank Facilities                          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.


KSM SPINNINGMILLS: CARE Lowers Rating on INR191.18cr Loan to 'D'
----------------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
KSM Spinningmills Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities    191.18      CARE D Revised from
                                            CARE BB+

   Short-term Bank Facilities    17.72      CARE D Revised from
                                            CARE A4+

Rating Rationale
The revision in the ratings of KSM Spinning Mills Limited (KSM)
takes into account the ongoing delays in debt servicing due to
stressed liquidity position of the company.

KSM Spinning Mills Limited (KSM), incorporated in 2004 is engaged
in manufacturing of cotton yarn, polyester yarn and polycotton
(PC) yarn and trading of fabric. The company started commercial
production from May 2006 and as on March 31, 2014, had an
installed capacity of 55,008 spindles at its manufacturing
facilities located at Village Mandyala, Ludhiana (Punjab). KSM,
promoted by Mr Vipan Kumar Mittal, is a closely held company with
the promoters and their associates holding 100% of the equity. The
other group companies of KSM include VSL Textile Pvt. Ltd, KSM
Yarns Pvt. Ltd, VSL Synthetics Pvt. Ltd. and VMSL Cotex Pvt. Ltd,
all of them involved in trading of fabric.

For FY14 (Audited; refers to the period April 01 to March 31), KSM
registered total operating income of INR207.31 crore with net
profit of INR0.95 crore, compared to total operating income of
INR160.57 crore in FY13 with net profit of INR4.34 crore.


MAHASHAKTHI CHEMICALS: CARE Reaffirms B+ Rating on INR7.5cr Loan
----------------------------------------------------------------
CARE reaffirms the rating assigned to bank facilities of
Mahashakthi Chemicals And Fertilizers Pvt Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      7.50      CARE B+ Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of Mahashakthi
Chemicals and Fertilizers Private Limited (MCFPL) is constrained
by its limited track record with its operations having commenced
in January 2015, weak operational performance in the first three
months of FY15, weak capital structure and highly competitive
nature of the fertilizer industry.

The rating, however, derives strength from the experience of
MCFPL's promoters in the industry, diversified customer base with
prior relationships and successful completion of the project.
The ability of the company to stabilize its operations & turn them
profitable and deleverage its capital structure forms the key
rating sensitivities.

Mahashakthi Chemicals and Fertilizers Private Limited (MCFPL),
formerly known as Shree Chamundeswari Fertilizers and Chemicals
Private Ltd, was incorporated in November, 2012 and commenced
commercial operations from January, 2015. MCFPL is engaged in
manufacturing of granulated fertilizers and soil conditioners at
its 52500 MTPA plant at Mysore, Karnataka. MCFPL's product profile
includes NPK (Nitrogen, potassium and phosphorus) of different
grades like 17:17:17, 20:20:0, 20:10:10, 18:18:10, 10:20:10,
14:6:21 and 15:05:05. The company procures raw materials
such as nitrogen, phosphorous, potash, ammonia and dolomite etc
from the local market and sells it to diversified clientele
comprising 250 dealers and wholesalers across south Karnataka.

During FY15 (refers to the period January 1 to March 31), MCFPL
reported loss of INR0.52 crore on a total operating income of
INR5.11 crore.


MALAIYA TRACTORS: CARE Reaffirms B+ Rating on INR3.50cr LT Loan
---------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Malaiya Tractors.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      3.50      CARE B+ Reaffirmed
   Short-term Bank Facilities     1.50      CARE A4 Reaffirmed

Rating Rationale

The ratings assigned to the bank facilities of Malaiya Tractors
(MTR) continue to remain constrained on account of leveraged
capital structure, weak debt coverage indicators, working capital
intensive nature of operations coupled with the recently completed
debt-funded capex. The ratings further constrained due to decline
in total operating income (TOI) during FY15 (refers to the period
April 1 to March 31), its partnership nature of constitution
coupled with its presence in competitive nature of dealership
business and dependence on the agricultural scenario.

The ratings, however, continue to derive benefits from long and
established track record of promoters in dealership business and
its long association with reputed OEM i.e. Mahindra &
Mahindra Limited (M&M).

The ability of MTR to increase scale of operations, improve
profitability and solvency position along with the efficient
working capital management are the key rating sensitivities.


Established in 1989, MTR is a partnership firm promoted by Mr
Mahesh Kumar Malaiya and Mr Kapil Kumar Malaiya having experience
of four decades in automobile dealership business. MTR is an
authorized dealer of Mahindra & Mahindra Limited (M&M) and is
engaged in sale of tractors and its spare parts. MTR also run
authorized service centre of Mahindra & Mahindra at Sagar (Madhya
Pradesh). It also provides value addition service such as sale of
old used tractors of the farmers. The partners are also associated
with Adinath Motors (Rated: CARE BB-/CARE A4, revised in February,
2015). Adinath Motors is engaged in engaged into dealership of
Maruti Suzuki India Limited since 2000 at Sagar, MP. MTR operates
mainly from one showroom at Sagar (Madhya Pradesh) along with
authorized service centre. Furthermore, it also has small branches
in Shahgarh, Deori, Rehli, Garhkota, Bilehra & Rahatgarh to
facilitate trade with farmers and to cover reasonably entire MP
region.

As per the audited results of FY15 ( refers to the period April 01
to March 31), MTR reported profit after tax (PAT) of INR0.28 crore
on a total operating income (TOI) of INR23.81 crore as against PAT
of INR0.26 crore on a TOI of INR30.59 crore during FY14. As per
the provisional results for 7MFY16, MTR achieved the TOI of
INR17.97 crore.


MEENAKSHI INFRASTRUCTURES: CARE Rates INR305cr LT Loan at B+
------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Meenakshi
Infrastructures Private Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities    305.00      CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Meenakshi
Infrastructures Private Limited (MIPL) is constrained by decline
in total income and volatility in profitability margins during the
last three years, high exposure in subsidiary companies, project
execution risk and saleability risk with large size projects
undertaken and geographical concentration of projects with
sluggish growth of real estate market inherent due to political
and economical risks in the region. The rating is, however,
underpinned by experienced promoters and established track record
of the group, successful completion of residential and commercial
projects in the past, assured revenue from the lease rentals and
maintenance income, comfortable capital structure and growing
demand in the IT hub of Hyderabad for commercial space areas.

The ability of the company to timely fund and execute its ongoing
projects and sustain its revenue visibility through leasing and
sale of constructed property are the key rating sensitivities.

MIPL under the Meenakshi group; incorporated on 7th July, 2004, is
primarily involved in real estate property development which
includes construction of commercial properties in Hyderabad viz.,
Technopark, ePark, Techpark, Technova and SDE Serene Chambers as
well as construction of more than twenty residential projects
comprising of high end villas and apartment houses. Besides, the
company is also involved in leasing and maintenance of commercial
properties and also undertakes EPC works for its group companies.
The company has several subsidiary companies which are also mainly
engaged in real estate development activity.

During FY15 (refers to the period from April 1 to March 31), MIPL
registered total operating income of INR161.38 crore (Rs219.92
crore in FY14) with loss of (Rs.4.38) crore (PAT of INR26.35 crore
in FY14).


MOD AGE: CARE Reaffirms B- Rating on INR17cr LT Loan
----------------------------------------------------
CARE reaffirms the ratings assigned to the NCD of Mod Age
Consultants & Advisory Services Private Limited.


                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Non-Convertible
   Debenture (Outstanding)       17.00      CARE B- Reaffirmed

Rating Rationale

The rating reaffirmation to the NCD issue of Mod Age Consultants &
Advisory Services Private Limited (Mod Age), an investment
company, continues to be constrained by its weak financial profile
with no operational cash flows. Besides, the market value of the
shares of Jyoti Structures Limited (JSL) which are issued as a
collateral security to the NCD issue have reduced since the date
of issue as security; however, any further deterioration in the
credit profile of JSL, may result in an adverse impact on the
market value of the shares.

The rating, however, continues to derive strength from the
financial resourcefulness of its promoters.  The increase in the
stable income of the promoters to enable timely support to fulfil
debt obligations of Mod Age and no major decline in the value of
the collateral security are the key rating sensitivities.

Incorporated on January 21, 2008, Mod Age; erstwhile known as Mod
Age Investment Private Limited, name changed in December 2013, is
a strategic investment holding company of the promoters of JSL. Mr
K. R. Thakur and Mr P. K. Thakur, shareholders and directors in
JSL, each hold 50% shareholding in Mod Age.

As Mod Age is only an investment holding company, it does not have
own operational cash flows. On October 30, 2013, the company
issued NCDs of INR25 crore for investment in shares and offering
loans to group companies. Of these, NCDs aggregating to INR17
crore was subscribed. The company has placed 1.18 crore shares of
JSL as collateral against the NCD issue. The funds raised by the
NCD issued are utilised for investment into shares of Surya India
Fingrowth Private Limited, a group company.


NAYAAB JEWELS: CARE Ups Rating on INR17.50cr LT Loan to 'B'
-----------------------------------------------------------
CARE revises the rating assigned to the bank facilities of
Nayaab Jewels.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     17.50      CARE B Revised from
                                            CARE D

   Short term Bank Facilities     0.27      CARE A4 Revised from
                                            CARE D

Rating Rationale
The revision in the ratings assigned to the bank facilities of
Nayaab Jewels (NJ) takes into account regularisation of servicing
of the bank facilities availed by the firm. The ratings continue
to derive strength from wide experience of the promoters.

The ratings are constrained on account of weak solvency position,
elongated working capital cycle, geographically concentrated
revenue stream and intense competition from the unorganised sector
in the jewellery industry.

The ability of the firm to further improve its scale of
operations, efficiently manage its working capital, improve
profitability and solvency position are the key rating
sensitivities.

Established in the year, 2003, NJ and is engaged in manufacturing
and designing gems, diamonds, precious and semiprecious stone
studded jewellery in gold, silver and platinum. The firm is
promoted by Mr. Upendra Bothra and Mrs. Manali Bothra. Mr. Upendra
Bothra is a third generation entrepreneur of the Bothra family
which has presence in the gems and jewellery business segment
since 1961.

Further, Mrs. Manali Bothra, hails from the Lalwani family which
is also engaged in the manufacturing and designing under the brand
name of 'Rajmal Lakhichand Jewellers Private Limited' having
presence across Maharashtra. Thus, the partners have good
experience in the gems and jewellery segment.

The firm has two showrooms situated in Jaipur and Mumbai spread
across an area of 5,000 square feet and 2,500 square feet
respectively along with a manufacturing facility in Jaipur.
During FY15, the firm registered a PAT of INR0.33 crore on the
total operating income of INR39.51 crore, as against a total
operating income and PAT of INR34.46 crore and INR0.22 crore
respectively in FY14.


PATEL AGRI: Ind-Ra Assigns BB- Long-Term Issuer Rating
------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Patel Agri
Industries Private Limited a Long-Term Issuer Rating of
'IND BB-'. The Outlook is Stable.

KEY RATING DRIVERS

The ratings reflect the short track record of Patel Agri
Industries' operations as it commenced production from August 2015
and the small scale of its operations as reflected from its
installed capacity of 38,400mt/annum.  The ratings are also
constrained by the fragmented nature of the rice processing
industry and its susceptibility to government interventions.  The
liquidity of the company is also tight with full utilization of
its working capital limits for the nine months ended December
2015.

The ratings, however, benefit from the 10 years of experience of
the directors in the rice milling business.

RATING SENSITIVITIES

Positive: The stabilization of operations leading to an
improvement in the overall financial performance will be positive
for the ratings.

Negative: Further deterioration in the liquidity will be negative
for the ratings.

COMPANY PROFILE

Incorporated in May 2013, Patel Agri Industries has started its
commercial operation from August 2015.  It is engaged in the rice
milling business.  Its mill has an installed capacity of
38,400mt/annum.  The company is managed by Munna Prasad and family
and has its registered office in Bihar.

Patel Agri Industries' ratings:

   -- Long Term Issuer Rating: assigned 'IND BB-'/Stable
   -- INR68 mil. fund based limit: assigned 'IND BB-'/Stable
   -- INR99.5 mil. term loan 1: assigned 'IND BB-'/Stable
   -- INR26 mil. term loan 2: assigned 'IND BB-'/Stable
   -- INR82 mil. proposed fund based limit: assigned Provisional
     'IND BB-'/Stable


PEE KAY: CRISIL Assigns 'B' Rating to INR75MM Long Term Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Pee Kay Shuttering House (PKSH).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            40       CRISIL B/Stable
   Long Term Loan         75       CRISIL B/Stable

The rating reflects PKSH's modest scale of operations large
working capital requirement, and below-average financial risk
profile because of high gearing. These weaknesses are partially
offset by proprietor's extensive industry experience.
Outlook: Stable

CRISIL believes that PKSH will continue to benefit over the medium
term from the proprietor's extensive industry experience. The
outlook may be revised to 'Positive' if the firm reports more than
expected increase in scale and profitability resulting in higher
cash accruals, along with improvement in working capital
management. Conversely, the outlook may be revised to 'Negative'
if revenue or profitability declines, or financial risk profile
deteriorates because of stretch in working capital cycle or larger
debt-funded capital expenditure.

PKSH was set up in 1990 as a proprietorship concern by Mr. Tejpal
Gupta. The firm is based in Panchkula (Haryana) and rents
scaffoldings/shuttering.

PKSH reported book profit and net sales of INR6.4 million and
INR144.6 million, respectively, for 2014-15 (refers to financial
year, April 1 to March 31), against a book profit of INR4.8
million on net sales of INR150.6 million for 2013-14.


RAVIAN ENGINEERS: CRISIL Suspends B+ Rating on INR50MM Loan
-----------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Ravian
Engineers India Private Limited (REIPL).

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

   Proposed Long Term
   Bank Loan Facility     14.2     CRISIL B+/Stable

   Term Loan               0.5     CRISIL B+/Stable

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

REIPL was incorporated in 1992. The business of partnership firm
Ravian Industries (established by the Karmarkar, Dixit, and Desai
families in Pune [Maharashtra] in 1981), was transferred to REIPL
in 2006-07. Mr. Ravindra Karmarkar, Mr. Vishwas Dixit, and Mrs.
Sushma Desai are REIPL's directors.


RHAPSO IFMR: Ind-Ra Puts IND B+(SO) Prov. Rating to Series A2 PTC
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Rhapso IFMR
Capital 2016 (an ABS transaction) provisional ratings as follows:

-- INR235.6 million Series A1 pass through certificates (PTCs):
    'Provisional IND A-(SO)'; Outlook Stable
-- INR26.2 million Series A2 PTCs: 'Provisional IND B+(SO)';
    Outlook Stable

The final ratings are contingent upon the receipt of final
documents conforming to the information already received.

The micro finance loan pool to be assigned to the trust is
originated by Future Financial Services Private Limited (FFSPL).

KEY RATING DRIVERS

The provisional ratings are based on the origination, servicing,
collection and recovery expertise of FFSPL, the legal and
financial structure of the transaction and the credit enhancement
(CE) provided in the transaction. The provisional rating of Series
A1 PTCs addresses the timely payment of interest on monthly
payment dates and ultimate payment of principal by the final
maturity date on 17 November 2017 in accordance with the
transaction documentation.

The provisional rating of Series A2 PTCs addresses the timely
payment of interest on monthly payment dates only after the
complete redemption of Series A1 PTCs and ultimate payment of
principal by the final maturity date on 17 November 2017, in
accordance with the transaction documentation.

The transaction benefits from the internal CE on account of excess
interest spread, subordination and over-collateralisation. The
levels of overcollateralisation available to Series A1 is 10% of
the initial pool principal outstanding (POS). There is no
overcollateralisation available to Series A2. The total excess
cash flow or the internal CE available to Series A1 and A2 PTCs is
26.2% and 13.9%, respectively, of the initial POS. The transaction
also benefits from the external CE of 6.0% of the initial POS in
the form of fixed deposits in the name of the originator with a
lien marked in favour of the trustee. The collateral pool to be
assigned to the trust at par had the initial POS of INR261.8m, as
of the pool cut-off date of 10 January 2016.

The external CE will be used in case of a shortfall in a) complete
redemption of all Series of PTCs on the final maturity date, b)
monthly interest payment to Series A1 investors c) monthly
interest payment of Series A2 investors after the complete
redemption of Series A1 investors and d) any shortfall in Series
A2 Maximum Payout on the Series A2 final maturity date.


SAMRAT IRONS: Ind-Ra Assigns BB Long-Term Issuer Rating
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Samrat Irons
Private Limited (SIPL) a Long-Term Issuer Rating of 'IND BB'.  The
Outlook is Stable.

KEY RATING DRIVERS

The ratings reflect SIPL's thin EBITDA margins (FY15: 1.8%; FY14:
1.4%) owing to the trading nature of its business.  Also, the high
competition in the fragmented steel trading business restricts the
scope for any significant margin expansion.  However, SIPL has
sole distributorship of the TMT bars of Tata Steels Limited
('IND AA'/Negative) in Andhra Pradesh and Telangana which immunes
the business from raw material price volatility to a large extent.

The ratings also factor in SIPL's comfortable interest cover of
1.7x in FY15 (FY14: 1.4x) although the net financial leverage
(total Ind-Ra adjusted debt/operating EBITDAR) was high at 7.0x
(5.3x) as the cost of funding of the channel finance is low.
Ind-ra expect SIPL's working capital facility from the channel
finance partner to remain fully utilized leading to continued high
leverage.  However, the interest cover will remain comfortable
since its margins are protected.

The rating also considers the company's moderate working capital
cycle of 47 days in FY15 (FY14: 19 days) with a debtor cycle of 21
days (19 days) and an inventory of 26 days (nine days).  The
company has to make upfront/advance payments to Tata Steel.

RATING SENSITIVITIES

Positive: A sustained improvement in the credit metrics will be
positive for the ratings.

Negative: Deterioration in the credit metrics will be negative for
the ratings.

COMPANY PROFILE

Incorporated in FY12, SIPL deals in trading of steel products.  In
FY15, the company registered revenue of INR4,474 (FY14: INR2,727
mil.) and profit after tax of INR17.4 mil. (INR8 mil.).

SIPL's ratings:

   -- Long-Term Issuer Rating: assigned 'IND BB'; Outlook Stable
   -- INR490 mil. fund based working capital limit: assigned
      Long-term 'IND BB/Stable' and Short-term 'INDA4+'
   -- INR25.5 mil. outstanding term loan limit: assigned Long-
      term 'IND BB/Stable


SARVOTTAM POULTRY: CRISIL Assigns B+ Rating to INR89MM Cash Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Sarvottam Poultry Feed Supply Centre Private
Limited (SPFPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Proposed Long Term
   Bank Loan Facility      1       CRISIL B+/Stable

   Cash Credit            89       CRISIL B+/Stable

   Long Term Loan         65       CRISIL B+/Stable

The rating reflects SPFPL's below-average financial risk profile
because of high gearing, modest scale of operations, low operating
margin, and vulnerability to risks inherent in the poultry
industry. These weaknesses are partially offset by the extensive
industry experience of SPFPL's promoters and their funding
support.
Outlook: Stable

CRISIL believes SPFPL will continue to benefit over the medium
term from promoters' extensive experience in the poultry industry.
The outlook may be revised to 'Positive' if accrual is more-than-
expected or equity infusion substantial, thereby improving
financial risk profile. Conversely, the outlook may be revised to
'Negative' if financial risk profile deteriorates due to lower-
than expected accrual or inefficient working capital management or
large debt-funded capital expenditure plan.

Established in 1993 as a proprietorship firm by Mr. Satpal Singh
and reconstituted as a private limited company in 2011, SPFPL
manufactures poultry feed. Its operations are managed by Mr.
Satpal Singh and his son, Mr. Abhimanyu.


SAVITRIBAI PHULE: CARE Reaffirms D Rating on INR127.84cr LT Loan
----------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Savitribai Phule Shikshan Prasarak Mandal.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities    127.84      CARE D Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of Savitribai Phule
Shikshan Prasarak Mandal (SPSPM) continues to factor in ongoing
delays in debt servicing obligations due to its stressed liquidity
position.

SPSPM was registered under the Societies Registration Act, 1860,
on December 16, 1996. It is also registered under the Bombay
Public Trust Act, 1950.

SPSPM's institutes are spread across 3 campuses: Kegaon-Solapur
Campus, Korti-Pandharpur Campus and Kamlapur-Sangola Campus. It
runs 13 educational institutes across 3 campuses. The courses
offered by SPSPM include Engineering, MBA, MCA, D.Ed and B.Ed.
These courses are affiliated to the University of Pune and
comply with the norms laid down by the various statutory bodies.
In addition, the Trust also runs three Public Schools which
include two English Medium school offering classes from Junior KG
to 9th standard and an Aided High School which is a Marathi Medium
School offering classes from 5th standard to 10th standard. The
graduation and post graduation courses offered by SPSPM have been
recognized by the All India Council of Technical Education (AICTE)
and the Government of Maharashtra. These courses are affiliated to
the University of Pune and comply with the norms laid down by the
various statutory bodies. The institute had student strength of
8,564 for batch 2014-2015.
During FY15, SPSPM achieved total operating income of INR51.33
crore and deficit of INR 18.65 crore as compared to total
operating income of INR38.51 crore and deficit of INR19.31 crore.


SEA BLUE: CARE Assigns 'D' Rating to INR12.57cr LT Loan
-------------------------------------------------------
CARE assigns 'CARE D' rating to the bank facilities of Sea Blue
Shipyard Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     12.57      CARE D Assigned

Rating Rationale
The rating assigned to the bank facilities of Sea Blue Shipyard
Limited (SBS) is constrained by the ongoing delays in servicing of
debt obligations.

SBS incorporated on December 08, 2003, is promoted by Mr O C John
and is engaged in ship building and ship repairs activities.
Initially the company was established under the name of Sea Blue
Marine Engineering (Pvt.) Ltd. and later converted into a Public
Limited Company in 2009, with its new name SBS.

SBS operates from a yard located at Vypin (Kerala) and a branch
office in Goa. It undertakes contractual work of public sector as
well as private sector agencies operating in the Western region.
SBS is registered with Indian Coast Guard for undertaking repairs
of their vessels.

SBS has three licensed slipways, capable of hauling up vessels up
to 3,000 deadweight tonnage (DWT). SBS has berthing facilities for
ships up to 115m. It provides afloat repairs of medium sized
vessels and also provides shelter to vessels during off season
especially to those vessels plying between Kochi and Lakshadweep
Islands. The total length of the wharf is 115m with a draft of
above 6m.

SBS achieved a PAT of INR0.42 crore on a total operating income
(TOI) of INR22.32 crore in FY15 (refers to the period April 1 to
March 31) as compared with a PAT of INR0.06 crore on a TOI of
INR11.32 crore in FY14.


SHAKTI INDUSTRIES: CRISIL Reaffirms B Rating on INR104MM Loan
-------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Shakti
Industries (Ahmedgarh) [SI] continues to reflect the firm's modest
financial risk profile because of high gearing and weak debt
protection metrics, and its modest scale of operations in the
highly fragmented edible oil industry. These rating weaknesses are
partially offset by SI's established customer and supplier
network, and the extensive industry experience of its promoters.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            104      CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes SI will continue to benefit over the medium term
from its promoters' extensive industry experience. The outlook may
be revised to 'Positive' in case of a significant increase in
scale of operations and operating profitability or an improvement
in its capital structure. Conversely, the outlook may be revised
to 'Negative' in case of a significant decline in topline, or a
large, debt-funded expansion project resulting in deterioration in
the financial risk profile.

SI was set up in 1981 by Mr. Bharat Goyal. It manufactures kachi
ghani mustard oil, which is sold under the firm's brand name,
Rajdhani. The plant is located at Jalandhar, Punjab.


SHIV SHAKTI: ICRA Suspends B+/A4 Rating on INR7.50cr Loan
---------------------------------------------------------
ICRA has suspended [ICRA]B+ and [ICRA]A4 ratings assigned to the
INR7.50 crore fund based working capital and non fund based
facilities of Shiv Shakti Fibre Udyog. The suspension follows
ICRA's inability to carry out a rating surveillance in the absence
of the requisite information from the company.

Shiv Shakti Fibre Udyog was established in 2001 as a
proprietorship concern which was later converted in to partnership
firm in 2007 with Mr. Vinay Bansal and Mr. Rajesh K. Prasad as
partners having equal profit-sharing in the firm. The firm is
engaged in the manufacturing of pre-structured products at its
manufacturing facilities located at Faridabad and Rohtak in
Haryana state. The product profile largely comprises of FRP (Fibre
Reinforced Plastic) roofing sheets while other products include -
turbo ventilators, water gutters, doors, frames etc.


SHREE KHODIYAR: ICRA Lowers Rating on INR15cr Cash Loan to D
------------------------------------------------------------
ICRA has revised the long term rating assigned to the INR15.00
crore cash credit facility of Shree Khodiyar Oil Industries from
[ICRA]B to [ICRA]D.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Cash Credit           15.00        Revised to [ICRA]D from
                                      [ICRA]B

The rating revision factors in SKOI's recent instances of delays
in debt servicing resulted from financial crisis on account of
heavy inventory losses in current fiscal.

Shree Khodiyar Oil Industries (SKOI) was established as a
partnership firm in 1997 and is currently engaged in cotton
ginning, cotton seed crushing and groundnut seed crushing. The
manufacturing facility of the firm is equipped with 24 ginning
machines and 8 expellers with an installed capacity of 8,000 TPA
and 1,950 TPA of ginned cotton and wash oil respectively. The firm
is currently headed by Mr. Sanjay J Lakkad along with other six
partners, having an experience of more than three decades in
cotton and ginning activities.

Recent Results
For the year ended 31st March, 2014, SKOI reported an operating
income of INR86.41 crore and profit after tax of INR0.40 crore.


SIGNATURE AUTOMOBILES: CARE Reaffirms B+ INR11.09cr Loan Rating
---------------------------------------------------------------
CARE reaffirms ratings assigned to bank facilities of Signature
Automobiles India Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     11.09      CARE B+ Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of Signature
Automobiles India Private Limited (SAIPL) remains constrained by
the relatively small scale, working capital-intensive nature of
operations weak capital structure and strained debt coverage
indicators. The rating further continues to take into account the
risk associated with the linkages with fortunes of Honda Cars
India Limited and cyclical nature of the auto industry. However,
the rating derives comfort from healthy growth in the turnover in
FY15 (refers to the period April 1 to March 31), technically
qualified promoters and their reasonable experience in dealership
business along with continued support in the form of unsecured
loans.

SAIPL's ability to increase its scale of operations, improve its
profitability margins along with performance of Honda's passenger
cars in the domestic market would be the key rating sensitivities.

Incorporated in 2010 by Mr P Naziruddin and his wifeMrs Sujatha
Naziruddin, SAIPL is an exclusive automobile dealer for Honda Cars
India Limited (HCIL) passenger cars in the Kannur region, Kerala
and is engaged in sales and service of passenger vehicles along
with sale of spare parts. SAIPL has a service facility (self-
owned) near the showroom, which provides repair and refurbishment
services for Honda cars. The day-to-day operations are managed by
Mr Shaad Naziruddin (s/o. Mr Naziruddin).

The group also includes two other entities, namely, Signature
Motors India Pvt Ltd (established in 2006) and Signature Motors
Kasargod Pvt Ltd (established in 2011), both are authorised
dealers of Suzuki Motor Bikes.

As per audited results, SAIPL incurred net loss of INR0.68 crore
on a total operating income of INR67.56 crore in FY15 as compared
with loss of INR0.49 crore incurred on a total operating income of
INR44.46 crore in FY14.


SNB INFRASTRUCTURE: CRISIL Reaffirms D Rating on INR200MM Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of SNB Infrastructure
Private Limited (SNB) continue to reflect instances of delay by
the company in servicing its debt; the delays have been caused by
weak liquidity, driven by a stretched working capital cycle.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         200      CRISIL D (Reaffirmed)
   Cash Credit            140      CRISIL D (Reaffirmed)
   Proposed Bank
   Guarantee              100      CRISIL D (Reaffirmed)
   Proposed Cash
   Credit Limit            60      CRISIL D (Reaffirmed)

SNB has large working capital requirement and a weak financial
risk profile, primarily liquidity. Furthermore, the company is
exposed to risks related to cyclicality in the domestic investment
scenario and intense competition in the infrastructure and
construction industry. However, it benefits from its promoter's
extensive experience of more than three decades in the
construction business and a track record of successful execution
of orders.

SNB was originally set up in 1977 as a partnership firm, Shyam
Naarayan & Brothers; this firm was reconstituted as a private
limited company with the current name with effect from October 1,
2009. The company, based in Mumbai, is managed by Mr. Ram Narayan
Upadhyay and other directors. It undertakes infrastructure-related
construction activities and earthwork projects for government and
private-sector entities.


SONA ALLOYS: CARE Ups Rating on INR952.53cr LT Loan From B+
-----------------------------------------------------------
CARE revises the rating assigned to bank facilities of Sona Alloys
Pvt Ltd (SAPL).

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long Term Bank Facilities     952.53     CARE BB- Revised
                                            from CARE B+

   Short Term Bank Facilities    115.33     CARE A4 Reaffirmed

   Long Term/Short Term Bank      20.00     CARE BB-/CARE A4
   Facilities                               Revised from CARE B+/
                                            CARE A4

Rating Rationale

The revision in the long term rating of the bank facilities of
Sona Alloys Pvt Ltd (SAPL) takes into account forward integration
in product mix with commencement of production of rolled products
and likely commissioning of slag cement plant in joint venture
with a leading cement manufacturer. Further, the rating also
factors in the liquidity cushion available from VAT refund
owing to its Mega Project Status granted by Government of
Maharashtra.

The ratings continue to be constrained by high leverage, working
capital intensive operations, risk associated with volatile raw
material prices in the absence of captive iron ore and coal prices
and inherent cyclicality associated with steel industry.

The ratings, however, continue to take comfort from the
experienced promoters and steps taken by Government of India (GoI)
to encourage domestic steel manufacturers.

Ability of SAPL to increase the proportion of value added products
in its product mix to improve its profitability, efficiently
manage its working capital and improve its capital structure would
be the key rating sensitivities.

Incorporated in January 2007, Sona Alloys Private Limited (SAPL)
operates an integrated mini steel plant with a blast furnace
capacity of 336,000 metric tonne per annum (MTPA) which commenced
operations in November 2010. The plant is equipped with a captive
power plant of 4.7 mega watt (MW) capacity with a waste heat
recovery boiler, sinter plant with capacity of 454,000 MTPA to use
iron ore fines for steel production and rolling mill with capacity
of 315,000 MTPA which commenced operation in H1FY16 (FY refers to
a period from April 1 to March 31).

SAPL has also set-up slag cement grinding unit to use the slag
generated from blast furnace for cement production. SAPL has
entered into joint venture (JV) with leading cement manufacturing
company for the production and sale of cement and likely to
commence production in Q4FY16.

Credit Risk Assessment
Forward integration in product mix and joint venture with leading
cement manufacturer is expected to improve profitability

As a step toward forward integration, SAPL has set up rolling mill
which became operational in H1FY16. At present, SAPL
purchase billets from open market for production of rolled
products. However, the steel melting shop (SMS) is also expected
to commence operations shortly and hence the input requirement for
rolled products would be met by captive production.

Further, the production of alloy steel products is also expected
to commence shortly.

SAPL has also entered in JV with a leading cement manufacturing
company for a period of ten years for production of cement
from slag generated as by product/waste from its operation. The
cement would be manufactured at SAPL's in-house Portland
Slag Cement (PSC) unit from Q4FY16. As per terms of JV, slag would
be supplied by SAPL and clinker would be supplied by the
other JV player. SAPL would receive sales realization as per terms
of JV and also VAT refund on the sales value which is expected to
provide additional cash flows to SAPL.

Expansion in product mix is thus expected to improve profitability
going forward.

SAPL has been granted 'Mega Project' Status by Government of
Maharashtra (GoM) which would be applicable till September
2026. Under the scheme, company is eligible for electricity duty
exemption and 100% exemption from the payment of stamp
duty apart from VAT refund. The VAT refund provides comfort for
uninterrupted production and funding for capex. As on March
31, 2015, the outstanding VAT refund receivables from GoM were
INR75 crore out of which SAPL received INR50 crore of VAT
refund in H1FY16 which provided adequate cushion for working
capital and capex requirements in current financial year.

Furthermore, as per the terms of its debt restructuring, SAPL also
has moratorium period of two years in its majority of debt
obligation from COD, i.e. March 1, 2014. At present SAPL has to
service interest on only working capital term loans and funded
interest term loans (FITL). The principal repayment is also
structured post moratorium period in such a way that 80% of the
repayment is scheduled in last five years (FY20-FY24) which
provides adequate time for stabilization of diversification in
product mix.

Steps taken by GoI to protect the interest of domestic
manufacturers

GoI, in order to safeguard the interest of domestic manufacturers,
hiked the customs duty by 2.5% twice in June 2015 and August 2015
which lead total duty on flat steel products to 12.5% and on long
steel products to 10%. Further, in September 2015, GoI imposed
additional 20% safeguard duty on certain category of hot-rolled
flat products for a period of 200 days. GoI has also mandated
Bureau of Indian Standard (BIS) certification for imports for
certain category of steel products in December 2015.

In addition to above measures, proposal to impose minimum import
price for 14 different categories of steel products is under
consideration. The above measures are expected to provide
temporary relief to domestic steel manufactures. However, even
after such measures the price differential between imported steel
and domestic steel is very thin which is likely to keep the
domestic price under check.

Rich experience of promoters of more than three decades in ship
breaking and trading of scraps Risk associated with volatile raw
material prices, iron ore and coke, in absence of captive
sourcing, however iron ore and coke prices have declined
substantially and availability scenario has also improved

Performance in FY15

The total operating income declined y-o-y in FY15 mainly due to
decline in sales realization of pig iron along with decline in
sales volume due to subdued economic scenario. PBILDT margin also
declined with high operating leverage and high volatility in pig
iron realization and cost of raw materials (iron ore and coke).
However, the PBILDT interest coverage adjusted for FITL remains
above unity (1.11x) due to moratorium period in interest payment.
Further, SAPL, adjusted to FITL, earned cash profit of INR6
crore in FY15.

The overall gearing deteriorated at FY15 end with drawl of WCTL as
per terms of CDR and erosion of net-worth due to huge net loss in
past two years which offset the infusion of INR54 crore of equity
as per the terms of CDR.

The working capital limits were reduced as per terms of CDR which
affected the scale of operation and also remained fully utilized.
However, the lead bank has sanctioned the enhancement in fund
based limits (total enhancement of INR90 crore) and also included
VAT refund receivables for drawing power calculation.

H1FY16 provisional performance
SAPL reported total operating income of INR279 crore in H1FY16 as
compared to total operating income of INR323 crore in H1FY15. The
lower total operating income in H1FY16 as compared to previous
year was mainly due to lower sales realization otherwise the sales
volume in H1FY16 has improved (1,18,718 MT of pig iron) as
compared to H1FY15 (1,06,865 MT).


SPECIAL LIME: CRISIL Assigns B+ Rating to INR60MM Cash Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facility of Special Lime Stone Private Limited (SLSPL).

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

The rating reflects below-average capital structure with high
gearing and small net worth, modest scale of operations, and
susceptibility of revenue to volatility in raw material prices.
These weaknesses are partially offset by promoters' extensive
experience in the lime industry leading to established
relationships with customers and suppliers, and moderate debt
protection metrics.
Outlook: Stable

CRISIL believes SLSPL will continue to benefit over the medium
term from its promoters' extensive experience in lime extraction
and processing. The outlook may be revised to 'Positive' in case
of substantial increase in revenue and operating profitability,
and improvement in capital structure. Conversely, the outlook may
be revised to 'Negative' in case of lower-than-expected revenue or
profitability, or debt-funded capital expenditure, resulting in
weakening of financial risk profile.

SLSPL, based in Jodhpur (Rajasthan), was set up in 1996 as a
partnership firm and was reconstituted as a private limited
company in 2001. It is promoted by Mr. Vishnu Prakash Jaju and Mr.
Nandkishore Jaju. It extracts limestone and manufactures hydrated
and quick lime, which it supplies to local customers.

SLSPL reported net profit of INR1.8 million on net sales of
INR246.4 million in FY 2014-15 against net profit of INR2 million
on net sales of INR183 million in FY 2013-14.


SRI GANESH: CRISIL Suspends B+ Rating on INR80MM Cash Loan
----------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Sri Ganesh Exime (SGE).

                            Amount
   Facilities             (INR Mln)    Ratings
   ----------             ---------    -------
   Cash Credit                80       CRISIL B+/Stable
   Standby Line of Credit      5       CRISIL B+/Stable

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

SGE was set as a partnership firm in 2007 by Mr. K Nagaraj and his
son, Mr. N Satish. The firm trades in rice, groundnut seeds,
tamarind seeds, maize, and other agricultural products. SGE is
also involved in processing tamarind, groundnut seeds and
extraction of groundnut oil.


SRINIVASA STEEL: CARE Lowers Rating on INR9.25cr LT Loan to 'D'
---------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of
Srinivasa Steel Products.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     9.25       CARE D Revised from
                                            CARE B+

Rating Rationale

The revision in the rating assigned to the bank facilities of
Srinivasa Steel Products (SSP) takes into account delays in
servicing of debt obligations.

SSP was established in the year 2007 by Mr S Ashokumar (Managing
Partner), Mr Bharat Kumar among other partners.

SSP is engaged in the manufacturing of hot rolled steel stripes,
Electric Resistance Welded (ERW) pipes and other steel structural
products. SSP is specialized in manufacturing of iron and steel
structural products which are used in furniture, racks and
hoardings, etc. SSP sells ERW pipes and structural products to
distributors across India. Raw material comprises steel and iron
which are procured from local suppliers and hot rolled steel
stripes manufactured are used in manufacturing of ERWpipes and
structural products.

During FY14 (refers to the period April 1 to March 31), SSP
reported PAT of INR0.07 crore (Rs.0.23 crore in FY13) on a total
income of INR42.11 crore (Rs.29.11 crore in FY13).


TARA SYNTEX: Ind-Ra Assigns Long-Term Issuer Rating at 'IND B+'
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Tara Syntex
Private Limited (TSPL) a Long-Term Issuer Rating at 'IND B+'. The
Outlook is Stable. The agency has also assigned TSPL's INR50m
fund-based facility an 'IND B+' rating with Stable Outlook.

KEY RATING DRIVERS

The ratings reflect TSPL's small scale of operations and moderate
credit metrics. In FY15, revenue was INR302 million (FY14: INR167
million), EBITDA margins were 3.1% (3.9%), gross interest coverage
(operating EBITDA/gross interest expenses) was 1.9x (1.9x) and net
leverage (total Ind-Ra adjusted net debt/operating EBITDA) was
5.9x (FY14:3.8x). The ratings also factor in TSPL's tight
liquidity position as indicated by the near-full utilisation of
its fund-based facilities over the 12 months ended December 2015.

The ratings, however, benefit from the three-decade-long
experience of the promoters in the textile industry.

RATING SENSITIVITIES

Positive: A positive rating action could result from a significant
increase in the revenue and profitability leading to improved
credit metrics.

Negative: A negative rating action could result from a decline in
the profitability resulting in deteriorated the credit metrics.

COMPANY PROFILE

Incorporated in 1986, TSPL manufactures ethnic apparels for women.
The company is based out of Surat and has branches in New Delhi,
Gujarat, Ambala, Amritsar, and Ludhiana.


TECHNOVAA PLASTIC: CARE Assigns 'D' Rating to INR105.03cr LT Loan
-----------------------------------------------------------------
CARE assigns 'CARE D' rating to the bank facilities of Technovaa
Plastic Industries Pvt Ltd.

                                Amount
   Facilities                (INR crore)   Ratings
   ----------                -----------   -------
   Long-term Bank Facilities     105.03    CARE D Assigned
   Long-term/Short-term
   Bank Facilities                 5.00    CARE D/CARE D Assigned

Rating Rationale

The ratings assigned to the bank facilities of Technovaa Plastic
Industries Pvt Ltd (TPIPL) take into account recent delays in
servicing of its debt obligations on account of stressed liquidity
on back of cash losses.

Technovaa Plastic Industries Pvt Ltd (TPIPL) is a part of United
Arab Emirates (UAE) based Darvesh group which has presence in
various fields such as construction equipment, trading of building
materials and plastic packaging.

TPIPL was incorporated in June 2010 and implemented a greenfield
plant to manufacture plastic packaging products such as cast
polypropylene (CPP) and metalizer, stretch wrap films and paper
core. The facilities commenced commercial operations in a phase-
wise manner with commissioning of CPP and metalizer units in
September 2012, each with an installed capacity of 4,800 metric
tonne per annum (MTPA), paper core in April 2013 with an installed
capacity of 4,800 MTPA and stretch wrap films in January 2015.

As per the audited results for FY15, TPIPL registered a total
operating income of INR81.51 crore with a net loss of INR27.48
crore as against a total operating income of INR59.23 crore and
net loss of INR17.26 crore in FY14. As per provisional results for
7MFY16, it registered a total operating income of INR101.90 crore.


U.C. JAIN: CARE Lowers Rating on INR9cr LT Loan to 'D'
------------------------------------------------------
CARE revises the rating assigned to bank facilities of U.C. Jain
Foundation Trust.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities       9        CARE D Revised from
                                            CARE B

Rating Rationale
The revision in the rating assigned to the bank facilities of U.C.
Jain Foundation Trust (UCJ) takes into account the delays in debt
servicing due to cash losses.

UCJ is an educational trust which was formed in July 2012 by Mr
U.C. Jain (aged 63 years) and his sons, Mr Rishabh Jain
(aged 32 years) andMr Nikhil Jain (37 years) with the objective to
provide education services.

UCJ is a part of the "Velveleen Group" which has interests in the
manufacturing of velvet and fabric, real estate infrastructure
development, manufacturing of concrete bricks and education
through Rishabh Velveleen Private Limited, Vardhman Developers,
Alpro Industries, The Go Green Buildtech Private Limited (rated
'CARE D') and Rishabh Winpro Private Limited (rated 'CARE B'). For
imparting education, the trust started school under the name of
Wisdom Global School in June 2012 affiliated to Central Board of
Secondary Education (CBSE). The first academic session started in
April 2014. Currently, the school has classes only upto 8th
standard with intake capacity of 200 students in every class. The
total strength for academic year 2015-2016 stood at approximately
350 students as against 250 students in academic year 2014-15.

FY15 (refers to the period April 1 to March 31) was the first full
year of operations. The trust achieved a total revenue of INR2.31
crore in FY15.


UNITECH AUTOMOBILES: CARE Reaffirms 'B' Rating on INR60cr LT Loan
-----------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Unitech Automobiles Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     60.00      CARE B Reaffirmed

Rating Rationale
The ratings of Unitech Automobiles Private Limited (UAPL) continue
to remain constrained by low profitability margins and working
capital intensive nature of operation which is the inherent
characteristics of auto dealership business; weak financial risk
profile characterized by highly leverage capital structure and
weak debt service coverage indicators. Further cyclicality in the
automobile sector along with competitive nature of the auto
dealership market also acts as containing factor.

The ratings however factors in the long track record of the
promoter/management in the auto dealership business and over a
decade long association with Tata Motors Ltd (TML).

The ability of UAPL to maintain its scale of operations amidst
increasing competition and manage its working capital requirements
efficiently are the key rating sensitivities.

Unitech Automobiles Pvt. Ltd. (UAPL), incorporated in 1984 was co-
founded by Mr. Vinod Sharma, Mr. R.P. Mungikar, Mr. S. Premkumar
and Mr. N. Subramanium. UAPL is an authorized dealer of Tata
Motors Ltd (TML, rated CARE AA+) for Mumbai, Thane and Raigad
districts of Maharashtra region. It offers entire range of TML's
commercial vehicles (light, medium & heavy), spare parts and
services. The dealership agreement between TML & UAPL is subject
to renewal on a five-year basis (due in March 2016), which is
based on performance of the company and accomplishment of targets
during the period. The promoters also manage the dealership of TML
for passenger vehicles at Mumbai; Thane and Raigad districts
through a group company viz Fortune Cars Private Limited.

UAPL has one showroom located on rented premise at Andheri, Mumbai
and 5 rented sales outlets in Raigad District. It also has a
stockyard in Panvel. Furthermore, UAPL has three service workshops
in Nerul, Andheri and Turbhe out of which the workshops at Nerul
and Turbhe are owned and the workshop at Andheri is rented.

During FY15 (refers to the period April 1 to March 31), the
company reported a PAT of INR 0.47 crore (PY: INR 0.40 crore)
on a total operating income of INR576.87 crore (PY: INR575.90
crore).


VASAVI POWER: CARE Lowers Rating on INR50cr ST Loan to 'D'
----------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
Vasavi Power Services Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      15        CARE D Revised from
                                            CARE BB

   Short-term Bank Facilities     50        CARE D Revised from
                                            CARE A4

Rating Rationale

The revision in the ratings assigned to the bank facilities of
Vasavi Power Services Pvt. Ltd. takes into account the delays in
servicing of debt obligations.

Vasavi is primarily engaged in the business of ETC (Erection,
testing and commissioning) and MRO (Maintenance, repair and
overhauls) of power equipment. The company was established as a
proprietorship concern, Vasavi Engineering Works, in 1980. In
1982, it was reconstituted as a partnership firm. In 2001, it was
reconstituted as a private limited company, under its current
name. It is an ISO 9001:2000-certified company. Mr Nallapu Ramaiah
is its Chairman and Managing Director who is a first-generation
entrepreneur.

During FY14 (refers to the period April 1 to March 31), Vasavi
reported PAT of INR1.01 crore (Rs.2.07 crore in FY13) on a
total income of INR70.71 crore (Rs.107.01 crore in FY13).


VIJAY DIAM: Ind-Ra Assigns 'IND BB' Long-Term Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Vijay Diam (VD) a
Long-Term Issuer Rating of 'IND BB'.  The Outlook is Stable.  The
agency has also assigned the company's INR100 mil. fund-based
facilities an 'IND A4+' rating.

KEY RATING DRIVERS

The ratings reflect VD's small scale of operations and low
profitability.  In FY15, revenue was INR371 mil. (FY14: INR261
mil.) while EBITDA margins were 2.8% (3.3%).  The ratings also
factor in VD's limited operational track record and the
partnership nature of the organization.  VD commenced its
operations in April 2013.

The ratings, however, benefit from VD's comfortable credit metrics
and moderate liquidity with net financial leverage of 1.5x in FY15
(FY14: negative 0.5x) and interest coverage of 6.7x (16.7x).  The
company's net working capital cycle was 55 days in FY15 (FY14: 51
days).

RATING SENSITIVITIES

Positive: A substantial improvement in the scale of operations and
profitability could result in a positive rating action.

Negative: A decline in the profitability resulting in
deterioration in the credit metrics could result in a negative
rating action.

COMPANY PROFILE

VD was incorporated by in 2012; it manufactures and processes cut
and polished diamonds.

The total debt outstanding on March 31, 2015, was INR17.29 mil.,
comprising only unsecured debt.


VIJAY SHEETS: Ind-Ra Assigns 'IND BB-' Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research Pvt Ltd (Ind-Ra) has assigned Vijay
Sheets & Strips Private Limited (VSSPL) a Long-Term Issuer Rating
of 'IND BB-' with Stable Outlook.

KEY RATING DRIVERS

The ratings reflect VSSPL's weak credit metrics and volatile
profitability. FY15 financials indicate net leverage (Ind-Ra
adjusted net debt/operating EBITDAR) of 14.1x (FY14: 12.1x),
EBITDA interest cover of 1.4x (1.4x) and EBITDA margins of 1.8%
(1.5%, FY13: 2.4%).

The ratings factor in the company's moderate liquidity with the
peak use of its working capital facilities being around 97% during
the 12 months ended October 2015. The ratings also reflect VSSPL's
revenue growth at a CAGR of around 22% over FY12-FY15 to
INR1,352.0 million.

The ratings are supported by the company being the sole
distributor of Tata Steel's cold-rolled products (branded as Tata
Steelium) in Andhra Pradesh and Telanagana. Also, the established
track record of the company and around three decades of experience
of its promoters in trading steel products benefit the ratings.

RATING SENSITIVITIES

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

Negative: A decline in the revenue or a rise in margin pressures
leading to sustained deterioration in the credit metrics will be
negative for the ratings.

COMPANY PROFILE

VSSPL was incorporated in 2007 as a private limited company. The
company is a trading concern dealing in steel products.

VSSPL's ratings are as follows:
-- Long-Term Issuer Rating: assigned 'IND BB-'; Outlook Stable
-- INR345.0 million of fund-based working capital limit:
    assigned Long-term 'IND BB-'/Stable and Short-term 'IND A4+'
-- INR10.0 million of non-fund based working capital limit:
    assigned Short-term 'IND A4+'



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


INDOSAT TBK: S&P Affirms 'BB+' Corp. Credit Rating; Outlook Pos.
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it had affirmed its
'BB+' long-term corporate credit rating on PT Indosat Tbk.  The
outlook is positive.  S&P also affirmed its 'axBBB+' long-term
ASEAN regional scale rating on the Indonesia-based
telecommunications company.

"We affirmed the rating because we expect Indosat to maintain its
solid No. 2 position in Indonesia's growing cellular market," said
Standard & Poor's credit analyst Yuehao Wu.  "The positive outlook
reflects our view that the company's financial risk profile will
improve over the next 12-18 months."

S&P expects Indosat's revenue growth in the cellular segment to be
higher than the industry average, given the group's recent
accelerated inroads into the fourth generation network (4G)
segment.  Its multimedia interactive, data, and Internet (MIDI)
business is also likely to grow 4%-6%, driven by a slow but steady
increase in home broadband.  S&P estimates Indosat's annual EBITDA
to increase to Indonesian rupiah (IDR) 12 trillion-IDR13 trillion
over the next 12 months.  In addition, S&P anticipates that the
company will build a track record of enhanced network stability
following the completion of its network modernization program last
year.  This is an important part for S&P's assessment, given that
there have been at least two major instances of network
interruption in the past five years.

Indosat's improving free cash flows over the next 12-18 months
should reduce its net debt, in S&P's view.  S&P expects cash flows
to increase despite continued high capital expenditure on network
expansion.  S&P also anticipates that the company will retain most
of this free cash flow, rather than returning it to shareholders.
This is because Indosat's controlling parent, the Qatar
government-owned Ooredoo Q.S. C. (Ooredoo), has a financial policy
of maintaining a moderate dividend payout.

Following the rebranding to Indosat Ooredoo in late December 2015,
S&P believes Indosat's linkage with Ooredoo has strengthened.  S&P
believes the rebranding, which includes the logo, websites, and
other marketing materials, makes Indosat a more integrated
subsidiary in terms of association of its name, brand, and
reputation.  Accordingly, S&P revised Indosat's status within the
Ooredoo group to highly strategic from strategically important.
Further, the presence of cross default clauses in Ooredoo's bonds
and loans would incentivize such support.  S&P believes Ooredoo
influences Indosat's strategies to align them with its
subsidiaries'.  Indosat also represents Ooredoo's most significant
overseas investment and adheres to the group's market positioning
and risk parameters.

The positive outlook reflects S&P's view that Indosat's leverage
could sustainably improve over the next 12-18 months due to
growing free operating cash flows and balanced shareholder
returns.  Under S&P's base case, it expects the company's FFO-to-
debt ratio to approach 40% over the next 12 months.

"We could upgrade Indosat over the next 12-18 months if the
company further improves its leverage and strengthens its balance
sheet despite high network expansion expenditure," said Ms. Wu.
An FFO-to-debt ratio sustainably higher than 40% and robust
recurring discretionary cash flows could indicate such an
improvement.  Growth in the company's data revenues and customers
while its margins remain steady could support the improvement.  An
upgrade also rests upon a sustained or improving business
position.  This might be indicated by stable-to-growing market
share, and a track record of satisfactory network performance.

An upgrade also depends on Ooredoo maintaining a stand-alone
credit profile (SACP) of no lower than one notch below its current
SACP of 'bbb-' and Indosat maintaining its ability to meet its
financial obligations even under sovereign stress.

Although less likely, S&P could also upgrade Indosat if S&P raises
Ooredoo's SACP.

S&P could revise the outlook to stable if there is no sustainable
improvement in Indosat's leverage.  An indication could be the
FFO-to-debt ratio stabilizing at 30%-40% over the next 12-18
months.  Operating conditions that are tougher than S&P expects
may lead to slower-than-anticipated growth in the company's
revenue or a decline in its operating margins.  Alternatively,
Indosat may divert free operating cash flows to reward
shareholders instead of deleveraging. Under these scenarios, the
company's balance sheet may not improve.

S&P could also revise the outlook to stable if it lowers Ooredoo's
SACP by two notches.  However, the likelihood of this happening is
low.



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


FORD MOTOR: To Shut Japan, Indonesia Operations on Lack of Profit
-----------------------------------------------------------------
Siddharth Vikram Philip and Craig Trudell at Bloomberg News report
that Ford Motor Co. will close down all operations by the end of
this year in Japan and Indonesia, where the U.S. automaker said it
has no path to boost sales or earn profits.

The step is being taken "after pursuing every possible option,"
Karen Hampton, Ford's Asia Pacific spokeswoman, said in an e-
mailed statement, Bloomberg relays. The company will provide
ongoing support to customers for service, spare parts and
warranties, she said.

"It has become clear that there is no path to sustained
profitability, nor will there be an acceptable return over time
from our investments in Japan or Indonesia," Bloomberg quotes
Ms. Hampton as saying. "Ford is committed to restructuring parts
of its business that "have no reasonable path to achieve sales
growth," she said.

Bloomberg says the exits by Ford are the latest examples of an
automaker losing patience in struggling auto markets in parts of
Asia that are dominated by Japanese manufacturers. General Motors
Co. last year closed down its factory in Indonesia, the largest
car market in Southeast Asia. Industrywide sales in both Indonesia
and Japan slumped in each of the last two years, Bloomberg notes.

While Indonesia is the largest economy in Southeast Asia, Toyota
Motor Corp. and its affiliate Daihatsu Motor Co. dominate by
accounting for about half of all vehicles sold, Bloomberg
discloses citing LMC Automotive. Including Honda Motor Co. and
Suzuki Motor Corp., the companies have market share of about
80 percent.

Japan's more developed auto market peaked in 1996 with almost 7.3
million vehicles sold and has declined during much of the last two
decades, says Bloomberg. Automakers sold about 5 million vehicles
in Japan last year, and foreign brands had less than 6 percent
market share.

Ford isn't alone in struggling in Indonesia or Japan's car
markets. Hyundai Motor Co. and Kia Motors Corp. combined to sell
fewer vehicles than Ford in Indonesia last year. Each of GM's
brands also trailed Ford by registrations in Japan last year, the
report notes.

Ford Motor Company designs, manufactures, markets, distributes and
sells Ford and Lincoln automobiles in California and multiple
other locations in the United States and worldwide.



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


GRACE HOLDINGS: Investors May Bankrupt Jailed Bullion Trader
------------------------------------------------------------
Hamish Fletcher at The New Zealand Herald reports that investors
owed NZ$2.7 million by a failed bullion company may now try to
bankrupt its jailed boss, who prosecutors say ran a "bogus,
fraudulent scheme".

The Herald relates that the 36 investors left out-of-pocket by
Robert Kairua's firm have yet to make their mind up on whether to
pursue civil action against him after he was jailed for 3 years
and nine months last July.

This followed him admitting charges in the Auckland District Court
for making false statements and those for theft by a person in a
special relationship, the Herald says.

According to the Herald, the Auckland businessman's company, Grace
Holdings NZ, ran the gold and silver trading website BullionBuyer
and was probed by the Serious Fraud Office when he told some
investors in 2012 they would not be getting their money back.

When the company was liquidated, it was revealed investors were
owed NZ$2.7 million, the report discloses.

The Herald relates that liquidator Grant Reynolds has downplayed
the prospect of recovering money from the start and said last year
that chasing Kairua may be a "fruitless exercise".

Mr. Reynolds, however, said in his latest report out on Jan. 26
that investors are discussing whether to pursue Kairua "including
applying for him to be adjudicated bankrupt".

Kairua, who is in his mid-50s, said last year that he had no money
left, the Herald recalls.

According to the Herald, the director represented himself during
his sentencing, during which SFO prosecutor Nick Williams call the
gold trading "a bogus, fraudulent scheme".

Mr. Kairua, however, said he was "well and truly duped" by his
former trader Elijah Geldman, who was jailed in the United States
for an unrelated fraud, the report relays.

After firing Geldman in September 2011, Kairua took over the
trading himself but was inexperienced in dealing with precious
metals, adds the Herald.

Grace Holdings New Zealand Limited, traded as Bullion Buyer,
offered a precious metals trading service to New Zealand
investors.  The company was placed in liquidation in
February 2012 owing investors a total of at least NZ$3 million.



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


INTERCONTINENTAL BROADCASTING: IBC 13 Up for Sale for PHP2BB
------------------------------------------------------------
Gabrielle H. Binaday at Manila Standard Today reports that state-
owned Intercontinental Broadcasting Corp., operator of free-
television channel 13, is up for sale for a floor price of
PHP1.977 billion, the Governance Commission for Government Owned
and Controlled Corporations said on Jan. 25.

According to the report, GCG said President Benigno Aquino III
approved the privatization of IBC 13, after the broadcast company
incurred an average annual financial loss of PHP45.26 million from
2010 to 2014.

"The privatization rationalizes the state's portfolio in the
communications sector in view of the overlap with PTV-4, which is
already sufficient to address market failures in the private
broadcast industry such as providing programs with social value
but are not considered profitable," GCG, as cited by the Standard,
said.

It also said the decision came in the wake of the recent
revitalization of PTV-4 mandated by Republic Act No. 10390, which
identified the privatization of IBC-13 as one of the sources of
funding for the increase in PTV-4's capital, the report relays.

According to the Standard, GCG said IBC-13 was in financial
distress, as it operated at an average net loss of PHP45.26
million from 2010 to 2014 and received operational subsidies
amounting to PHP23.56 million in 2015.

"The privatization should pave the way for infusion of additional
capital to revitalize the network, which will also be able to
operate with more flexibility as a private entity," it said.

The Standard relates that the privatization of IBC-13 will be done
through public bidding with an estimated floor price of PHP1.977
billion. A committee composed of representatives from GCG, the
Presidential Communications Operations Office and IBC-13 will
implement and conduct the process, the report notes.

IBC-13 started out in 1960 as a private company known as Inter-
Island Broadcasting Corp., and was sequestered by the Presidential
Commission on Good Government in 1986 as part of the recovery of
ill-gotten wealth. It is one of two networks considered as GOCCs
aside from Philippine Television Network Inc.

GCG, which was established in 2011 as the central advisory and
oversight body for ensuring the active exercise of the state's
ownership rights in GOCCs, has abolished 22 non-performing GOCCs
and classified 25 more as inactive or non-operational.

IBC in 2012 signed a deal with property developer Primestate
Ventures Inc. to develop Broadcast City over the next six years.

IBC studios are located at the 4.1-hectare Broadcast City in Old
Balara, Capitol Hills, Diliman, Quezon City.



====================
S O U T H  K O R E A
====================


DONGBU STEEL: Sale of Steelmaker in Limbo
-----------------------------------------
Lee Hyo-sik at The Korea Times reports that creditors of Dongbu
Steel are having a hard time in finding bidders for the struggling
steelmaking unit of Dongbu Group amid the prolonged global steel
industry slump.

The Korea Times relates that industry analysts said POSCO, Hyundai
Steel and other local steelmakers have expressed no interest in
acquiring Dongbu, while companies in China, India and other
countries have also shown a lukewarm response.

According to the report, the analysts said if the state-run Korea
Development Bank (KDB) and other creditors fail to find a buyer
this time, they may have to retain Dongbu Steel under their
management for quite some time.  The troubled steelmaker could end
up like Daewoo Shipbuilding & Marine Engineering, which has been
under creditor management for the past 15 years, the report notes.

KDB holds a 25.98 percent stake in Dongbu, followed by Nonghyup
Bank with 9.36 percent and Shinhan Bank with 5.17 percent. The
company came under a creditor-managed workout program last October
after failing to pay maturing debts, The Korea Times discloses.

To dispose of Dongbu, KDB has contacted POSCO and Hyundai Steel,
while on behalf of creditors, Nomura Securities have been talking
to multiple steel mills in China and India. But none of them have
reportedly expressed interest, the report notes.

The Korea Times says creditors initially planned to hold a bid
later this month, but will likely be forced to delay it.

"POSCO, Hyundai Steel and their foreign rivals have been
struggling to deal with the worldwide industry slump," said an
analyst, who declined to be named, The Korea Times relays. "All of
them are scrambling to dispose of noncore units and assets to
raise cash amid deteriorating financial health. Acquiring Dongbu
Steel is certainly not an option for them."

The Korea Times notes that the steelmaker has been struggling to
bolster its deteriorating bottom line over the past few years as
it has failed to generate much in profits. POSCO has been selling
real estate and other non-essential assets to secure much-needed
cash, while shutting unprofitable subsidiaries.

Dongbu is a South Korean conglomerate corporation which operates
through seven business segments with 42 subsidiaries and 35,000
employees. The Group produces industry, chemical, shipping,
insurance and financial products.


SK E&S: Moody's Lowers Preferred Stock Rating to Ba1
----------------------------------------------------
Moody's Investors Service has downgraded SK E&S Co. Ltd.'s issuer
rating to Baa2 from Baa1, and its preferred stock rating to Ba1
from Baa3.

The outlook on the ratings is negative.

These rating actions conclude the review of SK E&S' ratings first
initiated on Nov. 4, 2015, which was prompted by the slow progress
the company had made in implementing deleveraging measures.

RATINGS RATIONALE

"The downgrade reflects Moody's expectation that the delay in
implementing deleveraging measures will hold back recovery in SK
E&S' credit metrics over the next 1-3 years, amid rising debt to
fund capital expenditure and margin pressure," says Mic Kang, a
Moody's Vice President and Senior Analyst.

While SK E&S plans to implement the measures, Moody's sees
execution risk will remain high, particularly given the increasing
volatility in the capital markets.

In addition, SK E&S' high capital expenditure in 2016 to complete
the construction of new power and co-generation plants will raise
the company's debt leverage over the next 12 months.

Consequently, Moody's expects SK E&S' fund from operations
(FFO)/debt will remain weak at 10%-13% in 2016, similar to Moody's
estimates for 2015 and well below 23%-25% in 2013-14 and 50% in
2012.  These projections assume continued delays in SK E&S'
implementation of deleveraging measures and/or no meaningful
increase in capacity payments from the Korean government (Aa2
stable) for gas-fired power plants.

Debt/capitalization is also projected to remain high at around 60%
in 2016.

However, Moody's expects SK E&S' FFO/debt and debt/capitalization
will improve to 18%-22% and around 58% or slightly below in 2017-
18, respectively, owing to incremental operating cash flow from
its newly commissioned power plants and a significant drop in its
capital expenditure from 2017.

"Despite these expected improvements, SK E&S' credit metrics will
remain weak for its Baa2 rating amid a challenging operating
environment, resulting in the negative ratings outlook," adds
Kang.

Another credit challenge for SK E&S is the low crude oil price,
which is weakening the competitive cost advantage associated with
SK E&S' long-term LNG importation contracts.

Moody's expects SK E&S will continue to face margin pressure in
its core power generation business over the next 1-3 years, due to
declining wholesale electricity prices stemming from low liquefied
natural gas (LNG) prices and faster growth in the electricity
supply from baseload nuclear reactors and coal-fired plants in
Korea.

The negative outlook reflects Moody's expectation that SK E&S'
credit metrics are unlikely to recover meaningfully over the next
1-2 years, due to continued execution risk with regard to its
deleveraging measures, and ongoing margin pressure in its core
power generation business.

We could consider revising the outlook to stable if the company
strengthens its financial profile through deleveraging, such that
FFO/debt rises above 20%-22% and/or debt/capitalization stays
below 58%-60% on a sustained basis.

Conversely, Moody's could downgrade SK E&S' ratings if FFO/debt
falls below 20%-22% or debt/capitalization exceeds 58%-60% on a
sustained basis, against the backdrop of a continued weakening in
industry fundamentals and/or a material increase in investments.

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

SK E&S Co. Ltd. is a power and gas utility company in Korea (Aa2
stable).  It is a major private independent power producer (IPP)
operating a gas-fired plant in Gwangyang with a total capacity of
1,074 megawatts (MW), or around 1% of Korea's total power
generation.  It is also the largest retail gas distribution
company in Korea, with a 21.5% market share by sales volume in
2014.

SK E&S aims to start commercial operations of its new power
generation and co-generation plants currently under construction
in late 2016 and early 2017.  The new plants will increase SK E&S'
power generation capacity to 3,719 MW.

As of Sept. 30, 2015, SK E&S was 100% owned by SK Holdings Co Ltd.
(unrated), which is the holding company of SK Group.



===========
T A I W A N
===========


AJ GREENTECH: Incurs Net Loss, Raises Going Concern Doubt
---------------------------------------------------------
AJ Greentech Holdings, Ltd., posted a net loss of $504,185 for the
three months ended Sept. 30, 2015, compared with a net income of
$17,216 for the same period in 2014.

Chu Li An, chief executive officer of the company, in a regulatory
filing with the U.S. Securities and Exchange Commission on Nov.
27, 2015, pointed out, "There are no assurances that the company
will be able to either (1) achieve a level of revenues adequate to
generate sufficient cash flow from operations; or (2) obtain
additional financing through either private placement, public
offerings and/or bank financing necessary to support the company's
working capital requirements.  To the extent that funds generated
from any private placements, public offering and/or bank financing
are insufficient to support the company's working capital
requirements, the company will have to raise additional working
capital from additional financing.  No assurance can be given that
additional financing will be available, or if available, will be
on terms acceptable to the company.  If adequate working capital
is not available, the company may not be able continue its
operations.

"These conditions raise substantial doubt about the company's
ability to continue as a going concern."

At Sept. 30, 2015, the company had total assets of $2,448,999,
total liabilities of $2,050,818 and stockholders' equity of
$398,181.

A full-text copy of the company's quarterly report is available
for free at: http://tinyurl.com/zj5wamb

Flushing, New York-based AJ Greentech Holdings, Ltd., through its
China subsidiary, was previously engaged in design, marketing and
distribution of alcohol base clean fuel that are designed to use
less fossil fuel and have lease pollution than traditional fuel.
As result of certain transactions completed in 2013, the company
now carries out electronic products and general cargo trading and
related consulting service business through its subsidiary in
Taiwan.


                             *********

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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