TCRAP_Public/160129.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Friday, January 29, 2016, Vol. 19, No. 20


                            Headlines


A U S T R A L I A

ATOMIC PARTS: First Creditors' Meeting Set For Feb. 5
C. G. SITE: First Creditors' Meeting Scheduled For Feb. 5
DJ FIXING: First Creditors' Meeting Set For Feb. 4
EMECO HOLDINGS: Liquidity for 2016 Sufficient, Fitch Says
GOLD COAST TITANS: Subcontractors to Get AUD40,000 Payout

GRIDTRAQ PTY: First Creditors' Meeting Set For Feb. 5
NATIONAL GREYHOUND: First Creditors' Meeting Set For Feb. 8
QUEENSLAND NICKEL: Palmer Could be Liable for Firm's Debts
VERTICAL SERVICES: Calls in Ernst & Young as External Managers

* AUSTRALIA: Number of Corporate Collapses Rises in 2015


H O N G  K O N G

NORD ANGLIA: S&P Cuts Corp. Credit Rating to 'B'; Outlook Stable


I N D I A

ANNUR SRIAMBAL: CRISIL Assigns B+ Rating to INR34.6MM LT Loan
ANUPAM UDYOG: Ind-Ra Raises Long-Term Issuer Rating to 'IND BB-'
AXSYS SOLUTIONS: CRISIL Cuts Rating on INR50MM LT Loan to 'D'
BALLARPUR INDUSTRIES: Fitch Affirms 'B+' IDR; Outlook Stable
CONCORD DRUGS: CRISIL Ups Rating on INR50MM Cash Loan to B-

DABANG METAL: CARE Reaffirms 'B' Rating on INR5.95cr LT Loan
DIAMOND HOMETEX: CARE Ups Rating on INR8.03cr Loan to BB-
ESSEN TRADING: CRISIL Reaffirms B+ Rating on INR100MM Cash Loan
GARON DEHYDRATES: CRISIL Assigns 'B' Rating to INR45MM Term Loan
GEONET IT: CRISIL Suspends B+ Rating on INR55MM Cash Loan

GLOBAL METAL: Ind-Ra Suspends BB+ Rating on INR105MM Sr. Loan
HEMNIL METAL: CRISIL Assigns 'D' Rating to INR96.2MM Loan
HINDUSTAN EVEREST: CRISIL Cuts Rating on INR70MM Loan to 'D'
IN-STYLE EMBROIDERIES: Ind-Ra Assigns 'IND BB-' LT Issuer Rating
INTERNATIONAL LEATHER: CRISIL Suspends B+ Rating on INR40MM Loan

J D ISPAT: CRISIL Suspends B- Rating on INR190MM Cash Loan
K SESHAGIRI RAO: Ind-Ra Assigns 'IND BB+' Long-Term Issuer Rating
KANCHESHWAR SUGAR: CRISIL Assigns 'B' Rating to INR500MM Loan
KHANDELWAL JEWELLERS: CARE Ups Rating on INR2.18cr Loan to BB-
KVR AUTOMOBILES: CRISIL Cuts Rating on INR50MM Loan to B+

MAGNEWIN ENERGY: CRISIL Reaffirms 'D' Rating on INR16.8MM Loan
MIDAS INTERNATIONAL: CRISIL Suspends D Rating on INR250MM Loan
MIDDHA INDUSTRIES: CRISIL Assigns 'B' Rating to INR60MM Loan
NATIONAL FABRO: CRISIL Assigns 'B' Rating to INR50MM Loan
OM CONSTRUCTION: CRISIL Reaffirms B Rating on INR150MM Loan

PADMAVATI STEELS: CRISIL Suspends B- Rating on INR100MM Loan
PARKER VRC: ICRA Withdraws 'B' Rating on INR60cr Term Loan
PENGUIN PLYWOOD: CRISIL Cuts Rating on INR44MM LT Loan to 'D'
PERMALI WALLACE: ICRA Lowers Rating on INR44.23cr Loan to 'D'
PRASHA TECHNOLOGIES: CRISIL Cuts Rating on INR100MM Loan to B-

PSR ELECON: CRISIL Suspends 'C' Rating on INR50MM Cash Loan
R. R. ENTERPRISES: CRISIL Rates INR150MM LT Loan at 'B'
RANGOLI TOWER: CRISIL Suspends 'D' Rating on INR61.5MM Term Loan
RIBO INDUSTRIES: CARE Reaffirms 'B' Rating on INR26.66cr Loan
SAHIL POLYPLAST: Ind-Ra Assigns 'IND B+' Long-Term Issuer Rating

SANIMO POLYMERS: ICRA Suspends B+ Rating on INR13.75cr Loan
SATGURU METALS: ICRA Lowers Rating on INR4.95cr Loan to 'D'
SHINE FLEXIBLE: CRISIL Reaffirms B+ Rating on INR44.9MM LT Loan
SHREE KRISHNA: CRISIL Assigns B+ Rating to INR64.5MM Cash Loan
SHREE RANI: CRISIL Assigns B+ Rating to INR80MM Cash Loan

SHRI ARUNACHALESWARAR: CARE Ups Rating on INR8.87cr Loan to B+
SHRI GAJANAN: CRISIL Reaffirms B+ Rating on INR50MM Cash Loan
SIDDHIVINAYAK POULTRY: Ind-Ra Withdraws 'IND B' Rating
SINGLACHERRA TEA: CARE Reaffirms 'B' Rating on INR11.56cr Loan
SRI SHANDAR: CRISIL Assigns 'B' Rating to INR87.5MM LT Loan

SUBRA ENTERPRISES: CRISIL Reaffirms B+ Rating on INR50MM Loan
SUMARIA INDUSTRIES: CRISIL Assigns B+ Rating to INR61.2MM Loan
SUNBOND CERAMIC: CRISIL Reaffirms B+ Rating on INR50MM Term Loan
SUPREME HOUSING: Ind-Ra Lowers Long-Term Issuer Rating to 'IND D'
SUREFIRE DIE-CASTING: CRISIL Suspends B+ INR139.6MM Loan Rating

VIJEX VYAPAAR: CRISIL Reaffirms B+ Rating on INR12MM Cash Loan


J A P A N

TOSHIBA CORP: Raises Damages Claim vs Former Execs to JPY3.2BB
TOSHIBA CORP: Shareholders Sue For JPY500MM on Share Price Losses
TOSHIBA CORP: To Replace Ernst & Young as Auditor


M O N G O L I A

MONGOLIAN MINING: S&P Lowers Corporate Credit Rating to 'CCC-'


N E W  Z E A L A N D

GAMELOFT NEW ZEALAND: Closes Doors; 160 Workers Lose Jobs


                            - - - - -


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


ATOMIC PARTS: First Creditors' Meeting Set For Feb. 5
-----------------------------------------------------
Simon Patrick Nelson and Anthony Robert Cant of Romanis Cant were
appointed as administrators of Atomic Parts Group Pty Ltd on Jan.
27, 2016.

A first meeting of the creditors of the Company will be held at
Romanis Cant, Level 2, 106 Hardware Street, in Melbourne, on
Feb. 5, 2016, at 11:00 a.m.


C. G. SITE: First Creditors' Meeting Scheduled For Feb. 5
---------------------------------------------------------
Shane Justin Cremin and Geoffrey Niels Handberg of Rodgers Reidy
were appointed as administrators of C. G. Site Services Pty Ltd on
Jan. 25, 2016.

A first meeting of the creditors of the Company will be held at
Rodgers Reidy, Level 3, 326 William Street, in Melbourne,
Victoria, on Feb. 5, 2016, at 9:30 a.m.


DJ FIXING: First Creditors' Meeting Set For Feb. 4
--------------------------------------------------
Gavin Moss of Chifley Advisory was appointed as administrator of
DJ Fixing Pty Ltd on Jan. 23, 2016.

A first meeting of the creditors of the Company will be held at
The Meeting Room of Servcorp, Suite 13, Level 19, 10 Eagle Street,
in Brisbane, Queensland, on Feb. 4, 2016, at 3:00 p.m.


EMECO HOLDINGS: Liquidity for 2016 Sufficient, Fitch Says
---------------------------------------------------------
Fitch Ratings believes that Australia-based Emeco Holdings Limited
(Emeco, 'B-'/Negative) has sufficient liquidity for 2016.  The
company, which rents its equipment to mining companies, improved
performance in Chile and several regions in Australia in the first
six months of the financial year ending on June 30, 2016, (FY16).
Fitch estimates that these regions, in aggregate, will account for
nearly 50% of Emeco's FY16 EBITDA.  However this was offset by
weaker performance in Canada and the prolonged weak crude-oil
price environment that is affecting the oil sands miners there.

Fitch expects Emeco to meet the higher end of its EBITDA guidance
of AUD53 mil. to AUD57 mil. for FY16, which is broadly in line
with our previous expectations.  The expected 30% growth in EBITDA
from the prior year reflects the company's efforts at streamlining
its operations amid prolonged low global commodity prices.

Emeco's Negative Outlook reflects the inherent uncertainty in the
prices of key commodities that may force miners to delay or halt
production, or continue to trim costs, weakening Emeco's earnings
further in the next 12-18 months.  The greatest threat to Emeco's
operations continues to stem from its exposure to oil sand miners
in Canada, who are among the highest-cost producers of crude oil,
amid the continued glut in crude supply.

However, most major oil sands miners typically choose to keep
producing oil despite making losses over multiple years, and
therefore may continue to use mining equipment.  This is because
of the high sunk costs of their projects, high costs of stopping
production, such as the risk of damaging existing reservoirs, and
payback periods that can be several decades long.  This, together
with Emeco's near-term liquidity buffers, and its improved
performance in other divisions, supports the company's 'B-'
rating.

"We estimate that Emeco will not generate sufficient cash to cover
its capex in FY16, before any asset disposals, but that the
arising cash outflow can be comfortably absorbed using the
company's existing liquidity sources.  At end-2015, Emeco had
available liquidity of around AUD88 mil. in the form of undrawn
committed credit lines and cash.  Emeco disposed of AUD9 mil. of
idle assets in 1HFY16, but will find it increasingly difficult to
dispose of its idle assets amid continued weak industry
fundamentals," Fitch says.

Contracts with Chilean copper miners, which we estimate will
account for more than 10% of Emeco's EBITDA in FY16, continue to
perform well with 93% of its fleet utilized during 2QFY16.
Emeco's Chilean business is more robust than its other divisions
because it serves some of the world's lowest-cost copper miners,
who would be more resilient in a prolonged downturn in copper
prices.  Fitch currently expects a modest decline in the average
copper price in 2016, and a slow recovery in 2017 and beyond.

Emeco's rental contracts in Queensland and New South Wales in
Australia, which we estimate will account for more than a third of
its EBITDA in FY16, are also showing more stability - the company
has put more of its idle fleet to work in existing coal projects
in New South Wales, and has contracted a new project in
Queensland.  These should support stronger EBITDA in FY16 compared
with FY15.  Fitch currently expects a modest and gradual price
recovery in thermal and coking coal in 2016 and 2017, in spite of
weaker demand from China, as Fitch expects more supply sources to
halt operations at current prices.


GOLD COAST TITANS: Subcontractors to Get AUD40,000 Payout
---------------------------------------------------------
Paul Weston at the Gold Coast Bulletin reports that Gold Coast
subcontractors owed AUD1.6 million after the collapse of the
Titans property arm and Robina Centre of Excellence fiasco will
get back less than AUD40,000 between them.

Documents obtained by the Gold Coast Bulletin reveal 23 unsecured
creditors will share a AUD38,495 pay-out after administrators
determined they would receive just 2.41 cents in the dollar.

Gold Coast Titans (Property) Pty Ltd owed as much as AUD24
million, had just over AUD2000 in the bank and total assets of
AUD485,000 when creditors agreed in May, 2012 to an administrator
being appointed, the Bulletin says.

According to the report, subcontractors are furious administrators
did not consider the AUD5.64 million debt of Centre of Excellence
builder Simcorp as part of the money owed by the Titans property
arm and that wind-up fees had doubled.

Of the unsecured creditors, Reed Constructions Australia Pty Ltd,
which was owed more than AUD1 million, received AUD25,211 while
others like an elevator company obtained as little as AUD180, says
the Bulletin.

Coast painter Garth Smith, who estimated he was owed AUD36,000 by
the Titans and AUD220,000 by Simcorp, was devastated, the report
says.

The Bulletin relates that some contractors remain bitter with
former Titans boss Michael Searle while others have blamed Simcorp
which went into liquidation.

"It's affected me for the last five years . . . I lost a lot of
money. It was very bitter," the report quotes Mr. Smith as saying.
"I feel sorry for Michael Searle. He has probably lost as much as
anyone else.  At the end of the day he had control and we didn't."

In 2012, Mr Searle offered to provide AUD200,000, funded by a
"related party", to help administrators complete the lengthy
financial review, the Bulletin recalls.

The Bulletin understands Mr. Searle was listed as a debtor, owed
more than AUD697,000, but neither he or any of his companies have
received any return.

The report says angry subcontractors believe the deal enabled
Mr Searle, for the short time, to continue to operate the Titans
until the NRL stepped in and took on the licence in February last
year.

Documents lodged with the Australian Securities and Investments
Commission indicated payments of more than AUD38,000 had been made
to lawyers and almost AUD10,000 to the Taxation Department, the
Bulletin discloses.


GRIDTRAQ PTY: First Creditors' Meeting Set For Feb. 5
-----------------------------------------------------
Gess Michael Rambaldi and Andrew Reginald Yeo of Pitcher Partners
were appointed as administrators of Gridtraq Pty Ltd on Jan. 27,
2016.

A first meeting of the creditors of the Company will be held at
Pitcher Partners, Level 19, 15 William Street, in Melbourne, on
Feb. 5, 2016, at 2:30 p.m.


NATIONAL GREYHOUND: First Creditors' Meeting Set For Feb. 8
-----------------------------------------------------------
Altan Djenab of Wild Apricot Corporate Insolvency & Advisory
Services was appointed as administrators of National Greyhound
Form Pty Ltd on Jan. 27, 2016.

A first meeting of the creditors of the Company will be held at
the offices of Wild Apricot Corporate Insolvency & Advisory
Services, Level 1, 5 Everage Street, in Moonee Ponds, Victoria, on
Feb. 8, 2016, at 10:30 a.m.


QUEENSLAND NICKEL: Palmer Could be Liable for Firm's Debts
----------------------------------------------------------
Geoff Egan at APN Newsdesk reports that Clive Palmer may be
personally liable for Queensland Nickel's debts if he is found to
have acted as a director and operated the company while it was
insolvent.

APN says despite telling the Sunshine Coast Daily he was
"completely at arm's length" from his nickel business, Mr Palmer
allegedly oversaw the company's operations using the alias "Terry
Smith".

According to APN, the Australian reported on Jan. 25 that
Mr Palmer used a Yahoo email address registered to a Terry Smith
through which he approved Queensland Nickel purchases.

APN relates that University of Queensland law professor Ross
Grantham said if Mr Palmer is found to have operated as a "shadow
director" and operated the company while it was insolvent he may
be liable for its debts.

Queensland Nickel's procurement director Martin Brewster
repeatedly sent emails to the "Terry Smith" email, addressing the
recipient as "Clive" and requesting approval of new purchases,
says APN.

According to the report, Prof Grantham said the law recognised
shadow directors as someone whose name was not a registered
director but the "power behind the throne".

"If Queensland Nickel is in fact insolvent then the next question
is did the directors, including Mr Palmer, know it was insolvent,"
the report quotes Prof Grantham as saying. "The directors have an
obligation not to let their company trade while insolvent. If they
have then they become liable."

APN notes that the revelations come despite Mr Palmer telling the
Sunshine Coast Daily he was not a director and was "completely at
arm's length" from running the business.

"You can't have the balance of power and represent Fairfax and
still be actively responsible in a company," Sunshine Coast Daily
quoted Mr Palmer as saying.

APN adds that Queensland Nickel administrators FTI Consulting
would not confirm whether they were investigating the Terry Smith
alias but said a "high-level update" would be provided at a
creditors meeting today, Jan. 29.

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


VERTICAL SERVICES: Calls in Ernst & Young as External Managers
--------------------------------------------------------------
Broede Carmody at SmartCompany reports that an industrial
abseiling company that has been operating for more than 20 years
has collapsed into voluntary administration but is continuing to
trade.

Vertical Services called in external managers, with Vincent Smith
and Samuel Freeman  from Ernst & Young acting as administrators,
SmartCompany says.

The first meeting of the company's creditors will be held on
February 3 in Perth, the report discloses.

The majority of its employees are on contracts or working part-
time, however administrator Vincent Smith told SmartCompany around
six staff are affected by the administration.

"It's still trading and it's our intent to allow them to continue
to trade," the report quotes Mr. Smith as saying.  "They're still
pursuing some reasonable sized contracts in the industry and are
reasonably sized to win that work. The early discussions we've had
with the director is around restructuring the business."

According to SmartCompany, Mr. Smith said the owner is in talks
with external investors and it is likely a deed of company
arrangement will be entered into in the coming weeks.

Vertical Services was founded in 1992 and services the oil, gas,
mining and civil engineering industries.  The company, which has
offices in Perth and Brisbane, offers mechanical repair and
maintenance services, as well as conducting standby rescues. The
company also offers training courses accredited by the Industrial
Rope Access Trade Association.


* AUSTRALIA: Number of Corporate Collapses Rises in 2015
--------------------------------------------------------
Australian Associated Press reports that significantly more
businesses went under last year compared to 2014, led by a rise in
company failures from New South Wales.

With 9,573 businesses having gone into administration up to
November last year, the numbers for 2015 have already eclipsed
2014's total of 8,794 companies slipping under, AAP discloses
citing data from the Australian Securities and Investments
Commission.

Insolvency specialists FTI Consulting analysis revealed that NSW
secured the top spot among the states, jumping to 304 external
administrations for the month, from 283 in October, relays AAP.

By contrast, Victoria recorded a marked decrease, dropping from
340 appointments in October to 207 in November, the report notes.

According to AAP, FTI senior managing director Quentin Olde said
the yet to be released figures for last December will only push
the full-year total further ahead of 2014's numbers, and the
Christmas trading period is always crucial for retailers.

"(It's) often a make or break event for those dealing in slower
moving big ticket items," the report quotes Mr. Olde as saying.
"Managing inventory through this period is critical, and shoppers
have perhaps never been more discerning and better informed."

And it's not just retailers facing challenges, with rising levels
of business insolvencies in mining, mining services and
agribusiness sectors, Mr Olde, as cited by AAP, added.



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


NORD ANGLIA: S&P Cuts Corp. Credit Rating to 'B'; Outlook Stable
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it had lowered its
long-term corporate credit rating on Nord Anglia Education Inc. to
'B' from 'B+'.  The outlook is stable.  S&P also lowered its long-
term issue rating on the company's guaranteed loans, notes, and
revolving credit facility to 'B' from 'B+'.  S&P affirmed its
'cnBB-' long-term Greater China regional scale ratings on the
company and its debt.

At the same time, S&P affirmed its recovery rating on Nord
Anglia's existing bank loans at '4H', indicating S&P's
expectations are at the upper end of "average" (30%-50%) recovery
of the principal in the event of a payment default.  Nord Anglia
is a Hong Kong-domiciled provider of premium education services
with operations across the world.

"We lowered the rating because we expect Nord Anglia's leverage to
stay high over the next 12 months due to the company's high debt
and subdued profitability," said Standard & Poor's credit analyst
Lillian Chiou.

S&P expects Nord Anglia's debt to stay high because of the
company's aggressive debt-funded acquisitions and the inclusion of
large and long-dated operating leases from seven out of 10 newly
acquired schools.  S&P has also assumed that the company will sell
and lease back the remaining three self-owned school premises, and
its operating lease-adjusted debt will increase over the next 12
months.  S&P fully adjust these operating leases to calculate the
company's debt.

S&P expects Nord Anglia's leverage will stay materially higher
than S&P's upgrade trigger of 6.0x over the next 12 months,
although a full recognition of newly acquired schools could bring
down the ratio to 7.5x-8.5x from 10.5x as of the fiscal year ended
Aug. 31, 2015.  S&P continues to assess Nord Anglia's financial
risk profile as highly leveraged.

Nord Anglia's earning power has weakened, in S&P's opinion,
although the company's profit margin is still higher than the
industry average.  Growth in Nord Anglia's profitability could
stay subdued as a result of higher costs for newly opened schools
in Chicago and Aubonne and faster expansion in lower margin
countries such as Vietnam.  S&P also expects the strong U.S.
dollar to pressure the company's topline growth.  Challenging
operating conditions in Nord Anglia's key markets such as China
will continue to weigh on the company's operating performance over
the next 12 months.  As a result, EBITDA margin could decrease to
29%-30% over the period from 32.1% in fiscal 2015.  S&P expects
the company's capability to raise tuition fees by 1.5x-2.0x of
inflation and potential cost savings after integrating new schools
acquired from Vietnam-based British International School Group and
Meritas Schools Holdings LLC could partly offset the weaknesses.

S&P expects Nord Anglia to continue to drive growth through
proactive acquisitions given the company's aggressive growth
strategy.  S&P believes that any material improvement in the
company's financial leverage is unlikely in the next 12 months.
Therefore, S&P has revised its assessment of comparable rating
analysis to neutral from positive.

S&P expects Nord Anglia's geographic diversity to improve post the
acquisition of six Meritas schools and four international schools
in Vietnam, resulting in a more balanced revenue and EBITDA
distribution and stable growth.

Nord Anglia's enlarged scale will improve its competitive
advantage, in S&P's opinion.  The company is one of the largest
premium international school operators globally and is likely to
sustain its market position amid a highly fragmented and
competitive education services market.  S&P believes the above
factors underpin its assessment of Nord Anglia's business risk
profile as fair.

"The stable outlook reflects our view that Nord Anglia will
maintain its good market position in the premium school segment
and continue to expand over the next 12 months through organic
growth and acquisitions," said Ms. Chiou.  "We believe the
company's strong growth momentum, good profitability, and high
visibility on cash flows temper the risk of an aggressive
financial policy and high leverage."

S&P could lower the rating if Nord Anglia makes more aggressive
and cash-exhaustive acquisitions than S&P expects, such that its
liquidity deteriorates significantly.  S&P could also lower the
rating if the company's market position and profitability weaken
significantly due to materially adverse operating conditions
globally or weak integration of recent acquisitions.  However, S&P
considers such downside risk as limited.

S&P could raise the rating if the company can consistently improve
its financial risk profile while maintaining its good market
position and profitability.  A reduction of the debt-to-EBITDA
ratio consistently and comfortably below 6.0x while EBITDA
interest coverage stays above 3.0x would indicate such
improvement.



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ANNUR SRIAMBAL: CRISIL Assigns B+ Rating to INR34.6MM LT Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long term
bank facilities of Annur Sriambal Fabrics Private Limited (ASFPL)

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Proposed Long Term
   Bank Loan Facility    3.7       CRISIL B+/Stable
   Cash Credit          30         CRISIL B+/Stable
   Long Term Loan       34.6       CRISIL B+/Stable

The ratings reflect ASFPL's modest scale of operations in a highly
competitive textile industry and large working capital
requirement. These weaknesses are mitigated by the promoters'
extensive experience and moderate financial risk profile marked by
low gearing and moderate debt protection metrics.
Outlook: Stable

CRISIL believes ASFPL will benefit over the medium term from its
promoters' extensive experience. The outlook may be revised to
'Positive' if healthy revenue and profitability are reported along
with prudent working capital management. Conversely, the outlook
may be revised to 'Negative' if revenue growth slows down, or the
capital structure or debt protection metrics weakens because of
significant capital expenditure, thus weakening financial risk
profile.

ASFPL was incorporated in 2006 by Mr. K. C. Sundaram and Mr.
Chinnasamy. The Annur (Tamil Nadu)-based company manufactures
cotton yarn.


ANUPAM UDYOG: Ind-Ra Raises Long-Term Issuer Rating to 'IND BB-'
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Anupam Udyog's
Long-Term Issuer Rating to 'IND BB-' from 'IND B+'.  The Outlook
is Stable.

KEY RATING DRIVERS

The upgrade reflects the company's improved liquidity position
with average working capital utilization of around 100% during the
six months ended December 2015 compared with average 107% during
August 2014.  The ratings also reflect Anupam's strong credit
metrics with interest coverage of 3.4x in FY15 (FY14: 4x) and net
financial leverage of 2.3x (3.7x).The operating EBITDA margin had
also improved during FY15 to 2.9% from 2.7% in FY14.  However,
revenue declined to INR262 mil. in FY15 from INR279 mil. in FY14
due to lower orders received during FY15.

The ratings are constrained by its partnership nature of business.

The ratings are, however, supported by the firm's partners'
experience of over three decades in manufacturing transformers.

RATING SENSITIVITIES

Positive: Improvement in scale of operations while maintaining the
credit metrics will be positive for the ratings.

Negative: A decline in the scale of operations will be negative
for the ratings.

COMPANY PROFILE

Incorporated in 1978, Anupam manufactures transformers.  The firm
is managed by Vikas Mor, Shivani Mor and Kamal Kumar Mor.  Anupam
sells its products mainly to the Rajasthan Electricity Board.

Anupam's ratings:

   -- Long-Term Issuer Rating: upgraded to 'IND BB-' from
      'IND B+'; Outlook Stable

   -- INR15 mil. fund-based working capital limit (increased from
      INR12.5 mil.): upgraded to 'IND BB-'/ Stable from 'IND B+'

   -- INR65 mil. non-fund-based limit (increased from
      INR37.5 mil.): upgraded to 'IND A4+' from 'IND A4'


AXSYS SOLUTIONS: CRISIL Cuts Rating on INR50MM LT Loan to 'D'
-------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Axsys Solutions (Axsys) to 'CRISIL D' from 'CRISIL B/Stable'.

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

   Proposed Long Term     50       CRISIL D (Downgraded from
   Bank Loan Facility              'CRISIL B/Stable')

   Term Loan              50       CRISIL D (Downgraded from
                                   'CRISIL B/Stable')

The downgrade reflects significant delays in servicing of term
debt by Axsys in the recent past due to stretched liquidity
because of nascent stage of operations. The firm's project cost
INR100.4 million against the earlier anticipated INR70 million.
The cost overrun was funded through equity infusion and unsecured
loans from promoters. Also, commercialisation of the project was
delayed by three months.

Axsys's nascent stage of operations has led to weak financial risk
profile. However, the firm benefits from its promoter family's
extensive experience in the aluminium facades and related
industries.

Axsys, a Sirmour (Himachal Pradesh [HP])-based firm, manufactures
aluminium facades. Its unit is in Kala Amb (HP). It commenced
commercial operations in February 2015.


BALLARPUR INDUSTRIES: Fitch Affirms 'B+' IDR; Outlook Stable
------------------------------------------------------------
Fitch Ratings has affirmed the Long-Term Issuer Default Ratings on
India-based paper maker Ballarpur Industries Limited and its
subsidiary Bilt Paper B.V. at 'B+'.  The Outlook is Stable.

The affirmation follows Fitch's expectation of significant
improvement in BILT's financial profile, with proceeds from the
sale of Malaysia-based Sabah Forest Industries Bhd (SFI) to be
used for debt reduction.  Fitch expects BILT's net leverage (net
adjusted debt/operating EBITDAR) to fall below 5.5x by end-March
2016 from 7.83x a year earlier.

Failure to complete the SFI sale or significant use of the SFI
sale proceeds for anything other than debt reduction, which would
cause BILT's net leverage to remain above 5.5x, may result in
negative rating action.

                          KEY RATING DRIVERS

Sale of Malaysian Operations: BILT has entered into an agreement
to sell its entire 98.08% equity stake in SFI for an enterprise
value of USD500 mil.  Fitch expects the company to use most of the
proceeds to repay debt at SFI and other group entities.  Fitch
expects the total adjusted debt of BILT to reduce to around
INR46bn after the sale, from INR62.3 bil. (Fitch has applied 50%
equity credit to the perpetual debt) at the end of the year to
March 31, 2015 (FY15).

Financial Profile to Improve: Fitch expects BILT's net leverage to
fall to around 5.5x by FY16 (FY15: 7.83x).  BILT's profitability
is also likely to improve from FY17 with the sale of the weaker
SFI operations and likely resumption of operations at its
Kamalapuram (KPM) pulp unit.  Fitch consequently expects leverage
to reduce further, supported by lower debt levels, improvement in
its profitability and absence of any large capex plans.

Government Support for KPM Unit: BILT is likely to restart its KPM
unit, which produces rayon-grade pulp, during 4QFY16-1QFY17.
Fitch expects incentives from the state governments to help BILT
reduce operational losses at this unit, which BILT shut in May
2014 following weak rayon-grade pulp prices globally.  The receipt
of state government subsidies for power and pulp wood for seven
years, should KPM unit be restarted, should see KPM report
positive EBITDA during FY17 compared to the EBITDA losses
currently.

Strong Market Position: BILT has a strong market position in the
Indian writing and printing paper markets, with market share of
about 42% in the Indian coated paper segment and about 25% in
uncoated paper (hi-bright) segment by sales.  BILT's market
position is supported by its strong brand presence and large
distribution network in the fragmented paper market.

Highly Integrated Operations: BILT meets its hardwood pulp
requirements internally and has captive power plants at all except
one of its units.  The SFI sale is likely to reduce BILT's supply
of hardwood pulp to meet only around 75% of its needs.  However
Fitch does not expect this to have significant impact on BILT's
profitability given its ability to source hardwood pulp externally
and the prevailing low pulp prices.

Cyclical Business: The company is exposed to the volatility in
paper prices, which impacts its profitability.  Global paper
prices have remained weak over the last three years reflecting the
lower demand globally.

Strong Linkage with Subsidiary: Bilt Paper B.V's ratings reflect
its strong operational and strategic linkages with the ultimate
parent, BILT.  Bilt Paper is in the same line of business as BILT
and the two have a common treasury and management team.  Bilt
Paper holds a 99.99% stake in Ballarpur Graphic Paper Products
Ltd. (BGPPL), the key Indian operating entity, and a 98.08% stake
in SFI.  Bilt Paper B.V. accounts for over 90% of BILT's overall
revenue and over 80% of its EBITDA.

KEY ASSUMPTIONS

Fitch's key assumptions within its rating case for the issuer
include:

   -- Completion of the sale of BILT's 98.08% shareholding in
      Sabah Forest Industries Bhd during FY16

   -- Significant reduction of debt using the proceeds of SFI
      sale

   -- Absence of any major capex over the medium term

   -- Positive EBITDA from the KPM unit from FY17 after
      operations restart with government subsidies

   -- Improvement in BILT's overall EBITDA margins to over 18%
      from FY17

RATING SENSITIVITIES

Negative: Future developments that may, individually or
collectively, lead to negative rating action include:

   -- Failure by BILT to reduce its net leverage comfortably
      below 5.5x by FY16.

   -- EBITDA fixed charge cover sustained at below 2x (FY15:1.5x)

   -- Any weakening in liquidity

Positive: A rating upgrade is unlikely in the medium term.
However, future developments that may, individually or
collectively, lead to positive rating action on include

   -- Significant improvement in BILT's profitability resulting
      in EBITDA margin sustained at over 20% (FY15: 15.7%)

   -- Substantial reduction in debt levels resulting in BILT's
      net leverage falling below 4x on a sustained basis


CONCORD DRUGS: CRISIL Ups Rating on INR50MM Cash Loan to B-
-----------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of Concord
Drugs Limited (CDL) to 'CRISIL B-/Stable/CRISIL A4' from 'CRISIL
D/CRISIL D'.

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

   Letter of Credit        5       CRISIL A4 (Upgraded from
                                    'CRISIL D')

   Term Loan              85       CRISIL B-/Stable (Upgraded
                                   from 'CRISIL D')

   Working Capital        25       CRISIL B-/Stable (Upgraded
   Demand Loan                     from 'CRISIL D')

The upgrade reflects timely servicing of debt by CDL over the past
six months, supported by improvement in cash accrual aided by
higher-than-expected revenue. While CDL's bank line remains fully
utilised because of large working capital requirement, CRISIL
believes the company's liquidity will continue to be supported by
need-based funds from promoters over the medium term.

The ratings reflect CDL's weak financial risk profile because of
stretched liquidity driven by modest cash accrual and sizeable
incremental working capital requirement. The rating also factors
in small scale of operations in a fragmented industry. These
weaknesses are partially offset by promoters' funding support and
their extensive experience in the pharmaceuticals industry.
Outlook: Stable

CRISIL believes CDL will benefit from its promoters' extensive
experience in the pharmaceutical industry and their need-based
fund support. The outlook may be revised to 'Positive' if the
company significantly scales up operations and improves
profitability, resulting in substantial cash accrual leading to
better liquidity. Conversely, the outlook may be revised to
'Negative' if financial risk profile and liquidity deteriorate
because of sizeable working capital requirement or significantly
low cash accrual or large debt-funded capital expenditure.

CDL, based in Hyderabad and incorporated in 1995, manufactures
bulk drugs and active pharmaceutical intermediates. Its operations
are managed by promoter-director Mr. S Nagi Reddy. CDL is listed
on Bombay Stock Exchange (BSE).

For the six months ended September 30, 2015, CDL's profit after
tax (PAT) was INR4.7 million on net sales of INR235 million,
against PAT of INR2.4 million on net sales of INR192 billion for
the corresponding period of the previous year. For 2014-15 (refers
to financial year, April 1 to March 31), PAT was INR7.0 million on
net sales of INR400 million, against PAT of INR3.4 million on net
sales of INR340 million for 2013-14.


DABANG METAL: CARE Reaffirms 'B' Rating on INR5.95cr LT Loan
------------------------------------------------------------
CARE reaffirms rating to the bank facilities of Dabang Metal
Industries.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      5.95      CARE B Reaffirmed

Rating Rationale
The rating assigned to the bank facilities of Dabang Metal
Industries (DMI) continues to remain constrained by its short
track record and small scale of operations along with low capital
base, leveraged capital structure, weak coverage
indicators and working capital intensive nature of operations. The
rating is further constrained by its presence in the highly
fragmented and competitive industry and susceptibility of margins
to fluctuation in raw material prices.

The rating however, continues to draw comfort from experienced
partners, moderate profitability margins and fiscal benefits to
the unit being established in the tax-free zone.

Going forward, the ability of the firm to increase its scale of
operations along with improvement in capital structure and
efficient management of working capital shall be the key rating
sensitivities.

Kotdwar-based (Uttrakhand), Dabang Metal Industries (DMI) was
established as a partnership firm in February 2012 by Mr Vishal
Tayal, Mr Mahender Jain, Mr Sachin Gupta, Mr Sharad Alan andMr
Sunil Gupta sharing profit and losses in ratio is 35%, 35%, 10%,
10%, and 10% respectively. The firm commenced its commercial
operation from February, 2013.  The firm is engaged in drawing of
copper wires (thickness of 1 mm to 6 mm) with an installed
capacity of 4000 metric tonnes per annum as on March 31, 2015. The
product finds its application in the electrical cable industry.
The firm procures the key raw material i.e. copper rod from
Hindalco Industries Limited, Sterlite Industries Limited, Birla
Copper Limited and Hindustan DMI and sells its product to
companies situated in Uttrakhand and Uttar Pradesh.

The firm is eligible for tax exemption under the income tax act
wherein it is eligible for 100% tax exemption till 2023.

DMI achieved a total operating income (TOI) of INR24.17 crore with
PBILDT and profit after tax (PAT) of INR1.46 crore and INR0.29
crore, respectively in FY15 (refers to the period April 1 to March
31) as against TOI of INR21.90 crore with PBILDT and PAT of
INR1.54 crore and INR0.36 crore, respectively, in FY14. During
8MFY16, the firm has achieved total operating income of INR16.53
crore.


DIAMOND HOMETEX: CARE Ups Rating on INR8.03cr Loan to BB-
---------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
Diamond Hometex India Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      8.03      CARE BB- Revised from
                                            CARE B

   Short-term Bank Facilities     0.75      CARE A4 Reaffirmed

Rating Rationale

The revision in the long-term rating of Diamond Hometex India
Private Limited (DHI) factors in stabilization of operations,
higher-than-envisaged equity infusion coupled with moderate
profitability margin. The rating further draws comfort from
experienced promoters in blankets business.

The ratings continue to remain constrained by small scale of
operations, working capital intensive nature of operations,
leveraged capital structure and weak coverage indicators. The
rating is further constrained by exposure to raw material
price volatility, seasonality associated with the products
manufactured and its presence in a highly fragmented and
competitive industry.

Going forward, the ability of DHI to increase its scale of
operations while improving its profitability margins and capital
structure coupled with effective working capital management shall
be the key rating sensitivities.

Panipat-based, (Haryana) Diamond Hometex India Private Limited
(DHI) was incorporated in 2013 by Mr Mahavir Goyal, Mr Prahlad
Jindal, Mr Dayanand and Mr Satish Kumar Jindal. DHI was
incorporated with an objective to manufacture mink and polar
blankets. The company has set up a manufacturing plant for
manufacturing blankets at panipat and DHI commenced its operations
from August, 2014. FY16 (refers to the period April 1 to March 31)
will be the first full year of operation. The main raw material
required for production is polyester yarn which is procured mainly
from Dadra and Nagar Haveli. The firm procures the remaining raw
materials like satin silk and dyeing colors from the domestic
market such as Ludhiana, Jalandhar, Amritsar (Punjab) and New
Delhi and sells the same to dealers located in Panipat and nearby
regions under its own brand name "Diamond".

DHI reported a PAT and PBILDT of INR0.06 crore and INR1.59 crore
respectively on a total income of INR11.30 crore in FY15 ( refers
to the period April 01 to March 31). DHI has achieved a total
operating income of INR15.83 crore till November 30, 2015 (as per
unaudited results).


ESSEN TRADING: CRISIL Reaffirms B+ Rating on INR100MM Cash Loan
---------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Essen Trading
Company (ETC) continues to reflect ETC's below-average financial
risk profile because of small networth and weak debt protection
measures, and modest scale of operations in the intensely
competitive coconut oil industry. These weaknesses are partially
offset by promoters' extensive industry experience.

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

Outlook: Stable

CRISIL believes ETC will continue to benefit over the medium term
from its promoters' extensive industry experience. The outlook may
be revised to 'Positive' in case of significant improvement in
scale of operations and profitability, or substantial equity
infusion, leading to a better financial risk profile. Conversely,
the outlook may be revised to 'Negative' if accrual declines, or
working capital cycle lengthens, or in case of large debt-funded
capital expenditure, leading to weakening of financial risk
profile.

ETC, set up in 2006 by Mr. Gopakumar and Mr. Babyas a partnership
firm, manufactures coconut oil and trades in edible oils. It is
based in Annamanada (Kerala).


GARON DEHYDRATES: CRISIL Assigns 'B' Rating to INR45MM Term Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Garon Dehydrates Private Limited (GDPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Term Loan              45       CRISIL B/Stable
   Cash Credit            20       CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility     30       CRISIL B/Stable

The rating reflects GDPL's exposure to stabilisation risks because
of initial stage of operations and susceptibility of its operating
margin to intense competition and to volatility in raw material
prices. These rating weaknesses are partially offset by the
promoters' extensive experience in the processed and dehydrated
food industry.
Outlook: Stable

CRISIL believes GDPL will continue to benefit over the medium term
from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' if GDPL successfully
stabilises its operations, and generates substantial operating
income and cash accrual, or infusion of substantial capital,
considerably strengthens the financial risk profile. Conversely,
the outlook may be revised to 'Negative' if operating income and
cash accrual are low, or working capital cycle is stretched, or
the company undertakes a significant debt-funded capital
expenditure, thereby weakening the financial risk profile,
particularly liquidity.

GDPL, incorporated in 2006, processes and sells dehydrated agro
products, including vegetables and garlic, as powder and flakes.
It commenced commercial operations in October 2015. Mr. Amit Kumar
Garg, Mrs. Jyoti Garg and Mrs. Namrata Goel are the directors. The
operations are, however, primarily managed by Mr. Garg.


GEONET IT: CRISIL Suspends B+ Rating on INR55MM Cash Loan
---------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Geonet IT
Mall (GITM).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit             55      CRISIL B+/Stable

The suspension of ratings is on account of non-cooperation by GITM
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, GITM is yet to
provide adequate information to enable CRISIL to assess GITM'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 2000, GITM is a Mumbai-based proprietorship firm set up
by Ms. Suneetapriya Singh. It is managed by Ms. Singh and her
husband Mr. Bimal Singh. The firm operates 14 HP World showrooms,
6 multi-brand outlets, and 2 Samsung Smart Cafes in different
parts of Mumbai (Maharashtra) and deals in various IT products
such as laptops, printers, and other computer hardware.


GLOBAL METAL: Ind-Ra Suspends BB+ Rating on INR105MM Sr. Loan
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Global Metal and
Energy Private Limited's (GMEPL) INR105 mil. senior bank loan to
'IND BB+(suspended)' from 'IND BB+'/Stable.

The rating has been suspended due to lack of adequate information.
Ind-Ra will no longer provide ratings or analytical coverage for
GMEPL.

The rating will remain suspended for a period of six months and be
withdrawn at the end of that period.  However, in the event the
issuer starts furnishing information during this six-month period,
the rating could be reinstated and will be communicated through a
rating action commentary.


HEMNIL METAL: CRISIL Assigns 'D' Rating to INR96.2MM Loan
---------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the bank facilities
of Hemnil Metal Processors Private Limited (HMPPL). The rating
reflects instances of delay by the company in servicing its
maturing debt on account of weak liquidity.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            70       CRISIL D
   Term Loan              96.2     CRISIL D

HMPPL's operations are modest in scale, working capital intensive,
and exposed to volatility in demand. Moreover, financial risk
profile is weak with constrained capital structure and weak
liquidity.  The company however benefits from the promoters'
extensive experience and healthy relationships with key customers.

Incorporated in 1996, HMPPL cuts coils or sheets in sizes as
specified by customers, mainly from the automobile industry.
Operations are managed by key promoter, Mr. Hemant Mehta.


HINDUSTAN EVEREST: CRISIL Cuts Rating on INR70MM Loan to 'D'
------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Hindustan Everest Tools Limited (HETL) to 'CRISIL D/CRISIL D' from
'CRISIL B-/Stable/CRISIL A4'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            40       CRISIL D (Downgraded from
                                   'CRISIL B-/Stable')

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

   Packing Credit         70       CRISIL D (Downgraded from
                                   'CRISIL A4')

   Term Loan               5.9     CRISIL D (Downgraded from
                                   'CRISIL B-/Stable')

The rating downgrade reflects recent delays in servicing
instalments on outstanding term loan and overdrawn cash credit
facility. Both the defaults were due to HETL's stretched liquidity
following delay in receivables realisation.

The company also has a weak financial risk profile because of
fluctuating operating margins and low accrual, and small scale of
operations in the highly fragmented hand tools industry. However,
HETL benefits from promoters' extensive experience.

Promoted by the late Mr. D P Mandelia in 1963 and currently
managed by his sons, Mr. Shravan Mandelia and Mr. Balgopal
Mandelia, HETL is a listed company that manufactures hand tools
such as spanners, wrenches, and screw drivers at its facility in
Sonepat, Haryana, which has capacity of 1800 tonne per annum.


IN-STYLE EMBROIDERIES: Ind-Ra Assigns 'IND BB-' LT Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned In-Style
Embroideries Private Limited (ISEPL) a Long-Term Issuer Rating of
'IND BB-'.  The Outlook is Stable.

KEY RATING DRIVERS

The ratings reflect ISEPL's small scale of operations, moderate-
to-weak credit metrics and tight liquidity position.  In FY15,
overall revenue stood at INR65 mil. in FY15 (FY14: INR48 mil.),
EBITDA margins were 24.61% (22.83%), interest coverage was 2.87x
(2.92x) and net leverage was 5.15x (5.03x).  The company almost
fully utilized its fund-based working capital limits during the 12
months ended December 2015.

However, the ratings are supported by the company's strong and
improved EBITDA margins at 24.61% in FY15 (FY14: 22.83%).  The
ratings also benefit by the company's established track record and
more than 15 years of promoter's experience in the textile
industry.

RATING SENSITIVITIES

Negative: Significant deterioration in the EBITDA margins leading
to weaker credit metrics will be negative for the ratings.

Positive: A substantial increase in the scale of operations along
with improvement in credit metrics will lead to a positive rating
action.

COMPANY PROFILE

ISEPL was incorporated in 1997 and is engaged into embroideries
job work.


INTERNATIONAL LEATHER: CRISIL Suspends B+ Rating on INR40MM Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
International Leather Goods (ILG).

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Cash Credit              40       CRISIL B+/Stable
   Export Bill Purchase     50       CRISIL A4
   Proposed Long Term
   Bank Loan Facility       10       CRISIL B+/Stable

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

ILG is a partnership concern set up in 2010. It manufactures and
exports finished leather and leather products. Its key promoters,
Mr. Anshuman Kapoor and his wife Mrs. Sonal Kapoor, manage its
day-to-day operations. ILG's manufacturing facilities are in
Kanpur (Uttar Pradesh).


J D ISPAT: CRISIL Suspends B- Rating on INR190MM Cash Loan
----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
J D Ispat Private Limited (JDIPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit           190       CRISIL B-/Stable
   Letter of Credit       20       CRISIL A4
   Term Loan             120       CRISIL B-/Stable

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

JDIPL is a private limited company that manufactures M S billets.
The company was set up in 2004 by Mr. Shiv Goel and his wife Ms.
Anjana Goel. The company has shifted its manufacturing facilities
in January 2012 to Durg (Chhattisgarh); its manufacturing
facilities were previously at Nagpur (Maharashtra).


K SESHAGIRI RAO: Ind-Ra Assigns 'IND BB+' Long-Term Issuer Rating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned K Seshagiri Rao &
Co (KSRC) a Long-Term Issuer Rating of 'IND BB+' with Stable
Outlook.

KEY RATING DRIVERS

The ratings reflect KSRC's small scale of operations and declining
profitability.  FY15 revenue fell to INR426.3 mil. (FY14:
INR518.9 mil.) and EBITDA margins to 11.0% (14.9%).  The order
book has been stagnant with no new major projects in slag handling
(85% of revenue) in FY14 and FY15.  However, the firm had received
new orders of INR2139.8 mil. in FY16 till December leading to an
unexecuted  strong order book of INR2,573.78 mil. at end-December
2015 (6x of FY15 revenue) which provides revenue visibility for
the medium term.  The trend of declining revenue is also likely to
reverse as the company is in negotiation with Steel Authority of
India Limited ((Bokaro) 'IND AAA/Negative')) & Salem Steel Plant
(Salem) for new slag handling projects with monthly revenue of
around INR30 mil. from 2QFY17.  The margins have been on a
downward trend since FY12 when it was 18.9%.  The high level of
sector specific concentration on the steel & power industry and
the partnership structure of the organization also moderate the
ratings.

The ratings also factor in the company's comfortable credit
metrics with net financial leverage (Ind-Ra adjusted net
debt/operating EBITDA) of 1.6x at FY15 (FY14 2.5x) and EBITDA
interest coverage of 4.3x (5.3x). Strong counterparties (such as
Tata Steel Limited ('IND AA'/Negative), JSW Steel Limited and
Bharat Heavy Electricals Limited ('IND AAA'/Stable)) and the
presence of a price variation clause in customer contracts
insulate its margins from diesel price volatility.  The ratings
also benefit from KSRC's partner's experience of around three
decades in the slag & material handling business.

Moreover, liquidity is comfortable with average peak cash credit
utilization at 84% during the 12 months ended December 2015; the
company's positive cash flow from operations in FY15 also benefits
the ratings.

RATING SENSITIVITIES

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

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

COMPANY PROFILE

Established in 1982, KSRC is into material and hot slag handling,
scrap, skull recovery in steel industries, hiring of heavy
machinery and excavation contracts.  According to the interim
financials for the seven months ended October 2015, revenue was
INR297.5m, EBITDA margins were 18.3% and interest coverage was
4.7x.

KSRC's ratings are:

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

   -- INR40.0 mil. fund-based working capital limit: assigned
      Long-term 'IND BB+/Stable and Short-term 'IND A4+'

   -- INR30.0 mil. non-fund-based working capital limit: assigned
      Short-term 'IND A4+'

   -- Proposed INR90.0 mil. fund-based working capital limit:
      assigned Long-term 'Provisional IND BB+'/Stable and Short-
      term 'Provisional IND A4+'

   -- Proposed INR40.0 mil. non-fund-based working capital limit:
      assigned 'Provisional IND A4+'


KANCHESHWAR SUGAR: CRISIL Assigns 'B' Rating to INR500MM Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facilities of Kancheshwar Sugar Limited (KSL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Working Capital
   Term Loan              200      CRISIL B/Stable
   Pledge Loan            500      CRISIL B/Stable
   Term Loan              230      CRISIL B/Stable

The rating reflects KSL's initial phase of operations,
susceptibility to cyclicality and regulatory risks in the sugar
industry, large working capital requirement, and below-average
financial risk profile because of high gearing and subdued debt
protection metrics. These weaknesses are partially offset by
promoters' extensive industry experience and semi-integrated
operations.
Outlook: Stable

CRISIL believes KSL will continue to benefit over the medium term
from promoters' extensive industry experience and semi-integrated
operations. The outlook may be revised to 'Positive' if
significant improvement in revenue and profitability leads to
large cash accrual. Conversely, the outlook may be revised to
'Negative' if financial risk profile, particularly liquidity,
deteriorates due to low cash accrual, stretch in working capital
cycle, or any large unanticipated capital expenditure.

Incorporated in 2011 and promoted by Mr. Dhananjay Bosale, Mr.
Dilip Mane and their acquaintances, KSL manufactures sugar and
also operates a co-generation plant. Its unit in Mangrul in
Osmanabad district, Maharashtra, has sugar milling capacity of
3500 tonne crushed per day, while co-generation plant has capacity
of 15 megawatt.


KHANDELWAL JEWELLERS: CARE Ups Rating on INR2.18cr Loan to BB-
--------------------------------------------------------------
CARE revises the ratings assigned to bank facilities of Khandelwal
Jewellers (Akola) Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     2.18       CARE BB- Revised from
                                            CARE B+

   Short-term Bank Facilities   21.50       CARE BB-/CARE A4
                                            Revised from
                                            CARE B+/CARE A4

Rating Rationale
The revision in the long term rating assigned to the bank
facilities of Khandelwal Jewellers (Akola) Private Limited (KJPL)
takes into account growth in scale of operations during FY15
(refers to the period April 1 to March 31) and improvement
in capital structure due to infusion of funds by the promoters in
the form of subordinated unsecured loans.

The ratings derive strength from experienced promoters and the
company's track record in gold jewellery business.

The ratings continue to remain constrained by vulnerability of
operating profits to volatile raw material (gold) prices,
geographical concentration and intense competition from organized
and unorganized players in the Gems & Jewellery industry. The
ratings also take into account weak financial risk profile marked
by thin profitability margins, weak debt coverage indicators and
working capital-intensive nature of operations.

Going forward, the ability of KJPL to improve its scale of
operation, profitability margin and debt coverage indicators,
along-with effective management of working capital are the key
rating sensitivities.

Khandelwal Jewellers (Akola) Private Limited (KJPL) was
incorporated in April, 1999 in the name of Khandelwal Jewellers
Akola as a partnership firm by Mr. Nitin M Khandelwal, Mr.
Ravindra M Khandelwal, Mrs. Prabha N Khandelwal and Mrs.
Ekta R Khandelwal at Akola, in Vidarbha region (Maharashtra) which
was reconstituted as a private limited company during April, 2011
and subsequently the name was changed into KJPL. The company is
managed by second generation entrepreneurs of Khandelwal family
and is engaged in manufacturing of wide variety of gold and silver
jewellery such as rings, pendants, earrings, bracelets, bangles
and necklaces. Currently KJPL operates from two showrooms located
at Akola (Maharashtra) of 2,000 square feet (sq. ft.) and 1,000
sq. ft. respectively and the company is in the process of setting
up a new showroom at Akola (Maharashtra) of 5,000 sq. ft. (which
is expected to be completed by the end of January 2016).

The expansion is estimated to cost ~Rs.2.50 crore crore which
would be funded through a term loan of INR1.34 crore and
remaining through internal accruals and unsecured loans.

During FY15 (refers to period from April 01 to March 31), KJPL
reported a total operating income of INR294.13 crore and PAT of
INR0.77 crore, as compared to total operating income of INR222.48
crore and PAT of INR0.87 crore during FY14.


KVR AUTOMOBILES: CRISIL Cuts Rating on INR50MM Loan to B+
---------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
KVR Automobiles Private Limited (KVRA) to 'CRISIL B+/Stable' from
'CRISIL BB-/Stable' and reassigned its 'CRISIL A4' rating to the
company's short-term bank facilities.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         15       CRISIL A4 (Reassigned)

   Overdraft Facility     55       CRISIL A4 (Reassigned)

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

The downgrade reflects CRISIL's belief that the company's business
risk profile will remain weaker than CRISIL's expectation owing to
discontinuation of its three-wheeler segment. Its revenue of
around INR697 million in 2014-15 (refers to financial year, April
1 to March 31) was lower than CRISIL's expectation, leading to low
cash accrual. Furthermore, the financial risk profile is expected
to remain below average on account of low accretion and debt-
funded working capital-intensive operations. CRISIL believes
KVRA's cash accrual will remain constrained over the medium term
due to muted revenue growth and intense competition.

The rating reflects KVRA's below-average financial risk profile
because of an aggressive capital structure and subdued debt
protection metrics, and the susceptibility to risks related to
intense competition in the automobile dealership industry. These
rating weaknesses are partially offset by the promoters' extensive
industry experience and the established market position in the
automobile dealership segment in Kerala, for vehicles of Bajaj
Auto Ltd (BAL; rated 'CRISIL AAA/FAAA/Stable/CRISIL A1+').
Outlook: Stable

CRISIL believes KVRA will continue to benefit over the medium term
from its promoters' extensive industry experience and financial
flexibility. The outlook may be revised to 'Positive' if the
company sustains the improvement in its revenue and profitability,
leading to a better financial risk profile. Conversely, the
outlook may be revised to 'Negative' if the financial risk profile
weakens, most likely because of a considerable decline in cash
accrual, sizeable, debt-funded capital expenditure, or
deterioration in working capital management.

KVRA was originally set up in 2000 as a proprietorship concern;
the firm was reconstituted as a private limited company in 2014.
It is an authorised dealer for BAL's vehicles in North Kerala. Mr.
Subash Balan manages its daily operations.


MAGNEWIN ENERGY: CRISIL Reaffirms 'D' Rating on INR16.8MM Loan
--------------------------------------------------------------
CRISIL ratings on the bank facilities of Magnewin Energy Private
Limited (MEPL) continue to reflect instances of delay by the
company in servicing its debt; the delays have been caused by the
company's weak liquidity.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         2.5      CRISIL D (Reaffirmed)

   Cash Credit           15        CRISIL D (Reaffirmed)

   Letter of Credit      15        CRISIL D (Reaffirmed)

   Long Term Loan        16.8      CRISIL D (Reaffirmed)

   Standby Line of
   Credit                 2        CRISIL D (Reaffirmed)

MEPL also has a modest scale of operations, large working capital
requirement, and working capital-intensive operations. Moreover,
it is susceptible to volatility in foreign exchange rates and raw
material prices. However, the company benefits from its
established track record.

Incorporated in 1991, MEPL manufactures electrical
capacitors'special-purpose capacitors, and high- and low-tension
capacitors'used for compensating transmission line losses and
power factor improvement. These capacitors are primarily used by
utility companies and the defence sector; the capacitors also find
application in industries such as textiles, coal, chemicals, and
sugar. Set up as Magnewin Magnetics, the company was reconstituted
as a private limited company in September 2009.


MIDAS INTERNATIONAL: CRISIL Suspends D Rating on INR250MM Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Midas International India Limited (MIL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee          5       CRISIL D
   Cash Credit            50       CRISIL D
   Letter of Credit       45       CRISIL D
   Proposed Long Term
   Bank Loan Facility    250       CRISIL D

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

MIL was originally set up in 2004 by Ms. Meena Vohra as a
proprietorship firm under the name Midas International. In
April 2013, the firm's operations were transferred to a newly
incorporated closely held limited company, MIL. It is currently
being managed Mr. Chetan Vohra (husband of Ms. Meena Vohra), and
their son, Mr. Karan Vohra. MIL trades in pig iron, sponge iron,
billets and ingots, and imported scrap metal, and also provide
logistics solutions. The company operates through its registered
office at Andheri in Mumbai.


MIDDHA INDUSTRIES: CRISIL Assigns 'B' Rating to INR60MM Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Middha Industries (MI).

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

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

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

MI was established in 2001 as a partnership between Mr. Amin
Chand, Mr. Mukesh Kumar, and Mr. Gourav Middha. The firm processes
basmati rice at its plant at Jalalabad, Punjab. It has a total
milling capacity of 3 tonnes per hour (tph) and sorting capacity
of 4 tph.

MI reported a book profit of INR0.6 million on sales of INR48.8
million in 2014-15 (refers to financial year, April 1 to
March 31) as against a book profit of INR0.56 million on sales of
INR146.5 million in 2013-14.


NATIONAL FABRO: CRISIL Assigns 'B' Rating to INR50MM Loan
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of National Fabro Technologies Private Limited
(NFTPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         30       CRISIL A4
   Cash Credit            50       CRISIL B/Stable

The ratings reflect NFTPL's weak financial risk profile, marked by
high gearing and small net worth, constrained financial
flexibility due to large working capital requirements, and
presence in fragmented industry with intense competition. These
rating weaknesses are partially offset by NFTPL's moderate order
book providing revenue visibility and promoters' extensive
industry experience.
Outlook: Stable

CRISIL believes that NFTPL will benefit over the medium term from
the extensive industry experience of its management. The outlook
may be revised to 'Positive' if the company's revenues and
profitability increase substantially, leading to improvement in
its financial risk profile, or in case of significant infusion of
capital by the promoters, resulting in improved capital structure.
Conversely, the outlook may be revised to 'Negative' if NFTPL
undertakes aggressive debt-funded expansions, or if its revenues
and profitability decline substantially, leading to weakening in
its financial risk profile.

Set up in 2012 and based out of Vishakhapatnam, NFTPL is promoted
by Mr. Kanumuri Veerabhadra Raju and his family. NFTPL is engaged
in the business of fabrication and erection of industrial
equipment for steel, power, and cement industries.


OM CONSTRUCTION: CRISIL Reaffirms B Rating on INR150MM Loan
-----------------------------------------------------------
CRISIL's rating on the long term bank facility of OM Construction
- Raipur (OC) continue to reflect OC's exposure to completion
risks associated with the ongoing project coupled with risks and
cyclicality inherent in the real estate sector in India. These
rating weaknesses are partially offset by the extensive experience
of the partners of OC in the real estate sector.

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

Outlook: Stable

CRISIL believes that OC will continue to benefit from its
partners' vast industry experience and their funding support. The
outlook may be revised to 'Positive' in case of timely completion
of the project along with better-than-expected customer bookings
and advances resulting in improvement in its financial risk
profile. Conversely, the outlook may be revised to 'Negative' in
case of pressure on its liquidity stemming from time or cost
overrun in the projects, lower-than-expected advances from
customers leading to low cash inflows, or large debt-funded
expansion of the township.

Established in 2005, OC is a partnership firm engaged in
construction of real estate projects. The firm is at present
building a township, Sapphire Greens, in Raipur (Chhattisgarh). .
The day-to-day operations are managed by Mr. Rajkumar Khilwani,
Mr. Anchit Goyal, and Mr. OP Gupta.


PADMAVATI STEELS: CRISIL Suspends B- Rating on INR100MM Loan
------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Padmavati
Steels Limited (PSL; part of the HM group).

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

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

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of PSL and HM Steels Ltd (HMSL). This is
because the two companies, together referred to as the HM group,
are in the same line of business and have a common management.
Moreover, there are operational and financial linkages between
them, and HMSL has an equity stake in PSL.

Incorporated in 1999, PSL manufactures mild-steel (MS) bars and
electric resistance welding (ERW) pipes at its facility in Sangrur
(Punjab). It currently has four directors: Mrs. Sushma Rani, Mr.
Sushil Kumar Singla, Mr. Kailash Chand Bansal, and Mrs. Sunita
Garg.

HMSL, incorporated in 1999, manufactures ingots, ERW pipes, MS
bars, and galvanised iron pipes at its plant in Sirmour (Himachal
Pradesh); it sells in the domestic market. It is managed by Mr.
Megh Raj Garg, Mr. Rajnish Bansal, Mr. Pankaj Bansal, and Mr.
Ashok Kumar Singla.


PARKER VRC: ICRA Withdraws 'B' Rating on INR60cr Term Loan
----------------------------------------------------------
ICRA has withdrawn the long term rating of [ICRA] B assigned to
the proposed INR60.00 crore term loan facility of Parker VRC
Infrastructure Private Limited, as the company has not availed the
facilities.


PENGUIN PLYWOOD: CRISIL Cuts Rating on INR44MM LT Loan to 'D'
-------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Penguin Plywood Private Limited (PPPL) to 'CRISIL D/CRISIL D' from
'CRISIL B-/Stable/CRISIL A4'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            12.5     CRISIL D (Downgraded from
                                   'CRISIL B-/Stable')

   Long Term Loan         44       CRISIL D (Downgraded from
                                   'CRISIL B-/Stable')

   Proposed Cash          10       CRISIL D (Downgraded from
   Credit Limit                    'CRISIL B-/Stable')

   Proposed Letter of     20       CRISIL D (Downgraded from
   Credit & Bank                   'CRISIL A4')
   Guarantee

   Proposed Long Term     13.5     CRISIL D (Downgraded from
   Bank Loan Facility              'CRISIL B-/Stable')


The rating downgrade reflects instances of delay by PPPL in
servicing its term debt; the delays have been caused by the
company's weak liquidity because of insufficient net cash accrual
to meet debt obligations and a stretched working capital cycle.

PPPL has a limited track record of operations in the competitive
plywood and laminates industry due to its nascent stage of
operations. The company also has a below-average financial risk
profile because of a leveraged capital structure. However, it
benefits from the extensive industry experience of its promoters
and their established relationship with clients and suppliers in
the industry.

PPPL was set up in 2013 by Mr. Govindbhai Patel and his family
members in Anand, Gujarat. The company manufactures different
grades of plywood, block boards, and flush doors.


PERMALI WALLACE: ICRA Lowers Rating on INR44.23cr Loan to 'D'
-------------------------------------------------------------
ICRA has revised its long term rating on the INR55.23 crore long
term bank facilities of Permali Wallace Private Limited to [ICRA]D
from [ICRA]B+. ICRA has also revised its short term rating on the
INR14.25 crore short-term bank facilities of the company to
[ICRA]D from [ICRA]A4.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Term Loans           44.23        [ICRA] D; Revised
   Cash Credit          11.00        [ICRA] D; Revised
   Non Fund Based
   Facilities           14.25        [ICRA] D; Revised

The rating revision is driven by delays in debt servicing on
account of continued decline in operating margins and net losses
coupled with the company's debt funded capital expenditure for
which the company is required to meet sizeable repayments. ICRA
however, takes note the long standing experience of the promoters
in the laminates industry and the company's diversified product
portfolio which enables it to cater to various industries such as
electrical, defense, railways, foundries etc.

Going forward the ability of the company to resolve its
operational problems and demonstrate a track record of timely debt
servicing will be the key rating sensitivity.

PWPL was established in 1961 in technical and financial
collaboration with Permali Limited, Gloucester, U.K. and Chase
Lowe & Co., Manchester, U.K. The company started as a manufacturer
of wood based densified impregnated laminates for Industrial and
Engineering applications and expanded its product range to include
veneer based components, glass reinforced composites, sheet
moulding compounds, dough moulding compounds , moulded components,
epoxy resin castings, etc.

Recent results

PWPL reported a net loss of INR6.2 crore on an operating income of
INR53.6 crore in 2014-15 as against a net loss of INR2.7 crore on
an operating income of INR55.4 crore in the previous year


PRASHA TECHNOLOGIES: CRISIL Cuts Rating on INR100MM Loan to B-
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Prasha Technologies Limited (PTL) to 'CRISIL B-/Stable' from
'CRISIL B/Stable'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            100      CRISIL B-/Stable (Downgraded
                                   from 'CRISIL B/Stable')

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

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

The downgrade reflects CRISIL's belief that the company's business
risk profile will remain weak over the medium term due to the
overall slowdown in its key customer industries, telecommunication
(telecom) and power. Sales declined to INR340 million in 2014-15
(refers to financial year, April 1 to
March 31) from INR509 million in 2013-14. Moreover, there was a
cash loss in 2014-15. Consequently, its financial risk profile is
also expected to deteriorate, with interest coverage ratio
hovering at around 1 time over the medium term.

The rating continues to reflect the company's working capital-
intensive operations, below-average financial risk profile because
of a modest net worth and subdued debt protection metrics, and
modest scale of operations. These rating weaknesses are partially
offset by the extensive experience of the company's promoters in
the supply of sheet metal-based components to the telecom and
power sector, and their funding support.
Outlook: Stable

CRISIL believes PTL will continue to benefit over the medium term
from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' in case of an increase in
scale of operations and profitability, leading to better economies
of scale and hence to an improved business risk profile.
Conversely, the outlook may be revised to 'Negative' in case of
lower-than-expected cash accrual, resulting in further weakening
of the financial risk profile.

Incorporated in 1993, PTL fabricates sheet metal. It supplies
mechanical hardware for mobile base stations to telecom equipment
manufacturers. It also assembles and supplies uninterruptible
power supply systems (40-550 kilovolt amperes [kVA]) and
generators (15-2000 kVA), and manufactures elevators used in
commercial real estate.


PSR ELECON: CRISIL Suspends 'C' Rating on INR50MM Cash Loan
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
PSR Elecon Private Limited (PEPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         200      CRISIL A4
   Cash Credit             50      CRISIL C
   Letter of Credit        10      CRISIL A4

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

PEPL was established as a proprietorship firm, P Srinivas Rao, in
1993, and was reconstituted as a private limited company with the
present name in 2010. The company, promoted by Mr. P Srinivas Rao,
is primarily engaged in supply, erection, installation, and
testing of sub-station equipment of up to 220 kilovolts, along
with laying of transmission and distribution lines.


R. R. ENTERPRISES: CRISIL Rates INR150MM LT Loan at 'B'
-------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of R. R. Enterprises - Mumbai (RRE).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Proposed Long Term
   Bank Loan Facility     150      CRISIL B/Stable
   Bank Guarantee          50      CRISIL A4
   Cash Credit             30      CRISIL B/Stable

The ratings reflect the firm's weak financial risk profile because
of a small net worth and high gearing. The ratings also factor in
a modest scale of operations, and susceptibility to risks related
to the tender-based nature of business and regulatory changes in
sand dredging. These rating weaknesses are partially offset by the
extensive experience of the firm's promoter in the shipping and
sand-dredging industry and his funding support.
Outlook: Stable

CRISIL believes RRE will continue to benefit over the medium term
from its promoter's extensive industry experience and funding
support. The outlook may be revised to 'Positive' in case of
significant and sustained growth in revenue and increase in cash
accrual, leading to an improved capital structure and liquidity.
Conversely, the outlook may be revised to 'Negative' in case of a
steep decline in revenue or profitability, or a further stretch in
the firm's working capital cycle, leading to deterioration in its
liquidity.

Established in 2015, RRE is a proprietorship concern of Mr. Rashad
Mujawar. The firm is engaged in sea transportation, chartering,
and related activities such as sand dredging and sand trading. It
primarily operates in Maharashtra.


RANGOLI TOWER: CRISIL Suspends 'D' Rating on INR61.5MM Term Loan
----------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Rangoli
Tower (RT).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Term Loan             61.5      CRISIL D

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

RT is a proprietorship firm set in 2008 by Mr. Nitin Deshkukh. The
firm is engaged in the hospitality business and runs a hotel on
Badnera road, Amravati (Maharashtra). The hotel has 44 rooms, a
restaurant and bar, a banquet hall, a swimming pool, and a health
club; it commenced commercial operations in February 2014.


RIBO INDUSTRIES: CARE Reaffirms 'B' Rating on INR26.66cr Loan
-------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Ribo Industries Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     26.66      CARE B Reaffirmed
   Short-term Bank Facilities     3.00      CARE A4 Reaffirmed

Rating Rationale

The ratings of Ribo Industries Private Limited (RIPL) continue to
be constrained by the short track record of operation with
small size of business, elongated operating cycle due to
significant inventory holding as of March 31, 2015, highly
leveraged capital structure and customer concentration risk.
The ratings, however, do factor in the experienced promoters,
association with reputed clients and growing demand for the boiler
pressure parts from power generation equipment manufacturers.

Going forward, the ability of the company to bag more projects,
bring the incremental capacity to effective use, grow the
scale of operations and improve its profitability would be key
rating sensitivities.

RIPL, was established in 2009 by Mr S. Ramanathan (Chairman), Mr
R. Sentilnathan (Managing Director) and Mrs R. Sudha. The company
commenced commercial production of boiler pressure parts from
February 2011 at their plant in Trichy, Tamil Nadu. The installed
capacity is 1,800 MTPA as of September 30, 2015. The product
portfolio comprises panels, coils, pipings, tube bends and headers
for power & process steam boilers. Besides, RIPL also undertakes
job work of assembling the components based on customer
specifications. RIPL is a certified manufacturer under Indian
Boiler Regulations Act.

RIPL's products find application in the manufacture of boiler
equipment by Original Equipment Manufacturer (OEMs). These boilers
in turn are erected in power plant and process industries such as
paper manufacturing industries.

As per the audited results, the company earned net profit of
INR0.01 crore on total operating income of INR5.26 crore in
FY15 as compared with a net profit of INR0.13 crore on total
operating income of INR4.34 crore in FY14. During H1FY16
(provisional, refers to the period April 1 to September 30), the
company has achieved total operating income of INR8.21 crore.


SAHIL POLYPLAST: Ind-Ra Assigns 'IND B+' Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Sahil Polyplast
Private Limited (SPPL) a Long-Term Issuer Rating of 'IND B+'.  The
Outlook is Stable.

KEY RATING DRIVERS

The ratings factor in SPPL's small scale of operations and weak
credit profile due to the inherent trading based nature of
business.  In FY15, revenue was INR774.91 mil. (FY14:
INR724.72 mil.), EBITDA margins were 2.95% (2.20%), gross interest
coverage (operating EBITDA/gross interest expense) was 1.11x
(0.92x)and net leverage (adjusted net debt/operating EBITDAR) was
8.39x (9.07x).

Moreover, the liquidity position of the company is tight as
evident from its overuse of the working capital limits during the
12 months ended December 2015.

The ratings are however supported by the company's promoters' 20
years of experience in the plastic industry.

RATING SENSITIVITIES

Negative: A further stress in liquidity or deterioration in the
credit metrics will be negative for the ratings.

Positive:  A substantial improvement in the overall revenue with
the credit metrics being sustained at the existing levels shall be
positive for the ratings.

COMPANY PROFILE

Established in 1997 in Delhi, SPPL is one of the dealers of
plastic granules in the north India.

SPPL's ratings:

   -- Long-Term Issuer Rating: assigned 'IND B+'/Stable
   -- INR90 mil. fund-based working capital limit: assigned
      'IND B+'/Stable/'IND A4'
   -- Proposed INR35 mil. fund-based working capital limit:
      assigned 'Provisional IND B+'/Stable/'Provisional IND A4'
   -- Proposed INR10 mil. non-fund-based working capital limit:
      assigned 'Provisional 'IND A4'
   -- INR15 mil. non-fund-based limit: assigned 'IND A4'/Stable


SANIMO POLYMERS: ICRA Suspends B+ Rating on INR13.75cr Loan
-----------------------------------------------------------
ICRA has suspended the [ICRA]B+ and the [ICRA]A4 ratings assigned
to the INR20.00 crore bank facilities of Sanimo Polymers Private
Limited. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of requisite information from
the company.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long term fund
   based limit-
   Cash Credit           13.75        [ICRA]B+ Suspended

   Long term fund
   based limit-
   Term Loans             1.50        [ICRA]B+ Suspended

   Short term non
   fund based limit
   Letter of Credit       0.65        [ICRA]A4 Suspended

   Unallocated Limit      4.10        [ICRA]B+ and/or [ICRA]A4
                                      Suspended

Incorporated in 1986, Sanimo Polymers Private Limited is engaged
in processing of various kinds of embroidery and carpet yarns. The
company has its registered office in Mumbai while the three
processing units are located at Kim village in Surat (Gujarat).
The first unit is used for twisting of yarn; the second unit is
used for dyeing of yarn, while the third unit is used for winding
and dispatching of finished embroidery yarns. The products are
sold under the brand name 'Sargam' and 'Reco Star'.


SATGURU METALS: ICRA Lowers Rating on INR4.95cr Loan to 'D'
-----------------------------------------------------------
ICRA has revised the long term rating for the INR4.00 crore term
loan facilities and INR4.95 crore fund based facilities of Satguru
Metals & Power Private Limited from [ICRA]B+ to [ICRA]D.  The
revision in the ratings considers the delays observed in timely
servicing of debt obligations by the company.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Term Loans            4.00       [ICRA]D revised from
                                    [ICRA]B+

   Fund Based Limits     4.95       [ICRA]D revised from
                                    [ICRA]B+

Satguru Metals & Power Private Limited was established in August,
2008. The company started commercial production with an installed
capacity of 16005 MTPA in MS ingots at its manufacturing unit in
Sundargarh, Odisha. It thereafter expanded its capacity to 18,000
MTPA of MS ingots and 9000 MTPA of pig iron, with the pig iron
facility having been recently commissioned in August, 2012.


SHINE FLEXIBLE: CRISIL Reaffirms B+ Rating on INR44.9MM LT Loan
---------------------------------------------------------------
CRISIL's ratings on the long term bank loan facilities of Shine
Flexible Print and Packs Private Limited continue to reflect
modest scale of operations in intensely competitive industry and
its, working-capital-intensive operations. These rating weaknesses
are partially offset by the extensive experience of the company's
promoters in the flexible packaging industry.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit             28      CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      44.9    CRISIL B+/Stable (Reaffirmed)

   Standby Line of
   Credit                   4.5    CRISIL B+/Stable (Reaffirmed)

   Term Loan               12.6    CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SFPPPL will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of a substantial
increase in revenue and profitability, leading to higher-than-
expected accrual along with improvement in its financial risk
profile. Conversely, deterioration in SFPPPL's financial risk
profile, particularly its liquidity, most likely because of low
accruals, or a stretch in its working capital cycle, may lead to a
revision in outlook to 'Negative'.

Update
SFPPPL revenues grew by around 20 percent year on year to INR116.8
million with the operating margins improving to around 10.8
percent from 7.3 percent in 2013-14 supported by improved capacity
utilisation. The business risk profile is however constrained by
the small scale of operations and intense competition in the
industry. CRISIL expects the business risk profile to remain
modest over the medium term.

SFPPL's financial risk profile is average marked by moderate
gearing and debt protection metrics, though constrained by a small
net worth. The net worth which was small at around INR34 million
as on March 31, 2015 is expected to remain at similar levels on
account of limited accretion to reserves. The gearing was moderate
at around 1.21 times as on the same date. The debt protection
metrics are average  marked by interest coverage of around 1.92
times and NCATD of around 13 percent for 2014-15. CRISIL believes
that the financial risk profile will improve over the medium term
marked by absence of debt funded capex plans.

SFPPL's liquidity is average marked by moderate utilisation of
bank limits and tightly matched cash accruals against debt
repayments. The bank limits have been utilised at around 73
percent for the 12 month period through July 2015. The company is
expected to generate cash accruals of around INR4 to 6 million
over the medium term against debt obligations of around INR3.8 to
1.7 million. The company is also expected to benefit from
promoters need based funding support over the medium term.

SFPPPL, established in 2006, manufactures flexible packaging
materials such as polyester laminated rolls, pouches, and
polyester and poly vinyl chloride (PVC) twist wrap film. The
company has its manufacturing facility in Aluva, Kochi.


SHREE KRISHNA: CRISIL Assigns B+ Rating to INR64.5MM Cash Loan
--------------------------------------------------------------
CRISIL has revoked the suspension of its ratings on the bank
facilities of Shree Krishna Cold Storage Pvt Ltd (SKCSPL) and has
assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to these
facilities. CRISIL had suspended the rating on May 26, 2014, as
the company had not provided the necessary information required
for a rating review. SKCSPL has now shared the requisite
information enabling CRISIL to assign rating to the bank
facilities.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         1        CRISIL A4 (Assigned;
                                   Suspension Revoked)

   Cash Credit           64.5      CRISIL B+/Stable (Assigned;
                                   Suspension Revoked)

   Proposed Long Term     4.5      CRISIL B+/Stable (Assigned;
   Bank Loan Facility              Suspension Revoked)

The ratings reflect the company's weak financial risk profile
marked by small networth with high gearing and highly regulated
and fragmented nature of the West Bengal cold storage industry.
These weaknesses are partially offset by promoters' extensive
experience.
Outlook: Stable

CRISIL believes SKCSPL will continue to benefit over the medium
term from promoters' extensive experience. The outlook may be
revised to 'Positive' in case of efficient management of farmers'
financing or net cash accrual increases, leading to improvement in
the financial risk profile, particularly liquidity. Conversely,
the outlook may be revised to 'Negative' in case of pressure on
liquidity on account of delays in repayments by farmers,
considerably low cash accrual, or significant, debt-funded capital
expenditure.

Incorporated in 1995 and promoted by Mr. Ashok Bala, Mr. Ranjit
Bala, and Mr. Arindam Bala in Kolkata, SKCSPL set up a 6-chamber
potato cold storage facility in 1997 at Paschim Mednipur district,
West Bengal. It also trades in potatoes.


SHREE RANI: CRISIL Assigns B+ Rating to INR80MM Cash Loan
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Shree Rani Sati Overseas Pvt Ltd.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            80        CRISIL B+/Stable
   Term Loan              51.1      CRISIL B+/Stable

The rating reflects the company's modest scale, and working
capital intensive nature, of operations, and average financial
risk profile because of a high total outside liabilities to
tangible net worth (TOLTNW) ratio and average debt protection
metrics. These rating weaknesses are partially offset by the
extensive experience of its promoters in the rice processing
industry.
Outlook: Stable

CRISIL believes SRSOPL will maintain its business risk profile
over the medium term, backed by the extensive industry experience
of its promoters. Its financial risk profile is, however, expected
to remain constrained over this period due to a high TOLTNW ratio
and average debt protection metrics. The outlook may be revised to
'Positive' in case of significant improvement in the financial
risk profile, most likely due to capital infusion or improvement
in scale of operations and working capital management. Conversely,
the outlook may be revised to 'Negative' in case of deterioration
in the financial risk profile due to significant increase in
inventory, leading to large incremental bank borrowing, or debt-
funded capital expenditure.

SRSOPL, incorporated in 2013, mills and sorts basmati rice and
manufactures by products such as bran, phak, and husk; all these
are sold to domestic traders. The company's manufacturing
facilities are based in Barabanki, Uttar Pradesh.


SHRI ARUNACHALESWARAR: CARE Ups Rating on INR8.87cr Loan to B+
--------------------------------------------------------------
CARE revises the lt rating and reaffirms st rating assigned to
bank facilities of Shri Arunachaleswarar Tex.

                                Amount
   Facilities                (INR crore)   Ratings
   ----------                -----------   -------
   Long term Bank Facilities     8.87      CARE B+ Revised from
                                           CARE B

   Short term Bank Facilities    3.00      CARE A4 Reaffirmed

Rating Rationale
The revision in the long-term rating assigned to the bank
facilities of Shri Arunachaleswarar Tex (SAT) factors in the
completion of capital expenditure. The ratings also factor in the
long experience of the management in the textile industry and
locational advantage by way of proximity to the textile hub.
The ratings, however, continue to be constrained by small scale of
operation, susceptibility of profitability to raw material price
fluctuations, presence in a fragmented industry with high level of
competition, leveraged capital structure, weak debt service
coverage indicators, and working capital intensive nature of
operations.

Going forward, SAT's ability to grow its scale of operations with
simultaneous improvement in profitability margins, effective
management of working capital would be the key rating
sensitivities.

Shri Arunachaleswarar Tex (SAT) was established as a partnership
firm in the year 2000 by Mr T A S Dhanddabani and his wife Mrs D
Shashivarnamin Tirupur, Tamilnadu. The firm generates its revenue
primarily through two segments i.e. manufacturing of knitted
fabric, and trading of synthetic and specialized & blended yarn
like viscose yarn, modal yarn, neppy yarn and indigo yarn which
find application in t-shirts, leggings, jeggings, jeans etc. In
FY15 (refers to the period April 1 to March 31), trading sales
contributed 68% (against 82% in FY14) of the total operating
income in FY15, while manufacturing sales constituted the
residual. SAT sells fabric and yarn in Karnataka, Maharashtra,
New Delhi and Tamilnadu. Presently, SAT has a capacity of 15
knitting machinery (4,950 kilos per day) for manufacturing knitted
fabric at its sole facility located at Tirupur (Tamilnadu)
Associate concern, M/s Hallmark Knit Fabrics Pvt Ltd, is engaged
in fabric manufacturing. It accounts for around 10-20%
of the total sales of SAT.


SHRI GAJANAN: CRISIL Reaffirms B+ Rating on INR50MM Cash Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Shri Gajanan
Engineering Services continue to reflect SGES's modest scale of
operations, large working capital requirements, and average
financial risk profile marked by modest net worth and gearing.
These rating weaknesses are partially offset by the established
track record of SGES in the electrical contracting industry.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         30       CRISIL A4 (Reaffirmed)
   Cash Credit            50       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SGES will continue to benefit over the medium
term from its established position in the electrical contracting
industry. The outlook may be revised to 'Positive' if the firm
achieves significant and sustained improvement in its revenue,
while improving its capital structure. Conversely, the outlook may
be revised to 'Negative' if SGES registers a significant decline
in its revenue or margins, or if its working capital cycle
lengthens, or if it undertakes any large debt-funded capital
expenditure programme, weakening its financial risk profile.

SGES, established in 2001, is a proprietorship concern of Mrs.
Shubangi Deshmukh. SGES is an engineering, procurement, and
construction (EPC) contractor engaged in setting up of substations
and transmission lines for state power transmission and
distribution utilities in Maharashtra. Its day-to-day operations
are managed by Mr. Ravindra Deshmukh (husband of Mrs. Shubangi
Deshmukh).


SIDDHIVINAYAK POULTRY: Ind-Ra Withdraws 'IND B' Rating
------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn the
'IND B(suspended)' rating on Siddhivinayak Poultry Breeding Farm
and Hatcheries Pvt Ltd.

The ratings have been withdrawn due to lack of adequate
information.  Ind-Ra will no longer provide ratings or analytical
coverage for Siddhivinayak.

Ind-Ra suspended Siddhivinayak's ratings on Oct. 3, 2013.

Siddhivinayak's ratings:

   -- Long Term Issuer Rating: 'IND B(suspended)'; rating
      withdrawn
   -- INR123.2 mil. term loan limit: 'IND B(suspended)'; rating
      withdrawn
   -- INR24.67 mil. unsecured loan limit: 'IND B(suspended)';
      rating withdrawn


SINGLACHERRA TEA: CARE Reaffirms 'B' Rating on INR11.56cr Loan
--------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Singlacherra Tea Compnay Private Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     11.56      CARE B Reaffirmed

Rating Rationale

The rating for the bank facilities of Singlacherra Tea Company
Private Limited (STCPL) continues to remain constrained by
relatively small size of its tea garden, pre and post
implementation risk associated with its large brownfield project,
inherent susceptibility to the vagaries of nature, labour-
intensive nature of its operations and weak financial risk profile
marked by weak debt protection metrics and leveraged capital
structure. The rating, however, derives strength from the
rich experience of the promoters with strong management team,
assured off-take arrangement and stable demand outlook of the tea
industry.

Timely & successful completion of the ongoing project and STCPL's
ability to achieve the envisaged turnover & profit levels will be
the key rating sensitivities.

STCPL was incorporated in April 1962 for cultivation of tea at its
tea garden at Karimganj (Assam). The aggregate area available for
cultivation is 800 hectares. STCPL has been developing the
available aggregate area for cultivation at aggregate project cost
of INR1,839 lakh, being financed at a debt equity ratio of 1.69:1.
The present area under cultivation is only 336.70 hectares and the
company is developing the balance 463.3 hectares of unutilised
land at its garden. The entire available land is expected to be
fit for tea cultivation by 2019. Along with tea plantation, the
company also proposes to grow rubber and bamboo plants (to derive
the benefits of rubber-tea intercropping) in the proposed
cultivable land within the tea estate.

Currently, STCPL is a part of the Barak group, having interests in
cement, power and tea industries, promoted by Mr Prahlad Rai
Chamaria, Mr Bijay Kumar Garodia and Mr Santosh Kumar Bajaj.

As per the audited results for FY15 (refers to the period April 1
to March 31), STCPL reported net loss of INR41.25 lakh (INR2.32
lakh in FY14) on the total operating income of INR31.83 lakh
(INR27.32 lakh in FY14). Moreover, STCPL has achieved a turnover
of INR43.67 lakh during 9MFY16.


SRI SHANDAR: CRISIL Assigns 'B' Rating to INR87.5MM LT Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Sri Shandar Snacks Private Limited (SSSPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Long Term Loan        87.5      CRISIL B/Stable
   Cash Credit           17.5      CRISIL B/Stable
   Letter of Credit      15        CRISIL A4

The ratings reflect the promoter's extensive experience in the
read-to-eat food segment. The rating strength is partially offset
by modest scale of operations in a highly fragmented and
competitive industry.
Outlook: Stable

CRISIL believes SSSPL will benefit over the medium term from its
promoter's extensive industry experience. The outlook may be
revised to 'Positive' in case of timely stabilisation of
operations, leading to substantial cash accrual. Conversely, the
outlook may be revised to 'Negative' if financial risk profile
weakens because of low accrual attributed by low order inflow or
profitability, or substantial working capital requirement or debt-
funded capital expenditure.

Incorporated in May 2013, SSSPL manufactures ready-to-eat nachos
in six different flavours and sells 100 percent of its produce,
under the brand name 'Tastilo'. The company has set-up a
manufacturing facility at Kashipur, Uttarakhand.


SUBRA ENTERPRISES: CRISIL Reaffirms B+ Rating on INR50MM Loan
-------------------------------------------------------------
CRISIL's ratings on the long-term bank facility of Subra
Enterprises (SE) continue to reflect SE's below-average financial
risk profile, marked by a moderate gearing, below average debt
protection metrics and exposure to intense competition in the agro
commodities trading industry. These rating weaknesses are
partially offset by the extensive experience of SE's partners in
the agro commodities trading business.

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

Outlook: Stable

CRISIL believes that SE will continue to benefit over the medium
term from its partners' extensive experience in the trading
business. The outlook may be revised to 'Positive' in case the
firm significantly scales up its operations and improves its
profitability, while it maintains its working capital
requirements. Conversely, the outlook may be revised to 'Negative'
in case SE faces any unfavourable regulatory changes, leading to
significant decline in its revenue, or if its working capital
management deteriorates, leading to weakening of its financial
risk profile.

SE, set up in 2012, is based in Chennai. It trades in agro
commodities. Its operations are managed by Mr. A S Sharath
Chandran and his son, Mr. Shiyaam Sharath.

SE reported a net profit of INR2.5 million on an operating income
of INR666.5 million for 2014-15 (refers to financial year,
April 1 to March 31), against a net profit of INR1.26 million on
an operating income of INR543.6 million for 2013-14.


SUMARIA INDUSTRIES: CRISIL Assigns B+ Rating to INR61.2MM Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Sumaria Industries Private Limited (SIPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Term Loan            61.2       CRISIL B+/Stable
   Cash Credit          35         CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility    3.8       CRISIL B+/Stable

The rating reflects SIPL's modest scale of operations in an
intensely competitive textile industry and the initial phase of
its woven sacks business. The rating also factors in weak
financial risk profile because of high gearing. These weaknesses
are mitigated by promoters' extensive experience.
Outlook: Stable

CRISIL believes SIPL's business risk profile will benefit from its
promoters' extensive experience. The outlook may be revised to
'Positive' if significant and sustained improvement in scale of
operations and profitability along with prudent working capital
management improve financial risk profile. Conversely, the outlook
may be revised to 'Negative' if significant decline in revenue and
operating margin or a larger-than-expected debt-funded capital
expenditure weakens financial risk profile, particularly
liquidity.

Incorporated in 2007, SIPL manufactures and exports African
fabrics. The company has also set-up a plant to manufacture
plastic products, high-density polyethylene/polypropylene woven
sacks, in 2015. It is promoted by Mr. Rajesh J Shah and family.


SUNBOND CERAMIC: CRISIL Reaffirms B+ Rating on INR50MM Term Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Sunbond Ceramic Private
Limited (SCPL) continue to reflect SCPL's modest scale of
operations in the highly competitive ceramics industry and its
large working capital requirement. These weaknesses are mitigated
by the promoters' extensive experience and the proximity of its
manufacturing facilities to raw material and labour sources.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee          10      CRISIL A4 (Reaffirmed)

   Cash Credit             35      CRISIL B+/Stable (Reaffirmed)

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

   Term Loan               50      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes SCPL will benefit over the medium term from its
promoters' extensive experience. The outlook may be revised to
'Positive' if substantial accrual improves financial risk profile.
Conversely, the outlook may be revised to 'Negative' if low
operating margin, a considerable debt-funded expansion plan, or
inefficient working capital management weakens financial risk
profile.
Incorporated in 2013, SCPL is a Morbi (Gujarat)-based company
manufacturing digital wall tiles. It is owned and managed by Mr.
Bharat Saradva, Mr. Manojbhai Kagathara and their respective
families. The company commenced commercial production in April
2014.


SUPREME HOUSING: Ind-Ra Lowers Long-Term Issuer Rating to 'IND D'
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Supreme Housing
and Hospitality Private Limited's (SHHL) Long-Term Issuer Rating
to 'IND D' from 'IND BBB-'/Stable.  The agency has also downgraded
SHHL's INR3,900 mil. (increased from INR3,100 mil.) long-term
loans to 'IND D' from 'IND BBB-'.

KEY RATING DRIVERS

The downgrade reflect SHHL's delays in servicing interest and
principal on the term loans for the 12 months ended December 2015
due to a stretched liquidity position as some of its leaseholders
are not paying rents regularly.

RATING SENSITIVITIES

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

COMPANY PROFILE

SHHL was incorporated as a private limited company on Nov. 20,
2006.  It is engaged in real estate development.  It is developing
a commercial and residential complex in Mumbai (Supreme City).
The commercial complex comprises an IT park and a residential
complex.  SHHL has no ongoing projects other than Supreme City.


SUREFIRE DIE-CASTING: CRISIL Suspends B+ INR139.6MM Loan Rating
---------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Surefire
Die-Casting Technologies Private Limited (Surefire).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit          30.4       CRISIL B+/Stable
   Term Loan           139.6       CRISIL B+/Stable

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

Incorporated on February 24, 2011, by Despande family, Surefire
manufactures aluminum castings (high pressure die-casting) mainly
for automotive and motor cycle industry. The company manufactures
aluminum die cast 'cylinder head covers for Bajaj Auto Ltd (BAL;
rated CRISIL AAA/ FAAA/ Stable/ CRISIL A1+) two-wheelers. Surefire
is tire II supplier to BAL, the company sells to Endurance
Technologies Pvt Ltd. Currently, the company has manufacturing
capacity of 2400 pieces per day and is undertaking capex to
enhance its capacity to 9000 pieces per day.


VIJEX VYAPAAR: CRISIL Reaffirms B+ Rating on INR12MM Cash Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Vijex Vyapaar Private
Limited (VVPL) continue to reflect VVPL's susceptibility to
fluctuations in foreign exchange rates, modest scale of operations
and below-average financial risk profile. These weaknesses are
mitigated by the promoters' extensive experience and their funding
support.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            12       CRISIL B+/Stable (Reaffirmed)

   Letter of Credit       50       CRISIL A4 (Reaffirmed)

   Proposed Short Term
   Bank Loan Facility     20       CRISIL A4 (Reaffirmed)

Outlook: Stable

CRISIL believes VVPL will benefit over the medium term from its
promoters' extensive experience. The outlook may be revised to
'Positive' if scale of operations increases leading to higher-
than-expected cash accrual while prudently managing working
capital cycle. Conversely, the outlook may be revised to
'Negative' if working capital cycle stretches, or revenue and
profitability are constrained.

Update
Revenues increased to INR217 million in 2014-15 (refers to
financial year, April 1 to March 31) from INR186 million in 2013-
14. Nearly INR60 million was generated till November 30, 2015 and
revenue is likely to hover at INR100-110 million over the medium
term. Decline in revenue in 2015-16 is because of halting the
trading of copper wires and polyvinyl chloride (PVC) resins from
January 2015 and only importing copier toner. The company has
plans of starting import of copper wires and PVC resins in the
current fiscal and has also started importing organic light-
emitting diode and three-dimensional printers. Operating
profitability was low at 3.5-4 percent because of trading nature
of business.

Networth was modest with below-average total outside liabilities
to tangible networth (TOLTNW) ratio at INR19.3 million and 2.43
times, respectively, as on March 31, 2015. Networth is expected to
remain stable over the medium term owing to modest reserve
accretion. TOLTNW ratio is expected to be below average at 1.13
times owing to low dependence on working capital borrowings.
Interest coverage ratio was moderate at 1.36 times in 2014-15.

Gross current assets were at 101 days as on March 31, 2015 because
of inventory and debtors of 42 and 52 days respectively. Thus,
bank limits were moderately utilised at 90 percent over the 12
months through October 2015. Owing to absence of long-term debt
obligation, cash accrual of around INR1.15 million for 2015-16 is
expected to be utilised for working capital requirement. Liquidity
is also supported by unsecured loans and advances from promoters.

New Delhi-based VVPL, established in 1993 and managed by Mr.
Navratan Baid, imports and trades in copper wire, toner and toner
cartridge, and photocopier parts.



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


TOSHIBA CORP: Raises Damages Claim vs Former Execs to JPY3.2BB
--------------------------------------------------------------
Nikkei Asian Review reports that Toshiba Corp. said on Jan. 27 it
now seeks JPY3.2 billion ($26.9 million) in damages -- more than
10 times its original claim -- from five former executives it is
suing over a bookkeeping scandal.

Nikkei relates that the industrial group petitioned the Tokyo
District Court to increase the claim on the same day it paid a
JPY7.37 billion fine imposed by the Financial Services Agency. The
report says the increase reflects both the penalty and additional
costs incurred in restating earnings, according to the company,
which said it paid more than JPY2 billion in auditing fees to
restate results for August to September of last year.

The report notes that the Tokyo-based company was found last year
to have overstated profits by more than JPY220 billion from fiscal
2008 to December of 2014.

In a lawsuit filed last November, Toshiba initially sought JPY300
million from the five defendants, claiming they were negligent in
their duties, Nikkei says.  According to the report, the quintet
includes three successive ex-presidents: Atsutoshi Nishida, Norio
Sasaki and Hisao Tanaka. This amount covered, among other damages,
a fine imposed by the Tokyo Stock Exchange for violating listing
terms.

On day one of oral arguments on Jan. 21, the defense side sought
to have the damage claim dropped. Toshiba's petition for
additional damages is only likely to escalate the standoff, says
Nikkei.

                        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.



TOSHIBA CORP: Shareholders Sue For JPY500MM on Share Price Losses
-----------------------------------------------------------------
Nikkei Asian Review reports that a group of about 100 individual
shareholders have sued Toshiba Corp. and five former executives,
seeking roughly JPY500 million in compensation for losses incurred
when the company's share price plummeted.

Nikkei says individual investors are also weighing a shareholder
derivative suit against current and former executives, including
current President Masashi Muromachi, whom Toshiba has not sued.

Holders of Toshiba's American depositary receipts have filed a
suit against Tanaka and others in a California court, seeking
compensation for investment losses, Nikkei relates.

                        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.


TOSHIBA CORP: To Replace Ernst & Young as Auditor
-------------------------------------------------
Nikkei Asian Review reports that Toshiba Corp. is parting ways
with the auditing firm that failed to red-flag years of suspicious
accounting, and may start rotating auditors every five years.

According to Nikkei, the Japanese blue chip said on Jan. 27 it
will end its contract with Ernst & Young ShinNihon and enlist the
services of rival PricewaterhouseCoopers Aarata beginning with the
fiscal year that starts April 1.

Nikkei relates that PwC Aarata was chosen based on a variety of
factors, including its quality of auditing and efficiency, said
Royji Sato, chairman of Toshiba's audit committee. The choice will
be put to shareholders at a general meeting in June.

PwC Aarata is an affiliate of PricewaterhouseCoopers, one of the
world's leading accounting firms. It audits the likes of Sony and
Toyota Motor and "in our view, lacks neither scale nor ability,"
Mr. Sato said.

Nikkei relates that Mr. Sato said PwC Aarata will audit Toshiba
from April onward without help from EYSN. But EYSN will be solely
responsible for a "stress test" of Toshiba's U.S. nuclear power
business to be completed by the end of March.

In conjunction with the changeover, Toshiba plans to overhaul its
relationship with its auditor, the report says. It is looking to
reappraise its choice of auditors every five years or so -- an
emerging practice among European companies.

Nikkei notes that Toshiba will exchange information more
frequently with its auditor; until now, such contacts have
occurred quarterly. Toshiba's auditing committee will take the
initiative to share any information that it obtains, Mr. Sato, as
cited by Nikkei, said.

Established in 2006, PwC Aarata is the youngest of Japan's big
four auditing firms. Its accounts include about 100 listed
companies.

Nikkei Asian Review meanwhile reports that the Japan Institute of
Certified Public Accountants said that its disciplinary committee
will open an investigation into EYSN's audits of Toshiba to
determine whether any rules were broken and disciplinary action is
needed. In a statement, JICPA Chairman and President Kimitaka Mori
urged CPAs to maintain "professional skepticism" when auditing,
Nikkei adds.

                        About Toshiba Corp.

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

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

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

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

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

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



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


MONGOLIAN MINING: S&P Lowers Corporate Credit Rating to 'CCC-'
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit
rating on Mongolian coal miner Mongolian Mining Corp. (MMC) to
'CCC-' from 'CCC'.  At the same time, S&P lowered its issue rating
on the company's US$600 million senior unsecured notes to 'CCC-'
from 'CCC'.

The downgrade follows MMC's announcement that it has hired
advisors to provide advice on the potential restructuring of the
company's outstanding notes.  S&P believes any transaction or debt
exchange would likely be substantially below par value, given that
the company's unsecured notes currently trade below 30 cents on
the dollar.

As per S&P's criteria, it would view an exchange as distressed if,
in S&P's view, the offer implies that the investor will receive
less value than the original securities promised; and is
distressed rather than purely opportunistic.

"We believe a default is likely within the next six months barring
an agreement with the company's creditors on a restructuring,"
said Standard & Poor's credit analyst Xavier Jean.  "This is
because MMC needs to repay more than US$150 million in debt
amortization and interests in 2016.  The company's US$600 million
notes also mature in 2017.  This compares with our estimate of
cash balance below US$50 million as of Dec. 31, 2015."

MMC has been cutting operating costs substantially over the past
12 months to stabilize its operating performance.  Although the
company could break-even on an EBITDA basis in 2016, it still
faces a substantial interest servicing burden and rapid cash
depletion.

The outlook is negative, reflecting the likelihood that the
company may pursue a capital restructuring or debt exchange that
S&P would view as distressed.

"We will lower the rating if MMC announced a capital restructuring
that we view as a distressed exchange.  We will also lower the
rating if restructuring discussions with bondholders take time and
the company misses a payment on interest or debt due in the
meantime," Mr. Jean said.

Although unlikely, S&P could raise the rating if it no longer
believed a capital restructuring or debt exchange was likely over
the next year and the likelihood of a default has reduced.  A
rating upgrade would be contingent upon MMC's liquidity having
strengthened substantially with a reduced risk of a default beyond
the next 12 months.  This could happen if the company raises
sufficient cash to match its short-term debt and interest
repayment obligations.



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


GAMELOFT NEW ZEALAND: Closes Doors; 160 Workers Lose Jobs
---------------------------------------------------------
Aimee Shaw at The New Zealand Herald reports that New Zealand's
largest video gaming studio, Gameloft, has closed down costing 160
jobs.

New Zealand Game Developers Association chairperson Stephen
Knightly confirmed the closure, adding that other developing
studios have reached out to the employees with offers of
employment, the Herald says.

According to the Herald, Mr. Knightly said the decision to close
the Auckland-based studio was likely to have been driven by the
offshore head office rather than a reflection of New Zealand's
video gaming industry.

"When Gameloft originally set up in Auckland six years ago, our
expectations were that they would grow to become maybe a 50 or 60
person team. The fact that they grew to over 150 people shows how
well the team performed," the Herald quotes Mr. Knightly as
saying.  "It is sad news for the great game developers of Gameloft
New Zealand."

In 2015, the French-owned video games developer shut seven studios
worldwide, including locations in Tokyo, New York City, and
Seattle. However, reportedly opened a new office in Nigeria last
week, the Herald says.

The Herald relates that Gameloft CEO Michel Guillemot told UK-
based MVC magazine in June that several development studios were
becoming 'unprofitable'.

"In order to return to profitability in the second half of 2015,
and to past profitability levels in the medium term, Gameloft has
initiated an ambitious cost reduction program since the start of
the year and in the process closed seven development studios that
had become unprofitable," the report quotes Mr. Guillemot as
saying.

Gameloft New Zealand developed several games including Zoo Rescue,
My Little Pony, and The Littlest Pet Shop.



                             *********

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 ***