TCRAP_Public/160216.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Tuesday, February 16, 2016, Vol. 19, No. 32


                            Headlines


A U S T R A L I A

ACADEMIC RESOURCE: First Creditors' Meeting Set for Feb. 23
BELLA CASA: First Creditors' Meeting Set for Feb. 23
BL & S BIRCH: First Creditors' Meeting Slated for Feb. 24
PACKAGING & MACHINERY: First Creditors' Meeting Set for Feb. 23
SPRING STREET: First Creditors' Meeting Scheduled for Feb. 23

SUBZERO GROUP: Goes into Receivership; 450 Jobs at Risk


I N D I A

3B INFRASTRUCTURE: Ind-Ra Assigns 'IND BB-' LT Issuer Rating
AGRAWAL SOYA: CRISIL Assigns 'B+' Rating to INR70MM Cash Loan
ALLURI USHA: ICRA Assigns 'B' Rating to INR8.80cr LT Loan
ANAND IMPEX: CARE Assigns B+ Rating to INR1.75cr LT Loan
ANTARCTIC INDUSTRIES: CRISIL Cuts Rating on INR80MM Loan to B+

APOLLO ZIPPER: CARE Raises Rating on INR147.88cr Loan to 'B'
ASHA ENTERPRISES: Ind-Ra Assigns 'IND BB+' LT Issuer Rating
ASSOCIATED INSULATION: ICRA Lowers Rating on INR5.50cr Loan to D
BESTO MINING: ICRA Assigns 'B' Rating to INR19.10cr LT Loan
BHARAT HOTELS: CARE Upgrades Rating on INR799.54cr Loan to 'B'

BHARTIYA ALLOYS: ICRA Reaffirms B+ Rating on INR11.25cr LT Loan
FERTICHEM COTSPIN: ICRA Suspends 'D' Rating on INR101cr Loan
GAURI INTERNATIONAL: CRISIL Cuts Rating on INR150MM Loan to D
HULE CONSTRUCTIONS: CARE Reaffirms B+ Rating on INR9cr LT Loan
INDIABULLS REAL: Moody's Affirms B1 Corporate Family Rating

INDORE DEWAS: Ind-Ra Upgrades INR4.5BB Loan Rating to 'IND B'
INSTITUTE OF MANAGEMENT: ICRA Suspends D Rating on INR10cr Loan
ITMS INDIA: Ind-Ra Assigns 'IND B+' Long-Term Issuer Rating
JAGAT JAGDAMBA: CRISIL Lowers Rating on INR140MM Loan to 'D'
JAI BHARAT: Ind-Ra Assigns 'IND B+' Long-Term Issuer Rating

JAMPANA PADMAVATHI: ICRA Assigns 'B' Rating to INR8.80cr Loan
K C SINGLA: CARE Reaffirms B+ Rating on INR7.58cr LT Loan
KAPOOR OIL: ICRA Reaffirms 'B' Rating on INR6cr Cash Loan
KBJ JEWEL: ICRA Reaffirms 'D' Rating on INR110cr LT Loan
KISHORI MERCANTILES: ICRA Suspends 'B' Rating on INR3.05cr Loan

KUJJAL BUILDERS: CARE Revises Rating on INR146.63cr Loan to B
MALAIYA TRACTORS: CARE Reaffirms B+ Rating on INR5.94cr LT Loan
MASCOT ENGITECH: CARE Assigns B+ Rating to INR7cr LT Loan
MID INDIA: ICRA Reaffirms B+ Rating on INR105cr LT Loan
MOHAN PROJECT: CARE Reaffirms 'D' Rating on INR10cr LT Loan

NEEV METOLOGIES: ICRA Lowers Rating on INR3.65cr Loan to 'D'
OM PARKASH: CRISIL Reaffirms B+ Rating on INR70MM Cash Loan
P.M. DALL: CARE Reaffirms B+ Rating on INR5.05cr LT Loan
PAE LIMITED: CARE Lowers Rating on INR15cr LT Loan to 'D'
POLYLACE INDIA: CARE Reaffirms B+/A4 Rating on INR17.53cr Loan

PYTEX JEWELLERS: ICRA Assigns 'B+' Rating to INR10cr LT Loan
RALLIFAN LIMITED: ICRA Suspends 'B' Rating on INR6cr Loan
RAMA HANDICRAFTS: CARE Upgrades Rating on INR1.65cr Loan to BB-
RAMESHWAR PRASAD: Ind-Ra Assigns 'IND BB-' LT Issuer Rating
SAMRAT SEA: ICRA Reaffirms 'C+' Rating on INR4.25cr Term Loan

SAROJA RICE: ICRA Assigns 'B' Rating to INR7cr LT Loan
SEANTO MINERALS: ICRA Lowers Rating on INR3cr Loan to 'D'
SHREE BHIMESHWARI: CARE Lowers Rating on INR180.92cr Loan to 'D'
SHREE GANESH: CRISIL Assigns B+ Rating to INR68.6MM LT Loan
SHREE SIDDHIVINAYAK: CARE Cuts Rating on INR129.76cr Loan to 'D'

SHYAM DHANI: CARE Assigns B+ Rating to INR8cr LT Loan
SINGAN PROJECTS: CARE Reaffirms B+ Rating on INR33cr LT Loan
SINGRAULI FINLEASE: CARE Assigns 'B' Rating to INR7cr LT Loan
SKS BUILDTECH: CARE Upgrades Rating on INR26cr Loan to BB-
SNEH QUALITY: CRISIL Ups Rating on INR60MM Term Loan to 'B+'

SONA DIAMOND: CARE Reaffirms 'B+' Rating on INR6cr LT Loan
SREE GOURIPUTRA: CARE Assigns B+ Rating to INR7.33cr LT Loan
SRINAGAR BANIHAL: ICRA Lowers Rating on INR1,280cr Loan to D
TATA STEEL: Moody's Cuts Corporate Family Rating to Ba3
TITAN TEX: CARE Upgrades Rating on INR15.50cr LT Loan to 'BB-'

TRANCITY FINANCE: CARE Reaffirms B+ (FD) Rating on INR3cr Loan
VATSA AUTOMOBILES: CARE Ups Rating on INR12.04cr Loan to BB-


J A P A N

TOSHIBA CORP: In Final Talks w/ Fujitsu, Vaio on Integration Deal


M A L A Y S I A

MALAYSIA AIRLINES: To be Profitable by 2018, CEO Says


N E W  Z E A L A N D

RANGITAIKI FARM: Receivers Put Farm for Sale


P A K I S T A N

PAKISTAN: Default Risk Surges as $50BB Debt Bill Becomes Due


S O U T H  K O R E A

KUMHO TIRE: Management Strikes Deal With Unionists


X X X X X X X X

* BOND PRICING: For the Week Feb. 8 to Feb. 12, 2016


                            - - - - -


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


ACADEMIC RESOURCE: First Creditors' Meeting Set for Feb. 23
-----------------------------------------------------------
Richard Albarran, Blair Pleash and Shahin Hussain of Hall Chadwick
Chartered Accountants were appointed as administrators of Academic
Resource Company Pty Limited on Feb. 11, 2016.

A first meeting of the creditors of the Company will be held at
Hilton Hotel Brisbane, Moreton Room, Level 5, 190 Elizabeth
Street, in Brisbane, Queensland, on Feb. 23, 2016, at 10:30 a.m.


BELLA CASA: First Creditors' Meeting Set for Feb. 23
----------------------------------------------------
Michael Slaven and Henry Kazar of Ernst & Young were appointed as
administrators of Bella Casa Brands Pty Ltd, trading as Bella Casa
Homewares, on Feb. 11, 2016.

A first meeting of the creditors of the Company will be held at
Ernst & Young, Level 11, 121 Marcus Clarke Street, in Canberra, on
Feb. 23, 2016, at 10:00 a.m.


BL & S BIRCH: First Creditors' Meeting Slated for Feb. 24
---------------------------------------------------------
Clifford John Sanderson of Restructuring Works was appointed as
administrator of BL & S Birch Automotive Services Pty Ltd on Feb.
12, 2016.

A first meeting of the creditors of the Company will be held at
will be held at Restructuring Works, Level 8, 80 Clarence Street,
in Sydney on Feb. 24, 2016, at 3:00 p.m.


PACKAGING & MACHINERY: First Creditors' Meeting Set for Feb. 23
---------------------------------------------------------------
John Morgan & Geoffrey Davis of BCR Advisory were appointed as
administrators of Packaging & Machinery Solutions Pty. Ltd.,
trading asPneumatics Australia, on Feb. 11, 2016.

A first meeting of the creditors of the Company will be held at
Christie Conference Centre, 320 Adelaide Street, in Brisbane,
Queensland, on Feb. 23, 2016, at 11:00 a.m.


SPRING STREET: First Creditors' Meeting Scheduled for Feb. 23
-------------------------------------------------------------
James White and Rachel Burdett-Baker of BDO were appointed as
administrators of Spring Street Development Pty Ltd on Feb. 12,
2016.

A first meeting of the creditors of the Company will be held at
offices of BDO, Level 11, 1 Margaret Street, in Sydney, on
Feb. 23, 2016, at 4:30 p.m.


SUBZERO GROUP: Goes into Receivership; 450 Jobs at Risk
-------------------------------------------------------
Ferrier Hodgson partners Ryan Eagle and Morgan Kelly were
appointed as Receivers and Managers of Subzero Group Limited and
its subsidiaries on February 11, 2016.

Receiver Ryan Eagle said that it would be business as usual while
the Receivers look at restructuring and realisation opportunities
for the Group.

"We are immediately calling for expressions of interest for a
recapitalisation or purchase of the business as a going concern,"
Mr Eagle said. "We will be working with SubZero's customer
base to ensure the uninterrupted continuation of services."

Mr Eagle said that ongoing trading queries by customers and
suppliers should continue to be directed to their usual day-to-day
contacts in the company's Muswellbrook offices.

The business employs approximately 450 employees and has annual
sales of approximately AUD60 million.

Interested parties for the recapitalisation or sale should contact
Martie Livanos of Ferrier Hodgson at martie.livanos@fh.com.au.

ASX-listed SubZero Group is a mining services business based in
the Hunter Valley, which provides structural, mechanical and
mining support services to a blue chip customer base.



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


3B INFRASTRUCTURE: Ind-Ra Assigns 'IND BB-' LT Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned 3B Infrastructure
Private Limited (3BIPL) a Long-Term Issuer Rating of 'IND BB-'.
The Outlook is Stable. A complete list of rating actions is at the
end of this commentary.

KEY RATING DRIVERS

The ratings reflect 3BIPL's small scale of operations and weak
credit metrics. In FY15, the top line was INR99.68m, financial
leverage (total adjusted net debt/operating EBITDAR) was 13.24x
and interest coverage (operating EBITDA/gross interest expense)
was 0.76x. The ratings are further constrained by 3BIPL's long
working capital cycle of 223 days in FY15.

The ratings are however supported by 3BIPL's promoters' around 10
years of experience in providing hospitality services. The ratings
are also supported by the company's operational tie-up with
Starwood Hotels & Resorts hotel and use of the common brand name.
3BIPL's hotel is branded as Four Points by Sheraton. Moreover, the
company has a competitive advantage by operating a four-star hotel
at the prime location of main Rajpur Road in Dehradun. This
provides the company access to the brand's global clientele and
lowers the initial operational risk.

The ratings are further supported by 3BIPL's satisfactory
operating profitability as well as liquidity position. The company
reported EBITDA margins of 15.19% in FY15 and its use of the cash
credit facility was 90.84% on average during the 12 months ended
January 2016.

RATING SENSITIVITIES

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

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

COMPANY PROFILE

3BIPL was incorporated in 2000, and provides hospitality services.

3BIPL's ratings:

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

-- INR165 million term loan: assigned 'IND BB-'/Stable

-- INR10 million fund-based limits: assigned 'IND BB-
    '/Stable/'IND A4+'


AGRAWAL SOYA: CRISIL Assigns 'B+' Rating to INR70MM Cash Loan
-------------------------------------------------------------
CRISIL has revoked the suspension of its rating on the bank
facilities of Agrawal Soya Extracts Private Limited (ASEPL) and
has assigned its 'CRISIL B+/Stable' ratings to the facilities.
CRISIL had, on September 23, 2015, suspended the ratings as ASEPL
had not provided the necessary information required for a rating
review. The company has now shared the requisite information,
enabling CRISIL to assign ratings to its bank facilities.

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

   Term Loan              50       CRISIL B+/Stable (Assigned;
                                   Suspension Revoked)

The ratings reflect ASEPL's nascent stage of operations and its
average financial risk profile marked by low networth and high
gearing. These weakness are partially offset by strong growth in
operating income due to easy access to raw material sources and
extensive entrepreneurial experience of promoters.
Outlook: Stable

CRISIL believes that Agrawal Soya Extracts Private Limited (ASEPL)
will maintain its credit risk profile backed by its strategic
location in the soy seed growing belt of India. The outlook may be
revised to 'Positive' if the company continues to achieve better
than expected growth in revenues and profitability or/and in case
there is any significant equity infusion leading to improvement in
the financial risk profile of the company. Conversely, the outlook
may be revised to 'Negative' in case of higher-than-expected debt-
funded capex or/and significant decline in operating margins
leading to deterioration in the debt protection metrics of the
company.

ASEPL incorporated in April 2013 by the Sinhal family. The day-to-
day operations are managed by Mr Deepak Sinhal. The company is
engage  in  manufacture of soya bean oil and soya de-oiled cake
(DOC), with capacity of crushing 300 metric tonnes of oil seeds
per day (TPD) in Neemuch, Madhya Pradesh


ALLURI USHA: ICRA Assigns 'B' Rating to INR8.80cr LT Loan
---------------------------------------------------------
ICRA has assigned the long term rating of [ICRA]B to the INR 8.80
Crore fund based limits and INR1.20 crore Un-allocated limits of
Alluri Usha Gandhi.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term Fund
   based Limits          8.80         [ICRA]B; Assigned

   Long term Un-
   allocated Limits      1.20         [ICRA]B; Assigned

The rating assigned is constrained by the execution risk
associated with the timely completion of the project. The rating
also considers the high debt funded nature of project resulting in
the stretched capital structure in the near term. The rating also
factors in the off take risk associated with the godowns, since
the leasing out of go-downs to FCI is subject approvals from
NABARD which is dependent on to AUG's ability to meet the
construction norms and regulations set by NABARD. However,
successful leasing out of go-downs to FCI would result in the
fixed stream of cash flows which would support debt repayments.
Going forward, successful and timely completion of the project,
AUG's ability to get requisite approvals for leasing out of go-
downs to FCI are the key rating sensitivities.

Alluri Usha Gandhi (AUG) is a proprietorship concern established
in FY15. The business activities include the construction of go-
downs and leasing out to FCI. The entity is in the process of
constructing 4 go-downs with an aggregate capacity of 32000 MT in
koripalli village, Karapa station on Vijayawada division with an
estimated project cost of INR 11.74 crore. The project would be
funded by term loans of INR8.80 crore, INR 2.19 crore of equity,
INR0.75 crore of unsecured loans. The timeline for the
commencement of the go-down is April 01, 2016. As on January 2016,
the entity has completed ~85% of the project.


ANAND IMPEX: CARE Assigns B+ Rating to INR1.75cr LT Loan
--------------------------------------------------------
CARE assigns 'CARE B+' & 'CARE A4' ratings to the bank facilities
of Anand Impex.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      1.75      CARE B+ Assigned
   Short-term Bank Facilities     4.25      CARE A4 Assigned

Rating Rationale
The ratings assigned to the bank facilities of Anand Impex (Anand)
are constrained on account of its financial risk profile marked by
thin profitability due to limited value addition and working
capital intensive nature of operations. The ratings are further
constrained on account of its constitution as a partnership firm
and its presence in highly competitive and fragmented industry
along with foreign exchange fluctuation risk.

The ratings, however, derive strength from the experience of
promoters, presence in diamond processing hub, consistent growth
in its scale of operations along with comfortable capital
structure and moderate debt coverage indicators.

Going forward, Anand's ability to increase its scale of operations
along with improving its profitability in light of the competitive
nature of the industry and raw material price fluctuation remains
the key rating sensitivities.

Surat-based (Gujarat), Anand was established as a partnership firm
in the year 2006 by Mr Dilip Kheni and Mr Vinod Kheni along with
Mr Dilip Godhani. Anand is engaged in the business of processing
of rough diamonds into finished polished diamonds of various
sizes, shapes, purity and colour. The firm has its sales office in
Mumbai and its processing plant is located in Surat. The average
size of the finished diamonds ranges from 0.1 carat to 4 carat.
The firm imports rough diamonds from Belgium and imports
contributed around 93% of the total purchases in FY15 (refers to
the period April 1 to March 31) and it exports the cut and
polished diamonds to Hong Kong, Bangkok which contributed
around 24% of the total sales in FY15.


ANTARCTIC INDUSTRIES: CRISIL Cuts Rating on INR80MM Loan to B+
--------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Antarctic Industries Limited (AIL, part of the Ludhiana group) to
'CRISIL B+/Stable/CRISIL A4' from 'CRISIL BB-/Stable/CRISIL A4+'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bill Discounting       80       CRISIL B+/Stable (Downgraded
                                   from 'CRISIL BB-/Stable')

   Cash Credit            20       CRISIL B+/Stable (Downgraded
                                   from 'CRISIL BB-/Stable')

   Letter of Credit       72.5     CRISIL A4 (Downgraded from
                                   'CRISIL A4+')

   Proposed Long Term     27.5     CRISIL B+/Stable (Downgraded
   Bank Loan Facility              from 'CRISIL BB-/Stable')

The downgrade reflects expected pressure on the Ludhiana group's
business and financial risk profiles over the medium term.
Operating income was stagnant at Rs.2.0 billion in 2014-15 (refers
to financial year, April 1 to March 31), against Rs.2.1 billion in
2013-14, while operating profitability declined to 2.3 percent in
2014-15 from 6.6 percent in 2013-14 because of intense competition
in the steel long products segment. The operating income is
expected to decline to around Rs.1.7 billion and operating
profitability is expected to remain subdued in 2015-16 on account
of declining steel prices and intense competition in the industry.

Depressed profitability and large debt have led to weak debt
protection metrics.  for the group. The Interest coverage ratio is
expected at 1 time over the medium term (less than 1 time in 2014-
15) and net cash accrual to total debt ratio at 0.01 time (was
negative in 2014-15). Moreover, debt is expected to remain high,
especially with high reliance  on short term debt. Thus, total
outside liabilities to tangible networth ratio (TOL/TNW) for the
group is expected to remain over 3 times over the medium term.
CRISIL expects the financial risk profile to remain modest over
the medium term.

Weak business and financial risk profile has further resulted in
weak expected liquidity. Group is expected to generate modest net
cash accruals against debt repayment. However, any shortfall in
net cash accrual for debt repayment is expected to get supported
via promoter funds in line with the past. Going forward, CRISIL
expects the business and financial risk profile to remain under
pressure over the medium term.

The ratings on the bank facilities of LSRM continue to reflect the
Ludhiana group's semi-integrated operations, and its promoters'
extensive industry experience and financial support that it
receives from them. These strengths are partially offset by large
working capital requirement, vulnerability of operating margin to
volatility in raw material prices, and product concentration in
revenues, weak financial risk profile and marginal market share in
fragmented industry.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of LSRM, LSR Forge Pvt Ltd (LSR),
Antarctic Industries Ltd (AIL), and Trishala Alloys Pvt Ltd
(Trishala; formerly, BT Steels Ltd). This is because all the
companies, collectively referred to as the Ludhiana group, are
under a common management, are in related lines of business, and
have strong intra-group business and financial linkages.
Outlook: Stable

CRISIL believes that the Ludhiana group's financial risk profile
will remain weak over the medium term. However, it will continue
to benefit over the medium term from its promoters' extensive
industry experience. The outlook may be revised to 'Positive' in
case the group achieves higher-than-expected improvement in its
scale of operations and profitability, leading to improvement in
its cash accruals, or if there is improvement in the working
capital management of the group. Conversely, the outlook may be
revised to 'Negative' if the Ludhiana group's liquidity weakens
significantly, most likely because of lengthening of its working
capital cycle, or lower-than-expected cash accruals, or withdrawal
of capital by the promoters, or if the group undertakes a larger-
than-expected, debt-funded capital expenditure programme, thereby
weakening its capital structure.

The Ludhiana group, promoted by the members of the Jain family of
Ludhiana (Punjab), manufactures steel ingots, rounds, bars, and
forged bars and components.

LSRM, set up in 1938, manufactures alloy, non-alloy, and die steel
rounds and bars, used in the engineering and automotive
industries.

LSR, incorporated in 1996, does open (bars) and close (components)
forging. Its products are used in the engineering and automotive
industries.

AIL manufactures steel ingots. It imports 40 percent of its steel
scrap requirement and procures the rest from the domestic market.
It channels 80 percent of its output to LSRM and LSR to meet their
raw material requirement.

Trishala, acquired by the Jain family in August 2010, manufactures
steel ingots and sells 80-90 percent of its output to LSRM.


APOLLO ZIPPER: CARE Raises Rating on INR147.88cr Loan to 'B'
------------------------------------------------------------
CARE revises ratings assigned to bank facilities of Apollo Zipper
India Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     147.88     CARE B (SO) Revised
                                            from CARE D

   Long-term Bank Facilities      24.75     CARE B (SO) Revised
                                            from CARE D

Rating Rationale

The rating of Appollo Zipper India Limited (AZIL) is based on
credit enhancement in the form of unconditional and irrevocable
corporate guarantee and letter of comfort provided by BHL towards
bank facilities of AZIL.  The revision in the ratings of the bank
facilities of Bharat Hotels Ltd (BHL) takes into account the
improvement in the debt servicing track record of the company. The
ratings continue to remain constrained by moderate financial risk
profile, demand off-take risk in few of the new properties and
subdued industry outlook. The ratings, however, draw comfort
from experienced promoters and long track record of operations in
the hospitality business.

Going forward, the ability of BHL to improve its operational
performance and cash flows and timely realisation from
envisaged sale of non-core assets would remain the key rating
sensitivities.

AZIL is a subsidiary (90% stake of BHL and 10% of West Bengal
Government) of Bharat Hotels Limited (BHL, rated 'CARE
B/CARE A4'). AZIL has developed a 244-room 5-star hotel in
Kolkatta under the brand name of 'Lalit'. AZIL has
commenced commercial operations from Q4FY14.


ASHA ENTERPRISES: Ind-Ra Assigns 'IND BB+' LT Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Asha Enterprises
Pvt Ltd (AEPL) a Long-Term Issuer Rating of 'IND BB+'. The Outlook
is Stable. A full list of rating actions is at the end of the
commentary.

KEY RATING DRIVERS

The ratings reflect AEPL's small scale of operations with revenue
of INR395.87 million in FY15 (FY14: INR324.61 million) and low
EBITDA margins of 6.34% (7.16%). AEPL's business is highly
susceptible to government regulations and availability of
tenders/projects; any adverse change in the policy could hamper
the operations severely. AEPL's current order book position stands
at INR454 million for FY17 and FY18.

However, the ratings are supported by AEPL's comfortable credit
metrics in FY15 with interest coverage (operating EBITDA/gross
interest expense) at 11.19x (FY14: 13.23x) and financial leverage
(total Ind-Ra adjusted debt/operating EBITDAR) of 0.70x (0.62x).
The ratings are further supported by AEPL's comfortable liquidity
as reflected in its nearly 47% maximum average utilisation of the
working capital limits during the 12 months ended January 2016
coupled with a negative working capital cycle. The ratings also
draw comfort from the firm's established track record of over a
decade in civil construction work.

RATING SENSITIVITIES

Negative: Deterioration in the operating EBITDA margin leading to
weaker credit metrics will be negative for the ratings.

Positive: A substantial improvement in the top line while
sustaining the credit metrics will be positive for the ratings.

COMPANY PROFILE

AEPL was established in 1995. It is engaged in contract-based
construction work mainly for Central public works department,
State PWD's, National Building Construction Corporation, Delhi
Metro Rail Corporation, and various central and state government
bodies.

AEPL's ratings:
-- Long-Term Issuer Rating: assigned 'IND BB+'; Outlook Stable
-- INR15 million fund based limit: assigned 'IND BB+'/Stable and
    'IND A4+'
-- INR60 million non fund based limit: assigned 'IND A4+'


ASSOCIATED INSULATION: ICRA Lowers Rating on INR5.50cr Loan to D
----------------------------------------------------------------
ICRA has revised the long term rating assigned to the INR 5.50
crore cash credit facility of Associated Insulation Company to
[ICRA]D from [ICRA]B. ICRA has also revised the short term rating
assigned to the INR 4.75 crore (reduced from INR 5.50 crore) non-
fund based facilities of AIC to [ICRA]D from [ICRA]A4.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit            5.50       Revised to [ICRA]D from
                                     [ICRA]B

   Bank Guarantee/        4.75       Revised to [ICRA]D from
   Letter of Credit                  [ICRA]A4

The rating revision reflects the stretched liquidity position of
the firm as reflected by the recent delays in debt servicing
primarily on account of delayed payments from customers leading to
elongated receivables as well as decline in scale of operations.
The ratings continue to remain constrained by the AIC's small
scale of operations as well as limited orders in hand and weak
financial profile characterized by small net worth base, high
gearing levels and moderate coverage indicators. The ratings are
further constrained by the firm's high working capital intensity
due to elongated receivables and high inventory holdings which
adversely affects its liquidity position. The ratings also take
into account the competitive pressures from established players,
vulnerability of profitability to adverse movements in key raw
materials due to the fixed price nature of contracts; the high
market risk given any slowdown in economic activates and
consequent sluggishness in growth in the end user industries. ICRA
also notes that AIC is a partnership firm and any significant
withdrawals from the capital account could adversely impact its
net worth and thereby the capital structure.

The ratings, however, favorably factor in the extensive experience
of the partners and long track record of the firm in thermal
insulation work as well as the firm's reputed client profile and
track-record of repeat business.

Associated Insulation Company (AIC) was set up as a partnership
firm in the year 1986 by Mr. M. V. Dhuvad and Mr. C.V. Dhuvad. It
undertakes thermal insulation works for power plants, oil
refineries, petro chemicals units, fertilizer plants and other
manufacturing units with over two decades of experience. AIC is
approved and registered as a service provider with reputed Indian
and overseas consultants namely Engineers India Limited, Projects
and Development India Ltd., Tata Consulting Engineering, Pitsburgh
Corning (USA), Foster Wheeler Ltd. (USA), Motherwell (UK) etc. The
firm operates from Vadodara in Gujarat.

Recent Results
For the year ended March 31, 2015, AIC reported an operating
income of INR10.67 crore and profit after tax of INR 0.59 crore as
against an operating income of INR 11.51 crore and profit after
tax of INR 0.80 crore for the year ended March 31, 2014.


BESTO MINING: ICRA Assigns 'B' Rating to INR19.10cr LT Loan
-----------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B to the INR19.10
crore fund based facilities of Besto Mining India Private Ltd.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long term Fund
   based limits           19.10       [ICRA]B Assigned

Rating Rationale
The assigned rating takes into account of the delay in servicing
of debt obligations in FY 2014-15, which has been regularized in
the recent past. The rating factors in the nascent stage of
operations, the geographic concentration and the modest scale of
the company limiting operational and financial flexibility to an
extent. The rating is constrained by the highly competitive and
fragmented nature of the industry with large number of small and
large players which puts pressure on the profitability of the
company. ICRA notes that the installation of the plant facility
has led to significant bank borrowings, resulting in sizable
repayment obligations in the short to medium term, vis-a-vis the
scale of current operations and cash accruals.

The rating, however, positively factors in the long track record
of the promoter in the construction and mining industry and the
relationship with builders and contractors which may aid in
getting work orders. The rating also takes into account of the
successful installation and commencement of the plant operations,
mitigating execution risk to a large extent, the subsequent
improvement in the operating profile. ICRA takes note of the ease
in raw material availability as the major raw material, granite,
is available through quarries owned by the sister concern.

Besto Mining India Private Ltd. (BMIPL) was incorporated as a
private concern by Mr. Manoj Shetty (shareholding of 12.77%), Mr.
Alex PJ (57.47%) and Mr. Vincent Jospeh (11.70%) in 2014. The
company produces M (Manufactured) Sand & Aggregate from its 5
stage 400 tones per hour (tph) plant located at Yalganhalli
village in Chikkaballapura district (Bangalore).

Recent Results
The company reported an operating income of INR 8.82 Cr (as per
the provisional numbers) and a net profit of INR 0.68 Cr for the
period April, 2015 to September, 2015.


BHARAT HOTELS: CARE Upgrades Rating on INR799.54cr Loan to 'B'
--------------------------------------------------------------
CARE revises ratings assigned to bank facilities of Bharat Hotels
Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities    799.54      CARE B Revised from
                                            CARE D

   Long term Bank Facilities    138.29      CARE B Revised from
                                            CARE D

   Short term Bank Facilities    25.00      CARE A4 Revised from
                                            CARE D

Rating Rationale

The revision in the ratings of the bank facilities of Bharat
Hotels Ltd (BHL) takes into account the improvement in the debt
servicing track record of the company. The ratings continue to
remain constrained by moderate financial risk profile, demand off-
take risk in few of the new properties, industry outlook. The
ratings, however, draw comfort from experienced promoters and long
track record of operations in the hospitality business.

Going forward, the ability of BHL to improve its operational
performance and cash flows and timely realisation from envisaged
sale of non-core assets would remain the key rating sensitivities.

BHL, incorporated in 1981, was founded by Late Mr Lalit Suri and
his family members. Presently, the operations are being managed by
Dr Jyotsna Suri (wife of Late Mr Lalit Suri). BHL group is
operating eleven 5-star hotels at Delhi, Mumbai, Bangalore,
Udaipur, Goa, Khajurao, Jaipur, Kolkata, Chandigarh, Srinagar and
Bekal (Kerala).Of these, Kolkata and Chandigarh hotels had
commenced commercial operations in FY14 (refers to the period
April 1 to March 31). The total room inventory as on March 31,
2015, stood at 2,204 rooms. The hotels are run under the brand
'The Lalit' and the operations are managed by the company itself.

For FY15, BHL on consolidated financials registered a total income
of INR517 crore with a loss at PAT level of INR57 crore against
total income of INR435 crore with a loss at PAT level of INR15
crore in FY14.


BHARTIYA ALLOYS: ICRA Reaffirms B+ Rating on INR11.25cr LT Loan
---------------------------------------------------------------
ICRA has reaffirmed the [ICRA]B+ rating assigned to the INR 11.25
Crore* fund based facilities of Bhartiya Alloys & Steel Cast
Limited. ICRA has also reaffirmed the [ICRA]A4 rating assigned to
INR 3 Crore short term fund based sub-limit of BASCL's INR 11.25
Crore fund-based limits. The INR 0.25 crore non-fund based
facility of BASCL has been rated by ICRA at [ICRA]A4.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term Fund
   based Cash Credit     11.25        [ICRA]B+ reaffirmed

   Short Term Fund
   based sub limit
   EPC/PCFC/EBR/FBP       3.00        [ICRA]A4 reaffirmed

   Short term Non
   Fund Based Bank
   Guarantee              0.25        [ICRA]A4 reaffirmed

The rating reaffirmation continues to factor in BASCL's muted
growth in revenues during the past two years on account of
slowdown in demand and weak realizations of steel, leveraged
capital structure and stretched liquidity position emanating from
high inventory days. Given the cyclicality inherent in the
industry and need to maintain high inventory levels, the company
is also exposed to price risks and competitive pressures from the
organized and unorganized players in the industry. However the
ratings continue to factor in the established track record of the
management in the steel industry and advantages arising from
proximity to raw material suppliers.

Incorporated in 1996, Bhartiya Alloys & Steel Cast Ltd (BASCL) is
part of the Bhartiya group of Industries. The company commenced
its operations in 2002 and is engaged in the manufacturing and
trading of mild steel channels, angles, beams, flats and T-
sections. The company has a 5 acre plant located at Wada in
Maharashtra with a capacity to manufacture approximately 8,500 MT
of steel annually. The company has its registered office at
Rajasthan.

Recent Results
BASCL recorded a net profit of INR 0.41 crore on an operating
income of INR 30.90 crore for the year ending March 31, 2015 and
sales of INR 25.34 crore for the nine months period ending
December 2015 (as per the provisional figure disclosed by the
management).


FERTICHEM COTSPIN: ICRA Suspends 'D' Rating on INR101cr Loan
------------------------------------------------------------
ICRA has suspended the [ICRA]D rating assigned to the INR 101.00
crore bank facilities of Fertichem Cotspin Limited. The suspension
follows ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the Company.

Incorporated in 1991, Fertichem Cotspin Limited (FCL) is a Mohali,
Punjab based cotton yarn manufacturer. While FCL was initially
engaged in trading of chemicals, it diversified into manufacturing
of cotton yarn of coarse count (ranging from 4 to 20 counts) in
the year 1999. FCL started with manufacturing of 100% cotton yarn
with open end technology before adding ring spun yarn to its
product portfolio in the year 2008. The company's spinning unit
located at Derabassi, District Mohali, in Punjab has an installed
capacity of 15,696 spindles.

In FY14, FCL reported an Operating Income (OI) of INR 158.1 crore
and Profit after Tax (PAT) of INR 1.0 crore against an OI of INR
163.3 crore and PAT of INR 2.9 crore reported in FY13.


GAURI INTERNATIONAL: CRISIL Cuts Rating on INR150MM Loan to D
-------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Gauri International Private Limited (GIPL; part of the Gauri
group) to 'CRISIL D' from 'CRISIL BB/Stable'.

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

   Proposed Long Term     100      CRISIL D (Downgraded from
   Bank Loan Facility              'CRISIL BB/Stable')

The rating downgrade reflects instances of delay in servicing of
term debt obligation and over-utilisation by the group of its
working capital limit.

The group has a constrained financial risk profile, particularly
liquidity, because of significant term debt obligations. Moreover,
it has working capital-intensive, and a modest scale of,
operations in a fragmented and highly competitive market. However,
the group benefits from the extensive experience of its promoters
in the textile industry.

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of GIPL and Drashti Innovative Syncotex
Pvt Ltd (DISPL). This is because the two companies, together
referred to as the Gauri group, have common promoters, are in the
same business, and have business and operational synergies.

Incorporated in 2010 and based in Surat, Gujarat, GIPL
manufactures and trades in fabrics used in home furnishing,
readymade garments, and dress material. DISPL, also based in Surat
and incorporated in 2013, is in a similar line of business. The
manufacturing facilities of both companies are in Surat. GIPL is
promoted by Mr. Dhaval Nakrani and DISPL is promoted by Mr.
Nakrani and Mr. Vishal Balar.


HULE CONSTRUCTIONS: CARE Reaffirms B+ Rating on INR9cr LT Loan
--------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Hule Constructions Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      9.00      CARE B+ Re-affirmed
   Short term Bank Facilities     3.00      CARE A4 Re-affirmed

Rating Rationale

The ratings assigned to the bank facilities of Hule Constructions
Private Limited (HCPL) continue to remain constrained on account
of its small scale of operations in the competitive construction
industry, the risk of delay in the execution of existing projects
further leading to uncertainty in timely booking of revenues,
geographical & segmental concentration of operations and moderate
financial risk profile marked by moderate capital structure and
debt coverage indicators. The ratings are also constrained by the
limited comfort from price escalation clause making margins
susceptible to increase in raw material prices and exposure to
tender driven nature of business.

The ratings, however, continue to draw support from the experience
of the promoter in the construction in the irrigation sector,
healthy order book position and registration as class I-A
contractor with the PublicWorks Department (PWD) of the state of
Maharashtra.

The ability of the company to execute the projects in a timely
manner, diversify its operations and further enhance the scale of
operations while efficiently managing its working capital
requirements remain the key rating sensitivities.

Incorporated in year 2007, HCPL is promoted by Mr Vishwanath Hule
Patil who has almost 25 years of experience in the infrastructure
space in the capacity of contractor. HCPL is engaged in
infrastructure contract work with operations focused in Beed
(Marathwada region) in Maharashtra. Within the infrastructure
sector, HCPL majorly operates in two segments -- irrigation and
construction of buildings. The company participates in the tenders
floated by the PWD. If awarded the contract, the company has to
get the design of the work certified from Central Design
Organization (Nasik). The company has successfully executed 11
projects on its own and also owns most of the machinery and
equipment which are required for execution of projects. The
company got registered under the class I-A contractor in the year
2011 with the PWD, Maharashtra state, and is eligible to undertake
all types of civil work, irrespective of the size within the state
of Maharashtra.

During FY15 (refers to the period April 1 to March 31), HCPL
registered a PAT of INR0.80 crore on a total income of INR22.22
crore as against a PAT of INR0.15 crore on a total income of
INR19.40 crore for FY14.


INDIABULLS REAL: Moody's Affirms B1 Corporate Family Rating
-----------------------------------------------------------
Moody's Investors Service affirmed the B1 corporate family rating
of Indiabulls Real Estate Limited (IBREL).

At the same time Moody's also affirmed the B1 rating on USD 175
million 10.25% notes due 2019 issued by Century Limited and
guaranteed by IBREL.

The outlook on the ratings is stable.

RATINGS RATIONALE

'The ratings affirmation reflects IBREL's improved level of
collections in the quarter ended December 2015 as well as
continued debt reduction,' says Vikas Halan, a Moody's Vice
President and Senior Credit Officer.

'We estimate that IBREL made collections of over INR7 billion in
the quarter ended December 2015, which was nearly double the
amount it achieved in the quarter ended September 2015,' says
Halan, also the lead analyst for IBREL at Moody's.

The company also continued to report a strong operating
performance with sales for the December quarter at INR 7.3 billion
resulting in sales for the nine months to December 2015 of INR
22.9 billion against INR20.4 billion for the year ended March
2015.

Most of the sales and collections were generated from the
company's projects in Mumbai -- Indiabulls BLU, Indiabulls Green
(Panvel) and Indiabulls Golf City (Savroli) - with projects in
Gurgaon near New Delhi -- Indiabulls Mint and Indiabulls Imperial
- yet to be launched.

In terms of debt reduction, the company reported a reduction in
net debt of INR2.25 billion for the quarter taking the total net
debt reduction to INR5.52 billion for the nine months ended
December 2015. The company targets to reduce net debt by a further
INR1.3 billion to achieve its target net debt of INR48 billion by
March 2016 with an additional INR15 billion reduction by March
2017. The debt reduction targets will be achieved by a mix of
assets sales and improvement in collections. The company has no
plans to make land acquisitions until it achieves such debt
reduction targets.

Given the improved level of collections IBREL's liquidity position
has improved. As of December 2015, the company had cash and cash
equivalents of INR8.7 billion versus INR8.2 billion of debt
maturing over the next 12 months. The company will also benefit
from the remaining INR2.2 billion equity infusion committed by the
promoter in the quarter ending June 2016.

Despite the debt reduction, the company's homebuilding EBITDA/
interest for the nine months ended December 2016 was 1.7x, which
is lower than the downgrade threshold of 2.0x.

'We expect that the company's credit metrics will remain weakly
positioned for its ratings in fiscal year ending March 2016 with
homebuilding EBITDA/ Interest at about 1.8x. Credit metrics will
improve by fiscal 2017 as company makes further progress on debt
reduction,' says Halan.

The stable outlook reflects our expectation that the company will
continue to achieve its target for debt reduction through
improvements in cash flow from operations, asset sales and, if
needed, further equity infusions by the promoter.

The outlook also incorporates expectations that the company's
operating sales and collections will continue to improve over the
next 12 months and that it will make no acquisitions of land
parcels.

A ratings upgrade over the next 12-18 months is unlikely as
company's credit metrics will remain weakly positioned for its
rating over this period.

Upward rating pressure could emerge beyond FY2017, if the company
establishes a track record of (1) achieving planned sales and
increasing revenue recognition; (2) maintaining a reasonable cash
balance above 150% of debt maturing for the next 12 months; and
(3) maintaining strong financial discipline, such that
revenue/debt is above 100% and EBTIDA/interest is above 3x on a
sustained basis.

Downward rating pressure could emerge if the company fails to
achieve its debt reduction target by a significant amount, either
because of its inability to make assets sales, or because of a
substantial deterioration of its operating performance.

Downward pressure could further emerge if the company engages in
material debt-funded acquisitions.

In such a situation, cash and cash equivalents could fall below
100% of debt maturing over the next 12 months, and/or its credit
metrics could deteriorate, such that EBITDA/interest stays under
2.0x.

IBREL is one of the largest real estate developers in India with a
focus on the Mumbai Metropolitan Region and National Capital
Region.


INDORE DEWAS: Ind-Ra Upgrades INR4.5BB Loan Rating to 'IND B'
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Indore Dewas
Tollways Limited's (IDTL) INR4,500 million project bank loan
facilities to 'IND B' from 'IND D'. Ind-Ra has also assigned
IDTL's additional INR1,761.3 million project bank loan facilities
an 'IND B' rating. The Outlook is Stable.

KEY RATING DRIVERS

The rating upgrade reflects IDTL's completion of debt
restructuring in June 2015 and regular servicing of the additional
priority debt of INR400 million, sanctioned towards completing the
balance works on the project stretch.

IDTL's restructuring package includes conversion of accrued
interest of INR1,361.3 million into a funded interest term loan.
Additionally, lenders have permitted an intermediate principal
moratorium from 1 July 2014 to 31 March 2017.

The restructured debt of INR4,500 million will be amortised in 48
quarterly payments. The funded interest term loan of INR1,361.3
million will be amortised in 28 structured quarterly payments. The
priority debt of INR400 million will be will be amortised in 20
structured quarterly payments with no moratorium.

The project has also availed premium deferment from National
Highways Authority of India NHAI ('IND AAA'/Stable), wherein the
premium from FY15 till FY23 has been deferred. The rescheduled
premium with interest has to be repaid post FY24. The absence of
NHAI premium during FY15-FY23 is likely to ease the cash flow
stress.

The project achieved provisional completion for 39.38km out of
45.05km on 29 May 2015. The traffic underperformance in the
project stretch is attributed to reduced economic activity and the
delays in the completion of adjoining stretches (Dhar and Dewas
(NH59) and Gwalior-Shivpuri-Dewas (NH3). The traffic and revenue
projections are lower than the restructuring base case assumptions
in FY16 (till date).  However, the management has reported the
commencement of works in adjoining stretches recently.

The sponsors of IDTL, Gayathri Projects Limited and Gayathri Infra
Ventures Limited, have provided unconditional and irrevocable
undertakings to repay the outstanding principal amount along with
all the remaining liabilities of the lenders, should IDTL
defaults. However, given the weak credit profile of the sponsors,
the rating does not factor in any credit enhancement.

The project stretch is maintained by Gayatri Projects which has
over two decades of experience in engineering, procurement and
construction activities. The projections factor in an annual
escalation of 5% in operations & maintenance expenses and also
account for two major maintenance cycles during the loan tenure.

RATING SENSITIVITIES

Negative: Prolonged delays in completion and inadequate traffic
recovery resulting in stress on the debt service ability could
result in a negative rating action.

COMPANY PROFILE

IDTL is an SPV incorporated to implement a lane expansion (from
four to six lanes) project on a design, build, finance, operate
and transfer basis under a 25-year concession from NHAI. IDTL is
owned by Gayatri Group.


INSTITUTE OF MANAGEMENT: ICRA Suspends D Rating on INR10cr Loan
---------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]D assigned to the
INR 10.00 crore terms loans of Institute of Management &
Information Science. The suspension follows ICRA's inability to
carry out a rating surveillance in the absence of the requisite
information from the entity.

Incorporated in 1995, Institute of Management & Information
Science (IMIS) offers two full time MBA courses at its campus in
Bhubaneswar, Odisha. The institute has an intake capacity of 120
students for Post Graduate Diploma in Management and 60 students
for Post Graduate Diploma in Finance & Control. The current
strength of the students stands at 182.


ITMS INDIA: Ind-Ra Assigns 'IND B+' Long-Term Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned ITMS India
Private Limited (ITMSIPL) a Long-Term Issuer Rating of 'IND B+'.
The Outlook is Stable.

KEY RATING DRIVERS

The ratings reflect ITMSIPL's small scale of operations as evident
from revenues of INR317.93m in FY15 (FY14: INR257.95m) with EBITDA
margins of 3.90% (4.24%). The revenues grew at a CAGR of 28.97%
over FY12-FY15. The ratings also reflect the company's
deteriorating credit profile with net financial leverage of 4.16x
in FY15 (FY14: 3.99x) and interest coverage (Operating
EBITDA/gross interest expense) coverage of 1.99x (2.11x).

The ratings are constrained by ITMSIPL's presence in a highly
competitive and fragmented market, and its tight liquidity as
evident from the average maximum utilisation of 100.73% of its
fund-based working capital limits during the 12 months ended
January 2015.

The ratings however are supported by the over five years of
experience of the company's promoters in the signage industry and
ITMSIPL's strong relationships with its suppliers and customers.
Moreover, the company is associated with LG Hausys (Korea) which
is one of the leaders in the global signage industry, for its
northern and eastern India distributorship.

RATING SENSITIVITIES

Positive: Substantial growth in the revenues along with an
improvement in the EBITDA margins, liquidity and overall credit
metrics will lead to a positive rating action.

Negative: Deterioration in the EBITDA margins, liquidity and
overall credit metrics will lead to a negative rating action.

COMPANY PROFILE

ITMSIPL is a Delhi-based company incorporated in October 2012. The
company operates in the signage and offset printing industry.
ITMSIPL has structured its business in to three verticals:
signage, interior & architectural, and offset printing.


JAGAT JAGDAMBA: CRISIL Lowers Rating on INR140MM Loan to 'D'
------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
Jagat Jagdamba Flour Private Limited (JJFPL) to 'CRISIL D' from
'CRISIL BB/Stable'. The downgrade reflects the company's
continuously overdrawn cash credit limit for more than 30 days.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            140      CRISIL D (Downgraded from
                                   'CRISIL BB/Stable')

JJFPL has a small scale of operations with low operating
profitability. However, the company benefits from the extensive
experience of its promoter in the wheat-based products segment.

JJRFPL, incorporated in 2009, is part of the Jagdamba group,
headed by Mr. Krishna Murari Choudhary. The group has been trading
in rice, pulses, and flour since 1988, and has been processing
food grains since 2003. JJFPL manufactures wheat-based products at
its unit in Hazipur, Bihar; the unit has a capacity to process 300
tonnes per day of wheat.


JAI BHARAT: Ind-Ra Assigns 'IND B+' Long-Term Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Jai Bharat
Industries a Long-Term Issuer Rating of 'IND B+'. The Outlook is
Stable. A full list of rating actions is at the end of this
commentary.

KEY RATING DRIVERS

The ratings reflect JBI's small scale of operations as indicated
by revenue size of INR142.15 million in FY15 (FY14: INR115.44
million) coupled with improving but weak EBITDA margins of 3.30%
(2.83%). The ratings also reflect the entity's weak credit profile
with net financial leverage of 7.21x in FY15 (FY14: 4.22x) and
EBITDA gross interest coverage of 1.91x (2.34x).

The ratings are constrained by JBI's presence in the highly
fragmented and intense competitive rice milling industry,
government regulations, and seasonality of operations.

The ratings, however, are supported by the two-decade-long
experience of JBI's promotors in the rice milling industry. The
ratings are further supported by the entity's strong relationships
with its customers and suppliers. Moreover, liquidity is
comfortable as evident from the 49.41% of average working capital
utilisation for the 12 months ended December 2015.

RATING SENSITIVITIES

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

Positive: A significant improvement in the operating profitability
and a consequent improvement in the credit metrics will be
positive for the ratings.

COMPANY PROFILE

JBI is a partnership entity is into the business of rice and flour
milling. The plant of the entity is located in Hardoi (Uttar
Pradesh).

JBI's ratings are follows:
-- Long-Term Issuer Rating: assigned 'IND B+'/Stable
-- INR40.0 million fund-based working capital limits: assigned
    Long-term 'IND B+'/Stable and Short-term 'IND A4'
-- INR42.5 million long-term loans: assigned Long-term 'IND
    B+'/Stable


JAMPANA PADMAVATHI: ICRA Assigns 'B' Rating to INR8.80cr Loan
-------------------------------------------------------------
ICRA has assigned the long term rating of [ICRA]B to the INR 8.80
Crore fund based limits and INR1.20 crore Un-allocated limits of
Jampana Padmavathi.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term Fund
   based Limits           8.80        [ICRA]B; Assigned

   Long term Un-
   allocated Limits       1.20        [ICRA]B; Assigned

The rating assigned is constrained by the execution risk
associated with the timely completion of the project. The rating
also considers the high debt funded nature of project resulting in
the stretched capital structure in the near term. The rating also
factors in the off take risk associated with the godowns, since
the leasing out of go-downs to FCI is subject approvals from
NABARD which is dependent on to JP's ability to meet the
construction norms and regulations set by NABARD. However,
successful leasing out of go-downs to FCI would result in the
fixed stream of cash flows which would support debt repayments.
Going forward, successful and timely completion of the project,
JP's ability to get requisite approvals for leasing out of go-
downs to FCI are the key rating sensitivities.

Jampana Padmavathi (JP) is a proprietorship concern established in
FY15. The business activities include the construction of go-downs
and leasing out to FCI. The entity is in the process of
constructing 4 go-downs with an aggregate capacity of 32000 MT in
koripalli village, Karapa station on Vijayawada division with an
estimated project cost of INR 11.74 crore. The project would be
funded by term loans of INR8.80 crore, INR 2.19 crore of equity,
INR0.75 crore of unsecured loans. The timeline for the
commencement of the go-down is April 01, 2016. As on January 2016,
the entity has completed ~85% of the project.


K C SINGLA: CARE Reaffirms B+ Rating on INR7.58cr LT Loan
---------------------------------------------------------
CARE reaffirms the ratings assigned to bank facilities of
K C Singla Industries.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      7.58      CARE B+ Reaffirmed

Rating Rationale

The rating of K C Singla Industries (KCSI) continues to remain
constrained on account of itsmodest scale of operation in the
highly fragmented and government regulated industry and its
constitution as a partnership concern. The rating is, further,
continue to remain constrained on account of seasonality
associated with the agro commodities, decline in profitability
margins, weak solvency position and working capital intensive
nature of the business.

The rating, however, favourably takes into account the experience
of the promoters with long standing experience in the processing
and trading of agricultural commodities.

The ability of the firm to improve its scale of operations while
sustaining profitability margins in light of volatile raw material
prices and improvement in the liquidity position would be the key
rating sensitivities.

Hanumangarh (Rajasthan) based KCSI was formed in July, 2000 as a
partnership concern by four partners who are sharing profit & loss
equally. KCSI is mainly engaged in the processing of basmati and
non-basmati paddy and is also engaged in the trading of paddy and
rice as well as other agricultural commodities such as barley,
binola khal, cotton seeds, gram and mustard seeds. The processing
plant of the firm has an installed capacity of 90 Metric Tonnes
Per Day (MTPD) for processing of paddy as on March 31, 2015. The
firm purchases paddy and other agricultural commodities from
traders as well as mandis and sells rice (both basmati and non-
basmati rice) and other agro commodities to traders all over the
Rajasthan and Mumbai. It also sells its product through 6 dealers
and third party for indirect export. It markets rice under the
brand name of "Ardhan".

During FY15 (FY refers to the period of March 31 to April 1), KCS
has reported a total operating income of INR20.64 crore
(FY14: INR13.73 crore) with a net profit at zero level (FY14:
INR0.35 crore).


KAPOOR OIL: ICRA Reaffirms 'B' Rating on INR6cr Cash Loan
---------------------------------------------------------
ICRA has reaffirmed the [ICRA]B rating to the INR 6.00 crore cash
credit facility and INR 1.40 crore term loan facility of Kapoor
Oil Industries.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund based-Cash
   Credit                6.00        [ICRA]B reaffirmed

   Fund Based-Term
   Loan                  1.40        [ICRA]B reaffirmed

The reaffirmation of rating continues to factor in Kapoor Oil
Industries' (KOI) modest scale of operations and financial profile
characterized by declining sales revenue in FY15 and weak debt
coverage indicators. The rating also incorporates stretched
liquidity position followed by high inventory holding and
consequently high gearing level. ICRA also takes note of the
highly competitive and fragmented industry structure with the
limited value additive nature of operations, which leads to
pressure on profitability. The rating further incorporates the
vulnerability to adverse movements in agricultural produce prices
and regulatory policy changes in terms of export and MSP. Also,
being a partnership firm, substantial withdrawals by the partners
can have an adverse impact on capital structure of the firm.
The rating continues to, favorably considers the long experience
of the promoters in the cotton industry as well as the location of
the firm, giving it easy access to high quality raw cotton.

Kapoor Oil Industries was established on 4th July 2006 as a
partnership firm to engage in the business of crushing of
cottonseeds. In FY13, the firm had diversified its operation by
entering into ginning and pressing of cotton to produce cotton
bales and cottonseeds. The manufacturing unit is located at
Vijapur, Gujarat and is equipped with 14 ginning machines, 1
pressing machine and 4 expellers. In FY15, the firm has installed
additional 4 ginning machines which resulted in 18 ginning
machines. Currently, plant has an installed capacity to produce
160 cotton bales and 4 MT of cottonseed oil per day (24 hours
operation). The firm owned by 12 partners of which six partners
namely Mr. Amrutbhai Patel, Mr. Dahyabhai Patel, Mr. Chunilal
Patel, Mr. Rameshbhai Patel, Mr. Rashikbhai Patel and Mr.
Popatbhai Patel manage the operations of the firm.

Recent Results
During FY15, the firm reported an operating income of INR 16.96
crore and a net profit of INR 0.38 crore against an operating
income of INR 23.33 crore and net profit of INR 0.29 crore in
FY14.


KBJ JEWEL: ICRA Reaffirms 'D' Rating on INR110cr LT Loan
--------------------------------------------------------
ICRA has reaffirmed the long term rating assigned to the INR 110
crore fund based bank limits of KBJ Jewel Industry India Private
Limited at [ICRA]D. ICRA has also reaffirmed the short term rating
assigned to the INR 20 crore non fund based bank limits of the
company at [ICRA]D, which is a sub-limit of INR 110 crore fund
based limits. As such the total utilization should not exceed INR
110 crore at any point of usage. The reaffirmation of ratings
reflects current delays in debt servicing by the company. The
company has been classified as a non performing asset by its
bankers.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long-term, fund-
   based facilities       110         [ICRA]D Reaffirmed

   Short-term, non
   fund-based facilities   20         [ICRA]D Reaffirmed

Incorporated in May 2006, KBJ Jewel Industry India Private Limited
(erstwhile KBJ Jewellery Private Limited) was promoted by Mr.
Mohit D. Kamboj (currently MD of the company) and his father
Deepak K. Kamboj with the aim to manufacture and market gold
jewellery. The Kamboj family has been in the jewellery business
for more than five decades with Mr. Mohit Kamboj representing the
third generation of the family in this business. The company's
head office is located in Mumbai and it has a branch office in
Varanasi, UP, where the family first commenced its jewellery
business five decades ago.


KISHORI MERCANTILES: ICRA Suspends 'B' Rating on INR3.05cr Loan
---------------------------------------------------------------
ICRA has suspended [ICRA]B rating assigned to INR 1.80 crore cash
credit, INR 3.05 crore term loan, the INR 0.20 crore bank
guarantee facilities and the INR 0.95 crore unallocated limit of
Kishori Mercantiles Private Limited. ICRA has also suspended
[ICRA]A4 rating assigned to INR 0.80 crore letter of credit
facility and the above INR 0.95 crore (interchangeable with long
term) unallocated limit of KMPL. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of the
requisite information from the company.


KUJJAL BUILDERS: CARE Revises Rating on INR146.63cr Loan to B
-------------------------------------------------------------
CARE revises ratings assigned to bank facilities of Kujjal
Builders Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities    146.63      CARE B (SO) Revised
                                            from CARE D

Rating Rationale
The ratings are based on credit enhancement in the form of
unconditional and irrevocable corporate guarantee provided
by BHL towards bank facilities of Kujjal Builders Private Limited
(KBPL).

The revision in the ratings of the bank facilities of Bharat
Hotels Ltd (BHL) takes into account the improvement in the debt
servicing track record of the company. The ratings continue to
remain constrained by moderate financial risk profile, demand off-
take risk in few of the new properties and subdued industry
outlook. The ratings, however, draw comfort from experienced
promoters and long track record of operations in the hospitality
business.

Going forward, the ability of BHL to improve its operational
performance and cash flows and timely realisation from
envisaged sale of non-core assets would remain the key rating
sensitivities.

KBPL is a step down subsidiary (Prime Cellular Limited, a 100%
subsidiary of BHL holds 50% shares of KBPL) of BHL with remaining
50% shares of KBPL being held by other group company of BHL. KBPL
has developed a 179 rooms 5 star hotel in Chandigarh under the
brand name of 'The Lalit'. The total cost of project was INR410
crore financed through debt of INR155 crore and equity of INR80
crore and unsecured loans of INR175 crore. KBPL had commenced its
commercial operations from Q4FY14.


MALAIYA TRACTORS: CARE Reaffirms B+ Rating on INR5.94cr LT Loan
---------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Malaiya Tractors.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     5.94       CARE B+ Reaffirmed
   Short-term Bank Facilities    1.50       CARE A4 Reaffirmed

Rating Rationale

The ratings assigned to the bank facilities of Malaiya Tractors
(MTR) continue to remain constrained on account of leveraged
capital structure, weak debt coverage indicators, working capital
intensive nature of operations coupled with the recently completed
debt-funded capex. The ratings are further constrained due to
decline in total operating income (TOI) during FY15 (refers to the
period April 1 to March 31), its partnership nature of
constitution coupled with its presence in the competitive nature
of dealership business and dependence on the agricultural
scenario. The ratings, however, continue to derive benefits from
long and established track record of promoters in dealership
business and its long association with reputed OEM i.e. Mahindra &
Mahindra Limited (M&M).

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

Established in 1989, MTR is a partnership firm promoted by Mr
Mahesh Kumar Malaiya and Mr Kapil Kumar Malaiya having experience
of four decades in automobile dealership business. MTR is an
authorized dealer of Mahindra & Mahindra Limited (M&M) and is
engaged in sale of tractors and its spare parts. MTR also run
authorized service centre of Mahindra & Mahindra at Sagar (Madhya
Pradesh). It also provides value addition service such as sale of
old used tractors of the farmers. The partners are also associated
with Adinath Motors (Rated: CARE BB-/CARE A4, revised in February,
2015). Adinath Motors is engaged in engaged into dealership of
Maruti Suzuki India Limited since 2000 at Sagar, MP.


MASCOT ENGITECH: CARE Assigns B+ Rating to INR7cr LT Loan
---------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Mascot
Engitech Private Limited.

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

Rating Rationale
The rating assigned to the bank facilities of Mascot Engitech
Private Limited (MEPL) is constrained on account of its modest
scale of operations with moderate profitability margins which is
Susceptibility of operating margins to variable input costs and
moderate liquidity position. The ratings, however, derive strength
from experienced promoters, comfortable capital structure and debt
coverage indicators. MEPL's ability to improve its profitability
and scale of operations by managing the volatility associated with
input prices remain the key rating sensitivities.

Bhavnagar-based MEPL was incorporated in October 2009 by Mr Mehul
Patel, Mr Vamanrai Patel and Mrs Kamini Patel. The company is
engaged into providing the fabrication services to ship building
companies by deck fittings and storage tanks as per the
requirement of the customers. MEPL serves to Marine Engineering &
Mechanical Engineering related work.

As per audited result for FY15 (refers to the period April 1 to
March 31), MEPL reported a total operating income of INR33.02
crore with a Profit after Tax (PAT) of INR0.47 crore as compared
to TOI of INR30.55 crore and PAT of INR0.91 crore in FY14. As per
the provisional results for 8MFY16 (April 1, 2015 to November 30,
2015), MEPL has registered a TOI of INR18.75 crore and net profit
at INR0.45 crore.


MID INDIA: ICRA Reaffirms B+ Rating on INR105cr LT Loan
-------------------------------------------------------
ICRA has reaffirmed its long term rating of [ICRA]B+ on INR 105.0
crore bank facilities of Mid India Creations.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long term fund
   based limits         105.00        [ICRA]B+; reaffirmed

ICRA rating reaffirmation takes into account the nascent stage of
MIC's single project operations wherein the banquets have started
while the hotel rooms are yet to be operationalised. The rating
continues to factor in the favorable project location on the
Indore bypass road, starting up which has many upcoming
residential and commercial projects nearby. Further, the rating
also takes into account the extensive experience of the promoters
in the construction and real estate industry. While reaffirming
the rating, ICRA has taken note of the delay in completion of the
hotel rooms. Nevertheless, the terms of the loans are favorable
with a maturity of ten years, along with ballooning repayments
starting from December 2015. The project remains dependent on the
financial support from the promoters to meet the scheduled debt
repayments. Post the full operations, ability to achieve planned
occupancies and realizations and thus generate adequate cash
accruals to meet the repayments will be critical. Further, the
rating factors in the concentration risk of the revenue stream by
virtue of the single hotel property and risks inherent in a
partnership firm.

Going forward, timely infusion of promoter funds to support
repayments, achieving targeted realizations and occupancies will
be crucial for timely debt servicing and hence will remain the key
rating sensitivities.

MIC is a partnership firm incorporated in October, 2011 under the
Limited Liability Partnership Act 2008 and is constructing a 120
room hotel in Indore, Madhya Pradesh. MIC has three partners
belonging to the BCM Group and the Naidunia Group of Madhya
Pradesh, and the Surana Group of Jaipur. The BCM Group has
undertaken many real estate projects in Madhya Pradesh, while the
Naidunia Group is engaged in the print media business in Madhya
Pradesh and is also present in information technology services.
The Surana Group has presence in jewellery and construction
business and also operates a multiplex, a hotel and a convention
centre.


MOHAN PROJECT: CARE Reaffirms 'D' Rating on INR10cr LT Loan
-----------------------------------------------------------
CARE reaffirmed the ratings assigned to the bank facilities of
Mohan Project Contractors Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities       10       CARE D Reaffirmed
   Long term/Short term Bank       20       CARE D/CARE D
   Facilities                               Reaffirmed

Rating Rationale

The ratings assigned to the bank facilities of Mohan Project
Contractors Pvt Ltd (MPCPL) continue to remain constrained
by delays in servicing of the debt obligations due to the stressed
liquidity position of the company.

MPCPL was incorporated on September 3, 1998, for undertaking
construction activities. The company is engaged in the execution
of civil works, including concrete/masonry dams, earth filling
dams, highways, bridges, canals, aqueducts, etc. MPCPL is promoted
by Mr G. Padmanabha Reddy, an experienced civil contractor having
more than 25 years experience in the execution of the various
civil works.

MPCPL registered a total operating income of INR46.69 crore and
net profit of INR1.26 crore for FY15 (refers to the period April 1
toMarch 31) vis-a-vis total operating income of INR59.20 crore
with a net profit of INR0.48 crore in FY14.


NEEV METOLOGIES: ICRA Lowers Rating on INR3.65cr Loan to 'D'
------------------------------------------------------------
ICRA has revised the long-term rating assigned to INR 3.00 crore
cash credit facility and INR 3.65 crore term loan facility of
Neev Metologies Private Limited from [ICRA]B to [ICRA]D.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit           3.00        Revised to [ICRA]D
                                     from [ICRA]B

   Term Loan             3.65        Revised to [ICRA]D
                                     from [ICRA]B

The rating revision reflects delays in debt servicing by the
company on its borrowings due to stretched liquidity conditions
arising out of manufacturing facility operating at lower than
expected capacity due to slowdown in the metal industry.

Incorporated in August 2012, Neev Metologies Private Limited is
engaged in manufacturing of Aluminum foil and its variants. The
company is promoted by Mr. Sagar Parsana and Mrs. Nisha Parsana
who holds more than 5 years of experience in Aluminum foil
manufacturing by virtue of their associating with few other
aluminum foil manufacturing companies. The company has set up an
aluminum pressing plant at a cost of INR 6.64 crore in October
2013 and commenced commercial operations from January 2014. NMPL
product portfolio consists of aluminum bottle cap, food grade
aluminum foils and commercial grade aluminum foils.


OM PARKASH: CRISIL Reaffirms B+ Rating on INR70MM Cash Loan
-----------------------------------------------------------
CRISIL's ratings on the bank facilities of Om Parkash Surinder
Mohan (OPSM) continue to reflect OPSM's small scale of operations
with limited diversity in revenue, and large working capital
requirement. These weaknesses are partially offset by its
promoters' established track record in the infrastructure
construction industry, and its above-average financial risk
profile because of low gearing.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee          40      CRISIL A4 (Reaffirmed)

   Cash Credit             70      CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      12      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes OPSM will continue to benefit over the medium term
from its promoters' strong track record in the infrastructure
construction industry. The outlook may be revised to 'Positive' if
the firm diversifies its customer base while improving capital
structure and networth. Conversely, the outlook may be revised to
'Negative' if profitability, capital structure, and debt
protection metrics deteriorate.

Update
OPSM executes civil contract orders for real estate players in
Punjab, Haryana, and Himachal Pradesh. It has orders of Rs.703
million from Janta Land Promoters Ltd (JLPL), Punjab, to be
executed till 2017, of Rs.90 million from the Navprerna group to
be executed till 2017, and of Rs.140 million from BSNL Housing. It
also bids for in state department tenders.

Over the four years through 2014-15 (refers to financial year,
April 1 to March 31), OPSM executed a large order of Rs.1.2
billion for Air Force Naval Housing Board (AFNHB). While
construction has been completed, work of Rs.96 million is yet to
be certified as on March 31, 2015, against Rs.79 million as on
March 31, 2014, leading to significant increase in inventory, and
consequently, large gross current assets of more than 600 days as
on March 31, 2015. OPSM is now executing orders for JLPL, wherein
the latter manages inventory. Customer concentration in revenue
continues, with most revenue now coming JLPL as against AFNHB
earlier.

OPSM's liquidity remains just adequate. It avails of ad hoc limits
regularly and its bank limit utilisation averaged 96 percent over
the 12 months through November 2015. The firm also avails of
unsecured overdraft limit of Rs.15-20 million to support
liquidity. Release of part of retention money of Rs.11 million by
AFNHB in December 2015 has eased the pressure on liquidity. OPSM
is likely to generate moderate cash accrual of Rs.8-9 million over
the medium term. Its financial risk profile remains supported by
low gearing of less than 1 time as on
March 31, 2015, and comfortable interest coverage ratio of 1.8
times for 2014-15.

OPSM was initially set up as a proprietary concern, Om Parkash, in
1979 by Mr. Om Parkash Khullar. The firm was reconstituted as a
partnership concern with the present name following the induction
of Mr. Surinder Mohan Khullar as partner. OPSM undertakes
infrastructure-related construction activities in Himachal
Pradesh, Punjab, and Haryana.


P.M. DALL: CARE Reaffirms B+ Rating on INR5.05cr LT Loan
--------------------------------------------------------
CARE reaffirms the ratings assigned to bank facilities of P.M.
Dall Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      5.05      CARE B+ Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of P. M. Dall Mills
Private Limited (PMDPL) continue to remain constrained on of its
modest scale of operations and its weak financial risk profile
characterized by low profitability, leveraged capital structure
and weak debt coverage indicators. The rating further continues to
remain constrained on account of its presence in highly
competitive and fragmented agro processing industry and
vulnerability of its profit margins to commodity price
fluctuations. The reaffirmation of the rating also factors in
modest improvement in capital structure albeit decline in total
operating income and profitability in FY15 (refers to the period
of April 1 to March 31).

The rating continues to draw strength from the experience of
promoters and financial support extended in the form of unsecured
loans.

The ability of PMDPL to increase its scale of operations, improve
profitability and capital structure with the efficient management
of working capital requirements are the key rating sensitivities.

Established as proprietorship firm in 1980, PMDPL was converted in
to private limited company in February, 2010. It is engaged in
processing and trading of Arhar dal and ArharChunni. PMDPL sells
its products under various brand names like Nawab, Mitha, Mira,
Hariyali and Motidana. PMDPL procures the raw material primarily
from domestic market through various brokers & the entire revenue
is also earned from the domestic market. The processing unit of
PMDPL is located at Katni, Madhya Pradesh with total capacity of
1.2 lakhs quintals per annum as on March 31, 2015.

During FY15, PMDPL reported a total operating income (TOI) of
INR57.51 crore (FY14: INR63.51 crore) and PAT of INR0.14 crore
(FY14: PAT INR0.29 crore).


PAE LIMITED: CARE Lowers Rating on INR15cr LT Loan to 'D'
---------------------------------------------------------
CARE revises the rating assigned to the bank facilities of
Pae Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities       15       CARE D Revised from
                                            CARE B+
   Long term/Short-term Bank
   Facilities                       5       CARE D Revised from
                                            CARE B+/A4

Rating Rationale

The revision in the ratings of PAE Limited (PAE) is on account of
overdrawing in cash credit account and delay in servicing of
interest due to weak liquidity position. Establishing a clear
track record of timely servicing of debt obligations with
improvement in liquidity position is the key rating sensitivity

Incorporated in 1950 as a distributor of auto electric components,
PAE Ltd is presently operational in two segments viz Power
products and Auto components. In its power products segment, PAE
is engaged in marketing and distribution of lead storage batteries
(for automotive and industrial application) and power backup
systems; while in the Auto component segment it operates as a
distributor of automotive parts.

Additionally, the company has forayed into solar energy space
through its various subsidiaries which are engaged in developing,
marketing and distribution of solar panels and operates 2 solar
power plants of 1 MW each. Over the years PAE has developed a pan-
India presence.

During FY15 (refers to the period April 1 to March 31), PAE
reported total operating income of INR 82.59 crore (vis-a-vis INR
95.68 crore in FY14) and net loss of INR 13.16 crore (vis-a-vis
net loss of INR 16.28 crore in FY14


POLYLACE INDIA: CARE Reaffirms B+/A4 Rating on INR17.53cr Loan
--------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Polylace India Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term/Short-term          17.53      CARE B+/CARE A4
   Bank Facilities                          Reaffirmed

   Long-term Bank Facilities      3.00      CARE B+ Reaffirmed

Rating Rationale

The ratings assigned to the bank facilities of Polylace India
Private Limited (PIPL) continues to remain constrained by small
scale of operations, weak financial risk profile as marked by
decline in profitability, leveraged capital structure and weak
debt service coverage indicators. The ratings are further
constrained by working capital intensive nature of operations
resulting in elongated operating cycle.

The ratings, however, continue to derive comfort from the long-
standing experience of promoters with funding support.
Furthermore, the ratings favorably take into account the
successful completion of capacity expansion project though the
stabilization risk continues to remain. Going forward, the ability
of PIPL to increase its scale of operations, improve profitability
margins and capital structure shall be the key rating
sensitivities.

PIPL was initially incorporated as a proprietorship firm and later
on converted to private limited company in January 1993 by Mr
Rajinder Sharma and his friend Mr Rajeev Kalra. The company is
engaged into the manufacturing of zip fasteners, commonly known as
zippers. PIPL manufactures wide range of zippers which finds its
application in different industries like garments, automobiles
(seat cover), shoes, etc. PIPL has a manufacturing facility
located in Wazirpur (New Delhi). The company sells its products
all over India through an established network of 50 wholesale
distributors under the brand name 'TONI'. The main raw materials
used for manufacturing zippers are monofilament yarn, polyester
yarn, aluminum wire and brass wire which are mainly procured
domestically (around 95% of the total raw material purchased) from
Gujarat. The company also uses imported raw material from Taiwan
and China (around 5% of the total raw material purchased is
imported in last 2 years).

PIPL reported a PBILDT and net loss of INR0.90 crore and INR1.43
crore, respectively on a total income of INR24.63 crore in FY15
(refers to the period April 01 to March 31) as against PBILDT and
PAT of INR1.12 crore and INR0.55 crore, respectively, on a total
income of INR25.60 crore in FY14. PIPL has achieved a total
operating income of INR17.83 crore till December 2015 (as per the
unaudited results).


PYTEX JEWELLERS: ICRA Assigns 'B+' Rating to INR10cr LT Loan
------------------------------------------------------------
ICRA has assigned its long term rating of [ICRA]B+ on INR 10.0
crore bank facilities of Pytex Jewellers Private Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long term fund
   based limits          10.00        [ICRA]B+; assigned

The rating is constrained by the company's moderate financial risk
profile as evident from high working capital intensity of
operations and modest profitability indicators. ICRA further notes
that the company's profitability margins are exposed to adverse
fluctuations in diamond and gold prices, given that the company
maintains high levels of finished goods inventory. The rating is
further constrained by the intense competitive pressures arising
out of a fragmented industry structure and presence of a large
number of players in the jewellery manufacturing business which
constrains the bargaining power as well as profitability margins
of the company. The rating however, favorably factor in the
experience of promoters in the jewellery business for more than a
decade, the established market presence of the company in a
prominent location in Delhi along with educational credentials of
the promoters in the stones and jewellery arena.

Going forward, ability of the group to improve its working capital
position and enhance its revenues, in view of increasing presence
of larger numbers of players in Delhi region, and maintain margins
would be crucial to improve the overall credit profile.

PJPL was established in 2006 as a private limited company by Mr.
Pradeep Tayal and family. The company is engaged in the
manufacturing and trading of gold, silver, diamonds and precious
stones. The company's office is situated at Netaji Subhash Place,
New Delhi, with a shop area close to 600 sq yards.


RALLIFAN LIMITED: ICRA Suspends 'B' Rating on INR6cr Loan
---------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B assigned to the
INR 6.00 crore* fund based cash credit facility of Rallifan
Limited. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.

Rallifan Limited (formerly Poddar Nuddea International Limited and
Unique Global Limited), is promoted by Kolkata based Poddar HMP
Group and was incorporated in the year 1983. The brand Rallifan
was acquired from the Tata Group during the year 1990. The company
is currently engaged in trading of electric fans such as pedestal,
ceiling and table fans.


RAMA HANDICRAFTS: CARE Upgrades Rating on INR1.65cr Loan to BB-
---------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of
Rama Handicrafts.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      1.65      CARE BB- Revised
                                            from CARE D

   Short-term Bank Facilities     8.50      CARE A4 Revised
                                            from CARE D

Rating Rationale
The revision in the ratings of Rama Handicrafts (RHC) takes into
consideration of timely repayment of interest and instalment of
term loan. The rating, further, revised on account of continuous
growth in Total Operating Income (TOI) from last three financial
years ended FY15 (FY refers to the period from April 1 to March
31) with healthy profitability and moderate solvency position.

The ratings, however, continue to remain constrained on account of
its presence in the highly competitive and fragmented textile
industry and its working capital intensive nature of operations.
The ratings, further, remain constrained on account of the
sensitivity of the company's profitability to fluctuations in the
raw material prices and its constitution as partnership concern.

The ratings, however, continue to draw strength from the long
track record of operations and vast experience of the promoters in
the textile industry.

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

Jaipur (Rajasthan) based RHC was formed in 1978 as a partnership
concern by the members of Chippa family. RHC is primarily engaged
in the business of manufacturing and export of garments, made ups
and home furnishing items to Japan. It has its plant located at
Jaipur and has an installed capacity of manufacturing 21 lakh
pieces per annum of garments as on March 31, 2015 from around 500
sewing machines. Further, RHC is also engaged in the electricity
generation through its three owned wind mills situated in
Maharashtra and supplies electricity to Maharashtra Electricity
Board. It has operation and maintenance agreement with Suzlon
Energy Limited.

The group concern of RHC includes Radhey Rama Landfarms Developers
Private Limited (incorporated in 2007) engaged in manufacturing
and export of garments, Gajanan Towers Private Limited
(incorporated in 2002) engaged in real estate business and Vanke
Bihari Construction Private Limited (incorporated in 1987) engaged
in real estate business.

During FY15 (FY refers to the period of March 31 to April 1), RHC
has reported a total operating income of INR25.15 crore (FY14:
INR19.28 crore) with a net profit of INR 1.03 crore (in FY14:
INR1.23 crore).


RAMESHWAR PRASAD: Ind-Ra Assigns 'IND BB-' LT Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Rameshwar Prasad
Sharma Contractor (RPSC) a Long-Term Issuer Rating of 'IND BB-'.
The Outlook is Stable. A full list of rating actions is at the end
of the commentary.

KEY RATING DRIVERS

The ratings reflect RPSC's small scale of operations with revenue
of INR573.77 million in FY15 (FY14: INR612.11 million) along with
its moderate credit metrics as depicted by its gross interest
coverage of 2.17x in FY15 (FY14: 2.24x), and net leverage of 1.64x
in FY15 (FY14: 0.68x). The ratings are also constrained by the
partnership nature of the organisation.

The ratings draw comfort from the entity's long operational track
record and promoter's experience of around two decades in the road
construction segment. The ratings further factor in the
comfortable liquidity as evident from around 56% average working
capital utilisation during the 12 months ended January 2016.

RATING SENSITIVITIES

Positive: A substantial improvement in the top line while
sustaining the credit metrics will be positive for the ratings.

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

COMPANY PROFILE

RPSC, established in 1997, is a AA class road construction
contractor, work for various government authorities in Rajasthan.
Presently it has an order book of INR 1,082 million.

RPSC's ratings:
-- Long-Term Issuer Rating: assigned 'IND BB-'; Outlook Stable
-- INR62.5 million fund-based working capital limit: assigned
    'IND BB-'/Stable/'IND A4+'
-- INR65.0 million non-fund based facility: assigned 'IND A4+'
-- Proposed INR37.5 million  fund-based working capital limit:
    assigned 'Provisional 'IND BB-'/Stable/'Provisional 'IND A4+'
-- Proposed INR35.0 million non-fund based facility:  assigned
    Provisional 'IND A4+'


SAMRAT SEA: ICRA Reaffirms 'C+' Rating on INR4.25cr Term Loan
-------------------------------------------------------------
ICRA has reaffirmed the [ICRA]C+ rating assigned to the INR 11.00
crore long term fund based facilities of Samrat Sea Brines Private
Limited.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit            2.75       [ICRA]C+ reaffirmed
   Term Loan              4.25       [ICRA]C+ reaffirmed
   Unallocated Limits     4.00       [ICRA]C+ reaffirmed

The rating reaffirmation takes into account the company's weak
financial profile characterised by thin profitability, highly
leveraged capital structure and weak coverage indicators; its
tight liquidity position as reflected by fully utilized working
capital limits along with temporary overdrafts sanctioned by the
bank at various instances in the past; and its relatively modest
size of operations with a single product portfolio i.e. edible
salt. The rating is also constrained by the highly competitive
business environment owing to low entry barriers resulting in
intense competitive pressures from both organised as well as
unorganised players and the exposure to seasonality associated
with the salt business.

The rating, however, continues to positively consider the long
standing experience of promoters in salt industry through other
group concerns; the location advantage enjoyed by the company on
account of its proximity to railway station which offers ease of
raw material procurement and finished goods transportation; and
the licence granted by the BIS to use the standard mark for the
company's products.

Incorporated in September 2011, Samrat Sea Brines Private Limited
(SSBPL) is engaged in manufacturing of refined and non refined
iodized salt. The company's manufacturing unit is located at
Santalpur (District- Patan), Gujarat. The promoters and directors
have past experience in salt manufacturing/trading owing to their
association with other concerns engaged in similar operations.
Recent Results
For the year ended March 31, 2015, SSBPL reported an operating
income of INR 23.53 crore and profit after tax of INR 0.07 crore
as against an operating income of INR 14.82 crore and profit after
tax of INR 0.06 crore for the year ended March 31, 2014.


SAROJA RICE: ICRA Assigns 'B' Rating to INR7cr LT Loan
------------------------------------------------------
ICRA has assigned the long term rating of [ICRA]B to the INR 7.00
Crore fund based limits and INR3.00 crore Un-allocated limits of
Saroja Rice Industries.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term Fund
   based Limits          7.00         [ICRA]B; Assigned

   Long term Un-
   allocated Limits      3.00         [ICRA]B; Assigned

The rating assigned is constrained by the small scale operations
of the firm and the debt funded acquisition of the mill, which is
expected to result in stretched capital structure and weak
coverage indicators in the near term. The rating is further
constrained by the highly competitive nature of the industry with
low entry barriers weak profitability; the reduction in levy quota
by Food Corporation of India from 75% to 25% has increased the
competition further. The assigned ratings also factors in the
regulatory risks, and the agro-climatic risks associated with the
availability of raw materials in the region.

However rating draws comfort from the location of the mill and its
proximity to key paddy growing areas of Telangana and Andhra
Pradesh resulting in easy procurement of raw materials. The rating
also factors in the experience of promoters in the Paddy sales and
milling business for over a decade.

Going forward, the ability of the firm to stabilize its
operations, achieve steady revenue growth, maintain healthy
margins and effectively manage its working capital requirements
would be critical for timely servicing of debt obligations.

Saroja Rice Industries (SRI), established in 2015 as a partnership
firm by Mr. Polisetty Nageswara Rao (Managing Partner), is located
in Miryalaguda, Nalgonda district of Telangana. The firm is
primarily engaged in milling of paddy with the current milling
capacity is 4 tons of paddy per hour. The firm commenced its
operations in May 2015 after buying Sri Laxmi Balaji Rice Mill for
a consideration of INR2.05 crore; the acquisition was funded by a
term loan of INR1.50 crore and the remaining through partners
equity.


SEANTO MINERALS: ICRA Lowers Rating on INR3cr Loan to 'D'
---------------------------------------------------------
ICRA has downgraded the ratings assigned to the INR 8.00 crore
bank facilities of Seanto Minerals and Energy Limited to [ICRA]D.

                          Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Fund Based Limits        3.00       [ICRA]D downgraded
   Non-Fund Based Limits    3.00       [ICRA]D downgraded
   Proposed Unallocated
   Fund Based/Non-Fund
   Based Limits             2.00       [ICRA]D/D downgraded

The rating downgrade is on account of delays in the debt servicing
by the firm due to its stretched liquidity position.
Company Profile
Incorporated in 2008, Seanto Minerals and Energy Limited (SMAEL)
is promoted by Mr. Sanjay Sanghai and his family. The company is
engaged in trading of textiles and ferrous products. Key products
traded by the company include shirting and denims, stainless steel
plates and heavy melting scrap.


SHREE BHIMESHWARI: CARE Lowers Rating on INR180.92cr Loan to 'D'
----------------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
Shree bhimeshwari Ispat Private Limited to 'CARE D'.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     180.92     CARE D Suspension
                                            revoked and revised
                                            from CARE BB

   Short-term Bank Facilities      2.97     CARE D Suspension
                                            revoked and revised
                                            from CARE A4

Rating Rationale

The revision in the long-term rating assigned to bank facilities
of Shree Bhimeshwari Ispat Private Limited (SBIPL) takes
into account the ongoing delays in interest servicing in the term
loan and overdrawal in its cash credit facility for period
of more than 30 days due to its stressed liquidity position.
The ratings continue to be constrained by susceptibility of
operating margins to volatility in the raw material prices,
stretched liquidity position, working capital intensive nature of
operations and financial risk profile mark by decline in
revenues, deterioration in the profitability margins and high
overall gearing. The ratings further take into account
operating losses incurred by SBIPL during FY15 (refers to the
period April 1 to March 31).

SBIPL a group company of Pune-based Jindal SVI group, was
incorporated in 2005 by Mr Ashok Kumar Jindal and his son
Mr Rohit Jindal.

The company is engaged in the manufacturing of structural steel
and wire drawings including Mild Steel (MS) Angle, MS Channels, MS
Round Bar, MS Flat, MS Square Bar, TMT bars andMS Billets.

SBIPL currently has three manufacturing units situated in MIDC
Satara in Maharashtra. The total installed capacity of structural
steel and wire drawings (in Unit I & Unit III) is 144,000 TPA, in
FY15. The company in FY13 commenced construction of the unit III
of 100,800 TPA for manufacturing of billets and TMT bars (Unit
III). The company achieved commercial production of unit III in
July 2013. MS ingots, MS rolls and MS billets are the key raw
material for manufacturing structural steel and other structural
steel products. The end users of the products manufactured by the
company are steel rolling mills, building & construction
companies, engineering, automobile and infrastructure development
companies. There have been instances of delays in servicing of
interest due to the stressed liquidity position of the company.


SHREE GANESH: CRISIL Assigns B+ Rating to INR68.6MM LT Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Shree Ganesh Cotex Private Limited (SGCPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Term Loan             21.4      CRISIL B+/Stable
   Cash Credit           60        CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility    68.6      CRISIL B+/Stable

The rating reflects the promoters' extensive experience in the
cotton industry, expected benefits from the proximity of the
cotton-ginning unit to cotton-growing belt in Gujarat. These
rating strengths are partially offset by modest scale of
operations in the highly competitive cotton industry, large
working capital requirements, and expected average financial risk
profile, because of high gearing and average debt protection
metrics.
Outlook: Stable

CRISIL believes SGCPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of substantial
revenue while improving profitability and capital structure.
Conversely, the outlook may be revised to 'Negative' if a
considerable decline in revenue and profitability, or
deterioration in working capital management impacts liquidity, or
a large, debt-funded capital expenditure programme weakens the
financial risk profile.

Incorporated in 2013, SGCPL is promoted and managed by Mr.
Nagjibhai Parbatbhai Patel and family. The promoters are having
more than a decades' experience in cotton ginning and pressing at
the facility in Rajkot, Gujarat, with a capacity of 400 bales per
day.

For 2014-15 (refers to financial year, April 1 to March 31),
SGCPL's net sales were Rs.247.9 million.


SHREE SIDDHIVINAYAK: CARE Cuts Rating on INR129.76cr Loan to 'D'
----------------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
Shree Siddhivinayak Ispat Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     129.76     CARE D Suspension
                                            revoked and revised
                                            from CARE BB

   Short-term Bank Facilities      0.45     CARE D Suspension
                                            revoked and revised
                                            from CARE A4

Rating Rationale

The revision in the long-term rating assigned to the bank
facilities of Shree Siddhivinayak Ispat Private Limited (SSIPL)
takes into account the ongoing delays in interest servicing in the
term loan and overdrawal in its cash credit facility for
period of more than 30 days due to its stressed liquidity
position.

The ratings continue to be constrained by susceptibility of
operating margins to volatility in the raw material prices,
stretched liquidity position, working capital intensive nature of
operations and financial risk profile mark by decline in
revenues, deterioration in the profitability margins and high
overall gearing. The ratings further take into account operating
losses incurred by SSIPL during FY15 (refers to the period April 1
to March 31).

SSIPL, a group company of Pune-based Jindal SVI group, was
incorporated in 2004 by Mr Ashok Kumar Jindal and his son
Mr Rohit Jindal.

The company is engaged in the manufacturing of heavy and medium
structural steel items (including M.S Flats, Square bars,
Channels, Angels, Beams, electricity Poles, etc) and steel scrap
processing. These products find its application in heavy
engineering, construction, power transmission and distribution
companies, engineering, automobile and infrastructure industry.
The products of the company are recognized by Bureau of Indian
Standards (BIS) and Maharashtra State Electricity Distribution Co.
Ltd (MSEDCL). SSIPL has total installed capacity of 180,000 tonnes
per annum (TPA) and 90,000 TPA for Scrap Processing ending FY15.
The MS ingots, MS scrap and MS billets are the key raw material
for manufacturing structural steel, other steel products. There
have been instances of delays in servicing of interest due to the
stressed liquidity position of the company.


SHYAM DHANI: CARE Assigns B+ Rating to INR8cr LT Loan
-----------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Shyam
Dhani Industries Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities       8        CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Shyam Dhani
Industries Private Limited (SDPL) is primarily constrained on
account of implementation risk associated with its debt-funded
greenfield project for processing of spices and its presence
in the highly fragmented and competitive food processing industry.
The rating, further, constrained on account of seasonality
associated with agro based raw materials leads to fluctuations in
the prices and vulnerable to margins. The rating, however,
continues to derive strength from experienced management with
strong group support having strong marketing and distribution
network.

Successful implementation of the project within envisaged time and
cost parameters and achievement of envisaged level of TOI and
profitability are the key rating sensitivities.

Jaipur-based (Rajasthan) SDPL was incorporated in October, 2010 by
Mr. Ramavtar Agarwal, Mr. Mahesh Agrawal and Mrs. Mamta Agarwal
with an objective to set up greenfield project for manufacturing
and processing of spices at Jaipur.

SDPL envisaged total project cost of INR10.71 crore towards the
project which envisaged to be funded through debt equity mix of
1.77 times. Till, December 20, 2015, the company has incurred
total cost of INR7.49 crore towards the project funded through
term loan of INR3.65 crore, share capital including share premium
of INR3.09 crore and remaining through subsidy received from
government. The company has envisaged that project will be
completed by end of March, 2016 and will start commercial
operations from 1st week of April 2016. The plant of the company
will have processing capacity of 18 Lakh Kilograms Per Annum of
various spices.

Further, the promoters of SDPL have been engaged in the processing
of various Indian spices since 1995 through its group concern,
Shyam Dhani Industries (SDI). SDI's products are 'Agamark'
approved and ISO 9001:2008 certified and are sold under the brand
name of 'Shyam' and 'Shreenath' in various states like Punjab,
Himachal Pradesh, Uttar Pradesh, Uttrakhand, Gujarat and
Rajasthan.


SINGAN PROJECTS: CARE Reaffirms B+ Rating on INR33cr LT Loan
------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Singan Projects Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     33.00      CARE B+ Reaffirmed
   Short-term Bank Facilities    21.50      CARE A4 Reaffirmed

Rating Rationale

The ratings of the bank facilities of Singan Projects Limited
(SPL) continue to be constrained by concentrated order book
position, stretched operating cycle resulting in pressure on the
working capital position and high working capital utilization. The
ratings also factor in decline in the income from operation in
FY15 (refers to the period April 1 to March 31) and marginal
weakening of capital structure as on March 31, 2015. The ratings
are, however, underpinned by the satisfactory experience of the
promoters and improved operating profit margin in FY15. The
ability of the company to manage its working capital effectively
and the ability of the company to continue to recover contract
billing in a timely manner are the key rating sensitivities.

SPL, incorporated in 2002, is promoted by Mr S. Narayana of
Hyderabad, Andhra Pradesh (A.P). SPL is engaged in the business of
water drainage, water supply scheme, development/improvement of
reservoir, sanitation, drinking water projects, etc, majorly
through direct contracts, awarded by the State and Central
Government departments. The order book as on October 31, 2015, was
INR255.27 crore.

During FY15, SPL reported a PAT of INR1.73 crore (FY14: INR2.27
crore) on a total operating income of INR45.53 crore (FY14:
INR69.62 crore).  As per the unaudited results for 7MFY16, SPL has
reported a total operating income of INR18.60 crore (8MFY15:
INR36.80 crore).


SINGRAULI FINLEASE: CARE Assigns 'B' Rating to INR7cr LT Loan
-------------------------------------------------------------
CARE assigns 'CARE B /CARE A4' ratings to the bank facilities of
Singrauli Finlease Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities       7        CARE B Assigned
   Short term Bank Facilities      5        CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Singrauli Finlease
Private Limited (SFPL) are constrained on account of fluctuating
and small scale of operations with low profitability margin,
susceptibility of margins to commodity price fluctuations, working
capital intensive nature of operations, and presence in a highly
competitive coal trading business. The ratings, however, take into
account the experienced promoters and moderate capital structure.
The ability of the company to scale up its operations while
improving its profitability margins is a key rating sensitivity.

Varanasi-based SFPL was incorporated in August 1996. SFPL is
promoted by Mr Ratan Singh and Ms Aarti Singh in the capacity of
Directors. SFPL is engaged in the trading of coal, wherein the
company deals primarily in industrial grade of coal. SFPL has
three depots located near Banaras in Uttar Pradesh to store the
procured coal. SFPL procures coal from suppliers like Bharat
Coking Coal Limited (BCCL), Northern Coalfields Limited (NCL),
Central Coalfields Limited and others, through the e-auction
system. The coal supplied by SFPL is used by brick manufacturing
units and as fuel in boilers in industries.

Group companies of SFPL include Trimula Sponge Iron Pvt Ltd,
Eastern Flames Pvt Ltd, Drolia Coke Industries Pvt Ltd, Jai
Durga Industries and Sri Ratan Transport and Coal Suppliers
Private Limited.

In FY15 (refers to the period April 1 to March 31), SFPL earned
PAT of INR0.13 crore on a total operating income of INR47.61 crore
against PAT of INR0.46 crore on a total operating income of
INR9.39 crore.


SKS BUILDTECH: CARE Upgrades Rating on INR26cr Loan to BB-
----------------------------------------------------------
CARE revises the rating assigned to the bank facilities of
SKS Buildtech Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities       26       CARE BB- Revised from
                                            CARE B+

Rating Rationale

The revision in the long-term rating of the bank facilities of SKS
Buildtech Private Limited (SKS) factors in the healthy
order book position. The rating, however, continues to be
constrained by its small scale of operations, working capital
intensive nature of operations, geographical and customer
concentration risk along with its presence in the highly
competitive industry.

The ratings, however, continue to draw strength from the
experienced promoters, moderate profitability margins, and
comfortable capital structure and coverage indicators.
Going forward, the company's ability to increase the scale of
operations while maintaining the profitability margins and
timely execution of the projects shall be the key rating
sensitivities.

Ghaziabad-based, (Uttar Pradesh) SKS Buildtech Private Limited
(SKS) was incorporated in 2005 as a private limited company and is
promoted by Mr Shiv Kumar Sharma and his family members Ms Sunit
Sharma, Mr Abhishek Sharma and Mr Sidharth Sharma. The company is
engaged in construction which involves construction of roads,
canals and EPC services which involves erecting and construction
of a power house. The company executes the projects mainly for
Public Work Departments (PWD) Lucknow, Noida Development Authority
(NDA) and Uttar Pradesh Power Transmission Corporation Limited
(UPPTCL) in Uttar Pradesh region. The company gets these orders
through a bidding process.

SKS achieved a total operating income (TOI) of INR27.48 crore with
PBILDT and profit after tax (PAT) of INR3.29 crore and INR1.01
crore, respectively in FY15 (refers to the period April 01 to
March 31) as against TOI of INR27.66 crore with PBILDT and PAT of
INR3.19 crore and INR1.19 crore, respectively, in FY14. During
9MFY16, the company has achieved total operating income of INR20
crore.


SNEH QUALITY: CRISIL Ups Rating on INR60MM Term Loan to 'B+'
------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Sneh Quality Spices Private Limited (SQSPL) to 'CRISIL B+/Stable'
from 'CRISIL B/Stable'.

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

   Term Loan                60      CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B/Stable')


The rating upgrade reflects CRISIL's belief that SQSPL's business
and financial risk profiles will improve over the medium term.
Growth in operating income in 2015-16 (refers to financial year,
April 1 to March 31) is backed by healthy contribution from rental
income and trading business. Turnover was Rs.150 million till
January 2016 against annual turnover of Rs.88 million in 2014-15.

Financial risk profile is moderate because of healthy gearing of
0.76 time as on March 31, 2015, (improved from 1.01 times in the
previous year and comfortable interest coverage ratio of 2.5
times. Gearing and interest coverage ratio are expected to improve
further over the medium term. Unsecured loans of Rs.30 million
from the promoters also support liquidity.

CRISIL's ratings on the bank facilities of Sneh Quality Spices Pvt
Ltd (Sneh) continue to reflect Sneh's small scale of operations in
highly fragmented industry. The rating weakness is partially
offset by moderate financial risk profile the extensive experience
of Sneh's promoters in the spices industry.
Outlook: Stable

CRISIL believes SQSPL will continue to benefit over the medium
term from promoters' extensive experience. The outlook may revised
to 'Positive' if financial risk profile improves significantly
with better working capital management and capital structure.
Conversely, the outlook may be revised to 'Negative' if liquidity
deteriorates because of low cash accrual or substantial debt-
funded capex.

Sneh, incorporated in 2010, is engaged in trading and processing
of different kinds of spices mainly cumin and turmeric powder,
chilli, black pepper, and ajwain under the brand name, Jai Pujari.
It is based in  New Delhi.


SONA DIAMOND: CARE Reaffirms 'B+' Rating on INR6cr LT Loan
----------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Sona Diamond and Gold Exporters Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities       6        CARE B+ Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of Sona Diamond and
Gold Exporters Private Limited (SDGE) continue to be constrained
by the small scale of operations in the highly fragmented and
competitive gems & jewellery industry coupled with low
profitability margins, susceptibility of the margins to
fluctuation in gold & silver price and exchange rates, customer
concentration risk and working capital intensive nature of
business.

The ratings derive comfort from the rich experience of the
promoter in the Gems and Jewellery business and strategic
location of the plant being situated in Cochin Special Economic
Zone (CSEZ).

The ability of SDGE to grow its scale of operation along with
improvement in profitability margins and effective working
capital management would be the key rating sensitivities.

SDGE was incorporated in December 2008 by Mr Mohanan Kallate
Velayudhan and his family members based in Thrissur, Kerala. Since
inception, the company is engaged in manufacturing and wholesaling
of gold & silver jewellery studded with precious and semi-precious
stones and plain gold & silver jewellery. SDGE had one processing
unit located in Thrissur, Kerala. It is a 100% export-oriented
unit (EOU) with entire sales made to Gulf countries based clients
to whom it supplies on made-to-order-basis.

In FY13 (refers to the period April 1 to March 31), with increased
restriction by the government on gold import, high custom duty and
delay in getting duty drawbacks and VAT refunds, the operation
turned unviable and resultantly, the company scaled down its
operations in the Thrissur plant.

In August 2013, the company in order to avail the benefit of
government policies under Cochin Special Economic Zone, the
company has setup a new manufacturing unit at Kakkanad Kochi,
wherein it enjoys various fiscal as well as duty benefits provided
by the government. The unit was setup at a cost of INR1.25 crore
funded through unsecured loans from the promoters. The unit
commenced operations from May 2014.

SDGE has capacity of producing 60-70 kgs of ornaments per month in
one shift. The actual capacity production till FY15 was to the
extent of average 15 kgs of ornaments per month in one shift.
Since April 2015, the company has started utilizing its capacity
better and producing average of 25 kgs per month in one shift.


SREE GOURIPUTRA: CARE Assigns B+ Rating to INR7.33cr LT Loan
------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Sree Gouriputra Agro Products Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      7.33      CARE B+ Assigned
   Short term Bank Facilities     3.00      CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Sree Gouriputra
Agro Products Private Limited are constrained by the relatively
small scale of operations, moderate financial risk profile,
presence in the highly regulated fragmented and competitive
industry and seasonal nature of availability of paddy resulting in
working capital intensive nature of operations. The ratings,
however, derive strength from experienced and resourceful
promoters and location advantage with proximity to raw materials.

The ability of the company to increase the scale of operations,
improve profitability margins in light of stiff competition
and manage the working capital requirements efficiently are the
key rating sensitivities.

Sree Gouriputra Agro Products Private Limited (SGP) was
established as a private limited company by Mr Kudapa Chakrapani,
Mrs Kudapa Subbalakshmi and Mr Kudapa Hemanth Nag in 2002. Mr
Kudapa Hemanth Nag, one of the directors of SGP, manages the day
to day operations. The company is engaged in the processing of
rice and trading of paddy. SGP's rice milling plant is located at
Undrajavaram Village, West Godavari District, Andhra Pradesh.
During FY15 (refers to the period April 01 to March 31), SGP
reported a net profit of INR0.18 crore on a total operating
income of INR37.19 crore as against a net profit of INR0.13 crore
on a total operating income of INR35.93 crore in FY14.


SRINAGAR BANIHAL: ICRA Lowers Rating on INR1,280cr Loan to D
------------------------------------------------------------
ICRA has revised the long-term rating assigned to INR1440.00 crore
fund based facilities of Srinagar Banihal Expressway Limited to
[ICRA]D from [ICRA]BB-.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Senior Debt          1,280.00     [ICRA]D; Revised
   Subordinated Debt      160.00     [ICRA]D; Revised

The rating revision takes into account the recent delays in
servicing SBEL's interest obligation. ICRA notes that the interest
during construction is to be serviced through fresh disbursements
as the promoters have brought in adequate equity (INR110 crore as
on December 31, 2015) commensurate with INR926.52 crore of debt
drawn down (D/E of 9:1). Some of the lenders in the consortium
delayed disbursements resulting in delays in interest servicing.
The rating also factors in the running delays of more than 24
months. Although NHAI has approved extension of timeline (EOT) of
523 days as the delays were not attributable to SBEL (floods in
Srinagar, inability of NHAI to hand over the prerequisite land
etc.), the approved EOT may not be fully sufficient to cover the
ongoing delays. The company is further negotiating with NHAI for
another extension by 395 days. Meanwhile, the common loan
agreement has been amended in June 2015 which provides for
deferment in term loan repayment by 24 months to start from July,
2018.

Equity funding risk remains given the stretched liquidity and
deteriorated financial risk profile of SBEL's sponsor, Ramky
Infrastructure Limited (RIL), and 31% (INR50 crore) of the equity
is yet to be brought in. The rating is further constrained by
risks given that 49.8% of EPC cost is yet to be incurred as on
November 2015, high debt-equity ratio, pending land acquisition
and susceptibility to adverse movement of the interest rates. The
rating also factors in SBEL's limited track record in operational
BOT project segment. Nevertheless, over two decades of experience
of the group in construction sector mitigates the risk to an
extent.

The rating however continues to take into account the operational
strength of the promoters (RIL), who are also the Engineering,
Procurement and Construction (EPC) contractor, fixed-price EPC
contract; absence of traffic risk and low revenue risk due to
annuity nature of the project. Further, cabinet Committee on
Economic Affairs (CCEA) in November 2015 authorized NHAI for
rationalized compensation to concessionaires for languishing BOT
projects in case if delays are not attributable to them.
Compensatory annuities payable by the Authority to the
concessionaire for such delayed period would be the product of
Average Daily Annuity and the actual period of such delay in
number of days as recommended by the Independent Engineer. This is
paid upon successful completion (on achieving COD) of project.
Going forward, SBEL's ability to service its debt obligations in a
timely manner will be the key rating sensitivity. Further, the
acquisition of the remaining right of way, timely equity infusion
and execution of the project within estimated cost will be the key
monitorables.

Srinagar Banihal Expressway Limited is a special purpose vehicle
promoted by Ramky Infrastructure Ltd. (74%) and Jiangsu Provincial
Transportation Engineering Group Company Limited (JTEG) (26%) for
construction, operation and maintenance of the four Lanning of the
Srinagar-Banihal section of National Highway - 1A from km 187.00
to km 189.350 (Banihal bypass) and km 220.700 to km 286.110
(approximately 67.76 km) on design, build, finance, operate and
transfer (annuity) basis under the National Highways Development
Project (NHDP Phase II). The total cost of the project is INR1600
crore. The total concession period is 20 years including the
construction period of 3 years. SBEL will receive a fixed annuity
payment of INR134.82 crores semi-annually for a period of 17
years. The project is being funded by INR 1440 crore debt and INR
160 crore of promoters' contribution. NHAI has approved extension
of timeline (EOT) of 523 days as the delays were not attributable
to SBEL. The company is further negotiating with NHAI for another
extension by 395 days. As against planned financial progress of
INR1175.00 crore (100.00%), actual financial progress is INR 590
Crores (50.2%) as on November 2015.


TATA STEEL: Moody's Cuts Corporate Family Rating to Ba3
-------------------------------------------------------
Moody's Investors Service has downgraded Tata Steel Limited's
(Tata Steel) corporate family rating (CFR) by two notches to Ba3
from Ba1.

At the same time, Moody's has downgraded Tata Steel UK Holdings
Limited's (TSUKH) CFR and probability of default rating to B3/B3-
PD from B2/B2-PD.

The outlook on all ratings is negative.

RATINGS RATIONALE

"The rating actions reflect the weaker-than-expected operating
performance of Tata Steel in its key operating markets of India,
Europe and Southeast Asia as a result of persistently weak steel
prices. Furthermore, with no respite expected from the downward
pressure on international steel prices, we anticipate the
company's leverage and coverage metrics to remain weakly
positioned for the next 12 to 18 months," says Kaustubh Chaubal, a
Moody's Vice President and Senior Analyst.

Consolidated reported leverage -- as indicated by debt/reported
EBITDA -- stood at approximately 9x at end-December 2015, which is
well beyond the tolerance level for a Ba category rating.

Tata Steel's results for the nine months of the fiscal year ending
March 2016 (April -- December 2015) were extremely weak, with
reported consolidated revenue of INR876.4 billion and consolidated
underlying EBITDA of INR56.2 billion, down 17% and 49%
respectively from a year ago.

Tata Steel's India (TSI) business revenues and underlying EBITDA
were also down 11% and 38% respectively, at INR276.9 billion and
INR52 billion, over the same period. TSI accounts for
approximately 32% of consolidated revenue and 92% of underlying
EBITDA. On a standalone basis TSI's leverage -- as measured by
adjusted debt to EBITDA - was approximately 6.5x at December 2015.

The rating action also incorporates the impact of the recent
Government of India (Baa3 positive) announcement of the imposition
of a minimum import price (MIP) on certain grades of steel shipped
into the country for a six-month period.

"While earlier measures by the government -- in the form of
increases in import duties and the imposition of a 20% safeguard
duty on certain categories of HRC -- had proved inadequate, we
expect the MIP to be more effective, given it covers some 173
grades of steel imports and the setting of minimum prices for such
imports. This measure should allow domestic steel companies to
raise prices, although gradually," says Chaubal, who is also
Moody's Lead Analyst for Tata Steel and TSUKH.

Moody's notes that Tata Steel has effected a price increase of
INR1,500/tonne (approximately $22) since the announcement of the
MIP. Such price increases -- combined with the 3 mtpa Kalinganagar
operation coming online -- will result in an improvement in TSI's
operating performance in FY2017.

"That said, the continuing weak operating performance of Tata
Steel's European and Southeast Asian operations, and the group's
debt-laden balance sheet, will moderate any correction in
leverage. We forecast consolidated debt/EBITDA for FY2017 to be
around 6.5x-7.5x," adds Chaubal.

Tata Steel's European operations reported net revenue of INR511.5
billion for April-December 2015, down 15%, and an underlying
EBITDA loss of INR2.41 billion versus EBITDA of INR32 billion over
last year.

The downgrade of TSUKH's ratings reflects: (1) the downgrade of
parent Tata Steel's ratings to Ba3 from Ba1; (2) the challenging
industry conditions evident in Europe, with a stressed pricing
environment caused by high levels of competition from cheaper
imported products from Asia and Russia; and (3) our expectation
that TSUKH's credit profile will remain weak, with leverage in
double digits, given current depressed steel prices and weak
utilization rates. At the same time, TSUKH's ratings continue to
benefit from a two-notch uplift for support from Tata Steel.

Tata Steel remains one of the principal operating entities within
the Tata Group. Moody's favorably notes that Tata Sons' (unrated)
participation in acquiring some of the Tata group holdings from
Tata Steel earlier this year -- as a demonstration of financial
support -- is already reflected in the one-notch rating uplift to
Tata Steel's ratings.

Notwithstanding the recent positive measures implemented by the
Indian government for the domestic steel sector, the negative
outlook for all the ratings reflects our expectation that global
market conditions will remain challenging, with a further risk to
the downside, and that Tata Steel's consolidated credit metrics
will remain pressured for the next 12 to 18 months.

Moody's could downgrade Tata Steel's rating if: (1) its
profitability remains weak, with consolidated EBIT margins below
5% on a sustained basis because of a lack of improvement in
EBITDA/tonne; (2) its ability to generate operating cash flows
deteriorates because of weak sales and unfavorable market
dynamics; or (3) its financial metrics fail to show any signs of
improvement over the next few months.

Specific financial indicators which Moody's would consider for a
downgrade include adjusted debt/EBITDA remaining above 6.5x, or
EBIT/interest coverage remaining below 1.5x.

An upgrade of Tata Steel's rating is unlikely in the near term,
given today's multi-notch downgrade and the negative outlook, and
our expectation that the industry's challenging conditions will
keep the company's credit metrics weakly positioned for the
rating.

"However, we could change the outlook on Tata Steel's CFR to
stable if: (1) domestic steel prices continue on their recovery
path, or -- on the back of an increase in steel volumes -- Tata
Steel shows a substantial improvement in profitability, with
consolidated EBITDA/tonne in the INR6,000 -- INR7,000 range; or
(2) the company is successful in preserving cash flow during the
current downturn by cutting capex, such that free cash flows turn
positive," Moody's says.

Adjusted consolidated leverage trending towards 4.5-5.0x would
constitute a leading indicator for a change in the outlook for
Tata Steel's CFR.

As to TSUKH's ratings, given today's downgrade, we do not
anticipate any positive rating pressure. Moreover, the sale of the
long products business and erasing the negative EBITDA impact of
its UK facilities on TSUKH's credit metrics would be critical for
us to consider revising the outlook to stable.

Credit metrics that would support such an action include adjusted
debt/EBITDA trending towards 7.0x and EBIT/interest coverage of at
least 1x, on a sustained basis.

"We could downgrade TSUKH's ratings further if there is a
prolonged deterioration in market conditions in Europe, such that
TSUKH is unable to return its EBITDA to positive over the next few
months. A failure to adequately recapitalize the business or
inability to access bank lines could also result in further
negative ratings pressure. Any revision in our support assumptions
from Tata Steel could also lead to a ratings downgrade," Moody's
adds.

Tata Steel Limited is an integrated steel company headquartered in
Mumbai. It acquired the operations of Corus plc -- now known as
Tata Steel UK Holdings Limited -- in January 2007.

In FY2015, Tata Steel's business spanned 24 countries. It is one
of the leading steel makers globally, with crude steel production
of 26.85 million tonnes in FY2015. Jamshedpur in India produced
some 9.07 mt, while its European operations and Southeast Asian
operations added 15.17 mt and 2.61 mt respectively, in FY2015.

Production from the company's greenfield expansion at Odisha --
with 3 mtpa in capacity -- is expected to commence in FY2017.


TITAN TEX: CARE Upgrades Rating on INR15.50cr LT Loan to 'BB-'
--------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Titan Tex Fab Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     15.50      CARE BB- Revised from
                                            CARE B+

Rating Rationale

The revision in the long-term rating takes into account continuous
growth in Total Operating Income (TOI) of Titan Tex
Fab Private Limited (TTFPL) in the last four financial years
ending FY15 (refers to the period April 1 to March 31) and
improvement in capital structure after considering unsecured loans
as a quasi equity.

The ratings of TTFPL, however, continue to remain constrained on
account of thin profitability margins, moderate liquidity
position, its limited presence in the textile value chain and
vulnerability of profitability margins to fluctuation in the raw
material prices coupled with presence in the highly fragmented and
competitive industry.

The ratings, however, continues to derive strength fromvast
experience of the promoters, and presence in the textile belt
of India with easy access of raw material and labour. The ability
of the company to increase its scale of operations while
maintaining of profitability margins in light of volatile raw
material prices and improvement in liquidity position is the key
rating sensitivities.

Bhilwara-based (Rajasthan) TTFPL is promoted by Mr Pawan Kumar
Mehria along with his son, Mr Punit Kumar Mehria in 1998. Mr Pawan
Kumar Mehria, commerce graduate by qualification, has experience
of over 40 years in the textile industry and looks after the
overall functioning of TTFPL. Mr Punit Kumar Mehria looks after
the production and finance function of the company.

TTFPL is mainly engaged in the manufacturing and trading of grey
synthetic fabrics. The company has started the weaving operations
of synthetic grey fabrics initially with 24 looms in 2002 which at
present has grown to 91 sulzer looms (automatic weaving machine)
with the total installed capacity of 79.20 Lakh Meter Per Annum
(LMPA) as on March 31, 2015. It has strong marketing set up
throughout India in the form of 48 agents and 300 dealers.
During FY15, TTFPL reported a total operating income of INR74.19
crore (FY14: INR72.07 crore) with a PAT of INR0.37 crore
(FY14: INR0.36 crore).


TRANCITY FINANCE: CARE Reaffirms B+ (FD) Rating on INR3cr Loan
--------------------------------------------------------------
CARE reaffirms the rating assigned to the FD programme of Trancity
Finance & Leasing Limited.

                              Amount
   Facilities              (INR crore)   Ratings
   ----------              -----------   -------
   Medium Term Instrument
   Fixed Deposit                 3       CARE B+ (FD) Reaffirmed


Rating Rationale
The rating assigned to the fixed deposit programme of Trancity
Finance & Leasing Limited (TFL) continues to be constrained by
small size of portfolio concentrated in a limited geographical
area, moderate profitability indicators, weak asset quality and
moderate resource profile during FY15 (refers to the period April
1 to March 31). The rating, however, favourably takes into account
the comfortable capital adequacy levels of TFL.

Going forward, the ability to maintain capital adequacy levels and
improve asset quality while increasing the scale of operations
would be the key rating sensitivities.

TFL is a deposit taking Non- Banking Finance Company (NBFC)
established in the year 1996. The company was promoted by a group
of friends from Namakkal headed by Mr Ulavan M Thangavelu. TFL's
main area of focus is Hire Purchase (HP) finance for used
commercial vehicles (CV), 2W and passenger cars and loan against
property. Apart from HP loans, the company also grants Loan
Against Property (LAP), and shorter tenor working capital loans.
The IRR vary between 18%-24% depending on the client profile, age
of the vehicle, etc. The company operates from single branch based
out of Namakkal. The HP loans constituted to 71% of the loan
portfolio outstanding as on March 31, 2015.

During FY15, TFL reported PAT of INR0.2 crore on total income of
INR0.7 crore. The company had a loan portfolio of INR3.5 crore as
on March 31, 2015, and CAR stood at 63.45% on that date. The GNPA
and NNPA as on March 31, 2015, stood at 16.21% and 10.90%,
respectively.


VATSA AUTOMOBILES: CARE Ups Rating on INR12.04cr Loan to BB-
------------------------------------------------------------
CARE revises the long-term rating assigned to the bank facilities
of Vatsa Automobiles Pvt. Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     12.04      CARE BB- Rating
                                            suspension revoked
                                            and Revised from CARE
                                            B+

Rating Rationale
The revision in the ratings assigned to the bank facilities of
Vatsa Automobiles Pvt. Ltd. (VAPL) are on account of improvement
in the profitability margins, gross cash accruals, improved
leverage ratios and debt service coverage indicators. However, the
ratings continue to remain constrained by its lack of experience
of the promoters in automobile dealership business, pricing
constraints and margin pressure arising out of competition from
various auto dealers in the market, linkage to the fortunes of
Mahindra & Mahindra, working capital intensive nature of business
and risk of renewal based dealership agreements. The ratings,
however, derive strength from its benefits arising out of owned
premises, integrated nature of business and sole authorized dealer
of M&M in Bhagalpur (Bihar) for full range of products.

Going forward, the ability to improve the scale of operations,
profit margins and ability to improve the capital structure
with effective management of working capital will be the key
rating sensitivities.

Incorporated on April 10, 2012, Bhagalpur-based (Bihar) Vatsa
Automobiles Pvt Ltd (VAPL) was promoted by Mr Shailesh Singh with
his wife Mrs Kiran Singh and son Mr Chandra Prakash Singh. VAPL is
an authorized dealer of Mahindra & Mahindra Ltd (M&M: Rated CARE
AAA/A1+) for its commercial and passenger vehicle segment. It also
offers spare parts, accessories, lubricants& aftersales services
(repair and refurbishment) for its vehicle sold. The commercial
operation of VAPL was started since September 13, 2013. VAPL has
one showroom at Bhagalpur (Bihar) equipped with 3-S facilities
(Sales, Service and Spare-parts) which covers Munger, Naogachia
and Bhagalpur area of Bihar.

During FY15 (refers to the period April 01 to March 31), the
company reported a total operating income of INR34.08 crore
(FY14: INR36.27 crore) and a PAT of INR0.12 crore (in FY14:
INR0.11 crore). During FY15, gross cash accrual was INR1.34
crore (FY14: INR0.59 crore). Furthermore, the company has achieved
a total operating income of INR39.48 crore during
9MFY16 (refers to the period April 1 to December 31).



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


TOSHIBA CORP: In Final Talks w/ Fujitsu, Vaio on Integration Deal
-----------------------------------------------------------------
Jiji Press reports that Toshiba Corp. and Fujitsu Ltd. have
entered final talks on integrating their personal computer
operations, with Vaio Corp., spun off from Sony Corp., also
planning to join.

The report relates that the three firms are considering setting up
a joint holding company with subsidiaries that operate their
respective PC businesses.

For the time being, they will keep their brands alive: Toshiba's
Dynabook, Fujitsu's FMV and Vaio. They believe it is better to
keep the badges intact because the names have strong recognition
in the Japanese market, Jiji Press notes.

According to the report, the integration will also see Toshiba,
Fujitsu and Vaio revamping their production systems and ultimately
exerting greater price pressure on component suppliers.

They aim to reach an agreement by March 31, the end of fiscal
2015, the report notes.

Jiji Press says the trio would dethrone NEC Lenovo Japan Group
from the top position in the Japanese PC market in terms of
shipments.

Toshiba, which will spin off its PC business in April, is slated
this month to specify how it will realign its PC and white-goods
operations. Meanwhile Fujitsu spun off its PC operations this
month, Jiji Press notes.

Both Toshiba and Fujitsu plan to keep their equity stakes in the
planned new firm below 50 percent, as they hope to exclude their
slumping PC businesses from their consolidated earnings
structures, according to Jiji Press.

Jiji Press reports that investment fund Japan Industrial Partners
Inc., the parent of Vaio, is expected to take the initiative at
the new company.

Toshiba, Fujitsu and Vaio had a combined domestic PC market share
of 30.2 percent in the first half of fiscal 2015 in terms of
shipments, higher than the 27.7 percent for NEC Lenovo Japan
Group, Jiji Press discloses citing MM Research Institute, a Tokyo-
based think tank.

                       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 Feb. 12, 2016, Moody's Japan K.K. has downgraded Toshiba
Corporation's corporate family rating (CFR) and senior unsecured
rating by three notches to B2 from Ba2.  Moody's has also
downgraded Toshiba's subordinated debt rating by 4 notches to Caa2
from B1, and affirmed its short-term rating of Not Prime.
At the same time, B2 CFR and long-term senior unsecured bond
ratings, as well as its Caa2 subordinated debt rating remain under
review for further downgrade.

On Feb. 9, 2016, Standard & Poor's Ratings Services said that it
has lowered its long-term corporate credit rating on Japan-based
diversified electronics company Toshiba Corp. three notches to
'B+' from 'BB+' and its long-term senior unsecured debt rating two
notches to 'BB' from 'BBB-'.  The debt rating is two notches
higher than the corporate credit rating, reflecting S&P's view
that the probability of default in Toshiba's bonds is lower than
that in its bank borrowings.  S&P is keeping its long-term ratings
on Toshiba on CreditWatch with negative implications, where S&P
placed them Dec. 22, 2015, when it lowered the long-term corporate
credit rating.  S&P has affirmed its short-term corporate credit
and commercial paper ratings on Toshiba.

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 A L A Y S I A
===============


MALAYSIA AIRLINES: To be Profitable by 2018, CEO Says
-----------------------------------------------------
Bloomberg News reports that Malaysia Airlines Bhd is set to return
to profitability by 2018, helped by job cuts and route changes put
in place after reeling from two high-profile plane crashes, Chief
Executive Officer Christoph Mueller said.

The airline is on track with its restructuring effort and is done
with laying off people, Mr. Mueller said in an interview with
Bloomberg Television in Singapore.

According to Bloomberg, Mr. Mueller said the carrier wants to buy
and own some aircraft once the targets are met as the existing
fleet is skewed toward leases.

Mr. Mueller took over in March 2015, tasked with reviving a
carrier that was racking up losses even before the deaths of
hundreds of people in two crashes in 2014 that led to a plunge in
traffic. Malaysia's government bought out small shareholders to
delist the airline, the report notes.

After cutting 6,000 jobs, slashing pay and trimming capacity by 30
%, the CEO said he is done with major changes in his effort to
revive the carrier, according to Bloomberg.

Bloomberg says Malaysia Airlines is shifting to smaller jets as
part of the revamp, seeking a buyer for two of its six Airbus
Group SE A380s.

Five superjumbos are deployed on its London route, with the other
used for charter trips, including flying the Real Madrid soccer
team on an Asian tour and taking Muslim pilgrims to Mecca.

Bloomberg adds that the carrier said last month it will retire and
sell Boeing Co. 777-200 aircraft from its fleet after cutting
loss-making Amsterdam and Paris routes this year and partnering
with Dubai-based Emirates for some European destinations.

                           *     *     *

As reported by the Troubled Company Reporter - Asia Pacific on
June 3, 2015, Bloomberg News said Malaysia's national airline is
terminating about 6,000 workers and reviewing plane purchases in a
bid to return to profit as Chief Executive Officer Christoph
Mueller declared the company "technically bankrupt."

According to Bloomberg News, Mr. Mueller said Malaysia Airlines
Bhd. is kicking off a corporate revamp with a "hard reset" as it
seeks to cut costs by 20 percent and break even by 2018 after two
air disasters last year. The carrier is retaining at least 14,000
employees for the new company and will refurbish the business-
class section on some planes as part of its turnaround, he said.

Bloomberg said Malaysia Airlines is seeking to reinvent itself
after stiff competition led to years of losses, even before flight
MH370 disappeared in March last year and MH17 was shot down over
Ukraine.  Bloomberg related that Mr. Mueller said the carrier
needs time to turn around with a plan that includes adjusting the
size of operations and renegotiating key contracts.

The old structure, Malaysian Airline System Bhd., ceased
operations in August 2015, and selected assets and liabilities
were transferred to the new company, Bloomberg noted.

Headquartered in Selangor, Malaysia, state-owned Malaysia Airlines
-- http://www.malaysiaairlines.com/-- engages in the business of
air transportation and the provision of related services.



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


RANGITAIKI FARM: Receivers Put Farm for Sale
--------------------------------------------
Stuff reports that a large dairy farm milking about 2500 cows in
two herds near Taupo has been placed for sale by receivers.

The Rangitaiki farm 38 kilometres south-east of Taupo is for sale
by tender and is made up of three properties totaling 1235
hectares, according to Stuff.

Presumably the sale is a result of low payouts the last two
seasons, but the company handling its marketing, Bayleys Real
Estate, gave no more details other than saying the sale was part
of a receivership process, the report notes.

Last season the flat to rolling terrain farm produced 519,477
kilograms of milksolids which was well behind the 800,000kg
produced in 2011-12, the report relays.  This season's target is
700,000kg.

The Taharua Road property has four modern three and four-bedroom
dwellings, two 80-bail rotary cowsheds, two calf sheds, and a
range of other buildings as well as  irrigation and stock water
drawn from the Taharua River, the report notes.

Real estate agents said the international tender process would
close on March 10 with stock grazing the farm excluded from the
sale, the report relays.

Bayleys agent Pete Stratton said a large program of improvements
and repairs to the farm had been carried out during its lease by
an existing tenant, the report adds.


===============
P A K I S T A N
===============


PAKISTAN: Default Risk Surges as $50BB Debt Bill Becomes Due
------------------------------------------------------------
Faseeh Mangi and Divya Patil at Bloomberg News report that bets
are rising that Pakistan will default on its debt just as it
starts to revive investor interest with a reduction in terrorist
attacks.

Credit default swaps protecting the nation's debt against non-
payment for five years surged 56 basis points over the past week
amid the global market sell-off, the steepest jump after Greece,
Venezuela and Portugal among more than 50 sovereigns tracked by
Bloomberg. About 42 percent of Pakistan's outstanding debt is due
to mature in 2016 -- roughly $50 billion, equivalent to the size
of Slovenia's economy, Bloomberg discloses.

According to Bloomberg, Prime Minister Nawaz Sharif has worked to
make Pakistan more investor-friendly since winning a $6.6 billion
International Monetary Fund loan in 2013 to avert an external
payments crisis. The economy is forecast to grow 4.5 percent, an
eight-year high, as a crackdown on militant strongholds helps
reduce deaths from terrorist attacks, Bloomberg notes.

"Pakistan's high level of public debt, with a large portion
financed through short-term instruments, does make the sovereign's
ability to meet their financing needs more sensitive to market
conditions," Mervyn Tang, lead analyst for Pakistan at Fitch
Ratings Ltd., said by e-mail, Bloomberg relays.

Since Sharif took the loan, Pakistan's debt due by end-2016 has
jumped about 79 percent. He's also facing resistance in meeting
IMF demands to privatize state-owned companies, leading to a
strike this month at national carrier Pakistan International
Airlines Corp, according to Bloomberg.

Bloomberg relates that the bulk of this year's debt, some $30
billion, is due between July and September, and repayments will
get tougher if borrowing costs rise more. The spread between
Pakistan's 10-year sovereign bond and similar-maturity U.S.
Treasuries touched a one-year high on Feb. 11, notes Bloomberg.

If Pakistan's debt servicing costs rise, Sharif doesn't have much
room to maneuver, the report states. Already about 77 percent of
the country's INR13 trillion ($124 billion) budget for the year
through June 30 is earmarked for interest and principal repayment
on loans.

Right now, there's not much reason to panic, Bloomberg says.
Fitch's Tang said Pakistan's external liabilities are "relatively
modest," foreign-currency reserves have risen, the IMF is ready to
help meet maturing loans and Chinese investment in an economic
corridor is on its way.

"Improving growth prospects, lower inflation and smaller budget
deficit should help to underpin investor confidence, particularly
the domestic investor base," Bloomberg quotes Mr. Tang as saying.

S. Javed, a spokesman for Pakistan's Finance Ministry, didn't
respond to emailed questions, Bloomberg notes. Pakistan is
committed to successfully implement its IMF macroeconomic
stability program, the Finance Ministry said in a statement
Feb. 1, according to Bloomberg. Sharif's administration has a
"quite good" chance of completing the program, IMF mission chief
Harald Finger said last month.

Only 17 percent -- or $8.3 billion -- of Pakistan's 2016 bond and
loan repayments will need to be in foreign currency. That accounts
for 40 percent of the nation's $21 billion in foreign-exchange
holdings, Bloomberg notes.

That stockpile, however, isn't airtight. Bloomberg notes that
while it increased by more than 55 percent last year -- the
steepest rise in Asia -- more than half consists of debt and
grants that could leave the country quickly if global risk
appetite worsens. Outflows would weaken the rupee, a currency that
is estimated by the IMF to be as much as 20 percent overvalued
even though it's proved remarkably stable amid the recent market
turmoil, Bloomberg states.

Investors should expect volatility in bonds and pressure on the
rupee this year, according to Mustafa Pasha, head of investments
at Lakson Investments Ltd., which manages $200 million of
Pakistani stocks and bonds, adds Bloomberg.



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


KUMHO TIRE: Management Strikes Deal With Unionists
--------------------------------------------------
Bae Ji-sook at The Korea Herald reports that unionized workers and
the management of Kumho Tire on Feb. 15 announced a set of
agreements for 2016, putting an end to a marathon negotiation that
has visibly hurt the company's business for the past nine months.

The Korea Herald relates that the two parties have agreed on a pay
raise of 2.76 percent of the basic salary on top of a
KRW1,180 ($1) increase. Kumho in 2017 will adopt the wage peak
system in which workers agree to slice their wage after reaching a
certain age in exchange for delayed retirement age, hence
guaranteeing job security. Instead, the company will pay
KRW3 million each to all workers as compensation, while jointly
establishing a wage peak committee with the union to overlook the
issue, the report says.

According to the report, the workers and management will sign an
agreement to enhance productivity and product quality.

Since May 2015 the two parties have locked horns over several
issues including the adoption of the wage peak system. The report
recalls that unionists have conducted a series of partial strikes
in August, December and January, and staged a full walk-out in
August through September.

Businessmen welcomed the news on Feb. 15, with the Chamber of
Commerce in Gwangju -- where the manufacturing plant is located at
-- calling for swift execution of the agreement and production
normalization, the Korea Herald adds.

Kumho Tire Co. Ltd. manufactures tires.  The company's offerings
include tires for sports utility vehicles, passenger cars, various
sizes of trucks and buses and racing cars.  In addition, the
company provides batteries for automobiles.  The company is part
of the Kumho Asiana Group.


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


* BOND PRICING: For the Week Feb. 8 to Feb. 12, 2016
----------------------------------------------------

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


  AUSTRALIA
  ---------

AUSDRILL FINANCE PTY     6.88     11/1/2019   USD        72.08
AUSDRILL FINANCE PTY     6.88     11/1/2019   USD        71.22
BARRICK PD AUSTRALIA     5.95    10/15/2039   USD        74.77
BOART LONGYEAR MANAGE    7.00      4/1/2021   USD        39.88
BOART LONGYEAR MANAGE    7.00      4/1/2021   USD        39.88
CML GROUP LTD            9.00     1/29/2020   AUD         0.93
CRATER GOLD MINING LT   10.00     8/18/2017   AUD        15.00
CROWN RESORTS LTD        6.35     4/23/2075   AUD        62.57
EMECO PTY LTD            9.88     3/15/2019   USD        50.35
EMECO PTY LTD            9.88     3/15/2019   USD        49.50
FMG RESOURCES AUGUST     6.88      4/1/2022   USD        59.62
FMG RESOURCES AUGUST     6.88      4/1/2022   USD        60.35
IMF BENTHAM LTD          6.52     6/30/2019   AUD        72.38
KBL MINING LTD          12.00     2/16/2017   AUD         0.28
KEYBRIDGE CAPITAL LTD    7.00     7/31/2020   AUD         0.70
LAKES OIL NL            10.00     3/31/2017   AUD         4.08
MIDWEST VANADIUM PTY    11.50     2/15/2018   USD         5.50
MIDWEST VANADIUM PTY    11.50     2/15/2018   USD         3.99
ORIGIN ENERGY FINANCE    4.00     9/16/2074   EUR        61.00
ORIGIN ENERGY FINANCE    3.00      4/5/2023   EUR        73.00
STOKES LTD              10.00     6/30/2017   AUD         0.44
SUNLAND CAPITAL PTY L    7.55    11/25/2020   AUD        74.00
TREASURY CORP OF VICT    0.50    11/12/2030   AUD        67.46


CHINA
-----

CHANGCHUN CITY DEVELO    6.08      3/9/2016   CNY        40.03
CHANGSHA HIGH TECHNOL    7.30    11/22/2017   CNY        67.40
CHANGSHU CITY OPERATI    8.00     1/16/2019   CNY        64.23
CHANGZHOU INVESTMENT     5.80      7/1/2016   CNY        40.20
CHANGZHOU WUJIN CITY     5.42      6/9/2016   CNY        50.01
CHONGQING HECHUAN URB    6.95      1/6/2018   CNY        72.90
CHONGQING JIANGJIN HU    6.95      1/6/2018   CNY        73.40
CHONGQING NAN'AN DIST    6.29    12/24/2017   CNY        63.00
CLOUD LIVE TECHNOLOGY    6.78      4/5/2017   CNY   #N/A N/A
DANDONG CITY DEVELOPM    6.21      9/6/2017   CNY        71.08
DANYANG INVESTMENT GR    6.30      6/3/2016   CNY        40.60
DATONG ECONOMIC CONST    6.50      6/1/2017   CNY        71.66
DATONG ECONOMIC CONST    6.50      6/1/2017   CNY        71.88
DRILL RIGS HOLDINGS I    6.50     10/1/2017   USD        49.00
DRILL RIGS HOLDINGS I    6.50     10/1/2017   USD        49.50
ERDOS DONGSHENG CITY     8.40     2/28/2018   CNY        71.94
GRANDBLUE ENVIRONMENT    6.40      7/7/2016   CNY        70.31
GUOAO INVESTMENT DEVE    6.89    10/29/2018   CNY        68.98
HANGZHOU XIAOSHAN STA    6.90    11/22/2016   CNY        40.71
HEBEI RONG TOU HOLDIN    6.76      7/8/2021   CNY        73.49
HEILONGJIANG HECHENG     7.78    11/17/2016   CNY        41.10
HUAIAN CITY URBAN ASS    7.15    12/21/2016   CNY        41.30
JIANGSU HUAJING ASSET    5.68     9/28/2017   CNY        50.99
JINGJIANG BINJIANG XI    6.80    10/23/2018   CNY        68.88
KUNSHAN ENTREPRENEUR     4.70     3/30/2016   CNY        40.08
LIAOYUAN STATE-OWNED     7.80     1/26/2017   CNY        41.70
NANJING NANGANG IRON     6.13     2/27/2016   CNY        50.00
OCEAN RIG UDW INC        7.25      4/1/2019   USD        40.06
OCEAN RIG UDW INC        7.25      4/1/2019   USD        40.00
PANJIN CONSTRUCTION I    7.70    12/16/2016   CNY        41.00
PINGDINGSHAN CITY DEV    7.86      5/8/2019   CNY        50.00
QINGZHOU HONGYUAN PUB    6.50     5/22/2019   CNY        40.20
SHENGZHOU HOTEL CO LT    9.20     2/26/2016   CNY       100.24
WEINAN CITY CONSTRUCT    7.00      6/8/2017   CNY       104.80
WUXI COMMUNICATIONS I    5.58      7/8/2016   CNY        50.16
WUXI HUISHAN SOFTWARE    9.00     3/19/2016   CNY        60.31
XIANGTAN JIUHUA ECONO    6.93    12/16/2016   CNY        41.20
XIANGTAN ZHENXIANG ST    6.60      8/7/2020   CNY        96.10
YANGZHOU ECONOMIC DEV    6.10      7/7/2016   CNY        50.60
YANGZHOU URBAN CONSTR    5.94     7/23/2016   CNY        40.30
ZHANGJIAGANG FREE TRA    7.80    12/15/2018   CNY       115.00
ZHEJIANG JIANFENG GRO    4.90      6/5/2018   CNY        98.01


INDONESIA
---------

BERAU COAL ENERGY TBK    7.25     3/13/2017   USD        27.75
BERAU COAL ENERGY TBK    7.25     3/13/2017   USD        21.63
GAJAH TUNGGAL TBK PT     7.75      2/6/2018   USD        59.25
GAJAH TUNGGAL TBK PT     7.75      2/6/2018   USD        58.44
PERUSAHAAN PENERBIT S    6.10     2/15/2037   IDR        78.50


INDIA
-----

3I INFOTECH LTD          5.00     4/26/2017   USD        12.75
BLUE DART EXPRESS LTD    9.30    11/20/2017   INR        10.16
BLUE DART EXPRESS LTD    9.40    11/20/2018   INR        10.24
BLUE DART EXPRESS LTD    9.50    11/20/2019   INR        10.31
COROMANDEL INTERNATIO    9.00     7/23/2016   INR        15.80
GTL INFRASTRUCTURE LT    4.03     11/9/2017   USD        30.25
JAIPRAKASH ASSOCIATES    5.75      9/8/2017   USD        70.31
JCT LTD                  2.50      4/8/2011   USD        23.63
JSW STEEL LTD            4.75    11/12/2019   USD        71.06
PRAKASH INDUSTRIES LT    5.25     4/30/2015   USD        20.00
PYRAMID SAIMIRA THEAT    1.75      7/4/2012   USD         1.00
REI AGRO LTD             5.50    11/13/2014   USD         1.70
REI AGRO LTD             5.50    11/13/2014   USD         1.70
SVOGL OIL GAS & ENERG    5.00     8/17/2015   USD        20.25


JAPAN
-----

AVANSTRATE INC           5.55    10/31/2017   JPY        32.75
AVANSTRATE INC           5.55    10/31/2017   JPY        37.00
ELPIDA MEMORY INC        0.70      8/1/2016   JPY         8.00
ELPIDA MEMORY INC        0.50    10/26/2015   JPY         8.13
ELPIDA MEMORY INC        2.29     12/7/2012   JPY         8.00
ELPIDA MEMORY INC        2.10    11/29/2012   JPY         8.00
ELPIDA MEMORY INC        2.03     3/22/2012   JPY         8.00
TAKATA CORP              0.58     3/26/2021   JPY        71.00


KOREA
-----

2014 KODIT CREATIVE T    5.00    12/25/2017   KRW        31.11
2014 KODIT CREATIVE T    5.00    12/25/2017   KRW        31.11
DOOSAN CAPITAL SECURI   20.00     4/22/2019   KRW        40.93
HANA FINANCIAL GROUP     3.95     5/29/2045   KRW       489.20
KIBO ABS SPECIALTY CO    5.00     3/29/2018   KRW        30.05
KIBO ABS SPECIALTY CO   10.00     2/19/2017   KRW        37.58
KIBO ABS SPECIALTY CO   10.00      9/4/2016   KRW        39.95
KIBO ABS SPECIALTY CO   10.00     8/22/2017   KRW        27.60
KIBO ABS SPECIALTY CO    5.00     1/31/2017   KRW        32.77
KIBO ABS SPECIALTY CO    5.00    12/25/2017   KRW        29.79
LSMTRON DONGBANGSEONG    4.53    11/22/2017   KRW        30.66
PULMUONE CO LTD          2.50      8/6/2045   KRW        59.65
SINBO SECURITIZATION     5.00     3/14/2016   KRW        62.35
SINBO SECURITIZATION     5.00     8/31/2016   KRW        35.46
SINBO SECURITIZATION     5.00     8/31/2016   KRW        35.46
SINBO SECURITIZATION     5.00     1/29/2017   KRW        33.84
SINBO SECURITIZATION     5.00     1/15/2018   KRW        30.92
SINBO SECURITIZATION     5.00     1/15/2018   KRW        30.92
SINBO SECURITIZATION     5.00     3/13/2017   KRW        33.36
SINBO SECURITIZATION     5.00     3/13/2017   KRW        33.36
SINBO SECURITIZATION     5.00     2/21/2017   KRW        33.59
SINBO SECURITIZATION     5.00     5/27/2016   KRW        43.87
SINBO SECURITIZATION     5.00     5/27/2016   KRW        43.87
SINBO SECURITIZATION     5.00     9/26/2018   KRW        28.60
SINBO SECURITIZATION     5.00     9/26/2018   KRW        28.60
SINBO SECURITIZATION     5.00     9/26/2018   KRW        28.60
SINBO SECURITIZATION     5.00     2/21/2017   KRW        33.59
SINBO SECURITIZATION     5.00     1/30/2019   KRW        27.33
SINBO SECURITIZATION     5.00     1/30/2019   KRW        27.33
SINBO SECURITIZATION     5.00    10/30/2019   KRW        19.26
SINBO SECURITIZATION     5.00     10/1/2017   KRW        31.61
SINBO SECURITIZATION     5.00     10/1/2017   KRW        31.61
SINBO SECURITIZATION     5.00     10/1/2017   KRW        31.61
SINBO SECURITIZATION     5.00     7/24/2017   KRW        31.34
SINBO SECURITIZATION     5.00     7/24/2018   KRW        29.32
SINBO SECURITIZATION     5.00     7/24/2018   KRW        29.32
SINBO SECURITIZATION     5.00     2/11/2018   KRW        30.43
SINBO SECURITIZATION     5.00     2/11/2018   KRW        30.43
SINBO SECURITIZATION     5.00     8/29/2018   KRW        28.82
SINBO SECURITIZATION     5.00     8/29/2018   KRW        28.82
SINBO SECURITIZATION     5.00     3/18/2019   KRW        26.93
SINBO SECURITIZATION     5.00     3/18/2019   KRW        26.93
SINBO SECURITIZATION     5.00     7/26/2016   KRW        37.23
SINBO SECURITIZATION     5.00     7/26/2016   KRW        37.23
SINBO SECURITIZATION     5.00     6/29/2016   KRW        39.79
SINBO SECURITIZATION     5.00      7/8/2017   KRW        32.54
SINBO SECURITIZATION     5.00      7/8/2017   KRW        32.54
SINBO SECURITIZATION     5.00      6/7/2017   KRW        23.29
SINBO SECURITIZATION     5.00      6/7/2017   KRW        23.29
SINBO SECURITIZATION     5.00    12/25/2016   KRW        33.21
SINBO SECURITIZATION     5.00     6/27/2018   KRW        29.53
SINBO SECURITIZATION     5.00     6/27/2018   KRW        29.53
SINBO SECURITIZATION     5.00     8/16/2016   KRW        34.34
SINBO SECURITIZATION     5.00     8/16/2017   KRW        32.15
SINBO SECURITIZATION     5.00     8/16/2017   KRW        32.15
SINBO SECURITIZATION     5.00    12/13/2016   KRW        34.34
SINBO SECURITIZATION     5.00     3/12/2018   KRW        30.20
SINBO SECURITIZATION     5.00     3/12/2018   KRW        30.20
SINBO SECURITIZATION     5.00     2/27/2019   KRW        27.15
SINBO SECURITIZATION     5.00     2/27/2019   KRW        27.15
SINBO SECURITIZATION     5.00    12/23/2018   KRW        27.66
SINBO SECURITIZATION     5.00    12/23/2018   KRW        27.66
SINBO SECURITIZATION     5.00    12/23/2017   KRW        29.81
SINBO SECURITIZATION     5.00     10/5/2016   KRW        35.10
SINBO SECURITIZATION     5.00     10/5/2016   KRW        33.45
TONGYANG CEMENT & ENE    7.50     4/20/2014   KRW        70.00
TONGYANG CEMENT & ENE    7.30     4/12/2015   KRW        70.00
TONGYANG CEMENT & ENE    7.30     6/26/2015   KRW        70.00
TONGYANG CEMENT & ENE    7.50     7/20/2014   KRW        70.00
TONGYANG CEMENT & ENE    7.50     9/10/2014   KRW        70.00
U-BEST SECURITIZATION    5.50    11/16/2017   KRW        31.90
WISE MOBILE SECURITIZ   20.00    12/14/2018   KRW        72.58


SRI LANKA
---------

SRI LANKA GOVERNMENT     5.35      3/1/2026   LKR        66.42


MALAYSIA
--------

BANDAR MALAYSIA SDN B    0.35    12/29/2023   MYR        71.83
BANDAR MALAYSIA SDN B    0.35     2/20/2024   MYR        71.31
BIMB HOLDINGS BHD        1.50    12/12/2023   MYR        71.98
BRIGHT FOCUS BHD         2.50     1/22/2031   MYR        68.22
BRIGHT FOCUS BHD         2.50     1/24/2030   MYR        71.10
HARKAND FINANCE INC      8.40     3/28/2019   USD        54.50
LAND & GENERAL BHD       1.00     9/24/2018   MYR         0.21
ORO NEGRO IMPETUS PTE   11.00     12/4/2049   USD        61.50
SENAI-DESARU EXPRESSW    0.50    12/31/2038   MYR        67.41
SENAI-DESARU EXPRESSW    0.50    12/30/2039   MYR        69.21
SENAI-DESARU EXPRESSW    0.50    12/31/2043   MYR        74.35
SENAI-DESARU EXPRESSW    0.50    12/31/2040   MYR        70.56
SENAI-DESARU EXPRESSW    0.50    12/31/2041   MYR        71.78
SENAI-DESARU EXPRESSW    0.50    12/31/2042   MYR        73.14
SENAI-DESARU EXPRESSW    1.15    12/30/2022   MYR        72.74
SENAI-DESARU EXPRESSW    1.15    12/29/2023   MYR        69.57
SENAI-DESARU EXPRESSW    1.35    12/31/2029   MYR        56.32
SENAI-DESARU EXPRESSW    1.35     6/28/2030   MYR        55.13
SENAI-DESARU EXPRESSW    1.35    12/29/2028   MYR        58.63
SENAI-DESARU EXPRESSW    1.10     6/30/2022   MYR        74.13
SENAI-DESARU EXPRESSW    1.15     6/28/2024   MYR        68.05
SENAI-DESARU EXPRESSW    1.35    12/31/2025   MYR        65.20
SENAI-DESARU EXPRESSW    1.35     6/30/2027   MYR        61.85
SENAI-DESARU EXPRESSW    1.35     6/29/2029   MYR        57.48
SENAI-DESARU EXPRESSW    1.35     6/30/2028   MYR        59.73
SENAI-DESARU EXPRESSW    1.15    12/31/2024   MYR        66.54
SENAI-DESARU EXPRESSW    1.15     6/30/2025   MYR        65.11
SENAI-DESARU EXPRESSW    1.15     6/30/2023   MYR        71.13
SENAI-DESARU EXPRESSW    1.35    12/31/2026   MYR        62.94
SENAI-DESARU EXPRESSW    1.35    12/31/2030   MYR        53.90
SENAI-DESARU EXPRESSW    1.35     6/30/2026   MYR        64.02
SENAI-DESARU EXPRESSW    1.35    12/31/2027   MYR        60.81
SENAI-DESARU EXPRESSW    1.35     6/30/2031   MYR        52.64
UNIMECH GROUP BHD        5.00     9/18/2018   MYR         1.05


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

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


SINGAPORE
---------

AXIS OFFSHORE PTE LTD    7.78     5/18/2018   USD        52.02
BAKRIE TELECOM PTE LT   11.50      5/7/2015   USD         3.17
BAKRIE TELECOM PTE LT   11.50      5/7/2015   USD         1.00
BERAU CAPITAL RESOURC   12.50      7/8/2015   USD        25.76
BERAU CAPITAL RESOURC   12.50      7/8/2015   USD        26.13
BLD INVESTMENTS PTE L    8.63     3/23/2015   USD         7.25
BUMI CAPITAL PTE LTD    12.00    11/10/2016   USD        20.50
BUMI CAPITAL PTE LTD    12.00    11/10/2016   USD        17.49
BUMI INVESTMENT PTE L   10.75     10/6/2017   USD        19.50
BUMI INVESTMENT PTE L   10.75     10/6/2017   USD        17.27
ENERCOAL RESOURCES PT    6.00      4/7/2018   USD        10.25
GOLIATH OFFSHORE HOLD   12.00     6/11/2017   USD         8.50
INDO INFRASTRUCTURE G    2.00     7/30/2010   USD         1.88
NEPTUNE ORIENT LINES     4.40     6/22/2021   SGD        71.00
ORO NEGRO DRILLING PT    7.50     1/24/2019   USD        50.00
OSA GOLIATH PTE LTD     12.00     10/9/2018   USD        62.00
OTTAWA HOLDINGS PTE L    5.88     5/16/2018   USD        48.13
OTTAWA HOLDINGS PTE L    5.88     5/16/2018   USD        48.00
OTTO MARINE SERVICES     7.00      8/1/2016   SGD        75.00
SWIBER CAPITAL PTE LT    6.50      8/2/2018   SGD        51.75
SWIBER CAPITAL PTE LT    6.25    10/30/2017   SGD        62.75
SWIBER HOLDINGS LTD      7.13     4/18/2017   SGD        68.00
TRIKOMSEL PTE LTD        5.25     5/10/2016   SGD        20.00
TRIKOMSEL PTE LTD        7.88      6/5/2017   SGD        16.50


THAILAND
--------

MDX PCL                  4.75     9/17/2003   USD        37.75


VIETNAM
-------

DEBT AND ASSET TRADIN    1.00    10/10/2025   USD        48.00
DEBT AND ASSET TRADIN    1.00    10/10/2025   USD        48.75



                             *********

Tuesday's edition of the TCR-AP delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-AP editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Tuesday
Bond Pricing table is compiled on the Friday prior to
publication.  Prices reported are not intended to reflect actual
trades.  Prices for actual trades are probably different.  Our
objective is to share information, not make markets in publicly
traded securities.  Nothing in the TCR-AP constitutes an offer
or solicitation to buy or sell any security of any kind.  It is
likely that some entity affiliated with a TCR-AP editor holds
some position in the issuers' public debt and equity securities
about which we report.

A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR-AP. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com

Friday's edition of the TCR-AP features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical
cost net of depreciation may understate the true value of a
firm's assets.  A company may establish reserves on its balance
sheet for liabilities that may never materialize.  The prices at
which equity securities trade in public market are determined by
more than a balance sheet solvency test.


                            *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Valerie U. Pascual, Marites O. Claro, Joy A. Agravante, Rousel
Elaine T. Fernandez, Julie Anne L. Toledo, and Peter A. Chapman,
Editors.

Copyright 2016.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

TCR-AP subscription rate is US$775 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Peter Chapman at 215-945-7000 or Nina Novak at 202-362-8552.



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