TCRAP_Public/160223.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Tuesday, February 23, 2016, Vol. 19, No. 37


                            Headlines


A U S T R A L I A

E-ENERGY PTY: BDO Appointed as Administrators
LOTUS KITCHENS: First Creditors' Meeting Set For March 1
MEALES GROUP: Pumping Business Up For Sale
VIKING GROUP: Former Executive Denies Fraud at Trial


C H I N A

CHINA BAK: Incurs $2.13 Million Net Loss in First Quarter
HOPSON DEVELOPMENT: Redemption of $300MM Sr. Notes is Credit Pos.
KU6 MEDIA: Gets Additional Staff Determination Letter from NASDAQ
KU6 MEDIA: To Appeal NASDAQ's Delisting Determination


C O O K   I S L A N D S

COOK ISLANDS: S&P Affirms 'B+/B' ICRs; Outlook Stable


H O N G  K O N G

HENGDELI HOLDINGS: Moody's Puts Ba2 CFR on Review for Downgrade


I N D I A

A. GEERI: CRISIL Reaffirms B+ Rating on INR170MM Cash Loan
AMMA WOODS: CRISIL Reaffirms B+ Rating on INR55MM Cash Loan
ARAVALI INFRAPOWER: Ind-Ra Suspends IND D Long-Term Issuer Rating
ARG ROYAL: CARE Revises Rating on INR8.47cr LT Loan to B+
BABY ENGINEERING: Ind-Ra Suspends 'IND D' Long-Term Issuer Rating

BESTO TRADELINK: CRISIL Lowers Rating on INR110MM LT Loan to D
BHAGYODAY AGRO: CARE Reaffirms B+ Rating on INR7.50cr LT Loan
BHARAT ALUMINIUM: CRISIL Assigns B+ Rating to INR70MM Cash Loan
C.L. GULHATI: CRISIL Lowers Rating on INR250MM Cash Loan to C
COIMBATORE INTEGRATED: CARE Reaffirms 'D' Rating on INR5cr Loan

CRYSTAL CLOTHING: Ind-Ra Suspends 'IND D' Long-Term Issuer Rating
ENMAS GB: CRISIL Puts D Rating on Notice of Withdrawal
ESSEM ENTERPRISE: CRISIL Assigns 'D' Rating to INR80MM Loan
FAZE THREE: CARE Reaffirms 'C' Rating on INR57.25cr Loan
GEMCO ENERGY: CARE Revises Rating on INR15.99cr LT Loan to BB

GLOBAL JEWELLERY: CARE Reaffirms 'B' Rating on INR9.50cr Loan
GOLDRUSH SALES: CRISIL Reaffirms B Rating on INR155MM Loan
HANUMAN RICE: CARE Assigns B+ Rating to INR18.61cr Loan
HINDUSTAN CONST'N: CARE Reaffirms D Rating on INR2,594.86cr Loan
K. M. MOHAMMED: CRISIL Cuts Rating on INR65MM Cash Loan to 'B'

KARTHIKEYA AGRO: CARE Revises Rating on INR6.24cr LT Loan to B+
KEVIN CERAMIC: CARE Reaffirms B+ Rating on INR6.36cr LT Loan
KINECO PRIVATE: CRISIL Assigns B- Rating to INR70MM Cash Loan
KUNAL LOHACHEM: CARE Reaffirms 'B' Rating on INR6cr LT Loan
MADHOOR BUILDWELL: CRISIL Cuts Rating on INR155MM LT Loan to B+

MAHALUXMI STEELS: CARE Assigns 'B' Rating to INR6cr LT Loan
MASS-TECH CONTROLS: CRISIL Cuts Rating on INR30MM Loan to 'B'
MAYA VENTURES: CRISIL Cuts Rating on INR262MM Project Loan to B
MODEST AND PARSONS: Ind-Ra Suspends IND BB LT Issuer Rating
NALLAPANENI RAMESH: CARE Reaffirms B+ Rating on INR12cr Loan

NETWORK CLOTHING: Ind-Ra Suspends IND BB- Long-Term Issuer Rating
NIFTY TECHNOLOGIES: CARE Assigns B+/A4 Rating on INR10.47cr Loan
PADMEY IMPEX: Ind-Ra Suspends 'IND B+' Long-Term Issuer Rating
PARTH COLD: CRISIL Assigns 'B' Rating to INR47.5MM Term Loan
R.J. CHATHA: CRISIL Reaffirms B+ Rating on INR100MM Loan

RADHA CASTING: CARE Reaffirms 'D' Rating on INR4.73cr LT Loan
RAGHU RAMA: CARE Assigns 'B' Rating to INR8cr LT Loan
RISING LANDSCAPES: CRISIL Cuts Rating on INR300MM Loan to 'B'
S H MARINE: CRISIL Assigns 'B' Rating to INR82MM Cash Loan
S.M. RAM: CRISIL Assigns B+ Rating to INR52.5MM LT Loan

SALASAR BALAJI: CRISIL Assigns B+ Rating to INR95MM Loan
SALASARLENE DRESS: CRISIL Assigns B- Rating to INR90MM Cash Loan
SALIENT CERAMIC: CARE Reaffirms B Rating on INR7.97cr LT Loan
SAN MARINE: Ind-Ra Assigns 'IND B+' Long-Term Issuer Rating
SANSKAR AGRO: Ind-Ra Suspends 'IND BB' Long-Term Issuer Rating

SARASWATHI BROILERS: CARE Assigns B+ Rating to INR12cr LT Loan
SONAWIRES PVT: CARE Revises Rating on INR4.38cr Loan to B+
SRI LAKOSHA: CRISIL Reaffirms B+ Rating on INR33MM Term Loan
STERIL- GENE: CRISIL Reaffirms B Rating on INR50MM Cash Loan
STONE WONDERS: CRISIL Reaffirms B Rating on INR47.5MM LT Loan

SUNGRO SEEDS: Ind-Ra Suspends 'IND BB' Long-Term Issuer Rating
UNIVERSAL POLYSACK: CARE Reaffirms 'B' Rating on INR11.20cr Loan
VAL PACK: CARE Revises Rating on INR11.24cr LT Loan to 'B+'
VISHNU CHEMICALS: Ind-Ra Withdraws 'IND D' LT Issuer Rating
VISWABHARATHI EDUCATIONAL: CRISIL Cuts INR1.5BB Loan Rating to D

* India Bank Credit Profiles At Risk Without More Capital


J A P A N

SHARP CORP: State-Fund Chief Confident of Turnaround Offer
SHARP CORP: To Close Tenri Plant to Help Losing LCD Business
SHARP CORP: Holds Last Minute Talks on Hon Hai Rescue Bid


P H I L I P P I N E S

PHILIPPINE NATIONAL: S&P Affirms 'B+' Counterparty Credit Rating


S R I  L A N K A

CEYLON DOLLAR: Fitch Affirms 'BB-' Credit Quality Rating


X X X X X X X X

* BOND PRICING: For the Week Feb. 15 to Feb. 19, 2016


                            - - - - -


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


E-ENERGY PTY: BDO Appointed as Administrators
---------------------------------------------
James White and Rachel Burdett-Baker of BDO were appointed as
administrators of E-Energy Pty Ltd, Empyreal Holdings Co Pty Ltd
and Empyreal Energy International Pty Ltd on Feb. 19, 2016.


LOTUS KITCHENS: First Creditors' Meeting Set For March 1
--------------------------------------------------------
Stephen Glen James -- stephen.james@bcradvisory.com.au -- and John
Maxwell Morgan -- john.morgan@bcradvisory.com.au -- of BCR
Advisory (SA) Pty Ltd were appointed as administrators of Lotus
Kitchens Pty Ltd on Feb. 18, 2016.

A first meeting of the creditors of the Company will be held at
BCR Advisory (SA) Pty Ltd, Level 2, 139 Frome Street, in Adelaide,
on March 1, 2016, at 11:00 a.m.


MEALES GROUP: Pumping Business Up For Sale
------------------------------------------
Cliff Sanderson at Dissolve.com.au reports that concrete pumping
business Meales Group is up for sale. The company is currently
under administration with Grant Thornton's Stephen Dixon, Michael
McCann and Shaun McKinnon being appointed administrators on
Feb. 2, 2016.

The group reported FY15 turnover of AUD78 million. It boasts of
about AUD11.4 million project pipelines, Dissolve.com.au
discloses.

Meales Group has ten sites across the Northern Territory, Victoria
and Queensland. The group services infrastructure, resource,
commercial, civil and residential sectors. It employs about 238
people.


VIKING GROUP: Former Executive Denies Fraud at Trial
----------------------------------------------------
Australian Associated Press reports that a former Victorian
company executive whose wife is testifying against him over multi-
million dollar fraud denies any wrongdoing.

The Viking Group of 20 transport and logistics companies went into
liquidation in 2011, costing the Commonwealth Bank more than AUD48
million, AAP discloses.

According to AAP, former Viking Group head Steve Iliopoulos, his
son Peter and company trustee Vasilis "Bill" Bariamis have been
charged with multiple counts of fraud linked to the group's
finances.

They are accused of obtaining a financial advantage by deception
between 2007 and 2011, with Steve Iliopoulos and Bariamis also
charged with attempting to obtain a financial advantage, the
report states.

It's alleged Viking convinced Australia's biggest bank to lend it
almost AUD30 million after management lied about how much money
the business was making, according to AAP.

AAP says Mr. Bariamis' wife, Loukia, was Viking's chief financial
officer and is testifying against all three men at their Victorian
Supreme Court trial.

AAP relates that prosecutors said some of the fraud was carried
out with the help of Ms Bariamis.  But her husband's lawyer said
the jury should not assume Bariamis was aware, or participated, in
fraudulent activity.

"He denies he knew, or was aware, that the information provided to
either banks . . . was false, or probably false," the report
quotes George Georgiou as saying in his opening statement on
Feb. 19.  "He denies he acted dishonestly."

According to the report, the defense said Mr. Bariamis' position
in the company does not mean he was aware of what his wife and
other managers were doing.

"I hate cliches but I'm going to use one: did the left hand know
what the right hand was doing in these companies, in this
particular management?" Mr Georgiou, as cited by AAP, said.

AAP relates that Steve Iliopoulos' lawyer said Ms Bariamis cannot
be trusted.

The report says the court has already heard that prior to joining
Viking Ms Bariamis was convicted of defrauding the Australian Tax
Office while she was a registered tax agent between 2004 and 2005.

"The heart of this is going to be a case about what Ms Bariamis
tells you happened. We simply say: don't believe her," the report
quotes Marcus Dempsey as saying.

Counsel for the Viking CEO's son, Peter, said his client signed
documents without knowing they contained false information.

"We don't dispute that the bank was deceived," David Glynn said,
notes the report.

According to AAP, the crown alleges Peter Iliopoulos knowingly
made false statutory declarations and false loan documents to help
Viking secure funding.

"What he did do, and it seems like the only thing he did, is sign
some relevant documents," Mr Glynn said.

There is no evidence the young director was part of a joint
criminal enterprise that prosecutors say existed, the lawyer said,
AAP relays.

"A signature does not prove any of that," said Mr Glynn, notes
AAP.

The trial is expected to go on for three months, the report adds.



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


CHINA BAK: Incurs $2.13 Million Net Loss in First Quarter
---------------------------------------------------------
China BAK Battery, Inc., filed with the Securities and Exchange
Commission its quarterly report on Form 10-Q disclosing a net loss
of US$2.13 million on US$5.50 million of net revenues for the
three months ended Dec. 31, 2015, compared to net profit of
US$17.38 million on US$3.07 million of net revenues for the same
period in 2014.

As of Dec. 31, 2015, the Company had US$64.28 million in total
assets, US$44.85 million in total liabilities and US$19.42 million
in total shareholders' equity.

As of Dec. 31, 2015, the Company had cash and cash equivalents of
US$0.08 million.  The Company's total current assets were US$20.0
million and its total current liabilities were US$37.9 million,
resulting in a net working capital deficiency of US$17.9 million.
The Company said these factors raise substantial doubts about its
ability to continue as a going concern.

A full-text copy of the Form 10-Q is available for free at:

                        http://is.gd/c5RJOb

                          About China BAK

China BAK Battery conducted business through BAK International
Limited and its subsidiaries that produced prismatic cells,
cylindrical cells, lithium polymer cells and high power lithium
batters.  The BAK International business was foreclosed on
June 30, 2014.  Consequently, China BAK is looking to develop,
manufacture and sell energy high power lithium batteries primarily
for electric vehicles when its Dalian, China manufacturing
facilities start to operate in the first quarter of 2015.

China BAK reported net profit of US$15.87 million for the year
ended Sept. 30, 2015, compared to net profit of US$37.77 million
for the year ended Sept. 30, 2014.

Crowe Horwath (HK) CPA Limited, in Hong Kong, China, issued a
"going concern" qualification on the consolidated financial
statements for the year ended Sept. 30, 2015, citing that the
Company has a working capital deficiency, accumulated deficit from
recurring net losses and significant short-term debt obligations
maturing in less than one year as of Sept. 30, 2015.  All these
factors raise substantial doubt about its ability to continue as a
going concern.


HOPSON DEVELOPMENT: Redemption of $300MM Sr. Notes is Credit Pos.
-----------------------------------------------------------------
Moody's Investors Service says that Hopson Development Holdings
Limited's early redemption of its $300 million senior notes due in
2018 is credit positive for its B3 corporate family rating and
Caa1 senior unsecured debt rating.

The ratings outlook is stable.

On Feb. 16, 2016, Hopson announced that it will redeem the senior
notes at 104.9375% of the principal amount, plus accrued and
unpaid interest.

"The redemption will be credit positive for Hopson because it will
lower its foreign exchange exposure and financing costs," says
Dylan Yeo, a Moody's Analyst.

After the transaction, Hopson's foreign currency exposure will
comprise HKD and USD bank loans, which only accounted for 3% of
its total debt at end-June 2015.

The company will also not have any outstanding offshore bond in
its debt structure.

It had previously redeemed its $300 million senior notes due in
2016 in May 2015.

In addition, Hopson's overall financing cost will effectively
decline as the redemption will be partially funded by onshore
borrowings at a lower interest rate.

On the other hand, the transaction will heighten Hopson's reliance
on its banking relationships for liquidity, including for its
shorter tenor bank loans.

Hopson's debt structure is predominantly comprised of bank loans
secured by collateral, such as its development and investment
properties, land bank and equity holdings.

The company's cash on hand of RMB4.1 billion at end-June 2015 is
insufficient to cover its short-term bank loan maturities.

Hopson Development Company Holdings Limited is one of the largest
property developers in China, with a land bank of 32.47 million
square meters (sqm) in gross floor area (GFA) at end-June 2015.

It primarily develops residential properties in cities, such as
Guangzhou, Beijing and Shanghai and their surrounding areas.

The company listed on the Hong Kong Stock Exchange in 1998.  Its
chairman, Mr. Chu Mang Yee, owned a 54.82% stake in the company at
end-June 2015.


KU6 MEDIA: Gets Additional Staff Determination Letter from NASDAQ
-----------------------------------------------------------------
Ku6 Media Co., Ltd. announced that it has received a determination
letter from The NASDAQ Stock Market LLC dated
Feb. 17, 2016, indicating that the Company has failed to regain
compliance with the US$1 minimum bid price requirement under
NASDAQ Listing Rule 5450(a)(1).  The Company was first notified by
NASDAQ that it failed to comply with the MBP Rule on Aug. 18,
2015.  In accordance with NASDAQ Listing Rules 5810(c)(3)(A), the
Company was provided 180 calendar days, or until Feb. 16, 2016, to
regain compliance with the MBP Rule.

As previously announced by the Company, on Feb. 10, 2016, it
received a determination letter from NASDAQ, indicating that the
Company had also failed to regain compliance with the
US$50,000,000 minimum market value requirement under NASDAQ
Listing Rule 5450(b)(2)(A) and the US$15,000,000 minimum market
value of publicly held securities requirement under NASDAQ Listing
Rule 5450(b)(2)(C).

The Company has appealed NASDAQ's delisting determination with
respect to the MVLS Rule and the MVPHS Rule by requesting a
hearing before a Hearing Panel.  The filing of that request stays
delisting of the Company's American Depositary Shares pending the
Hearing Panel's determination.  NASDAQ has notified the Company
that the Hearing Panel will consider its failure to regain
compliance with respect to the MBP Rule at the hearing.  During
the appeal process, the Company's American Depositary Shares will
continue to trade on The Nasdaq Global Market.  The Company said
there is no assurance that the Hearing Panel will grant its
request for continued listing.

                      About Ku6 Media

Ku6 Media Co., Ltd. -- http://ir.ku6.com/-- is an Internet video
company in China focused on User-Generated Content.  Through its
premier online brand and online video Web site --
http://www.ku6.com/-- Ku6 Media provides online video uploading
and sharing service, video reports, information and entertainment
in China.

As of Dec. 31, 2015, the Company had $9.01 million in total
assets, $14.31 million in total liabilities and a $5.29 million
total shareholders' deficit.

PricewaterhouseCoopers Zhong Tian LLP, in Shanghai, the People's
Republic of China, issued a "going concern" qualification on the
consolidated financial statements for the year ended Dec. 31,
2014, citing that the Company's recurring losses, negative working
capital, net cash outflows, and uncertainties associated with
significant changes made, or planned to be made, in respect of the
Company's business model, raise substantial doubt about the
Company's ability to continue as a going concern.


KU6 MEDIA: To Appeal NASDAQ's Delisting Determination
-----------------------------------------------------
Ku6 Media Co., Ltd., has received a determination letter from the
NASDAQ Stock Market LLC dated Feb. 10, 2016, indicating that the
Company has failed to regain compliance with the US$50,000,000
minimum market value requirement under NASDAQ Listing Rule
5450(b)(2)(A) and the US$15,000,000 minimum market value of
publicly held securities requirement under NASDAQ Listing Rule
5450(b)(2)(C). The Company was first notified by NASDAQ that it
failed to comply with the MVLS Rule and the MVPHS Rule on
Aug. 13, 2015.  In accordance with NASDAQ Listing Rules
5810(c)(3)(C) and 5810(c)(3)(D), the Company was provided 180
calendar days, or until Feb. 9, 2016, to regain compliance with
the MVLS Rule and the MVPHS Rule.

NASDAQ has indicated that the Company's American Depositary Shares
will be delisted from The Nasdaq Global Market unless the Company
appeals NASDAQ's determination to a Hearing Panel.  The Company
intends to request a hearing to appeal NASDAQ's determination.  If
the Company appeals NASDAQ's determination, the Company's American
Depositary Shares will continue to trade on The Nasdaq Global
Market during the appeal process.  The Company said there is no
assurance that the Hearing Panel will grant the Company's request
for continued listing.

                         About Ku6 Media

Ku6 Media Co., Ltd. -- http://ir.ku6.com/-- is an Internet video
company in China focused on User-Generated Content.  Through its
premier online brand and online video Web site --
http://www.ku6.com/-- Ku6 Media provides online video uploading
and sharing service, video reports, information and entertainment
in China.

As of Dec. 31, 2015, the Company had $9.01 million in total
assets, $14.31 million in total liabilities and a $5.29 million
total shareholders' deficit.

PricewaterhouseCoopers Zhong Tian LLP, in Shanghai, the People's
Republic of China, issued a "going concern" qualification on the
consolidated financial statements for the year ended Dec. 31,
2014, citing that the Company's recurring losses, negative working
capital, net cash outflows, and uncertainties associated with
significant changes made, or planned to be made, in respect of the
Company's business model, raise substantial doubt about the
Company's ability to continue as a going concern.


=======================
C O O K   I S L A N D S
=======================


COOK ISLANDS: S&P Affirms 'B+/B' ICRs; Outlook Stable
-----------------------------------------------------
On Feb. 19, 2016, Standard & Poor's Ratings Services affirmed its
'B+/B' issuer credit ratings on the Cook Islands. The outlook
remains stable. The Transfer & Convertibility assessment remains
'AAA'.

RATIONALE

The ratings on the Cook Islands reflect S&P's view of the
country's weak institutional settings, limited monetary policy
flexibility, narrow economic base, and lack of external data.
Mitigating these weaknesses are the country's moderate GDP per
capita and relatively low, but rising, debt levels.

The vulnerabilities associated with the country's weak
policymaking culture and institutional settings weigh on the
ratings. Weak party affiliations and populist policymaking have
historically created instability, and hampered the development and
implementation of policies. Drawn out legal challenges to the
outcome of the 2014 election hampered the government's policy
agenda as the parliament did not sit and couldn't pass
legislation. Further, nine coalition governments in 14 years have
weakened effective economic and fiscal management and leave scope
for a weakening in recent gains in the country's fiscal
discipline.

The country lacks monetary policy flexibility because of its use
of the New Zealand dollar and absence of a central bank. Its use
of the New Zealand dollar is covered in a 2001 "Joint Centenary
Declaration" and not a legal agreement. Using the New Zealand
dollar has enabled the Cook Islands to historically have
substantially lower inflation than its peers. However, the
country loses monetary flexibility as it forfeits monetary
independence and an important lever for promoting economic and
financial stability.

The lack of external data surrounding the country's balance of
payment and international investment position makes assessing the
Cook Islands' external position difficult. The limited data
available suggest the Cook Islands posts sizable current account
surpluses on the strength of the tourism sector. In contrast, the
Cook Islands runs wide merchandise trade deficits because of its
high dependence on imports of consumer and capital goods, fuel,
and food (mostly sourced from New Zealand), while it has only
modest exports of fish. There is no published data on income and
transfers.

The Cook Islands' moderate per capita income level and relatively
low government debt burden support the rating. Income is high
compared to that of peers, with GDP per capita estimated at
US$21,800 in the year ended June 30, 2015. S&P projects Cook
Islands' real per capita GDP growth will average 2.8% over 2016 to
2018, partly reflecting further expected declines in its
population. Emigration is high in the Cook Islands, averaging 2.8%
of the population annually since 2011 and about 1.6% over the past
18 years, reflecting Cook Islanders' rights to live and work in
New Zealand, and by extension, Australia. This labor mobility acts
as an important safety valve, though, with citizens having access
to much greater employment opportunities than what is available in
the Cook Islands. It therefore reduces unemployment in the Cook
Islands and pressure on the government's budget.

The narrow-based economy is vulnerable to cyclones and changing
tourism preferences on its major revenue earner, the tourism
industry. S&P expects moderate further increases in tourist
arrivals to support economic growth, with tourism remaining the
country's primary economic activity. The fall in the New Zealand
dollar over the past year could benefit the Cook Islands' tourism
with potentially more New Zealanders visiting. The Cook Islands
still faces competition from other Pacific islands though,
particularly for Australian tourists.

In S&P's base-case scenario, it projects general government debt
will rise by an average 4.6% of GDP annually over 2016 to 2018,
with net debt expected to average 23% of GDP over the same period.
The government's sizable infrastructure program (including water,
sanitation, and road infrastructure) currently underway is
increasing its still-modest debt levels, thus reducing fiscal
buffers somewhat. These infrastructure projects are funded by
official lending and could support the tourism sector and the
economy, if the government and private sector can capitalize on
this.

The concessional and long-term nature of current government
borrowings, as well as the government's modest debt level, means
that the ratio of the general government interest expenditure to
revenues is low: estimated to be 1.4% on average between fiscal
years 2015 and 2017. Because a large portion (about 65%) of this
debt is exposed to foreign currency movements, a further
depreciation of the New Zealand dollar could adversely affect its
debt-servicing costs.

S&P said, "We equalize the local currency rating with the foreign
currency rating, reflecting the Cook Islands' absence of both
monetary policy flexibility and a domestic capital market, and its
use of the New Zealand dollar. The transfer and convertibility
assessment for the Cook Islands is 'AAA', which also reflects its
use of the New Zealand dollar.

OUTLOOK

The stable outlook over the next two years balances the Cook
Islands' moderate economic growth prospects and modest level of
government debt, against the challenges it faces in overcoming
weak political and institutional settings and fostering more
robust and diverse economic growth.

The rating could come under pressure if there were a weakening in
the government's commitment to uphold past fiscal gains through
changes to economic and/or fiscal policies, resulting in weaker
fiscal balances and its debt burden rising by significantly more
than we currently expect. Further, we could lower the ratings if
weakening in global economic conditions reduces tourism sector
receipts and, in turn, worsens the government's finances.

Improvements in the sovereign creditworthiness could come with
sustained gains in policymaking stability and effectiveness,
evidenced by the reduction of sizable data deficiencies, and
progress in increasing economic opportunities for residents.

RATINGS LIST

Ratings Affirmed

Cook Islands
Sovereign Credit Rating                B+/Stable/B
Transfer & Convertibility Assessment
  Local Currency                        AAA



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


HENGDELI HOLDINGS: Moody's Puts Ba2 CFR on Review for Downgrade
---------------------------------------------------------------
Moody's Investors Service has placed under review for downgrade
Hengdeli Holdings Limited's Ba2 corporate family rating and the
Ba2 rating of its senior unsecured bonds.

Moody's action follows Hengdeli's announcement on Feb. 17, 2016,
that its 2015 net profit will decline approximately 70% from 2014.

                         RATINGS RATIONALE

"Hengdeli's profit warning indicates a magnitude of deterioration
which is beyond our expectations," says Lina Choi, a Moody's Vice
President and Senior Credit Officer.

Hengdeli had originally reported RMB283.7 million in net profit
for 1H 2015, and therefore a full-year net profit decline of 70%
implies a 2H net loss of around RMB109 million.

Moody's expects the weak performance of Hengdeli in 2H 2015 will
likely continue because China's slowing economy and weak consumer
spending are unlikely to change in the next 12-18 months.

In reviewing Hengdeli's ratings for downgrade, Moody's will focus
on the company's: (1) ability to stabilize profitability and
contain revenue declines; (2) flexibility in its capital
expenditures and financial policy in a down-market; and (3)
inventory and liquidity management, given its high working capital
requirements.

The principal methodology used in these ratings was Retail
Industry published in October 2015.

Hengdeli Holdings Limited listed on the Hong Kong Stock Exchange
in 2005 and its market capitalization was HKD5.3 billion as of
Sept. 2, 2015.  As of Dec. 31, 2014, the Zhang family was the
largest shareholder, with a 31.96% stake, followed by Swatch Group
(unrated) (9.12%) and LVMH Group (unrated) (6.37%).



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I N D I A
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A. GEERI: CRISIL Reaffirms B+ Rating on INR170MM Cash Loan
----------------------------------------------------------
CRISIL's rating on the long-term bank facilities of A. Geeri Pai
Gold and Diamonds continues to reflect the firm's modest scale of
operations in the highly fragmented and competitive gold jewellery
industry, and below-average financial risk profile due to high
gearing. These weaknesses are partially offset by its partners'
extensive industry experience and its established market position
in Ernakulum, Kerala.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit           170       CRISIL B+/Stable (Reaffirmed)
   Long Term Loan        134       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes AGP will continue to benefit over the medium term
from its partners' extensive industry experience. The outlook may
be revised to 'Positive' if revenue increases significantly and
profitability remains stable, leading to a better financial risk
profile. Conversely, the outlook may be revised to 'Negative' in
case of time or cost overrun in ongoing capital expenditure
(capex), or steep decline in cash accrual, or deterioration in
working capital management, weakening financial risk profile.

Update
AGP's operating income increased 10 percent year-on-year to INR563
million in 2014-15 (refers to financial year, April 1 to March
31). Operating margin, however, declined to 5.8 percent from 7.2
percent because of volatile gold prices. Revenue was INR400
million for the first nine months of 2015-16, and is expected at
INR540 million for the full year. The operating margin is expected
to stabilise to 7 percent supported by favourable gold prices and
efficient inventory procurement policy. AGP's business risk
profile will improve over the medium term, backed by its
established presence in Kerala and commencement of operations of
new showroom.

Financial risk profile remains below average, driven by high
gearing of 2.40 times as on March 31, 2015. Networth was modest,
at INR107 million, because of limited accretion to reserves. Debt
protection metrics are below average, with interest coverage ratio
of 1.10 times in 2014-15, because of large debt. However, with
steady operating profitability and no major debt-funded capex,
AGP's financial risk profile will improve over the medium term.

Liquidity remains stretched, with large gross current assets of
224 days as on March 31, 2015. Consequently, bank limits were
utilised extensively, at an average of 95 percent over the 12
months through December 2015. However, cash accrual of INR1.2-17
million will be sufficient to meet debt obligation of INR8-15
million over the medium term.

AGP, set up in 2007 as a partnership firm and based in Ernakulam,
retails jewellery. Its operations are managed by Mr. Sachithananda
Pai.


AMMA WOODS: CRISIL Reaffirms B+ Rating on INR55MM Cash Loan
-----------------------------------------------------------
CRISIL's ratings on the bank facilities of Amma Woods Private
Limited (AWPL) continue to reflect AWPL's modest scale in a
fragmented and competitive timber trading industry along with
large working capital requirements. The ratings also factor in the
company's weak financial risk profile marked by leverage capital
structure. These rating weaknesses are partially offset by the
extensive experience of AWPL's promoters in the timber trading
business.

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

   Letter of Credit      125       CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     16       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that AWPL will maintain a stable business risk
profile over the medium term supported by the extensive experience
of its promoters in the timber trading business. The outlook may
be revised to 'Positive' if the company scales up its operations
along with operating profitability leading to improvement in its
financial risk profile marked by improvement in capital structure.
Conversely, the outlook may be revised to 'Negative' if AWPL's
financial risk profile and liquidity deteriorate because of large
borrowings for working capital requirements or a decline in
operating profitability.

Update
AWPL reported revenues of around INR252 million for 2014-15
(refers to financial year, April 1 to March 31) with operating
margins of around 5.7 percent. The timber trading industry is
marked by a large number of players, who mainly import timber from
Malaysia and Burma through traders located in Singapore and Dubai,
exposing it to intense competition. The company's margins are
susceptible to foreign exchange (forex) fluctuation risks since
the company has significant imports and doesn't have any fixed
hedging policy. CRISIL believes that AWPL's business risk profile
will remain exposed to competition and forex fluctuations over the
medium term.

AWPL's capital structure is below average marked by a small net
worth of around 47 million and high total outside liabilities to
tangible net worth ratio of around 2.7 times as on March 31, 2015.
The debt protection metrics are weak marked by interest coverage
of around 1.4 times and net cash accruals to total debt ratio of
around 6 percent for 2014-15. CRISIL believes that AWPL's
financial risk profile will remain below average over the medium
term, due to the modest accretion to reserves resulting from its's
small scale of operations.

AWPL's liquidity is moderate marked by moderate utilisation of
bank limits of around 83 percent for the 12 month period through
September 2015 and absence of term debt. The company is expected
to generate low cash accruals of around INR1 million per year over
the medium term. However the liquidity is supported by absence of
debt funded capacity expansion plans and funding support from
promoters. The promoters have infused around INR 6 million and
INR1.3 million in the form of equity and unsecured loans
respectively during 2014-15. CRISIL believes that AWPL's liquidity
will remain moderate over the medium term.

Incorporated in 2012, AWPL is a Kerala-based company that trades
in timber. It imports timber from Tanzania, Burma, and Columbia
through traders based in Singapore and Dubai. It deals in the
teak, pincoda, and koila varieties of timber. It is managed by the
Kerala-based Keyes group which has over 25 years of experience in
the wood trading business. The day-to-day operations are managed
by Ms. Sulekha. K. V.


ARAVALI INFRAPOWER: Ind-Ra Suspends IND D Long-Term Issuer Rating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has suspended Aravali
Infrapower Ltd's (AIPL) 'IND D' Long-Term Issuer Rating. The
rating will now appear as 'IND D (suspended)' on the agency's
website. A full list of rating actions is at the end of this
commentary. The ratings have been suspended due to lack of
adequate information. Ind-Ra will no longer provide ratings or
analytical coverage of AIPL.

The ratings 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 ratings could be reinstated and will be communicated through a
rating action commentary.

AIPL's ratings:

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

-- INR2533 million fund-based working capital facility: migrated
    to Long-term/Short-term 'IND D(suspended)' from 'IND D'

-- INR3,934 million non-fund-based working capital facility:
    migrated to Short-term 'IND D(suspended)' from 'IND D'
-- INR4,228 million long-term bank loan: migrated to Long-term
    'IND D(suspended)' from 'IND D'


ARG ROYAL: CARE Revises Rating on INR8.47cr LT Loan to B+
---------------------------------------------------------
CARE revises the rating assigned to the bank facilities of ARG
Royal Ensign Developers Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     8.47       CARE B+ Revised from
                                            CARE B

Rating Rationale

Revision in the long-term rating of ARG Royal Ensign Developers
Private Limited (ARPL) takes into account improvement in booking
of residential flats in its ongoing real estate project.

The rating assigned to the bank facilities of ARPL continues to
remain constrained on account of risk associated with the
implementation of its ongoing real estate project and saleability
risk associated with un-booked units. The rating is, further,
constrained on account of inherent risks associated with the real
estate sector.

The rating, however, continues to derive strength from the
experienced management with established track record of
operations of ARG Group (ARG).

The ability of ARPL to successfully complete its ongoing project
within envisaged time and cost parameters, sale of remaining units
at envisaged price and timely receipt of the booking advances
shall be the key rating sensitivities.

ARPL was initially incorporated in January 2006, in the name of
City Star Hospitality Private Limited (CSHPL) which was promoted
by Meel family and belongs to Royal Ensign Group, a leading real
estate developer in Rajasthan. CSHPL had a land in Alwar
(Rajasthan) on which the company was operating a marriage garden.
However, during FY12 (refers to the period April 1 to March 31),
ARG group, real estate developer based in Jaipur and promoted by
Mr Atma Ram Gupta, had entered in the management of the company
with a purpose to construct residential flats in Alwar on the same
land and name of the company was changed to its current name,
ARPL. Subsequently, in August 2012, 50% shareholding in ARPL was
acquired by ARG Group in the name of "ARG Developers Private
Limited" by infusion of fresh share capital and the remaining 50%
is held by Meel family.

ARPL started construction of 162 residential flats under the
project name 'ARG Royal Ensign' from April 2012 onwards and
construction work envisaged to be completed by December, 2016. Out
of the 162 flats, 36 flats are proposed to be of 2BHK
specifications, 108 flats of 3BHK and 18 flats of 4BHK. The
building will have three blocks (Block A, Block B and Block
C) with each block has nine floors. It had envisaged total cost of
the project of INR56.89 crore to be financed through
promoters' fund of INR11.38 crore, term loan of INR5.49 crore,
bank overdraft of INR3.00 crore and the remaining amount
of INR37.02 through advance from the customers.

During FY15, ARPL reported a total operating income of INR7.61
crore (FY14: INR10.34 crore) with a PAT of INR0.43 crore
(FY14: INR0.11 crore).


BABY ENGINEERING: Ind-Ra Suspends 'IND D' Long-Term Issuer Rating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Baby Engineering
Private Limited's (BEPL) 'IND D' Long-Term Issuer Rating to the
suspended category. This rating will now appear as 'IND D
(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 BEPL.

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.

BEPL' ratings are as follows:

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

-- INR30.2 million long-term loan: migrated to Long-term 'IND
    D(suspended)' from 'IND D'

-- INR110.0 million fund-based working capital limits: migrated
    to Long-term/Short-term 'IND D(suspended)' from  'IND D'
-- INR100 million non-fund-based working capital limits:
    migrated to Short-term 'IND A4(suspended)' from 'IND A4'


BESTO TRADELINK: CRISIL Lowers Rating on INR110MM LT Loan to D
--------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Besto
Tradelink Pvt Ltd (BTPL) to 'CRISIL D/CRISIL D' from 'CRISIL
B+/Stable/CRISIL A4'.

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

   Packing Credit         30       CRISIL D (Downgraded from
                                   'CRISIL A4')

   Proposed Long Term    110       CRISIL D (Downgraded from
   Bank Loan Facility              'CRISIL B+/Stable')

The ratings downgrade reflects instances of overdraw in working
capital facility for over 30 days caused by weak liquidity.

The ratings continue to reflect BTPL's weak financial risk profile
because of low net worth and high total outside liabilities to
tangible net worth ratio, and its modest profitability. These
weaknesses are mitigated by adequate debtor- and inventory-risk-
management practices in trading business and extensive experience
of promoters.

Incorporated in 1997, BTPL trades in commodities, including agro-
commodities (primarily rice), metals, cotton, and fabrics. The
company is based in Ahmedabad (Gujarat) and is promoted by Mr.
Rakesh Patel and his family.


BHAGYODAY AGRO: CARE Reaffirms B+ Rating on INR7.50cr LT Loan
-------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Bhagyoday Agro Industries.

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

Rating Rationale

The rating assigned to the bank facilities of Bhagyoday Agro
Industries (BAI) continues to be constrained on account of
the moderate scale of operations; susceptibility of operating
margins to cotton price fluctuations along with the seasonality
associated with the cotton industry and fragmentation of the
industry leading to intense competition. The rating further takes
into account de-growth in scale of operations during FY15 (refers
to the period April 1 to March 31) along with deterioration in
debt coverage indicators and elongated operating cycle.

The rating, however, continues to derive strength from the
established operations, wide experience of the proprietor in
the industry and the strategic location of the unit in cotton-
growing areas of Maharashtra.

The ability of the firm to further improve its scale of operations
and efficiently manage its working capital and further improve
profitability and debt coverage indicators are the key rating
sensitivities.

BAI was incorporated in January 2009 as a partnership firm by Mr
Shantilal Gulabchandji Pahade and his wife Mrs Anita Pahade. BAI
is engaged in the business of cotton ginning and pressing. BAI's
sole processing unit is located at Vaijapur, Aurangabad with an
installed capacity of 126 Metric Tonne Per Annum (MTPA) for cotton
seeds and 7650 MTPA for cotton bales as on March 31, 2015. The
firm has utilised around 80% of its annual installed capacity in
FY15. In FY15, the firm exported around 55% (through distributors)
of total sales. The firm procures raw material from the local
markets in and around Maharashtra.

In FY15, the firm has reported total operating income of INR39.08
crore and a profit after tax of INR0.56 crore (as against a total
operating income and profit after tax of INR51.53 crore and
INR0.60 crore in FY14 respectively).


BHARAT ALUMINIUM: CRISIL Assigns B+ Rating to INR70MM Cash Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facility of Bharat Aluminium Co. (BAC).

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

The rating reflects BAC's modest scale of operations in the highly
fragmented aluminium trading business, and average financial risk
profile marked by modest net worth, high total outside liabilities
to tangible net worth (TOLTNW) ratio, and weak interest coverage
ratio. These weaknesses are partially offset by proprietor's
extensive experience in aluminium trading, and moderate working
capital requirement.
Outlook: Stable

BAC will continue to benefit from its proprietor's extensive
industry experience. The outlook may be revised to 'Positive' if
revenue and profitability increase significantly, resulting in
substantial cash accrual, and consequently, a better financial
risk profile. Conversely, the outlook may be revised to 'Negative'
if financial risk profile, particularly liquidity, deteriorates
because of large working capital requirement or capital
withdrawal.

BAC, a proprietorship firm of Mr. Ramesh Singhvi set up in 1980
and based in Mumbai, distributes products of Jindal Aluminium Ltd
(JAL; 'CRISIL AA-/Stable/CRISIL A1+') such as aluminium bars, rods
etc.


C.L. GULHATI: CRISIL Lowers Rating on INR250MM Cash Loan to C
-------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank loan
facilities of C.L. Gulhati and Sons Limited (CLG) to 'CRISIL C'
from 'CRISIL B-/Stable'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            250      CRISIL C (Downgraded from
                                   'CRISIL B-/Stable')

   Proposed Long Term       2      CRISIL C (Downgraded from
   Bank Loan Facility              'CRISIL B-/Stable')

The downgrade reflects deterioration in CLG's overall credit risk
profile, driven by its operating losses and continuously declining
revenue. The revenue has been declining because of intense
competition in the automobile dealership market in the Jammu and
Kashmir (J&K) region.  Continued losses have weakened the
financial risk profile, as reflected in a negative networth and
fully utilised bank limits and stretched receivables.

The rating continues to reflect the weak financial risk profile
because of continuing operating losses and a negative networth,
and the exposure to supplier concentration risks.

CLG was originally set up as private limited company in 1956 by
Mr. C L Gulhati and his associates; subsequently, it was
reconstituted as a public limited company. Since its inception,
CLG has been a dealer for the entire range of TML's commercial
vehicles. It added the dealership of TML's passenger vehicles to
its portfolio in 2000.


COIMBATORE INTEGRATED: CARE Reaffirms 'D' Rating on INR5cr Loan
---------------------------------------------------------------
CARE reaffirms ratings assigned to bank facilities of Coimbatore
Integrated Waste Management Co. Pvt. Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      4.64      CARE D Reaffirmed
   Short term Bank Facilities     5.00      CARE D Reaffirmed

Rating Rationale

The reaffirmation of the rating assigned to the bank facilities of
Coimbatore Integrated Waste Management Co. Pvt. Ltd (CIWL) is on
account of on-going delay in servicing of rated debt obligations
due to company's weak liquidity position.

CIWL is a joint venture of United Phosphorus Limited (UPL) and
Bharuch Enviro Infrastructure Limited (BEIL) initially having
stake of 51% and 49%, respectively. BEIL is a subsidiary of Tatva
Global Environment Ltd. (TGEL) (rated CARE A4+ in January 2016), a
company belonging to the promoters of UPL. At present, TGEL holds
99.98% stake in CIWL and the balance is held by BEIL. The TGEL
group comprises eight companies engaged in providing environment
management solutions for cities, townships, municipalities,
industrial estates, commercial, industrial and residential
customers across the country.


CRYSTAL CLOTHING: Ind-Ra Suspends 'IND D' Long-Term Issuer Rating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Crystal Clothing
Company's (CCC) 'IND D' Long-Term Issuer Rating to the suspended
category. This rating will now appear as 'IND D(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 CCC.

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.

CCC's ratings are as follows:

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

-- INR1.0 million long-term loan: migrated to Long-term 'IND
    D(suspended)' from 'IND D'

-- INR70.0 million fund-based working capital limits: migrated
    to Long-term/Short-term 'IND D(suspended)' from 'IND D'


ENMAS GB: CRISIL Puts D Rating on Notice of Withdrawal
------------------------------------------------------
CRISIL has placed its ratings on the bank facilities of Enmas Gb
Power Systems Projects Ltd (EGB) on 'Notice of Withdrawal' for 180
days at the company's request. The ratings will be withdrawn at
the end of the notice period, in line with CRISIL's policy on
withdrawal of ratings on bank loans.

                       Amount
   Facilities        (INR Mln)   Ratings
   ----------        ---------   -------
   Bank Guarantee       770      CRISIL D (Notice of Withdrawal)
   Cash Credit          100      CRISIL D (Notice of Withdrawal)
   Letter of Credit     200      CRISIL D (Notice of Withdrawal)

Incorporated in 1995, Chennai based EGB commissions boilers and
manufactures non-pressure parts used in boilers. It has
diversified into EPC, boiler-turbine generator, and balance-of-
plant projects for power plants with output capacity of up to 80
megawatt.


ESSEM ENTERPRISE: CRISIL Assigns 'D' Rating to INR80MM Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL D/CRISIL D' ratings to the bank
facilities of Essem Enterprise - Kolkata (Essem). The ratings
reflect instances of delay by Essem in servicing of its term debt;
the delays have been caused by the company's weak liquidity owing
to stretched working capital cycle and modest cash accruals.

                           Amount
   Facilities            (INR Mln)     Ratings
   ----------            ---------     -------
   Proposed Long Term
   Bank Loan Facility       5.7        CRISIL D
   Bank Guarantee          14.3        CRISIL D
   Cash Credit             80.0        CRISIL D

Essem has a weak financial risk profile marked by modest net
worth, high gearing and below-average debt protection metrics
ratio. The rating also factors Essem's exposure to intense
industry competition and its large working capital requirements.
However, the company benefits from the proprietors extensive
industry experience.

Essem, a Kolkata based proprietorship firm is engaged in civil
construction business. Mr. Santanu Mukherjee is the proprietor of
the firm.


FAZE THREE: CARE Reaffirms 'C' Rating on INR57.25cr Loan
--------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Faze Three Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Bank Facilities-Fund
   Based LT-Term Loan             0.80      CARE C Reaffirmed

   Bank Facilities-Fund
   Based-- LT-EPC/PSC            57.25      CARE C Reaffirmed

   Bank Facilities-Non-
   Fund Based - STBG/LC          12.50      CARE A4 Reaffirmed

Rating Rationale

The reaffirmation of the ratings of Faze Three Limited (FTL) takes
in to account the ongoing default in redemption of foreign
currency convertible bonds (FCCBs), outstanding repayment
regarding the invocation of the corporate guarantee on behalf of
its German Subsidiary PANA GmbH, Y-o-Y decline in PBILDT margins,
long working capital cycle, leveraged balance sheet with
deteriorating financial risk profile and negative net-worth.

The ratings derive strength from integrated nature of operations
and promoters experience in manufacturing of home furnishing
products.

The ability of the company to service the liabilities pertaining
to FCCB repayment and the corporate guarantee, improve growth in
operations, improve and stabilise PBILDT margins and efficiently
manage working capital cycle remain the key rating sensitivities.

Faze Three Limited (FTL), promoted by Mr. Ajay Anand in 1985, is
an integrated manufacturer and exporter of home furnishing textile
products mainly floor coverings i.e. bathmats , rugs and top of
the bed i.e. blankets and throws with manufacturing facilities at
Panipat, Silvassa and Vapi. FTL exports its home furnishings
mainly to USA, UK, Germany, Mexico, Canada and other countries.

Originally promoted as a trading company, FTL came out with a
public issue during the year 1995, post which the company set up
its first plant for automotive textiles by entering into joint
Venture (JV) with AundeAchter&Ebels GmBh, Germany, which was later
hived off in CY2000 as an independent unit and renamed as Aunde
India Limited. In 1998, FTL commenced carpet manufacturing
operations. In the following year, through collaborative agreement
with Whitley Willows, the company started Bathmat manufacturing
and dyeing plant with installed capacity of 8 million pieces at
Panipat.

During FY15 (period from April 1 to March 31), FTL reported total
operating income of INR 219.37 cr and Net loss of INR 4.30 cr.
During H1FY16, FTL reported total operating income of INR 117.50
cr and net loss of INR 1.06 cr.


GEMCO ENERGY: CARE Revises Rating on INR15.99cr LT Loan to BB
-------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of
Gemco Energy Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     15.99      CARE BB Revised from
                                            CARE B+

   Short-term Bank Facilities     0.50      CARE A4+ Revised from
                                            CARE A4

Rating Rationale

The revision in the long-term and short-term ratings of the bank
facilities of Gemco Energy Limited (GEL) factors in the
improvement in total operating income and satisfactory operating
performance, infusion of additional capital by promoters resulting
in comfortable capital structure, revision in tariff and regular
realisation from DISCOM and significant improvement of performance
in 9MFY16 The ratings, however, continue to be constrained by its
short track record of operations, limited experience of the
promoters in the renewable energy sector, net losses and elongated
operating cycle. The ratings are further constrained by risk
associated with sourcing and volatility associated with prices of
raw materials, counter party credit risk due to below average
credit profile of discom.

The ratings, however, continue to draw strength from revenue
visibility backed by long-term Power Purchase Agreement (PPA) with
Dakshin Haryana Bijli Vitran Nigam Limited (DHBVN).

Going forward, the company's ability to increase the scale of
operations and manage its working requirements efficiently shall
be the key rating sensitivities.

Bhiwani-based (Haryana) GEL was incorporated in 2009 by Mr Mahesh
Sachdeva and Mr Yogesh Sachdeva for setting up a 15 megawatt (MW)
biomass-based power plant. The first phase of 8 MW commenced
commercial production from August 2013. The second phase for the
remaining 7-MW capacity will be initiated later on. GEL is selling
the power under a Power Purchase Agreement (PPA) signed with
Haryana Power Purchase Centre (HPPC) on behalf of Dakshin Haryana
Bijli Vitran Nigam Limited (DHBVN) Haryana for a period of 20
years. The unit exports power at 132-KV voltage level and the
transmission line has been laid by the state Government. The major
raw material used in the plant is mustard husk which is available
in abundance in the nearby fields. Other fuels used are gram
husk, cotton stick, wooden burada, groundnut shells, gram husk and
cow dung.

GEL achieved a total operating income (TOI) of INR11.10 crore with
PBILDT and loss of INR2.68 crore and INR4.36 crore, respectively,
in FY15 (refers to the period April 01 to March 31) as against TOI
of INR6.35 crore with PBILDT and net loss of INR1.28 crore and
INR1.93 crore, respectively, in 8MFY14 (refers to the period
August 1 to March 31). During 9MFY16, the company achieved a total
operating income of INR18.61 crore.


GLOBAL JEWELLERY: CARE Reaffirms 'B' Rating on INR9.50cr Loan
-------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Global Jewellery Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     9.50       CARE B Reaffirmed
   Short-term Bank Facilities    0.50       CARE A4 Reaffirmed

Rating Rationale

The ratings assigned to the bank facilities of Global Jewellery
Private Limited (GJPL) continue to be constrained by the
relatively small scale of operations with thin and fluctuating
profitability and losses at PBT level, stretched operating cycle
resulting in weak liquidity position, significant financial
support provided to group companies along with weak debt coverage
indicators. The ratings further continue to be constrained by
foreign exchange fluctuation risk and susceptibility of profit
margins to volatile raw material prices.

The aforesaid constraints far outweigh the strength derived from
experience of the promoters in the gems & jewellery business and
comfortable capital structure.  The ability of GJPL to scale up
its operations and improve its profitability amidst the intense
competition along with efficient management of working capital are
the key rating sensitivities.

GJPL [erstwhile Suashish Jewellery Exports Limited (SJEL)
incorporated by Mr Rameshkumar Goenka & Mr Ashish Goenka in the
year 1992] is engaged in the manufacturing of order-based gold and
diamond-studded jewellery. In the year 1996, SJEL was acquired by
Mr Sanjiv Shah (holds 9.28%) and the Mumbai-based holding company
namely Troika Securities Private Limited (holds 90.72% stake)
and the company's name was change to Global Jewellery Limited
(GJL), subsequently being reconstituted to a private limited
company in 2002. GJPL is a 100% exports-oriented unit with
manufacturing facility admeasuring 9,000 sq. feet located in
Santacruz Electronics Exports Processing Zone (SEEPZ), at Andheri
(East), Mumbai.


GOLDRUSH SALES: CRISIL Reaffirms B Rating on INR155MM Loan
----------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Goldrush Sales
and Services Limited (GSSL) continues to reflect its weak
financial risk profile, marked by a high total outside liabilities
to tangible networth ratio, modest networth, and strained
liquidity. These rating weaknesses are partially offset by the
company's established regional market position, improving
profitability, and the promoter's experience in the automobile
dealership business.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            155      CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      25      CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes GSSL will continue to benefit over the medium term
from its established market position, and its promoter's extensive
industry experience. The outlook may be revised to 'Positive' if
the company generates significantly higher cash accrual, or
reduces its exposure to group companies. Conversely, the outlook
may be revised to 'Negative' if prolonged slowdown in the
automobile industry significantly impacts cash accrual and
profitability, or if any large capital expenditure or fresh
investments in unrelated businesses weakens key credit metrics.

Update
GSSL's operating income is expected to grow marginally to 5
percent in 2015-16 (refers to financial year, April 1 to
March 31), over the previous year. It had however declined to
INR822.3 million in 2014-15 from INR865.4 million in 2013-14,
owing to weak demand for Tata Motors Ltd's (TML's) vehicles. The
company's operating margin was moderate at 5.9 percent despite the
trading nature of operations, and is expected to remain at similar
level over the medium term. However, it registered net losses in
FY' 15 as investment of INR53.7 million in group company, Ventura
Air Connect Ltd, was sold for INR10.5 million, resulting in
extraordinary loss of INR43.2 million.

GSSL's operations continue to remain moderately working capital
intensive, with gross current assets, debtors and inventory of
138, 45, and 53 days, respectively, as of March 2015. Working
capital borrowings are, therefore, high. Cash accrual is expected
at INR18.8 million and INR21.0 million in 2015-16 and 2016-17,
against negligible maturing debt.

The company's financial risk profile continues to remain weak with
total-outside-liabilities to tangible networth and interest
coverage ratios were 2.4 and 1.06 times, respectively as of March
2015. There are no capex plans for the medium term and financial
support to group companies is expected to reduce, easing pressure
on liquidity.

Incorporated in 1989, GSSL was taken over by Mr. Pradeep Aggarwal
in 1990. The company is an automobile dealer for TML, with two
showrooms in Lucknow and three sales outlets on the outskirts of
the city.

The company recorded net loss of Rs 35.8 million on operating
income of Rs 822.3 million in 2014-15 as against net profit of Rs
10 million on operating income of Rs 865.4 million.


HANUMAN RICE: CARE Assigns B+ Rating to INR18.61cr Loan
-------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Hanuman
Rice Industries.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     18.61      CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Hanuman Rice
Industries (HRI) is constrained by moderate scale of operations,
thin profitability margins, weak debt coverage indicators, working
capital intensive nature of operations and intense competition in
the agro commodity business.

The rating derives strength from experienced promoters,
established relationship with customers and suppliers and
growing scale of operations.

The ability of the firm to improve its scale of operations,
profitability margins and capital structure, while managing the
working capital effectively remain the key rating sensitivities.

HRI was established in 2010 by Mr Ramanarao Musalaiha Bolla and
Mrs Vijaylaxmi R. Bolla. The promoters operate other group
entities, viz, Hanuman Dal Industries (rated CARE BB-), Shree
Laxmi Tirupati Amma Murmura Industries, Balaji Industries,
Tirumala Dal Udyog, Hanuman Dal Industries Private Limited (rated
'CARE B+') and Adinath Cold Storage Private Limited.

The firm is engaged in processing & milling of parboiled rice and
sale of its by-products like husk, rice bran, etc. in the domestic
market. The processing unit is located at Kamptee, Nagpur. The
plant has an installed capacity to process of 9,600
metric tonnes (MT) of rice per annum.

During FY15, HRI achieved a total operating income of INR56.31
crore and PAT of INR0.07 crore as against total operating
income of INR42.28 crore and PAT of INR0.05 crore during FY14.


HINDUSTAN CONST'N: CARE Reaffirms D Rating on INR2,594.86cr Loan
----------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities and
instruments of Hindustan Construction Company Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities
   (Term loans)                2,594.86     CARE D Reaffirmed

   Long-term Bank Facilities
   (Fund-based limits)         1,500.00     CARE D Reaffirmed

   Long/Short-term Bank        5,300.00     CARE C/CARE A4
   Facilities (Non-fund-                    Reaffirmed
   Based Limits)

   Non-Convertible
   Debenture - I                  89.00     CARE D Reaffirmed

   Non-Convertible
  Debenture - II                 106.80     CARE D Reaffirmed

Rating Rationale

The reaffirmation of the ratings assigned to the bank facilities
and instruments of Hindustan Construction Company Limited (HCC)
continues to take into account continuing delays in servicing of
debt obligations. The liquidity position of the company is
constrained owing to stretched recoveries from customers, pending
receipt of claim amounts from customers, high finance cost and
limited profits earned by the company thereby leading to stress on
the debt service indicators and weak capital structure. However,
the ratings continue to factor strong order book position
indicating medium term revenue visibility, inflow of funds from
the qualified institutional placement in April 2015 which
supported the working capital position and debt servicing, and
marginal improvement in scalability of operations leading to
operational efficiency in the company as reflected in profits
earned during FY15 (refers to the period April 1 to March 31).

HCC's ability to improve profitability margins, efficiently manage
working capital cycle amidst delays in recoveries from customers,
receipt of claim amounts awarded and timely servicing of debt
obligations are the key rating sensitivities.

HCC was promoted by the late Mr Walchand Hirachand in 1926 and is
presently spearheaded by Mr Ajit Gulabchand, Chairman and Managing
Director. As on December 31, 2015, the promoter group holds 36.07%
equity stake in the company; being reduced from 43.51% as on March
31, 2015, after qualified institutional placement of INR400 crore
in April 2015.


K. M. MOHAMMED: CRISIL Cuts Rating on INR65MM Cash Loan to 'B'
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of K. M. Mohammed Rasheed (KMR) to 'CRISIL B/Stable' from 'CRISIL
B+/Stable', while reaffirming its rating on the company's short-
term bank facility at 'CRISIL A4'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee          5       CRISIL A4 (Reaffirmed)

   Cash Credit            65       CRISIL B/Stable (Downgraded
                                   from 'CRISIL B+/Stable')

The rating downgrade reflects weakening of KMR's financial risk
profile in 2014-15 (refers to financial year, April 1 to
March 31) on account of substantial capital withdrawal by its
promoters. CRISIL believes that the financial risk profile will
continue to remain weak over the medium term, because of low
accretion to reserves resulting from modest scale of operations.
Further the firm's operating income declined to INR59 million in
2014-15 from INR137 million in 2013-14; the firm's modest order
book position provides limited revenue visibility over the medium
term. CRISIL believes KMR's business risk profile will remain
under pressure over the medium term due to the intense competition
in the civil construction industry.

The rating continues to reflect KMR's modest scale and working
capital intensive operations, revenue concentration risks, and
susceptibility to risks related to intense competition in the
civil construction industry. The rating also reflecst KMR's below-
average financial risk profile marked by small net worth and
modest debt protection metrics. These rating weakness are
partially offset by proprietor's extensive industry experience and
moderate revenues visibility.
Outlook: Stable

CRISIL believes that KMR will continue to benefit from the
extensive experience of the promoters in the civil construction
sector, over the medium term. The outlook may be revised to
'Positive' if the firm diversifies and sustainably improves its
scale of operations and profitability, thereby enhancing its
financial risk profile Conversely, the outlook may be revised to
'Negative' if KMR's cash accruals decline considerably, or its
working capital management deteriorates, or if the promoters
withdraw substantial capital, leading to deterioration in its
financial risk profile.

KMR was set up in 1988 up by Mr. K.M. Mohammed Rasheed as a
proprietorship firm in Kerala. The firm undertakes civil
construction works.


KARTHIKEYA AGRO: CARE Revises Rating on INR6.24cr LT Loan to B+
---------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of
Karthikeya Agro Industries.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     6.24       CARE B+ Revised from
                                            CARE B

Rating Rationale
The revision in the rating assigned to the bank facilities of
Karthikeya Agro Industries (KAI) takes into account moderate
revenue and profit margins reported during FY15 (refers to the
period April 01 to March 31), the first full year of operations.

The rating also factors in experience of partners of over a
decade in the rice milling industry, healthy demand outlook of
rice, location advantage with easy availability of paddy.

The rating is, however, constrained by short track record and
small scale of operations, leveraged capital structure and weak
debt coverage indicators, seasonal nature of availability of
paddy, presence in fragmented and competitive rice processing
industry and constitution of the entity as a partnership firm.

The ability of the firm to increase its scale of operations and
profit levels, improve its capital structure and debt coverage
indicators are the key rating sensitivities.

Karthikeya Agro Industries (KAI) was established in 2013 as a
partnership firm, promoted by Mr G Madhusudhana Rao and a family
member. The firm is engaged in milling and processing of rice at
Nellore District, Andhra Pradesh, with an installed capacity to
process 16,698 metric tons per annum of rice. The firm also sells
the by products such as broken rice, husk and bran which comes out
during the milling and processing of rice.

The main raw material for the firm is paddy which is directly
procured from local farmers located in and around Nellore. The
firm sells its final product (rice) in the open markets of Tamil
Nadu, Andhra Pradesh and Kerala.


KEVIN CERAMIC: CARE Reaffirms B+ Rating on INR6.36cr LT Loan
------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Kevin Ceramic Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     6.36       CARE B+ Reaffirmed
   Short-term Bank Facilities    1.00       CARE A4 Reaffirmed

Rating Rationale

The ratings continue to remain constrained on account of Kevin
Ceramic Private Limited's (KCPL) leveraged capital structure,
modest debt coverage indicators and elongated working capital
cycle, presence in the highly fragmented and competitive floor
tiles industry and susceptibility of profit margin to fluctuations
in the raw material prices.

The ratings, however, continue to derive strength from increase in
scale of operations, improvement in PAT margin and cash accruals.
KCPL's ability to increase its scale of operations along with
successful implementation of planned capacity expansion project
along with capital structure and liquidity indicators would be the
key rating sensitivities.

KCPL was incorporated in September 2010 by Mr Ramesh Bhalodia, Mr
Milan Bhalodia, Mr Prashant Bhalodia, Mr Devshi Bhalodia and Mr
Jayanti Charola. However, with effect from FY15 (refers to the
period April 1 to March 31), Mr Bipin Gambhava and Mr Amarshi
Vansjaliya have sold their stake in KCPL and Mr Jashvant
Vansjaliya and Mr Rashvin Vansjaliya have joined KCPL.  The
present management has vast experience in the ceramic industry.

KCPL operates from its sole manufacturing facility located at
Morbi (Rajkot, Gujarat) with an installed capacity of 18 lakh
boxes per annum of porcelain floor tiles and parking tiles as on
March 31, 2015.

The commercial production commenced from November 2011 and hence
FY13 was the first full year of operations for KCPL.

KCPL is planning to increase its installed capacity to 20 lakh
boxes per annum during FY17 and for the same purpose the
management is planning to procure Digital Printing Machine worth
INR0.77 crore (US$ 115,000). Funding pattern has not been decided
till January 2016. KCPL reported a total operating income (TOI) of
INR18.56 crore and PAT of INR0.67 crore during FY15 as against TOI
of INR14.10 crore and PAT of INR0.08 crore during FY14. As per
8MFY16 (provisional) financials, KCPL has registered INR11.56
crore.


KINECO PRIVATE: CRISIL Assigns B- Rating to INR70MM Cash Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to
the bank facilities of Kineco Private Limited (KPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Working Capital
   Term Loan              40       CRISIL B-/Stable
   Letter of Credit       40       CRISIL A4
   Bank Guarantee         50       CRISIL A4
   Cash Credit            70       CRISIL B-/Stable

The ratings reflect KPL's small scale and working capital
intensive nature of operations. The rating also factors in weak
financial risk profile marked by small net worth and weak debt
protection metrics. These rating weaknesses are partially offset
by KPL's promoters extensive experience in the composite plastic
products manufacturing industry coupled with funding support from
promoters.
Outlook: Stable

CRISIL believes that KPL will continue to benefit over the medium
term from the extensive experience of its promoters in the
composite plastic product industry. The outlook may be revised to
'Positive', if the company reports significant and sustained
increase in its revenues and operating profitability, thereby
leading to an improvement in its financial risk profile.
Conversely, the outlook may be revised to 'Negative' if there is
deterioration in the company's revenues and operating
profitability decline or if its working capital requirements
increase, there by weakening its financial risk profile.

Incorporated in 1994 in Goa, KPL, is engaged in manufacturing of
composite plastic products for railways, telecommunication, water
treatment, aerospace and defense. KPL is promoted by Mr. Sekhar
Sardessai. Helios Strategic Systems (I) Limited acquired 51% stake
in the company in 2015-16.


KUNAL LOHACHEM: CARE Reaffirms 'B' Rating on INR6cr LT Loan
-----------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Kunal Lohachem Private Limited.

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

Rating Rationale

The rating of Kunal Lohachem Private Limited (KLPL) continues to
be constrained by relatively small scale of operation, weak
financial risk profile, volatility in prices of trading materials
and stiff competition due to fragmented nature of the industry
with presence of many unorganized players.

The rating, however, continues to draw comfort from the experience
of the promoter with long track record of operations.

Going forward, the ability of the entity to improve its scale of
operations along with profit margins and effective working capital
management would be the key rating consideration.

KLPL incorporated in May 1997 and was promoted by Mr Praveen Kumar
Jain and Mr S.K. Verma of Raipur, Chhattisgarh. KLPL is engaged in
the trading of H.B wire, G.I. wire and MS Round bar, Barbed
wire and Wire Nails. This apart, the company is also engaged in
converting HB wire into GI wires on job work basis. The company
sells its products to dealers and retailers located in
Chhattisgarh. The application of products sold by KLPL is largely
used in industries like power, construction, automobile,
engineering, etc.

In FY15 (A) (refers to the period April 1 to March 31), the firm
has reported a total operating income of INR77.93 crore (as
against INR79.83 crore in FY14) and PAT INR0.14 crore (as against
PAT of INR0.13 crore in FY14). Till December 2015, the company has
maintained to have achieved revenue of INR72.44 crore.


MADHOOR BUILDWELL: CRISIL Cuts Rating on INR155MM LT Loan to B+
---------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Madhoor Buildwell Private Limited to 'CRISIL B+/Stable/CRISIL A4'
from 'CRISIL BB-/Stable/CRISIL A4+'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee          10      CRISIL A4 (Downgraded from
                                   'CRISIL A4+')

   Proposed Long Term     155      CRISIL B+/Stable (Downgraded
   Bank Loan Facility              from 'CRISIL BB-/Stable')

   Term Loan               65      CRISIL B+/Stable (Downgraded
                                   from 'CRISIL BB-/Stable')

The rating downgrade reflects the stretch in the liquidity profile
of the company due to elongation of working capital cycle. A
change in the sponsor for some of its projects has resulted in an
increased processing time for release of payments to Madhoor for
completed work. Consequently, as on September 30, 2015, the
company had receivables of about INR246 million outstanding for
more than 6 months, which has increased from INR26 million as on
March 31, 2015. The delay in release of payments has resulted in
increased reliance on short term debt to meet incremental working
capital requirements. Resultantly, Madhoor's fund-based working
capital bank lines have remained fully utilized for the past six
months through December 31, 2016. Recovery of these slow moving
receivables will remain a key rating sensitivity factor over the
medium term.

The rating continues to reflect high geographic concentration in
Madhoor's revenue profile, below-average financial risk profile
with modest net worth, moderate gearing, and adequate debt
protection metrics. The operations of Madhoor are working capital
intensive with large inventory to be carried for its real estate
activities. The rating weaknesses are partially mitigated by the
benefits that the company derives from the extensive experience of
its promoters in the civil construction business as well as real
estate activities. Madhoor also has moderte order-book position,
which provides medium term revenue visibility.
Outlook: Stable

CRISIL believes that Madhoor will benefit from its promoters'
extensive industry experience and strong revenue visibility, over
the medium term. The outlook may be revised to 'Positive' in case
there is significant improvement in the company's revenue and
profitability, while sustaining its working capital cycle and
capital structure. Conversely, the outlook may be revised to
'Negative' in case of delay in any of Madhoor's projects or less
than anticipated bookings in its real estate projects leads to a
liquidity crunch.

Madhoor is engaged in real estate development and has been
undertaking civil construction activities in Nasik (Maharashtra)
since 1994. The founder promoter and chairman, the Late Mr.
Ratilal Shivdas Patel, was in the construction business for five
decades. Now, the business is run by his three sons Mr. Pradip
Ratilal Patel, Mr. Arvind Ratilal Patel, and Mr. Chetan Ratilal
Patel.


MAHALUXMI STEELS: CARE Assigns 'B' Rating to INR6cr LT Loan
-----------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of Mahaluxmi
Steels.

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

Rating Rationale

The rating assigned to the bank facilities of Mahaluxmi Steels are
constrained by its small and fluctuating scale of operations, weak
debt coverage indicators and partnership nature of constitution.
The ratings are further constrained by its presence in a highly
competitive and fragmented industry and low profitability margins.
The rating, however, derives strength from the experience of the
promoters and moderate capital structure of the firm.

Going forward, the ability of the company to profitably scale-up
its operations along with improvement in the overall solvency
position and efficient management of the working capital
requirements would remain the key rating sensitivities.

M/s Mahaluxmi Steels (MLS) was established in October 2004 as a
partnership concern. The current partners of the firm are Mr
Sanjay Gupta, Mr Mukesh Gupta and Mahaluxmi Mettcast Private
Limited (a group company) sharing profits and losses in the ratio
45: 45: 1. MSL is mainly engaged in the manufacturing and trading
of iron & steel ingots and industrial round of various grades and
sizes on order basis at its manufacturing facilities situated in
Ludhiana, Punjab having an installed capacity of 13,500 tonnes per
annum, as on March 31, 2015. The major raw material required for
the manufacturing of ingots and industrial rounds are iron and
steel scrap which are procured domestically from the traders
located in Punjab, Haryana, Madhya Pradesh and Uttar Pradesh. The
firm sells its products i.e. ingots and industrial rounds mainly
in the states of North India include Punjab, Delhi, Haryana Uttar
Pradesh and Madhya Pradesh directly to manufacturers and traders.

In FY15 (refers to the period April 01 to March 31), MLS has
achieved a total operating income of INR46.82 crore with PAT of
INR0.22 crore, as against the total operating income of INR33.78
crore with PAT of INR0.20 crore, in FY 14. In FY16, the firm has
achieved total income of INR36.23 crore till December 29, 2015
(Provisional).


MASS-TECH CONTROLS: CRISIL Cuts Rating on INR30MM Loan to 'B'
-------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Mass-Tech Controls Pvt Ltd (MTCPL) to 'CRISIL B/Stable' from
'CRISIL B+/Stable', while reaffirming its rating on the short-term
facilities at 'CRISIL A4'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee        42.5      CRISIL A4 (Reaffirmed)

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

   Letter of Credit       7.5      CRISIL A4 (Reaffirmed)

   Term Loan              2        CRISIL B/Stable (Downgraded
                                   from 'CRISIL B+/Stable')

The rating downgrade reflects deterioration in the company's
liquidity as a ramp-up in scale of operations led to an increase
in working capital requirement which has resulted fully
utilisation in bank line over the past seven months through
December 2015.

The ratings reflect MTCPL's modest scale of operation and working
capital-intensive nature of operations. These rating weaknesses
are partially offset by the extensive experience of the company's
promoters in the electrical tools manufacturing industry.
Outlook: Stable

CRISIL believes MTCPL will continue to benefit over the medium
term from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' in case of a significant
increase in scale of operations and profitability, leading to
more-than-expected cash accrual, or efficient working capital
management, thereby improving liquidity. Conversely, the outlook
may be revised to 'Negative' in case of any significant debt-
funded capital expenditure, decline in revenue and operating
profitability, or a stretched working capital cycle, resulting in
weakening of the company's financial risk profile.

MTCPL was set up as partnership in the year 1993 by Mr. Subash
Patil. The company is into assembling and designing of D.C Power
systems, Battery chargers, Convertors and Low voltage switch gear
and Control panels used in industrial set up. The company's
manufacturing unit is based out of Jalgaon, Maharashtra.


MAYA VENTURES: CRISIL Cuts Rating on INR262MM Project Loan to B
---------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Maya Ventures Private Limited (MVPL) to 'CRISIL B/Stable' from
'CRISIL B+/Stable'.

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

   Project Loan          262       CRISIL B/Stable (Downgraded
                                   from 'CRISIL B+/Stable')

The rating downgrade reflects slower-than-expected progress in
construction of, and bookings for, MVPL's residential real estate
project, Maya Indradhanush. Low bookings have resulted in low
customer advances and hence weakening of the company's financial
risk profile as reflected in a negative net worth and stretched
liquidity.

The rating also reflects exposure to risks related to timely
completion and saleability of its ongoing real estate project,
geographical concentration in its revenue profile, exposure to
intense competition, and susceptibility to risks inherent in the
Indian real estate industry. These rating weaknesses are partially
offset by the extensive experience of the company's promoters in
the real estate development business.
Outlook: Stable

CRISIL believes MVPL will continue to benefit over the medium term
from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' in case of a significant
increase in cash flows, supported by early completion of, or
significantly high realisations from, the ongoing project.
Conversely, the outlook may be revised to 'Negative' in case of
delays in project completion or in receipt of payments from
customers, a slowdown in booking, or an additional, large, debt-
funded project, leading to deterioration in liquidity.

Incorporated in 2003, MVPL is a Bengaluru-based residential real
estate developer. The company is currently developing Maya
Indradhanush, a multi-storied building project in South Bengaluru,
to be completed by December 2016. MVPL is managed by its managing
director, Mr. M N Karthik.


MODEST AND PARSONS: Ind-Ra Suspends IND BB LT Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Modest and
Parsons International Private Limited's 'IND BB' Long-Term Issuer
Rating with a Stable Outlook to the suspended category. This
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 adequate information. Ind-Ra will no longer provide
ratings or analytical coverage for Modest and Parsons.

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.

Modest and Parsons' ratings:
-- Long-Term Issuer Rating: migrated to 'IND BB(suspended)' from
    'IND BB'
-- INR44.9 million long term loans: migrated to Long-term 'IND
    BB(suspended)' from 'IND BB'
-- INR39.5 million fund-based limits: migrated to Long-term 'IND
    BB(suspended)' from 'IND BB'
-- ProposedINR31.9 million fund-based limits: migrated to Long-
    term 'Provisional IND BB(suspended)' from 'Provisional
    IND BB'


NALLAPANENI RAMESH: CARE Reaffirms B+ Rating on INR12cr Loan
------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Nallapaneni Ramesh Kumar.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      12        CARE B+ Reaffirmed
   Short-term Bank Facilities     10        CARE A4 Reaffirmed

Rating Rationale

The ratings assigned to the bank facilities of Nallapaneni Ramesh
Kumar (NRK) continue to remain constrained by client concentration
risk, leveraged capital structure, weak debt coverage indicators,
working capital-intensive nature of operations, susceptibility of
margins to fluctuation in raw material cost in absence of price
escalation clause, limited financial flexibility owing to
proprietorship nature of constitution and presence in highly
competitive and fragmented construction industry.

The ratings, however, derive strength from established track
record and experienced promoter, growth in the total operating
income albeit decline in the profit margins and improvement in
working capital cycle in FY15 (refers to the period April 01 to
March 31) and healthy order book position with moderate revenue
visibility.

The ability of the firm to improve its capital structure, debt
coverage indicators, profitability margins and manage working
capital requirements efficiently are the key rating sensitivities.

NRK was established in 1993 by Mr N. Ramesh Kumar as a
proprietorship concern for executing civil construction works. NRK
is registered as a Special Class I contractor and engaged in
execution of civil construction works like canal works and earth
works in the state of Andhra Pradesh under direct tender basis.

During FY15, NRK reported a PAT of INR0.75 crore on a total
operating income of INR56.43 crore as against net profit of
INR0.84 crore on a total operating income of INR41.50 crore in
FY14.  Furthermore, as per the provisional financials for 10MFY16,
the firm has reported sales of INR55.00 crore during the period.


NETWORK CLOTHING: Ind-Ra Suspends IND BB- Long-Term Issuer Rating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has suspended Network Clothing
Company Pvt Ltd's (NCC) Long-Term Issuer Rating 'IND BB-' with a
Stable Outlook. 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 NCC.

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.

NCC's ratings:

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

-- INR7.2 million Term Loans: migrated to 'IND BB-(suspended)'
    from 'IND BB-'

-- INR565.0 million fund-based working capital limits: migrated
    to 'IND BB-(suspended)' from 'IND BB-'

-- INR70m non-fund-based working capital limits: migrated to
    'IND A4+(suspended)' from 'IND A4+'


NIFTY TECHNOLOGIES: CARE Assigns B+/A4 Rating on INR10.47cr Loan
----------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' rating to the bank facilities
of Nifty Technologies.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term/Short-term          10.47      CARE B+/CARE A4
   Bank Facilities                          Assigned

Rating Rationale

The rating assigned to the bank facilities of Nifty Technologies
(N-Tech) is primarily constrained on account of implementation
risk associated with its debt-funded project for construction of
hotel, its presence in the highly fragmented and competitive hotel
industry and constitution as a proprietorship concern.

The rating, however, continues to derive strength from experienced
management, location advantage and moratorium period of 2 years
available after completion of project.

The ability of the firm to complete the project within envisaged
time and cost parameters and ability to achieve the projected
Occupancy Ratio (OR) and Average Room Rent (ARR) for the hotel in
a highly competitive industry are the key rating sensitivity.

N-Tech was formed in 2005 as a proprietorship concern by Mr.
Sudhir Kumar Nijhawan with an objective to set up a four star
hotel in Jaipur (Rajasthan). The firm started construction of
hotel from November 2014 and envisaged total cost of INR16.05
crore towards the project which envisaged to be funded through
debt equity mix of 2.30:1. The project is envisaged to be
completed by end of March 2016. The hotel will have facility of
total 50 rooms which include; 1 suits, 21 Deluxe rooms, 28
Superior Garden View Rooms, a restaurant with 40 seats, a banquet
hall with capacity of 275 persons, a conference room with capacity
of 125 persons and a lawn which can accommodate 1500 persons for
the purpose of weddings and other functions.

Till November 13, 2015, the firm has incurred INR6.72 crore
towards the project which was funded by term loan of INR4.33
crore, unsecured loans of INR0.05 crore and remaining through
proprietor's capital.


PADMEY IMPEX: Ind-Ra Suspends 'IND B+' Long-Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Padmey Impex
Private Limited's 'IND B+' Long-Term Issuer Rating with a Stable
Outlook to the suspended category. This 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 Padmey Impex.

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.

Padmey Impex ratings:

-- Long-Term Issuer Rating: migrated to 'IND B+(suspended)' from
    'IND B+'
-- INR100 million fund-based limits: migrated to Long-term 'IND
    B+(suspended)' from 'IND B+' and Short-term 'IND
    A4(suspended)' from 'IND A4'
-- INR80 million non-fund-based limits: migrated to Short-term
    'IND A4(suspended)' from 'IND A4'


PARTH COLD: CRISIL Assigns 'B' Rating to INR47.5MM Term Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank loan facilities of Parth Cold Storage - Banaskantha (PCS).
The rating reflects PCS's early stage and expected modest scale of
operations in the highly fragmented agriculture industry. The
rating also factors in the firm's average financial risk profile
because of a modest capital structure. These rating weaknesses are
partially offset by the extensive industry experience of its
promoters.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Term Loan             47.5      CRISIL B/Stable
   Cash Credit            2.5      CRISIL B/Stable
   Pledge Loan           25        CRISIL B/Stable

Outlook: Stable

CRISIL believes PCS will continue to benefit over the medium term
from its promoters' extensive industry experience. The outlook may
be revised to 'Positive' in case of an improvement in scale of
operations while profitability is sustained, leading to
significantly higher cash accrual. Conversely, the outlook may be
revised to 'Negative' if the financial risk profile weakens, most
likely because of pressure on profitability or significant
increase in working capital requirement.

PCS is a cold storage chain providing cold storage facilities for
potatoes and other vegetables. It will begin operations in March
2016 and will be managed by Mr. Jiteshkumar Chaudhary and his
friends of Palanpur, Banaskatha (Gujarat).


R.J. CHATHA: CRISIL Reaffirms B+ Rating on INR100MM Loan
--------------------------------------------------------
CRISIL's ratings on the bank facilities of R.J. Chatha Rice Mills
(RJCRM) continue to reflect the firm's weak financial risk profile
because of a modest net worth, high total outside liabilities to
tangible networth (TOLTNW) ratio, and weak debt protection
metrics, driven by large working capital requirement and low cash
accrual.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit             70      CRISIL B+/Stable (Reaffirmed)

   Inventory Funding
   Facility               100      CRISIL B+/Stable (Reaffirmed)

   Packing Credit         150      CRISIL A4 (Reaffirmed)

The ratings also factor in a small scale of operations, and
susceptibility to regulatory changes, erratic rainfall, and
volatility in raw material prices. These rating weaknesses are
partially offset by the extensive experience of RJCRM's promoters
in the basmati rice processing industry.
Outlook: Stable

CRISIL believes RJCRM will continue to benefit over the medium
term from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' in case of a significant
improvement in scale of operations and profitability, leading to a
considerable increase in cash accrual, or in case of a better
capital structure driven by capital infusion. Conversely, the
outlook may be revised to 'Negative' if the capital structure
weakens, most likely because of large debt-funded capital
expenditure or a decline in profitability.

RJCRM, established in 1971 by Mr. R S Chatha and Mr. J S Chatha,
processes basmati rice. The firm exports its produce to Middle-
East countries, such as Saudi Arabia, Iran, and Oman, and to the
US and Canada. In the domestic market, it sells rice under its own
brands, Heera and Anarkali, which contribute to around 30 per cent
of its total sales. The firm has a rice-milling capacity of 5
tonnes per hour (tph) and a sorting capacity of 4 tph.


RADHA CASTING: CARE Reaffirms 'D' Rating on INR4.73cr LT Loan
-------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Radha Casting & Metalik Pvt Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     4.73       CARE D Reaffirmed

Rating Rationale

The rating of the long-term bank facilities of Radha Casting &
Metalik Pvt Ltd (RCMPL) continues to factor in the on-going
delays in debt servicing owing to stressed debtors position
resulting in weak liquidity position of the company. The ability
to service debt on a regular basis would be the key rating
sensitivity.

RCMPL, incorporated in June 2006, was promoted by brothers Mr
Dhananjay Kumar and Mr Pawanjay Kumar of Jharkhand. The company
had initially set up a pig iron plant (installed capacity 15,000
metric tonnes per annum: MTPA) at Ramgarh, Jharkhand, and
commenced commercial operation in the year 2008. But, later on, in
May 2011, the company was forced to shut down its pig iron plant
due to iron ore scarcity owing to iron ore mining related issues
leading to rising raw material cost and weak demand. Since
February 2012, the company had started manufacturingMild Steel
(MS) Ingots with installed capacity of 15, 000 MTPA at its
existing plant.

RCMPL is a closely-held family-managed business. The board of the
company comprises two members, representing the promoters. The
promoters are actively involved in its management and have more
than a decade of business experience in iron and steel business.

During FY15 (refers to the period April 1 to March 31), the
company reported a total operating income of INR39.89 crore
(FY14: INR35.66 crore) and a PAT of INR0.01 crore (in FY14:
INR0.18 crore).


RAGHU RAMA: CARE Assigns 'B' Rating to INR8cr LT Loan
-----------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of Raghu Rama
Renewable Energy Limited.

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

Rating Rationale

The rating assigned to the bank facilities of Raghu Rama Renewable
Energy Limited (RRREL) is constrained by the absence of long-term
Power Purchasing Agreement (PPA), weak operational performance
with low Plant Load Factor (PLF), weak financial profile with
continued operating losses and leveraged capital structure and
stretched liquidity position despite significant improvement in
same during FY15 (refers to the period April 01 to March 31) due
to long operating cycle resulting in high utilization of working
capital limits. The rating is, however, underpinned by the
experienced promoter and management team with the parent company
having considerable experience in power generation and financial
support from the group. The ability of the company to improve its
operational and financial risk profile and timely financial
support from the group as and when required are the key
sensitivities.

RRREL was incorporated in 2001 and is a subsidiary of Ind- Barath
Power Infra Limited (IBPIL) of the Ind-Barath Group. The company
operates a 18 MW biomass-based power plant in Ramnad district,
Tamil Nadu. The plant was commissioned in October 2004 and is the
first stand- alone bio-mass based power plant in the state of
Tamil Nadu.

In FY15, RRREL has reported a total operating income of INR20.83
crore (Rs.19.15 crore in FY14) and a loss of INR6.15 crore (a loss
of INR6.16 crore in FY14). Further in H1FY16 (Provisional), the
company has reported a revenue of INR8.19 crore with a loss of
INR2.65 crore.


RISING LANDSCAPES: CRISIL Cuts Rating on INR300MM Loan to 'B'
-------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
Rising Landscapes - AOP (RL) to 'CRISIL B/Stable' from 'CRISIL
B+/Stable'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Proposed Term Loan     300      CRISIL B/Stable (Downgraded
                                   from 'CRISIL B+/Stable')

The downgrade reflects pressure on RL's liquidity due to low cash
flow visibility against sizeable upcoming term debt obligation,
and high demand risk for project. RL has booked and realised
customer advances for 50 percent of its project, leading to
minimal assured cash flow for meeting term debt obligation of
INR300 million over the 12 months through March 2016. Despite
funding support from promoters, RL's liquidity will be tested
because of the prevailing sluggishness in the real estate industry
and lack of assured cash flow for debt servicing.

The rating reflects RL's strained liquidity with large term debt
obligation, exposure to demand risk for ongoing project, and
susceptibility to cyclical demandin the Indian real estate sector.
These weaknesses are partially offset by promoters' extensive
industry experience, and funding support from associate entities.
Outlook: Stable

Large term loan obligation will continue to constrain RL's
financial risk profile, particularly liquidity, over the medium
term. The outlook may be revised to 'Positive' in case of
significantly better-than-expected bookings and advances for
project. Conversely, the outlook may be revised to 'Negative' if
lower-than-expected bookings lead to stress on cash flow.

RL, set up in April 2007 as an Association of Persons (AOP), is
executing a residential real estate project in Pune. The project
comprises 180 apartments (90 two-bedroom-hall-kitchen [BHK]
apartments and 90 three-BHK apartments). It has saleable area of
253,690 square feet, and is being marketed under the Kool Homes
brand.


S H MARINE: CRISIL Assigns 'B' Rating to INR82MM Cash Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of S H Marine Exim (SHME)

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Proposed Cash
   Credit Limit            82      CRISIL B/Stable
   Foreign Bill
   Discounting             58      CRISIL B/Stable
   Packing Credit          40      CRISIL A4

The ratings reflect SHME's modest scale- and working capital
intensive nature- of operations in highly fragmented seafood
processing industry. The rating also reflects SHME's weak
financial risk profile marked by small networth, high gearing and
weak debt protection metrics. These rating weaknesses are
partially offset by the benefits derived from the extensive
experience of the promoters in seafood industry and its
established customer relationship.
Outlook: Stable

CRISIL believes that SHME will continue to benefit over the medium
term from its promoters' extensive experience in the seafood
industry. The outlook may be revised to 'Positive' if the firm
generates higher-than-expected accruals or registers improvement
in its capital structure, resulting in improvement of its
financial risk profile. Conversely, the outlook may be revised to
'Negative' if SHME registers deterioration in its liquidity on
account of stretch in its working capital cycle, or lower-than
expected accruals, or larger than expected debt funded capex.

Set up in 2012, SHME is engaged in processing and export of
shrimps, squids and cuttlefish. Based out of Ernakulam in Kerala,
the firm is promoted by Mr. Ahammed Mohammed Gafoor and his family
members.


S.M. RAM: CRISIL Assigns B+ Rating to INR52.5MM LT Loan
-------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of S.M. Ram Coal Importers (SMR).

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Proposed Long Term
   Bank Loan Facility       52.5      CRISIL B+/Stable
   Cash Credit              30        CRISIL B+/Stable

   Inland/Import Letter
   of Credit               100        CRISIL A4

The ratings reflect SMR's modest scale of operations in the coal
trading business and also large working capital requirements. The
ratings also factor in average financial risk profile marked by
modest net worth, high total outside liabilities to tangible net
worth ratio and average interest coverage ratio. These weaknesses
are mitigated by its proprietor's extensive experience.
Outlook: Stable

CRISIL believes SMR will benefit from its proprietor's extensive
experience and favourable demand for coal in India. The outlook
may be revised to 'Positive' if cash accrual improves backed by
increased scale of operations and profitability and prudent
working capital management, strengthening financial risk profile.
Conversely, the outlook may be revised to 'Negative' if revenue
declines steeply or financial risk profile, particularly
liquidity, weakens because of low cash accrual and larger-than-
anticipated working capital requirement or significant capital
withdrawals.

SMR was established in 2009 as a proprietorship concern by Mr. S M
Ramar. The company trades in steam coal and is based in
Thoothukudi, Tamil Nadu.


SALASAR BALAJI: CRISIL Assigns B+ Rating to INR95MM Loan
--------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Salasar Balaji Cold Storage Pvt Ltd (SBPL). The
rating reflects SBPL's modest scale of operations in the intensely
competitive warehouse and cold storage industry, exposure to
geographical concentration risk, and below-average financial risk
profile because of high gearing and subdued debt protection
metrics. These weaknesses are partially offset by promoters'
extensive industry experience and moderate return on capital
employed.
                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Overdraft Facility     95       CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility      5       CRISIL B+/Stable

Outlook: Stable

CRISIL believes that SBPL will maintain its business risk profile
over the medium term backed by its promoters' extensive industry
experience. The outlook may be revised to 'Positive' if the
company scales up operations significantly and sustainably, and
maintains operating margin, leading to higher-than-expected cash
accrual and a better capital structure. Conversely, the outlook
may be revised to 'Negative' if lower-than-expected accrual or
debt-funded capital expenditure weakens capital structure, or if
increase in working capital requirement leads to stretch in
liquidity.

SBPL, set up in 1998, provides cold storage and warehouse services
to farmers, merchants, and traders for chili, jaggery, rice,
wheat, groundnut, guar, castor bean, and pulses near Jodhpur
mandi. Its operations are managed by Mr. Jagdish Prasad Bajaj, Mr.
Satya Narayan Bajaj, and Mr. Kailash Bajaj.


SALASARLENE DRESS: CRISIL Assigns B- Rating to INR90MM Cash Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating on the long-term
bank facilities of Salasarlene Dress Fab Private Limited.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            90       CRISIL B-/Stable
   Long Term Loan         26       CRISIL B-/Stable

The ratings reflect SDPL's modest scale of operations and exposure
to intense competition in the textile industry, working capital
intensive operations and below-average financial risk profile,
marked by small net worth and weak debt protection metrics. These
rating weaknesses are partially offset by the promoters' extensive
experience and their funding support.
Outlook: Stable

CRISIL believes SDPL will continue to benefit over the medium term
from its promoters' extensive experience in the textile industry.
The outlook may be revised to 'Positive' if a significant and
sustained increase in scale of operations, improvement in working
capital cycle or substantial equity infusion strengthens SDPL's
financial risk profile and liquidity. Conversely, the outlook may
be revised to 'Negative' if decline in profitability or revenue,
or stretch in working capital cycle weakens SDPL's financial risk
profile and liquidity.

Incorporated in 1991 by Mr. Santosh Makharia, SDPL manufactures
dress material for women. The company purchases grey fabric and
undertakes dyeing, printing, stitching and packaging in house.

The manufacturing facility in Surat, Gujarat, has capacity of
around 100,000 pieces per month.


SALIENT CERAMIC: CARE Reaffirms B Rating on INR7.97cr LT Loan
-------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Salient Ceramic.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     7.97       CARE B Reaffirmed
   Short-term Bank Facilities    1.65       CARE A4 Reaffirmed

Rating Rationale

The ratings assigned to the bank facilities of Salient Ceramic
(SC) continue to remain constrained on account of nascent stage of
operation during which it incurred net loss. The ratings further
continue to remain constrained due to partnership nature of
business operation coupled with its operations in the highly
fragmented and competitive nature of the ceramic industry along
with fortune dependants upon the real estate market and
susceptibility of margins to volatility in raw material and fuel
(natural gas) prices.

The ratings, however, continue to take into account vast
experience of the partners coupled with its presence in the
ceramic tile hub with easy access to raw material, power and fuel.
The ability of SC to increase its scale of operations, improve its
profit margins and capital structure along with better working
capital management in light of the volatile input prices in the
competitive industry remains the key rating sensitivities.

Morbi-based (Gujarat) SC was established on May 20, 2013 as a
partnership firm by six partners to undertake green field project
in manufacturing of digital ceramic wall tiles. Reconstitution of
the firm took place on March 18, 2014 subsequent to the admission
of eight new partners in the firm. SC has successfully completed
its project & commenced production from April, 2015 onwards.

During 8MFY16 (Provisional), SC has achieved TOI of INR2.29 crore.


SAN MARINE: Ind-Ra Assigns 'IND B+' Long-Term Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned San Marine
Exports (SME) a Long-Term Issuer Rating of 'IND B+'. The Outlook
is Stable. A full list of rating actions is at the end of this
commentary.

KEY RATING DRIVERS

The ratings reflect SME's small scale of operations and weak
credit metrics. In FY15, revenue was INR296 million (FY14: INR387
million), net leverage (total Ind-Ra adjusted net debt/operating
EBITDA) was 6.2x (6.8x) and gross interest coverage (operating
EBITDA/gross interest expense) was 1.4x (1.7x).

The ratings also factor in the company's moderate liquidity
position, with around 70.8% average working capital utilisation
during the 12 months ended November 2015.

However, the ratings benefit from SME's promoters' experience of
over three decades in the fish processing and seafood export
segments.

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 overall credit metrics, will lead to a
negative rating action.

COMPANY PROFILE

Incorporated in 2010, SME is a Kerala-based partnership firm
engaged in the processing and export of seafood.

LYTPL's ratings:
-- Long-Term Issuer Rating: assigned 'IND B+', Outlook Stable
-- INR5.5 million long-term loan: assigned 'IND B+'/Stable
-- INR120 million fund-based working capital facilities:
    assigned 'IND B+'/Stable/'IND A4'


SANSKAR AGRO: Ind-Ra Suspends 'IND BB' Long-Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Sanskar Agro
Processors Pvt Ltd's 'IND BB' Long-Term Issuer Rating with a
Stable Outlook to the suspended category. This 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
adequate information. Ind-Ra will no longer provide ratings or
analytical coverage for Sanskar Agro Processors.

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.

Sanskar Agro Processors' ratings:

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

-- INR89.8 million term loans: migrated to Long-term 'IND
    BB(suspended)' from 'IND BB'

-- INR150 million fund-based limits: migrated to Long-term 'IND
    BB(suspended)' from 'IND BB'

-- INR15 million non-fund-based limits: migrated to Short-term
    'IND A4+ (suspended)' from 'IND A4+'


SARASWATHI BROILERS: CARE Assigns B+ Rating to INR12cr LT Loan
--------------------------------------------------------------
CARE assigns 'CARE B+' ratings to the bank facilities of
Saraswathi Broilers Private Ltd.

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

Rating Rationale

The rating assigned to the bank facilities of Saraswathi Broilers
Private Limited (SBPL) is constrained by the small scale & working
capital intensive operations of the company, relatively lower
profit margins due to the trading nature of business, high overall
gearing and volatile nature of the poultry industry.

The rating, however, draws strength from the experience of the
promoters in poultry trading, track record of operations of the
company and established relationships with the clients. Going
forward, the ability of the company to increase its revenues,
improve profitability, effectively manage its working capital
requirements and improve its capital structure would be the key
rating sentitivities.

Chennai based, SBPL was promoted by Mr Damodaran, as a poultry
trading firm in early 1980's. The operations were streamlined and
expanded by Mr D Saivenugopal, son of MrDamodaran who joined the
family business in the year 1995.

The company is engaged in trading of chicken poultry through its
outlets across Chennai. Currently SBPL owns and operates about 10
outlets across Chennai. SPBL operates as a trader, buying live
chicken birds from big poultry farms and selling it to
institutions like hostels, schools, hotels and also directly to
retail customers.

For FY15 (refers to the period April 1 to March 31), SBPL recorded
a PAT of INR0.08 crore on total operating income of INR34.01 crore
as against a PAT of INR0.07 crore on total operating income of
INR28.76 crore in FY14.


SONAWIRES PVT: CARE Revises Rating on INR4.38cr Loan to B+
----------------------------------------------------------
CARE revises the ratings assigned to the lt bank facilities and
reaffirms the rating assigned to the st bank facility of
Sonawires Pvt. Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     4.38       CARE B+ Revised from
                                            CARE B
   Short-term Bank Facility      2.00       CARE A4 Reaffirmed

Rating Rationale

The revision in the ratings of Sona Wires Private Limited (SWPL)
takes into cognizance the comfortable capital structure, improved
debt service coverage indicators and operating cycle.

However, the ratings continues to remain constrained by its small
scale of operation coupled with low profitability margins,
susceptibility to volatility in raw material prices, stiff
competition due to fragmented nature of the industry and working
capital intensive nature of operation.

The ratings, however, continues to draw comfort from long track
record & experience of the promoters in the same business.

Ability of SWPL to improve its scale of operations with
improvement in profitability margins and effective working capital
management would be the key rating sensitivities.

Sona Wires Pvt. Ltd. (SWPL) incorporated in July, 1986 by one Mr S
K Jain and his family members of Raipur, Chhattisgarh. SWPL is
engaged in the manufacturing of galvanised iron (G.I.) wire, Stay
wire, G.I. barbed wire, having an installed capacity of 5200 MTPA,
2564 MTPA and 400 MTPA respectively.

Subsequently from FY11 onwards, the company discontinued
manufacturing of G.I. barbed wire owing to lower demand. In FY12
(refers to the period April 1 to March 31), the company also
commenced trading in wires, which accounted for 86.11% of the
total sales during FY15.

During FY15 (A), SWPL had reported a total operating income of
INR29.46 crore (as against INR31.50 crore in FY14) and a PAT
(after deferred tax) of INR0.08 crore (as against profit of
INR0.06 crore in FY14). The management has maintained to have
achieved a total operating income of around INR21.83 crore in
10MFY16.


SRI LAKOSHA: CRISIL Reaffirms B+ Rating on INR33MM Term Loan
------------------------------------------------------------
CRISIL's ratings on the bank facilities of Sri Lakosha Polymer
Private Limited (SLPPL) continue to reflect the company's modest
scale of operations in the intensely competitive polymer products
trading business and below-average financial risk profile because
of modest networth, a high total outside liabilities to tangible
networth ratio, and weak debt protection metrics. These weaknesses
are partially offset by the extensive industry experience of the
promoters in the polymer products trading business.

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

   Letter of Credit      190       CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     22       CRISIL B+/Stable (Reaffirmed)

   Term Loan              33       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes SLPPL will continue to benefit over the medium
term from the promoters' extensive experience in the polymer
products trading business. The outlook may be revised to
'Positive' if the company registers significant and sustainable
growth in revenue and margin, while improving its capital
structure and debt protection indicators, leading to improvement
in the financial risk profile. Conversely, the outlook may be
revised to 'Negative' if SLPPL registers a significant decline in
revenue and margin or if its working capital cycle lengthens
further or if it undertakes any large, debt-funded capital
expenditure leading to further weakening of the financial risk
profile.

SLPPL, promoted in 1998 by Mr. Sridharan (joint managing director)
and his wife, Mrs. S Lalitha (joint managing director), trades in
polymer products. The company imports these products from
countries such as Saudi Arabia, Kuwait, and Malaysia and sells to
traders and plastic manufacturers in Tamil Nadu. The company's
administrative office is in Tirupur.


STERIL- GENE: CRISIL Reaffirms B Rating on INR50MM Cash Loan
------------------------------------------------------------
CRISIL's ratings on bank facilities of Steril- Gene Life Sciences
Private Limited (SLPL) continues to reflect SLPL's modest scale of
operations in a fragmented industry and the company's below-
average financial risk profile, marked by weak debt protection
metrics. These rating weaknesses are partially offset by the
extensive experience of SLPL's promoters in the pharmaceuticals
industry and their strong funding support to the company.

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

   Letter of Credit       20       CRISIL A4 (Reaffirmed)

   Letter of Credit
   Bill Discounting       20       CRISIL A4 (Reaffirmed)

   Proposed Working
   Capital Facility       10       CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SLPL will continue to benefit over the medium
term from its promoters' extensive industry experience and funding
support. The outlook may be revised to 'Positive' if SLPL scales
up its operations and improves its profitability resulting in
increased cash accruals, and consequently, to a better financial
risk profile. Conversely, the outlook may be revised to 'Negative'
if the company's scale of operations or profitability declines or
if its working capital management deteriorates or if it undertakes
a large debt-funded capital expenditure programme, leading to
deterioration in its financial risk profile.

Set up in 2008, SLPL manufactures pharmaceutical formulations and
has its manufacturing unit in Puducherry. The company's daily
operations are managed by Mr. A Sulaiman.


STONE WONDERS: CRISIL Reaffirms B Rating on INR47.5MM LT Loan
-------------------------------------------------------------
The ratings reflect Stone Wonders India Limited (SWIL)'s modest
scale of operations and its working-capital-intensive nature of
operations. These rating weaknesses are partially offset by the
promoters' extensive experience in the granite industry, and its
established market position.

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Bank Guarantee           5        CRISIL A4 (Reaffirmed)
   Export Packing Credit   15        CRISIL A4 (Reaffirmed)
   Letter of Credit         5        CRISIL A4 (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility      47.5      CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SWIL's business risk profile will be
maintained over the medium term marked by its promoters'
established track record in the quarry industry and its
diversified end-user profile. The outlook may be revised to
'Positive' if the company's working capital cycle improves along
with sustained improvement in margins and scale of operations.
Conversely, the outlook may be revised to 'Negative' if SWIL
reports lower than expected cash accruals or it undertakes a
larger-than-expected debt-funded capital expenditure programme,
leading to deterioration in its financial risk profile or if its
liquidity deteriorates due to further elongation of its working
capital cycle.

Founded by Mr. R Veeramani, SWIL is engaged in quarrying and
processing granites and monuments.

SWIL reported a net profit of INR1.02 million on an operating
income of INR119.7 million for 2014-15 (refers to financial year,
April 1 to March 31), as against a net profit of INR1.55 million
on an operating income of INR156.8 million for 2013-14.


SUNGRO SEEDS: Ind-Ra Suspends 'IND BB' Long-Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Sungro Seeds
Limited's 'IND BB' Long-Term Issuer Rating with a Stable Outlook
to the suspended category. This 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 adequate
information. Ind-Ra will no longer provide ratings or analytical
coverage for Sungro Seeds.

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.

Sungro Seeds' ratings:

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

-- INR33.7 million long-term loans: migrated to Long-Term 'IND
    BB'(suspended) from 'IND BB'

-- INR85 million fund-based limits: migrated to Long-Term 'IND
    BB'(suspended) from erm 'IND BB'

-- INR10 million non-fund-based limits: migrated to Short-Term
    'IND A4+'(suspended) from 'IND A4+'


UNIVERSAL POLYSACK: CARE Reaffirms 'B' Rating on INR11.20cr Loan
----------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Universal Polysack (India) Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     11.20      CARE B Reaffirmed

Rating Rationale

The rating continues to remain constrained on account of
relatively modest scale of operations of Universal Polysack
(India) Private Limited (UPPL) in the highly competitive and
fragmented woven sack industry and its financial risk profile
marked by continued cash losses incurred during the last two
financial years ended FY15 (refers to the period April 1 to
March 31) leading to stressed liquidity position and weak solvency
position. The rating, further, continues to remain constrained on
account of the susceptibility of the company's profitability to
fluctuations in the raw material prices.

The rating, however, continues to draw strength from the long-
standing experience of the promoters in the mineral industry with
financial support provided by them, location advantage by way of
proximity to the customers along with its reputed client base.

UPPL's ability to increase its scale of operations while improving
profitability in light of the volatile raw material prices and
improvement in the solvency position as well as efficient
management of working capital shall be the key rating
sensitivities.

Beawar-based (Rajasthan) UPPL, incorporated in February 2010 was
promoted by Mr Govind Goyal along with Mr Hitesh Goyal. UPPL was
incorporated with an objective to set up a greenfield plant for
manufacturing of woven sack bags at its sole manufacturing
facility located at Beawar (Rajasthan). The company completed its
project and started commercial operations from July 29, 2013, with
FY15 being the first full year of operation for the company. The
company operates from its sole manufacturing facilities located at
Beawar having an installed capacity of 4,752 metric tonnes per
annum (MTPA) as on March 31, 2015.

Woven sack bags are manufactured from Polypropylene (PP) or High
Density Polyethylene (HDPE) and find their application in
packaging salt, cement, rice, seeds and cattle feed, etc. UPPL
supplies woven sack bags mainly to cement manufacturing companies
located in & around Rajasthan and procures raw material from Del
Cadre Agents of Reliance Industries Limited.

During FY15, UPPL has reported a total operating income of
INR29.45 crore (FY14: INR11.71 crore), with net loss of INR2.06
crore (FY14: net loss of INR1.90 crore).


VAL PACK: CARE Revises Rating on INR11.24cr LT Loan to 'B+'
-----------------------------------------------------------
CARE revises/reaffirms the ratings assigned to the bank facilities
of Val Pack Solutions Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     11.24      CARE B+ Revised from
                                            CARE B-
   Shor-term Bank Facilities      1.00      CARE A4 Reaffirmed

Rating Rationale

The revision in ratings assigned to the bank facilities of Val-
Pack Solutions Private Limited (VSPL) takes into consideration
the growth in scale of operations during FY15 (refers to period
April 1 to March 31) and 9MFY16 and improvement in operating
profit margins of the company during 9MFY16.

The ratings however, continue to be constrained by nascent and
small scale of operations, highly leveraged capital structure,
susceptibility of profit margins to volatile raw material cost and
presence in highly competitive and fragmented industry.

The ratings continue to derive strength from the experienced and
resourceful promoters having demonstrated financial support,
reputed clientele and moderate order book.

VSPL's ability to strengthen its order book and increase its scale
of operations along with improvement in profit margins thereby
generating sufficient accruals and capital structure while manage
its working capital requirement efficiently are the key rating
sensitivities.

Incorporated in 2012 by Mr. Vaibhav Garg and Mr. Param Gandhi,
Valpack Solutions Private Limited (VSPL) is engaged in the
manufacturing of paper products namely cups, buckets and lids
which find application in FMCG, hospitality and other industries.

VSPL has set up its manufacturing facility at Bhiwandi, Mumbai
having an installed capacity of 2448 lakh units per annum
for paper cups and 450 lakh units per annum for lids. VSPL's major
raw material i.e. paper board is sourced locally. VSPL's
caters to reputed customers namely PepsiCo India, Interglobal
Aviation Limited and Al Bulooki International Trading LLC
(Dubai).

VSPL has other group companies namely Globopac India Private
Limited (engaged in manufacturing and trading of paper)
and Ice Hospitability Private Limited (engaged in hospitality
business, which runs hotels under the name of Zaffran hotels).

VSPL commenced the commercial operations from October, 2013 and
therefore FY15 (refers to the period April 1 to March 31) was the
first full year of operations. During FY15, the company posted
total income of INR8.53 crore and net loss of INR2.85 crore.
Furthermore, the company has achieved a turnover of INR16.09 crore
with a PBILDT of INR1.91 crore but net loss of INR0.44 crore.


VISHNU CHEMICALS: Ind-Ra Withdraws 'IND D' LT Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Vishnu Chemicals
Limited's (VCL) Long-Term Issuer Rating of 'IND D(suspended)'. 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
VCL.

Ind-Ra suspended VCL's ratings on 29 May 2015.

VCL's ratings:

-- Long-Term Issuer Rating: Long-term 'IND D(suspended)'; rating
    withdrawn

-- INR333.2 million long-term loans: Long-term
    'IND D(suspended)' ; rating withdrawn

-- INR993.5 million fund-based working capital limits: Long-
    term/Short-term 'IND D(suspended)';  ratings withdrawn
-- INR800 million non-fund-based working capital limits: Short-
    term 'IND D(suspended)';  rating withdrawn


VISWABHARATHI EDUCATIONAL: CRISIL Cuts INR1.5BB Loan Rating to D
----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Viswabharathi Educational Society (VES; part of the Viswabharathi
group) to 'CRISIL D/CRISIL D' from 'CRISIL BB-/Stable/CRISIL A4+'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee          95      CRISIL D (Downgraded from
                                   'CRISIL A4+')

   Long Term Loan        1550      CRISIL D (Downgraded from
                                   'CRISIL BB-/Stable')

   Proposed Long Term      16      CRISIL D (Downgraded from
   Bank Loan Facility              'CRISIL BB-/Stable')

The downgrade reflects delay by VES in servicing its debt, driven
by weakening liquidity.

The Viswabharathi group is exposed to risks related to
stabilisation of operations of its medical college and teaching
hospital, and is susceptible to regulatory risks inherent in the
education sector. The group has a below-average financial risk
profile because of high gearing and weak debt protection metrics.
However, it benefits from its established regional presence in the
healthcare segment, aided by its promoters' extensive industry
experience.

To arrive at the ratings, CRISIL has combined the business and
financial risk profile of VES, Viswabharathi Cancer Hospital, and
Viswabharathi Super Speciality Hospital. This is because the three
entities, collectively referred to as the Viswabharathi group, are
under a common management, and have fungible cashflow.
About the Group

VES, set up by Dr. D Kanta Reddy in 1995, operates a medical
college and a 750-bed teaching hospital, set up in 2014, in
Kurnool, Andhra Pradesh.

Viswabharathi Super Speciality Hospital, set up in 2005, operates
a multi-speciality hospital in Kurnool. Viswabharathi Cancer
Hospital, set up in 2009, is a single-speciality hospital.


* India Bank Credit Profiles At Risk Without More Capital
---------------------------------------------------------
The standalone credit profiles of many Indian public sector banks
should come under pressure unless there is meaningful action to
restore capital adequacy, says Fitch Ratings. Significant
quarterly losses reported at several large public banks last week,
including Bank of Baroda and Bank of India, underscored long-
standing balance-sheet and capital risks stemming from legacy
issues pertaining to poor asset quality and weak provisioning.

Fitch's estimated capital need for the system of USD140bn may need
to be reassessed, given some of the losses. But the revision
should only be slight, considering that Fitch has long assessed
India's banking system on a stressed-asset basis - rather than
NPLs - and factored in under-provisioning in the ratings for
public sector banks.

The sudden deterioration in profitability at many public banks in
the third quarter (3QFY16) of the financial year ending March 2016
(FY16) was triggered mainly by higher provisioning resulting from
the reclassification of certain loans. Pressure from the Reserve
Bank of India (RBI) was a key factor driving the bulk of
reclassification. The RBI had nudged banks (both public and
private) to identify stressed accounts and significantly raise
provisioning over two quarters through to FYE16.

It is unusual for the RBI to be driving state banks to raise
provisioning so quickly, and indicates that earnings pressures
will continue in 4QFY16 and possibly beyond. Fitch believes the
RBI's intention to clean-up bank balance sheets by FY17 as a pre-
requisite to kick-start credit growth could help to revive
investor confidence in public-sector banks. But the suddenness and
speed of the provisioning in 2HFY16 highlights how long it has
taken to address poor balance sheets. It also raises questions
over the pace and implementation of bank recapitalisation and
reforms, especially when central bank intervention is required in
identification of bad assets.

Fitch has long highlighted that provisioning at state banks is
weak and that significant new capital was necessary to maintain
credit profiles. However, the effect on earnings and credit
profiles would have been less dramatic had the provisioning
process been spread out over a longer period.

Notably, the impact on private-sector banks was relatively
limited, with public-sector banks having to provide nearly 8x more
for NPLs. This resulted in a cumulative loss of almost INR108bn
(USD1.6bn) in 3QFY16; equating to nearly 43% of the INR250bn
capital injection planned by government for FY16.

This indicates that there will be limited options for government
but to provide more core capital than budgeted. Activity to raise
additional Tier 1 capital has remained limited, while book
valuations continue to trade at heavy discounts. Media reports
have already been indicating that a package for additional capital
for public banks is being prepared. Fitch expects government to
remain generally supportive in providing capital; but the longer
it takes to restore market confidence, the greater the likely
cost. There has also been speculation that government may dilute
its stake in the public banks in light of the enormous capital
requirements. Fitch maintains that this is unlikely for now.

The small and mid-sized public banks appear to be most affected
with severe losses. Smaller banks lack the funding flexibility,
and also face higher asset concentration in particular sectors and
regions. There is quite a high risk that some smaller banks' core
capitalisation may fall below the regulatory minimum, with growth
prospects likely to be weak - due to both poor capitalisation and
asset-quality issues - and core capitalisation inching closer to
the minimum Basel III requirements.


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


SHARP CORP: State-Fund Chief Confident of Turnaround Offer
----------------------------------------------------------
Kyodo News reports that the head of Japan's state-backed corporate
turnaround fund said on Feb. 19 its proposal to help Sharp Corp.
compares favorably with a rival offer from a Taiwanese company.

According to Kyodo, Toshiyuki Shiga, chairman and chief executive
officer of the Innovation Network Corporation of Japan, stressed
that its plan goes beyond Sharp's revival and involves a domestic
industry realignment, adding the rescue plan proposed by Taiwan's
Hon Hai Precision Industry Co. is "completely different."

"What we have proposed is a plan that is not only good for Sharp
and its shareholders, employees and customers, but also for
Japan's future growth," Mr. Shiga told a press conference in
Tokyo, Kyodo relays.

Kyodo says the INCJ is planning to spin off Sharp's money-losing
liquid crystal display business and integrate it with Japan
Display Inc., in which the fund has a stake.

The fund also eyes a merger of Sharp's home appliance business
with Toshiba Corp.'s, the report relates.

Kyodo recalls that Sharp President Kozo Takahashi said earlier in
the month that the breakup of Sharp would not be an option and it
was putting more focus on Hon Hai's rescue offer.

Kyodo relates that Mr. Shiga dismissed the view that the INCJ's
proposal is designed to prevent drainage of Sharp's advanced
technology from Japan.  "I have high hopes for (Sharp's) LCDs" as
the "Internet of Things," a concept of connecting various products
to the Internet, is expected to bring further growth in LCD
demand, Mr. Shiga, as cited by Kyodo, said.

Hon Hai, which goes by the trade name Foxconn, is believed to have
proposed investing around JPY700 billion in Sharp, the report
notes. Its Chairman Terry Gou has said the companies are close to
a deal.

                        About Sharp Corp.

Based in Osaka, Japan, Sharp Corporation (TYO:6753) --
http://sharp-world.com/-- manufactures and sells electronic
telecommunication devices, electronic machines and components.

As reported in Troubled Company Reporter-Asia Pacific on
Nov. 6, 2015, Standard & Poor's Ratings Services said that it has
lowered its long-term corporate credit and debt ratings on Japan-
based electronics company Sharp Corp. to 'CCC+' from 'B-' and its
short-term corporate credit and commercial paper program ratings
on the company to 'C' from 'B'.  S&P has also lowered its long-
term corporate credit rating on overseas subsidiary Sharp
International Finance (U.K.) PLC to 'CCC+' and the rating on its
commercial paper program to 'C'.  The outlook on the long-term
corporate credit ratings on both companies is negative.


SHARP CORP: To Close Tenri Plant to Help Losing LCD Business
------------------------------------------------------------
The Japan Times reports that Sharp Corp. has decided to close its
Tenri plant in Nara Prefecture to help reorganize its money-losing
liquid crystal display business, a move it hopes will boost
efficiency and competitiveness, sources close to the matter said
on Feb. 21.

The decision comes as the company struggles with shrinking demand
from China, the report notes.

According to the report, the ailing electronics maker is on the
verge of accepting a rescue plan proposed by Taiwan's Hon Hai
Precision Industry Co., but is also working on structural reforms
on its own.

The Tenri plant, which began operations in 1991 and has been
producing smartphone display panels, will close at the end of
August due to aging equipment, according to the sources, the Japan
Times relays.

The roughly 130 workers at the factory will be transferred to
other plants including the Kameyama plant in Mie Prefecture.

The Tenri facility will remain a key development hub for advanced
technologies, including organic electroluminescence displays, the
sources, as cited by the Japan Times, said.

The report relates that the company will also halt one of the two
production lines at another plant in Mie that produces smartphones
for the Chinese market and move part of the operations to the
Kameyama plant as scheduled.

With the company forecasting an operating loss in its LCD business
of JPY30 billion ($266 million) for fiscal 2015 through March,
Sharp urgently needs to turn around its earnings, the report says.

The struggling company also plans to invest JPY11.2 billion in its
Kameyama plant to shore up its midsize panel operations, the
report adds.

                       About Sharp Corp.

Based in Osaka, Japan, Sharp Corporation (TYO:6753) --
http://sharp-world.com/-- manufactures and sells electronic
telecommunication devices, electronic machines and components.

As reported in Troubled Company Reporter-Asia Pacific on
Nov. 6, 2015, Standard & Poor's Ratings Services said that it has
lowered its long-term corporate credit and debt ratings on Japan-
based electronics company Sharp Corp. to 'CCC+' from 'B-' and its
short-term corporate credit and commercial paper program ratings
on the company to 'C' from 'B'.  S&P has also lowered its long-
term corporate credit rating on overseas subsidiary Sharp
International Finance (U.K.) PLC to 'CCC+' and the rating on its
commercial paper program to 'C'.  The outlook on the long-term
corporate credit ratings on both companies is negative.


SHARP CORP: Holds Last Minute Talks on Hon Hai Rescue Bid
---------------------------------------------------------
Jiji Press reports that Sharp Corp. held a last-minute meeting
over the weekend to discuss the rescue proposal from Taiwan's Hon
Hai Precision Industry Co., updating its outside board members on
the negotiations.

If there is broad support for the proposal by Hon Hai, also known
as Foxconn, Osaka-based Sharp will formally select the electronics
manufacturer to head its restructuring at an extraordinary board
meeting on Feb. 18, informed sources said, Jiji relates. The
contract will then be concluded later this month.

On Feb. 20, Sharp's executive officers and its board of directors
separately discussed the two bailout proposals, which include one
from the state-backed Innovation Network Corp. of Japan, according
to Jiji Press.

Jiji Press notes that the Taiwanese company plans to spend about
JPY700 billion to take effective control of Sharp and reconstruct
its business without selling off any key segments, including its
main jewel, the liquid crystal display business. It also plans to
let Sharp keep its young employees on the payroll.

On Feb. 22, senior Sharp officials made a three-day visit to
Taiwan to reaffirm Hon Hai's commitment and reached a broad
agreement on the details, including a draft contract, the report
relates. The contingent included Sharp President Kozo Takahashi
and Vice President Tetsuo Onishi as well as Chairman Shigeaki
Mizushima.

Jiji Press, citing sources, says the company is scheduled to hold
a regular board meeting Feb. 24, but a decision on a rescue
proposal is expected to be made at an extraordinary meeting on
Feb. 25.

But some of Sharp's executives favor the INCJ proposal, Jiji Press
notes. If that one gains wider support, Sharp will resume full
negotiations with the fund until a deadline at the end of March.
Hon Hai was given preferred negotiating rights for its proposal
earlier on.

According to Jiji Press, the negotiations with INCJ are expected
to be difficult because the plan calls for requesting fresh
financial aid from Sharp's frustrated creditors -- Mizuho Bank and
Bank of Tokyo-Mitsubishi UFJ.

INCJ plans to invest about JPY300 billion in Sharp and spin off
its LCD division for integration with Japan Display Inc., the
joint venture the state-backed fund organized to amalgamate
similar units from Sony, Toshiba, and Hitachi that has become the
leading manufacturer of small and midsize LCDs in Japan. INCJ
remains Japan Display's top shareholder, the report states.

                        About Sharp Corp.

Based in Osaka, Japan, Sharp Corporation (TYO:6753) --
http://sharp-world.com/-- manufactures and sells electronic
telecommunication devices, electronic machines and components.

As reported in Troubled Company Reporter-Asia Pacific on
Nov. 6, 2015, Standard & Poor's Ratings Services said that it has
lowered its long-term corporate credit and debt ratings on Japan-
based electronics company Sharp Corp. to 'CCC+' from 'B-' and its
short-term corporate credit and commercial paper program ratings
on the company to 'C' from 'B'.  S&P has also lowered its long-
term corporate credit rating on overseas subsidiary Sharp
International Finance (U.K.) PLC to 'CCC+' and the rating on its
commercial paper program to 'C'.  The outlook on the long-term
corporate credit ratings on both companies is negative.


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


PHILIPPINE NATIONAL: S&P Affirms 'B+' Counterparty Credit Rating
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it had affirmed its
'B+' long-term and 'B' short-term counterparty credit ratings on
Philippine National Bank (PNB).  S&P also affirmed its 'axBB'
long-term and 'axB' short-term ASEAN regional scale ratings on the
bank.  S&P then withdrew the ratings at the bank's request.

The outlook on the long-term counterparty credit rating was
positive at the time of the withdrawal.  The positive outlook
reflected S&P's expectation that the bank could sustainably
strengthen its asset quality over the next 12-18 months owing to
its efforts to improve its underwriting standards.



================
S R I  L A N K A
================


CEYLON DOLLAR: Fitch Affirms 'BB-' Credit Quality Rating
--------------------------------------------------------
Fitch Ratings has affirmed Ceylon Dollar Bond Fund's Fund Credit
Quality Rating of 'BB-' and affirmed the Fund Volatility Rating at
'V5'. The fund is managed by Ceylon Asset Management (CAM).

KEY RATING DRIVERS

The affirmation of the 'BB-' Fund Credit Quality Rating is driven
by the weighted average rating factor (WARF) and rating
distribution based on the expected composition of the fund and the
fund's investment guidelines. The fund has a limited investment
space as it will only invest in US dollar bonds issued by the
government of Sri Lanka, licensed banks in Sri Lanka and Sri
Lankan corporates that are rated by an international rating
agency. This limits the potential investments to 13 issuances
totalling just under USD9bn.

The affirmation of the Fund Volatility Rating is driven by the
reduced exposure to interest-rate risk and spread risk, while
recognising the fund's ability to extend duration risk to a
greater level than that expressed in the target portfolio. The
rating is also affirmed because the target portfolio is not yet
fully invested and its ultimate composition remains uncertain, and
due to Fitch's conservative assumptions relating to potential
volatility in emerging market debt.

ASSET CREDIT QUALITY

The fund's updated target portfolio comprises of four bonds -
three rated 'BB-' and one rated 'B+' - which have been issued by
the entities detailed above. The target portfolio is mainly
exposed either directly to government or government-guaranteed
debt. The fund will invest up to 4% of its assets in US-dollar
fixed deposits in a licensed commercial bank in Sri Lanka.

By 17 February 2016, the fund had invested in three of the four
issuances in the target portfolio (representing 73.4% of the
portfolio). The rest of the funds are placed in US dollar deposits
with Deutsche Bank Sri Lanka, a branch of Deutsche Bank AG (A-
/Stable/F1+). The fund has struggled to reach a substantial size
since its launch in July 2014, partly due to volatility in overall
market conditions.

CONCENTRATION

The target portfolio will be concentrated with material exposure
to Sri Lankan sovereign risk. The concentration risk is a
structural feature given the limited opportunities in the fund's
investment universe. Fitch has conducted stress tests on the
target portfolio. Based on its analysis, Fitch believes the fund
has a limited capacity to withstand negative rating migration in
its investments before it would be downgraded to the 'B' category.

PORTFOLIO SENSITIVITY TO MARKET RISK

The updated target portfolio has a shorter weighted average life
(WAL) than the original model portfolio based on which we assigned
the ratings in July 2014. As a result, the target portfolio has a
significantly lower sensitivity to interest-rate risk and spread
risk than the original model portfolio. Based on the fund's market
risk factor alone, it could achieve a 'V4' Fund Volatility Rating.
However, in affirming the rating at 'V5', Fitch has taken into
consideration the fact that the fund is not yet fully invested so
its eventual composition may differ from that of the target
portfolio, and that the fund manager does have discretion to
extend duration above current levels if it sees fit.

Fitch has also taken wider market conditions- notably potential
volatility in emerging market debt - into consideration in its
rating decision. According to Fitch's criteria, funds rated 'V5'
are considered to have high sensitivity to market risk. On a
relative basis, total returns and/or changes in net asset value
are likely to experience substantial variability across a range of
market scenarios due to substantial exposure to interest rates,
credit spreads and other risk factors.

The fund will invest in instruments with a relatively long
maturity (WAL of 2.52 years in the target portfolio) except for an
allocation of up to 4% to three-month deposits. Therefore the fund
will be reliant on secondary market liquidity to meet large
redemption requests. However, the fund has access to an overdraft
facility of 10%, and requires 14 days' notice on redemptions above
3% of the fund. On the asset side, it will hold only a limited
proportion of outstanding debt issues, all of which will be listed
on the Singapore Exchange.

FUND PROFILE

The fund is regulated by the Securities and Exchange Commission of
Sri Lanka under the Unit Trust Code, 2011. The fund's trustee is
Deutsche Bank Sri Lanka.

THE ADVISOR

Fitch considers CAM suitably qualified, competent and capable of
managing the fund. The investment committee has relevant
experience, and the company has sufficient sources of information
on which to base its decision-making process. Fitch considers the
systems supporting the fund's investment activities to be
satisfactory.

CAM is 21%-owned by Sri Lanka Insurance Corporation Limited (SLIC,
BB-/Stable), 69% by Ceylon Capital Trust (Pvt) Ltd and 10% by
Commercial Credit and Finance PLC (CCF). Fitch believes CAM has
support from the shareholders. However, a key challenge facing the
business will be to demonstrate sustained growth in assets under
management. The Ceylon Dollar Bond Fund is a key component of its
growth strategy. CAM has been managing funds since 1999. The
current management team has been in place since 2005, and SLIC and
CCF invested in the business in 2010 and 2013, respectively.

RATING SENSITIVITIES

The ratings may be sensitive to material changes in the credit
quality or market risk profile of the fund. A weakening in the
liquidity inherent in the fund or changes to liquidity provisions
- such as the manager's ability to borrow against the net assets
of the fund or its ability to delay redemptions - would be viewed
as negative. A downgrade of the ratings on the Sri Lankan
sovereign or the banks in which the fund has invested its assets,
especially the banks whose issues are not government guaranteed,
could also lead to a downgrade of the Fund Credit Quality Rating.
Changes in exchange-control regulations that could increase
transfer and convertibility risks for the fund would also be
viewed as negative.

Fitch has capped the fund's rating at that of the Sri Lankan
sovereign (BB-/Stable), given its expected material exposure to
the Sri Lankan sovereign. Therefore upside potential for the fund
rating is limited.

To maintain the bond fund ratings, CAM will provide Fitch with
portfolio information, including details of the portfolio's
holdings and credit quality. Fitch closely monitors the credit
composition of the portfolio, the credit counterparties used by
the manager, and the overall market risk profile of the
investments.


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


* BOND PRICING: For the Week Feb. 15 to Feb. 19, 2016
-----------------------------------------------------

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


  AUSTRALIA
  ---------

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


CHINA
-----

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


INDONESIA
---------

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


INDIA
-----

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


JAPAN
-----

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


KOREA
-----

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


SRI LANKA
---------

SRI LANKA GOVERNMENT     5.35      3/1/2026   LKR        66.42


MALAYSIA
--------

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


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

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


SINGAPORE
---------

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


THAILAND
--------

MDX PCL                  4.75     9/17/2003   USD        37.75


VIETNAM
-------

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



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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.


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

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

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

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

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



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