TCRAP_Public/160316.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

           Wednesday, March 16, 2016, Vol. 19, No. 53


                            Headlines


A U S T R A L I A

ADANI ABBOT: Moody's Lowers Rating on Sr. Bank Facility to Ba2
COMPLETE FIRE: First Creditors' Meeting Set For March 23
CORPORATE COMPUTERS: Placed Into Liquidation
DBCT FINANCE: Moody's Lowers Sr. Sec. Rating to Ba2; Outlook Neg.
DICK SMITH: Kogan Buys Online Retail Business

FORTESCUE METALS: Moody's Lowers CFR to Ba3; Outlook Negative
GROUNDS OF ALEXANDRIA: First Creditors' Meeting Set For March 23
NUBE PTY: Placed Into Administration
QUEENSLAND NICKEL: Sacked Workers Back Community Buyback Plan


C H I N A

FUTURE LAND: Fitch Hikes Currency Issuer Default Ratings to 'BB-'
GOLDEN EAGLE: Fitch Puts BB+ Issuer Default Rating on Watch Neg.
LOGAN PROPERTY: Fitch Says BB-/Stable Leverage to Remain Stable
LOGAN PROPERTY: 2015 Results Supports Ba3 CFR, Moody's Says
RENHE COMMERCIAL: Moody's Retains Caa1 CFR on Refinancing

RENHE COMMERCIAL: S&P Affirms 'CCC-' CCR; Outlook Negative
SOHO CHINA: Moody's Puts Ba2 CFR on Review for Downgrade


I N D I A

ALAM TANNERY: CRISIL Cuts Rating on INR160MM Export Loan to 'D'
ALLIED ENERGY: ICRA Lowers Rating on INR6.5cr Bank Loan to B+
ARYA GREEN: CRISIL Reaffirms B+ Rating on INR45MM Term Loan
ASCEND GREEN: ICRA Assigns B- Rating to INR9.90cr Loan
BALAJI STAKE: CRISIL Suspends 'D' Rating on INR90MM Cash Loan

BHAIRAVNATH POULTRY: CRISIL Reaffirms B Rating on INR125MM Loan
CHAWLA INTERNATIONAL: CRISIL Suspends B+ Rating on INR45MM Loan
CHEMTECH AGENCIES: CRISIL Suspends B Rating on INR29.5MM Loan
CORONA VITRIFIED: CRISIL Suspends B+ Rating on INR65MM Term Loan
DHS HOTELS: ICRA Assigns B+ Rating to INR11.20cr Fund Based Loan

ELECTROPATH SERVICES: ICRA Assigns B+ Rating to INR21.27cr Loan
EVERON CASTINGS: ICRA Assigns 'B+' Rating to INR13cr Loan
FORTUNE'S SPARSH: ICRA Assigns 'B' Rating to INR7.5cr Term Loan
FRIENDS INTERNATIONAL: ICRA Suspends B+ Rating on INR11cr Loan
GIRIJASHANKAR COTTON: ICRA Reaffirms B+ Rating on INR7cr Loan

GLOBAL ESTATES: CRISIL Assigns B+ Rating to INR84.2MM Term Loan
GLOBAL INSTITUTE: ICRA Assigns B+ Rating to INR20cr LT Loan
HANS INDUSTRIES: ICRA Lowers Rating on INR45cr Cash Loan to B+
ICICI BANK: Moody's Puts Ba1 Rating on Foreign Sub. MTN Program
INA ELITE: ICRA Assigns 'B' Rating to INR10cr Term Loan

JAANVI SPINNERS: CRISIL Assigns 'B' Rating to INR220MM Term Loan
JAGANNATH TEXTILE: CRISIL Cuts Rating on INR1.17BB Loan to 'D'
JAIN KUSUM: ICRA Suspends B Rating on INR20cr LT Loan
JEKIN ENTERPRISES: ICRA Suspends B+ Rating on INR45cr LT Loan
JINDAL STEEL: ICRA Lowers Rating on INR18,838.75cr Loan to D

JIWAN POLYCOT: CRISIL Suspends 'B' Rating on INR52.5MM Loan
K.K. TRADERS: ICRA Suspends 'B' Rating on INR6.25cr Loan
KAPSONS INSULATIONS: CRISIL Suspends 'D' Rating on INR95MM Loan
KARKALA EDUCATION: ICRA Suspends 'B' Rating on INR7.26cr Loan
KINGFISHER AIRLINES: Employees to Move SC to Recover Salary Dues

LEMSTONE CERAMIC: ICRA Assigns B+ Rating to INR17.50cr Loan
LINGAYA'S SOCIETY: CRISIL Cuts Rating on INR224.7MM Loan to D
M.K. AGGARWAL: ICRA Reaffirms B+ Rating on INR15.27cr Loan
M.K.R. TRADERS: CRISIL Reaffirms B+ Rating on INR110MM Cash Loan
MISTRY ENTERPRISES: ICRA Reaffirms D Rating on INR27.50cr Loan

NEEL KANTH: Ind-Ra Affirms 'IND B+' Long-Term Issuer Rating
NIDHI STEELS: CRISIL Suspends B+ Rating on INR27.5MM Cash Loan
PARTH COTTON: ICRA Lowers Rating on INR5cr Cash Loan to C+
PASHUPATI COTTON: ICRA Reaffirms 'B' Rating on INR19.5cr Loan
POWERWIND LIMITED: Ind-Ra Assigns 'IND BB-' LT Issuer Rating

SAKTHI GANESH: Ind-Ra Assigns 'IND BB+' Long-Term Issuer Rating
SAVORIT LIMITED: Ind-Ra Affirms 'IND B+' LT Issuer Rating
SHIKHAR PRINTERS: CRISIL Reaffirms B+ Rating on INR38MM Loan
SHREE JAGDAMBA: ICRA Lowers Rating on INR5cr LT Loan to B+
SHREE RADHEKRUSHNA: ICRA Reaffirms B Rating on INR10cr Loan

SHIV SHANKER: CRISIL Reaffirms B+ Rating on INR90MM Cash Loan
SIPAI INDUSTRIES: ICRA Reaffirms B+ Rating on INR14cr Loan
SREE VEERABHADRA: ICRA Assigns 'B' Rating to INR5cr Loan
SWATI CONCAST: Ind-Ra Assigns 'IND BB+' Long-Term Issuer Rating
TECHMECH ENGINEERS: ICRA Suspends B+/A4 Rating on INR16cr Loan

UNICHEM TRADING: CRISIL Cuts Rating on INR170MM LT Loan to 'D'
VARDHMAN VITRIFIED: ICRA Reaffirms 'D' Rating on INR6.45cr Loan
VASUDEVA DALL: CRISIL Ups Rating on INR52MM Cash Loan to B+


J A P A N

ERNST & YOUNG SHINNIHON: Fujifilm to Drop Firm Due to Scandal
TOSHIBA CORP: White Goods Unit May Be Sold to Midea


                            - - - - -


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


ADANI ABBOT: Moody's Lowers Rating on Sr. Bank Facility to Ba2
--------------------------------------------------------------
Moody's Investors Service has downgraded Adani Abbot Point
Terminal Pty Ltd's (AAPT) senior secured and senior secured bank
credit facility rating to Ba2 from Baa3.  The outlook on the
ratings is negative.

The rating action concludes the review for downgrade initiated on
Dec. 21, 2015.

AAPT is part of an obligor group that has economic ownership of
the Abbot Point Coal Terminal in North Queensland under a 99-year
lease with state-owned lessor North Queensland Bulk Port
Authority.

Adani Ports and Special Economic Zone Limited (Baa3 stable) is the
ultimate holding company of the AAPT obligor group.

                         RATINGS RATIONALE

"The ratings downgrade reflects the increasing likelihood of
material volatility in AAPT's cash flows due to the weakened
position of AAPT's coal mining counterparties, the sole source of
such cash flows," says Mary Anne Low, a Moody's Analyst, adding,
"the ongoing severe pressure facing the coal sector translates
into an increased likelihood of AAPT's counterparty contracts
either not being renewed or subject to early termination."

Given the material challenges facing the coal sector, Moody's
considers that AAPT's financial leverage and debt coverage metrics
are no longer consistent with the previous ratings.

Moody's believes that the current coal market downturn is
structural in nature, with weak conditions likely to persist.
Such conditions will continually erode the mine counterparties'
financial capacity over time, increasing the likelihood of a
default.

Unlike other infrastructure asset classes such as airports and
tollroads, which ultimately derive revenue from an extensive and
broad base of customers, Moody's believes that if an AAPT
counterparty defaults, weak coal market conditions will make it
challenging for AAPT to secure replacement tonnage on equivalent
terms.

High levels of coal production and shipments to date by mine
counterparties are not necessarily synonymous with ongoing
profitability at some coal mines, and may be indicative of mines
maximizing production in order to generate sufficient cash flows
to cover their fixed cost base (including their take-or-pay
liabilities).  Such a situation may not be sustainable for mines
at current coal prices.  Furthermore, downside risk associated
with coal prices remains high, and deterioration in coal prices
from current levels will add more pressure on coal mines supplying
AAPT's coal terminal.

AAPT's rating also considers the shortfall between the terminal's
capacity of 50mtpa and actual shipments, with certain mines not
using their full contractual entitlements.  Such a situation may
lead to lower recovery rates for the terminal's debt holders, in
the hypothetical event of AAPT defaulting.

Moody's notes the Adani group's plan to strengthen AAPT's capital
structure over time through a combination of cash equity
injections and applying AAPT's future free cash flow to reduce
debt levels.  Such initiatives, will improve AAPT's financial
profile and provide support for the rating, depending on the
magnitude and timing of the proposed deleveraging.

Moody's expectation is for AAPT's ratio of funds from operations
(FFO)/debt to decline to below 7% over the next two years, before
incorporating AAPT's deleveraging plan, and after factoring in the
possibility of reduced tariff charges on the next tariff review
date.

Such a reduction reflects the sustained decline in the risk free
rate used as a building block in its calculation compared with the
previous review date.

The negative outlook however reflects the ongoing challenging
industry conditions, and a degree of uncertainty as to whether
AAPT will generate sufficient free cash flows to achieve the
anticipated deleveraging, given that such cash flows are dependent
on the continued ability of AAPT's counterparties to honor their
take-or-pay contracts.

The rating also considers the company's debt maturity profile and
associated refinance risk, with around AUD1.08 billion of debt
(representing around 70% of total debt) maturing in November 2018.
While the refinancing is more than two years away, Moody's
believes AAPT's refinancing-related challenges could be
complicated by the uncertainty associated with the renewal terms
of AAPT's large contract with a Glencore International AG (Baa3
stable)-led joint venture (NCA Joint Venture), particularly given
Glencore's production cutbacks at source mines that rely on the
terminal.  The contract, which represents 26% of the terminal
capacity, matures in 2020.

AAPT's rating is otherwise underpinned by the take-or-pay nature
of its contracts with users over the entire terminal capacity
which provide it with the right to pass through all operating
costs and earn a rate of return on its asset base.

AAPT's proximity to the high-quality long life coal reserves in
the Bowen, Galilee and Newlands regions and the terminal's
essential role in the coal export chain - particularly given the
limited incremental capacity at competing terminals - provides
further rating support.

The rating further incorporates AAPT's current dispute with the
terminal's incumbent operating and maintenance contractor - which
is a subsidiary of Glencore -- and AAPT's plan to appoint a
substitute operator should the existing contract be terminated.

The outlook could return to stable if AAPT's ultimate shareholder
implements the necessary countermeasures to reduce the company's
financial leverage and strengthen its capital structure such that
FFO Debt remains in the 7% - 9% range and FFO/Interest above 2.4x
on a consistent basis.  The resolution of AAPT's operations and
maintenance (O&M) contractual uncertainty, demonstrable progress
in arranging refinancing and the extent to which source mines use
their full contractual capacity allocations are also important
considerations for AAPT's outlook.

The rating could be downgraded if Moody's expects FFO/debt to
decline below 7% on a consistent basis.  Such a situation could
result from (i) counterparty default, (ii) notice of termination
of a material contract, and/or (iii) a lack of progress in
executing the deleveraging initiative.  A failure of the company
to maintain a track record of compliance with environmental
regulations or restore stability to O&M could also pressure the
rating, as could indications of difficulty in arranging
refinancing.

The principal methodology used in these ratings was Generic
Project Finance Methodology published in December 2010.


COMPLETE FIRE: First Creditors' Meeting Set For March 23
--------------------------------------------------------
Ozem Kassem and Jason Tang of Cor Cordis were appointed as
administrators of Complete Fire Protection (NSW) Pty Ltd on March
11, 2016.

A first meeting of the creditors of the Company will be held at
Cor Cordis Chartered Accountants, Level 6, 55 Clarence Street, in
Sydney, on March 23, 2016, at 11:00 a.m.


CORPORATE COMPUTERS: Placed Into Liquidation
--------------------------------------------
Cliff Sanderson at Dissolve.com.au reports that Corporate
Computers IT Pty Ltd has been placed into liquidation with
reportedly nearly AUD1 million debt. Kimberley Stuart Wallman of
HLB Mann Judd has been appointed liquidator of the company on Feb.
29, 2016, the report discloses.

According to Dissolve.com.au, the creditors of the company include
the ATO, Ingram Micro, Avnet Technology Solutions, Canon Finance
Australia, St George Finance and Capital Finance Australia.


DBCT FINANCE: Moody's Lowers Sr. Sec. Rating to Ba2; Outlook Neg.
-----------------------------------------------------------------
Moody's Investors Service has downgraded the senior secured rating
of DBCT Finance Pty Ltd. (DBCT) to Ba2 from Baa3.  The outlook on
the rating is negative.

The rating action concludes the review for downgrade initiated on
Dec. 21, 2015.

DBCT is the financing affiliate of DBCT Management Pty Limited and
DBCT Trust, which collectively have economic ownership of the
Dalrymple Bay Coal Terminal through a long term lease, comprising
a 50 year initial and 49 year option period.

                        RATINGS RATIONALE

"The rating downgrade reflects the increasing likelihood of
material volatility in DBCT's cash flows due to the weakened
position of its coal mining counterparties, the sole source of
such cash flows," says Mary Anne Low, a Moody's Analyst, adding,
"Peabody Energy Corporation's (Caa3 negative) weak financial
position and the change in future ownership of Anglo American
plc's (Ba3 negative) coal mines in particular are increasing the
likelihood of volatility in DBCT's throughput volumes and
operating cash flow due to default."

Mines owned by Peabody and Anglo American account for just under
50% of DBCT's throughput volumes.  Whilst DBCT has the right to
recover shortfalls in revenue following a user default by
increasing tariffs to remaining users, such socialization only
occurs from the earlier of (i) the user's scheduled contract
termination date, (ii) the assignment of the user's capacity
allocation to another party and (iii) the next regulatory reset.
This lag could cause material volatility in cash flow.

Given the material challenges facing the coal sector, Moody's
considers that DBCT's financial leverage and debt coverage metrics
are no longer consistent with the previous ratings.

Moody's believes that the current coal market downturn is
structural in nature, with weak conditions likely to persist.
Such conditions will continually erode the mine counterparties'
financial capacity over time, increasing the likelihood of a
default.

Unlike other infrastructure asset classes such as regulated
utility networks, which ultimately derive revenue from an
extensive and broad base of customers, Moody's believes that if a
DBCT counterparty defaults, weak coal market conditions will make
it challenging for DBCT to secure replacement tonnage on
equivalent terms.

High levels of coal production and shipments to date by mine
counterparties are not necessarily synonymous with ongoing
profitability at some coal mines, and may be indicative of mines
maximizing production in order to generate sufficient cash flows
to cover their fixed cost base (including their take-or-pay
liabilities).  Such a situation may not be sustainable for mines
at current coal prices.  Furthermore, downside risk associated
with coal prices remains high, and further deterioration in coal
prices from current levels will add more pressure on coal mines
supplying DBCT's coal terminal.

By contrast, DBCT's revenue allowance for the five year regulatory
period commencing mid-2016 is likely to reduce, due to the
sustained decline in the risk free rate used as a building block
in the calculation of its regulatory rate of return.  The net
effect on DBCT's funds from operations (FFO) will be negative even
after factoring in reduced interest expense as DBCT resets its
interest rate hedges at the regulatory reset.

The rating incorporates Moody's expectations of continued support
by DBCT's shareholder, Brookfield Infrastructure Partners (BIP,
unrated).

Moody's expects DBCT's ratio of funds from operations (FFO)/debt
to be close to the tolerance level for the Ba2 rating of 6% - 7%
after the forthcoming regulatory reset, assuming no counterparty
defaults, and successful refinancing of its AUD350 million credit
wrapped bond maturing in June 2016.

DBCT's rating is otherwise underpinned by the take-or-pay nature
of its contracts with users over the entire terminal capacity
which provide it with the right to pass through all operating
costs and earn a rate of return on its asset base.

The terminal's proximity to high quality long life metallurgical
coal reserves in the Bowen Basin and the essential role it plays
in coal supply chain provides rating support, particularly given
the limited incremental capacity at competing terminals.  DBCT has
also established a long track record of strong operational
performance, and the absence of a requirement for a material
expansion programme with associated execution risk.

The negative outlook reflects Moody's expectations of continued
deterioration in market fundamentals for coal, which Moody's does
not expect to materially improve over the next 2 years.

The outlook could return to stable if there is stabilization in
the ownership structure and financial position of DBCT's key
counterparties, particularly mines currently owned by Anglo
American and Peabody.  Better than expected terms of the
forthcoming regulatory reset could also support the rating,
although is unlikely to be sufficient in itself to drive a stable
outlook.

The rating could be downgraded if Moody's expects FFO debt to
decline below 6% - 7% on a consistent basis.  Such a situation
could result from (i) counterparty default, (ii) notice of
termination of a material contract following a payment default,
(iii) the regulatory decision being below Moody's expectations,
(iv) BIP ceasing to provide support to DBCT, and/or (v) DBCT's
failure to maintain its solid operating track record, particularly
if such failure has environmental implications.

The principal methodology used in these ratings was Generic
Project Finance Methodology published in December 2010.

Dalrymple Bay Coal Terminal is situated at the Port of Hay Point
40 kms south of Mackay in Queensland, adjacent to the Hay Point
Coal Terminal (unrated) owned by the BHP Billiton Limited (A3
negative) Mitsubishi Corporation (A1/P-1 negative) Alliance.  It
has a coal handling capacity of 85 million tonnes per annum.

The DBCT Group is owned by BIP which is 30% owned by Brookfield
Asset Management Inc. (BAM, Baa2 stable) and 70% by the public.
BIP owns and operates long-life assets in the utilities,
transport, energy and communications sectors across North and
South America, Australasia and Europe.  It is a publicly-traded
partnership which is also managed by BAM.


DICK SMITH: Kogan Buys Online Retail Business
---------------------------------------------
Thuy Ong at ABC News reports that online-only retailer Kogan has
purchased Dick Smith's online retail business for an undisclosed
sum, three weeks after Dick Smith announced the closure of its
stores.

Kogan will operate the online business from June 1 after a
transition period, ABC News says.

In February, Dick Smith said it would shut 363 stores across
Australia and New Zealand after its receivers Ferrier Hodgson were
unable to find a suitable buyer for the company, the report
recalls.

According to the report, Kogan's purchase is no help to almost
2,500 staff in Australia, and more than 400 in New Zealand, who
are still set to lose their jobs as the physical stores close.

"I remember as a kid always visiting Dick Smith to look for parts
to upgrade my computer," the report quotes founder and chief
executive Ruslan Kogan as saying in a statement.  "There is a
strong history of passion in the Dick Smith community for how
technology can improve our lives."

Kogan has not yet revealed details of how it might use the Dick
Smith brand once it takes over, ABC News notes.

ABC News relates that James Stewart, one of Dick Smith's
receivers, said multiple bidders were involved in a thorough
process.

"We are particularly pleased that the Dick Smith brand will
continue under [Kogan's] stewardship," Mr. Stewart, as cited by
ABC News, said.

Existing Dick Smith customers will have their personal details
disclosed to Kogan unless they request that information be removed
by March 22, according to ABC News.

The report relates that customers with two or more e-mail
addresses signed up have been advised that they must opt out for
each separate e-mail address.

Dick Smith's receivers said the company's customers would still be
able to opt out of receiving marketing communications at any time
in the future, adds ABC News.

                         About Dick Smith

Dick Smith Holdings Limited Ltd (ASX:DSH) --
http://dicksmithholdings.com.au/-- is a retailer of consumer
electronics products. The Company sells a range of products across
four categories: office, mobility, entertainment, and other
products and services. The Company has two segments: Dick Smith
Australia and Dick Smith New Zealand. The Company connects with
its customers through four physical store formats, catering for
three distinct consumer demographics: Dick Smith, MOVE, David
Jones Electronics Powered by Dick Smith and MOVE by Dick Smith
Sydney International Airport. The Company's store network consists
of approximately 393 stores across Australia and
New Zealand, which include approximately 351 Dick Smith stores,
approximately 10 MOVE stores, approximately four MOVE by Dick
Smith stores and approximately 28 David Jones Electronics Powered
by Dick Smith stores.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 6, 2016, Dick Smith Holdings Ltd was placed in receivership
on Jan. 5 following the appointment of Voluntary Administrators.

Ferrier Hodgson partners Mr James Stewart, Mr Jim Sarantinos and
Mr Ryan Eagle were appointed Receivers and Managers over DSH and
an number of associated entities.  The appointment was made by a
syndicate of lenders which hold security over the group.

Receiver Mr James Stewart said it was too early to clearly
identify the primary causes of the company's current financial
position and the reasons for its decline other than saying the
business had become cash constrained in recent times. He said it
would be business as usual while the Receivers look at the
restructuring and realisation opportunities for the Group.

"Dick Smith is one of the best known brands associated with,
consumer electronics in Australia and New Zealand," Mr Stewart
said. "We are immediately calling for expressions of interest for
a sale of the business as a going concern."

Mr Stewart said that employees will continue to be paid by the
Receivers and that it is expected that Australian employee
entitlements will be covered under the Fair Entitlements Guarantee
(FEG) scheme if the business cannot be sold as a going concern.

Mr Stewart added that the New Zealand business was profitable and
expected it would be attractive to potential buyers. He also
stated that due to the financial circumstances of the Group,
unfortunately, outstanding gift vouchers cannot be honoured and
deposits cannot be refunded.  Affected customers will become
unsecured creditors of the Group.


FORTESCUE METALS: Moody's Lowers CFR to Ba3; Outlook Negative
-------------------------------------------------------------
Moody's Investors Service has downgraded Fortescue Metals Group
Ltd's corporate family rating (CFR) to Ba3 from Ba2.  At the same
time, Moody's has also downgraded the senior unsecured and senior
secured ratings of FMG Resources (August 2006) Pty Ltd to B2 and
Ba2 from B1 and Ba1, respectively.

The outlook on all ratings is negative.

This concludes the review for downgrade initiated on Jan. 22 2016.

                          RATINGS RATIONALE

The downgrade of Fortescue's ratings reflect Moody's view that
there has been a fundamental downward shift in the mining sector
with the downturn being deeper and prospects for a recovery
extended, resulting in increased credit risk and weaker metrics
for Fortescue, as well as the global mining sector.

Consequently, ratings need to be recalibrated to reflect expected
performance over a more protracted challenging operating
environment.  The slowing economic growth rates in China and
reducing steel production rates impact demand for iron ore -
leading to lower prices.  Supply imbalances in iron ore,
Fortescue's sole earnings and cash flow driver, will maintain
pressure on prices for several years.

While lower oil prices, lower freight costs, and currency
depreciation have contributed to a reduction in the company's
operating costs, underpinned by ongoing improvements in
operational performance, the drop in prices has and will continue
to impact financial performance.

"The downgrade reflects Moody's expectation of weaker performance
over the next two years resulting from the significant drop in
iron ore prices experienced in 2015 and our expectation that
prices will not likely experience any meaningful and sustained
recovery through to 2017" says Matthew Moore, a Moody's Vice
President and Senior Credit Officer.

Moody's expectation for lower iron ore prices going forward
reflect the agency's view that steel production in China, the
principal destination of Fortescue's iron ore shipments, will
decline and that ongoing iron ore supply additions will continue
to pressure fundamentals.  As a single commodity producer, lower
average iron ore prices will lead to Fortescue's revenue and
earnings dropping over the period despite its stable production
profile and reducing its operating and capital costs.

"Moody's expects that the lower earnings and cash flow generating
ability resulting from iron price declines will lead to weaker
credit metrics than previously anticipated" adds Moore.

While Fortescue's credit metrics improved for the last twelve
months ended December 2015, under Moody's base case price
sensitivity for iron ore, USD40 per tonne, Moody's expects
leverage to increase to above 4.0x in FY17, absent further debt
reduction.  For a Ba3 corporate family rating, Moody's expects
Fortescue to sustain Debt/EBITDA below 4.0x.

The negative outlook reflects Moody's expectation that Fortescue's
credit metrics will remain at weak levels for the rating over the
next 12-18 months.  The outlook also reflects the current
uncertainty around iron ore prices over this period and the
sensitivity of Fortescue's credit metrics and earnings to
movements in price.

The Ba3 corporate family rating is supported by the company's
large scale operations with low cash costs of production, which
are in line with the other major global producers.  The ratings
are also supported by the company's large long life high quality
reserves base and strong liquidity position.  The rating is
balanced by the company's still high debt levels, and limited
operational, geographic and product diversity.

Fortescue has significantly increased volumes and reduced unit
costs over the last 12-24 months.  Moody's expects the company to
continue to work to drive down cash costs while maximizing
throughput of its existing operations.  Reflecting the
improvements in the company's cost profile Moody's expects that
Fortescue's operations will remain comfortably above breakeven
levels under the rating agency's base case price assumptions and
near breakeven under stress price assumptions, which should help
to preserve cash and liquidity in this period of lower prices.

                          CREDIT METRICS

For the twelve months to December 2015, Fortescue's leverage, as
measured by debt/EBITDA, was around 3.8x and under Moody's price
sensitivities the agency expects leverage in FY2016 to remain near
or slightly below this level.  However, assuming an iron ore price
sensitivity of USD40/t over the next two years, Moody's expects
leverage will increase to around 4.0-4.3x in FY17 and remain near
these levels without further debt or cost reductions.

In the six months to December 2015, Fortescue continued its
material cost reduction, which helped the company generate still
strong EBITDA margins of around 39%.  In the period, the company
achieved cost reductions of around USD1.4 billion relative to
1HFY2015, which helped offset around USD1.6 billion of price
impacts on EBITDA in the period.

Unit costs of production have declined further in 1H2016 with
December C1 cash costs of production at around USD15/t.  The
company is also guiding to exit June 2016 at around USD13/t unit
costs.  This, combined with reduction in freight, interest and
capital costs per tonne, should see the company's breakeven levels
drop to below 62% Fe index prices of USD30/t, assuming around a
15% adjustment to the index for Fortescue's lower grade product
and moisture.

These lower breakeven levels combined with the company's sizable
cash balances should allow Fortescue to continue to reduce debt
levels and maintain a solid liquidity profile.  The company's cash
balances where around USD2.3 billion as of Dec. 31, 2015, despite
repurchasing around USD1.1 billion of its debt in the period.  In
addition, the company has no major maturities until approximately
USD5.3 billion of debt comes due in 2019 and we expect Fortescue
to be free cash flow positive under our base case price
assumptions.

                    WHAT COULD CHANGE THE RATING

The ratings are not expected to be upgraded in the near term given
current operating conditions and iron ore prices, however, the
ratings could be stabilized if Fortescue demonstrates a track
record of operating with lower costs of production and an ability
to further reduce debt levels in the now lower pricing
environment.  This would be evidenced by an ability to maintain
Debt-to-EBITDA comfortably below 4.0x through all reasonable
pricing assumptions.

The ratings would likely be downgraded if the company does not
continue to reduce debt in a lower pricing environment and/or is
unable to sustain and improve on recent cost reductions such that
its all-in breakeven unit costs of production increase above
Moody's pricing sensitivities.

Continued pressure on iron ore prices sustained at the low end of
our sensitivity cases could also lead to a downgrade.  Financial
metrics that Moody's would consider for a downgrade include Debt-
to-EBITDA remaining above 4.0x on a consistent basis.  The rating
could also be downgraded if Fortescue's liquidity levels
deteriorate below USD1.5 billion for a protracted period.

Fortescue Metals Group Limited based in Perth, is an iron ore
producer engaged in the exploration and mining of iron ore for
export, mainly to China.

For the half year ended Dec. 31, 2015, Fortescue shipped 82.2mt of
iron ore, which is around its annual run rate of 165mtpa of ore
shipped.  Moody's expects full year shipments for FY2016 to be
around 165mt level.

The principal methodology used in these ratings was Global Mining
Industry published in August 2014.


GROUNDS OF ALEXANDRIA: First Creditors' Meeting Set For March 23
----------------------------------------------------------------
Ozem Kassem & Jason Tang of Cor Cordis were appointed as
administrators of The Grounds of Alexandria Pty Limited on March
11, 2016.

A first meeting of the creditors of the Company will be held at
Cor Cordis, Level 6, 55 Clarence Street, in Sydney, on March 23,
2016, at 11:00 a.m.


NUBE PTY: Placed Into Administration
------------------------------------
Craig Ivor Bolwell of Bolwell Kelson Advisory was appointed as
administrator of Nube Pty Ltd on March 11, 2016.


QUEENSLAND NICKEL: Sacked Workers Back Community Buyback Plan
-------------------------------------------------------------
Sarah Elks at The Australian reports that hundreds of workers
sacked from Clive Palmer's nickel refinery have backed a community
buyback of the plant that could see them forced to take a salary
cut and require hundreds of millions in government loans.

At an emotional meeting in Townsville on March 14, non-profit
north Queensland firm Sister City Partners outlined its proposal
to save the stricken operation, which has terminated nearly all of
its 787 staff since January.

A botched rescue plan launched by Mr Palmer last week failed to
kickstart the refinery and on March 14 he estimated he could not
reopen it until July 31.

Sister City Partners director Mark Dunworth, a real estate agent
and property investor, met with Mr Palmer on March 14 about the
proposal. The federal MP for Fairfax said he was keeping an "open
mind" about it, but doubted the group had the cash to buy the
refinery from him, let alone run it.

According to the report, SCP director Warwick Powell, an
investment banker, said the cash would come from a federal
government loan under the Northern Australia Infrastructure
Facility, and the state government. Neither level of government
has committed to such funding, and the NAIF is not even legislated
yet, the report notes.

Mr Powell and Mr Dunworth would not say how much the group would
pay for the refinery, nor how much would need to be borrowed from
the taxpayer and private investors, The Australian says.

However, the meeting was told AUD220 million in capital
expenditure needed to be spent on maintenance in the first four
years of the SCP plan. The meeting was told all sacked workers
would be rehired "if possible", but salaries would need to be
reviewed in line with "belt-tightening" across the operation,
according to The Australian.

The Australian relates that ex-refinery workers were furious at Mr
Palmer, desperate to receive their redundancy entitlements and
find new work, and wary but hopeful about the SCP proposal.

The Australian notes that SCP intends on submitting a deed of
company arrangement to Queensland Nickel Pty Ltd's voluntary
administrators FTI Consulting this month. The DOCA, and one
submitted by Mr Palmer, will be voted on at a creditors' meeting
in April, the report states.

The report says Mr Palmer replaced his Queensland Nickel -- to
which he installed administrators in January -- as refinery
manager last week. He installed another of his companies,
Queensland Nickel Sales, in its place. The Australian relates that
QNS promised to provide work for all 550 remaining refinery
workers last week, but failed to issue contracts, blaming the
Queensland government for not issuing environmental and legal
approvals. Administrators were forced to make the workers
redundant on March 11.

The Australian adds that the state government has insisted it has
tried to help Mr Palmer and QNS at every turn, but claims the
Palmer United Party leader could not identify which approvals he
needed.

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



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


FUTURE LAND: Fitch Hikes Currency Issuer Default Ratings to 'BB-'
-----------------------------------------------------------------
Fitch Ratings has upgraded China-based Future Land Development
Holdings Limited's (Future Land, or the holding company) Long-Term
Foreign- and Local-Currency Issuer Default Ratings (IDR) to 'BB-'
from 'B+'. The Outlook is Stable. The agency has also upgraded the
company's senior unsecured rating to 'BB-' from 'B+'. A full list
of rating actions is at the end of this rating action commentary.

The upgrade is due mainly to effective mitigation of structural
subordination through substantially large shareholder loans that
rank pari passu with its subsidiary's senior unsecured creditors
and a joint-venture mechanism to maintain senior unsecured claims
on its subsidiary. The rating remains constrained by profitability
and loose discipline in land acquisition, which may pressure
leverage.

KEY RATING DRIVERS
Structural Subordination Mitigated: Structural subordination that
was a constraint for Hong Kong-listed Future Land, has been
adequately addressed through Future Land's claim on a shareholder
loan to its subsidiary Future Land Holdings Co. Ltd (Future
Holdings). Shareholders of Shanghai-listed Future Holdings on 30
December 2015 have approved the conversion of related-party
payables to Future Land to a shareholders' loan that is ranked
pari passu with its onshore senior unsecured debt. The shareholder
loan of CNY3.7 billion and its CNY6.5 billion unrestricted cash
balance (including CNY1.3 billion held offshore) provide
sufficient liquidity to cover Future Land's CNY6.7 billion in
outstanding offshore bonds as of the end of 2015.

Furthermore, Future Land plans to hold assets of value to Future
Holdings by co-investing in future projects, using a 49%-owned
joint-venture structure with Future Holdings owning the remaining
51%. This will allow Future Holdings to provide liquidity to
Future Land by purchasing the latter's equity interests in the
projects should there be a need, subject to approval by
shareholders in both companies. The ratio of (Future Holdings'
shareholder loan + JV interest) to the net debt at the holding
company was 0.7x at end-2015, and Fitch expects the coverage to
remain above 0.7x in 2016.

Wider Margins to be Maintained: Future Land's gross margin
recovered to 20.4% in 2015 (2014: 18.7%) after falling to 16.8% in
1H15 due to the larger proportion of sales from mixed-development
projects and higher average selling prices in its core cities in
the Yangtze River Delta region in 2H15. EBITDA margin returned to
16.5% in 2015, around the 2014 level of 16.3%, after a drop to
9.0% in 1H15. Fitch estimates the gross profit margin for mixed-
development projects in general to be around mid-20%, which is
higher than the 15%-18% margin for the company's mass residential
projects. However, further improvement in Future Land's EBITDA
margin is likely to be limited until the mixed-development
projects make up a significant share in the product mix.

Faster Expansion May Pressure Leverage. Future Land's net debt /
adjusted inventory rose to 33.4% at end-2015 from 26.2% a year
earlier as land acquisitions picked up in 2H15. The total cash
premium for land purchases in 2015 reached CNY16.5 billion (2014:
CNY9.7 billion), 50% above the company's original guidance.
Average land cost also increased 15% to CNY3,129 per square metre
(sq m) in 2015, as most acquisitions were made in 2H15, when land
prices in the areas it targeted were increasing. The company's
leverage will further increase to 40%-45% in 2016-2017 if it keeps
up the land acquisitions at the current pace.

Strong Position in Yangtze River Delta: Future Land is one of the
largest homebuilders in the Yangtze River Delta, with most of its
CNY29.3 billion in consolidated contracted sales in 2015 (2014:
CNY23.1 billion) from this region. Future Land has 13.1 million sq
m of attributable land bank as of 2015. Its business profile is
supported by its fast asset-turnover strategy, as demonstrated by
the contracted sales/total debt ratio of 1.5x at end-December
2015, which is better than that of its peers in China. Sales
outside the YRD area and not from residential projects are
limited, as it is still in the early stages of geographical and
product diversification.

KEY ASSUMPTIONS
Fitch's key assumptions within our rating case for the issuer
include:
-- Contracted sales to increase by 15%-20% in 2016.
-- Gross margin to stabilise at 20%-25% in 2016 and 2017.
-- Company to maintain controlling shareholding in Future
    Holdings.
-- Ratio of (Future Holdings' shareholder loan + JV interest) to
    consolidated holding company net debt to be higher than 0.7x.

RATING SENSITIVITIES
Negative: Future developments that may, individually or
collectively, lead to negative rating action include:
-- (Future Holdings' shareholder loan + JV interest) / holding
    company net debt is less than 0.7x in 2016
-- A significant decrease in the company's consolidated
    contracted sales in 2016
-- A significant decrease in the company's shareholding in Future
    Holdings
-- A significant decrease in the contracted sales/ total debt
    ratio to below 1.0x on a sustained basis
-- Consolidated net debt/ adjusted inventory rising above 45% on
    a sustained basis
-- EBITDA margin sustained below 15%

No positive rating action is likely in the next 12-18 months
unless the company's EBITDA margin is sustained above 20%, and
consolidated net debt/ adjusted inventory remains below 35% on a
sustained basis

LIQUIDITY
Sufficient Liquidity: Fitch expects Future Land to maintain
sufficient liquidity with available cash of CNY7.6 billion and
unutilised credit facilities (uncommitted) of CNY35.9 billion end-
December 2015, which will be able to cover repayment of its short-
term borrowings of CNY5.5 billion and outstanding land premium of
CNY5 billion.

FULL LIST OF RATING ACTIONS

Future Land Development Holdings Limited
Long-Term Foreign-Currency Issuer Default Rating upgraded to 'BB-'
from 'B+'; Outlook Stable
Long-Term Local-Currency Issuer Default Rating upgraded to 'BB-'
from 'B+'; Outlook Stable
Foreign-currency senior unsecured rating upgraded to 'BB-' from
'B+'
Rating on CNY1.5 billion 9.75% senior unsecured bond due 2016
upgraded to 'BB-' from 'B+'


GOLDEN EAGLE: Fitch Puts BB+ Issuer Default Rating on Watch Neg.
----------------------------------------------------------------
Fitch Ratings has placed China-based department store operator
Golden Eagle Retail Group Limited's (Golden Eagle) Long-Term
Issuer Default Rating (IDR) and senior unsecured rating of 'BB+'
on Rating Watch Negative (RWN). Fitch has also placed on RWN the
'BB+' rating of the $US 400m 4.625% senior notes due 2023.

The action reflects deterioration of Golden Eagle's operating
environment and Fitch's view that credit metrics may no longer
justify the current rating level. 4Q15 operating data from other
Chinese retailers suggest weak consumer spending and Fitch
believes Golden Eagle is unlikely to be immune. Fitch will review
Golden Eagle's rating after the 2015 annual results are announced
on 30 March 2016, at which point a negative rating action is
highly likely.

KEY RATING DRIVERS

Challenging Retail Market: The operating environment for Golden
Eagle has been difficult in the past two to three years due to
changing consumer behaviour and a lack of differentiation among
department stores. Golden Eagle's same-store sales started
declining in 2014 and fell by 1.6% in 1H15. The company has taken
steps to stem the slide, such as adding more lifestyle elements to
its stores, and has performed better than some peers. That said,
the success of these efforts depends on consumer sentiment, which
continues to weaken.

2H15 Likely Weaker: Recent data from China's retailers suggest
conditions are continuing to deteriorate in 2H15. For example,
Parkson Retail Group Limited (B/Negative) saw same store sales
decline 8% in the 2015 financial year (FY), compared to a 4.5%
drop in 1H15. Similarly, New World Department Store China Limited
reported same store sales declined 8.5% in the six months ended
December 2015, compared to a 7% decline in FY15.

Higher Leverage: Golden Eagle's payables adjusted net leverage
increased to 3.27x by the end of 2014 from 2.3x in the previous
year. Fitch estimates this may exceed 4x by the end of 2015, given
weaker cash generation and ongoing capex requirements. The company
also made several acquisitions over the past year, which would
increase its leverage.

Adequate Liquidity: The company's unrestricted cash and cash
equivalents remained robust at CNY4.3 billion as at June 2015.
This is sufficient to cover its short-term debt of CNY644m and
near-term capex requirements. Golden Eagle's annual capex budget
of around CNY1.5 billion for store expansion in 2015-2017 is
flexible, as it plans to acquire some stores from its parent. This
will allow for favourable terms, such as timing of acquisitions
and mode of payment.

KEY ASSUMPTIONS

Fitch's key assumptions within our rating case for the issuer
include:
-- neutral to slight decline in same-store sales growth in China
-- contracting EBITDA margins
-- capex: CNY1.2 billion-1.5 billion per year

RATING SENSITIVITIES

Negative: Future developments that may individually or
collectively lead to negative rating action include:
-- Payables adjusted net leverage (adjusted for lease, payables
    and customer deposits) being sustained above 3.75x
-- EBITDA margin being sustained below 40% (2014: 43.5%)
-- sustained negative free cash flow

Positive: the rating is on Watch Negative. The likelihood of
positive rating action is low.


LOGAN PROPERTY: Fitch Says BB-/Stable Leverage to Remain Stable
---------------------------------------------------------------
Fitch Ratings expects China-based Logan Property Holdings Company
Limited's (Logan; BB-/Stable) leverage to stay below 40% in 2016,
with a disciplined financial policy and improving Greater Shenzhen
property market. This is despite increased land acquisition costs.

The residential property developer's land acquisition costs
increased almost 95% to CNY6988/sqm in 2015 from around
CNY3587/sqm in 2014. The increase is due to two land parcels
acquired in Shenzhen and Zhuhai, with an average price above
CNY10,000/sqm.

Logan's attributable land premium incurred increased 89% to
CNY11.1 billion in 2015 as it bought the high-priced Shenzhen land
through joint-investments. Logan benefited from an exceptionally
strong performance in the Greater Shenzhen Region in 2015. The
company achieved more than CNY20.5 billion in contracted sales,
above its revised sales target of CNY18 billion. Greater Shenzhen
accounted for 43% of contracted sales in 2015 and will continue to
be Logan's biggest sales contributor in 2016. The lower leverage
is also helped by a strong 92% cash collection rate in 2015.
Consequently, Logan further reduced 2015's leverage to 27% from
37% net debt/adjusted inventory in 2014.

Logan's liquidity remains healthy at year end 2015, with lower net
debt levels. Total debt edged up 4% to CNY20 billion, while total
cash balance increased 26% to CNY11.5 billion. The readily
available cash is sufficient to cover Logan's short term debt
obligations of CNY 4.3 billion in 2016.

Logan's 2015's results are in line with Fitch's expectations and
support the company's rating.


LOGAN PROPERTY: 2015 Results Supports Ba3 CFR, Moody's Says
-----------------------------------------------------------
Moody's Investors Service says that Logan Property Holdings
Company Limited's 2015 full-year results are in line with
expectations and support the company's Ba3 corporate family and B1
senior unsecured ratings.

The ratings outlook remains stable.

"Logan's credit profile remained broadly stable in 2015, with
expansion in Shenzhen balanced by strong sales execution during
the year," says Dylan Yeo, a Moody's Analyst and the Lead Analyst
for Logan.

Logan achieved contracted sales of RMB20.5 billion in 2015, a
53.6% year-on-year increase.  This significant improvement was due
to the successful launch of its Acesite Mansion project in
Shenzhen in the last two months of the year, as well as continued
sales growth in other key markets such as Huizhou, Shantou and
Nanning.

The company's revenue increased by 16.6% to RMB14.6 billion
supported by contracted sales growth over the last 12-18 months.

Revenue is expected to trend toward RMB18 billion-RMB20 billion in
2016, based on the increase in contracted sales in 2015, the
company's scheduled delivery plan, and its track record of revenue
recognition.

Gross margin remained flat at 30.4% from 2014, a level that is
strong relative to its similarly rated peers, reflecting the
company's low-cost position in terms of both construction and land
costs.

Moody's expects the margin to be kept at approximately 30% because
of the high recorded margins of its projects in Shenzhen and
Shantou.

However, credit metrics weakened slightly in 2015 -- in terms of
revenue-to-adjusted debt and interest coverage -- although we
expect improvements in 2016 as contracted sales in 2015 are
gradually delivered.

Revenue-to-adjusted debt -- a measurement of leverage -- weakened
slightly to 69.4% from 71.1% while EBIT interest coverage slipped
to 3.1x from 3.2x.

The decline in the two ratios was mainly due to a 19.8% increase
in total adjusted debt to RMB21 billion, which outpaced revenue
growth.

Debt growth in 2015 was mainly due to land acquisition, including
Logan's 51% stake in the RMB11.25 billion acquisition of the
Hongshan project in Shenzhen.

Moody's expects revenue-to-adjusted debt to improve to 74%-77% in
2016 and EBIT interest coverage to 3.3x-3.5x in 2016, based on our
expectation of a step-up in revenue, continued resilience in gross
margin, and a lowering in funding costs due to the relaxed credit
environment onshore for property developers.

"Logan's operating profile is increasingly concentrated in
Shenzhen, which results in higher exposure to potential regulatory
changes in the city aimed at curbing speculative property demand,"
says Yeo.

43.2% of Logan's contracted sales in 2015 came from the Shenzhen
region.

Moody's expects Shenzhen's contribution to increase to more than
50% in the next 12-24 months as Logan progressively launches the
Hongshan and Pingshan projects in the city.

Property prices in Shenzhen surged by 54% year-on-year at end-
2015.

The price escalation, while boosting developers' sales, heightens
the risk of regulatory intervention to prevent overheating.

"Logan's liquidity remained adequate in 2015, with cash on hand
boosted by strong cash collection and the successful issuance of
its onshore bonds," adds Yeo.

At end-2015, Logan recorded RMB10.8 billion in cash on hand, which
includes short-term restricted cash.

Cash to short-term debt improved to 203% from 147% because of the
larger cash balance and a decrease in short-term debt.

Logan maintained a good cash collection rate of 92% in 2015.

As a result, its cash receipt grew by 47.5% year-on-year to about
RMB18.8 billion.

The improvement in liquidity was also partly due to the August
2015 issuance of two tranches of domestic bonds totaling RMB5.0
billion, which bolstered the company's balance sheet liquidity and
extended its debt maturity profile.  Logan also raised HKD1.5
billion from its equity issuance in 4Q 2015.

On the other hand, Moody's expects approximately RMB4.4 billion of
its cash balance will be used to fund land premiums pertaining to
purchases it made in 2015.

Nevertheless, cash to short-term debt, excluding these land
payments, was still good at approximately 160%.

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

Established in 1996, Logan Property Holdings Company Limited is a
property developer based in Shenzhen.  The company's principal
focus is on residential projects in Shenzhen, Shantou, Nanning and
Huizhou.

The company listed on the Hong Kong Stock Exchange in December
2013.  At end-2015, the company's land bank totaled 13.7 million
square meters in gross floor area across cities in China,
including Shenzhen, Shantou, Nanning and other cities in the Pearl
River Delta region.


RENHE COMMERCIAL: Moody's Retains Caa1 CFR on Refinancing
---------------------------------------------------------
Moody's Investors Service says that Renhe Commercial Holdings
Company Limited's refinancing of its USD161 million senior
unsecured notes has no immediate impact on its Caa1 corporate
family rating.

The rating outlook remains negative.

"Renhe Commercial has refinanced its USD161 million notes, which
were due on 10 March 2016, with a short-term bridge loan.
However, the company's Caa1 rating and negative outlook continue
to reflect its significant and continuing level of liquidity
stress", says Dylan Yeo, a Moody's Analyst.

Renhe Commercial has a material amount of debt due in 2H 2016,
including (1) a USD378 million bridge loan to fund its distressed
exchange bond offer in January 2015; (2) a USD191 million loan
associated with the acquisition of agricultural businesses in July
2015; (3) the new bridge loan that refinanced the USD161 million
notes; and (4) onshore short-term loans.

"We expect that cash on hand of around RMB800-900 million at end-
2015 will be insufficient to meet all its debt repayment
obligations," says Yeo, who is also the International Lead Analyst
for Renhe Commercial.

Moody's notes that Renhe Commercial intends to dispose of its
underground shopping malls to fund the debt repayments, but the
lack of transferrable land-use rights on its properties limits its
ability to dispose of some of its assets.

Moody's also notes that the company currently has no concrete plan
for disposals.

On March 8, 2016, Renhe Commercial issued a profit warning and
expects to record a substantial rise in losses during FY2015 as
compared to FY2014.

This expected development is primarily attributable to net
valuation losses on its investment properties and a full
impairment of goodwill from the acquisition of the agricultural
businesses.

"While the valuation loss and impairment loss will have a limited
impact on cash flow -- due to their non-cash nature -- we also
believe that Renhe Commercial's credit metrics will remain weak at
the end of FY2015", says Cindy Yang, the Local Market Analyst for
the company.

The acquisition of the agricultural businesses will likely result
in positive EBITDA for FY2015 and FY2016, but the improvement will
not be enough to materially strengthen Renhe Commercial's credit
profile.  Moody's expects EBITDA/interest to remain at about 0-
0.5x in FY2015 and FY2016.

Upward rating pressure is unlikely in the near term, given the
negative outlook.

However, the outlook could return to stable if the company obtains
sufficient committed funding to address its debt repayments.

Further downgrade pressure will emerge if Renhe Commercial fails
to meet its debt repayment obligations.

The principal methodology used in this rating was Global Rating
Methodology for REITs and Other Commercial Property Firms
published in July 2010.

Renhe Commercial Holdings Company Limited specializes in the
development and commercial operation of 22 underground shopping
centers in 12 cities in China that can also function as civilian
air defense shelters.  The projects are built below city
commercial centers and transportation hubs, and are free of land-
use premium fees.

Renhe Commercial also operates wholesale markets for agricultural
produce in China after completing the acquisition of Yield Smart
Limited (unrated) on 27 July 2015 for a total consideration of
HKD8.1 billion.

However, Renhe Commercial only owns the operating rights of these
underground shopping malls as well as for wholesale markets.

The company listed on the Hong Kong Stock Exchange in October
2008.  Mr. Dai Yongge, the Chairman and CEO, owned a 51.38% stake
as of July 27, 2015.

The Local Market analyst for this rating is Cindy Yang, +86 (10)
6319-6570.


RENHE COMMERCIAL: S&P Affirms 'CCC-' CCR; Outlook Negative
----------------------------------------------------------
Standard & Poor's Ratings Services said that it had affirmed its
'CCC-' long-term corporate credit rating and 'cnCCC-' long-term
Greater China regional scale rating on China-based underground
mall developer and operator Renhe Commercial Holdings Co. Ltd.
The outlook is negative.  S&P also withdrew the issue rating on
Renhe's notes due March 10, 2016, following their full repayment.

"We affirmed the rating to reflect our view that Renhe's liquidity
risk remains high despite the company's repayment of its senior
unsecured notes due March 10, 2016," said Standard & Poor's credit
analyst Dennis Lee.  "We estimate that Renhe still has substantial
short-term borrowings due in the coming six months, of which the
company may not be able to repay because of its weak operating
performance and low cash balance."

Renhe assumed US$191 million in debt from an agricultural food
company it acquired in June 2015.  S&P anticipates that Renhe has
to repay the full amount in 2016.  At the same time, the company
has an offshore syndicated loan with a total outstanding amount of
US$400 million due in August 2016.

In S&P's view, the company's recently announced assets sale may
not generate sufficient cash for its short-term debt repayment,
given the uncertainties over the timing and amount of the sale.
That's because the company lacks saleable assets apart from the
operating rights of its underground malls.  Moreover, in S&P's
view, potential buyers are likely to offer a compressed price for
the rights, given that Renhe needs to sell the rights for
immediate liquidity.  In addition, the asset sales could take
several months and would be subject to shareholders' approval.

Renhe has breached the financial covenants under its syndicated
loan as of Dec. 31, 2015.  S&P understands that lenders have so
far not initiated any repayment acceleration.  However, any
acceleration could trigger a cross default on Renhe's other bank
borrowings, and the company is unlikely to have sufficient
internal resources for immediate repayment.  Renhe recently said
that it has yet to fulfil the covenants of its offshore syndicated
loan, which requires the company to register a land parcel in Wuxi
as collateral and maintain a minimum cash balance.

"The negative outlook reflects Renhe's high liquidity risk over
the next 12 months, given its substantial short-term borrowings,
low cash balance, and weak business performance," said Mr. Lee.
"In our view, the company's debt-repayment capability is highly
dependent on its announced assets sales and ability to roll over
or refinance outstanding borrowings."

S&P would lower the rating to 'SD' or 'D' if Renhe cannot repay
its short-term borrowings on time.  S&P would also lower the
rating to 'SD' or 'D' if lenders accelerate repayment of the
company's bank borrowings because of a covenant breach.  This
could result in the cross-default of its other borrowings, and S&P
believes Renhe does not have sufficient resources to repay.

In a less-likely scenario, S&P may revise the outlook to stable or
raise the rating if Renhe secures sufficient longer-term financing
for its debt and complies with all requirements to resolve the
covenant breach.


SOHO CHINA: Moody's Puts Ba2 CFR on Review for Downgrade
--------------------------------------------------------
Moody's Investors Service has placed SOHO China Limited's Ba2
corporate family and senior unsecured debt ratings on review for
downgrade.

The rating review follows the company announcement of its full-
year results for FY2015 (January-December).

                         RATINGS RATIONALE

"Despite the 148% increase in rental growth in FY2015, SOHO
China's weak EBITDA/interest coverage of 0.7x does not support its
Ba2 ratings," says Stephanie Lau, a Moody's Assistant Vice
President and Analyst.

"Moody's is also concerned that the company's cash position will
continue to weaken as it still needs to cover capital expenditures
on three commercial properties estimated at a total of around RMB2
billion per year," adds Lau who is the Lead Analyst for SOHO
China.

As indicated, SOHO China reported a 148% year-on-year growth in
rental income to RMB1.1 billion.

But its EBITDA/interest coverage declined to 0.7x (0.8x, after
excluding fees related to senior notes' tender and consent
solicitation), below 1.0x in last 12 months to 1H 2015 and 3.1x in
FY2014.  Such levels of interest coverage do not support the Ba2
ratings, even after considering its track record of strong
liquidity and moderately low debt leverage, as measured by
adjusted debt/total assets.

SOHO China's cash and deposit declined by RMB3.5 billion year-on-
year to RMB9.0 billion at end-2015, even after it received net
proceeds of RMB5.1 billion from the disposal of its 50%
shareholding interest in Shanghai Haizhimen Property Investment
Management Co., Ltd (unrated) in September 2015.

Moody's is concerned that the company's cash position will
continue to fall because it still has to fund capital expenditure
to complete three projects -- SOHO Leeza, SOHO Tianshan Plaza and
Gubei -- estimated at around RMB2 billion a year until at least
2018.

Even though it can sell existing properties to raise cash, the
proceeds could be reduced by special dividend distributions, such
as which the company made when it disposed of Haizhimen.

Moody's also notes that while SOHO China is reducing its US dollar
exposure by refinancing its offshore borrowings with onshore
borrowings, such action will raise the level of subordination risk
for offshore debt investors.

Moody's will focus its review on (1) rental growth in 2016 and
2017; (2) the impact of any asset disposals to the company's
EBITDA and cash position; (3) the decline in interest income which
was a material contributor to EBITDA in 2015; and (4) the level of
priority debt in the next 2 years.

The principal methodology used in these ratings was Global Rating
Methodology for REITs and Other Commercial Property Firms
published in July 2010.

SOHO China Limited, incorporated in March 2002 and listed on the
Hong Kong Stock Exchange in October 2007, develops, leases and
manages commercial properties in the core business districts in
Beijing and Shanghai.

The Local Market analyst for this rating is Cindy Yang, +86 (10)
6319-6570.



=========
I N D I A
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ALAM TANNERY: CRISIL Cuts Rating on INR160MM Export Loan to 'D'
---------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Alam
Tannery Private Limited (ATPL) to 'CRISIL D/CRISIL D' from 'CRISIL
B+/Stable/CRISIL A4'. The downgrade reflects instances of
devolvement of the company's letters of credit owing to stretched
liquidity.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit             20      CRISIL D (Downgraded from
                                   'CRISIL    B+/Stable')

   Export Packing         160      CRISIL D (Downgraded from
   Credit                          'CRISIL B+/Stable')

   Foreign Bill           130      CRISIL D (Downgraded from
   Purchase                        'CRISIL A4')

   Inland/Import           25      CRISIL D (Downgraded from
   Letter of Credit                'CRISIL B+/Stable')

   Proposed Long Term      85      CRISIL D (Downgraded from
   Bank Loan Facility              'CRISIL B+/Stable')

ATPL has working capital-intensive operations, and is exposed to
risks related to fluctuations in foreign exchange rates, and to
regulatory changes especially in Europe, where most of its end
customers are located. It also has weak liquidity and debt
protection metrics. However, the company benefits from the
extensive experience of its promoters in the leather industry, the
financial support extended by them, and an adequate networth and
low gearing.

Promoted by Mr. Maqbul Alam, ATPL exports hides and stitched
leather, and manufactures leather furniture. The business was
started in the early 1920s, when Mr. Mohammed Hanif, father of Mr.
Alam, set up a raw hide and skin trading centre in North Bihar. In
1962, the promoter family set up a partnership firm, Maqbul Alam &
Co, which began operations by exporting dry salted skin and wet
blue leather to Europe. In 1970, the promoter family shifted to
Kolkata, where ATPL was incorporated. The company has two tannery
units, and currently manufactures leather sofa and chair covers.
It exports its products to the UK, Germany, Poland, Hungary,
China, South Africa, and Australia.


ALLIED ENERGY: ICRA Lowers Rating on INR6.5cr Bank Loan to B+
-------------------------------------------------------------
ICRA has revised its long-term rating on the INR6 crore fund based
facilities, INR6.50 crore non fund based facilities and INR0.50
crore unallocated limits of Allied Energy Systems Private Limited
to [ICRA]B+ from [ICRA]BB-(Stable).

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit           6.00        [ICRA]B+; revised from
                                     [ICRA]BB-(Stable)
   Unallocated           0.50        [ICRA]B+; revised from
                                     [ICRA]BB-(Stable)
   Bank Guarantee        6.50        [ICRA]B+; revised from
                                     [ICRA]BB-(Stable)

The rating revision is driven by the continued decline in AESP's
operating income over the past two years, with the company's
operating profit margins exhibiting significant volatility over
the same period. The decline in the company's accruals has also
been accompanied by an increase in the company's working capital
intensity with its NWC/OI increasing to 55% from 42%, an year ago.
This was on account of a continued sharp increase in receivables,
along with an increase in inventory levels.
The rating factors in the critical dependence of the company's
revenues on the timeliness of project execution by its large
clients; competition from other players in the industry and the
vulnerability of profitability to any unfavourable fluctuations in
prices of key raw materials, given the fixed price nature of
contracts. The rating also factors in the high gearing of the
company led by funding of working capital requirements, mainly
through bank borrowings. However, the rating draws comfort from
the extensive experience of the promoters in fabrication business,
established customer base comprising reputed companies which
reduces the counterparty credit risk to some extent, and healthy
outstanding order book of the company which provides adequate
revenue visibility.

ICRA notes that while the company's current unexecuted order book
position remains healthy and lends revenue visibility over the
next 12-15 months, the ability of the company to execute orders in
a timely manner thereby increasing scale of operations and
optimize its working capital cycle will remain the key rating
sensitivities.

Incorporated in 2005, Allied Energy Systems Private Limited is
primarily engaged in designing fabrication and erection of
Deaerators for boilers which are used in industries like
Chemicals, Power, Petrochem, Fertilizer, Sugar, Paper etc. The
company is also engaged in manufacturing of steel fabricated
products like Pressure Vessels, Heat Exchangers, and Evaporators
etc. The company has two manufacturing facilities in Bhiwadi,
Rajasthan with a total annual capacity of 75,000MT.

Recent Results
The company reported a net profit of INR0.22 crore on an operating
income of INR25.43 crore in FY15, as against a net profit of
INR1.07 crore on an operating income of INR26.49 crore in FY14.


ARYA GREEN: CRISIL Reaffirms B+ Rating on INR45MM Term Loan
-----------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Arya Green
Energy (AGE) continues to reflect AGE's susceptibility to risks
associated with ramp-up of operations, volatility in raw material
prices, and intense competition in the plastics industry. These
weaknesses are partially offset by its promoters' extensive
industry experience.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            30       CRISIL B+/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility     25       CRISIL B+/Stable (Reaffirmed)
   Term Loan              45       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes AGE will continue to benefit over the medium term
from its promoters' extensive industry experience. The outlook may
be revised to 'Positive' if AGE reports substantial increase in
revenue and profitability, leading to substantial cash accrual and
improvement in capital structure. Conversely, the outlook may be
revised to 'Negative' if revenue and profitability are low, or if
the firm contracts large debt to fund working capital requirement,
constraining its capital structure, and consequently, liquidity.

AGE was established in 2010 by the Varmora group and other
partners. Mr. Dirubhai Adroja manages its daily operations. The
firm manufactures polyvinyl chloride (PVC) flex-banners and is
based in Morbi.

AGE had net loss of INR2.2 million on net sales of INR105.8
million in 2014-15 (refers to financial year, April 1 to
March 31), against net loss of INR1.4 million on net sales of
INR18.7 million in 2013-14.


ASCEND GREEN: ICRA Assigns B- Rating to INR9.90cr Loan
------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B- to the INR9.90
crore fund based limits of Ascend Green Homes.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund Based Limits      9.90       [ICRA]B- assigned

The assigned rating is constrained by the limited operational
track record of the firm in the civil construction industry; and
high project concentration and counter party credit risk with
single order from Sri Krishna Shelters Private Limited (rated
[ICRA]D in February 2016) constituting 84% of the total order
book. The rating is further constrained by the high geographic
concentration risk of the firm with order execution limited to
Andhra Pradesh state; risks associated with partnership nature of
the firm and significant competition faced from other players in
the civil construction industry constraining the firm's margins.
The assigned rating, however, positively factors in satisfactory
experience of the promoter in real estate development and healthy
order book size of INR66.21 crore as on December 31, 2015
providing revenue visibility in the medium term.

Going forward, the ability of the firm to timely execute the order
book and diversify its order book, while managing working capital
requirements will remain the key credit rating drivers from credit
perspective.

Ascend Green Homes (AGH) is a partnership firm founded in
September 2011 by Mr. IVRK Varma. The firm is engaged in the
business of executing civil contractual works for private entities
in Andhra Pradesh as a sub-contractor.

Recent Results
As per the audited results for FY2015, the company reported profit
before tax of INR0.07 crore on turnover of INR0.91 crore as
against profit before tax of INR0.06 crore on turnover of INR0.75
crore during FY2014.


BALAJI STAKE: CRISIL Suspends 'D' Rating on INR90MM Cash Loan
-------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Balaji
Stake Rice Industries Limited (BSRIL; part of the Balaji group).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            90       CRISIL D

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

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of BSRIL and Balaji Stake Rice Industries
(BSRI). This is because these two entities, together referred to
as the Balaji group, are in the same line of business, have common
promoters, and have operational linkages and fungible cash flows.

BSRIL was incorporated in 2000 by Mr. M.Sampath Rao and his family
members. The company mills and processes paddy into rice; the
company also generates by-products, such as broken rice, bran, and
husk.


BHAIRAVNATH POULTRY: CRISIL Reaffirms B Rating on INR125MM Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Bhairavnath Poultry
Farms Private Limited (BPFPL) continue to reflect its below-
average financial risk profile, because of modest networth, high
gearing, and weak debt protection metrics, and the vulnerability
of operating profitability to risks inherent in the poultry
industry. These weaknesses are partially offset by the extensive
experience of the promoters in the poultry industry.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         15       CRISIL A4 (Reaffirmed)
   Cash Credit            40       CRISIL B/Stable (Reaffirmed)
   Term Loan             125       CRISIL B/Stable (Reaffirmed)

Outlook: Stable
CRISIL believes that BPFPL will continue to benefit over the
medium term from the promoters' extensive industry experience. The
outlook may be revised to 'Positive' if there is significant and
sustainable improvement in cash accrual while sustaining the
capital structure. Conversely, the outlook may be revised to
'Negative' if liquidity is constrained most likely by a decline in
sales and profitability or stretch in the working capital cycle.

BPFPL was incorporated in 1995, promoted by Mr. Prasad Bhagat and
Mr. Krishnaji Bhagat. The company, based in Pune (Maharashtra), is
engaged in poultry farming.


CHAWLA INTERNATIONAL: CRISIL Suspends B+ Rating on INR45MM Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Chawla
International (CI).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bill Discounting      45        CRISIL B+/Stable
   Cash Credit            5        CRISIL B+/Stable
   Packing Credit        27.5      CRISIL A4
   Proposed Short Term
   Bank Loan Facility    22.5      CRISIL A4

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

CI exports domestic coal and foods grain to Bangladesh and Bhutan.
Its partners are Mr. Jasbir Singh Chawla, Mr. Baljinder Singh
Chawla, Mr. Hardip Singh Chawla, and Mr. Sarabjit Singh Chawla.


CHEMTECH AGENCIES: CRISIL Suspends B Rating on INR29.5MM Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Chemtech Agencies (CA).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         1.5      CRISIL A4
   Bill Discounting
   under Letter of
   Credit                 4.0      CRISIL A4
   Cash Credit           15.0      CRISIL B/Stable
   Proposed Cash
    Credit Limit         29.5      CRISIL B/Stable

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

Set up as a partnership firm in 1986 in Coimbatore (Tamil Nadu),
CA is engaged in distribution of industrial valves and plastic
pipes. The firm provides an array of valves and pipes for use in
chemical processes, mining, engineering, and in the oil and gas
sector.


CORONA VITRIFIED: CRISIL Suspends B+ Rating on INR65MM Term Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Corona
Vitrified Private Limited (CVPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee        10        CRISIL A4
   Cash Credit           60        CRISIL B+/Stable
   Rupee Term Loan       65        CRISIL B+/Stable

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

CVPL was incorporated in December 2009, promoted by the Ughreja
family of Morbi. The company mainly manufactures vitrified tiles.


DHS HOTELS: ICRA Assigns B+ Rating to INR11.20cr Fund Based Loan
----------------------------------------------------------------
ICRA has assigned the long term rating of [ICRA]B+ to INR11.20
crore* fund based limits, INR0.30 crore non fund based limits and
INR1.00 crore unallocated limits of DHS Hotels Private Limited.

                           Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Fund based limits        11.20       [ICRA]B+ assigned
   Non Fund based limits     0.30       [ICRA]B+ assigned
   Unallocated limits        1.00       [ICRA]B+ assigned

The assigned rating is constrained by weak financial profile of
the company as reflected by net losses, stretched coverage
indicators and leveraged capital structure owing to debt funded
hotel construction; and insufficiency of cash accruals for term
loan repayments in FY2017 with shortfall likely to be funded by
promoter funds. The rating is further constrained by the exposure
of hotel performance to the cyclicality inherent in the
hospitality business; high geographic concentration risks with
operations limited to Tirupati of Andhra Pradesh; and likely
pressure on ARR (EXPAND) and the occupancy levels of hotel due to
increasing room supply in Tirupati in the near term.

The assigned rating however draws comfort from the hotel
management contract with ITC group for the fortune select brand
which provides benefit from the global marketing and advertising
network of ITC; and increase in revenues on the back of healthy
increase in occupancy levels owing to increase in corporate tie
ups and favorable demand dynamics in Tirupati.

Going forward, the ability of the company to improve its occupancy
levels, control costs and thereby improve margins, and generate
sufficient cash accruals for term loan repayments will be key
rating sensitivities from credit perspective.

DHS Hotels Private Limited (DHSHPL) is promoted by Mr. T.Krishna
Prasad and has constructed a 5 star hotel 'Fortune Select Grand
Ridge' in Tirupati, Andhra Pradesh on a leased land at Shilparamam
with total project cost of INR51.54 crore which was funded through
term loan of INR27.00 crore and remaining INR24.54 crore from
promoters contribution. The hotel is situated in Tirupati that
annually draws millions of tourists and devotees from all over the
world. The Hotel construction has started in the year 2010 and
started commercial operations in the month of January 2013.The
hotel has a tie up with ITC for fortune select brand and is valid
for a period of 10 years.

Recent Results
DHSHPL has reported an operating income of INR17.95 crore and net
losses of INR2.57 crore in FY2015 as against an operating income
of INR9.80 crore and net losses of INR8.44 crore in FY2014.


ELECTROPATH SERVICES: ICRA Assigns B+ Rating to INR21.27cr Loan
---------------------------------------------------------------
ICRA has assigned the long term rating of [ICRA]B+ to the INR21.27
crore cash credit facility of Electropath Services (India) Private
Limited. ICRA has also assigned short term rating of [ICRA]A4 to
non fund based limits of INR28.73 crore.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long term, fund
   based limits
   Cash Credit          21.27        [ICRA]B+ Assigned

   Short term, non
   fund based limits    28.73        [ICRA]A4 Assigned

The assigned ratings take into consideration long standing
experience of company and the promoters as EPC contractor for
implementation of transmission lines and sub-station projects and
established track record for undertaking power projects. The
ratings factor in moderate revenue visibility in medium term
supported by adequate order book status standing at ~Rs. 100
crore. ICRA also takes note of the long term outlook for the
domestic power transmission segment remain favourable given
sizeable planned expenditure on upgrading T&D infrastructure
across the country including focused government schemes for rural
electrification and reducing T&D losses along with ongoing and
planned capacity additions in power generation.

The ratings are however constrained by small scale of operations
with order book being concentrated to single project and any
deferment in same can impact revenue bookings of the company. ICRA
notes that the firm faces high competition from the well
established players in the industry and future growth is dependent
on firm's ability to bid for additional orders. The rating is
further constrained by high working capital intensive nature of
business led by extended receivable cycle. Further, timely
recovery of retention money amounting to ~Rs 18.0 crore as on
Mar'15 remains critical. Also, in line with industry nature,
sizeable funds of the company are stuck as margin money for bank
guarantees extended, limiting overall financial flexibility of the
company. The company is also vulnerable to execution risks
inherent in project nature of business. Going forward, the
company's ability to execute current order book in a timely manner
and scaling up operations while managing working capital cycle
remain key rating sensitivities.

Established in 2006, the company is engaged in executing turnkey
power projects for MSEDCL. The company provides services like
designing, Erecting, Commissioning, testing and maintaining power
projects.


EVERON CASTINGS: ICRA Assigns 'B+' Rating to INR13cr Loan
---------------------------------------------------------
ICRA has revised the long-term rating of the INR8.09 crore term
loan facilities (revised from 9.03 crore), INR8.00 crore fund
based facilities (revised from 10.00 crore) and INR13.00 crore
fund based facilities (sub limit) of Everon Castings Private
Limited from [ICRA]BB- (Stable) to [ICRA]B+. ICRA has also re-
affirmed the short term rating of [ICRA]A4 to the INR3.00 crore
non-fund based facilities of the Company (revised from 0.06
crore).

                              Amount
   Facilities              (INR crore)     Ratings
   ----------              -----------     -------
   Term loan facilities       8.09         Downgraded to [ICRA]B+
   Fund based facilities      8.00         Downgraded to [ICRA]B+
   Fund based (sub limit)    13.00         Assigned [ICRA]B+
   Non-fund based
   facilities                 3.00         [ICRA]A4 reaffirmed

The rating downgrade is on account of the decline in debt coverage
indicators resulting from a decline in margins and thereby the
cash accruals. The recent capital expenditure and the increase in
the working capital intensity have led to a substantial increase
in the debt levels and this has strained the cash flows and
profitability due to the sizeable interest costs and repayment
commitments. These apart; the ratings are also constrained by the
moderate scale of operations limiting benefits of economies of
scale; highly geared capital structure and vulnerability to raw
material prices and power availability due to limited pricing
flexibility in a highly competitive market.

However, ICRA takes cognizance of the long standing experience of
the promoters in the foundry business and its established
relationships with customers, with a couple of high profile
customer acquisitions in the past two years. ICRA also considers
the healthy revenue growth witnessed during past 3-4 years,
although the margins have declined in the recent years.

Everon Castings Private Limited is engaged in manufacturing of
steel casting largely valves, pumps, engineering components and
automobile components. Incorporated in 2008, the Company has an
installed capacity of 6,000 MT per annum. ECPL's commercial
production started in January 2010 and the manufacturing facility
is located in Coimbatore (Tamil Nadu).

Recent Results
The Company had reported a net profit of INR0.1 crore on an
operating income of INR69.8 crore during 2014-15, as against a net
profit of INR0.1 crore on an operating income of INR50.9 crore
during 2013-14.


FORTUNE'S SPARSH: ICRA Assigns 'B' Rating to INR7.5cr Term Loan
---------------------------------------------------------------
ICRA has assigned the long term rating of [ICRA]B to the INR7.50
crore term loan facility of Fortune's Sparsh Healthcare Private
Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term, Fund
   based limits
   Term Loan             7.50         [ICRA]B assigned

The assigned rating takes into account the long experience of the
promoters across diverse medical streams as also the favorable
location of the proposed hospital with ease of accessibility to
key roads.

The rating, however, is constrained with risks associated with
single assets as the proposed hospital will be the sole revenue
source for the company. Ability to complete the project in planned
time and budgeted costs along with healthy operating metrics, post
launch of the operations would be critical as far as the debt
servicing obligations of the company are concerned.

Fortune's Sparsh Healthcare Private Limited is promoted by
Dr.Rahul Bade, Dr. Vikas Kude, Dr.Amit Wagh and Mr.Vinod Adaskar.
The company is in process of setting of a 70 bedded super
specialty hospital at Somatane Phata which is close to 30 kms from
Pune. The hospital in addition to OPD and IPD services will also
house laboratory and a round the clock pharmacy. The estimated
project cost of INR9.65 crore is to be met through INR2.00 crore
equity, INR7.47 crore term loan and rest coming through interest
free unsecured loans.


FRIENDS INTERNATIONAL: ICRA Suspends B+ Rating on INR11cr Loan
--------------------------------------------------------------
ICRA has suspended the [ICRA]B+ rating for the INR11 Crore bank
facilities of Friends International. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of the
requisite information from the company.


GIRIJASHANKAR COTTON: ICRA Reaffirms B+ Rating on INR7cr Loan
-------------------------------------------------------------
ICRA has reaffirmed its long term rating of [ICRA]B+ on the
INR8.00 crore fund based bank facilities of Girijashankar Cotton
Private Limited.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Fund based limit      7.00       [ICRA]B+; reaffirmed
   Unallocated Limit     1.00       [ICRA]B+; reaffirmed

ICRA's rating reaffirmation continues to factor in the intensely
competitive nature of cotton ginning industry coupled with the
seasonal nature of business, which restricts the profitability.
The company is also exposed to risk related to stocking of kapas
and associated volatility in its prices. Further, the operating
income of the company has declined in FY15 owing to lower demand
and increase in the operating margin accretive job-work
activities. The capital structure with a gearing of 1.56 times as
on March 31, 2015 with low profit margins has suppressed the debt
protection metrics.

The rating continues to favorably factor in the experience of the
promoters in the cotton ginning industry, wide customer base,
which mitigates customer concentration risk, and the proximity of
the manufacturing units to the cotton producing belt of
Maharashtra and Madhya Pradesh resulting in favorable access to
raw material and reduction in transportation cost and agent
commission.

The improvement in operating performance with better profitability
will be a critical factor determining the debt servicing
capability given the scheduled debt repayment liabilities and
hence will be the key rating sensitivities.

Incorporated in October 2005, GCPL is engaged in cotton ginning
and pressing. GCPL procures raw seed cotton (Kapas) from
farmers/mandis, which is processed in ginning mills for removing
seeds and other impurities. The raw cotton seed sourced by the
firm is of various kinds such as desi, Shankar 6, BB, MCU-5 and H4
cotton variety which is of high quality with staple length of 28 -
32 mm. The output of the process is cotton lint and cotton seed.
Cotton lint is in turn pressed into bales, and the overall wastage
in the ginning process is about 3%-4%, which is at par with the
industry average. The manufacturing facility is located in
Sendhwa, Madhya Pradesh with an installed capacity of 310 bales
per day in FY13. With debt-funded expansion, the capacity during
FY14 ginning season has increased to 610 bales per day.

Recent Results
The entity reported a net profit of INR0.29 crores on an operating
income of INR32.88 crores in FY15 as against net profit of INR0.26
crores on an operating income of INR53.68 crore in FY14.


GLOBAL ESTATES: CRISIL Assigns B+ Rating to INR84.2MM Term Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Global Estates AC Ambassador Hotel (GEAH).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Term Loan             84.2      CRISIL B+/Stable
   Cash Credit            5.0      CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility     0.8      CRISIL B+/Stable

The rating reflects entrepreneurial experience of the firm's
proprietor. This strength is partially offset by the firm's
initial phase of operations, geographical concentration in revenue
profile, and susceptibility to cyclicality in the hospitality
industry.

Outlook: Stable
CRISIL believes GEAH will continue to benefit over the medium term
from its proprietor's entrepreneurial experience. The outlook may
be revised to 'Positive' if the firm's scale of operations and
profitability increase, leading to a better financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
it undertakes large debt-funded capital expenditure, or if its
revenue and profitability decline substantially because of low
average room rate or occupancy, weakening its financial risk
profile.

GEAH, set up in 2013 by Mr. Simerdeep Singh, operates Ambassador
Hotel in Jalandhar. The hotel commenced operations in August 2015.


GLOBAL INSTITUTE: ICRA Assigns B+ Rating to INR20cr LT Loan
-----------------------------------------------------------
ICRA has assigned its long-term rating of [ICRA]B+ to the INR20.00
crore fund based bank facilities of Global Institute of Medical
Science And Health Care (GIMSH).

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long term Fund
   based-Term Loan      20.00         [ICRA]B+; Assigned

ICRA's rating factors in the nascent stage of the hospital
project, which Global Institute of Medical Science & Health Care
(GIMSH) is executing and risks associated with ability to complete
the project within the estimated costs and time. The execution of
the project is contingent upon the timely and adequately infusion
of funds by the promoters and financial tie-up. Also, attracting
and retaining reputed doctors in the view of heightened
competition, especially those who are willing to render services
for a charitable cause remains a challenge. The current team of
doctors at the existing hospital maintained by the promoter group
have been associated with it for a long time.

However, ICRA's rating factors in the long track record of the
management in the healthcare industry through their other hospital
situated at Jabalpur, Madhya Pradesh and their established
relations with various governmental and non-governmental
organizations (TPAs) such as CGHS, ESIC, CSMA, SBI and ICICI
Lombard etc. which will help in ensuring high occupancies after
the commencement of the hospital.

The ability of the company to complete the project within
estimated cost and time and timely infusion of funds by the
promoters will remain key rating sensitivities.

Incorporated in November 2011, GIMSH is a closely-held company
registered under section 25 (not for Profit Company) that is
setting up a 300-bed multi-speciality hospital in Jabalpur,
(Madhya Pradesh). The promoters of the company are Mr. Rajeev
Baderia and Mr. Saurabh Baderia, have extensive experience in the
healthcare sector and are currently running a 130-bedd hospital in
Jabalpur, Madhya Pradesh. They are also managing the affairs of
medical and engineering institutes (Institutes under Global Nature
Care Sangathan) located in Madhya Pradesh.


HANS INDUSTRIES: ICRA Lowers Rating on INR45cr Cash Loan to B+
-------------------------------------------------------------
ICRA has revised the long term rating of [ICRA]BB  to [ICRA]B+ for
INR45.00 crore fund based cash credit facility of Hans Industries
Private Limited.  ICRA has also reaffirmed the short term rating
of [ICRA]A4 assigned to the INR12.00 crore non-fund based bank
limits and INR10.00 crore letter of credit facility(sublimit of
cash credit facility) of HIPL.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based-Cash
   Credit                45.00        [ICRA]B+; revised from
                                      [ICRA]BB(stable)

   Non fund Based-
   Letter of Credit      10.00        [ICRA]A4; reaffirmed

   Non fund Based-
   Bank Guarantee        12.00        [ICRA]A4; reaffirmed

The downward revision of rating takes into account continuous fall
in steel prices in wake of availability of cheap chinese steel
which has led to poor performance of HIPL in the preceding two
financial years. In addition to weak scenario in steel industry,
high interest cost on account of higher utilisation of cash credit
limit has led to net losses and weak debt coverage indicators. The
ratings are further constrained by intense competition on account
of highly fragmented industry structure which coupled with ongoing
slowdown in steel sector which is likely to keep margins and cash
flows volatile and under pressure in the short to medium term.

The ratings, however, favourably takes into account the long track
record of the company in steel business and vertically integrated
nature of operations with involvement of group entities in steel
rolling business as well as manufacture of low ash metallurgical
coke.

Hans Industries Private Ltd. (HIPL) was acquired as a steel
rolling mill company in 2006-07 by the Bhavnagar-based UB Aggarwal
Group (UBAG). The company was earlier engaged in the production of
billets and structural steel products such as beams, channels and
angles. Currently, HIPL has a steel rolling mill with an annual
capacity of 40,000 metric tonne (MT) each. The operations of the
company are carried out at its plant located at Ghanghali in the
Bhavnagar district of Gujarat. Besides HIPL, UBAG has a number of
other companies with business interests in ship breaking, steel
trading, and coke manufacturing.

Recent Results
For the year ended 31st March 2015, Hans Industries Private
Limited reported an operating income of INR135.54 crore and net
loss of INR0.81 crore.


ICICI BANK: Moody's Puts Ba1 Rating on Foreign Sub. MTN Program
---------------------------------------------------------------
Moody's Investors Service has assigned a Baa3 rating to ICICI Bank
Limited's (ICICI, Baa3, Positive) proposed USD denominated senior
unsecured notes, issued under its US$7.5 billion Global Medium-
Term Note (GMTN) program.  The drawdown will be carried out from
its Dubai International Financial Centre (DIFC) branch, and the
bonds will be listed on the Singapore Stock Exchange.

The outlook on the ratings, where applicable, is Positive.

The senior debt rating is subject to receipt of final
documentation, the terms and conditions of which are not expected
to change in any material way from the draft documents reviewed by
Moody's.

                         RATINGS RATIONALE

The Baa3 foreign currency senior unsecured MTN debt rating is
anchored on ICICI's baa3 baseline credit assessment (BCA).

ICICI's BCA of baa3 is underpinned by the bank's solid franchise
as India's largest private sector bank by assets, as well as its
strong capitalization, liquidity, and earnings profile.  It also
takes into consideration (1) the challenging domestic operating
environment, which could lead to a further deterioration in the
asset quality; (2) high buffers to withstand further asset quality
deterioration including strong pre-provision income generation,
high loan loss coverage levels and high levels of capitalization;
and (3) improvement in core operating performance characterized by
improving funding profile and cost-income ratios.

The principal methodology used in this rating was Banks published
in January 2016.

ICICI is headquartered in Mumbai.  As of March 31, 2015, ICICI
reported standalone assets of INR6,461 billion (approximately
USD100.6 billion).

The full list of ratings for ICICI Bank Limited are:

  Long-term local currency deposit rating of Baa3; positive
   outlook
  Short-term local currency deposit rating of P-3
  Long-term foreign currency deposit rating of Baa3; positive
   outlook
  Short-term foreign currency deposit rating of P-3
  Foreign currency senior unsecured MTN program rating of (P)Baa3
  Foreign currency subordinated MTN program rating of (P)Ba1
  Foreign currency junior subordinated MTN rating of (P)Ba2
  BCA and Adjusted BCA of baa3
  Counterparty Risk Assessment of Baa2(cr) / P-2(cr)


INA ELITE: ICRA Assigns 'B' Rating to INR10cr Term Loan
-------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B to the INR10.00
crore fund based term loan of Ina Elite Hospitality Private
Limited.

                            Amount
   Facilities            (INR crore)     Ratings
   ----------            -----------     -------
   Fund Based-Term Loan      10.00       [ICRA]B; assigned

The rating is constrained by the execution risk and cost-overrun
risk as only 50% of the project is completed with the hotel
operations expected to commence operations from September, 2017.
The rating also takes into consideration the funding risk as the
financial closure for the project is yet to be achieved and the
ability to scale up the operations and meet desired occupancy
levels to avoid any cash flow mismatches. ICRA takes note of part
debt funded project (debt/equity ratio is 2.33) which is likely to
create pressure on the debt servicing indicators going forward and
the promoters' ability to infuse balance funds to complete the
project and timely service the debt obligations, with insufficient
cash generation in the initial years of operation. The rating also
factors in low scale of operations, stretched capital structure of
existing operations and vulnerability of the industry to economic
slowdown.

The rating derives comfort from the long-standing experience of
the promoters in the hospitality industry and the support from the
two operational 3-star hotels in Bangalore. The rating also takes
into account the favorable location of the upcoming 4-star hotel
in Narsapura area on the NH4 highway, in proximity to one of the
fastest growing industrial area with reputed auto ancillary
companies coming up with their manufacturing facilities which
provides access to both industrial and retail customers. The
rating also considers the fact that the upcoming hotel has the
first mover advantage in the given location since there are no
other hotels in the near vicinity which is expected to increase
occupancy and support revenue of the new hotel going forward.

Ina Elite Hospitality Private Limited (IEHPL) is a closely held
private limited company, promoted by Mr. Neeraj Chhabra and
family, engaged in the business of running budget hotels. There
are 2 hotels under the company located at Koramangala and HSR
layout, Bangalore. The company has around 50 permanent employees.
The company is coming up with a new 4-star hotel in Narsapura,
Karnataka. The total estimated project cost is INR50.0 crore which
is proposed to be funded by INR35.0 crore of term loan from bank
and INR15.0 crore equity.

Recent Results
The company reported an operating income of INR7.8 crore and a
profit after tax of INR0.6 crore during FY2015, as compared to an
operating income of INR5.1 crore and a profit after tax of INR0.5
crore during FY2014.


JAANVI SPINNERS: CRISIL Assigns 'B' Rating to INR220MM Term Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Jaanvi Spinners Private Limited (JSPL). The
rating reflects JSPL's exposure to project implementation and
stabilisation risk along with initial stage of operations. These
weaknesses are mitigated by promoter's extensive entrepreneurs
experience and stable demand of textile products.

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

   Proposed Term Loan     220      CRISIL B/Stable

Outlook: Stable

CRISIL believes JSPL will benefit over the medium term from the
promoter's extensive entrepreneurs experience and healthy
prospects of the textile products. The outlook may be revised to
'Positive' if production capacity if implemented on time with
higher-than expected revenue and profitability. Conversely, the
outlook may be revised to 'Negative' if significant time and cost
overrun in project completion, lower-than-expected capacity
utilisation, or significant stretch in working capital management
weakens financial risk profile.

Incorporated in 2009, JSPL, is setting up 10,080 spindle , 3,575
metric tonne per annum spindle spinning mill at Uttar Pradesh
State Industrial Development Corporation Industrial Area, Sant
Kabir Nagar with an estimated cost of around INR350 million
(including working capital margin).


JAGANNATH TEXTILE: CRISIL Cuts Rating on INR1.17BB Loan to 'D'
-------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Jagannath Textile Company Limited (JTCL) to 'CRISIL D/CRISIL D'
from 'CRISIL B-/Stable/CRISIL A4'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee        97.5      CRISIL D (Downgraded from
                                   'CRISIL A4')

   Cash Credit           550       CRISIL D (Downgraded from
                                   'CRISIL B-/Stable')

   Corporate Loan        240       CRISIL D (Downgraded from
                                   'CRISIL B-/Stable')

   Letter of Credit       78.5     CRISIL D (Downgraded from
                                   'CRISIL A4')

   Long Term Loan       1173.4     CRISIL D (Downgraded from
                                   'CRISIL B-/Stable')

   Proposed Long Term     43       CRISIL D (Downgraded from
   Bank Loan Facility              'CRISIL B-/Stable')

   Working Capital        27.7     CRISIL D (Downgraded from
   Term Loan                       'CRISIL B-/Stable')

The downgrade reflects overdrawn working capital facilities (for
more than 30 consecutive days) and delays in meeting principal
obligation on term loans on account of weak liquidity due to
insufficient cash accrual.

JTCL has a weak financial risk profile because of high gearing and
subdued debt protection metrics, and is susceptible to volatility
in raw material prices and to power shortage. However, it benefits
from its healthy market position and promoters' extensive
experience in the open-end yarn segment.

JTCL, set up by Mr. R K Tibrewal in 1987 at Karumathampatti near
Coimbatore, Tamil Nadu, manufactures cotton yarn. The company also
has its own knitted inner garment brand, Crusoe. It outsources
manufacturing and processing of garments.


JAIN KUSUM: ICRA Suspends B Rating on INR20cr LT Loan
-----------------------------------------------------
ICRA has suspended the [ICRA]B rating assigned to the INR20.0
crore long term fund based facilities of Jain Kusum Enterprises
Private Limited. The suspension follows ICRA's inability to carry
out a rating surveillance in the absence of the requisite
information from the company.


JEKIN ENTERPRISES: ICRA Suspends B+ Rating on INR45cr LT Loan
-------------------------------------------------------------
ICRA has suspended the [ICRA]B+ rating assigned to the INR45.00
crore long term fund based bank facility of Jekin Enterprises. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

Jekin Enterprise is a Mumbai based partnership firm having three
partners - Mr. Mukesh Shah, Mr Jeemit Shah and Ms. Jekin. Jekin
undertakes civil works like construction and repairs of buildings,
bridges, concrete and asphalt roads, drainage system, etc. for
Government organizations which includes Municipal Corporation of
Greater Mumbai (MCGM); Mira Bhayander Municipal Corporation (MBMC)
and Kalyan Dombivli Municipal Corporation (KDMC). Besides, the
firm and has also executed works for private parties in the past.
Jekin is registered contractor with PWD, MCGM, Navi Mumbai
Mahanagar Pallika, Pimpri Chinchwad Mahanagar Pallika and
Maharashtra Jeevan Pradhikaran.


JINDAL STEEL: ICRA Lowers Rating on INR18,838.75cr Loan to D
------------------------------------------------------------
ICRA has revised the long term rating for INR3,212 crore NCD
programmes, INR18,838.75 crore term loans, INR4,150.00 crore fund
based limits and INR6,800.00 crore non-fund based limits of Jindal
Steel & Power Limited (JSPL) from [ICRA]BB+ to [ICRA]D. ICRA has
also revised short term rating for INR1,250 crore Commercial
Paper/Short Term Debt programme, and INR2,500 crore short term
loans of JSPL from [ICRA]A4+ to [ICRA]D. The ratings for INR899.25
crore of unallocated limits of JSPL have also been revised from
[ICRA]BB+/ [ICRA]A4+ to [ICRA]D/[ICRA]D.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Non-Convertible      3212.00      [ICRA]D; revised from
   Debentures                        [ICRA]BB+

   Commercial Paper     1250.00      [ICRA]D; revised from
                                     [ICRA]A4+ Bank

   Lines Term Loans    18838.75      [ICRA]D; revised from
                                     [ICRA]BB+

   Fund Based Limits    4150.00      [ICRA]D; revised from
                                     [ICRA]BB+

   Non-fund Based
   Limits               6800.00      [ICRA]D; revised from
                                     [ICRA]BB+

   Short Term Loans     2500.00      [ICRA]D; revised from
                                     [ICRA]A4+

   Unallocated           899.25      [ICRA]D/[ICRA]D; revised
                                     from [ICRA]BB+/[ICRA]A4+

The revision of ratings takes into account delays in debt
servicing by the company in the recent past on account of its
stretched liquidity position following delays in materialization
of asset monetization and refinancing plans, and continuing weak
cash flows from operations. The operational cash flows of the
company had deteriorated sharply in the last quarter which coupled
with high debt servicing obligations made it highly dependent on
debt refinancing and monetization of some assets. With the
challenging environment for steel sector, refinancing has become
difficult whereas asset monetization has also witnessed slow
progress.

JSPL's ratings continue to be constrained by uncertainties
associated with coal sourcing arrangements, modest steel demand,
regulatory risks, and cyclical nature of steel industry.
These factors apart, JSPL has a strong asset base, healthy
operational track record in steel and power sectors, captive iron
ore mine, vantage location of plant in terms of proximity to
various coal and iron ore mines, diversified and value added
product portfolio, and sizeable scale of operations.
Going forward, regularization of debt servicing obligations,
deleveraging of balance sheet through asset monetization and debt
refinancing will be the key rating sensitivities.

Jindal Steel & Power Limited was promoted as Orbit Steel Private
Limited (OSPL) in 1979 by Mr. O.P. Jindal. OSPL became a public
limited company in 1998 with its name changed to Jindal Steel and
Power Limited (JSPL) in June 1998. The company's operations were
insignificant till early 1998 when after a restructuring exercise
in Jindal Strips Limited (JSL), JSL's Raigarh and Raipur units
(both in the state of Chhattisgarh) were hived off and merged with
JSPL. The restructuring exercise was approved by the Haryana High
Court with effect from April 2, 1998. Prior to the restructuring,
JSL was engaged in manufacturing stainless steel and sponge iron
and cold rolling mild steel. These operations were managed
respectively, by Mr. Ratan Jindal, Mr. Naveen Jindal and Mr.
Sajjan Jindal, the three sons of Mr. O.P Jindal. As part of the
restructuring, the stainless steel division was retained in JSL,
the sponge iron division was transferred to JSPL, and the cold
rolling division sold off to Jindal Iron and Steel Company Limited
(JISCO), a Jindal Group company. The restructuring was undertaken
to realign the Jindal Group's businesses along different product
lines, thereby increasing management focus on them and
consolidating their positions in their respective markets.

Over the past one decade, JSPL has significantly expanded its
steel and power operations. The Company continues to have
manufacturing/fabrication units, at Raigarh and Raipur. The
Raigarh unit produces sponge iron, mild steel, beams, plates, rail
structural, medium & light sections and power while the Raipur
plant is engaged in machining and engineering jobs. The company
has recently commissioned a 1.5 MTPA Steel Plant, 1.8 MTPA DRI
plant and 810 MW in Angul (Orissa).

Recent Results
In first nine months of the current financial year 9m-FY16, JSPL
on consolidated level reported a net loss of INR1,530.7 crore on
total income from operations of INR13,538 crore in comparison to
net loss of INR758.8 crore and total income from operations of
INR15,026 crore in 9m-FY15.


JIWAN POLYCOT: CRISIL Suspends 'B' Rating on INR52.5MM Loan
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Jiwan Polycot (JP).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            52.5     CRISIL B/Stable
   Letter of Credit       10       CRISIL A4
   Term Loan               5       CRISIL B/Stable

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

JP was established by members of the Goyal and Bansal families in
2005 to manufacture polyester POY. The firm set up its POY
manufacturing unit in Haridwar (Uttarakhand) with capacity of 5
tonnes per day (tpd), which commenced commercial operations in
September 2006. In 2008-09, the promoters set up a facility for
manufacturing fully drawn yarn with a capacity of around 3 tpd.


K.K. TRADERS: ICRA Suspends 'B' Rating on INR6.25cr Loan
--------------------------------------------------------
ICRA has suspended the [ICRA]B rating for the INR6.25 Crore bank
facilities of K.K. Traders. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of the
requisite information from the company.


KAPSONS INSULATIONS: CRISIL Suspends 'D' Rating on INR95MM Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Kapsons Insulations Private Limited (KIPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            95       CRISIL D
   Letter of Credit       60       CRISIL D
   Term Loan              30       CRISIL D

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

Incorporated in 1990, KIPL is a Jalandhar-based company engaged in
the manufacture of copper wires and enameled copper wires. The key
promoter is Mr. Gaurav Sikka who has extensive experience of
around one decade in the industry.


KARKALA EDUCATION: ICRA Suspends 'B' Rating on INR7.26cr Loan
-------------------------------------------------------------
ICRA has suspended the [ICRA]B rating assigned to the INR7.26
crore long term fund based facilities of Karkala Education and
Charitable Trust. The suspension follows ICRA's inability to carry
out a rating surveillance in the absence of the requisite
information from the company.


KINGFISHER AIRLINES: Employees to Move SC to Recover Salary Dues
----------------------------------------------------------------
The Times of India reports that the labour ministry will soon
launch an investigation to check whether there were any anomalies
in the provident fund contributions made by Kingfisher Airlines
for its employees, Union minister Bandaru Dattatreya said on March
15.

"We have not examined the issue so far. I will look into that. We
will examine (all the issues)," he said, TOI relays.

According to the report, beleaguered businessman Vijay Mallya, who
is facing legal proceedings for allegedly defaulting on loans of
over INR9,000 crore from various banks, is currently under scanner
by multiple agencies, including CBI.

TOI relates that an open letter written by women employees of KFA
recently alleged that the company did not pay salaries, but kept
depositing PF due to fear of action from the authorities.

Former Kingfisher Airlines pilot Captain Kedar Wagh said the
defunct company owes him INR45 lakh towards his salary dues, TOI
reports. He further said that many former employees are trying to
come under one banner and start a legal battle for their dues. "We
will approach the Supreme Court seeking justice. We have received
positive responses from over 900 former employees," the report
quotes Mr. Wagh as saying.

TOI meanwhile reports that meanwhile, Employees' Provident Fund
Organisation's apex decision-making body, the Central Board of
Trustees, will meet on March 17 to take stock of the situation
with regard to the investments the body made into index-linked
ETFs (Exchange Traded Funds).

According to the report, Mr. Dattatreya said the result has not
been encouraging for the past three to four months despite signs
of optimism in the initial stages.

"We (EPFO) have invested approximately INR5,000 crore in exchange-
traded funds. For the first six or seven months, returns appeared
to be better. After that, for two or three months, we don't see it
as encouraging," he said, notes the report.

He further said that a meeting was held with portfolio managers
and other stakeholders last week on the innovative methods to be
followed for future investments, but no decision was arrived at,
the report adds.

                     About Kingfisher Airlines

Headquartered in Mumbai, India, Kingfisher Airlines --
http://www.flykingfisher.com/-- formerly known as Deccan
Aviation Ltd., served about 35 domestic destinations with a fleet
of more than 40 aircraft, including Airbus jets and ATR 72
turboprops.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 15, 2014, Bloomberg News said Kingfisher has grounded planes
since October 2012.  The airline lost its operating license in
January last year after failing to convince authorities it
has enough funds to restart flights.

The airline defaulted on payments to lessors, creditors and
airports as losses widened amid rising fuel costs and competition.

According to Bloomberg News, Mr. Mirpuri said in an e-mail on
January 13 the airline continues its efforts to recapitalize and
restart services.

As reported in the TCR-AP on May 18, 2015, CRISIL's ratings on
bank loan facilities of Kingfisher Airlines Ltd (KFAL) continue to
reflect delays by KFAL in servicing its debt; the delays have been
caused by the company's weak liquidity and continued losses at the
operating level.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit          8940       CRISIL D (Reaffirmed)

   Funded Interest
   Term Loan            2260       CRISIL D (Reaffirmed)


   Long Term Loan       5970       CRISIL D (Reaffirmed)

   Rupee Term Loan     35270       CRISIL D (Reaffirmed)

   Short Term Loan       390       CRISIL D (Reaffirmed)

   Working Capital
   Term Loan            2990       CRISIL D (Reaffirmed)

Losses in the past seven years have resulted in a complete erosion
of KFAL's net worth, leading to its weak financial risk profile.
Presently, the company does not carry out any commercial
operations.


LEMSTONE CERAMIC: ICRA Assigns B+ Rating to INR17.50cr Loan
-----------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B+ to the INR7.25
crore cash credit facility and the INR17.50 crore term loans of
Lemstone Ceramic LLP. ICRA has also assigned a short-term rating
of [ICRA]A4 to the INR3.40 crore bank guarantee facility of LCL.

                           Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Cash Credit Facility      7.25      [ICRA]B+ assigned
   Term Loans               17.50      [ICRA]B+ assigned
   Bank Guarantee            3.40      [ICRA]A4 assigned
   EPC/PCFC/EBR             (1.00)     [ICRA]A4 assigned

The assigned ratings are constrained by the lack of track record
of the firm's operations as the same is still in the project
phase, the risk associated with stabilization of the plant as per
the expected operating parameters and the relatively small
envisaged scale of operations. The ratings also remain constrained
by the highly fragmented nature of the tiles industry which
results in intense competitive pressures, the cyclical nature of
the real estate industry which is the main consuming sector, and
exposure of the company's profitability to volatility in raw
material and gas prices as well as to adverse foreign exchange
fluctuations. Further, the assigned ratings take into account the
financial profile of the firm which is expected to remain
stretched in the near term given the debt funded nature of project
and impending debt repayment.

The assigned ratings, however, favourably factor in the experience
of the promoters in the ceramic industry, the locational advantage
of the company for raw material procurement by virtue of its
presence in Morbi (Gujarat) and the benefits derived from its
established group concerns in terms of marketing and distribution.

Established in August 2015 as a limited liability partnership
firm, Lemstone Ceramic LLP (LCL) proposes to manufacture nano
polished vitrified tiles of sizes 600mmX600mm and 800mmX800mm from
its plant located in Morbi, the ceramic tile manufacturing hub of
Gujarat. The proposed plant would have an annual installed
capacity of manufacturing 60450 metric tonnes (MT) with the
commissioning of operations expected in April 2016. LCL is
promoted by Mr. Jayesh Rangpariya along with his relatives. The
promoters have a long standing experience in the ceramic tiles
industry by the virtue of their association with other ceramic
products oriented firms.


LINGAYA'S SOCIETY: CRISIL Cuts Rating on INR224.7MM Loan to D
-------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Lingaya's Society (LIS) to 'CRISIL D' from 'CRISIL B/Stable'.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Proposed Long Term     175.3     CRISIL D (Downgraded from
   Bank Loan Facility               'CRISIL B/Stable')

   Term Loan              224.7     CRISIL D (Downgraded from
                                    'CRISIL B/Stable')

The rating downgrade reflects recent delays by the society in
servicing its term loan. The delays were on account of stretched
liquidity due to low occupancy level.

LIS has weak financial risk profile marked by high gearing and
moderate debt protection metrics, and its susceptibility to
regulatory restrictions inherent in the education sector, which
constrain its revenue growth. However, the society benefits from
the experience of LIS's management in the education sector and the
diversified courses offered by the society.

LIS was set up in 2010 as Lingaya Jankalyan Shikshan Sansthan
(LJSS); the name was changed in 1998. The society conducts courses
through various educational institutes set up in the National
Capital Region. It is promoted by Mr. V K Sinha.


M.K. AGGARWAL: ICRA Reaffirms B+ Rating on INR15.27cr Loan
----------------------------------------------------------
ICRA has reaffirmed its long term rating of [ICRA]B+ on the
INR20.00 crore fund-based, non-fund-based and proposed facilities
of M.K. Aggarwal Hosiery (P) Limited.

                           Amount
   Facilities           (INR crore)   Ratings
   ----------           -----------   -------
   Fund based facilities    15.27     [ICRA]B+; reaffirmed/
                                      assigned

   Non-Fund based            0.50     [ICRA]B+; reaffirmed/
   facilities                         assigned

   Unallocated (Proposed     4.23     [ICRA]B+; reaffirmed
   Limits)

The rating reaffirmation factors in the capital expenditure being
undertaken by the company in FY15 and FY16, which while improving
the company's scale of operations, will also result in
deterioration in gearing. The associated debt servicing burden
will further weaken the debt protection metrics like DSCR and
Interest coverage etc. Further the rating continues to be
constrained by highly competitive and fragmented nature of the
knitting industry which results in pressure on the company's
profitability. The rating also factors in the vulnerability of the
company's profitability to variations in raw material costs.
The rating, however, favourably takes into consideration the
experience of the promoters in the textile business and the
location of the manufacturing facility in Ludhiana which ensures
proximity to various readymade garment manufacturers.
The ability of the company to utilize the plant at optimum
capacity and to maintain its profitability will be the key rating
sensitivities.

M.K. Aggarwal Hosiery (P) Limited (MKAHL) was incorporated in 1993
and is managed by Mr Rahul Kumar. It is currently engaged in
manufacturing and selling knitted fabric in Uttar Pradesh, Delhi
and Punjab. The plant is located in Ludhiana

Recent Results
In FY15, the company reported a profit after tax (PAT) of INR0.14
crore on an operating income of INR32.49 crore, as against a PAT
of INR0.25 crore on an operating income of INR22.87 crore in the
previous year. In the first ten months of FY16, the company
reported an operating income of INR38.80 crore.


M.K.R. TRADERS: CRISIL Reaffirms B+ Rating on INR110MM Cash Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of M.K.R. Traders Private
Limited (MKR) continue to reflect its below-average financial risk
profile, because of modest net worth and a high total outside
liabilities to tangible net worth ratio, and exposure to intense
competition in the highly fragmented agro-commodities trading
segment. These weaknesses are partially offset by the promoters'
extensive experience in the business.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         2.5      CRISIL A4 (Reassigned)

   Cash Credit          110        CRISIL B+/Stable (Reaffirmed)

   Long Term Loan        10        CRISIL B+/Stable (Reaffirmed)

   Proposed Cash
   Credit Limit          40        CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility    27.5      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable
CRISIL believes that MKR will continue to benefit over the medium
term from the extensive experience of the promoters. The outlook
may be revised to 'Positive' if the company scales up its
operations significantly while improving profitability and capital
structure. Conversely, the outlook may be revised to 'Negative' if
the financial risk profile deteriorates because of higher-than-
expected working capital requirements or capital expenditure or
significantly low cash accrual.

MKR was established in 2010 as a partnership firm by Mr.
Janakiraman; the firm was reconstituted as a private limited
company in 2010. MKR trades in rice, maida, oil, sugar, and gram
varieties such as toor dal, urad dal, masoor dal, and green gram.

MKR reported net profit of INR0.82 million on operating income of
INR506.58 million for 2014-15 (refers to financial year, April 1
to March 31), against net profit of INR1.05 million on operating
income of INR403.83 million for 2013-14.


MISTRY ENTERPRISES: ICRA Reaffirms D Rating on INR27.50cr Loan
--------------------------------------------------------------
ICRA has reaffirmed the long term rating to [ICRA]D to the
INR27.50 crore fund based bank limits of Mistry Enterprises
Limited.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund Based Limits     27.50       [ICRA]D; Reaffirmed

The rating reaffirmation takes into account the continuing delays
in debt servicing obligations by the company.

Incorporated in 2007, Mistry Enterprises Limited (MEL) is engaged
in heavy excavation and earthwork. The promoters are also
associated with other companies engaged in film exhibition & tower
leasing (Meghraj Cinema, Kurla Exhibitors), textile trading
(Millennium Clothing Pvt Ltd) and site excavation & mining
activities (Mistry Construction Company Private Limited, MCCPL)
and MEL has extended large amount of advances to many of these
group companies.


NEEL KANTH: Ind-Ra Affirms 'IND B+' Long-Term Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Neel Kanth Strips
Pvt. Ltd's (NSPL) Long-Term Issuer Rating at 'IND B+'. The Outlook
is Stable. A full list of rating actions is at the end of this
commentary.

KEY RATING DRIVERS

The affirmation reflects NSPL's continued small scale of
operations and weak credit metrics with revenue of INR274.77m in
FY15 (FY14: INR260.17 million), interest coverage (operating
EBITDA/gross interest expense) of 1.16x (1.15x) and financial
leverage (adjusted net debt/operating EBITDAR) of 7.30x (6.74x).

Also, NSPL's liquidity remains tight due to high working capital
intensity. Working capital cycle deteriorated to 125 days in FY15
(FY14: 100 days). Its average maximum utilisation of the fund-
based limits was 94.35% during the 12 months ended February 2016.

The ratings however are supported by the year-on-year improvement
in NSPL's EBITDA margins to 5.15% in FY15 (FY14: 4.76%; FY13:
4.05%), and more than 20 years of experience of the company's
promoter in manufacturing cold rolled strips and trading steel and
iron.

RATING SENSITIVITIES

Positive: Substantial growth in the revenue along with improvement
in the operating profitability leading to an improvement in the
credit metrics could lead to a positive rating action.

Negative: A decline in the operating profitability leading to
deterioration in the credit metrics could lead to a negative
rating action.

COMPANY PROFILE

Incorporated in 1996, NSPL manufactures C R strips at its facility
in Punjab. The company is promoted by Mr. Krishan Kumar. It sells
its product under the brand name Neel Kanth. The company is also
engaged in the trading of iron and steel.

NSPL's ratings:
-- Long-Term Issuer Rating: affirmed at 'IND B+'/Stable
-- INR70 million fund-based limits: affirmed at 'IND
    B+'/Stable/'IND A4'
-- INR4.3 million term loan: 'IND B+; rating withdrawn as the
    loan was paid in full


NIDHI STEELS: CRISIL Suspends B+ Rating on INR27.5MM Cash Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Nidhi Steels (NS).

                             Amount
   Facilities               (INR Mln)     Ratings
   ----------                ---------    -------
   Cash Credit                  27.5      CRISIL B+/Stable
   Foreign Letter of Credit     22.5      CRISIL A4
   Proposed Cash Credit Limit   22.5      CRISIL B+/Stable
   Proposed Letter of Credit     2.5      CRISIL A4

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

NS was set up in 1993 as a proprietorship firm by Mr. Nareshbhai
Virchand Shah. The firm trades in iron and steel products such as
hot-rolled coils/sheets, cold-rolled coils/sheets, and mild steel
plates, angles, channels, flats, billets, and ingots. The firm is
based in Mumbai.


PARTH COTTON: ICRA Lowers Rating on INR5cr Cash Loan to C+
----------------------------------------------------------
ICRA has revised the long term rating to [ICRA]C+ from [ICRA]D
assigned to the INR5.00 crore cash credit facility and INR1.50
crore term loan facility of Parth Cotton & Oil Industries.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit           5.00        Revised to [ICRA]C+ from
                                     [ICRA]D

   Term Loan             1.50        Revised to [ICRA]C+ from
                                     [ICRA]D

The revision in rating takes into account the regularization of
the debt servicing by Parth Cotton & Oil Industries for the past
five months with stabilization of operations. The rating revision
also considers the long-standing experience of the promoters in
the cotton industry, and the favourable location of the PCOI
giving it easy access to quality raw cotton. The ratings are,
however, constrained by PCOI's weak financial profile
characterized by net losses, high gearing levels and weak coverage
indicators, its relatively small size of operations and the highly
competitive nature of the cotton ginning industry. The ratings
also take into account the vulnerability of the firm's
profitability to raw material (cotton) prices, which are subject
to seasonality, crop harvest and regulatory risks; and the risks
inherent in partnership form of business with respect to
withdrawal of capital.

Incorporated in the year 2012, Parth Cotton & Oil Industries
(PCOI) is engaged in the business of cotton ginning and cotton
seed crushing. The firm commenced commercial production from
November 2013 from its manufacturing facility located at Morbi in
Gujarat. The unit is equipped with 24 ginning machines, one
pressing machine and five expellers, having processing capacity of
approx. 17280 MTPA of raw cotton. PCOI is a partnership firm with
the promoters having extensive experience in the cotton industry
for more than a decade.

Recent Result
During FY15, PCOI reported an operating income of INR19.92 crore
and net losses of INR0.50 crore as against operating income of
INR15.69 crore and profit after tax of INR0.01 crore during FY14.


PASHUPATI COTTON: ICRA Reaffirms 'B' Rating on INR19.5cr Loan
-------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B to the
INR19.50 crore cash credit facility and INR0.28 crore (reduced
from INR0.60 crore) term loan of Pashupati Cotton Industries. ICRA
has also reaffirmed the short term rating of [ICRA]A4 to the
INR0.50 crore non fund based bank guarantee facility of PCI.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based-Cash
   Credit                19.50        [ICRA]B reaffirmed

   Fund Based-Term
   Loan                   0.28        [ICRA]B reaffirmed

   Non Fund Based-
   Bank Guarantee         0.50        [ICRA]A4 reaffirmed

The reaffirmation of ratings continue to factor in Pashupati
Cotton Industries' (PCI) financial profile characterized by modest
scale of operations, declining sales revenue in FY15 and weak debt
coverage indicators. The ratings also incorporate the high gearing
level and weak debt coverage indicators resulted in deterioration
in capital structure as well as stretched liquidity position
followed by high limit utilization levels. The ratings also
continue to be constrained by the highly competitive and
fragmented industry structure with the limited value additive
nature of operations, which leads to pressure on profitability.
The rating further incorporates the vulnerability to adverse
movements in agricultural produce prices and regulatory policy
changes in terms of export and MSP. Also, being a partnership
firm, substantial withdrawals by the partners can have an adverse
impact on capital structure of the firm.

The ratings, however, continue to factor in the long experience of
the partners in the cotton industry as well as the favourable
location of the manufacturing unit of PCI, giving it easy access
to high quality raw cotton. The ratings, also favourably consider
the forward integration of the group into trading of cottonseed
related products.

Pashupati Cotton Industries (PCI) was originally established as
partnership firm in 1999. Later in 2005, the firm was
reconstituted by 11 new partners. Till FY10, the firm was involved
in the business of ginning of raw cotton and crushing of
cottonseeds. However, from FY11 onwards the firm has shifted its
crushing operations to its group concern Madhav Oil Industries.
Three partners namely, Mr. Saurinbhai Parikh, Mr. Daksheshbhai
Patel and Mr. Bhaveshbhai Patel manage the operation of the firm.
The firm's manufacturing facility is located at Kundal in Kadi,
Gujarat. It has 48 ginning machines and one automatic pressing
machine with the installed capacity to produce 90000 cotton bales
and 27000 MT cottonseeds per annum. Pashupati Cotton Industires
has a group company named as Madhav Oil Industries (MOI) (rated by
ICRA at [ICRA]B+) established as partnership firm in 2010. MOI is
engaged in crushing and delinting of cottonseeds. The
manufacturing facility of MOI, located at Kundal in Kadi, is
equipped with 16 expellers, 6 delinting machines and one mini
pressing machine having an installed capacity to produce 2800 MT
of cottonseed oil, 22000 MT of cottonseed oil cake and 1900 MT of
linter cotton per annum.

Recent Results
During FY15, PCI reported an operating income of INR208.21 crore
and net profit of INR0.90 crore against operating income of
INR277.72 crore and net profit of INR0.88 crore during FY14. In
FY16, the firm has achieved sales of INR80.89 crore till the end
of January 2016.


POWERWIND LIMITED: Ind-Ra Assigns 'IND BB-' LT Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Powerwind Limited
(PWL) a Long-Term Issuer Rating of 'IND BB-'. The Outlook is
Stable. A full list of rating actions is at the end of this
commentary.

KEY RATING DRIVERS

The ratings are constrained by the short operational track record
of the company with FY14 being its first full year of operations.
However, the company achieved revenue of INR4bn in FY15 (FY13:
INR53m, FY14: INR1.4bn). Although PWL achieved an EBITDA margin of
14.7% in FY14, it declined to 7.4% in FY15 due to delays in the
completion of certain contracts leading to payments of liquidated
damages to the clients. Provisional results for 9MFY16 indicate
revenue of INR4 billion with an EBITDA margin of 10.5%.

During FY15, PWL derived bulk of its revenue from exports, but it
is increasingly looking at orders from the Indian market. PWL
could face challenges in the Indian market in terms of lowering
margins to gain entry, product suitability to Indian conditions
given bulk of PWL sales comes from 900kW turbines, counter-party
risk management and ability to locate good wind sites to offer a
comprehensive solution to the clients.

The ratings reflect PWL's modest credit metrics with the net
leverage (adjusted net debt/ EBITDA) and gross coverage
(EBITDA/gross interest expense) of 4.70x and 1.83x, respectively,
in FY15. Also, the operations of the company are highly working
capital intensive with a gross cycle of 103 days in FY15. Though
till FY15 the elongated cycle was mainly due to high inventory
requirements, Ind-Ra expects an increase in debtor days for the
company as it increases its footprint in India. The maximum
average utilisation of the fund-based limits for the 12 months
ended January 2016 stood at 83%, though there were also a few
instances of close to 100% utilisation.

The ratings factor in the forex risk being faced by the company
due to its high dependence on raw material imports (85%-90%) and
absence of a firm hedging mechanism. However, export orders to
some extent provide a natural hedge. The company had a net long
exposure of INR2.25 million and INR237 million in FY14 and FY15,
respectively.

The ratings also factor in the company's fairly strong order book
of INR5.6 billion as of April 2015 providing revenue visibility of
1.37x.

RATING SENSITIVITIES

Positive: Better profitability, improved scale of operations,
ability to manage working capital cycle resulting in a sustained
improvement in the credit metrics could lead to a positive rating
action.

Negative: A further decline in the profitability leading to
deterioration in the credit metrics and/or stress in the liquidity
could lead to a negative rating action.

COMPANY PROFILE

PWL is into the manufacturing of windmill blades and assembling of
wind turbine generators. The manufacturing facility of the company
is located in Bawal, Haryana.

PWL's ratings:

-- Long-Term Issuer Rating: assigned 'IND BB-'; Outlook Stable
-- INR414.9 million Term Loan: assigned 'IND BB-'/Stable
-- INR580 million fund-based limits: assigned 'IND BB-
    '/Stable/'IND A4+'
-- INR1,400 million non-fund-based limits: assigned 'IND BB-
    '/Stable/'IND A4+'


SAKTHI GANESH: Ind-Ra Assigns 'IND BB+' Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Sakthi Ganesh
Textiles Private Limited (SGTPL) a Long-Term Issuer Rating of 'IND
BB+' with a Stable Outlook. A full list of rating actions is at
the end of the commentary.

KEY RATING DRIVERS

The ratings reflect SGTPL's modest credit profile and volatile
profitability. The company reported revenue of INR781.9m in FY15
(FY14: INR775.0 million), net leverage (total Ind-Ra adjusted debt
net of cash/ EBITDA) of 2.0x (1.9x) and EBITDA interest cover of
1.8x (2.1x). EBITDA margins ranged between 8.1% and 10.2% over
FY11-FY15 due to fluctuations in the price of cotton because of
the commoditised nature of the product.

The ratings are supported by the promoter's more than two-decade
long experience in the cotton fabric manufacturing business.

Ind-Ra expects revenue and profitability to improve in FY16 due to
the backward integration into cotton yarn manufacturing.
Commercial operations started in December 2015.

RATING SENSITIVITIES

Positive: An increase in the scale of operations along with an
improvement in the EBITDA margin leading to a sustained
improvement in credit metrics will be positive for the ratings

Negative: Decline in revenue or profitability leading to sustained
deterioration in the credit metrics could be negative for the
ratings

COMPANY PROFILE

SGTPL was established in 1996. Its manufactures and sells cotton
yarn dyed woven fabric to the domestic as well as foreign garment
manufacturers. According to the provisional results up to 3QFY16,
revenue was INR752.2 million, EBITDA was INR81.7 million and
interest coverage was 2.7x.

SGTPL's ratings are as follows:

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

-- INR150.0 million fund-based working capital limit: assigned
    Long-term 'IND BB+/Stable and Short-term 'IND A4+'

-- INR148.91 million term loan limit: assigned Long-term 'IND
    BB+/Stable'

-- INR90.0 million non-fund-based working capital limit:
    assigned Short-term 'IND A4+'


SAVORIT LIMITED: Ind-Ra Affirms 'IND B+' LT Issuer Rating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Savorit Limited's
(Savorit) Long-Term Issuer Rating at 'IND B+'. The Outlook is
Stable.

KEY RATING DRIVERS

The affirmation reflects Savorit's continued weak credit profile
despite the growth in its top line over FY13-FY15. Its net
leverage (gross adjusted debt/EBITDA) deteriorated to 6.3x in
FY15, from 4.7x in FY14 on account of the debt-funded upgrade of
its Dindigul plant. Its EBITDA margin improved yoy to 3.5% in FY15
from 3.3% in FY14 due to scale benefits on expansion into the
north-India market and the addition of value-added products such
as pasta. Savorit's ratings are further constrained by the
commodity-based, highly fragmented nature of the flour-mill
business.

However, the ratings continue to factor in Savorit's position as
the leading pasta manufacturer in Tamil Nadu, its 50-year
operational track record and its promoters' five decades of
experience in the flour milling and pasta businesses. Its revenue
increased 28.0% yoy to INR1,759 million in FY15 from INR 1,374
million in FY14.

RATING SENSITIVITIES

Positive: Net adjusted leverage remaining less than 4.5x on a
sustained basis could lead to a positive rating action.

Negative: Net adjusted leverage being more than 6.0x on a
sustained basis could lead to a negative rating action.

COMPANY PROFILE

Savorit is a Chennai-based manufacturer of wheat products as well
as pasta. Its manufacturing facilities are located in Chennai and
Dindigul.

Savorit's Ratings:
-- Long-term Issuer Rating: affirmed at IND B+/Stable
-- INR70 million fund-based working capital limits: affirmed at
    'IND B+'/Stable/'IND A4'
-- INR97.34 million non-fund-based working capital limits
    (increased from INR90.0 million): affirmed at 'IND
     B+'/Stable/'IND A4'
-- INR82.66 million term loans (increased from INR73.4 million):
    affirmed at 'IND B+'/Stable


SHIKHAR PRINTERS: CRISIL Reaffirms B+ Rating on INR38MM Loan
------------------------------------------------------------
CRISIL's ratings on the bank facilities of Shikhar Printers &
Publisher (SPP) continue to reflect SPP's modest scale of
operation in a competitive and tender-based business, and below-
average financial risk profile because of weak capital structure
and subdued debt protection metrics. These weaknesses are
mitigated by the proprietor's experience in the printing industry.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         3        CRISIL A4 (Reaffirmed)
   Cash Credit           38        CRISIL B+/Stable (Reaffirmed)
   Letter of Credit      22.5      CRISIL A4 (Reaffirmed)

Outlook: Stable
CRISIL believes SPP will benefit over the medium term from its
proprietor's experience. The outlook may be revised to 'Positive'
if sustainable and significant improvement in scale of operations
and continued moderate profitability lead to sizeable cash
accrual. Conversely, the outlook may be revised to 'Negative' if
financial risk profile, especially liquidity, weakens because of
low cash accrual or increased working capital requirement.

SPP is a proprietorship firm set up in 2005 in Jhansi, by Mr.
Vikash Jain. It prints text books, work books, question papers,
brochures, pamphlets, magazines, application forms, and bank
forms, among other products.


SHREE JAGDAMBA: ICRA Lowers Rating on INR5cr LT Loan to B+
----------------------------------------------------------
ICRA has downgraded its long term rating on INR5.0 crore long term
fund based limits to [ICRA]B+ from [ICRA]BB- on the bank lines of
Shree Jagdamba Agrico Exports Private Limited. ICRA has reaffirmed
its short term rating of [ICRA]A4 on the INR50.0 crore fund based
facilities of SJPL.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term Fund
   Based Limits           5.0         [ICRA]B+; Downgraded

   Short Term Fund
   Based Limits          50.0         [ICRA]A4; Reaffirmed

ICRA rating action is driven by weakening of SJPL's operational
profile as reflected in declining exports which has led to ~30%
decline in operating income during FY15 while partly due to fall
in the prices of rice and stress on liquidity due to high
inventory as well as creditor levels as on March 31, 2015.While
the operating income declined sharply in FY2015, the working
capital borrowings increased significantly, thus leading to
weakening of debt coverage indicators. The ratings continue to be
constrained by the competitive and fragmented nature of the
industry, marked by numerous organised as well as unorganised
participants, which limits the company's pricing flexibility and
keep the margins at low level in the long term.
However, the ratings draws comfort from the company's established
track record and extensive experience of its promoters in the
basmati rice industry and long standing relationships with export
customers.

SJPL originally started operations in the year 1965 as a
partnership firm under the name of "Matu Ram Kedar Nath Rice Mill"
at Gohana, Haryana which was later renamed as "Shree Jagdamba Rice
and General Mills" in 1981. The firm was converted into a private
limited company in 2010. The company is engaged in milling,
processing and selling of various varieties of Basmati rice. The
company exports primarily to countries such as Iran, Iraq, Saudi
Arabia, UAE, Yemen and Kuwait.

Recent Results
The company reported a net profit after tax of INR1.68 crore on an
operating income of INR345.09 crore in FY15 as against a net
profit after tax of INR1.22 crore on an operating income of
INR501.73 crore in FY14.


SHREE RADHEKRUSHNA: ICRA Reaffirms B Rating on INR10cr Loan
-----------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B assigned to
the INR10.00 crore cash credit facility and the INR3.52 crore term
loans of Shree Radhekrushna Ginning and Pressing Private Limited.

                           Amount
   Facilities            (INR crore)     Ratings
   ----------            -----------     -------
   Cash Credit Facility      10.00       [ICRA]B reaffirmed
   Term Loans                 3.52       [ICRA]B reaffirmed

The reaffirmation of rating takes into account Shree Radhekrushna
Ginning and Pressing Private Limited's (SRGPPL) moderate size of
operations and weak financial profile characterized by low
profitability levels, owing to the limited value addition in the
business and the highly competitive and fragmented industry
structure, its low return indicators, leveraged capital structure
and weak debt coverage indicators. The rating also continues to
remain constrained by the vulnerability to raw material prices,
which are subject to seasonality, and crop harvest, and the
regulatory risks with regard to MSP fixed by GoI and restrictions
on cotton exports.

The rating, however, continues to favourably factor in the
experience of the company's promoters in the cotton ginning
industry, the advantage the company enjoys by virtue of its
location in the cotton producing belt of Saurashtra (Gujarat), and
the healthy ramp up of operations witnessed in FY15 and 9MFY16
post stabilization of operations.

Shree Radhekrushna Ginning and Pressing Private Limited (SRGPPL),
promoted by Mr. Chandresh Jogi, Mr. Dilip Sakhia and Mr. Dhiraj
Khoyani, was incorporated as a closely held private limited
company in March 2012. The company is located in Rajkot, Gujarat
and is engaged in the manufacturing of pressed cotton bales
through ginning and pressing of raw cotton with production
capacity of 6,255 TPA of cotton bales and 11,475 TPA of cotton
seeds. It commenced trading operations in February 2014 and
manufacturing operations in May 2014.

Recent Results
For the year ended March 31, 2015, Shree Radhekrushna Ginning and
Pressing Private Limited reported an operating income of INR72.98
crore and profit after tax of INR0.09 crore compared to operating
income of INR25.69 crore for the year ended March 31, 2014. For
the nine month period of FY16 (provisional results), the company
reported an operating income of INR71.15 crore and profit before
depreciation and taxation of INR0.30 crore.


SHIV SHANKER: CRISIL Reaffirms B+ Rating on INR90MM Cash Loan
-------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Shiv Shanker
Rice Mills (SSRM) continues to reflect SSRM's below-average
financial risk profile because of small networth, high gearing,
and weak debt protection metrics.

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

   Proposed Long Term
   Bank Loan Facility     24.5     CRISIL B+/Stable (Reaffirmed)

   Warehouse Financing    60       CRISIL B+/Stable (Reaffirmed)

The rating also factors in susceptibility to volatility in raw
material prices, along with vulnerability to erratic rainfall and
any adverse impact of regulatory actions. These weaknesses are
mitigated by the promoters' experience in the rice industry.

Outlook: Stable
CRISIL believes SSRM will benefit over the medium term from its
promoters' experience. The outlook may be revised to 'Positive' if
liquidity improves due to higher-than-expected scale of operations
and operating profitability leading to higher cash accruals and
low working capital requirements leading to lower debt
utilisation. Conversely, the outlook may be revised to 'Negative'
if liquidity weakens because of stretched working capital
requirement, constrained profitability or, any significant debt-
funded capital expenditure.

SSRM was established as a partnership firm by the Singla family in
Khanauri, Punjab in 2002. The firm mills and markets basmati rice.
It sells its products in the domestic market under the brands,
Pahelwan and Bright.


SIPAI INDUSTRIES: ICRA Reaffirms B+ Rating on INR14cr Loan
----------------------------------------------------------
ICRA has reaffirmed the [ICRA]B+ rating assigned to the INR14.80
crore long term fund based facilities of Sipai Industries.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit           14.00       [ICRA]B+ reaffirmed
   Term loan              0.80       [ICRA]B+ reaffirmed

The reaffirmation of rating factors in Sipai Industries' (SI)
moderate scale of operations and weak financial profile as is
reflected in its low profitability, adverse capital structure and
weak debt coverage indicators. The rating is further constrained
by the highly competitive and fragmented industry structure owing
to low entry barriers and vulnerability to raw material prices,
which are subject to seasonality, crop harvest, regulatory risks
and also the risks arising out of the partnership nature of the
firm.

The rating however, continues to favourably factor in the
longstanding experience of the partners in the business,
favourable location of SI's manufacturing facility in Wankaner
(Rajkot) giving it easy access to raw cotton and the presence in
the oil expelling business providing diversification to some
extent.

Sipai Industries (SI) was established in the year 1995 and is
engaged in the business of ginning and pressing of raw cotton and
cotton seed crushing. The firm's manufacturing facility is located
at Wankaner (Rajkot), Gujarat and is equipped with 36 ginning, 1
pressing machines and 5 expellers with a production capacity of
~300 bales per day.

Recent Results
For the financial year FY15, the firm reported an operating income
of INR76.42 Cr. and profit after tax of INR0.28 Cr. as against an
operating income of INR69.80 Cr. and profit after tax of INR0.29
Cr. for the financial year FY14. Further, the firm has achieved a
turnover of INR32.95 crore in current fiscal till 31st December
2015 (provisional numbers).


SREE VEERABHADRA: ICRA Assigns 'B' Rating to INR5cr Loan
--------------------------------------------------------
ICRA has suspended [ICRA]B rating assigned to the INR5.00 crore
fund based facilities of Sree Veerabhadra Swamy Shopping Mall. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

On 1st April 2012, M/s. Sree Veerabhadra Swamy Shopping Mall was
formed by the amalgamation of three firms namely, M/s.Vaijayanthi
Textiles, M/s. Andela Textiles, M/s. Sree Veerabhadra Swamy Silk
and Sarees. SVSSM is involved in trading of textiles; sarees
(different varieties like pure silk sarees, pattu sarees, cotton,
printed, fancy and semi fancy sarees), dress materials for
chudidhars and other women wear, readymade garments for men along
with fabric for suiting and shirting and readymade garments for
kids. The shopping mall is spread across 25000 sq feet of area
over 5 floors and located at Y.V.street, Kadapa district of Andhra
Pradesh. The mall in which SVSSM is operating is owned by the
partners. SVSSM pays lease rentals of INR6 Lakh/annum.


SWATI CONCAST: Ind-Ra Assigns 'IND BB+' Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Swati Concast &
Power Pvt. Ltd. (SCPPL) a Long-Term Issuer Rating of 'IND BB+'.
The Outlook is Stable. A full list of rating actions is at the end
of the commentary.

KEY RATING DRIVERS

The ratings reflect SCPPL's moderate scale of operations and
credit profile, as reflected in its revenue of INR1,107m during
FY15 (FY14: INR826 million), EBITDA interest coverage (operating
EBITDA/gross interest expense) of 2.9x (2.5x) and net financial
leverage (total adjusted net debt/operating EBITDA) of 1.8x (3.1x)
and EBITDA margins of 4.4% (6.1%). SCPPL' liquidity is also
moderate as indicated by its 95.66% average utilisation of the
working capital limits during the 12 months ended December 2015.

The ratings are however supported by the decade-long experience of
SCPPL's promoters in the iron and steel industry.

RATING SENSITIVITIES

Positive: A positive rating action could result from a substantial
improvement in the revenue and EBITDA margins along with an
overall improvement in the credit metrics.

Negative: A negative rating action could result from deterioration
in the EBITDA margins leading to deterioration of the overall
credit metrics.

COMPANY PROFILE

Incorporated in 2003, SCPPL manufactures pig iron. The
manufacturing facilities are located in Giridih, Jharkhand with
installed capacity of 50,400MTPA. SCPPL belongs to the Swati group
of companies, which is headed by Kejriwal family based in
Jharkhand.

The company is promoted by Mr. Amit Kejriwal and Mr. Ajoy
Kejriwal.

SCPPL's ratings:

-- Long-Term Issuer Rating: assigned 'IND BB+'/ Stable
-- INR90 million fund based limit: assigned 'IND BB+'/ Stable
-- INR10.0 million non-fund-based limit: assigned 'IND A4+'


TECHMECH ENGINEERS: ICRA Suspends B+/A4 Rating on INR16cr Loan
--------------------------------------------------------------
ICRA has suspended the [ICRA]B+ and [ICRA]A4 rating assigned to
the INR16.0 crore long term and short term fund based facilities
of Techmech Engineers. The suspension follows ICRA's inability to
carry out a rating surveillance in the absence of the requisite
information from the company.


UNICHEM TRADING: CRISIL Cuts Rating on INR170MM LT Loan to 'D'
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Unichem Trading Company (UTC) to 'CRISIL D' from 'CRISIL
BB/Stable'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Long Term Loan         170      CRISIL D (Downgraded from
                                   'CRISIL BB/Stable')

   Proposed Term Loan      30      CRISIL D (Downgraded from
                                   'CRISIL BB/Stable')

The downgrade reflect delays by UTC in servicing its term loan.
UTC has only one customer and is dependent on security deposit
from the customer for funding project cost. These rating
weaknesses are partially offset by stable cash flow from lease
rental and advantageous location of its commercial property.

UTC, set up in 1992, trades in industrial chemicals and spices. It
entered the commercial real estate leasing business in 2012 and
derives most of its revenue from lease rental. The firm has
leasable space of 0.19 million square feet in a prime location in
Chennai.


VARDHMAN VITRIFIED: ICRA Reaffirms 'D' Rating on INR6.45cr Loan
---------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]D assigned to
the INR6.00 crore (reduced from INR7.00 crore) cash credit
facility of Vardhman Vitrified Private Limited. ICRA has also
reaffirmed the short term rating of [ICRA]D assigned to the
INR3.00 crore short-term non-fund based facility of VVPL. A rating
of [ICRA]D/D has also been reaffirmed to the INR6.45 crore
unallocated limits of VVPL.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit           6.00        [ICRA]D reaffirmed
   Bank Guarantee        3.00        [ICRA]D reaffirmed
   Unallocated Limits    6.45        [ICRA]D reaffirmed

The reaffirmation of the ratings of Vardhman Vitrified Private
Limited (VVPL) takes into account the continuous delays in debt
servicing and full utilisation of working capital limits on
account of stretched liquidity position arising due to elongated
receivables and high inventory levels, and the weak financial
profile characterized by low net margins and high gearing levels.
The ratings are further constrained by highly competitive nature
of the ceramic tile industry, the company's single product
portfolio and relatively lower visibility of its brand compared to
other large organized players. The ratings also take into account
the vulnerability of VVPL's profitability to the cyclicality
associated with the real estate industry and to the increasing
prices of gas, as gas is the major source of fuel.
The ratings nevertheless consider the prior experience of the
promoters in the ceramic industry, moderate plant capacity
utilization levels and location advantage giving VVPL easy access
to raw material.

Vardhman Vitrified Private Limited (VVPL) was incorporated in July
2009 and is engaged in the manufacturing of vitrified tiles. The
company has its production facilities at Morbi, Gujarat with a
total manufacturing capacity of 37800 MTPA. The promoters of VVPL
are also associated with other companies engaged in similar
business activities which include New Vardhman Vitrified Private
Limited, Hexa Ceramic Private Limited and Comet Ceramics.

Recent Results
During FY15, VVPL reported operating income of INR25.93 crore and
profit after tax of INR0.21 crore as against an operating income
of INR30.11 crore and profit after tax of INR0.13 crore during
FY14.


VASUDEVA DALL: CRISIL Ups Rating on INR52MM Cash Loan to B+
-----------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Vasudeva Dall Products Private Limited (VDPL) to 'CRISIL
B+/Stable' from 'CRISIL B/Stable'. The rating on the short-term
facilities has been reaffirmed at 'CRISIL A4'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         2.5      CRISIL A4 (Reaffirmed)

   Cash Credit           52        CRISIL B+/Stable (Upgraded
                                   from 'CRISIL B/Stable')

   Long Term Loan        18.3      CRISIL B+/Stable (Upgraded
                                   from 'CRISIL B/Stable')

The upgrade reflects CRISIL's belief that VDPL's business and
financial risk profiles will continue to improve over the medium
term, marked by healthy revenue growth, improved profitability
leading to further improvement in its capital structure and debt
protection metrics. On account of healthy demand for its products,
the scale of operation has continued to improve with healthy year-
on-year growth of 42 per cent for the year ending March 31, 2015.
With sales of INR65 million for the ten months through January
2016, CRISIL expects moderate sales growth over the medium term
backed by sustained demand for its products.

The rating continues to reflect VDPL's moderate scale of
operations in a highly fragmented agricultural commodity trading
industry, below-average financial risk profile marked by low
networth and weak debt protection metrics and its susceptibility
to volatility in raw material prices. These rating weaknesses are
partially offset by the extensive industry experience of its
promoters.


Outlook: Stable
CRISIL believes that VDPL will benefit over the medium term from
its promoters' extensive industry experience. The outlook may be
revised to 'Positive' if the company registers higher-than-
expected offtake and operating margin leading to healthy accruals
or efficient working capital management. Conversely, the outlook
may be revised to 'Negative' in case of lower-than-expected
revenues and profitability coupled with increase in working
capital requirements, or climatic changes affecting supply of
inputs, leads to lower-than-expected accruals resulting in
deterioration in financial risk profile.

Set up in 2010, VDPL is engaged in the processing and trading of
various dals, pulses, grams, and other foodgrain. Based out of
Vijayawada in Andhra Pradesh, VDPL is promoted by Mr. Desu Murli
Krishna and his family members.

VDPL reported a profit after tax (PAT) of INR1.4 million on net
sales of INR698.6 million for 2014-15 against a net loss of INR0.9
million on net sales of INR488.9 million for 2013-14.



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


ERNST & YOUNG SHINNIHON: Fujifilm to Drop Firm Due to Scandal
-------------------------------------------------------------
Asia Nikkei Review reports that Fujifilm Holdings looks to part
with auditor Ernst & Young ShinNihon as soon as the coming fiscal
year in light of the firm's failure to detect fraud at fellow
client Toshiba.

According to the report, the Japanese manufacturer of digital
cameras, office equipment, pharmaceuticals and medical equipment
will be the first major company outside the Toshiba group to leave
EYSN because of its role in that company's accounting scandal,
likely fearing that continued association with the auditor could
damage investors' trust.

Nikkei relates that Fujifilm will vote to adopt KPMG Azsa as its
new financial auditor at a shareholders' meeting at the end of
June. Azsa, a member of KPMG International, audits financial
statements for around 700 listed companies, including Nippon Steel
& Sumitomo Metal, Honda Motor and Sumitomo Mitsui Financial Group,
says Nikkei.

The report notes that Japan's financial regulator has slapped EYSN
with penalties including a JPY2.1 billion ($18.4 million) fine and
a three-month freeze on new business for its failure to detect
profit inflation totaling JPY224.8 billion at Toshiba. Nikkei says
the scandal-stricken electronics maker has said it will take its
business to PricewaterhouseCoopers Aarata in the fiscal year that
starts next month. Midsize company JAC Recruitment has also
decided to part ways with EYSN, the report states.

Japan requires listed companies to have their financial statements
checked for accuracy by an auditing firm, adds Nikkei.


TOSHIBA CORP: White Goods Unit May Be Sold to Midea
---------------------------------------------------
Kyodo News reports that Toshiba Corp. is close to agreeing on the
sale of its white goods business to Chinese home appliance
manufacturer Midea Group, sources said on March 15.

The report relates that Toshiba is likely to sell a majority stake
in its Toshiba Lifestyle Products & Services subsidiary for tens
of billions of yen, according to the sources.

Sources said Midea hopes to expand its business by tapping into
Toshiba's sales networks in Japan and Southeast Asia, Kyodo
relays.

According to Kyodo, the sale of the subsidiary, which produces
consumer electronics appliances such as washing machines and
refrigerators, is likely to be incorporated into the Japanese
industrial conglomerate's medium-term management plan due out
within the week.

Struck by a sweeping accounting scandal, Toshiba is scrambling to
turn around its fortunes, the report notes. Toshiba Lifestyle
recorded an operating loss of JPY35.6 billion for the April to
December period, Kyodo discloses.

Toshiba was also negotiating with Turkish maker Arcelik A.S. over
the white goods unit, but Midea appears to have made a more
favorable offer, the sources said, Kyodo relays.

Toshiba initially considered integrating its white goods business
with Sharp Corp., but leaned towards a deal overseas after Sharp
agreed a takeover by Taiwan's Hon Hai Precision Industry Co., the
sources, as cited by Kyodo, added.

Kyodo adds that Toshiba is expected to reach an agreement later
this week to sell its medical equipment unit to Canon Inc., which
will further help to patch up the balance sheet. Toshiba is
bracing for an estimated group net loss of JPY710 billion for
fiscal 2015, Kyodo notes.

Toshiba is also trying to integrate its personal computer business
with Fujitsu Ltd. and Vaio Corp., a spinoff of Sony Corp., adds
Kyodo.

                      About Toshiba Corp.

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

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

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

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

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

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

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


                             *********

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

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

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


                            *********


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

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

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

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

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



                 *** End of Transmission ***