TCRAP_Public/160219.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Friday, February 19, 2016, Vol. 19, No. 35


                            Headlines


A U S T R A L I A

CASELLA DEVELOPMENTS: First Creditors' Meeting Set For Feb. 25
COMCOAT PTY: First Creditors' Meeting Set For Feb. 29
JJV CHUM: First Creditors' Meeting Slated For Feb. 26
NICRO ENGINEERING: First Creditors' Meeting Set For Feb. 26
TEYS LAWYERS: ASIC Bans John Teys For Five Years


C H I N A

CHINA: Fitch Says Coal Firms' Financial Woes to Worsen in 2016


I N D I A

AMRITLAL NARESH: CARE Ups Rating on INR1.50cr LT Loan to BB-
AVANI VANIJYA: Ind-Ra Withdraws 'IND D' INR110MM Loan Rating
BALAJI ALLIANCE: CARE Assigns 'B+' Rating to INR10cr LT Loan
BHAGAT AROMATICS: Ind-Ra Suspends IND BB Long-Term Issuer Rating
BSR CANCER: CARE Lowers Rating on INR9.13cr LT Loan to 'D'

BSR DIAGNOSTIC: CARE Lowers Rating on INR75.67cr LT Loan to 'D'
BSR SUPER: CARE Lowers Rating on INR33.80cr LT Loan to 'D'
D.B. MACHINE: ICRA Reaffirms B+ Rating on INR5.50cr Loan
DURGA RICE: CRISIL Ups Rating on INR70MM Cash Loan to 'B'
EARTH STAHL: CARE Lowers Rating on INR19.65cr LT Loan to 'D'

EPITOME PETROCHEMICAL: CRISIL Cuts Rating on INR165.6MM Loan to D
EVEREST KANTO: CRISIL Reaffirms D Rating on INR3.68BB Term Loan
GAJRA GEARS: CARE Lowers Rating on INR1.42cr LT Loan to 'D'
GEMINI CONSOLIDATED: CARE Lowers Rating on INR8.88cr Loan to 'D'
HR FOOD: CRISIL Assigns 'B-' Rating to INR69MM Term Loan

J.M.A STORES: Ind-Ra Withdraws 'IND BB' LT Issuer Rating
JAMMU PIGMENTS: CRISIL Lowers Rating on INR120MM Loan to B+
KINETA GLOBAL: CRISIL Lowers Rating on INR900MM LT Loan to 'D'
KVM STEEL: Ind-Ra Suspends 'IND B-' Long-Term Issuer Rating
MEGA VITRIFIED: Ind-Ra Assigns 'IND BB-' Long-Term Issuer Rating

MITTAL PIGMENTS: CRISIL Cuts Rating on INR100MM Cash Loan to B+
MOHAN PROJECT: CARE Reaffirms 'D' Rating on INR20cr LT/ST Loan
ONGOLE AROGYA: CARE Lowers Rating on INR38cr LT Loan to 'D'
ORAGADAM CITY: Ind-Ra Suspends 'IND D' Long-Term Issuer Rating
PSP FARMS: CRISIL Assigns B- Rating to INR75MM Cash Loan

R. G. PIGMENTS: CRISIL Reaffirms B+ Rating on INR30MM LT Loan
RADHA KRISHNA: Ind-Ra Suspends 'IND BB' Long-Term Issuer Rating
RAJSHRI IRON: Ind-Ra Assigns 'IND B+' Long-Term Issuer Rating
RIM JHIM: CRISIL Ups Rating on INR1.79BB Cash Loan to 'B'
RISHI ICE: CARE Revises Rating on INR13.12cr LT Loan to B+

ROCK REGENCY: CARE Reaffirms B- Rating on INR4.11cr LT Loan
RP MODERN: CRISIL Assigns B+ Rating to INR51.5MM LT Loan
RVJ OVERSEAS: CRISIL Assigns B+ Rating to INR100MM Cash Loan
PADMABHUSHAN KRANTIVEER: ICRA Reaffirms B Rating on INR220cr Loan
PUJA INDUSTRIES: CRISIL Ups Rating on INR65MM Cash Loan to B+

S.B. INDUSTRIES: CRISIL Cuts Rating on INR55MM Cash Loan to B-
S.R INDUSTRIES: CRISIL Reaffirms 'D' Rating on INR180MM Loan
SARJAY CHEMICALS: CARE Assigns B+ Rating to INR7.50cr LT Loan
SHINING STAR: Ind-Ra Affirms 'IND B-' Long-Term Issuer Rating
SHREE BHAVANI: CARE Assigns B+ Rating to INR5.0cr LT Loan

SHYAM JOTI: CRISIL Ups Rating on INR63.3MM Term Loan to 'B'
SPR CONSTRUCTIONS: Ind-Ra Suspends 'IND BB-' LT Issuer Rating
SRI BAJRANG: CARE Reaffirms B+ Rating on INR12cr LT Loan
SRI SARVEJANA: CRISIL Assigns 'B' Rating to INR35MM LT Loan
SSGR HOSPITAL: Ind-Ra Suspends 'IND B' Long-Term Issuer Rating

STATUS CLOTHING: ICRA Reaffirms B+ Rating on INR9cr LT Loan


J A P A N

TAKATA CORP: May Consolidate Air Bag Output in Europe, Cut Jobs
SHARP CORP: Considering Excluding Foxconn Backers From Vote


S O U T H  K O R E A

DAEWOO SHIPBUILDING: No New Bailout From Creditors This Year
HYUNDAI MERCHANT: To Raise KRW30BB to Ease Liquidity Crisis


                            - - - - -


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


CASELLA DEVELOPMENTS: First Creditors' Meeting Set For Feb. 25
--------------------------------------------------------------
Paul Burness and Ivan Glavas of Worrells Solvency & Forensic
Accountants were appointed as administrators of Casella
Developments Pty Ltd on Feb. 16, 2016.

A first meeting of the creditors of the Company will be held at
Worrells Solvency & Forensic Accountants, Level 15, 114 William
Street, in Melbourne, on Feb. 25, 2016, at 2:30 p.m.


COMCOAT PTY: First Creditors' Meeting Set For Feb. 29
-----------------------------------------------------
Chad Robert Rapsey of Rapsey Griffiths Insolvency + Advisory was
appointed as administrators of Comcoat Pty Limited on Feb. 17,
2016.

A first meeting of the creditors of the Company will be held at
Level 5, 55-57 Hunter Street, in Newcastle, on Feb. 29, 2016, at
2:00 p.m.


JJV CHUM: First Creditors' Meeting Slated For Feb. 26
-----------------------------------------------------
Blair Pleash and Kathleen Vouris of Hall Chadwick were appointed
as administrators of JJV Chum Pty Ltd, trading as Jamies Tender
Meats, on Feb. 16, 2016.

A first meeting of the creditors of the Company will be held at
Hall Chadwick, Paspalis Business Centre, Level 1, 48-50 Smith
Street, in Darwin, on Feb. 26, 2016, at 10:00 a.m.


NICRO ENGINEERING: First Creditors' Meeting Set For Feb. 26
-----------------------------------------------------------
Glenn J. Franklin and Jason G. Stone of PKF Melbourne were
appointed as administrators of Nicro Engineering Pty. Ltd. on Feb.
16, 2016.

A first meeting of the creditors of the Company will be held at
Novotel Geelong, Ceres Room, 10-14 Eastern Beach, in Geelong, on
Feb. 26, 2016, at 10:30 a.m.


TEYS LAWYERS: ASIC Bans John Teys For Five Years
------------------------------------------------
Australian Securities and Investment Commission has disqualified
Mr Michael John Teys of Sydney from managing corporations for five
years following his involvement in the failure of three companies.
The disqualification commenced on Jan. 29, 2016 and ceases Jan.
28, 2021.

The disqualification follows an ASIC investigation which found
that Mr Teys breached his duties as a director, including failing
to comply with financial services laws.

Mr Teys was the director of:

    ACN 127 707 671 Pty Ltd (formerly known as Teys Lawyers Pty
    Ltd) ACN 127 707 671 (Teys Lawyers),
    TPFL Ltd ACN 105 164 047 (TPFL), and
    TPL Holdings Pty Ltd ACN 010 892 243 (TPL).

Each of these companies was placed into liquidation between
April 20, 2010 and June 3, 2014.

ASIC found that Mr Teys managed the affairs of Teys Lawyers, TPFL
and TPL well short of the standards required of someone in his
position as Mr Teys:

  -- Managed Teys Lawyers and TPL such that each incurred a
     deficiency;

  -- Managed Teys Lawyers such that it preferred trade creditors
     over the ATO and in so doing acted with a lack of commercial
     morality;

  -- Used his position as a director of Teys Lawyers and TPL
     improperly to gain financial advantages for himself and
     other related parties;

  -- Failed to exercise due care and diligence in the management
     of a number of loans made by TPFL through its registered
     managed investments schemes;

  -- Failed to exercise due care and diligence to ensure that
     Teys Lawyers and TPFL lodged documents with both the ATO and
     ASIC.

Liquidators reported that the total deficiencies owed to creditors
exceeded $5 million across all three companies.

ASIC Commissioner Greg Tanzer said, 'Directors have a
responsibility to manage the financial affairs of their company in
accordance with the law. As this case shows, directors who cause
or permit their company to breach legal obligations can face
significant consequences.'

Mr Teys has the right to appeal to the Administrative Appeals
Tribunal for a review of ASIC's decision.

The five year period for which Mr Teys was banned from managing
corporations is the maximum period of disqualification that ASIC
can impose under section 206F of the Corporations Act 2001.

Teys Lawyers traded as a legal services business specialising in
strata law and was previously known as Michael Teys Strata Law Pty
Ltd, Teys Lawyers Pty Ltd, and ACN 127 707 671 Pty Ltd.

TPFL held an Australian Financial Services License and as a
responsible entity operated a number of registered managed
investments schemes including:

    Teys Strata Mortgage Trust ARSN 108 137 195;
    Teys Strata Development Trust ARSN 1129 939 509;
    The Teys Income Builder ARSN 110 052 429;
    Dunsborough Hotel Property Syndicate ARSN 098 946 733;
    Teys Strata Lifestyle Property Trust ARSN 096 588 108;
    Sydney Apartments Trust ARSN 121 041 405;
    Teys Fixed Income Trust ARSN 121 041 503;
    Broadwater Bungalows ARSN 090 521 163;
    Teys Retirement Property Trust No 1 ARSN 112 939 705; and
    Settlers Lifestyle Property Trust ARSN 112 939 572

TPFL went into external administration on March 5, 2010.  ASIC
cancelled TPFL's Australian Financial Services license on
March 22, 2010.

This matter received funding from ASIC under the Assetless
Administration Fund to fund the Liquidator of TPL to prepare a
supplementary report for the purposes of ASIC to consider a
banning Mr Teys pursuant to Section 206F of the Corporations Act
2001 (the Act).



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


CHINA: Fitch Says Coal Firms' Financial Woes to Worsen in 2016
--------------------------------------------------------------
Fitch Ratings says that the 2015 full-year result previews issued
by the listed Chinese coal mining companies reflect the extent of
challenges the sector is facing. Oversupply and weak coal prices
are the main factors. Fitch expects the over-supply conditions to
prevail for some time, and financial woes to deepen in 2016.

Twenty eight out of the 33 coal companies listed on China's
Shanghai and Shenzhen Stock Exchanges have just released their
2015 full-year financial result previews, and 20 reported a net
loss after excluding any one-off gains.

China Shenhua Energy (A+/Stable) ranks first by profits by a large
margin; its net income is more than that of all the other listed
coal companies' put together. Its scale and vertical integration
into power generation and railways underpin this more positive
result, as reflected in its strong 'A' category standalone credit
profile.

Fitch views 2016 as an even more challenging year for the coal
sector. China's central government has endeavoured to address the
oversupply by encouraging the phase-out of high-cost and old
mines, although implementation at the various government levels
entails various other issues. Price recovery is highly unlikely in
2016 as consolidation of the excessive mining capacity will take
longer -- and require more effort -- than the central government
expected, together with a weaker demand outlook.



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


AMRITLAL NARESH: CARE Ups Rating on INR1.50cr LT Loan to BB-
------------------------------------------------------------
CARE revises/reaffirms the ratings assigned to the bank facilities
of Amritlal Naresh Kumar.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      1.50      CARE BB- Revised from
                                            CARE B+

   Short-term Bank Facilities    11.00      CARE A4 Reaffirmed

Rating Rationale

The revision in the long-term rating assigned to the bank
facilities of Amritlal Naresh Kumar (ANK) is primarily due to
increase in profit margins and improvement in capital structure
during FY15 (refers to the period April 1 to March 31). The
ratings continue to draw strength from long experience of the
proprietor in the timber trading business.

The ratings, however, continue to remain constrained on account of
its modest scale of operations, weak debt coverage indicators,
moderate liquidity position, exposure to fluctuations in foreign
exchange rates, constitution as a proprietorship firm, risk
related to regulatory changes by timber exporting countries and
its presence in competitive and fragmented timber market.

The ability of ANK to increase its scale of operations and profit
margins with further improvement in debt coverage indicators and
liquidity position would remain the key rating sensitivities.

ANK was established by Mr Amritlal Naresh Kumar Gupta in the year
1997 as a proprietorship concern. ANK is engaged in the trading of
imported timber. It primarily imports round timber logs from
Singapore and Malaysia which is subsequently sawn and sized into
various sizes as per the requirement of the customers. The
facility is located in Gandhidham, Kutch, near Kandla port which
facilitates easy imports and transportation of the products. ANK
imports various types of timber such as Meranti, Kapur, Saal,
Razzaq, Pine wood, etc. Mr Amritlal Naresh Kumar Gupta and his son
Mr Sushil Kumar jointly manage the operations of ANK.

During FY15, ANK reported TOI of INR29.65 crore and PAT of INR0.10
crore as against TOI of INR34.12 crore and PAT of INR0.10 crore
during FY14. As per the provisional results for 8MFY16 (April 1,
2015 to November 30, 2015), ANK registered a TOI of INR19 crore.


AVANI VANIJYA: Ind-Ra Withdraws 'IND D' INR110MM Loan Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn the short-term
'IND D(suspended)' rating on Avani Vanijya Private Limited's
(AVPL) INR110 million fund-based limits.

The rating has been withdrawn due to lack of adequate information.
Ind-Ra will no longer provide ratings or analytical coverage for
AVPL's bank loans.

Ind-Ra suspended AVPL's rating on 5 June 2015.


BALAJI ALLIANCE: CARE Assigns 'B+' Rating to INR10cr LT Loan
------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Balaji
Alliance Developers LLP.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     10.00      CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Balaji Alliance
Developers LLP (BADLLP) is constrained by significant risk of
project execution due to high dependence on customer advances and
pending financial closure along with nascent stage of project and
geographical concentration risk having presence only in the Pune
region. The rating further takes into account cyclical nature of
the industry and presence in a highly competitive environment.

The rating derives strength from experience of the promoter group
in real estate development in Pune, receipt of approvals and
clearances for the Phase I of the project and strategic location
of the project having proximity to Hinjewadi IT Park and Mumbai-
Pune Expressway.

The ability of the firmto execute construction activities as per
the schedule, thereby enabling timely inflow of the receivables
and sell of the inventory as estimated are the key rating
sensitivities.

BADLLP is a limited liability partnership firm formed on April 02,
2013 and belongs to Balaji Group (47.90%) and Kedar Vanajpe Group
(52.10%). The partners in the firm are Mr Rajendra Chitodkar
(Chairman of Balaji Group), Mr Nitin Chitodkar (Managing Director
of Balaji Group) and Mr Kedar Vanajpe (Director of Kedar Vanajpe
Group).

The firm is developing a residential project named "WHITEFILED-
Phase I" at Sus (Pune) with a total estimated project cost of
INR41.59 crore. The firm expects to target middle income group
customers for the project. The construction of the project was
started in December, 2015 and is expected to be completed by
December, 2018. The project is planned to be launched for sale in
the month of April 2016. The project is planned to have a total of
151 units, with three buildings (with 1, 2, & 2.5 BHK apartments),
encompassing a total saleable area of approximately 1.44 lakh
square feet (lsf). Out of the three buildings, two buildings (A&B)
are planned to be 11 storey each and the third building (C) with 5
storey. The project includes amenities including centralized air
conditioner, club house, parking area, garden, swimming pool and
gymnasium.


BHAGAT AROMATICS: Ind-Ra Suspends IND BB Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Bhagat Aromatics
Limited's (BAL) 'IND BB' Long-Term Issuer Rating to the suspended
category. The Outlook was Stable. The rating will now appear as
'IND BB(suspended)' on the agency's website.

The ratings have been migrated to the suspended category due to
lack of adequate information. Ind-Ra will no longer provide
ratings or analytical coverage for BAL.

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

BAL's ratings:
-- Long-Term Issuer Rating: migrated to 'IND BB(suspended)' from
    'IND BB'/Stable
-- INR205 million fund-based working capital limit: migrated to
    'IND BB(suspended)' from 'IND BB' and 'IND A4+(suspended)'
    from 'IND A4+'
-- INR10 million non-fund-based working capital limit: migrated
    to 'IND BB(suspended)' from 'IND BB' and 'IND A4+(suspended)'
    from 'IND A4+'


BSR CANCER: CARE Lowers Rating on INR9.13cr LT Loan to 'D'
----------------------------------------------------------
CARE revises the rating assigned to the bank facilities of
BSR Cancer Hospital Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      9.13      CARE D Revised from
                                            'CARE BBB- (SO)'
   Short-term Bank Facilities     1.00      CARE D Revised
                                            From 'CARE A3 (SO)'

Rating Rationale

The revision in ratings assigned to the bank facilities of BSR
Diagnostic Ltd takes into account delays in servicing of debt
obligation on account of stressed liquidity position of the
company due to moderation in financial performance in FY15 on
the back of low occupancy rate. Furthermore, the liquidity
position of the guarantor (i.e. BSR Super Speciality Hospitals
Ltd: rated CARE D) was also stretched due to moderation in
financial performance in FY15 and increase in exposure to
group companies. Ability of the company to improve its liquidity
position through equity infusion and improvement in
occupancy rate will be the key rating sensitivity.

BSR Cancer Hospital Pvt Ltd (BCHPL), incorporated in 1997, is
operating an 80-bed cancer hospital set up in 2012. It is the
only comprehensive cancer management centre in Chhattisgarh. BCHPL
is a part of BSR group, which is operating two hospitals in
Chhattisgarh and a chain of diagnostic & pathology centers in
various cities of Chhattisgarh, Madhya Pradesh, Maharashtra,
Orissa & West Bengal.

In FY15 (refers to the period between April 1 andMarch 31), BCHPL
reported a loss of INR 4.24 crore (PAT of INR 0.55 crore in FY14)
on a total operating income of INR 8.05 crore (Rs. 8.57 crore in
FY14).


BSR DIAGNOSTIC: CARE Lowers Rating on INR75.67cr LT Loan to 'D'
---------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of
BSR Diagnostic Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     75.67      CARE D Revised
                                            From 'CARE BBB- (SO)'

   Short-term Bank Facilities     6.00      CARE D Revised
                                            From 'CARE A3 (SO)'

Rating Rationale

The revision in ratings assigned to the bank facilities of BSR
Diagnostic Ltd takes into account delays in servicing of debt
obligation on account of stressed liquidity position of the
company on account of moderation in performance in FY15 due
to longer than expected time taken for stabilization of operations
of newly set up diagnostic centres. Furthermore, the liquidity
position of the guarantor (i.e. BSR Super Speciality Hospitals
Ltd: rated CARE D) was also stretched due to moderation in
financial performance in FY15 and increase in exposure to group
companies. Ability of the company to improve its liquidity
position through equity infusion and gradual improvement in
financial performance of newly opened diagnostic centres/pathology
labs will be the key rating sensitivity.

BSR Diagnostic Ltd (BDL), incorporated in 1993, is engaged in
diagnostic healthcare services. Currently, BDL operates 28
diagnostic (including 3 centers on asset light model) and 5
pathology centres in various cities of Chhattisgarh, Madhya
Pradesh, Maharashtra, Orissa & West Bengal. BDL is a part of BSR
Group, which is also operating three hospitals in Chhattisgarh.

In FY15 (refers to the period between April 1 and March 31), BDL
reported a loss of INR4.68 crore (PAT of INR0.92 crore in FY14) on
a total operating income of INR55.90 crore (Rs.48.86 crore in
FY14).


BSR SUPER: CARE Lowers Rating on INR33.80cr LT Loan to 'D'
----------------------------------------------------------
CARE revises the rating assigned to the bank facilities of BSR
Super Speciality Hospitals Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     33.80      CARE D Revised
                                            From 'CARE BBB-'

Rating Rationale

The revision in rating assigned to the bank facilities of BSR
Super Speciality Hospitals Ltd takes into account delays in
servicing of debt obligation on account of stressed liquidity
position of the company. The tight liquidity position is mainly
due to moderation in financial performance of the company in FY15
and increase in exposure to group companies. Ability of the
company to improve the liquidity position through equity infusion
and gradual improvement in the financial performance of the newly
set up hospital Rajnandgaon, Chhattisgarh will be the key rating
sensitivity.

BSR Super Speciality Hospital Limited (BSSHL) was incorporated in
2003 by Dr. Manmohan Kumar Khanduja. BSSHL is operating one 175
bed tertiary care super speciality hospital at Bhilai,
Chhattisgarh and one 60-bed secondary care hospital at
Rajnandgaon, Chhattisgarh. BSSHL is a part of BSR Group, which is
also operating a cancer hospital in Chhattisgarh and a chain of
diagnostic & pathology centers in various cities of Chhattisgarh,
Madhya Pradesh, Maharashtra, Orissa & West Bengal.

In FY15 (refers to the period between April 1 and March 31), BSSHL
reported a loss of INR2.73 crore (PAT of INR2.58 crore in FY14) on
a total operating income of INR39.76 crore (Rs.38.20 crore in
FY14).


D.B. MACHINE: ICRA Reaffirms B+ Rating on INR5.50cr Loan
--------------------------------------------------------
ICRA has reaffirmed the [ICRA]B+ rating of the INR8.00 crore fund-
based facilities of D.B. Machine Tools Private Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based Limits
   Packing Credit        2.50         [ICRA]B+ reaffirmed

   Fund Based Limits
   FDBP (under LC)       5.50         [ICRA]B+ reaffirmed

The rating continues to factor in DBMTPL's modest scale of
operations with low operating profitability owing to limited value
addition in the trading business. The operating income of the
company significantly improved by around 20% during FY15, however,
the OPM witnessed further decline on account of thinner trading
margins with intense competitive pressures. DBMTPL also remained
exposed to the geographical concentration risk since the entire
revenue of the company is derived from export to one country viz.
Bangladesh. ICRA notes that the cyclical nature of the steel
industry the end user of its products, may lead to volatility in
cash flows of the company. The rating derives comfort from the
experience of the promoter of around two decades in export of
sponge iron and industrial plant and machinery and the established
relationship with the primary manufacturers of steel in
Bangladesh, which enables the company to secure repeat orders,
leading to a healthy revenue growth in FY15. ICRA notes that the
capital structure and coverage indicators of the company continued
to remain moderate with gearing of around 0.83 time and interest
coverage as well as NCA/TD of around 1.81 times and 19%
respectively during FY15.

D.B. Machine Tools Private Limited was incorporated in 2006 and is
a 100% export oriented company based in Kolkata. The company
exports almost all its products to Bangladesh. DBMTPL is a closely
held company. The promoter has a business experience of around two
decades in export trade.

Recent Results
DBMTPL recorded a profit after tax (PAT) of Rs.0.57 crore on
operating income of INR63.92 crore during FY15 as against a PAT of
INR0.47 crore on operating income of INR53.02 crore during FY14.


DURGA RICE: CRISIL Ups Rating on INR70MM Cash Loan to 'B'
---------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Durga Rice Mills (DRM) to 'CRISIL B/Stable' from 'CRISIL B-
/Stable'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit             70      CRISIL B/Stable (Upgraded from
                                   'CRISIL B-/Stable')

   Proposed Long Term       5      CRISIL B/Stable (Upgraded from
   Bank Loan Facility              'CRISIL B-/Stable')

   Term Loan               18      CRISIL B/Stable (Upgraded from
                                   'CRISIL B-/Stable')

The rating upgrade reflects CRISIL's belief that the firm's
business and financial risk profiles will improve over the medium
term driven by healthy growth in revenue and profitability.
Revenue was INR280 million for the ten months through January
2016; the firm is expected to report healthy growth in operating
income in 2015-16 (refers to financial year, April 1 to
March 31). Revenue had improved significantly to INR333 million in
2014-15 from INR286 million in 2013-14, on account of healthy
demand from existing as well as new customers. Additionally, the
firm's operating margin improved to 3.2 percent in 2014-15 from
0.9 percent in 2013-14. Operating margin is expected to remain at
similar levels over the medium term. The debt protection metrics
are moderate with interest coverage and net cash accrual to total
debt (NCATD) ratios of 1.6 times and 0.05 time, respectively, in
2014-15. The TOLTNW [total outside liability; tangible networth]
ratio remained high at 3.82 times as on March 31, 2015; the ratio
is expected to remain around 4 times over the medium term. CRISIL
believes DRM's business and financial risk profiles will improve
further over the medium term backed by the partners' extensive
experience in the rice processing industry and established
relations with customers.

The rating reflects DRM's modest scale of operations,
susceptibility of its low operating margin to adverse changes in
government regulations and raw material prices, and weak financial
risk profile because of a weak interest coverage ratio and a
leveraged capital structure. These weaknesses are partially offset
by the extensive industry experience of the partners and their
funding support.
Outlook: Stable

CRISIL believes DRM will continue to benefit over the medium term
from the partners' extensive experience in the rice industry. The
outlook may be revised to 'Positive' in case of significant
improvement in the financial risk profile on account of better-
than-expected accrual or due to capital infusion of funds by the
partners. Conversely, the outlook may be revised to 'Negative' if
DRM undertakes aggressive, debt-funded expansion, reports a
substantial decline in revenue and profitability, or a stretch in
its working capital cycle, thereby weakening its financial risk
profile.

DRM, set up in 1982 as a partnership firm by Mr. Lala Ram and his
family members, mills, processes, and sells basmati and non-
basmati rice and its by-products.


EARTH STAHL: CARE Lowers Rating on INR19.65cr LT Loan to 'D'
------------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of Earth
Stahl and Alloys Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     19.65      CARE D Revised from
                                            CARE BB-
   Short-term Bank Facilities     0.40      CARE D Revised from
                                            CARE A4

Rating Rationale

The revision in the ratings assigned to the bank facilities of
Earth Stahl and Alloys Private Limited (ESAPL) takes into
consideration the delays in debt servicing and classification of
the company's account as NPA by Bank of India.  The ability of
ESAPL to timely service its debt obligations is the key rating
sensitivity.

Incorporated in 2009, Earth Stahl & Alloys Private Limited
(ESAPL), promoted by Mr Ravi Laddha and Mr. Rajesh Somani, is
engaged in the manufacturing of cast iron lumps (using waste iron
content material) which are subsequently used by the iron
foundries and steel plants to manufacture ingots, pellets and
billets. The company is also involved in the trading of the iron
scrap (constituted around 29% in income during FY14).


EPITOME PETROCHEMICAL: CRISIL Cuts Rating on INR165.6MM Loan to D
-----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Epitome Petrochemical Private Limited to 'CRISIL D/CRISIL D' from
'CRISIL C/CRISIL A4'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         10       CRISIL D (Downgraded from
                                   'CRISIL C')

   Cash Credit           100       CRISIL D (Downgraded from
                                   'CRISIL C')

   Funded Interest        28.9     CRISIL D (Downgraded from
   Term Loan                       'CRISIL C')

   Letter of Credit       50.0     CRISIL D (Downgraded from
                                   'CRISIL A4')

   Term Loan             165.6     CRISIL D (Downgraded from
                                   'CRISIL C')

   Working Capital       140.2     CRISIL D (Downgraded from
   Term Loan                       'CRISIL C')

The downgrade reflects consistent delays by EPPL in servicing its
debt, driven by its weak liquidity.

EPPL has large working capital requirement, and weak financial
risk profile because of modest networth and subdued debt
protection metrics. However, it benefits from competitive
advantage because of its plant's strategic location.

EPPL was incorporated in 2007 and started commercial production in
January 2009. It manufactures poly-ethylene terephthalate (PET)
preforms for bottlers of carbonated soft drinks, and has capacity
of 6900 tonnes per annum at its unit in Sikkim.


EVEREST KANTO: CRISIL Reaffirms D Rating on INR3.68BB Term Loan
---------------------------------------------------------------
CRISIL has reaffirmed its rating on the term loan of Everest Kanto
Cylinder Limited (EKC; part of the Everest Kanto group) to 'CRISIL
D'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Term Loan             3682      CRISIL D (Reaffirmed)

The rating action is based only on information available in the
public domain as EKC has not cooperated with CRISIL in its
surveillance process. The rating reflects delays in servicing debt
due to weak liquidity. The liquidity is constrained by continued
weak operating performance, as reflected in the operating losses.
This, coupled with high interest costs on sizeable debt, severely
impacts the debt protection metrics.

Moreover, the Everest Kanto group has working capital-intensive
operations, susceptibility of revenue to macroeconomic conditions
and the suboptimal utilisation of its large manufacturing
capacities, resulting in constrained cash accrual. The group,
however, has an established market position in the high-pressure
seamless cylinder segment.

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of EKC and its wholly owned subsidiaries,
including step-down entities, EKC International FZE, Dubai; EKC
Industries (Tianjin) Co Ltd, China; EKC Industries (Thailand) Co
Ltd, Thailand; EKC Hungary Kft, Hungary; Calcutta Compressions &
Liquefaction Engineering Ltd, India; EKC-Europe GmbH and CP
Industries Holdings Inc, USA. This is because all these companies,
collectively referred to as the Everest Kanto group, have common
promoters, are in the same line of business, and have intra-group
operational synergies, including fungible cash flows.

Promoted by Mr. P K Khurana since 1978, the Everest Kanto group
manufactures high-pressure seamless compressed natural gas and
industrial cylinders. The gas cylinders are used by automobile
original equipment manufacturers, retrofitters, and gas
distribution companies; the industrial cylinders are used in the
healthcare, fire-fighting, and food and beverages segments. The
group has manufacturing units in India, Dubai, the US, and China,
with a total capacity of 1.3 million cylinders per annum, and
marketing offices in Thailand and Germany.

For 2014-15 (refers to financial year, April 1 to March 31), the
Everest Kanto group's net loss was INR0.97 billion on an operating
income of INR4.79 billion, against a net loss of INR1.38 billion
on an operating income of INR4.98 billion for 2013-14. For the
first half of 2015-16, the EKC group's net loss was INR627 million
(Rs.548 million for the first half of 2014-15) on an operating
income of INR2.13 billion (Rs.2.29 billion).


GAJRA GEARS: CARE Lowers Rating on INR1.42cr LT Loan to 'D'
-----------------------------------------------------------
CARE revises the rating assigned to the bank facilities of
Gajra Gears Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      1.42      CARE D Revised from
   Term Loan                                CARE B+

   Long-term Bank Facilities     14.50      CARE C Revised from
   Fund-based                               CARE B+

   Short-term Bank Facilities    25.25      CARE A4 Reaffirmed

Rating Rationale

The revision in the long-term rating assigned to Gajra Gears
Private Limited (GGPL) is primarily on account of delays in
servicing of term loan installments 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 1974, GGPL is engaged in the manufacturing of
transmission gears, components and cutting tools at its
plant located at Dewas (Madhya Pradesh). The company manufactures
transmission gears majorly for tractors and commercial vehicles
(mainly LCVs) and has a product library of around 1,700 types of
gears as on date. At present, GGPL has an installed capacity of
4,210 MTPA (capacity utilization stood at 76% during FY15 [refers
to the period April 1 to March 31]) for gear and components and
3,480 nos for per annum for cutting tools (capacity utilization
stood at 48% during FY15). GGPL is part of the Gajra group formed
in 1950 and is engaged in the manufacturing of transmission and
differential gears, cutting tools and tooling's (jigs, fixtures)
businesses. In addition to GGPL the group comprises Gajra
Differential Gears Limited (engaged in the manufacturing of crown
wheel and pinions, bevel gears, bevel pinions, spider kit
assemblies and differential cages and housings and Elve
Corporation (engaged in the manufacturing of automotive
transmission gears such as engine gears, gear box assemblies, and
castings). The group has consolidated manufacturing capacity of
7,435 MTPA to make gears and components. The group has
consolidated manufacturing capacity of 7,435 MTPA to make gears
and components.

During FY15, GGPL posted a total income and PAT of INR141.14 crore
(vis-a-vis INR148.07 crore in FY14) and INR0.93 crore
(vis-a-vis INR0.85 crore in FY14), respectively. Furthermore, for
H1FY16, GGPL posted a total income of INR105.27 crore.


GEMINI CONSOLIDATED: CARE Lowers Rating on INR8.88cr Loan to 'D'
----------------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
Gemini Consolidated Projects Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     8.88       CARE D Revised from
                                            CARE B+ (SO)

   Short-term Bank Facilities    2.05       CARE D CARE A4 (SO)

Rating Rationale

The ratings assigned to the bank facilities of Gemini Consolidated
Projects Private Limited (GCP) is constrained by delays in
servicing of debt on account on of stretched liquidity position.

Establishing a track record of timely servicing of debt
obligations with improvement in liquidity position is the key
rating sensitivity.

Incorporated in 2011 by Mr. Rajiv Sethi, Gemini Consolidated
Projects Private Limited (GCP) is engaged in the business of
undertaking sub contracts for providing metal fabrication and
erection services.

As on December 31, 2015 the company had an order book of INR25.18
crore for various clients namely Powermech Projects Private
Limited (contractor of BHEL's Sikka project) and Axon
constructions Private Limited. Currently, the company majorly
caters the power sector, however it has plans to diversify into
oil & gas, hydrocarbons, cement and steel sectors.

During FY15 (refers to the period from April 1 to March 31, 2015),
GCP reported total operating income of INR 8.07 crore as against
INR 23.48 crore in FY14 and net loss of INR1.28 crore in FY15 as
against net loss of INR1.17 crore in FY14.


HR FOOD: CRISIL Assigns 'B-' Rating to INR69MM Term Loan
--------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-term
bank loan facilities of HR Food Processing Private Limited. The
rating reflects HFPPL's modest scale of operations, large working
capital requirement, and below-average financial risk profile, and
weak liquidity. These weaknesses are partially offset by its
promoters' entrepreneurial experience.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            6        CRISIL B-/Stable
   Term Loan             69        CRISIL B-/Stable

Outlook: Stable

CRISIL believes HFPPL will benefit over the medium term from its
promoters' entrepreneurial experience. The outlook may be revised
to 'Positive' if there is significant improvement in scale of
operations and profitability, and efficient working capital
management, leading to improvement in liquidity and financial risk
profile. Conversely, the outlook may be revised to 'Negative' in
case of lower-than-expected revenue growth or profitability,
leading to pressure on liquidity.

HFPPL, incorporated in 2010, processes milk, and manufactures milk
products such as curd, paneer, ghee, lassi, and toned milk, and
ethnic sweets (peda). Its manufacturing facility is in Ramgarh
(Jharkhand). HFPPL sells its products under the Osam brand. It is
promoted and managed by Mr. Abhinav Shah, Mr. Rakesh Kumar Sharma,
Mr. Harsh Thakkar, and Mr Abhishek Raj.


J.M.A STORES: Ind-Ra Withdraws 'IND BB' LT Issuer Rating
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn J.M.A Stores
Limited's (JMA) 'IND BB(suspended)' Long-Term Issuer Rating. A
full list of rating actions is at the end of this commentary.

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

Ind-Ra suspended JMA's ratings on 16 June 2015.

JMA's ratings:
-- Long-Term Issuer Rating: 'IND BB(suspended)'; rating
    withdrawn
-- INR235 million fund-based limits: 'IND BB(suspended)'; rating
    withdrawn
-- INR3 million non-fund-based limits: 'IND A4+(suspended)';
    rating withdrawn


JAMMU PIGMENTS: CRISIL Lowers Rating on INR120MM Loan to B+
-----------------------------------------------------------
CRISIL has downgraded its ratings on the bank loan facilities of
Jammu Pigments Private Limited (JPPL, a part of the Mittal group)
to 'CRISIL B+/Stable/CRISIL A4' from 'CRISIL BB+/Stable/CRISIL
A4+'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Buyer Credit Limit     80       CRISIL A4 (Downgraded from
                                   'CRISIL A4+')

   Cash Credit           120       CRISIL B+/Stable (Downgraded
                                   from 'CRISIL BB+/Stable')

The downgrade factors in expected deterioration in the Mittal
group's business risk profile as reflected by a steady decline in
revenue and realisation due to significant volatility in the
prices of key product raw materials lead and zinc. CRISIL expects
the prices of lead and zinc to remain volatile over the near term
in the current industry scenario. Furthermore, since procurement
is not order backed, the group is likely to face inventory losses
and a decline in operating margin over the medium term. The
volatility in prices has resulted in lower-than-expected cash
accruals coupled with decline in revenue to INR 37 million and INR
3.7 billion as against previous year of INR 125 million and INR
4.17 billion, respectively, in 2014-15 (refers to financial year,
April 1 to March 31). . Consequently, the interest coverage ratio
is expected to further deteriorate to below 1.20 times with total
outside liabilities to tangible networth ratio around 3.0 times,
over the medium term. CRISIL believes in the absence of
significant improvement in the prices of lead and zinc or funding
support from the promoters, the financial risk profile will weaken
over the medium term.

The ratings continue to factor in the large working capital
requirements, below-average financial risk profile, and the
vulnerability of operating margin to volatility in raw material
prices. These weaknesses are mitigated by the extensive experience
of the group's promoter in the metal industry and its established
clientele.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of JPPL, Mittal Pigments Pvt Ltd (MPPL),
and RG Pigment Ltd (RGPL). This is because the three companies,
together referred to as the Mittal group, are in the same line of
business, and have a common management and fungible funds.
Outlook: Stable

CRISIL believes the Mittal group will continue to benefit over the
medium term from the promoters' extensive industry experience and
from the job-work agreement contracted with one of its leading
suppliers. The outlook may be revised to 'Positive' if there is
significant and sustainable improvement in the group's revenue and
profitability, leading to improvement in the financial risk
profile, especially liquidity. Conversely, the outlook may be
revised to 'Negative' in case of a higher-than-expected decline in
revenue and/or profitability, or if its working capital cycle
lengthens, or it undertakes a substantial, debt-funded capital
expenditure programme.

The Mittal group was established by Mr. Ramesh Kumar Agarwal and
his wife. The promoters have been engaged in the same line of
business for over 20 years through other group entities. MPPL,
incorporated in 1991, manufactures refined lead ingots, alloys,
and oxides; and zinc oxides and alloys. The company's
manufacturing facility is in Kota (Rajasthan). JPPL, incorporated
in 2003, also manufactures lead and zinc products. Its
manufacturing facility is in Kathua (Jammu and Kashmir), which is
an excise-free zone. RGPL, stablished in 1991, manufactures lead
oxide and trades in pure lead, refined lead, lead ingots, lead
alloys, and lead oxide. The company's manufacturing facility is
located at Kota with a total manufacturing capacity of about 6000
tonnes per annum.


KINETA GLOBAL: CRISIL Lowers Rating on INR900MM LT Loan to 'D'
--------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of Kineta
Global Limited (KGL; part of the Kineta group) to 'CRISIL D' from
'CRISIL B+/Stable.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            300      CRISIL D (Downgraded from
                                   'CRISIL B+/Stable')

   Proposed Long Term     900      CRISIL D (Downgraded from
   Bank Loan Facility              'CRISIL B+/Stable')

The rating downgrade reflects instances of delay by the group in
servicing its debt. The delays have been caused by weakening of
its liquidity.

The Kineta group has limited financial flexibility on account of
substantial loans and advances extended to affiliates, and large
working capital requirement. Furthermore, it is vulnerable to
changes in government regulations, intense competition in the iron
ore trading business, and volatility in iron ore prices. However,
the group benefits from its promoters' extensive industry
experience.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of KGL and its wholly owned subsidiary,
Kineta International Pte Ltd (KIPL), together referred to as the
Kineta group.

KGL (formerly, Kineta Minerals and Metals Ltd) was established by
Mr. V Balashowry in 2006. The company, based in Hyderabad, trades
in iron ore.

KIPL was set up in 2008 as a wholly owned subsidiary of KGL. It is
based in Singapore and also trades in iron ore.


KVM STEEL: Ind-Ra Suspends 'IND B-' Long-Term Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated KVM Steels Pvt.
Ltd.'s 'IND B-' Long-Term Issuer Rating with a Stable Outlook to
the suspended category. The rating will now appear as 'IND B-
(suspended)' on the agency's website. The agency has also migrated
the company's INR100 million fund-based limit to 'IND B-
(suspended)'/'IND A4(suspended)' from 'IND B-'/'IND A4'.

The ratings have been migrated to the suspended category due to
lack of adequate information. Ind-Ra will no longer provide
ratings or analytical coverage for KVM Steels.

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


MEGA VITRIFIED: Ind-Ra Assigns 'IND BB-' Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Mega Vitrified
Private Limited (MVPL) a Long-Term Issuer Rating of 'IND BB-'. The
Outlook is Stable.

KEY RATING DRIVERS

The ratings reflect MVPL's moderate scale of operations as well as
credit metrics. In FY15, revenue was INR360m (FY14: INR307m), net
leverage (Ind-Ra adjusted net debt/operating EBITDAR) was 3.7x
(3.0x) and EBITDA interest coverage (operating EBITDA/gross
interest expense) was 2.4x (2.3x).

The ratings also factor in the company's moderate liquidity
position with around 93.7% average working capital utilisation
during the 12 months ended December 2015.

The ratings benefit from a decade-long experience of MVPL's
promoter in the tiles manufacturing business.

RATING SENSITIVITIES

Positive: A substantial increase in the revenue with an
improvement in the credit metrics will be positive for the
ratings.

Negative: A substantial decline in the profitability resulting in
sustained deterioration in the overall credit metrics will lead to
a negative rating action.

COMPANY PROFILE

Incorporated in 2007, MVPL primarily manufactures vitrified tiles.
The company started commercial production from March 2008. It has
its production facilities in Morbi, Gujarat with a total
manufacturing capacity of 36,000mtpa.

MVPL's ratings:

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

-- INR30.0 million long-term loan (outstanding on 31 January
    2016): assigned 'IND BB-'/Stable

-- INR70 million fund-based working capital facilities: assigned
    'IND BB-'/Stable and 'IND A4+'

-- INR36.2 million non-fund-based facilities: assigned 'IND A4+'


MITTAL PIGMENTS: CRISIL Cuts Rating on INR100MM Cash Loan to B+
---------------------------------------------------------------
CRISIL has downgraded its ratings on the bank loan facilities of
Mittal Pigments Private Limited (MPPL, a part of the Mittal group)
to 'CRISIL B+/Stable/CRISIL A4' from 'CRISIL BB+/Stable/CRISIL
A4+'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Buyer Credit Limit     200      CRISIL A4 (Downgraded from
                                   'CRISIL A4+')

   Cash Credit            100      CRISIL B+/Stable (Downgraded
                                   from 'CRISIL BB+/Stable')

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

The downgrade factors in expected deterioration in the Mittal
group's business risk profile as reflected by a steady decline in
revenue and realisation due to significant volatility in the
prices of key product raw materials lead and zinc. CRISIL expects
the prices of lead and zinc to remain volatile over the near term
in the current industry scenario. Furthermore, since procurement
is not order backed, the group is likely to face inventory losses
and a decline in operating margin over the medium term. The
volatility in prices has resulted in lower-than-expected cash
accruals coupled with decline in revenue to INR 37 million and INR
3.7 billion as against previous year of INR 125 million and INR
4.17 billion, respectively, in 2014-15 (refers to financial year,
April 1 to March 31). . Consequently, the interest coverage ratio
is expected to further deteriorate to below 1.20 times with total
outside liabilities to tangible networth ratio around 3.0 times,
over the medium term. CRISIL believes in the absence of
significant improvement in the prices of lead and zinc or funding
support from the promoters, the financial risk profile will weaken
over the medium term.

The ratings continue to factor in the large working capital
requirements, below-average financial risk profile, and the
vulnerability of operating margin to volatility in raw material
prices. These weaknesses are mitigated by the extensive experience
of the group's promoter in the metal industry and its established
clientele.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of MPPL, Jammu Pigments Pvt Ltd (JPPL),
and RG Pigment Ltd (RGPL). This is because the three companies,
together referred to as the Mittal group, are in the same line of
business, and have a common management and fungible funds.
Outlook: Stable

CRISIL believes the Mittal group will continue to benefit over the
medium term from the promoters' extensive industry experience and
from the job-work agreement contracted with one of its leading
suppliers. The outlook may be revised to 'Positive' if there is
significant and sustainable improvement in the group's revenue and
profitability, leading to improvement in the financial risk
profile, especially liquidity. Conversely, the outlook may be
revised to 'Negative' in case of a higher-than-expected decline in
revenue and/or profitability, or if its working capital cycle
lengthens, or it undertakes a substantial, debt-funded capital
expenditure programme.

The Mittal group was established by Mr. Ramesh Kumar Agarwal and
his wife. The promoters have been engaged in the same line of
business for over 20 years through other group entities. MPPL,
incorporated in 1991, manufactures refined lead ingots, alloys,
and oxides; and zinc oxides and alloys. The company's
manufacturing facility is in Kota (Rajasthan). JPPL, incorporated
in 2003, also manufactures lead and zinc products. Its
manufacturing facility is in Kathua (Jammu and Kashmir), which is
an excise-free zone. RGPL, stablished in 1991, manufactures lead
oxide and trades in pure lead, refined lead, lead ingots, lead
alloys, and lead oxide. The company's manufacturing facility is
located at Kota with a total manufacturing capacity of about 6000
tonnes per annum.


MOHAN PROJECT: CARE Reaffirms 'D' Rating on INR20cr LT/ST Loan
--------------------------------------------------------------
CARE reaffirms the rating assigned to bank facilities of Mohan
Project Contractors Pvt Ltd.


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

Credit Risk Assessment

Delays in debt servicing
There have been delays in debt servicing on account of stretched
liquidity position of the company at the back of decline in the
revenue coupled with increased collection period. Collection
period of the company increased from 90 days in FY14 (refers to
the period April 1 to March 31) to 104 days in FY15.


ONGOLE AROGYA: CARE Lowers Rating on INR38cr LT Loan to 'D'
-----------------------------------------------------------
CARE revises the rating assigned to the bank facilities of
Ongole Arogya Hospitals Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities       38       CARE D Revised from
                                            CARE BB

Rating Rationale
The revision in the rating assigned to the bank facilities of
Ongole Arogya Hospitals Private Limited takes into account
delays in servicing of debt obligations owing to the stretched
liquidity position of the company.

Ongole Arogya Hospitals Private Limited (OAHPL), incorporated as a
Private Limited company in July 2012, was promoted by Mr M
Anjaneyulu (Managing Director) and Ms Manne Madhavi Latha
(Director, W/o Managing Director). The Ongole-based company has
set up a 300-beded super multi-specialty hospital named 'Arogya
Hospitals' at Ongole in Prakasam district o f Andhra Pradesh
(A.P.).

The aggregate project cost of INR70.68 crore has been funded by
term loan from banks of INR38 crore and balance equity
contribution and unsecured loans bought in by the promoters. The
hospital commenced partial operations in August 2014 and is in
full operation from Jan. 31, 2015.


ORAGADAM CITY: Ind-Ra Suspends 'IND D' Long-Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has suspended the 'IND D'
Long-Term Issuer Rating on Oragadam City Developers Pvt Ltd. The
rating will now appear as 'IND D (suspended)' on the agency's
website.

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


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

Oragadam City Developers' ratings are as follows:

-- Long-Term Issuer Rating: migrated to 'IND D(suspended)' from
    'IND D'

-- INR100 million non-fund-based working capital facility:
    migrated to Short-term 'IND D(suspended) ' from 'IND D'

-- INR120 million long-term loans: migrated to Long-term 'IND
    D(suspended) from 'IND D'


PSP FARMS: CRISIL Assigns B- Rating to INR75MM Cash Loan
--------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-term
bank facility of PSP Farms Private Limited (PSP).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit             75      CRISIL B-/Stable

The rating reflects PSP's exposure to intense competition in the
poultry industry, working capital-intensive operations with
susceptibility of operating margin to raw material price
fluctuations. These weaknesses are mitigated by the promoter's
experience, and comfortable capital structure and absence of any
long term debt commitments.
Outlook: Stable

CRISIL believes PSP will benefit from its promoter's experience.
The outlook may be revised to 'Positive' if liquidity improves
backed by higher-than-expected cash accrual or efficient working
capital management. Conversely, the outlook may be revised to
'Negative' if financial risk profile and liquidity weaken due to
lower-than-expected cash accrual, sizeable working capital
requirement, or large, debt-funded capital expenditure.

Incorporated in 1988 by Dr. P Selvaraj, PSP is in the business of
layer commercial eggs and day old chicks. Its production and
marketing units are located in Namakkal, Tamil Nadu.


R. G. PIGMENTS: CRISIL Reaffirms B+ Rating on INR30MM LT Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of R. G. Pigments Private
Limited (RGPL, Mittal Group) continue to reflect its below average
financial risk profile, marked by weak debt protection metrics,
large working capital requirement, and the vulnerability of
operating margin to volatility in raw material prices. These
rating weaknesses are partially offset by the extensive experience
of the company's promoters in the metal industry and its
established clientele.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            20       CRISIL B+/Stable (Reaffirmed)
   Letter of Credit       70       CRISIL A4 (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility     30       CRISIL B+/Stable (Reaffirmed)

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of RGPL, Mittal Pigments Private Limited
(MPPL) and Jammu Pigments Pvt Ltd (JPPL). This is because the
three companies, together referred to as the Mittal group, are in
the same line of business, and have a common management and
fungible cash flows.
Outlook: Stable

CRISIL believes that the Mittal group will continue to benefit
over the medium term from its promoters' extensive industry
experience, and from the job-work agreement contracted with one of
its leading supplier. The outlook may be revised to 'Positive' if
there is significant and sustainable improvement in the group's
revenue and profitability, leading to an improvement in its
financial risk profile, especially its liquidity. Conversely, the
outlook may be revised to 'Negative', in case of a higher than
expected decline in its revenue and/or profitability, or if its
working capital cycle lengthens, or it undertakes a substantial
debt-funded capital expenditure programme.

The Mittal group was established by Mr. Ramesh Kumar Agarwal and
his wife. The promoters have been engaged in the same line of
business for over 20 years through other group entities. MPPL,
incorporated in 1991, manufactures refined lead ingots, alloys,
and oxides; and zinc oxides and alloys. The company's
manufacturing facility is in Kota (Rajasthan). JPPL, incorporated
in 2003, also manufactures lead and zinc products. Its
manufacturing facility is in Kathua (Jammu and Kashmir), which is
an excise-free zone. RGPL was established in 1991, engaged in the
manufacturing of Lead Oxide and trading of Pure Lead/Refined
Lead/Lead Ingots/Lead Alloys/Lead Oxide. The company's
manufacturing facility is located at Kota with a total
manufacturing capacity of about 6000 MT/Annum mtpa.


RADHA KRISHNA: Ind-Ra Suspends 'IND BB' Long-Term Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Radha Krishna
Industries' (RKI) 'IND BB' Long-Term Issuer Rating to the
suspended category. The Outlook was Stable. The rating will now
appear as 'IND BB (suspended)' on the agency's website. A full
list of rating actions is at the end of this commentary.

The ratings have been migrated to the suspended category due to
lack of information. Ind-Ra will no longer provide ratings or
analytical coverage for RKI.

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

RKI's ratings are as follows:

-- Long-Term Issuer Rating: migrated to 'IND BB(suspended)' from
    'IND BB'

-- INR60 million fund-based working capital limit: migrated to
    'IND BB(suspended)' from 'IND BB'
-- Proposed INR30 million fund-based working capital limit:
    'Provisional IND BB'; rating withdrawn as the company did not
    proceed with the instrument as envisaged.


RAJSHRI IRON: Ind-Ra Assigns 'IND B+' Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Rajshri Iron
Industries Private Limited (RIIPL) a Long-Term Issuer Rating of
'IND B+'. The Outlook is Stable.

KEY RATING DRIVERS

The ratings reflect RIIPL's moderate scale of operations and weak
credit profile with revenue of INR608 million in FY15 (FY14:
INR543m), interest coverage (operating EBITDA/gross interest
expense) of 1.5x (1.5x) and net financial leverage (total Ind-Ra
adjusted net debt/operating EBITDAR) of 9.8x (8.9x).

The rating also factor in the company's tight liquidity profile as
reflected by its 98.33% average maximum working capital
utilisation during the 12 months ended December 2015.

The ratings benefits from six years of experience of the promoter
in the steel industry.

RATING SENSITIVITIES

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

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

COMPANY PROFILE

Incorporated in 2004 RIIPL manufactures sponge iron. It commenced
commercial production in FY10 at its 60,000mtpa plant in Jamuria,
West Bengal.

RIIPL's ratings:

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

-- INR146.5 million fund-based facilities: assigned 'IND B+';
    Outlook Stable

-- INR59.8 million long-term loans: assigned 'IND B+'; Outlook
    Stable

-- INR3.5 million non-fund-based facilities: assigned 'IND A4


RIM JHIM: CRISIL Ups Rating on INR1.79BB Cash Loan to 'B'
---------------------------------------------------------
CRISIL has revised its ratings on the bank facilities of Rim Jhim
Ispat Limited from 'CRISIL BB+/Stable/CRISIL A4+' to 'CRISIL
D/CRISIL D' and simultaneously upgraded the ratings to 'CRISIL
B/Stable/CRISIL A4'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit           1795      CRISIL B/Stable (Revised from
                                   'CRISIL BB+/Stable' to
                                   'CRISIL D' and simultaneously
                                   upgraded to 'CRISIL B/Stable')

   Letter of Credit      1217.5    CRISIL A4 (Revised from
                                   'CRISIL A4+' to 'CRISIL D' and
                                   simultaneously upgraded to
                                   'CRISIL A4')

   Proposed Long Term     114.7    CRISIL B/Stable (Revised from
   Bank Loan Facility              'CRISIL BB+/Stable' to
                                   'CRISIL D' and simultaneously
                                   upgraded to 'CRISIL B/Stable')

   Term Loan              372.8    CRISIL B/Stable (Revised from
                                   'CRISIL BB+/Stable' to
                                   'CRISIL D' and simultaneously
                                   upgraded to 'CRISIL B/Stable')

The rating revision takes into account devolvement of letters of
credit, some of which were outstanding for over 30 days, from
August to October 2015. However, the ratings have been reassigned
because of timely debt servicing over the past 90 days.

The ratings reflect weakening of Rim Jhim's credit risk profile on
account of tight liquidity driven by continued incremental working
capital requirement, as reflected in almost fully utilised working
capital limit. The company is expected to receive an enhancement
in its limit, which will help partially ease pressure on
liquidity. Any delay in limit enhancement will be a key
monitorable.

The ratings also factor in large working capital requirement and
susceptibility of operating performance to cyclicality in the
steel industry. These weaknesses are partially offset by the
company's established market position and its promoters' extensive
experience in the stainless steel (SS) industry.
Outlook: Stable

Rim Jhim will continue to benefit over the medium term from its
established market position in the stainless steel industry. The
outlook may be revised to 'Positive' if financial risk profile
improves due to increase in cash accrual, driven by higher
profitability and reduction in working capital requirement.
Conversely, the outlook may be revised to 'Negative' if the
financial risk profile deteriorates due to fall in profitability
leading to lower-than-expected cash accrual, or increase in
working capital requirement, or any large debt-funded capital
expenditure.

Rim Jhim, a closely held company, was incorporated in 1994 and
commenced commercial operations in 1996. It manufactures SS
products such as billets, flats, rounds, and bright bars. Its
manufacturing facility in Hamirpur, Uttar Pradesh, has capacity of
250,000 tonne per annum. Mr. Yogesh Kumar Agarwal, Mr. Rajeev
Kumar Goel, and Mr. Chetan Prakash Agarwal manage operations.

For 2014-15 (refers to financial year, April 1 to March 31), Rim
Jhim's profit after tax (PAT) was INR117.4 million on net sales of
INR11.00 billion, against PAT of INR115.6 million on net sales of
INR10.35 billion for 2013-14.


RISHI ICE: CARE Revises Rating on INR13.12cr LT Loan to B+
----------------------------------------------------------
CARE revises/reaffirms the rating assigned to the bank facilities
of Rishi Ice and Cold Storage Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     13.12      CARE B+ Revised from
                                            CARE B

Rating Rationale

The revision in the rating assigned to the bank facilities of
Rishi Ice and Cold Storage Private Limited (RICSPL) takes into
account growth in the operating income and cash accruals during
FY15 (refers to the period April 1 to March 31) ) and 9MFY16.

The rating, however, continues to be constrained by the small
scale of operations, leveraged capital structure and weak
debt coverage indicators. The rating further continues to be
constrained by existence in the highly competitive & fragmented
industry.

The rating, however, continues to derive strength from the wide
experience of the promoters in the industry and healthy profit
margins.

Ability of the entity to increase its overall scale of operation
and improve profitability amidst intense competition and capital
structure along with efficient management of the working capital
cycle are the key rating sensitivities.

Incorporated in the year 2002 & commenced commercial operations in
March 2006, Rishi Ice and Cold Storage Private Limited (RICSPL) is
engaged in the business of providing cold and dry storage service
for various products such as grains, spices, dates, dry fruits and
milk products. RICSPL derives about 70% of its revenue from
warehousing of imported products and around 30% from other APMC
market customers. The company has a multi-purpose storage facility
(having storage capacity of 20,000 metric tonnes per annum (MTPA),
and average utilization level of about 80% in FY14) and
controlling office located in Mumbai.

During FY15, the total operating income of RICSPL stood at
INR8.20. crore (viz INR7.20 crore in FY14) and incurred net loss
of INR0.27 crore (against net profit of INR0.41 crore in FY14).
Furthermore, the company has already earned revenue of
INR7.70 crore for the period of April to December 2015.


ROCK REGENCY: CARE Reaffirms B- Rating on INR4.11cr LT Loan
-----------------------------------------------------------
CARE reaffirms the rating assigned to bank facilities of Rock
Regency Hotels Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      4.11      CARE B- Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of Rock Regency Hotels
Pvt Ltd (RHPL) continues to be constrained by small scale of
operations with continuing net losses owing to high interest cost
and highly leveraged capital structure with substantial unsecured
loans from the promoters.

The rating, however, derives strength from experience of the
promoters and growth in the income with healthy PBILDT margins
during FY15 (refers to the period April 1 to March 31).

The ability of the company to deleverage its capital structure and
to improve its scale of operations by achieving optimum occupancy
remains the key rating sensitivities.

RHPL was incorporated in the year 2007 byMr Pola Radha Krishna, Mr
Y Satish, Mr Y Harish, and Mr K V R Prasad who are the directors
of the company. RHPL operates a three-star hotel, Hotel Rock
Regency, in Bellary, Karnataka. The hotel is setup in four floors
with 120 rooms, two restaurants, four conference halls, a pub, a
health centre, a beauty parlour and a leased store for super
market. The hotel commenced its operations in January 2010 and
largely targets business travellers from the industrial segment in
and around Bellary and Hospet (Karnataka) RHPL registered a total
operating income of INR7.87 crore and net loss of INR1.28 crore in
FY15 as against operating income of INR5.76 crore and net loss of
INR1.10 crore in FY14.


RP MODERN: CRISIL Assigns B+ Rating to INR51.5MM LT Loan
--------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of RP Modern Rice Mill. The rating reflects RPMR's
modest scale of operations, exposure to intense competition in the
rice milling industry and working capital-intensive operations.
These weaknesses are mitigated by the partners' experience, and
average financial risk profile.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Proposed Long Term    51.5      CRISIL B+/Stable
   Bank Loan Facility
   Cash Term Loan         6.0      CRISIL B+/Stable
   Cash Credit           12.5      CRISIL B+/Stable
   Cash Credit-Stock     30.0      CRISIL B+/Stable

Outlook: Stable

CRISIL believes RPMR will benefit over the medium term from its
partners' experience. The outlook may be revised to 'Positive' if
increased scale of operations and operating profitability improve
financial risk profile. Conversely, the outlook may be revised to
'Negative' if aggressive debt-funded expansion, substantial
decline in revenue and profitability, or capital withdrawal by
partners weakens financial risk profile.

Set up in 2012 as a partnership firm, RPMR processes paddy into
rice, rice bran and husk. The Tirupur-based firm is promoted by
Mr. R. Palanisamy and his family members.


RVJ OVERSEAS: CRISIL Assigns B+ Rating to INR100MM Cash Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of RVJ Overseas Private Limited (RVJ).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         60       CRISIL A4
   Cash Credit           100       CRISIL B+/Stable

The ratings reflect RVJ's below-average financial risk profile
because of small networth and high total outside liabilities to
tangible networth along with low operating margin in the bullion
trading segment. These weaknesses are mitigated by the promoter's
experience, and sound risk management practices followed.
Outlook: Stable

CRISIL believes RVJ will maintain its established position in the
bullion trading segment and increase its sales in the jewellery
business owing to its promoter's longstanding experience. The
outlook may be revised to 'Positive' if revenue and profitability
grow substantially. Conversely, the outlook may be revised to
'Negative' if inventory levels increase and profitability
declines.

RVJ was incorporated by Mr. Ravi Aggarwal in 2011. It trades in
bullion and manufactures gold and diamond jewellery.


PADMABHUSHAN KRANTIVEER: ICRA Reaffirms B Rating on INR220cr Loan
-----------------------------------------------------------------
ICRA has reaffirmed the rating of [ICRA]B to the INR220.00 crore
long term bank facilities of Padmabhushan Krantiveer Doctor
Nagnathanna Naykawdi Hutatma Kisan Ahir Sahakari Sakhar Karkhana
Limited. The rating suspension done in December, 2015 stands
revoked.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long Term, Fund      220.00      [ICRA]B/reaffirmed/
   Based Cash Credit                suspension revoked

The rating reaffirmation continues to factor in the long
operational history of the society along with location advantage
on account of presence in the high cane yield region. ICRA also
notes the high recovery of sugar due to better quality of cane in
the area as well as cane development initiatives resulting in
improved cane quality. The rating also factors in the government
support in the form of raw sugar export subsidy and interest free
loans to repay cane arrears, which is expected to benefit the
society over the near term. The surging sugar prices over the last
five months are also expected to improve profitability during the
current fiscal. Forward integration plans through setting up of
distillery unit expected to improve profitability and protect the
society from cyclicality inherent in the sugar business.

The rating however continues to be constrained by the stretched
financial profile characterised by modest cash accruals, high
gearing and weak coverage indicators. ICRA also notes the high
working capital intensity inherent in the sugar industry owing to
high inventory levels. Further, the rating continues to factor in
regulatory risks in the industry regarding cane pricing, export
regulations and agro climatic risks inherent in the industry.

Established in 1983, Padmabhushan Krantiveer Doctor Nagnathanna
Naykawdi Hutatma Kisan Ahir Sahakari Sakhar Karkhana Limited is
located in Walwa Taluka of Sangli district of Maharashtra. Founded
by veteran freedom fighter, Dr, Nagnathanna Nayakawdi, the society
has an installed capacity of 3,500 Tons Crushed per Day (TCD). The
society procures cane from its command area comprising of close to
15 villages of Walwa Taluka of Sangli District of Maharashtra.

Recent results
As per audited results, for the financial year ending March 2015,
Hutatma reported operating income of INR264.75 crore and profit
after tax of INR0.33 crore as compared to operating income of
INR319.71 crore and profit after tax of INR0.09 crore in the
previous year.


PUJA INDUSTRIES: CRISIL Ups Rating on INR65MM Cash Loan to B+
-------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Puja Industries (PI) to 'CRISIL B+/Stable' from 'CRISIL B/Stable'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit             65      CRISIL B+/Stable (Upgraded
                                   from 'CRISIL B/Stable')

   Proposed Long Term      48.9    CRISIL B+/Stable (Upgraded
   Bank Loan Facility              from 'CRISIL B/Stable')

   Term Loan                5.2    CRISIL B+/Stable (Upgraded
                                   from 'CRISIL B/Stable')

The upgrade reflects expected increase in PI's cash accrual to
INR5.5-6.0 million in 2015-16 (refers to financial year, April 1
to March 31) from INR4.8 million in 2014-15, driven by revenue
growth to INR190-200 million in 2015-16 from INR154 million in
2014-15. The cash accrual will be sufficient to meet term debt
obligation of INR2.2 million in 2015-16. PI's liquidity will
improve over the medium term, with increase in revenue and cash
accrual.

The rating reflects PI's subdued financial risk profile because of
modest networth and weak capital structure. The rating also
factors in modest scale of operations and susceptibility of
profitability to volatility in raw material prices. These
weaknesses are partially offset by promoters' extensive experience
in the tamarind kernel powder (TKP) segment, and established
relationships with customers and suppliers.
Outlook: Stable

PI will continue to benefit over the medium term from its
promoters' extensive industry experience and established
relationships with customers and suppliers. The outlook may be
revised to 'Positive' in case of higher-than-expected cash
accrual, driven by ramp-up in scale of operations and
profitability, leading to a better financial risk profile.
Conversely, the outlook may be revised to 'Negative' if financial
risk profile, particularly liquidity, deteriorates due to decline
in cash accrual, or stretch in working capital cycle, or larger-
than-expected debt funded capital expenditure.

PI was set up in 1998 by the Ruparel family of Gondia,
Maharashtra. The firm manufactures tamarind kernel powder (TKP)
which is used in textile industries for rolling printing on
synthetic fabric.


S.B. INDUSTRIES: CRISIL Cuts Rating on INR55MM Cash Loan to B-
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of S.B. Industries (SB) to 'CRISIL B-/Stable' from 'CRISIL
B/Stable' while reaffirming its short-term rating at 'CRISIL A4'.


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

   Cash Credit             55      CRISIL B-/Stable (Downgraded
                                   from 'CRISIL B/Stable')

The rating downgrade reflects CRISIL's belief that SB's business
and financial risk profiles will remain constrained over the
medium term by declining scale of operations and stretched working
capital cycle.

Revenue declined to around INR135 million in 2014-15 (refers to
financial year, April 1 to March 31) from INR155 million in 2013-
14, and is expected to remain at the reduced level over the medium
term. Lower sales were primarily because of delay in renewal of
the rate contract from the government authorities. SB has large
working capital requirement because of gross current assets (GCAs)
of 429 days as on March 31, 2015, owing to high debtors and
inventory level. Financial risk profile has weakened, with gearing
at 7.87 times in 2014-15, against 6.42 times in the last year and
is further expected to remain stable over the medium term due to
high reliance on external working capital borrowing. Interest
coverage and net cash accrual to total debt ratios were weak at
1.06 times and 0.01 time, respectively, in 2014-15 and are
expected to remain stable over the medium term. Business and
financial risk profiles will remain constrained over the medium
term by stretched working capital cycle.

CRISIL's ratings on the bank facilities of SB Industries (SB)
continue to reflect SB's below-average financial risk profile,
large working capital requirements, and its marginal scale of
operations in a fragmented industry. The ratings also factor in
the susceptibility of the firm's margin to volatile raw material
prices. These rating weaknesses are partially offset by the
promoter's extensive experience in the aluminum wire and cable
manufacturing segment.
Outlook: Stable

CRISIL believes SB will maintain its business risk profile owing
to its promoter's extensive industry experience. The outlook may
be revised to 'Positive' if financial risk profile improves due to
efficient working capital management or improvement in networth.
Conversely, the outlook may be revised to 'Negative' if cash
accrual significantly declines due to weak margin or revenue,
working capital requirement increases, or a substantial debt-
funded capex is undertaken.

SB was established in Delhi by Mr. Bhutani in 1984. The firm
manufactures and markets electrical wires and cables.


S.R INDUSTRIES: CRISIL Reaffirms 'D' Rating on INR180MM Loan
------------------------------------------------------------
CRISIL's ratings on the bank facilities of S.R Industries Limited
(SRIL) continue to reflect instances of delay by SRIL in servicing
its debt obligation; the delays have been caused by the company's
weak liquidity marked by full utilisation of working capital
limits.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit           180        CRISIL D (Reaffirmed)

   Letter of Credit       23.5      CRISIL D (Reaffirmed)

   Standby Letter of
   Credit                  4        CRISIL D (Reassigned)

   Rupee Term Loan       158.6      CRISIL D (Reassigned)

   Proposed Short Term
   Bank Loan Facility      8.4      CRISIL D (Reassigned)

SRIL also has a weak financial risk profile, marked by negative
net worth and weak debt protection metrics. Furthermore, it
operates on a small scale, and has a limited track record, in the
footwear segment. However, SRIL benefits from its sound
relationships and long-term contracts with its customers such as
PUMA AG, Adidas and others for the supply of footwear.

SRIL was set up by Mr. R C Mahajan and Mr. Yash Mahajan in 1989;
it is a contract manufacturer of footwear. It sold its terry towel
business in April 2012 to focus on the footwear business. SRIL
also manufactures footwear under its own brands, Red Zone and
Front Foot.


SARJAY CHEMICALS: CARE Assigns B+ Rating to INR7.50cr LT Loan
-------------------------------------------------------------
CARE assigns 'CARE B+' ratings to the bank facilities of Sarjay
Chemicals Private Limited.

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

Rating Rationale

The rating assigned to the bank facilities of Sarjay Chemicals
Pvt. Ltd (SCPL) is primarily constrained on account of nascent
stage of operations which is working capital intensive in nature.
The rating is also constrained by the presence of SCPL into
fragmented and competitive industry and susceptibility
of profit margins to raw material and foreign exchange rate
fluctuations.

The rating, however, derives comfort from the well-experienced and
technically qualified key promoters coupled with established
network of promoters in domestic and international market
through its group entity.

The ability of SCPL to achieve envisaged level of sales and
profitability and improve overall financial risk profile would
remain the key rating sensitivities.

Ahmedabad-based (Gujarat) SCPL was established in December 2010 by
its key promoters, Mr Harish Patel and Mr Jay Patel to start
manufacturing activity of micro nutrients in a category of
inorganic chemicals mainly zinc sulphate and manganese sulphate at
Dahej in Bharuch district of Gujarat State.

The unit is spread over the area of 5,200 sq. meters with total
capacity of 10,800 metric tonnes per annum (MTPA) for both the
products. SCPL completed a greenfield project during January 2016
at a total cost of INR11.10 crore which was funded through term
loan of INR6.50 crore, equity share capital of INR3 crore and
unsecured loan of INR1.60 crore. SCPL has commenced trial runs
from end of January 2016.

The promoter of SCPL is also running another proprietorship firm,
namely, M/s Universal Chemicals (UC) in Ahmedabad since 1990. UC
is engaged in the trading of inorganic chemicals, dyes and dyes
chemicals and agricultural commodities like grain, seeds, oil
seeds and spices, etc, in domestic market and in international
market in Pakistan, Middle and Far East countries, Canada, USA,
etc.


SHINING STAR: Ind-Ra Affirms 'IND B-' Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Shining Star
Solutions and Services Private Limited's (SSPL) Long-Term Issuer
Rating at 'IND B-' with a Stable Outlook. Ind-Ra has also affirmed
SSPL's INR254 million non-convertible debenture (NCD) issuance at
'IND B-' with a Stable Outlook.

The current annual coupon on the NCDs is 6% with 6% redemption
premium on maturity of the debentures.

KEY RATING DRIVERS

The ratings continue to reflect SSPL's weak credit metrics with
operating EBITDAR/net interest expense at 0.81x in FY15 (1HFY16
1.49x) and high total adjusted net debt/EBITDA at 23.1x (10.52x).
The company achieved the first full year of operations in FY15
with revenue of INR29.6 million (1HFY16: INR23.39 million), being
derived from contractual revenue and miscellaneous support
services provided to CIMB Securities (India) Private Limited
(CIMB).

The management expects the revenue run rate to increase in FY16
driven by the addition of new customers. During 1HFY16, the
company started providing support services to CIMB Bank, Malaysia
(Berhad office) and CIMB Securities, Singapore (for Java
programming), along with CIMB Securities (India).  For 9MFY16, the
company reported on a provisional basis revenue of INR32.22 and
EBITDA of INR16.36 million.

The ratings are constrained by the high counterparty risks. SSPL
is a service outsourcing unit for CIMB with employee strength of
eight. It is entirely dependent on the CIMB Group for realising
its revenue.

The ratings are however supported by the assured revenue of INR25m
from CIMB under a five-year contract ending in FY18. The ratings
are also supported by over 10 years of experience of SSPL's
promoters in areas of human resources, statutory compliance and
administration. The company will leverage its promoter's
experience to improve its financial performance, ensuring full and
timely debt servicing when required.

RATING SENSITIVITIES

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

Positive: A sustained rise in the scale of operations with an
improvement in the credit metrics will be positive for the
ratings.

COMPANY PROFILE

SSPL was incorporated in September 2013 to provide various support
services in areas such as human resources, administration,
information technology, primarily to financial services companies
globally.


SHREE BHAVANI: CARE Assigns B+ Rating to INR5.0cr LT Loan
---------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Shree Bhavani Cleaning.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      5.00      CARE B+ Assigned
   Short-term Bank Facilities     6.50      CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Shree Bhavani
Cleaning (SBC) are constrained primarily on account of modest
profitability and susceptibility of operating margins to
fluctuation in raw material prices and foreign exchange rate
fluctuation risk coupled with leveraged capital structure
and weak debt coverage indicators. The ratings are further
constrained on account of moderate liquidity indicators and its
presence in a highly competitive and seasonal agro industry
coupled with upcoming debt-funded capex.

The ratings, however, derive strength from the experienced
promoters in agro processing industry, location advantage and
improvement in scale of operations for the period FY13-FY15
(refers to the period April 1 to March 31).

The ability of SBC to increase its scale of operations along
efficient working capital management and improvement in
profitability margins are the key rating sensitivities.

Rajkot-based SBC was established in 2003 as a partnership firm by
Mr Ramniklal Chandarana and his son Mr Jaysukhbhai Chandarana. SBC
is engaged in the business of processing and trading of agro
products mainly sesame seeds and cumin seeds. Processing unit of
the firm is located at Rajkot, Gujarat with the total installed
capacity of 30,000 Metric Tonnes Per Annum (MTPA) as on March 31,
2015. The firm sells its products in the brand name of 'Bhavani'
and caters to the domestic and international market. Export
revenue formed 65% of its total operating income (TOI) during
FY15.  Major export destinations include Korea, Greece, China, and
Spain.


SHYAM JOTI: CRISIL Ups Rating on INR63.3MM Term Loan to 'B'
-----------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Shyam Joti Rice Mill Private Limited (SRMPL) to 'CRISIL B/Stable'
from 'CRISIL B-/Stable', and has reaffirmed its rating on the
short-term bank facility at 'CRISIL A4'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee          7       CRISIL A4 (Reaffirmed)

   Cash Credit            42.6     CRISIL B/Stable (Upgraded from
                                   'CRISIL B-/Stable')

   Proposed Long Term      0.1     CRISIL B/Stable (Upgraded from
   Bank Loan Facility              'CRISIL B-/Stable')

   Term Loan              63.3     CRISIL B/Stable (Upgraded from
                                   'CRISIL B-/Stable')

The upgrade reflects SRMPL's improved business risk profile
because of successful implementation of its rice mill project and
stabilisation of operations. Revenue, at INR140.2 million in 2014-
15 (refers to financial year, April 1 to March 31), is expected to
grow at a healthy pace over the medium term. Financial risk
profile also improved driven by increase in networth and
comfortable gearing and debt protection metrics. Liquidity is
adequate, backed by sufficient net cash accrual to meet debt
obligation.

The ratings reflect SRMPL's small scale of operations, and
susceptibility to volatility in raw material prices and to changes
in government regulations. These weaknesses are partially offset
by promoters' extensive experience in the rice industry.
Outlook: Stable

SRMPL will continue to benefit from its promoters' extensive
industry experience. The outlook may be revised to 'Positive' in
case of substantial scale-up in operations and improvement in
profitability and capital structure. Conversely, the outlook may
be revised to 'Negative' in case of stretch in working capital
cycle or large debt-funded capital expenditure, weakening
financial risk profile.

Incorporated in 2013, SRMPL, mills non-basmati parboiled rice. Its
manufacturing facility is at Uttar Dinjapur in West Bengal.
SRMPL's day-to-day operations are looked after by, Mr. Shyamkamal
Kundu and Mr. Sanjoy Kumar Kundu, Mr. Sapna Kundu, and Mr. Suman
Kundu.


SPR CONSTRUCTIONS: Ind-Ra Suspends 'IND BB-' LT Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has suspended SPR
Constructions' 'IND BB-' Long-Term Issuer Rating. The Outlook was
Stable. The rating will now appear as 'IND BB-(suspended)' on the
agency's website.

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

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

SPR Constructions' ratings are as follows:

-- Long-Term Issuer Rating: migrated to 'IND BB-(suspended)'
    from 'IND BB-'/Stable

-- INR22.5 million fund-based working capital limits: migrated
    to 'IND BB-(suspended)' and 'IND A4+(suspended)' from
    'IND BB-' and 'IND A4+'

-- INR37.5 million non-fund-based working capital limits:
    migrated to 'IND A4+(suspended) from 'IND A4+'

-- Proposed INR85.0 million non-fund-based working capital
    limits: migrated to 'Provisional IND A4+(suspended)' from
    'Provisional IND A4+'


SRI BAJRANG: CARE Reaffirms B+ Rating on INR12cr LT Loan
--------------------------------------------------------
CARE reaffirms the rating assigned to bank facilities of Sri
Bajrang Seeds.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      12        CARE B+ Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of Sri Bajrang Seeds
(SBS) continues to remain constrained by its small scale of
operations with low net worth base, weak financial risk profile
marked by low profitability margins, leveraged capital structure
and weak coverage indicators. The rating is further constrained by
its presence in highly fragmented industry and seasonality
associated with the agro processing industry along with
constitution of entity being partnership firm.

The rating, however, continues to take comfort from the
experienced partners and long track record of operations in
agro-based business along with favorable location being present in
the agro processing cluster of Uttarakhand.

Going forward, the ability of SBS to increase its scale of
operations while improving its profitability margins and capital
structure shall be the key rating sensitivities.

Gadarpur-based (Uttarakhand) SBS was incorporated in 1997as a
partnership firm and is engaged in processing and trading of wheat
and paddy seeds. SBS purchases the breeder seeds (initial level or
raw seeds) of wheat and paddy from the state authorities and
Agriculture Universities. These seeds are sold to farmers for
upgradation to foundation seeds.

Foundation seeds are then repurchased back from farmers for
further germination and for producing final seeds as per
the specifications of State Certification Agency (for agriculture
seed). Post certification, these seeds are sold commercially
in packed form. SBS sells this certified seeds in the brand name
of 'Sri Bajrang Seeds'. SBS purchases the harvested grains
from farmers in Uttarakhand and sells it to different dealers in
Uttar Pradesh, Uttarakhand & Bihar. SBS had installed capacity of
6,500 metric tonnes per annum (MTPA) for processing and grading of
seeds as onMarch 31, 2015.

For FY15 (refers to the period April 01 to March 31), SBS achieved
a total operating income (TOI) of INR18.68 crore with PBILDT and
profit after tax (PAT) of INR1.14 crore and INR0.04 crore,
respectively, in FY15, as against TOI of INR15.34 crore
with PBILDT and PAT of INR0.88 crore and INR0.02 crore,
respectively, in FY14. During 10FY16, the firm has achieved a
total operating income of INR19.50 crore (unaudited).


SRI SARVEJANA: CRISIL Assigns 'B' Rating to INR35MM LT Loan
-----------------------------------------------------------
CRISIL has revoked the suspension of its rating on the long term
bank facilities of Sri Sarvejana Cottons Private Limited (SSCPL)
and has assigned its 'CRISIL B/Stable' ratings to the bank
facilities of SSCPL.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            30       CRISIL B/Stable (Assigned;
                                   Suspension Revoked)

   Long Term Loan         15       CRISIL B/Stable (Assigned;
                                   Suspension Revoked)

   Proposed Long Term     35       CRISIL B/Stable (Assigned;
   Bank Loan Facility              Suspension Revoked)

The ratings were previously 'Suspended' by CRISIL vide the Rating
Rationale dated December 14th 2015, since SSCPL had not provided
necessary information required for a rating review. SSCPL has now
shared the requisite information enabling CRISIL to assign ratings
to its bank facilities.

The rating reflects SSCPL's modest scale of operations in the
intensely competitive cotton-ginning industry, its susceptibility
to volatility in raw material prices, and adverse government
regulations. The ratings also reflect the company's below-average
financial risk profile, marked by small net worth, high gearing,
and modest debt protection metrics. These weaknesses are partially
offset by the benefits derived from the extensive industry
experience of its promoters and its established customer
relationships.
Outlook: Stable

CRISIL believes that the SSCPL will continue to benefit over the
medium term from the extensive industry experience of its
promoters. The outlook may be revised to 'Positive' if there is
significant increase in SSCPL's scale of operations, while
improving its profitability margin and capital structure.
Conversely, the outlook may be revised to 'Negative' in case of a
significant decline in the company's revenue or profitability or
if its capital structure deteriorates on account of high working
capital requirements or a large debt-funded capital expenditure.

Established in 2010, SSCPL is engaged in ginning and pressing of
raw cotton and sells cotton lint and cotton seeds. Based in
Hyderabad (Telangana), the company is promoted by Mr. K. Srinivasa
Rao and Mrs. G. Bhavani.

For 2014-15 (refers to financial year, April 1 to March 31), SSCPL
reported profit after tax (PAT) of INR1.3 million on net sales of
INR140 million against PAT of INR1.2 million on net sales of
INR435 million for 2013-14.


SSGR HOSPITAL: Ind-Ra Suspends 'IND B' Long-Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated SSGR Hospital and
Research Centre Pvt. Ltd.'s (SSGR) 'IND B' Long-Term Issuer Rating
with a Stable Outlook to the suspended category. The rating will
now appear as 'IND B(suspended)' on the agency's website. A full
list of rating actions is at the end of this commentary.

The ratings have been migrated to the suspended category due to
lack of adequate information. Ind-Ra will no longer provide
ratings or analytical coverage for SSGR Hospital.

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

SSGR's ratings:
-- Long-Term Issuer Rating: migrated to 'IND B(suspended)' from
    'IND B'
-- INR92 million long-term loan: migrated to 'IND B(suspended)'
    from 'IND B'
-- INR4.5 million fund-based limit: migrated to 'IND
    B(suspended)'/'IND A4(suspended)' from 'IND B'/'IND A4'


STATUS CLOTHING: ICRA Reaffirms B+ Rating on INR9cr LT Loan
-----------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ outstanding
on to the INR14.50 crore fund based facilities of Status Clothing
Company Limited.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term, fund-       5.50       [ICRA]B+/ reaffirmed
   based facilities
   Term Loan

   Long-term, fund-       9.00        [ICRA]B+/ reaffirmed
   based facilities
   Cash Credit

The rating reaffirmation factors in the modest scale of weaving
operations in a highly fragmented and cost competitive industry
which restricts pricing power for the company. ICRA also notes the
weak financial profile characterised by low profitability, high
gearing and weak coverage indicators.

ICRA, however, favourably factors in the long standing experience
of promoters in the weaving business, the diversified customer and
supplier base and order backed purchases which mitigates raw
material risk to an extent.

Status Clothing Company Limited was set up in 1996 as a
partnership firm. In July, 2011, the firm was converted into a
private limited company and the name was changed to its current
name. It is engaged in manufacturing and trading of gray fabric
i.e. fabric for shirting and suiting. The registered office and
manufacturing plant of the company is located in Tarapur, Thane.
The manufacturing plant is spread over an area of 45,000 square
feet with installed capacity of 5.60 lac meters per month.
The company primarily sells gray fabric mainly to exporters and
local traders. It is also an outsourcing house for other branded
finished fabric players. The company has an in-house design team
and also manufactures as per customer's design specifications.

Recent results
As per audited results, for the financial year ending March 2015,
SCCL reported operating income of INR42.36 crore and profit after
tax of INR0.05 crore as compared to operating income of INR37.34
crore and profit after tax of INR0.10 crore in the previous year.



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


TAKATA CORP: May Consolidate Air Bag Output in Europe, Cut Jobs
---------------------------------------------------------------
Kyodo News reports that Takata Corp. may consolidate its air bag
production in Europe and cut jobs overseas under restructuring to
recover from a global recall crisis involving its faulty
inflators, sources said Feb. 17.

Under the turnaround plan, Takata may also sell some noncore
businesses to raise money for massive recall-linked expenses, as
well as seek assistance from client automakers, the sources said,
Kyodo relays.

In Europe, Takata has air bag production facilities in such
countries as Germany and the Czech Republic. The Tokyo-based
company may integrate plants and slash jobs in Europe starting in
April 2017 or later, according to the sources.

Kyodo relates that job cuts could also be made at Takata's air bag
units in North America, South America and Asia. In Japan, Takata
will proceed with further cost-cutting efforts.

An outside panel of experts commissioned by Takata is expected to
finish compiling the turnaround plan by April, the sources said,
as the parts maker's financial standing is expected to deteriorate
due to the recall crisis, according to Kyodo.

Takata's defective air bag inflators have forced automakers to
recall more than 50 million vehicles globally since 2008, Kyodo
recalls.  Once the cause of the defect is identified, Takata and
automakers will decide how to share recall costs that could reach
hundreds of billions of yen, the report states.

Separately, Takata will also craft a business plan for fiscal 2016
through fiscal 2025, Kyodo reports.

Based on the assumption it does not face funding difficulties
thanks to assistance from automakers, Takata estimates it could
allocate around JPY25 billion a year for recall-related expenses,
the sources, as cited by Kyodo, said.

And by fiscal 2025, Takata will seek to achieve the same level of
profitability as in fiscal 2014, the sources added, Kyodo relays.

However, the outlook is uncertain for automakers' support for
Takata, which has been criticized for its handling of the crisis.
So far, 10 deaths have been linked to the defect, the report
notes.

Takata Chairman and President Shigehisa Takada has decided to quit
his post to take responsibility for the crisis, other sources said
earlier, adds Kyodo.

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 24, 2014, 24/7 Wall St. said Takata Corporation faces huge
fines, and almost certainly lawsuits (which have already begun),
over its defective airbags.  The report related that some experts
believe that the Japanese company was not forthcoming about the
technical failure that caused several serious accidents and
deaths. If Takata goes bankrupt, which could certainly happen,
claims against the company would be in limbo, 24/7 Wall St. said.

Takata Corporation (TYO:7312) develops, manufactures and sells
safety products for automobiles.  The Company offers seatbelts,
airbags, steering wheels, child seats and trim parts. The Company
has subsidiaries located in Japan, the United States, Brazil,
Germany, Thailand, Philippines, Romania, Singapore, Korea, China
and other countries.


SHARP CORP: Considering Excluding Foxconn Backers From Vote
-----------------------------------------------------------
Bloomberg News reports that Sharp Corp.'s lawyers are recommending
that two board members be excluded from a final vote on competing
bailout plans, possibly tipping the balance in favor of a proposal
from Innovation Network Corp. of Japan, people with knowledge of
the matter said.

Bloomberg relates that Masahiro Sumita and Shinichi Saito,
supporters of a bid from Foxconn Technology Group, face a
potential conflict of interest because they work at Japan
Industrial Solutions Ltd., a holder of Sharp preferred stock, the
people said, asking not to be identified as the information is
private.  Sharp's board could make a final decision on the rescue
plans as early as Feb. 20, one of the people said, Bloomberg
relays.

Saddled with debt and struggling with chronic losses, the board of
the century-old consumer electronics maker has to decide between
INCJ's plan to restructure by spinning off businesses or staying
as one under a foreign parent with Taiwan's Foxconn, according to
Bloomberg.  Sharp's fate is regarded as a test case of Japan's
willingness to embrace overseas investors, the report notes.

The board is divided ahead of Foxconn's Feb. 29 deadline, with
each side winning the support of at least four of the 13
directors, separate people said earlier this week, Bloomberg
relays.

Foxconn's JPY660 billion proposal includes an offer to buy
preferred stock held by Mitsubishi UFJ Financial Group Inc. and
Mizuho Financial Group Inc. in Sharp, people familiar with the
matter have said. INCJ's plan includes injecting JPY300 billion of
cash, asset sales by Sharp and getting the company's banks to
cancel shares they own, according to documents obtained by
Bloomberg News.

"Foxconn's bid for Sharp is clearly superior. The competition's
offer remains much lower in terms of money for Sharp," Bloomberg
quotes Foxconn as saying in a statement. "We have a plan that the
Sharp board knows we are prepared to immediately implement to make
Sharp profitable and return it to its position as a global
technology leader."

Bloomberg notes that Mizuho and Mitsubishi UFJ are major
shareholders of Japan Industrial Solutions, owning 14.9 percent
each. The investment fund, where Sumita is chairman and Saito the
president, specializes in financing corporate turnarounds. It
bought JPY25 billion of Sharp preferred stock last year, according
to a filing cited by Bloomberg.

Sharp has not made a decision yet on whether to exclude the two
directors, the people, as cited by Bloomberg, said.

According to Bloomberg, Foxconn's billionaire chairman, Terry Gou,
flew to Japan earlier this month to personally appeal to the
board, shortly after Sharp Chief Executive Officer Kozo Takahashi
said he planned to take another month to choose between Foxconn
and INCJ.  Mr. Gou said Feb. 5 that negotiations are 90 percent
complete and a final agreement is expected by the end of February,
Bloomberg relays.

INCJ estimates its total package is worth about JPY1 trillion,
including Sharp selling its stake in Sakai Display Products Corp.
and financing from lenders, Bloomberg discloses citing documents
presented to Sharp.

                        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. 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.



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


DAEWOO SHIPBUILDING: No New Bailout From Creditors This Year
------------------------------------------------------------
Yonhap News Agency reports that the newly minted chief of the
state-run Korea Development Bank (KDB) said Feb. 18 creditors of
Daewoo Shipbuilding & Marine Engineering Co. are not considering
injecting more cash into the ailing shipyard this year.

In November last year, main creditor KDB and other creditors
pledged to provide KRW4.2 trillion (US$3.42 billion) worth of
financial aid to help keep the embattled shipbuilder afloat. So
far, Daewoo Shipbuilding has received a cash injection of KRW2
trillion, Yonhap notes.

"There will be no additional bailouts for Daewoo Shipbuilding this
year, since it has already received 2 trillion won," KDB Chairman
and Chief Executive Lee Dong-geol said at a news conference held a
week after he took the state bank's helm, according to Yonhap.

Yonhap says Lee formerly served as vice chairman of Shinhan
Investment Corp. and helped President Park Geun-hye during the
presidential election in late 2012 when she represented the ruling
Saenuri party.

The report relates that the cash injection came after Daewoo
Shipbuilding went deep into the red last year, stung by delays in
the construction of offshore facilities and order cancellations.

In the first three quarters of 2015, Daewoo Shipbuilding logged
operating losses of KRW4.5 trillion, sparking concerns that it
could face a liquidity shortage. In addition, the company is
widely estimated to have lost money in the last quarter.

According to Yonhap, Daewoo Shipbuilding and its two bigger rivals
-- Hyundai Heavy Industries Co. and Samsung Heavy Industries Co. -
- have suffered heavy losses in the years following the 2009
financial crisis as they competed to win orders at cheaper prices.

Yonhap relates that despite a prolonged global economic slump and
little sign of recovery in the shipbuilding industry, the KDB
chairman painted a rosy picture of Daewoo Shipbuilding down the
road.

"Daewoo Shipbuilding is highly competitive in submarines, and
high-end ships such as liquefied natural gas carriers and offshore
facilities could help put it back on track in the long term,"
Yonhap quotes Mr. Lee as saying.

In order to tide over its cash crunch, Daewoo Shipbuilding, based
in Geoje, some 470 kilometers south of Seoul, has been taking a
string of tough self-rescue measures, Yonhap notes.

Yonhap relates that the shipyard has reduced its work force to
12,000 from 13,000 and sold some of its noncore assets. It is also
seeking to sell its headquarters building in central Seoul.

The KDB chairman, meanwhile, said the policy lender will take the
initiative in overhauling cash-strapped or loss-making companies
under its management, the report relays.

"We will carry out a prompt and preemptive restructuring while
seeing if they are capable of standing on their own through
reorganization and if their bankruptcy would have a major impact
on the economy," Mr. Lee, as cited by Yonhap, said.

Headquartered in Seoul, South Korea, Daewoo Shipbuilding &
Marine Engineering Co. -- http://www.dsme.co.kr/-- is engaged in
building ships and offshore structures.  Its product portfolio
includes commercial ships, such as liquefied natural gas (LNG)
carriers, oil tankers, containerships, liquefied petroleum gas
(LPG) carriers, pure car carriers; offshore structures, such as
FPSO vessels, drilling rigs, drillships and fixed platforms, and
naval vessels, including submarines, destroyers, rescue ships and
patrol boats.


HYUNDAI MERCHANT: To Raise KRW30BB to Ease Liquidity Crisis
-----------------------------------------------------------
Yonhap News Agency reports that Hyundai Merchant Marine Co., a
shipping unit of Hyundai Group, said Feb. 18 that it has decided
to raise about KRW30 billion (US$24.4 million) by issuing new
shares as part of efforts to ease its liquidity crisis.

According to the report, Hyundai Merchant said the company will
sell a total of 6 million shares at KRW5,000 apiece to its parent
group chairwoman Hyun Jeong-eun and her mother.

Ms. Hyun's involvement underscores her commitment as the shipping
line's major shareholder to resolve the ongoing liquidity crisis
confronting the shipping unit, the company explained.

The newly-issued shares will be listed on the stock market on
March 4, it added, Yonhap relays.

Yonhap notes that Hyundai Group has been working to salvage
Hyundai Merchant, one of its key units, which has been in the red
for years due to a decline in freight rates and global trade.

Recently, the group has announced a set of self-rescue measures to
help improve the financial health of the company, including an
asset sale, the report says.  Through the schemes, it expects to
raise KRW100 billion in cash, with the chairwoman promising to
chip in KRW30 billion.

Hyundai Merchant Marine Co., Ltd., is a Korea-based company
specializing in the provision of shipping services.  The Company
provides its services under two main segments: container and bulk.


                             *********

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

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

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


                            *********


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

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

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

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

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



                 *** End of Transmission ***