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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

          Thursday, January 28, 2016, Vol. 19, No. 19


                            Headlines


A U S T R A L I A

DICK SMITH: Concession Staff 'Not Properly Consulted' on Closures
GAS CITY: First Creditors' Meeting Scheduled For Feb. 4
JAFFLE JAFFLE: First Creditors' Meeting Set For Feb. 5
M.L. I/E: First Creditors' Meeting Set For Feb. 3
THO SERVICES: First Creditors' Meeting Set For Feb. 4

WPM GROUP: Placed Into Liquidation


C H I N A

FUTURE LAND: Fitch Says Probe on Chairman Won't Affect B+ Rating
TIMES PROPERTY: Moody's to Retain B1 CFR on Land Acquisition

* Chinese Banks to Face Higher Risks, Moody's Says


I N D I A

A. N. R. COTTON: CRISIL Assigns B+ Rating to INR110MM Cash Loan
AJAI BUILDERS: CARE Assigns B+ Rating to INR2.93cr LT Loan
AMAR COTTEX: CARE Reaffirms B+ Rating on INR7cr LT Loan
ANUSPAA HERITAGE: CRISIL Ups Rating on INR115MM LT Loan to B-
AQUA GENO: CRISIL Assigns B+ Rating to INR50MM Packing Loan

BALARK BUILDCON: CRISIL Suspends B+ Rating on INR100MM Term Loan
BANSAL RICE: CRISIL Assigns 'D' Rating to INR40MM Whse Loan
BASIL ASSOCIATES: CRISIL Suspends B+ Rating on INR130MM Loan
CHOUDHARY LAYER: CARE Assigns 'B' Rating to INR7cr LT Loan
CLASS RESTAURANT: CRISIL Cuts Rating on INR90MM Cash Loan to B-

DAISY INDUSTRIES: CRISIL Assigns B+ Rating to INR35MM Term Loan
GAGAN AGRO: CRISIL Reaffirms B+ Rating on INR300MM Pledge Loan
GANGA R. K.: CARE Assigns B+/A4 Rating to INR7.0cr Loan
GLOBETECH MEDICARE: CARE Assigns B+ Rating to INR25.70cr LT Loan
GRANDEUR AGROTECH: CRISIL Assigns B+ Rating to INR50MM Loan

J. P. INDUSTRIES: CRISIL Assigns B+ Rating to INR60MM Cash Loan
JEYA SATHYA: CRISIL Assigns B- Rating to INR140MM Cash Loan
JMJ SWITCH: CARE Reaffirms 'D' Rating on INR5.12cr LT Loan
KALYANESWARI POLYFABS: CRISIL Reaffirms B Rating on INR60MM Loan
KAY CEE: CRISIL Assigns B- Rating to INR70MM Overdraft Loan

LAKHO AGRICULTURAL: CRISIL Rates INR49MM Cash Loan at 'B'
MANJUSHREE TEA: CARE Assigns B+ Rating to INR6.61cr LT Loan
MDH TRUCKS: CRISIL Suspends 'D' Rating on INR75MM Cash Loan
MINAKSHI COTTON: CARE Reaffirms B+ Rating on INR19.50cr Loan
MITTAL ENGINEERING: CRISIL Suspends B+ Rating on INR60MM Loan

MODERN CONSTRUCTION: CRISIL Cuts Rating on INR60MM Loan to B+
NAMRATA DEVELOPERS: CRISIL Reaffirms B Rating on INR140MM Loan
NORTELS SERVICE: CRISIL Cuts Rating on INR100MM LT Loan to 'D'
OCEANIC BUILDCON: CARE Reaffirms B+ Rating on INR8.90cr LT Loan
P NARASIMHA: CRISIL Cuts Rating on INR55MM Bank Loan to 'D'

PAN SYNTHETICS: CRISIL Cuts Rating on INR220MM Loan to B+
PERIYAR POLYMERS: CRISIL Ups Rating on INR25MM Loan to B
RAJ SALT: CARE Assigns 'B+' Rating to INR4.40cr LT Loan
ROYALE MARINE: CRISIL Reaffirms 'B' Rating on INR230MM Cash Loan
S.S. CONSTRUCTIONS: CRISIL Reaffirms B+ Rating on INR30MM Loan

SHARADA EDUCATION: CRISIL Reaffirms B- Rating on INR110MM Loan
SHRI AMRUT: CRISIL Suspends B Rating on INR30MM Cash Loan
SHRI MAHADEV: CRISIL Reaffirms 'B' Rating on INR35MM Cash Loan
SHUKAN MICRO: CRISIL Assigns 'B' Rating to INR72MM Term Loan
SQUARE CERAMIC: CRISIL Assigns B- Rating to INR50MM Term Loan

SREE SANNIDHI: CRISIL Reaffirms B+ Rating on INR110MM Term Loan
SUN FOODS: CRISIL Assigns 'B' Rating to INR105MM Cash Loan
SUNPACK BARRIER: CRISIL Reaffirms B+ Rating on INR75MM Term Loan
SWET CERAMIC: CRISIL Cuts Rating on INR70MM LT Loan to B+
TERRA INFRA: CARE Revises Rating on INR9.28cr Loan to B

VEDANT EDIBLE: CRISIL Assigns B+ Rating to INR80MM LT Loan
Y.M.R. CONSTRUCTIONS: CRISIL Ups Rating on INR33MM Loan to B-
YUG INFRASTRUCTURES: CRISIL Assigns B+ Rating to INR30MM Loan


J A P A N

ARCH FINANCE: Moody's Puts Ba2 Rating on Review for Downgrade
TOSHIBA CORP: Mulls Spinning Off Ailing Nuclear Power Business


N E W  Z E A L A N D

PRICE BROS: Goes Into Liquidation


P H I L I P P I N E S

BAYAN TELECOM: CA Denies PDLT Appeal on Globe's Takeover Process
LBC DEVELOPMENT: Unit Wins Extended Collection Deadlines, Credit


S I N G A P O R E

FCI ASIA: S&P Raises Corp. Credit Rating to 'BBB' from 'BB-'


S O U T H  K O R E A

SK HYNIX: FY2015 Results in Line with Ba1 CFR, Moody's Says


T A I W A N

CHAOYANG LIFE: Placed Under Government Receivership


T H A I L A N D

IRPC PUBLIC: Moody's Puts Ba1 CFR on Review for Downgrade


                            - - - - -


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


DICK SMITH: Concession Staff 'Not Properly Consulted' on Closures
-----------------------------------------------------------------
Clare Sibthorpe at The Sydney Morning Herald reports that the
union representing Dick Smith workers said staff at the electronic
retailers' concession stores were "not properly consulted" about
the impact of the concession closures.

SMH relates that the receivers of Dick Smith Holdings, Ferrier
Hodgson shut down the 27 concessions in David Jones stores on Jan.
22 as they try to find a buyer for the failed retailer, which went
into receivership earlier in the month.

According to the report, the Dick Smith-branded concessions have
traded out of David Jones since late 2013, selling audio visual
equipment, including blockbuster brands such as Apple.

SMH relates that the ACT/NSW secretary of the Shop Distributive
and Allied Employees' Association, Bernie Smith, said up to 181
staff could be made redundant, unless previously employed by David
Jones.

"We are very disappointed to hear about the closing of [Dick
Smith] concessions in David Jones stores," SMH quotes Mr. Smith
as saying.  "We actually filed a dispute with the Fair Work
Commission for a failure to properly consult about the impact it
could have with employees and how to minimise job losses, so we
are working through that with Ferrier Hodgson as we speak."

He said it was not appropriate that the union was made aware of
the announcement "just before the news broke" and that it was
likely many staff found out through the media, the report relays.

SMH notes that this was not the first time Dick Smith had
apparently left workers in the dark.

When it first went into receivership, one store supervisor told
Fairfax Media staff members were scared about their future and had
to rely on media reports to find out what was happening, according
to the report.

The report relates that Mr. Smith said this was "very concerning".

"There is enough to worry about without finding out those things
second-hand," Mr. Smith, as cited by SMH, said.

SMH notes that the SDA is working to support up to staff across
Australia who stand to lose their jobs as a result of the
concession closures.

More than 3,000 of Dick Smith's other employees could face a
similar fate if the company is not sold as a going concern, SMH
notes.

If it is not sold and goes into liquidation, unpaid entitlements
would become debt that staff must try to claw back. Receivers are
not responsible for leave that staff accrued before they took
over, the report states.

SMH adds that Mr. Smith said union members could use government
schemes in place to claim back part of that debt, as well as
receive a "limited redundancy payment" if the business could not
honour it. But he said superannuation was not payable by the
government.

A spokesman for Dick Smith said the company employs 58 people
across six stores in the ACT. There was previously a concession in
David Jones Woden, however, this closed before Dick Smith went
into receivership, 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.


GAS CITY: First Creditors' Meeting Scheduled For Feb. 4
-------------------------------------------------------
A first meeting of the creditors of Gas City Transport Pty Ltd
will be held on Feb. 4, 2016, at 10:30 a.m. at 146 Victoria Road,
in Kenwick, WA.

Melanie Samantha Grohovaz was appointed as administrator of Gas
City Transport Pty Ltd and KTEQ Rentals Pty Ltd on Jan. 22, 2016.



JAFFLE JAFFLE: First Creditors' Meeting Set For Feb. 5
------------------------------------------------------
Gideon Isaac Rathner of Lowe Lippmann was appointed as
administrator of Jaffle Jaffle Group Pty Ltd on Jan. 27, 2016.

A first meeting of the creditors of the Company will be held at
Lowe Lippmann, Level 7, 616 St Kilda Road, in Melbourne, Victoria,
on Feb. 5, 2016, at 10:00 a.m.


M.L. I/E: First Creditors' Meeting Set For Feb. 3
-------------------------------------------------
Phil McGibbon and Glenn Crisp of Jirsch Sutherland were appointed
as administrators of M.L. I/E PTY LTD on Jan. 21, 2016.

A first meeting of the creditors of Gas City Transport Pty Ltd
will be held at the 1st Floor, 200 Malop St (Malop St entrance),
in Geelong, Victoria, on Feb. 3, 2016, at 10:00 a.m.


THO SERVICES: First Creditors' Meeting Set For Feb. 4
-----------------------------------------------------
Paul Gerard Weston and Geoffrey Trent Hancock of Pitcher Partners
were appointed as administrators of THO Services Limited on
Jan. 25, 2016.

A first meeting of the creditors of the Company will be held at
Level 22, MLC Centre, 19 Martin Place, in Sydney, on Feb. 4, 2016,
at 11:00 a.m.


WPM GROUP: Placed Into Liquidation
----------------------------------
Cliff Sanderson at Dissolve.com.au reports that WPM Group Pty Ltd
has been placed into liquidation. Pitcher Partners' Bryan Kevin
Hughes and Daniel Johannes Bredenkamp were appointed liquidators
of the business on Dec. 4, 2015.

Dissolve.com.au says the company reported debts of around
AUD220,000.

The company blamed a sudden decline in clients' spending for its
collapse, relates Dissolve.com.au.

WPM Group Pty Ltd offered print management services for clients
that included the Department of Fire and Emergency Services,
Western Power and the Department of Corrective Services.



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C H I N A
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FUTURE LAND: Fitch Says Probe on Chairman Won't Affect B+ Rating
----------------------------------------------------------------
Fitch Ratings does not expect the investigation into Future Land
Development Holdings Limited's (B+/Stable) chairman to have any
immediate impact on the ratings of the company, as the company
does not face pressure for early redemption of its outstanding
debt and the company's liquidity position remains sound.

Fitch does not expect Future Land's shareholding structure to
change, and therefore the change-of-control covenants for its
various offshore bonds are not likely to be triggered. Mr. Wang
and his affiliates or trust together own 72.56% of the issued
share capital of Future Land, and Mr. Wang's family has confirmed
that the shares have not been pledged for loans or other
obligations.

There has been no technical default on any of Future Land's
offshore loans and bonds. The offshore USD150m term loan facility
is the only debt requiring Mr. Wang to remain as chairman. The
company said it has not and will not consider using the facility
until there is greater clarity about the investigation into Mr.
Wang.

Future Land said on 22 January 2016 that Wang Zhenhua, its
executive director, chairman and ultimate controlling shareholder,
is currently being investigated by the Commission on Discipline
Inspection of Changzhou city's Wujin district. The company said
the investigation is related to personal matters and that the
directors do not expect it to negatively affect the operations and
financial positions of Future Land. Mr. Wang may continue to take
part in making decisions about the company's major matters via
appropriate means, the company said.

However, Fitch will closely monitor Future Land's operations,
funding access and its status in relation to debt covenants to
determine if negative rating action should follow.

Future Land's 'B+' rating is consistent with Fitch's belief that
Future Land will maintain its fast asset-turnover strategy
targeting middle-class customers and strong market position in the
Yangtze River Delta. EBITDA margin will improve to mid-teens in in
2015 due to higher sales contribution from mixed development
projects and higher selling prices in 2H15. Fitch expects Future
Land's net debt / adjusted inventory to rise to around 37%-38%, as
a result of the company's strategy to rapidly expand in the next
12-18 months. Future Land retains flexibility in liquidity with
cash to short-term debt ratio likely to be 2x at end-2015.


TIMES PROPERTY: Moody's to Retain B1 CFR on Land Acquisition
------------------------------------------------------------
Moody's Investors Service says that Times Property Holdings
Limited's recent land acquisition in Foshan, Guangdong Province,
is credit negative.

However, the acquisition will not immediately affect its B1
corporate family rating, B2 senior unsecured rating, or the stable
outlook on the ratings.

On Jan. 22, 2016, Times Property announced an acquisition of a
land plot in Foshan for RMB6.4 billion.  Moody's estimates the
unit land cost at approximately RMB15,300 sqm based on a plot
ratio of 3.75x.

"The sizable cost of the land acquisition, representing around 33%
of Times Property's contracted sales in 2015, will increase the
company's execution and concentration risks," says Kaven Tsang, a
Moody's Vice President and Senior Credit Officer.

"The high unit cost of the land will also increase the risk of a
profit margin squeeze and a decline in pricing flexibility," says
Cindy Yang, a Moody's Analyst and also the Local Market Analyst
for Times Property.

The company plans to upscale its product offerings to achieve a
high selling price and its target profit margin.  However, it will
face execution risks, against the backdrop of a slowing Chinese
economy.

In addition, because Times Property has been focusing on mass-
market housing, its ability to develop and sell high-end projects
has yet to be tested.

Moody's points out that China's (Aa3 stable) slowing economic
growth, and the strong competition in Foshan's residential
property market will constrain the growth of property prices in
the city over the next 12-18 months.

Nevertheless, the land plot's location and Times Property's
experience in Foshan could partly mitigate the business risks
associated with the new project.

Moody's notes the company's rapid increase in debt in 2H 2015.
Times Property raised a total of RMB5 billion in domestic public
and private bonds in July and October 2015, followed by RMB3
billion in domestic private placements in January 2016.

Moody's estimates that Times Property's unadjusted debt will
increase further to around RMB19 billion by end-2016 compared with
RMB13 billion at end-June 2015.

Such an escalation in debt will increase the company's financial
risk, and if the situation persists, will pressure the company
ratings.

On the other hand, the company shows strong contracted sales,
which grew 28% year-on-year to RMB19.5 billion during 2015.  This
situation provides some liquidity to partly buffer the increase in
its financial burden.

Moody's expects that Times Property's revenue/adjusted debt will
stay at around 75%-85% over the next 12-18 months, and its EBIT
coverage of interest should register around 2.5x-2.6x over the
same period.

These credit metrics still position the company within the
parameters of a B1 corporate family rating.

Moody's notes that the company has enough cash to pay the land
premium installment for the Foshan project in 2016.

Moody's estimates that Times Property held restricted and
unrestricted cash totaling around RMB8-RMB9 billion at end-2015.
This amount and the RMB3 billion in privately placed onshore bonds
in January 2016 are sufficient to settle the land premium
installment in 2016.

Nevertheless, Moody's considers the Foshan project an aggressive
acquisition.  If the company continues to take on such sizeable
debt-funded projects, its ratings could be under pressure.

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

Times Property Holdings Limited is a small-to mid-sized property
developer based in Guangdong Province.  It focuses on meeting end-
user demand for mass-market housing.

At end-June 2015, it had 30 property projects spread between five
cities in Guangdong Province, as well as in Changsha city in Hunan
Province.  Its land bank totaled around 10.1 million sqm at end-
June 2015.


* Chinese Banks to Face Higher Risks, Moody's Says
--------------------------------------------------
Moody's Investors Service says that banks in China (Aa3 stable)
will face a higher degree of uncertainty -- and therefore risk --
amid increased volatility in interest rates, exchange rates, stock
prices and fund flows.

"We also anticipate further increases in loan delinquencies, more
defaults on corporate debt and some losses in wealth-management
products, as more borrowers struggle to meet payments against the
backdrop of high financial leverage and a downturn in their
respective sectors," says Christine Kuo, a Moody's Senior Vice
President.

"While the Chinese authorities will implement measures to mitigate
financial market volatility and corporate default, the
effectiveness of such measures will vary, because of the
challenges of managing China's large and complicated market," adds
Kuo.

Moody's analysis is contained in its just-released report titled
"Banks -- China: Frequently Asked Questions about Chinese Banks
amid Recent Volatility," and is authored by Kuo.

Moody's report says that the financial performance of Chinese
banks over the next two years will be driven primarily by the
evolution of their asset quality, which is in turn a reflection of
their risk appetites.

Banks focusing on growing loans to small and midsize borrowers
will see a faster rise in credit costs, because such customers are
more vulnerable to sector downturns and financial market
volatility.  While higher yields will help these banks withstand
some pressure from narrowing net interest margins, the benefits
for earnings are small when compared to the potential rise in
asset quality concerns.

Competition will also lower the banks' ability to charge higher
risk premiums.

On the effects of RMB devaluation on Chinese banks, Moody's says
any direct impact will be modest, because the banks show only
small net open positions on foreign-currency exposures.

However, the indirect impact of a weakening RMB on Chinese banks
will be more material, if significant RMB devaluation leads to
company defaults.  This risk is moderate but has risen because
Chinese companies, particularly real estate developers and leasing
companies, have in recent years increasingly tapped foreign-
currency debt to fund their business expansion.

As for the recent stock market volatility in China, Moody's says
that Chinese commercial banks demonstrate a low direct exposure to
equity price movements, because of their low direct holdings of
listed stocks.

Banks that are more involved in extending stock loans,
distributing stock-related wealth management products and
providing custody services to stock funds could see pressure on
their asset quality and profitability if stock market weakness
persists.  Nevertheless, Moody's expects that such an impact will
be limited, particularly for large banks, due to the banks' low
involvement in stock market-related business.

On the banks' asset quality in particular, Moody's says that the
true asset quality of Chinese banks is weaker than what their
headline metrics suggest.  For example, the Chinese banking system
reported a non-performing loan ratio of 1.59% at end-September
2015, up by only 34 basis points from the level seen at end-2014,
and indicating only a moderate degree of weakening.

However, this headline number was biased downwards due to loan
growth, loan classifications, write-offs and the sale of non-
performing loans.

Moody's therefore focuses on new 90-day delinquencies as a
percentage of average loans for individual banks in assessing the
banks' asset quality.

Moody's rating assessments also consider the potential rise in
liquidity management challenges at banks that show a higher
reliance on interbank funds.

While Moody's believes the central bank will inject liquidity into
the market when necessary, Moody's expects more frequent episodes
of tight funding conditions due to capital flows and the banks'
growing portfolio of illiquid investments.

Moody's points out that Chinese banks have used their loan-loss
reserves to deal with increasing asset-quality problems.  Such an
approach reduces the impact on their earnings and protects their
capital base.  However, their loss cushions have become thinner,
as seen by the sector average loan-loss coverage ratio falling to
191% year-over-year at end-September 2015 from 247%.

Subscribers can access the report at:

    http://www.moodys.com/viewresearchdoc.aspx?docid=PBC_187275



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A. N. R. COTTON: CRISIL Assigns B+ Rating to INR110MM Cash Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities A. N. R. Cotton Traders (ACT)

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            110      CRISIL B+/Stable
   Proposed Cash
   Credit Limit            20      CRISIL B+/Stable

The rating reflects a modest scale of operations with
susceptibility to volatility in cotton prices and changes in
government regulations. The rating also factors in a weak
financial risk profile because of an aggressive capital structure
and below-average debt protection metrics. These rating weaknesses
are partially offset by the extensive experience of ACT's
promoters in the cotton industry and the firm's established
customer relationship.
Outlook: Stable

CRISIL believes ACT will continue to benefit over the medium term
from its promoters' extensive industry experience. The outlook may
be revised to 'Positive' in case of an improvement in the capital
structure, most likely because of a significant increase in cash
accrual or infusion of funds. Conversely, the rating may be
revised to 'Negative' in case of debt-funded capital expenditure
or a lower-than-expected operating margin, resulting in
deterioration of the financial risk profile.

Incorporated in 2001, as a partnership firm, A. N. R. Cotton
Traders (ACT) is engaged in the business of trading of cotton
bales and seeds. The firm is promoted by Mr A Gopalakrishna and Mr
A Ravi Kumar.

For 2014-15 (refers to financial year, April 1 to March 31), ACT
reported a provisional profit after tax (PAT) of INR4.70 million
on revenue of INR577.40 million (INR4.70 million and INR571.10
million, respectively, for 2013-14).


AJAI BUILDERS: CARE Assigns B+ Rating to INR2.93cr LT Loan
----------------------------------------------------------
CARE assigns 'CARE B+/CARE A4' ratings to the bank facilities of
Ajai Builders.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      2.93      CARE B+ Assigned
   Short term Bank Facilities     3.50      CARE A4 Assigned

Rating Rationale
The ratings assigned to the bank facilities of Ajai Builders (ABS)
are constrained on account of small scale of operations,
partnership nature of business and tender-driven nature of
operations which exposes the firm to intense competition.
The ratings are further constrained on account of stagnant
revenue, weak debt coverage indicators and geographic and
customer concentration risk.

The ratings, however, draw support from the experience of the
promoters, satisfactory order book position and registration of
the firm as 'Class A' contractor with PublicWorks Department,
Uttar Pradesh.

ABS's ability to increase its scale of operations while
maintaining its profitability, execute projects in time and
management of working capital requirements are the key rating
sensitivities.

Lucknow-based (Uttar Pradesh) ABS was established as a partnership
firm on June 01, 2001, by Mr Ajay Singh along with his wife Mrs
Sonia Singh, for carrying out different types of civil
construction projects for Public Works Department (PWD), Unnao
District of Uttar Pradesh. ABS is registered as a Class A
contractor with PWD and has tendered various contracts involving
construction of roads, bridges, government buildings, etc, since
inception.

During FY15 (refers to the period April 1 to March 31), ABS earned
a PAT of INR0.03 crore on a total income of INR2.04 crore as
against a PAT of INR0.10 crore on a total income of INR2.58 crore
for FY14. Furthermore, the firm has also achieved an income of
INR2.64 crore in 8MFY16 (refers to the period of April 01, 2015 to
November 30, 2015).


AMAR COTTEX: CARE Reaffirms B+ Rating on INR7cr LT Loan
-------------------------------------------------------
CARE reaffirms the ratings assigned to bank facilities of Amar
Cottex Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities       7        CARE B+ Reaffirmed

Rating Rationale
The rating assigned to the bank facilities of Amar Cottex Private
Limited (ACPL) continues to remain constrained on account of the
moderate scale of operations, moderately leveraged capital
structure and weak debt coverage indicators and moderate liquidity
indicators coupled with susceptibility of its thin operating
margins to cotton prices fluctuations and seasonality associated
with cotton availability. The rating is further constrained on
account of prices and supply for cotton being regulated by the
government.

The rating, however, continues to derive strength from the
experience of the promoters in the cotton ginning industry
coupled with strategically located within the cotton-producing
area of Gujarat. The reaffirmation of the rating also factors
in marginal improvement in total operating income and
deterioration in capital structure due to non-consideration of
unsecured loans as quasi equity in FY15 (refers to the period of
April 1 to March 31).

The ability of ACPL to increase its scale of operations while
managing volatility associated with the cotton prices and
improvement in its overall financial risk profile through
improvement in the profitability and capital structure are the key
rating sensitivities.

Rajkot-based ACPL was incorporated inMarch 2011, by Mr Nilesh
Devjibhai Sakhiya andMr Naranbhai Karsanbhai Ramani as a private
limited company. ACPL is engaged in the cotton ginning and
pressing activity and started commercial production from November
2011. Mr Jayraj Vekariya is managing the overall business
operation of ACPL. ACPL has installed capacity of 6,800 metric
tonnes per annum (MTPA) as on March 31, 2015, for cotton bales at
its sole manufacturing facility located at Rajkot (Gujarat).

During FY15, ACPL reported TOI of INR47.97 crore and PAT of
INR0.17 crore as against TOI of INR46.11 crore and PAT of INR0.11
crore during FY14. During 9MFY16 (UA), ACPL has achieved TOI of
INR27 crore.


ANUSPAA HERITAGE: CRISIL Ups Rating on INR115MM LT Loan to B-
-------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of Anuspaa
Heritage Products Private Limited (AHPPL) to 'CRISIL B-
/Stable/CRISIL A4' from 'CRISIL D/CRISIL D'. The rating upgrade
reflects its track record of timely servicing of its bank
facilities.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            55       CRISIL B-/Stable (Upgraded
                                   from 'CRISIL D')

   Letter of Credit       15       CRISIL A4 (Upgraded from
                                   'CRISIL D')

   Proposed Long Term     115      CRISIL B-/Stable (Upgraded
   Bank Loan Facility              from 'CRISIL D')

   Term Loan               15      CRISIL B-/Stable (Upgraded
                                   from 'CRISIL D')

The ratings also reflect AHPPL's below-average financial risk
profile because of modest net worth, moderately leveraged capital
structure and constrained liquidity. These weaknesses are
partially offset by promoters' extensive experience in the soap
industry and its healthy customer relationships.
Outlook: Stable

CRISIL believes AHPPL will continue to benefit over the medium
term from promoters' extensive experience in the soap
manufacturing industry. The outlook may be revised to 'Positive'
if the company sustains the improvement in its operating
performance, leading to an improvement in its financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
cash accrual is lower than expected, working capital cycle gets
stretched, or in case the company undertakes any further debt-
funded capital expenditure programme, leading to deterioration in
financial risk profile.

Incorporated in 2006 by Mr. Rakesh Bansal and Ms. Anuradha Bansal,
AHPPL manufactures soap cakes. More than 80 percent of revenue is
derived from contract manufacturing, and the remaining comes from
sales under own brands, Anuspaa and Anuved. The company has two
manufacturing units in Parwanoo, Himachal Pradesh.


AQUA GENO: CRISIL Assigns B+ Rating to INR50MM Packing Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Aqua Geno Exim (AGE). The ratings reflect
the firm's modest scale of operations in the intensively
competitive seafood processing industry, and below-average
financial risk profile because of weak debt protection metrics.
These weaknesses are partially offset by promoters' extensive
experience in the seafood industry.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Proposed Working
   Capital Facility       10       CRISIL B+/Stable
   Packing Credit         50       CRISIL B+/Stable
   Bill Discounting       40       CRISIL A4
   Long Term Loan         10       CRISIL B+/Stable

Outlook: Stable

CRISIL believes AGE will continue to benefit over the medium term
from its promoters' extensive industry experience. The outlook may
be revised to 'Positive' if revenue and operating profitability
improve, resulting in a better financial risk profile. Conversely,
the outlook may be revised to 'Negative' in case of decline in
accrual, or significant debt-funded capital expenditure, or
larger-than-expected working capital requirement, leading to
weakening of financial risk profile.

Set up in 2013, AGE processes sea food. The firm is promoted by
Mr. Akbar Sherief and his family members.

AGE had net profit of INR2.19 million on net sales of INR306.18
million for 2014-15 (refers to financial year, April 1 to
March 31), against net profit of INR0.31 million on net sales of
INR51.7 million for 2013-14.


BALARK BUILDCON: CRISIL Suspends B+ Rating on INR100MM Term Loan
----------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Balark
Buildcon (BB).

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

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

BB is a special purpose vehicle launched by the Pate group to
undertake a residential real estate project named 'Suraajya' at
Donje, in the outskirts of Pune, under development agreements with
the landowners.

The Pate group, established by Mr. Balkrishna K Pate and currently
managed by Mr. Nilesh Pate, Mr. Yogesh Pate, and Mr. Pramod Wani,
has been engaged in the real estate business in Pune since 1983,
and has implemented more than 70 projects so far.


BANSAL RICE: CRISIL Assigns 'D' Rating to INR40MM Whse Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long-term bank
facilities of Bansal Rice Mills - Muktsar (BRM).

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Warehouse Financing      40       CRISIL D
   Cash Credit              30       CRISIL D
   Term Loan                20       CRISIL D

The rating reflects instances of delay by BRM in servicing its
term debt. This is mainly because of insufficient cash accrual due
to debt-funded capital expenditure in the past and stretched
liquidity as a result of working capital-intensive operations.

BRM also has a weak financial risk profile because of high gearing
and weak debt protection metrics, and modest scale of operations
in the highly fragmented rice processing industry. However, the
firm benefits from partners' experience.

Set up as a proprietorship firm in 2009 by Mr. Sanjiv Kumar and
reconstituted as a partnership firm in 2014, BRM processes basmati
and non-basmati rice for export houses and also sells under its
own brand, Barkat Rice. Production facilities are in Muktsar,
Punjab.

BRM reported a book profit of INR1.3 million on net sales of
INR146.8 million for 2014-15 (refers to financial year, April 1 to
March 31), against a book profit of INR0.03 million on net sales
of INR13.9 million for 2013-14.


BASIL ASSOCIATES: CRISIL Suspends B+ Rating on INR130MM Loan
------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Basil
Associates (BA).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Overdraft Facility     130      CRISIL B+/Stable

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

Set up in 1985, BA is engaged in execution of civil contracts. The
daily operations of the firm are managed by Mr. Basil Varghese.


CHOUDHARY LAYER: CARE Assigns 'B' Rating to INR7cr LT Loan
----------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of Choudhary
Layer Farm.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      7         CARE B Assigned

Rating Rationale
The rating assigned to the bank facilities of Choudhary Layer Farm
(CLF) is constrained by its short track record and small
of operations, low profitability margins, leveraged capital
structure, weak coverage indicators and elongated operating
cycle. The rating is further constrained by inherent risk
associated with the poultry industry, increased competition and
its constitution as a proprietorship firm.

The rating, however, draws comfort from experienced proprietor in
the poultry business and positive outlook of the industry.

Going forward, the ability of the firm to increase its scale of
operations while improving its capital structure coupled with
efficient working capital management shall be the key rating
sensitivities.

Jind-based (Haryana) CLF was established in 2010 as a
proprietorship firm by Mr Jitender Kundu. CLF is engaged in
poultry farming business of egg layers where in it has 200,000
egg-laying hens in its farmas on December 31, 2015.

The firm procures the hens (egg lying) from Venco Research and
Breeding Farm, Pune (Joint venture between Venkateshwara
Hatcheries Private Limited (rated 'CARE A-/A2+') and Cobb-Vantress
Inc. of USA. The firm procures the other key raw material, ie,
poultry feeds such as jowar, wheat and maize cereals locally from
traders and whole sellers.  CLF sells eggs mainly in Delhi, Uttar
Pradesh and Bihar through agents and brokers.

In FY15 (refers to the period April 1 to March 31), CLF has
achieved a total operating income (TOI) of INR10.66 crore with
PBILDT and PAT of INR1.52 crore and INR0.07 crore as against total
operating income (TOI) of INR7.75 crore with PBILDT
and PAT of INR0.71 crore and INR0.05 crore in FY14.


CLASS RESTAURANT: CRISIL Cuts Rating on INR90MM Cash Loan to B-
---------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Class Restaurant (Class) to 'CRISIL B-/Stable' from 'CRISIL
B+/Stable'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit             90      CRISIL B-/Stable (Downgraded
                                   from 'CRISIL B+/Stable')

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

The downgrade reflects deterioration in Class financial risk
profile because of continued capital withdrawal. The firm's
networth has been completely eroded due to withdrawal of close to
INR85 million over the two years through 2014-15 (refers to
financial year, April 1 to March 31). Class had advanced close to
INR95 million to its group entity which is executing a real estate
project in Chembur (Mumbai). With delays in this real estate
project, the return of advances to Class from the group entity has
been very limited thereby negatively impacting the company's
liquidity.

The rating reflects the extensive experience of Class Restaurant's
proprietor in the hospitality industry and the favourable location
of the firm's restaurant. These strengths are partially offset by
its small scale of operations and weak financial risk profile
because of aggressive capital structure and below-average debt
protection metrics.
Outlook: Stable

CRISIL believes Class will continue to benefit over the medium
term from its proprietor's extensive industry experience and
favourable location of its restaurant, though its financial risk
profile will remain constrained because of continued capital
withdrawal. The outlook may be revised to 'Positive' if the
financial risk profile improves due to significant long-term fund
infusion by the proprietor. Conversely, the outlook may be revised
to 'Negative' if liquidity deteriorates due to further capital
withdrawal or investment in group entities.

Class Restaurant, set up in 1998, is a proprietorship firm of Mr.
Surendra Kumar Surana. It operates a restaurant, The Class Thali,
at Juhu in Mumbai. The firm is a part of the Surana group, which
includes Surana Constructions, Surana Infrastructure Pvt Ltd,
Aurangabad Gymkhana Club Pvt Ltd, Surana Housing Pvt Ltd, and
Surana Hotels & Resorts Pvt Ltd.


DAISY INDUSTRIES: CRISIL Assigns B+ Rating to INR35MM Term Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Daisy Industries (DI).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            25       CRISIL B+/Stable
   Term Loan              35       CRISIL B+/Stable

The rating reflects DI's modest scale of operations in the
competitive high density polyethylene (HDPE) fabrics and tarpaulin
business, and average financial risk profile because of small
networth and moderately high gearing driven by large working
capital requirement. These weaknesses are partially offset by
proprietor's extensive experience, established relationship with
customers and the proprietor's funding support.

For arriving at the rating, CRISIL has treated unsecured loans of
INR17.8 million, extended to DI by its proprietor, as neither debt
nor equity as these loans are expected to remain in business
during the tenure of bank debt.
Outlook: Stable

CRISIL believes DI will continue to benefit over the medium term
from proprietor's extensive experience. The outlook may be revised
to 'Positive' in case significant and sustained improvement in
scale of operations and cash accrual leads to a better capital
structure. Conversely, the outlook may be revised 'Negative' if
liquidity weakens because of low cash accrual, sizable working
capital requirement, or unexpectedly large capital expenditure.

Established in 2012 as a proprietorship firm by Mr. Ravi Agrawal,
DI manufacturers HDPE fabrics, water proof canvas, tarpaulins, and
various types of tents at its facility in Umbergaon, Gujarat.


GAGAN AGRO: CRISIL Reaffirms B+ Rating on INR300MM Pledge Loan
--------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Gagan Agro &
Rice Exporters (GARE) continues to reflect a modest scale of
operations in the highly fragmented rice industry, and
susceptibility to volatility in raw material prices, regulatory
changes, and erratic climatic conditions.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit             95      CRISIL B+/Stable (Reaffirmed)

   Pledge Loan            300      CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term       2      CRISIL B+/Stable (Reaffirmed)
   Bank Loan Facility

   Term Loan              103      CRISIL B+/Stable (Reaffirmed)

The rating also factors in a below-average financial risk profile
because of an aggressive capital structure and average debt
protection metrics. These rating weaknesses are partially offset
by the extensive industry experience of the firm's partners, their
funding support, and established relationship with suppliers and
customers.
Outlook: Stable

CRISIL believes GARE will continue to benefit over the medium term
from its promoters' extensive industry experience. The outlook may
be revised to 'Positive' in case of significant improvement in
revenue and profitability, leading to higher-than-expected cash
accrual, along with efficient working capital management.
Conversely, the outlook may be revised to 'Negative' in case of
deterioration in the financial risk profile, particularly
liquidity, most likely because of a decline in revenue or
profitability resulting in lower cash accrual, or a stretched
working capital cycle.

Established in 2014, GARE mills, processes, and exports Basmati
rice. It is a partnership firm promoted by Mr. Sumit Singla, Mr.
Rahul Garg, and Mrs Amandeep Kaur. Its manufacturing unit at
Badrukhan in Sangrur, Punjab, has an installed rice milling
capacity of 5000 tonnes per month. The unit commenced operations
in January 2015.


GANGA R. K.: CARE Assigns B+/A4 Rating to INR7.0cr Loan
-------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of ganga R. K. Industries Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term/Short-term           7.00      CARE B+/ CARE A4
   Bank Facilities                          Assigned

   Short-term Bank Facilities     1.50      CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Ganga R. K.
Industries Pvt. Ltd. (GRKIPL) are constrained on account of
modest scale of operations and customer concentration risk with
financial risk profile marked by low profit margins and moderate
liquidity position. The ratings are further constrained by
susceptibility of margins to volatility in foreign exchange rate
and presence in a highly fragmented industry.

However, the ratings derive strength from the long experience of
the promoters, established network in international market,
comfortable capital structure and moderate debt coverage
indicators.

The ability of GRKIPL to increase its scale of operations and
profitability are the key rating sensitivities.

Rajkot-based (Gujarat) GRKIPL belongs to RGK group of industries.
GRKIPL was incorporated in April 2007 by its key promoter Mr
Ramnik Kotecha. The company was set up as a partnership firm in
1980 in the name of "R. K. Industries".

Subsequently, in 2007, it was converted into a private limited
company. It is engaged in manufacturing and export of metal
casting products such as agricultural diesel engine, grinding
mill, vertical turbine pump, graded casting and ductile
iron casting components and parts etc. Presently GRKIPL is managed
by four promoters' viz. Mr Ramnik Kotecha, Mr Bhavesh Pabari, Mr
Samir Kotecha andMrs Kiran Kotecha.

The other group companies of RGK Group of Industries viz. Kotecha
Steel Forge Pvt. Ltd. (KSFPL, rated CARE B+/CARE A4), Steel Forge
and Cast Industries (SFCI, rated CARE B+/CARE A4), Kusum Casting
Pvt. Ltd (KCPL), Indokoyo Power Products (IPP) are engaged in
similar line of business with similar product portfolio. While
KSFPL is engaged in trading and export of steel casting products,
SFCI is engaged in manufacturing and export of steel casting
equipment and machineries, KCPL is engaged in manufacturing of
casting parts for domestic companies and IPP is engaged in
manufacturing of metal casting products in SEZ.

During FY15 (refers to the period April 1 to March 31), GRKIPL
reported PAT of INR0.42 crore on a TOI of INR35.24 crore as
against PAT of INR0.61 crore on a TOI of INR39.66 crore during
FY14. During H1FY16 (Provisional), GRKIPL has achieved a turnover
of INR10.64 crore.


GLOBETECH MEDICARE: CARE Assigns B+ Rating to INR25.70cr LT Loan
----------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Globetech
Medicare Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     25.70      CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Globetech Medicare
Private Limited (GMPL) is primarily constrained by its project
execution risk associated with setting up of unit, reputation risk
and competition from existing players. These rating constraints
are partially offset by the support from the experienced promoters
with diversified business experience, positive outlook and high
growth potential for the healthcare sector.

Going forward, the ability of GMPL to successfully execute the
project in envisaged time and cost, achieve the envisaged revenue
and profitability and to maintain the average revenue per bed and
occupancy level as envisaged shall be the key rating
sensitivities.

Kolkata-based, (West Bengal) GMPL was incorporated in 2013 and is
currently promoted by Dr B K Singh, Mr Saurabh Bhansali, Mr Ashish
Tulsyan, Mr Praveen Kumar and Ms Poonam Singh. The company was
setup with an objective to construct and operate a multi-specialty
hospital in Varanasi, Uttar Pradesh. The hospital would provide
healthcare services in orthopedics, neurology, urology, pathology,
nephrology, pediatric, cardiology, gynecology, laproscopy, primary
care services, radiology and imaging center. It would also be
equipped with modular operation theatre, Internal Care Unit (ICU)
with advance ventilator support. The hospital will also have an
outpatient clinic consisting of offices/consult rooms with
examination rooms, pathology department etc.

The company is setting up a multi-speciality hospital in Varanasi
with a total project cost of INR43.12 crore which will be funded
through term loan of INR25 crore and promoters' funds (in the form
of equity and unsecured loans from directors) of INR18.12 crore.
The debt for the same has not been tied up and till October 7,
2015, the company has incurred INR5.56 crore towards the project.
The hospital is expected to commence its operations from April,
2017 and FY18 being the first full year of operations. The project
execution at nascent stage and execution of the project within
envisaged time and cost remains a risk for the company.


GRANDEUR AGROTECH: CRISIL Assigns B+ Rating to INR50MM Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Grandeur Agrotech Private Limited (GAPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            50       CRISIL B+/Stable
   Term Loan               2.5     CRISIL B+/Stable

The rating reflects the company's small scale, and working
capital-intensive, operations in the highly competitive food
processing industry, leading to low return on capital employed.
These weaknesses are partially offset by the extensive industry
experience of GAPL's promoters and moderate capital structure.
Outlook: Stable

CRISIL believes GAPL will continue to benefit over the medium term
from promoters' extensive experience. The outlook may be revised
to 'Positive' in case of significant and sustained increase in
revenue and profitability, while improving working capital
management. Conversely, the outlook may be revised to 'Negative'
if profitability and accrual decline, working capital cycle gets
stretched, or in case of large capital expenditure.

Incorporated in 2005 and promoted by Mr. Anupam Bansal, Ms. Ritu
Bansal, and Ms. Manju Bhandari, GAPL processes and packages frozen
peas under its brand, Green Valley. Processing plant in Rudrapur,
Uttarakhand, has capacity of 7500 tonne per annum.

Profit after tax (PAT) was INR0.3 million on net sales of INR84.2
million in 2014-15 (refers to financial year, April 1 to
March 31), against a PAT of INR1.2 million on net sales of INR78.1
million in 2013-14.


J. P. INDUSTRIES: CRISIL Assigns B+ Rating to INR60MM Cash Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facility of J. P. Industries (JPI).

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

The rating reflects JPI's weak financial risk profile because of
small net worth and weak debt protection metrics. The rating also
factors in small scale of operations in the highly fragmented rice
industry and susceptibility to volatility in raw material prices.
These weaknesses are mitigated by the partners' experience and
their funding support.
Outlook: Stable

CRISIL believes JPI will benefit over the medium term from its
partners' extensive experience. The outlook maybe revised to
'Positive' if significantly higher-than expected cash accrual is
reported along with efficient working capital management.
Conversely, the outlook maybe revised to 'Negative' if lower-than-
expected cash accrual, large working capital requirement, or any
unanticipated large, debt-funded capital expenditure weakens
liquidity.

JPI was established in 1990 as a partnership firm, by Mr. Harish
Kumar, Mr. Ashok Kumar and Mr. Rakesh Kumar. The firm processes
basmati rice at its plant at Jalalabad (Punjab). JPI has a total
milling and sorting capacity of four metric tonne per hour.

On a provisional basis, JPI reported a book profit of INR0.9
million on net sales of INR125.9 million in 2014-15 (refers to
financial year, April 1 to March 31); it had reported a book
profit of INR1.2 million on net sales of INR345.5 million in 2013-
14.


JEYA SATHYA: CRISIL Assigns B- Rating to INR140MM Cash Loan
-----------------------------------------------------------
CRISIL has assigned its rating of 'CRISIL B-/Stable' to the bank
facility of Jeya Sathya Agro Food Products Private Limited.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            140      CRISIL B-/Stable

The rating reflects JSAFPLL's exposure to risks relating to the
timely stabilization of operations and to risks related to
dependence on monsoon and government policies. These rating
weaknesses are partially offset by promoter's extensive experience
in agro-product industry.
Outlook: Stable

CRISIL expects Jeya Sathya Agro Food Products Private Limited
(JSAFPPL) to benefit from the promoters experience in the agro-
products industry. The outlook may be revised to 'Positive' if
JSAFPPL reports better than expected topline and margins, backed
by timely stabilization of operations post capex leading to
improvement in its financial risk profile. Conversely, the outlook
may be revised to 'Negative' in case of delay in commissioning or
stabilization of JSAFPPL's plant leading to lower than expected
cash accruals.

Incorporated in 2013 as a private limited company, Jeya Sathya
Agro Food Products Private Limited (JSAFPPL) is setting up a rice
mill in Kallur, Tamil Nadu. The company is promoted by Kasinathan
Manickavasagan, Chidambaram Raju, Ramaiah Sathya and Muthukannan
Jaya.


JMJ SWITCH: CARE Reaffirms 'D' Rating on INR5.12cr LT Loan
----------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of JMJ
Switch Gears Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      5.12      CARE D Reaffirmed
   Short-term Bank Facilities     1.72      CARE D Reaffirmed

Rating Rationale
The ratings assigned to the bank facilities of JMJ Switch Gears
Private Limited (JMJ) continues to factor in regular instances of
delays in debt servicing on account of stressed liquidity.

JMJ Switch Gears Private Limited (JMJ) incorporated in August,
2013 is promoted by Mr Adaikalasamy and Mr Philip Kumar. The
company started its commercial operation in January, 2014. It is
engaged in manufacturing of electrical products like power control
panels, low-tension & high-tension panels, compact substations at
its sole manufacturing facility located at Bommasandra Industrial
Area, Bangalore.

The company incurred net loss of INR0.20 crore in FY15 (refers to
the period April 1 to March 31) on a total operating income of
INR6.26 crore compared with a PAT of INR0.05 crore on a total
operating income of INR1.26 crore during three months of
operations in FY14.


KALYANESWARI POLYFABS: CRISIL Reaffirms B Rating on INR60MM Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Kalyaneswari Polyfabs
Private Limited (KPPL) continue to reflect KPPL's exposure to
intense competition in the packaging industry and its below-
average financial risk profile because of small networth, high
gearing, and weak debt protection metrics. These weaknesses are
partially offset by the extensive industry experience of the
promoters.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         5        CRISIL A4 (Reaffirmed)
   Cash Credit           60        CRISIL B/Stable (Reaffirmed)
   Term Loan             60        CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes KPPL will continue to benefit over the medium term
from the promoters' extensive industry experience. The outlook may
be revised to 'Positive' in case of larger-than-expected infusion
of funds or a sizeable increase in revenue and profitability,
resulting in an improved financial risk profile. Conversely, the
outlook may be revised to 'Negative' in case of any further large,
debt-funded capital expenditure leading to deterioration in the
capital structure. The outlook may also be revised to 'Negative'
in case of a decrease in cash accrual because of lower revenue or
profitability, or an increase in working capital requirement,
leading to pressure on liquidity.

KPPL, incorporated in 2011 and promoted by Kolkata-based Agarwal
family, manufactures polypropylene and high-density polyethylene
woven sacks; it has an installed capacity of 3300 tonnes per
annum. The company sells these sacks to companies in the cement
and agricultural commodities industries. Its operations are
managed by Mrs. Pooja Agarwal and Mrs. Anita Agarwal.


KAY CEE: CRISIL Assigns B- Rating to INR70MM Overdraft Loan
-----------------------------------------------------------
CRISIL has assigned the rating at 'CRISIL B-/Stable' to the bank
loan facility of Kay Cee Enterprises - Delhi (KCE).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Overdraft Facility     70       CRISIL B-/Stable

The rating assigned reflects the small scale of operations in the
highly fragmented industry and its weak financial profile marked
by weak debt protection metrics. These rating weaknesses have been
partially offset by the experience of the proprietor in the
facilities management industry.
Outlook: Stable

CRISIL believes that Kay cee Enterprises (KCE) will maintain a
stable business risk profile over the medium term on the back of
its promoters experience in the industry. The outlook may be
revised to 'Positive' in case of substantial increase in its scale
of operations resulting in healthy cash accruals and improving its
working capital management. Conversely, the outlook may be revised
to 'Negative' if the company's revenues and profitability decline
or in case of higher than expected increase in the company's
working capital cycle leading to deterioration in its capital
structure.

Kay Cee Enterprises was set up in as a proprietorship firm by Mr.
Vijay Chaudhary. The firm is engaged in providing the skilled and
semi-skilled manpower for facility management to various
institutions and corporates. The firm is located in Delhi and is
being managed by Mr. Vijay Chaudhary.


LAKHO AGRICULTURAL: CRISIL Rates INR49MM Cash Loan at 'B'
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' ratings to the long term
bank loan facilities of Lakho Agricultural and Food Products
Private Limited (LAFPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            49       CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility      1       CRISIL B/Stable

The ratings reflect LAFPL's small scale of operations and raw
material price risk and dependence on monsoon along with
vulnerability to regulations. The ratings also reflect the
company's below-average financial risk profile because of small
networth and weak debt protection metrics. These weakness are
partially offset by the promoters' extensive experience in the
rice-milling industry and the company's diversified customer base.
Outlook: Stable

CRISIL believes LAFPL will maintain its business risk profile
backed by the promoters' extensive experience in the rice-milling
industry and its diversified customer base. The outlook may be
revised to 'Positive' if the company substantially scales up its
operations along with improvement in profitability, thereby
higher-than-expected cash accrual. Conversely, the outlook may be
revised to 'Negative' in case of lower-than-expected accrual,
higher-than-expected stretch in the working capital cycle, or if
LAFPL undertakes any large, debt-funded capital expenditure,
leading to deterioration in the financial risk profile,
particularly liquidity.

Incorporated in 2011, LAFPL mills non-basmati parboiled rice. Its
manufacturing facility is located in Buxsar, Bihar. The operations
are looked after by its promoter-directors Mr. Uma Nand Singh and
Mr. Vishal Kumar Singh. LAFPL markets its product under the Lakho
brand.


MANJUSHREE TEA: CARE Assigns B+ Rating to INR6.61cr LT Loan
-----------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Manjushree Tea & India Private Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      6.61      CARE B+ Assigned
   Short-term Bank Facilities     0.20      CARE A4 Assigned

Rating Rationale
The ratings assigned to the bank facilities of Manjushree Tea &
India Private Ltd (MTIPL) are constrained by its small scale
of operations with moderate profit margins, dependence on the
vagaries of the monsoon which determines supply of paddy and hence
fluctuations in its price, working capital intensive nature of
operations, leveraged capital structure with moderate debt
coverage indicators and fragmented nature of the industry with
government regulations. The ratings, however, derive strength from
the experience of the promoters, its long track record, proximity
to raw material sources and favourable industry scenario.

Going forward, the ability of MTIPL to increase its scale of
operations with improvement in profit margins and effective
management of working capital will be the key rating
sensitivities.

MTIPL, incorporated in 1994, is engaged in the milling of non-
basmati rice (parboiled rice) at its manufacturing facilities in
Alipurduar, West Bengal, having an installed capacity of 13056
metric tons per annum (MTPA). The company is also engaged in
rubber plantation and tea plantation activities which accounted
for around 2% of the total revenue in FY15 (refers to the period
April 1 to March 31).

The company is promoted by the Berlia family based out of
Siliguri, West Bengal. MTIPL has an associate company, viz.
Gaurav Tree & Agro Products Private Limited, also engaged in
milling of non-basmati rice (raw and parboiled rice).

Mr Sushil Kumar Berlia (Director) has around four decades of
experience in rice milling business, looks after the overall
management of the company. Furthermore, he is supported by other
three directors who are also having over a decade of experience in
this line of business.

During FY15, MTIPL reported PAT of INR0.23 crore (Rs.0.29 crore in
FY14) on total operating income of INR6.12 crore (Rs.2.24 crore in
FY14). Furthermore, MTIPL has achieved a turnover of INR11.75
crore during 9MFY16.


MDH TRUCKS: CRISIL Suspends 'D' Rating on INR75MM Cash Loan
-----------------------------------------------------------
CRISIL has suspended its rating on the bank facility of MDH Trucks
Private Limited (MDH).

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

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

MDH was set up in 2011 by Mr. S M D Naveed. The company is an
authorised dealer of Tata Motors Ltd for its entire range of
commercial vehicles. MDH operates through its showroom-cum-
workshop in Kadapa district in Andhra Pradesh.


MINAKSHI COTTON: CARE Reaffirms B+ Rating on INR19.50cr Loan
------------------------------------------------------------
CARE reaffirms the ratings assigned to bank facilities of Minakshi
Cotton Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     19.50      CARE B+ Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of Minakshi Cotton
Private Limited (MCPL) continues to be constrained by low
profitability margins inherent to the cotton ginning business,
seasonal availibity of raw material (raw cotton) and associated
volatility in raw material prices, working capital intensive
nature of operations and presence in a highly fragmented cotton
ginning industry. The rating further takes a note of the de-growth
in total operating income during FY15 (refers to the period from
April 1 to March 31).

The rating, however, continues to derive strength from experience
of the promoters in the cotton industry, strategic location of the
manufacturing unit with proximity to the source of cotton and a
diversified customer base. The rating further takes a note of
improvement in profitability margin during FY15.

Going forward, the ability of MCPL to improve its scale of
operations, maintaining the profitability margin along-with
effective management of working capital are the key rating
sensitivities.

Minakshi Cotton Private Limited (MCPL) was incorporated in the
year 2008 as a private limited company by Mr. Vijay Agrawal and
Mr. Ajay Agrawal. MCPL is engaged in processing of raw cotton and
pressing the same into cotton bales, trading in cotton and cotton
seeds. The manufacturing unit is located at Aurangabad and has an
installed capacity of processing 400 metric tonnes per day (MTPD)
of cotton bales.

During FY15 (Audited), MCPL reported total operating income of
INR81.95 crore, PBILDT of INR3.94 crore and PAT of INR0.36 crore
as against total operating income of INR115.23 crore, PBILDT of
INR3.19 crore and PAT of INR0.59 crore in FY14 (Audited).


MITTAL ENGINEERING: CRISIL Suspends B+ Rating on INR60MM Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Mittal
Engineering Works (MEW).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            60       CRISIL B+/Stable
   Letter of Credit       10       CRISIL A4
   Term Loan              20       CRISIL B+/Stable

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

MEW, a partnership firm established in 1999, primarily
manufactures electric resistance welded (ERW) tubes and other
products which find application in various automobile components.
The firm's manufacturing facility is at Pune (Maharashtra). It is
currently managed by Mr. Mukesh Suresh Mittal, Mr. Laxminarayan
Agrawal, and Mr. Devichand Agrawal.


MODERN CONSTRUCTION: CRISIL Cuts Rating on INR60MM Loan to B+
-------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Modern
Construction Company (MCC) to 'CRISIL B+/Stable/CRISIL A4' from
'CRISIL BB-/Stable/CRISIL A4+'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         100      CRISIL A4 (Downgraded from
                                   'CRISIL A4+')

   Cash Credit             60      CRISIL B+/Stable (Downgraded
                                   from 'CRISIL BB-/Stable')

The downgrade reflects deterioration in MCC's business risk
profile and liquidity profile because of increase in working
capital intensity and year-on-year decline in turnover. MCC
recognises sales only after payments are realised from its clients
and until bill collection takes place, executed work is accounted
as work-in-progress. Therefore, in line with stretched receivables
from customers, MCC's work-in-progress increased to INR120.1
million as on March 31, 2015, against INR110 million as on March
31, 2014 and INR82.4 million as on March 31, 2013 leading to a
deterioration in working capital profile and stretched liquidity
profile. Further, turnover of the company also declined to
INR164.4 million in 2014-15 from INR184.8 million in 2013-14 and
INR228.8 million in 2012-13. However, the company's operating
margin, at 21.4 per cent in 2014-15, was higher than that in
previous years and CRISIL's expectation of 17.5 percent.
Profitability is expected to remain healthy over the medium term
as the company does not undertake any subcontracting and has
significant project management experience in the area.

The downgrade also factors in below average financial risk profile
of the company, because of deterioration in debt protection
metrics, with interest coverage declining to 1.95 times in 2014-
15, from 2.21 times in 2013-14, due to lower profitability.

The ratings reflect the company's exposure to risks inherent in
government tenders and to shortcomings in its revenue recognition
policy. These rating weaknesses are partially offset by the
extensive experience of its promoters in the civil construction
industry.
Outlook: Stable

CRISIL believes MCC will continue to benefit over the medium term
from its promoters' extensive industry experience. The outlook may
be revised to 'Positive' in case of an increase in scale of
operations together with better working capital management,
leading to improvement in liquidity. Conversely, the outlook may
be revised to 'Negative' if liquidity weakens due to a stretched
working capital cycle, or sizeable debt-funded capital
expenditure, or significantly low profitability.

Set up in 1992, MCC undertakes civil construction work, largely
related to the construction of bridges and roads, in Assam. Mr.
Raj Kumar Agarwalla manages the firm's daily operations.


NAMRATA DEVELOPERS: CRISIL Reaffirms B Rating on INR140MM Loan
--------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Namrata
Developers Private Limited (NDPL) continues to reflect NDPL's high
project risk, given the modest bookings and early stage of its
recently launched project.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Project Loan           140      CRISIL B/Stable (Reaffirmed)

The rating also factors in exposure to intense competition and to
risks and cyclicality inherent in Indian real estate industry.
These weaknesses are mitigated by the promoters' extensive
experience, their funding support and established brand presence
in Pune and surrounding areas.
Outlook: Stable

CRISIL believes NDPL will benefit over the medium term from its
promoters' extensive experience and their funding support. The
outlook may be revised to 'Positive' if cash inflow significantly
improves along with timely project completion and better-than-
expected customer advances. Conversely, the outlook may be revised
to 'Negative' if liquidity is constrained by project time or cost
overruns, significantly low customer advances, or new large, debt-
funded projects.

NDPL is a part of the Pune-based Namrata group. It is a real
estate developer, and is presently undertaking Namrata Weekender
project in Kamshet (Maharashtra) and Ecocity Phase II project in
Talegaon (Maharashtra).


NORTELS SERVICE: CRISIL Cuts Rating on INR100MM LT Loan to 'D'
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
Nortels Service Apartments Private Limited (NSAPL) to 'CRISIL D'
from 'CRISIL B/Stable'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Long Term Loan         100      CRISIL D (Downgraded from
                                   'CRISIL B/Stable')

The downgrade reflects instances of delay by NSAPL in servicing
its term debt; the delays have been caused by NSAPL's weak
liquidity.

NSAPL is exposed to the risk of small scale of operations and
geographical concentration in revenue. Also, its financial risk
profile is below average because of modest networth. However, the
company benefits from its promoters' extensive industry experience
and favourable location of its service apartments.

NSAPL, incorporated in 2000, manages service apartments in
Chennai. The company is promoted by Mr. Sri Krishnan, Mr. Sunil
Nair, Mr. A Murugappan, Mr. S Narayanan, and Mr. Lui Ki.


OCEANIC BUILDCON: CARE Reaffirms B+ Rating on INR8.90cr LT Loan
---------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Oceanic Buildcon Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     8.90       CARE B+ Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of Oceanic Buildcon
Private Limited (OBPL) continue to remain constrained by the risk
associated with non-occupancy of the vacant space in its sole
commercial property coupled with uncertainty regarding renewal of
lease agreement post expiration of the lease contract of its
tenants, small revenue base, weak capital structure and debt
protection metrics and its restricted regional presence in the
city of Vadodara, Gujarat.

The rating, however, favourably takes into account the wide
experience of the promoters in the real estate development
business, its presence in the prime area of Vadodara and potential
increase in lease rentals with the implementation of lease
escalation clause from FY16 (refers to the period April 1 to March
31) with the tenants.

Timely receipt of lease rentals and re-lease or sale of spaces in
the property in the event of nonrenewal of lease agreements
remains the key rating sensitivity.

Incorporated in 2006, OBPL is a Vadodara-based (Gujarat) closely
held private limited company promoted by Mr Sachin Patel and Mr
Vinay Vaghani. OBPL is engaged in real estate development
business and currently has only one commercial shopping complex,
'Cine Mall' at Race Course Road (Vadodara) which houses basement
and four floors with a total saleable area of 42,250 square feet.
The primary source of income for OBPL is the lease rental income
received from the total saleable area of the shopping complex,
maintenance charges payable by the lessees for the same. In
addition to this, parking charges and advertisement revenue are
secondary sources of income.

During FY15, OBPL reported TOI of INR2.72 crore and net loss of
INR0.38 crore as against TOI of INR2.93 crore and PAT of INR0.18
crore during FY14. During H1FY16 (Provisional), OBPL has achieved
TOI of INR1.94 crore.


P NARASIMHA: CRISIL Cuts Rating on INR55MM Bank Loan to 'D'
-----------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
P Narasimha Rao and Company (PNRC) to 'CRISIL D/CRISIL D' from
'CRISIL BB-/Stable/CRISIL A4+'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         55       CRISIL D (Downgraded from
                                   'CRISIL A4+')

   Cash Credit            25       CRISIL D (Downgraded from
                                   'CRISIL BB-/Stable')

   Long Term Loan         13.3     CRISIL D (Downgraded from
                                   'CRISIL BB-/Stable')

   Proposed Long Term     36.7     CRISIL D (Downgraded from
   Bank Loan Facility              'CRISIL BB-/Stable')

The rating downgrade reflect instances of delay by PNRC in
servicing its debt. The delays have been caused by the firm weak
liquidity.

PNRC also has project concentration in its order book, large
working capital requirement, and a modest net worth limiting its
financial flexibility, and is exposed to intense competition.
However, the firm benefits from its promoters' extensive
experience in the construction industry.

PNRC was set up in 2004 by Mr. P Narasimha Rao and his family
members. The firm constructs roads and bridges in Andhra Pradesh
and Telangana, and undertakes contract work for the Railways, such
as laying and maintenance of railway tracks. It is based in
Hyderabad.


PAN SYNTHETICS: CRISIL Cuts Rating on INR220MM Loan to B+
---------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Pan Synthetics Pvt. Ltd. (PSPL) to 'CRISIL B+/Stable' from
'CRISIL BB-/Stable'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Buyer Credit Limit     220      CRISIL B+/Stable (Downgraded
                                   from 'CRISIL BB-/Stable')

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

The downgrade reflects CRISIL's belief that PSPL's financial risk
profile will remain under pressure due to high indebtedness and
stretched working capital cycle driven by large inventory.

The rating reflects PSPL's modest scale of operations, weak
financial risk profile because of small net worth/high
gearing/subdued debt protection metrics, and large working capital
requirement. These weaknesses are partially offset by promoters'
extensive experience in the packaging film business, and
longstanding customer relationships.
Outlook: Stable

CRISIL believes PSPL will continue to benefit from its promoters'
extensive industry experience and its longstanding customer
relationships. The outlook may be revised to 'Positive' if revenue
and operating margin increase significantly. Conversely, the
outlook may be revised to 'Negative' in case of steep decline in
revenue and operating margin, or large debt-funded capital
expenditure, leading to deterioration in financial risk profile.

PSPL, promoted by Mr. Prem Jain, Ms. Pramila Minni, and Mr. Tanmay
Jain in 1995, is based in Bengaluru and trades in packaging films
such as polyester and BOPP.

On a provisional basis, PSPL's profit after tax (PAT) was INR9
million on net sales of INR710 million for 2014-15 (refers to
financial year, April 1 to March 31), against PAT of INR3 million
on net sales of INR359 million for 2013-14.


PERIYAR POLYMERS: CRISIL Ups Rating on INR25MM Loan to B
--------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Periyar Polymers Private Limited to 'CRISIL B/Stable' from 'CRISIL
B-/Stable', and has reaffirmed its rating on the short-term bank
facility at 'CRISIL A4'.

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

   Letter of Credit        30      CRISIL A4 (Reaffirmed)

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

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

The rating upgrade reflects CRISIL's belief that the company's
business and financial risk profiles will improve over the medium
term driven by healthy growth in revenue and profitability.
Revenue was Rs215 million for the nine months through December
2015 and is expected at over Rs250 million for 2015-16 (refers to
financial year, April 1 to March 31). Revenue had improved
significantly to INR205 million in 2014-15 from INR110 million in
2013-14, on account of healthy demand from existing as well as new
customers. Additionally, the company's operating margin improved
to 6 per cent in 2014-15 from an adverse margin in 2013-14 on
account of efficient capacity utilisation. Consequently, profit
after tax (PAT) turned positive as against a net loss of INR7.6
million in 2013-14. The operating margin is expected to remain at
around 6 percent over the medium term.

The company's financial risk profile also improved because of a
better gearing of 1.57 times as on March 31, 2015, against 5.98
times a year earlier, following equity infusion of INR5 million
and conversion of unsecured loans Rs11.5 million into equity,
during 2014-15. CRISIL believes Periyar's business and financial
risk profiles will improve further over the medium term backed by
its promoters' extensive experience in the polyurethane foam and
spring mattress industry and established relationship with
customers.

The ratings reflect the company's small scale of operations and
weak financial risk profile because of high gearing and weak debt
protection metrics. These rating weaknesses are partially offset
by the extensive industry experience of the promoters.
Outlook: Stable

CRISIL believes Periyar will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of a significant
increase in scale of operations and profitability, leading to an
improved financial risk profile. Conversely, the outlook may be
revised to 'Negative' in case of deterioration in working capital
management or large debt-funded capital expenditure, further
weakening the  financial risk profile.

Periyar, incorporated in 2005 and promoted by Mr. Anoob V E, Mr.
Abbas V E, and Mr. Abdul Gafoor V E, manufactures polyurethane
foam and spring mattresses. The company is based in Kochi.


RAJ SALT: CARE Assigns 'B+' Rating to INR4.40cr LT Loan
-------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Raj Salt & Chemicals Pvt Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      4.40      CARE B+ Assigned
   Short-term Bank Facilities     2.50      CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Raj Salt &
Chemicals Pvt. Ltd. (RSPL) are constrained by small scale of
operation and low profitability margin, stiff competition due to
fragmented nature of the industry, exposure to volatility in the
cashew nut prices and forex rates, vulnerability to changes
in Government policies and working capital intensive nature of
business resulting in leveraged capital structure. The aforesaid
constraints are partially offset by the experience of the
promoters; however, lacking experience in the trading of food
products coupled with long track record of operations.

The ability of the company to increase the scale of operations and
ability to manage working capital effectively are the key rating
sensitivities.

RSPL was incorporated in March 1995 by Mr BajrangLal Agarwal and
Mr Ritesh Agarwal of Kharagpur, West Bengal. The company was
initially engaged in the manufacturing of salt & chemicals and wax
since inception. However, since April 2013, RSPL stopped the
manufacturing operations and started trading in cashew nuts. The
unit is located at Medinipore, West Bengal. The company imports
its trading materials from Ivory Coast, Ghana, etc, and sells the
products fully in the domestic market.

Currently, the day-to-day affairs of the company are managed by Mr
BajrangLal Agarwal with adequate support from the other director
and a team of experienced personnel.

As per FY15 (refers to the period April 01 to March 31), RSPL
reported a PBILDT INR0.63 crore (Rs.0.54 crore in FY14) and PAT of
INR0.06 crore (net loss of INR0.03 crore in FY15), respectively,
on a total operating income of INR17.03 crore (Rs.18.35 crore in
FY15). Furthermore, till November 2015, the management has
maintained to have achieved net operating income of INR23 crore.


ROYALE MARINE: CRISIL Reaffirms 'B' Rating on INR230MM Cash Loan
----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Royale Marine
Impex Pvt. Ltd. (RMIPL) continues to reflect RMIPL's nascent and
small scale of operations, large working capital requirement and
average financial risk profile constrained by weak debt protection
metrics. These weaknesses are mitigated by the promoters'
experience.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit           230       CRISIL B/Stable (Reaffirmed)

   Long Term Loan         80       CRISIL B/Stable (Reaffirmed)

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

Outlook: Stable

CRISIL believes RMIPL will benefit over the medium term from its
promoters' experience. The outlook may be revised to 'Positive' in
case of substantial and sustained increase in revenue and
profitability, or there is a sustained improvement in working
capital management. Conversely, the outlook may be revised to
'Negative' if lower-than-expected growth in revenue and
profitability impacts debt servicing ability, or capital structure
weakens by stretched working capital cycle or larger-than-
expected, debt-funded capital expenditure.

Incorporated in 2011, Bapatla (Andhra Pradesh)-based RMIPL
processes shrimp. It is promoted by Mr.V.Narendra Varma Raju and
his family. The company started commercial operations in December
2014.


S.S. CONSTRUCTIONS: CRISIL Reaffirms B+ Rating on INR30MM Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of S.S. Constructions
(SSC) continue to reflect the modest scale of operations, along
with high geographical and customer concentration in the revenue
profile. The ratings also factor in the modest net worth. These
rating weaknesses are partially offset by the extensive experience
of partners in the civil construction industry, and the moderate
order book.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         40       CRISIL A4 (Reaffirmed)
   Cash Credit            30       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes SSC will continue to benefit over the medium term
from the partners' extensive industry experience. The outlook may
be revised to 'Positive' in case of a significant and sustained
improvement in the scale of operations and/or profitability or a
substantial capital infusion, along with efficient working capital
management. Conversely, the outlook may be revised to 'Negative'
if the liquidity is constrained by its low cash accrual, or large
working capital requirement or debt-funded capital expenditure.

Established in Ghaziabad (Uttar Pradesh) in 2010, SSC is a
partnership firm engaged in civil construction. The firm
constructs roads, bridges, and sewers for state government
departments in Uttar Pradesh; and is owned and managed by Mr.
Manoj Pradhan and his family.


SHARADA EDUCATION: CRISIL Reaffirms B- Rating on INR110MM Loan
--------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Sharada
Education Trust (SET) continues to reflect the trust's stretched
liquidity driven by low cash accrual and ongoing capital
expenditure.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Term Loan              110      CRISIL B-/Stable (Reaffirmed)

The rating also factors in a below-average financial risk profile
because of an aggressive capital structure and weak debt
protection metrics. These rating weaknesses are partially offset
by the extensive experience of SET's trustees in the education
sector and their funding support.
Outlook: Stable

CRISIL believes SET's liquidity will remain weak over the medium
term because of its modest cash accrual. The outlook may be
revised to 'Positive' if the financial risk profile, particularly
liquidity, improves, most likely because of better cash generation
arising from a substantial increase in scale of operations and
higher profitability. Conversely, the outlook may be revised to
'Negative' in case of deterioration in liquidity due to low cash
accrual or less-than-expected funding support from the trustees.

SET was established in 2010 by Dr. K Udaya Kumar in Bengaluru. The
trust set up Adarsha Institute of Technology (AIT), which offers
Bachelor in Technology (B Tech) courses. The institute is approved
by All India Council for Technical Education (AICTE) and is
affiliated to Visvesvaraya Technological University. AIT started
its first batch in 2013.


SHRI AMRUT: CRISIL Suspends B Rating on INR30MM Cash Loan
---------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Shri
Amrut Cotton Industries (SACI).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            30       CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility      2.5     CRISIL B/Stable
   Term Loan              20.1     CRISIL B/Stable

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

SACI, established in 2005 is a proprietorship concern of Mr Vijay
Kumar Bhutada. The firm is engaged in pressing and ginning of raw
cotton into cotton bales. The company has its manufacturing
facility located in Khamgaon, Maharashtra.


SHRI MAHADEV: CRISIL Reaffirms 'B' Rating on INR35MM Cash Loan
--------------------------------------------------------------
CRISIL rating on the long term bank facilities of Shri Mahadev
Silk Mills Private Limited (SMSMPL) continues to reflects SMSMPL's
exposure to intense competition in the fragmented dyeing and
processing segment and its large working capital requirements. The
above mentioned rating weaknesses are partially offset by the
extensive experience of the promoters in the industry.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            35       CRISIL B/Stable (Reaffirmed)

   Long Term Loan         26.4     CRISIL B/Stable (Reaffirmed)

   Term Loan              10.6     CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      1       CRISIL B/Stable (Reaffirmed)

Outlook: Stable

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

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


SHUKAN MICRO: CRISIL Assigns 'B' Rating to INR72MM Term Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Shukan Micro Mineral LLP (SMM LLP).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Term Loan               72      CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility       2      CRISIL B/Stable
   Bank Guarantee           6      CRISIL A4
   Cash Credit             40      CRISIL B/Stable

The ratings reflect SMM LLP's exposure to project risks and modest
scale of operations over the medium term. These weaknesses are
mitigated by extensive experience of partners in the ceramic
industry and favourable location of its plant ensuring
availability of raw material and labour.
Outlook: Stable

CRISIL believes SMM LLP will maintain its business risk profile
backed by its promoters' experience. However, the firm's financial
risk profile is expected to remain moderate over the medium term
with average gearing and debt protection metrics due to lower
accrual during the project stabilisation phase. The outlook may be
revised to 'Positive' if earlier-than-expected stabilisation of
operations improves financial risk profile. Conversely, the
outlook may be revised to 'Negative' if operating margin is lower
than expected, a sizeable debt-funded expansion plan or
inefficient working capital management weakens financial risk
profile.

Incorporated in June 2015 in Morbi (Gujarat), SMM LLP is setting
up a manufacturing unit for NA2O Feldspar and K2O Feldspar -
purified clay used in manufacturing of ceramic products. Mr.
Godhaviya Bhavesh Narbheram, Mr. Bhesadadia Hitesh Hardas, Mr.
Virangama Ramesh Amarsi and Mr. Fultariya Gunvany Ravji are the
firm's promoters.


SQUARE CERAMIC: CRISIL Assigns B- Rating to INR50MM Term Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to
the bank facilities of Square Ceramic Private Limited (SCPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Term Loan              50       CRISIL B-/Stable
   Bank Guarantee         11.5     CRISIL A4
   Cash Credit            12.5     CRISIL B-/Stable

The ratings reflect the company's modest scale and working
capital-intensive nature of operations. The ratings also factor in
its exposure to risks related to setting up of its new unit. These
rating weaknesses are partially offset by the extensive experience
of the company's promoters in the ceramic industry, and strategic
location of its plant at Morbi, Gujarat, which ensures
availability of raw material and labour.
Outlook: Stable

CRISIL believes SCPL will continue to benefit over the medium term
from its promoters' extensive industry experience. The outlook may
be revised to 'Positive' in case of better-than-expected accrual
or improvement in the company's working capital cycle, resulting
in a better financial risk profile. Conversely, the outlook may be
revised to 'Negative' in case of a lower-than-expected operating
margin, substantial debt-funded expansion plans, or deterioration
in working capital management, thereby significantly weakening the
company's financial risk profile.

Incorporated in 2002 in Morbi, SCPL manufactures floor tiles. The
company is promoted by Mr. Arvindbhai Jivrajbhai Aghara and Mr.
Chamanbhai Jivrajbhai Aghara.


SREE SANNIDHI: CRISIL Reaffirms B+ Rating on INR110MM Term Loan
---------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Sree Sannidhi
Foods Private Limited continues to reflect the company's modest
scale of operations in the highly competitive fruit-processing
industry and susceptibility of its revenue to availability and
prices of tropical fruits.

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

   Proposed Long Term
   Bank Loan Facility     99.5     CRISIL B+/Stable (Reaffirmed)

   Term Loan             110       CRISIL B+/Stable (Reaffirmed)

The rating also factors in its below-average financial risk
profile because of high gearing and a small net worth. These
rating weaknesses are partially offset by the extensive
entrepreneurial experience of its management and the proximity of
its unit to the mango-growing belt of Chittoor district, Andhra
Pradesh.
Outlook: Stable

CRISIL believes SSFPL will continue to benefit over the medium
term from the proximity of its unit to a mango-growing belt. The
outlook may be revised to 'Positive' in case of higher-than-
expected revenue and profitability, leading to larger cash
accrual. Conversely, the outlook may be revised to 'Negative' in
case of weakening of the financial risk profile, particularly
liquidity, most likely due to large debt-funded capital
expenditure or substantially high working capital requirement.

SSFPL, incorporated in 2010 in Chittoor, was taken over by the
current management comprising Mr. Shivam Goyal and Ms. Shavya
Goyal in January 2014. The company manufactures and exports
processed fruit products; it commenced full-fledged commercial
operations from June 2014.

For 2014-15, SSFPL reported profit after tax (PAT) of INR0.7
million on net sales of INR112 million against net loss of INR8.4
million on net sales of INR9.6 million.


SUN FOODS: CRISIL Assigns 'B' Rating to INR105MM Cash Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long term
bank facility of Sun Foods And Feeds (SFF).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            105      CRISIL B/Stable

The rating reflects 'SFF's modest scale and working capital
intensive nature of operations and inherent risks associated with
the poultry industry. The rating also factors SFF's weak financial
profile marked by small networth, high gearing and weak debt
protection metrics. These rating weaknesses are partially offset
by the benefits that SFF derives from extensive experience of its
promoters in the poultry business and its established customer
relationships.
Outlook: Stable

CRISIL believes that SFF will benefit from the promoter's
extensive industry experience. The outlook may be revised to
'Positive' if the scale of operations and profitability improves
resulting in higher cash accruals or if there is any significant
equity infusion by the promoters resulting in improvement in the
capital structure and financial risk profile. Conversely the
outlook may be revised to 'Negative' if there is a decline in the
revenues and operating profitability or if the firm undertakes any
significant debt funded capital expenditure plan leading to
deterioration of its financial risk profile.

Established in 2001 as a partnership firm and based in Hyderabad,
Sun Foods and Feeds (SFF) is engaged in production of commercial
eggs. The firm is promoted by Mrs N. Vani and Mrs B. Surekha.

For 2014-15 (refers to financial year, April 1 to March 31), SFF
had net profit of INR1 million on sales of INR426.30 million, as
against net profit of INR1.1 million on net sales of INR520.90
million for 2013-14.


SUNPACK BARRIER: CRISIL Reaffirms B+ Rating on INR75MM Term Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Sunpack Barrier Films
Private Limited (Sunpack) reflect its modest scale, and working
capital-intensive, operations, and the below average financial
risk profile. These rating weaknesses are partially offset by the
benefits the company derives from its presence in the niche
segment of multilayer, high-grade films.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            35       CRISIL B+/Stable (Reaffirmed)

   Letter of Credit       15       CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     29.1     CRISIL B+/Stable (Reaffirmed)

   Working Capital
   Term Loan              75       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes Sunpack will maintain its business risk profile
over the medium term, backed by a potential growth in its revenue.
The outlook may be revised to 'Positive' in case of significant
improvement in the scale of operations while sustaining operating
margin, and if working capital requirement decreases, leading to
reduced reliance on external debt. Conversely, the outlook may be
revised to 'Negative' if the financial risk profile deteriorates,
most likely because of a stretch in the working capital cycle,
capital withdrawals, or large, debt-funded capital expenditure.

Update
For 2014-15 (refers to financial year, April 1 to March 31),
Sunpack reported sales of around INR142 million and for the nine
months ended till December 2015 of current year 2015-16, Sunpack
has generated revenues of around INR120 million. With revival in
order flow during the year backed by higher repeated orders, full
year sales for the current year 2015-16 to be around INR180 to
INR200 million. Over the medium term, sales are expected grow at
the pace of 20 to 30 per cent on account of an improved order
flow. In year 2014-15, the operating profitability remained at
17.1 per cent, and is expected to be at around 18 to 19 per cent
over the medium term due to its high value-added products and
improved order flow. As of March 2015, the working capital
requirement was moderately high, with gross current assets (GCAs)
at 179 days, owing to higher book debt of 67 days. Over the medium
term, the GCA days are expected to be at 160 to 170 days and the
working capital requirement to rise with the scale of operations.
As on March 31, 2015, capital structure was moderately high, with
gearing at 3.02 times because of its high working capital related
debt and a modest net worth. Over the medium term, the capital
structure is likely to be in range of 1.5 to 2.5 times on account
of high reliance on bank limits to fund incremental working
capital requirement. Over the medium term, the interest coverage
ratio is expected to be at around 2 to 3 times and and net cash
accrual to total debt ratio of 0.20 to 0.40 times due to modest
profitability as against debt levels. The liquidity remains
stretched because of large working capital requirement and limited
financial flexibility; however, it is supported by a moderate
cushion between net cash accrual and debt obligation, and funding
promoters support.

For 2014-15 (refers to financial year, April 1 to March 31),
Sunpack reported a net loss of of INR3.4 million on sales of
INR142 million against a profit after tax (PAT) of INR2.30 million
on sales of INR135.7 million in 2013-14.

Incorporated in 2006, Sunpack is part of the Mamta group of
companies promoted by Mr. Mahendra N Patel. The company
manufactures flexible packaging and multilayer films at its unit
near Kadi (Gujarat).


SWET CERAMIC: CRISIL Cuts Rating on INR70MM LT Loan to B+
---------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Swet Ceramic Private Limited (SCPL) to 'CRISIL B+/Stable/CRISIL
A4' from 'CRISIL BB-/Stable/CRISIL A4+' on account of expected
deterioration in the company's business risk profile owing to
expected lower-than-projected revenue for 2015-16 (refers to
financial year, April 1 to March 31).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         25       CRISIL A4 (Downgraded from
                                   'CRISIL A4+')

   Cash Credit            30       CRISIL B+/Stable (Downgraded
                                   from 'CRISIL BB-/Stable')

   Long Term Loan         70       CRISIL B+/Stable (Downgraded
                                   from 'CRISIL BB-/Stable')

Revenue is lower than expected largely on account of delay in
commencement of commercial operations leading to lower-than-
expected offtake of the product from the already tied-up clients.
Also, a decline in business risk profile has led to pressure on
the liquidity of the company. The cash accrual expected in 2015-16
shall be inadequate to meet the term debt obligations. To meet the
payments, the promoters will extend additional unsecured loans.

The ratings continue to reflect promoters' extensive industry
experience, and the proximity of its manufacturing facilities to
sources of cheap raw material and labour. These rating strengths
are partially offset by its SCPL's first year of commercial
operations and modest scale of operations in the highly
competitive ceramics industry, and its moderate financial risk
profile.
Outlook: Stable

CRISIL believes SCPL will continue to benefit over the medium term
from the promoters' extensive industry experience. The outlook may
be revised to 'Positive' if the company stabilises its operations
in a timely manner, leading to higher-than-expected cash accrual.
Conversely, the outlook maybe revised to 'Negative' if the cash
accrual is low due to reduced order flow or profitability, or the
financial risk profile deteriorates, most likely because of a
stretch in the working capital cycle or substantial, debt-funded
capital expenditure.

SCPL, based in Morbi (Gujarat), was incorporated in 2011. The
company is setting up a facility to manufacture vitrified tiles.
The promoters are Mr. Hemrajbhai Bhalodiya, Mr. Jayesh Bhalodiya,
Mr. Trilokkumar Bhalodiya, and Mr. Pintubhai Ghodasara.


TERRA INFRA: CARE Revises Rating on INR9.28cr Loan to B
-------------------------------------------------------
CARE revises the LT rating and reaffirms the ST rating assigned to
the bank facilities of Terra Infra Development Limited.

                             Amount
   Facilities             (INR crore)    Ratings
   ----------             -----------    -------
   Long-term /Short-term       9.28      CARE B/CARE A Revised
   Bank Facilities                       from CARE BB-/Reaffirmed
                                         CARE A4

Rating Rationale
The revision in long term rating assigned to the bank facilities
of Terra Infra Development Ltd (TIDL) take into consideration
stretched liquidity position on account of delay in receipt of
payment for the two major projects executed in the past, lack of
revenue visibility in the absence of any new projects being
awarded and deterioration in the financial risk profile of
Jayaswal Neco Industries Limited, the flagship company of NECO
Group.

The ratings continue to be constrained by the limited
experience/modest scale of operations of the company as
Engineering, Procurement and Construction (EPC) contractor, the
fixed-price and fixed-time nature of the EPC contract and
continued dependence on subcontracting activities owing to small
fixed asset base.

The ratings take into consideration the affiliation of TIDL with
the diversified Jayaswal Neco group (NECO group) having presence
in sectors like iron, steel, power and metals and mining along
with the Government of India's policy focus on infrastructure
development especially roads.

TIDL's ability to timely realize blocked funds and secure new
contracts will constitute the key rating sensitivities.

Terra Infra Development Limited (TIDL) is a company promoted by
Jayaswal Neco group for infrastructure development. TIDL was
incorporated in 1991 as Siltra Energy Pvt Ltd, and later was
reconstituted as TIDL (public limited) to explore the business
opportunities in the infrastructure sector and execute
infrastructure projects for the NECO group on Engineering,
Procurement and Construction (EPC) basis. TIDL won orders for two
projects viz, Cyberabad Expressways Limited (CEL) in June 2009 and
Pondicherry Tindivanum Tollway Limited (PTTL) in June 2009.

The company reported a total income of INR1.04 crore and a net
loss of INR0.03 crore in FY15 (refers to the period April 1 to
March 31) as against a total income of INR2.76 crore and a PAT of
INR0.01 crore in FY14.


VEDANT EDIBLE: CRISIL Assigns B+ Rating to INR80MM LT Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Vedant Edible Products Private Limited (VEP).
The rating reflects risks related to funding and completion of its
project in a timely manner.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Proposed Long Term
   Bank Loan Facility     80       CRISIL B+/Stable
   Cash Credit            10       CRISIL B+/Stable
   Long Term Loan         10       CRISIL B+/Stable

The rating also factors in VEPPL's modest scale of operations and
the company's exposure to risk of delays in payments by farmers.
These weaknesses are partially offset by promoters' extensive
experience in the cold storage industry and company's moderate
financial risk profile.
Outlook: Stable

CRISIL believes VEP will continue to benefit over the medium term
from its promoters' extensive industry experience and its above-
average financial risk profile. The outlook may be revised to
'Positive' if the company scales up operations through timely
implementation of ongoing capital expenditure (capex). Conversely,
the outlook may be revised to 'Negative' in case of delay in
completion of the capex or in receipt of rent from clients
resulting in pressure on company's liquidity.

VEP, incorporated in 2009-10 (refers to financial year, April 1 to
March 31) and promoted by Mr. Shiv Kumar Dubey, Mr. Ram Kumar
Dubey, and Ms. Neeru Dubey, provides farmers with cold storage
services for vegetables and fruits.

The company recorded profit after tax (PAT) of INR1.5 million on
operating income of INR 17.9 million in 2014-15 as against PAT of
INR1.2 million on operating income of INR12.1 million in 2013-14.


Y.M.R. CONSTRUCTIONS: CRISIL Ups Rating on INR33MM Loan to B-
-------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of
Y.M.R. Constructions (YMR) to 'CRISIL B-/Stable/CRISIL A4' from
'CRISIL D/CRISIL D'.

                        Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Bank Guarantee        55       CRISIL A4 (Upgraded from
                                  'CRISIL D')

   Long Term Loan        29.5     CRISIL B-/Stable (Upgraded
                                  from 'CRISIL D')

   Overdraft Facility    32.5     CRISIL A4 (Upgraded from
                                  'CRISIL D')

   Proposed Long Term    33       CRISIL B-/Stable (Upgraded from
   Bank Loan Facility             'CRISIL D')

The upgrade reflects timely servicing of debt by YMR over the six
months through December 2015, and CRISIL's belief that the firm
will continue to meet its debt obligations on time backed by
improved liquidity on account of reduced receivables cycle.

The ratings reflect YMR's modest scale of operations in the
intensely competitive construction industry, large working capital
requirement, and high revenue concentration. These weaknesses are
partially offset by its proprietor's extensive industry
experience.
Outlook: Stable

CRISIL believes YMR will continue to benefit over the medium term
from its proprietor's extensive industry experience. The outlook
may be revised to 'Positive' in case of substantial and sustained
increase in revenue and profitability, or continued improvement in
working capital management. Conversely, the outlook may be revised
to 'Negative' in case of decline in profitability, or significant
deterioration in capital structure because of stretch in working
capital cycle or larger-than-expected debt-funded capital
expenditure.

YMR, established in 1999 as a proprietorship firm by Mr. Mohan
Reddy, undertakes construction and maintenance of roads, and
caters to state government bodies such as the Roads and Buildings
department and Panchayat Raj Engineering Department. The firm is
based in Hyderabad.


YUG INFRASTRUCTURES: CRISIL Assigns B+ Rating to INR30MM Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Yug Infrastructures Private Limited (YIPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Proposed Long Term
   Bank Loan Facility     30       CRISIL B+/Stable
   Bank Guarantee        100       CRISIL A4
   Cash Credit            20       CRISIL B+/Stable

The ratings reflect the company's average financial risk profile
with low dependence on external borrowings and prudent working
capital management. These rating strengths are partially offset by
its small scale of operations and networth, modest order book
position providing limited revenue visibility, and exposure to
intense competition in the construction sector.
Outlook: Stable

CRISIL believes that YIPL's business risk profile will continue to
remain constrained by its scale of operations and modest order
book position. The outlook may be revised to 'Positive' in case of
significant improvement in the company's scale of operations and
profitability, while maintaining its prudent working capital
management and hence healthy cash accruals. Conversely, the
outlook may be revised to 'Negative' if YIPL's financial risk
profile deteriorates on account of stretch in working capital
cycle or large debt-funded capital expenditure, or if its
operating performance declines substantially.

Incorporated in 2013, Yug Infrasturcture Pvt Ltd (YIPL) is engaged
in the business of executing civil contracts (primarily on EPC
basis) for industrial projects. The company is jointly and equally
held by Mr. Varun Gupta of the Suraj group and M/S Avon More
Developers Private Limited of the Almondz Group. Currently, the
company is executing two projects in the Himachal Pradesh and
Haryana each.

For 2014-15, YIPL reported a profit after tax (PAT) of INR0.7
million on net sales of INR77.5 million. 2014-15 was the first
full year of operations.



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


ARCH FINANCE: Moody's Puts Ba2 Rating on Review for Downgrade
-------------------------------------------------------------
Moody's Japan K.K. has placed on review for downgrade the ratings
on Arch Finance Limited's four repackaged deals.

The affected ratings are:

Deal Name: Arch Finance Limited Series 2006-1 Reverse Dual
Currency Loan

  JPY 2,952,114,750 Series 2006-1 Reverse Dual Currency Loan,
   A2 (sf) Placed Under Review for Downgrade; previously on
   Jan. 23, 2009, downgraded to A2 (sf)

Deal Name: Arch Finance Limited Series 2006-2 Reverse Dual
Currency Loan

  JPY 2,952,114,750 Series 2006-2 Reverse Dual Currency Loan,
   A2 (sf) Placed Under Review for Downgrade; previously on
   Jan. 23, 2009, downgraded to A2 (sf)

Deal Name: Arch Finance Limited Series 2006-3 Reverse Dual
Currency Loan

  JPY 2,952,114,750 Series 2006-3 Reverse Dual Currency Loan,
   A2 (sf) Placed Under Review for Downgrade; previously on
   Jan. 23, 2009, downgraded to A2 (sf)

Deal Name: Arch Finance Limited Series 2007-1 Reverse Dual
Currency Loan

  JPY12,363,538,000 Series 2007-1 Reverse Dual Currency Loan,
   Ba2 (sf) Placed Under Review for Downgrade; previously on
   May 31, 2013, downgraded to Ba2 (sf)

RATINGS RATIONALE

The rating actions follow Moody's rating action on the collateral
assets on Jan. 21, 2016.  The ratings on the collateral assets
have been placed on review for downgrade.

The ratings of the transactions mainly reflect the credit quality
of the collateral asset, the credit quality of the swap
counterparty, and the strength of the transaction structure.

If the rating on the collateral assets and swap counterparties
change, the ratings on the loans may also change.

Factors that would lead to an upgrade or downgrade of the ratings:

Factors that could lead to a ratings downgrade or upgrade are a
deterioration or improvement in the credit quality of the
collateral asset and the swap counterparty.

Loss and Cash Flow Analysis:

Moody's quantitative analysis focuses on the risks relating to the
credit quality of the assets backing the repack and of the
counterparties.  Moody's generally determines the expected loss
posed to securities holders by adding together the severities for
loss scenarios arising from either collateral asset default, and
if applicable, swap counterparty risk, each weighted according to
its respective probability.  Moody's then translates the expected
loss to a rating using our idealized loss rates.


TOSHIBA CORP: Mulls Spinning Off Ailing Nuclear Power Business
--------------------------------------------------------------
The Japan Times reports that Toshiba Corp. will consider splitting
off its flagging nuclear power business in Japan and rebuilding it
as a separate company as part of sweeping restructuring following
an accounting scandal, sources said
Jan. 26.

The 2011 Fukushima No. 1 nuclear plant disaster has made it
difficult to build reactors in Japan amid safety concerns, the
report says.

According to the report, the sources said Toshiba's subsidiary,
Westinghouse Electric Co., which is in charge of its overseas
nuclear power business, will seek to secure orders in emerging
markets.

The Japan Times relates that the move could trigger a realignment
of the country's nuclear power industry at a time when the
Japanese government is aware of the need to bolster the
competitiveness of domestic players, observers said.

Toshiba mainly conducts repair and decommissioning work for
boiling water reactors -- the same type as those at the Fukushima
plant, the report discloses.

Westinghouse, on the other hand, is known for pressurized water
reactors that are used more globally, the sources, as cited by The
Japan Times, said.

The Japan Times recalls that Toshiba said in November that
Westinghouse had written down its assets by $1.3 billion in fiscal
2012 and 2013, revealing the difficulties facing the subsidiary in
achieving profitability at the level anticipated by Toshiba.

Hit by the accounting scandal, Toshiba is proceeding with
restructuring of its unprofitable businesses, the report notes.

Such steps could include integrating its white goods business with
that of struggling Sharp Corp., and merging its personal computer
business with Fujitsu Ltd. and Vaio Corp., other sources said, The
Japan Times adds.

                      About Toshiba Corp.

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

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

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

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

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

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



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


PRICE BROS: Goes Into Liquidation
---------------------------------
Rachael Kelly at Stuff.co.nz reports that Price Bros Builders Ltd
has gone into liquidation, owing more than $300,000 to secured and
unsecured creditors.

According to the report, the Gore building firm ceased trading
several days before it was placed into liquidation by shareholder
resolution on Nov. 17, 2015.

A liquidation report said Ewen Robert Price is the sole director
and shareholder of Price Bros Builders Ltd, Stuff.co.nz relays.

Stuff.co.nz relates that Trevor Laing -- trevor@trevorlaing.co.nz
-- of Trevor Laing and Associates of Dunedin, who has been
appointed as liquidator, has released the first liquidation report
into the company's finances.

According to Stuff.co.nz, the liquidator's report said there
appears to be about 80 unsecured creditors however, this part of
the company records has not been updated since September 2015 and
the position may have changed during that time.

The liquidator's report said all preferential wages have been paid
up to date but there is a large amount outstanding to ex-employees
for holiday entitlements.

These amounts are likely to be treated as preferential, the
liquidator's report said.

Stuff.co.nz relates that Mr. Laing said from Dunedin that 10 staff
had made claims for outstanding holiday pay from the company.

"Not all of them were employed full-time," Mr. Laing, as cited by
Stuff.co.nz, said.

Stuff.co.nz adds that the liquidator's report said Mr. Price is
assisting the liquidator, however it will take some time to sort
out what has become "a somewhat confused picture."

According to Stuff.co.nz, Mr. Laing said some contracts the
company was working on were being run out of Wellington.

"It's all become very confusing. We should know about those in the
next couple of weeks, we are in negotiation about those now," the
report quotes Mr. Laing as saying.  "It's messy. Very."

Stuff.co.nz relates that the liquidator's report said there are
some book debts disclosed in the company records. It does appear
that some of these book debts may be problematic and the
liquidator will need to undertake some inquiry into the
circumstances surrounding these issues.

Inland Revenue is owed an estimated NZ$76,000 of preferential debt
relating to GST and PAYE, it says.

An auction of the company's stock and plant will be held at its
premises on February 4.

The report says the company has been involved in the building
industry in Gore for many years undertaking new builds,
renovations, painting and also operating a joinery factory from
leased premises in East Gore. The company has undertaken some
significant contracts in the Southland and Otago areas and also in
Christchurch.



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


BAYAN TELECOM: CA Denies PDLT Appeal on Globe's Takeover Process
----------------------------------------------------------------
Vince Alvic Alexis F. Nonato at BusinessWorld Online reports that
the Court of Appeals (CA) has denied the appeal of Philippine Long
Distance Telephone Co. (PLDT) against its decision to allow the
proceedings for Globe Telecom, Inc.'s takeover of Bayan
Telecommunications, Inc. (Bayantel).

BusinessWorld relates that in a three-page resolution dated Dec.
11, 2015, the CA's former Special Seventeenth Division said PLDT
failed to raise new issues to warrant the reversal of its
March 26, 2015 ruling.

"We note, however, that these issues have already been
exhaustively considered and thoroughly discussed in our decision.
There is, therefore, absolutely no compelling reason nor ground to
reverse, amend or modify the same," read the resolution penned by
Associate Justice Manuel M. Barrios, BusinessWorld relays.

BusinessWorld notes that the March ruling gave the National
Telecommunications Commission (NTC) the go-signal to process Globe
and Bayantel's joint application for regulatory approval of its
debt restructuring via equity transfer.

BusinessWorld says the CA noted that PLDT merely reiterated its
arguments claiming NTC committed grave abuse of discretion when it
dismissed its objections to the takeover plan.

Associate Justices Leoncia Dimagiba and Myra Garcia-Fernandez
concurred with the resolution, BusinessWorld notes.

According to BusinessWorld, PLDT Spokesperson Ramon R. Isberto
said he would have to defer comment for now while conferring with
the legal team.

BusinessWorld relates that PLDT had said NTC gravely abused its
discretion when it deferred the resolution of its objection: that
the equity transaction requires congressional approval because it
entails the transfer of Bayantel's franchise to another corporate
entity.

The March ruling said PLDT has to prove first before the NTC that
a franchise transfer will actually take place, before the
regulator could tackle the matter, according to BusinessWorld.

BusinessWorld notes that the Lopez-led Bayantel had been under
corporate rehabilitation since 2003. It had originally planned to
exit rehabilitation in 2023, but the process was cut short when
Globe took over through a debt-to-equity scheme.

Globe first acquired a 38% interest in Bayantel in October 2013
after the Pasig City Regional Trial Court Branch 158 approved the
amended rehabilitation plan jointly filed by the companies, where
Globe converted Bayantel's unsustainable debt into common shares,
BusinessWorld recalls.

Globe, as principal creditor, was authorized to convert a portion
of the debt into a controlling interest of at least 54% in
Bayantel's outstanding shares. It then reached a purchase
agreement with Bayan Telecommunications Holdings Corp. and Lopez
Holdings Corp. in July for their entire equity holdings in
Bayantel, according to BusinessWorld.

The debt-to-equity conversion scheme, involving up to 70.76
million shares, raised Globe's stake to 98.57% from 56.87%,
BusinessWorld discloses.

Last October, Bayantel Chairman Gil B. Genio confirmed that the
telco has officially exited corporate rehabilitation, recalls
BusinessWorld.

                        About Bayantel

Bayan Telecommunications Holdings Corporation, which is 85.4%
owned by Benpres Holdings Corp. and the Lopez Group, was
incorporated on October 15, 1993.  Bayan Telecommunications Inc.
-- http://www.bayantel.com.ph/-- is the operating arm of BTHC
and is formerly known as International Communications
Corporation.  BayanTel is a telecommunications company offering
an extensive breadth of traditional links and circuitry as well
as cutting edge data and voice applications.  BayanTel's
existing service areas in Metro Manila and Bicol, as well as its
local exchange service areas in the Visayas and Mindanao regions
combined, cover a population of over 25 million, nearly 33% of
the population of the Philippines.  BayanTel has operations in
Japan and the U.K.


LBC DEVELOPMENT: Unit Wins Extended Collection Deadlines, Credit
----------------------------------------------------------------
Daphne J. Magturo at BusinessWorld Online reports that LBC Express
Holdings Inc. said the garnishment of funds in its bank accounts
poses "administrative challenges" and that it is working with its
suppliers, partners and other parties to minimize disruption to
operations as it pursues its legal options. It said that these
parties have agreed to extend payment terms and credit lines to
the logistics firm, due to LBC's "established relationships" with
them, the report relates.

By way of contrast, it said that the hold placed on the transfer
of LBC Express shares under a writ of attachment has had "no
material impact" on operations, BusinessWorld notes.

According to BusinessWorld, the Philippine Deposit Insurance Corp.
(PDIC) is pursuing action against the holding company as the
former liquidates the failed LBC Development Bank. PDIC, claiming
that it is owed PHP1.8 billion in service fees, won a garnishment
order for PHP6.94 million against its bank accounts as well as the
attachment of 1.21 billion LBC Express shares registered under the
name of LBC Development Corp.

"The tagging of the Shares in the records or system of Rizal
Commercial Banking Corporation Stock Transfer Processing Section,
LBC Express Holdings, Inc.'s stock transfer agent, prevents the
registration or recording of any transfer of the shares in the
records or system of the stock transfer agent, unless and until
the writ of attachment is lifted, quashed or discharged," LBC
Express Holdings' Compliance Officer Mahleene Go wrote in a
Jan. 21 letter to the Securities and Exchange Commission (SEC),
BusinessWorld relays.  "Nonetheless, since the Shares are still
registered in the name of LBC Development Corporation, it remains
to be the registered owner of the said Shares."

BusinessWorld notes that the company wrote the letter in response
to an SEC query on the impact of the legal action.

Asked about the possibility of a suspension of trading in LBC
shares, Philippine Stock Exchange Chief Operating Officer Roel A.
Refran said via mobile phone: "We evaluate the material
information or development and decide as it comes," adding that a
suspension cannot be ruled out, relays BusinessWorld.

"LBC Express Holdings, Inc. is not aware of any pledge constituted
by LBC Development Corp. over those shares which pledge (if any)
will be materially and adversely affected," the letter, as cited
by BusinessWorld, read.  "Thus, the tagging of the shares in the
records of the stock transfer agent has no material adverse effect
on LBC Development Corporation's ability to conduct the management
and to continue the operations of LBC Express Holdings Inc."

On Jan. 18, the holding firm disclosed the filing of a motion to
dismiss the complaint, and posted a counterbond with the court,
BusinessWorld recalls.

"The defendants are now awaiting the order setting the hearing for
the motion to lift the preliminary attachment," the letter read.

The defendants are LBC Express, Inc., LBC Development Corp., LBC
Properties, Inc., former LBC Bank President and Chairman Ma. Eliza
G. Berenguer, Juan Carlos S. Araneta, Santiago G. Araneta,
Fernando G. Araneta, Monica G. Araneta, Carlos G. Araneta, Ofelia
F. Cuevas, Apolonio L. Ilio, Joseph Jeffrey Rodriguez, and Arlan
T. Jurado.

                           About LBC

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

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

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



=================
S I N G A P O R E
=================


FCI ASIA: S&P Raises Corp. Credit Rating to 'BBB' from 'BB-'
------------------------------------------------------------
Standard & Poor's Ratings Services raised its corporate credit
rating on FCI Asia Pte Ltd. to 'BBB' from 'BB-'.  S&P also raised
the long-term ASEAN regional scale rating on the Singapore-based
connector manufacturer company to 'axA' from 'axBB+'.  At the same
time, S&P removed all its ratings on FCI Asia from CreditWatch,
where S&P placed them with positive implications on Oct. 16, 2105.

S&P subsequently withdrew all the ratings, including the corporate
credit rating at company's request.  The outlook at the point of
withdrawal was stable.

S&P's upgrade on FCI Asia reflected the company's acquisition by
Amphenol Corp. (BBB+/Stable/A-2).  FCI Asia operates in lines of
business integral to the Amphenol's group strategy.  In S&P's
view, acquisition of FCI Asia expands Amphenol's product portfolio
and customer base in its mainstay connector business.  In
addition, S&P believes Amphenol's management has strong long-term
commitment to provide business and financial support.

Therefore, S&P raised its corporate credit rating on FCI Asia to
one notch below that on Amphenol, with the view that the parent is
likely to support FCI Asia in almost all foreseeable
circumstances.

The stable outlook reflects S&P's view that FCI Asia continues to
be highly important for the group's future strategy.  S&P believes
Amphenol's management will keep its strong commitment to support
FCI Asia over the next few years.



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


SK HYNIX: FY2015 Results in Line with Ba1 CFR, Moody's Says
-----------------------------------------------------------
Moody's Investors Service says that SK Hynix Inc.'s results for
the fiscal year ended Dec. 31, 2015, (FY2015) are in line with
Moody's expectations and support the company's Ba1 corporate
family rating and the stable outlook on the rating.

"Despite the continued slowdown of the memory semiconductor
market, SK Hynix grew its reported operating income by 4.4% year-
on-year to KRW5.34 trillion in 2015," says Gloria Tsuen, a Moody's
Vice President and Senior Analyst.

"In addition, the company's balance sheet has strengthened since
Q3 2015, turning into a net cash position at end-2015, with cash
and cash equivalents of KRW4.79 trillion against total debt of
KRW3.82 trillion," adds Tsuen.

In terms of quarterly results, the company's reported a 10% fall
in revenue in 4Q 2015 versus 3Q 2015, and a 29% decline in
operating income over the same period, driven by a 10% and 15%
fall in average selling prices for DRAM and NAND respectively.  As
a result, its reported operating margin fell to 22% in 4Q 2015
from 28% in 3Q 2015.

Moody's expects that in 2016, SK Hynix will continue to see price
declines and pressure on its earnings, given the slowdown in sales
for mobile devices and continued weak demand for personal
computers.  In particular, Moody's anticipates that SK Hynix's
operating income will fall by around 20%-25% year-on-year in 2016.

Moody's notes that SK Hynix's low debt/EBITDA -- which remained
well below 1x for 2015 -- and large cash balance provide a strong
buffer against the weak outlook for the memory industry.

The company has indicated that its capital expenditure will total
around KRW6.0 trillion in 2016, moderating from the KRW6.8
trillion recorded in 2015.  SK Hynix has also declared a dividend
of KRW500 per share or around KRW353 billion.

Moody's expects SK Hynix to continue to maintain a prudent
approach on capital management and shareholder return initiatives
to conserve its strong liquidity profile.

Specifically, Moody's expects that the company will maintain a
cash balance of at least KRW3.5-KRW4.0 trillion.

While SK Hynix's standalone credit metrics are strong, it operates
in the inherently cyclical memory chip industry, and the nature of
its business requires high levels of capex to maintain a
competitive edge and cost advantages.

Moody's points out that SK Hynix's Ba1 corporate family rating
continues to factor in one notch of uplift for support from its
parent, SK Telecom Co., Ltd. (A3 stable).

The principal methodology used in this rating was Semiconductor
Industry Methodology published in December 2015.

SK Hynix Inc., a Korea-based company, is engaged in the design,
manufacture and sale of memory chips, such as DRAM and NAND flash
memory.  It is 20.07%-owned by SK Telecom Co., Ltd.



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


CHAOYANG LIFE: Placed Under Government Receivership
---------------------------------------------------
Ted Chen at Taipei Times reports that the Financial Supervisory
Commission (FSC) placed Chaoyang Life Insurance Co under
government receivership to prevent further deterioration of the
company's financial condition.

"The company has repeatedly failed to carry out its proposed
financial improvement measures and its negative net worth
continued to worsen on an annual basis.  It was NT$2.2 billion
[US$65.23 million] in the red as of last month," Insurance Bureau
Director-General Jenny Lee said at a news conference, according to
Taipei Times.

Insurers with risk-based capital (RBC) ratios of less than 50
percent might be taken into government control to ensure the
interests of customers and employees, the report quoted Ms. Lee as
saying.

The report notes that the company is to present a NT$5.05 billion
capital increase program before its board of directors on Jan. 28.

The RBC requirement establishes a minimum liquid reserve that
protects a financial institution, its customers and the economy by
ensuring that the firm has sufficient capital to sustain possible
operating losses, the report relays.

The commission emphasized that the company would continue its day-
to-day operations and all ongoing insurance policies and contract
terms would be unaffected by the government takeover, the report
says.

The company has about 123,000 active policies, 98,000
policyholders, and 600 employees, the report discloses.

It is the third of the nation's insurers to be put under
government receivership in the 18 months after the takeover of
Global Life Insurance Co and Singfor Life Insurance Co in August
2014, the report notes.

The semi-official Insurance Stabilization Fund was yesterday
evening appointed the official receiver, aided by the Taiwan
Insurance Institute and the Central Deposit Insurance Corp, the
report adds.



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


IRPC PUBLIC: Moody's Puts Ba1 CFR on Review for Downgrade
---------------------------------------------------------
Moody's Investors Service has placed all ratings of Thai Oil
Public Company Limited, PTT Global Chemical Public Company Limited
(PTTGC) and IRPC Public Company Limited (IRPC) on review for
downgrade.

RATINGS RATIONALE

The review on the ratings of the aforementioned related entities
follows the review for downgrade on the ratings of parent, PTT
Public Company Limited (PTT) initiated on Jan. 22, 2016.  Moody's
rating rationale was set out in the press release titled "Moody's
reviews 7 south and south east Asian energy companies for
downgrade", which was published on the same day.

Thai Oil's Baa1 senior unsecured ratings and PTTGC's Baa2 issuer
and senior unsecured ratings incorporate a one-notch uplift,
reflecting the close business integration with PTT as well as
Moody's assessment of the high likelihood of support from PTT.

IRPC's Ba1 corporate family and senior unsecured ratings benefit
from a two-notch uplift given PTT's willingness to provide
additional working capital and intercompany funding support since
2013, and the high likelihood of PTT providing extraordinary
credit support in a situation of stress.

The review will primarily focus on the assessment of implications
on parental support for the three companies on the back of a
deterioration of the parent's credit strength.  The review will
conclude following the completion of review on PTT by the end of
the first quarter.  A downgrade of PTT's ratings would likely
result in a similar rating action on the ratings of Thai Oil,
PTTGC and IRPC.

The principal methodology used in rating Thai Oil Public Company
Limited and IRPC Public Company Limited was Refining and Marketing
Industry published in August 2015.  The principal methodology used
in rating PTT Global Chemical Public Company Limited was Global
Chemical Industry Rating Methodology published in December 2013.

These ratings are placed on Review for Downgrade:

Issuer: PTT Global Chemical Public Company Limited

  Issuer Rating (Foreign Currency), Placed on Review for Possible
   Downgrade, currently Baa2

  Senior Unsecured Regular Bond/Debenture, Placed on Review for
   Possible Downgrade, currently Baa2

Issuer: IRPC Public Company Limited

  Corporate Family Rating, Placed on Review for Possible
   Downgrade, currently Ba1

  Senior Unsecured Regular Bond/Debenture, Placed on Review for
   Possible Downgrade, currently Ba1

Issuer: Thai Oil Public Company Limited

  Senior Unsecured Medium-Term Note Program, Placed on Review for
   Possible Downgrade, currently (P)Baa1

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

Thai Oil Public Company Limited is the leading refining and
petrochemical company in Thailand.  It operates the largest
single-site refinery in the country with a nameplate capacity of
275,000 barrels per day.  Thai Oil is 49.1% owned by PTT Public
Company Limited.

PTT Global Chemical Public Company Limited (PTTGC) is the largest
diversified petrochemical company in Thailand, with 8.75 million
tons of petrochemical production capacity and 280,000 barrels per
day (bpd) of upstream distillation capacity.  PTTGC is 48.9% owned
by PTT Public Company Limited.

IRPC Public Company Limited (IRPC) is a domestic crude oil refiner
and supplier of petroleum products in Thailand.  It operates the
country's second largest oil refinery with a nameplate capacity of
215,000 barrels per day.  IRPC is 38.51% owned by PTT Public
Company Limited.

PTT Public Company Limited (PTT) is an integrated oil, gas and
petrochemical company based in Thailand.  Its largest shareholder
is the Ministry of Finance, which owns 51.1% of its total share
capital, while the government-invested Vayupak Mutual Funds owns a
further 14.9% stake in the company.



                             *********

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.



                 *** End of Transmission ***