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        T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Friday, March 18, 2016, Vol. 19, No. 55


                            Headlines


A U S T R A L I A

21ST CENTURY: Liquidators Appointed to Land Banking Companies
AK CONSTRUCTIONS: First Creditors' Meeting Set For March 29
AUSTRALIAN ESCAPES: Travel Firm Closes Doors; 40 Jobs Axed
COOLALEA PTY: First Creditors' Meeting Set For March 29
LIBERTY FUNDING: Moody's Assigns B1(sf) Rating to Class F Notes

MONTINE PTY: First Creditors' Meeting Set For March 29
ROTARY OFFSET: Print Companies Placed in Liquidation
STATE AUTOMATION: First Creditors' Meeting Set For March 29

* Roger Dobson and Katie Higgins Join Jones Day's Sydney Office


C H I N A

CAR INC: BB+ Ratings Not Affected by 2015 Results, Fitch Says
CHINA BAK: CEO Reports 17.6% Equity Stake as of March 4
CHINA BAK: Xiangqian Li Reports 4.4% Stake as of March 4
CHINA SOUTH: Fitch's B Rating Unaffected by Solicitation Changes
GUANGZHOU R&F: 2015 Fin'l Results in Line w/ Moody's Expectation

* Moody's Changes Chinese Life Insurance Industry Outlook to Neg.


H O N G  K O N G

ASIA TELEVISION: China Trends Offers HK$500MM Lifeline to ATV
COUNTRY GARDEN: Moody's Ba1 Rating Not Affected by Weak Results


I N D I A

AJAY HI-TECH: CRISIL Reaffirms 'B+' Rating on INR135MM Cash Loan
AKASH COTEX: CRISIL Reaffirms 'B' Rating on INR110MM Cash Loan
BAJPAI REFRIGERATION: CRISIL Ups Rating on INR60MM Loan to B+
COSYN LIMITED: Ind-Ra Assigns BB Long-Term Issuer Rating
ELKAYPEE SPINNERS: Ind-Ra Assigns 'IND BB-' LT Issuer Rating

ETICA DEVELOPERS: CRISIL Assigns B+ Rating to INR43.5MM Term Loan
EVEREST ORGANICS: CRISIL Cuts Rating on INR64MM Loan to B-
FIELDKING POLYMERS: CRISIL Suspends 'B' Rating on INR35MM Loan
GAYATRI IRON: ICRA Reaffirms B+ Rating on INR22.75cr LT Loan
GOEL EXIM: ICRA Revises Rating on INR50cr LT Loan to 'D'

INNOVATIVE CLAD: CRISIL Suspends B+ Rating on INR1.6BB Term Loan
IQBAL CONSTRUCTION: Ind-Ra Assigns 'IND BB+' LT Issuer Rating
JAI GIRIRAJ: ICRA Reaffirms B+ Rating on INR10cr Fund Based Loan
JAI SHREE: ICRA Suspends 'B' Rating on INR8cr Term Loan
KARAN DEVELOPMENT: CRISIL Suspends D Rating on INR1.01BB Loan

KHARE & TARKUNDE: Ind-Ra Assigns 'IND BB+' LT Issuer Rating
LEAD VENTURES: CRISIL Suspends 'D' Rating on INR45MMM Cash Loan
M. P. INTERNATIONAL: ICRA Suspends B+ Rating on INR3cr LT Loan
MASCOM STEEL: CRISIL Suspends B Rating on INR80MM Cash Loan
NITESH ESTATES: ICRA Lowers Rating on INR25cr Loan to 'D'

PATEL COPPER: CRISIL Suspends B Rating on INR45MM Cash Loan
PATEL WOOD: ICRA Assigns B+ Rating to INR1cr Cash Loan
PEARL POLYMERS: Ind-Ra Affirms 'IND BB+' LT Issuer Rating
POLO HOTELS: CRISIL Lowers Rating on INR300MM Term Loan to 'D'
PRECISION INFORMATIC: Ind-Ra Suspends 'IND B+' LT Issuer Rating

PRINTWELL INT'L: CRISIL Reaffirms B Rating on INR56.1MM Loan
RAINBOW PAPERS: CRISIL Lowers Rating on INR4.63BB Loan to D
RAJARAMSEVAK MULTIPURPOSE: Ind-Ra Puts 'IND B+' LT Issuer Rating
RAJVIR & CO: ICRA Suspends B+ Rating on INR1cr LT Loan
RANJAN FABRICS: ICRA Reaffirms B+ Rating on INR8.25cr Loan

SHREE RAJ: ICRA Lowers Rating on INR30cr LT Loan to 'D'
SHRI JI: ICRA Reaffirms 'B+' Rating on INR7cr Fund Based Loan
SHRI NATH: ICRA Reaffirms B+ Rating on INR7cr Fund Based Loan
SHRIRAM TRANSPORT: Fitch Publishes 'BB+' IDR; Outlook Stable
SM APPARELS: CRISIL Suspends D Rating on INR458.4MM Term Loan

SPEED LOGISTICS: CRISIL Suspends 'B' Rating on INR23MM LT Loan
SURESH KUMAR: Ind-Ra Raises Rating to 'IND B+'; Outlook Stable
TEESTAVALLEY POWER: ICRA Cuts Rating on INR666.7cr Loan to D
TEJRAJ PROMOTERS: CRISIL Suspends B+ Rating on INR100MM Term Loan
TIRUPATI COTTON: ICRA Reaffirms B+ Rating on INR24cr Cash Loan

UNIVERSAL HEAT: CRISIL Suspends B- Rating on INR140MM Cash Loan
UNNATHI PROJECTS: CRISIL Suspends 'D' Rating on INR65MM LT Loan
VAISHNAVI FOOD: CRISIL Reaffirms B+ Rating on INR110MM Cash Loan
VARDHAMAN COTTEX: ICRA Suspends 'B' Rating on INR4.25cr Loan
VISION CERAMIC: CRISIL Suspends B+ Rating on INR43.1MM LT Loan

YBRANT MEDIA: Declares Bankruptcy Over Lycos-Related Lawsuit


N E W  Z E A L A N D

BLACK MARLIN: Rodgers Reidy Appointed as Liquidators
FISHER & PAYKEL: S&P Maintains 'BB/B' ICRs on CreditWatch Dev.
SEPTIC SOLUTIONS: Placed Into Liquidation


S I N G A P O R E

CELESTIAL NUTRIFOODS: Ex-Directors Face More Than SGD22MM Claims


                            - - - - -



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


21ST CENTURY: Liquidators Appointed to Land Banking Companies
-------------------------------------------------------------
The Federal Court of Australia has made orders appointing
liquidators to companies associated with Jamie McIntyre and 21st
Century land banking companies.

Simon Alexander Wallace-Smith and Robert Scott Woods of Deloitte
have been appointed as joint liquidators to the corporate
respondents to ASIC's proceeding that commenced in August 2015.

The corporate respondents are:

Archery Road Pty Ltd (ACN 162 921 735)
Bendigo Vineyard Estate Pty Ltd (ACN 600 088 211)
Secret Valley Estate Pty Ltd (ACN 602 817 532)
Kingsway South Holdings Pty Ltd (ACN 159 230 976)
Melbourne Tarniet Estate Pty Ltd (ACN 603 945 393)
Property Tuition Pty Ltd (ACN 129 421 281)
Education Holdings Pty Ltd (ACN 129 551 917)
Sourcing Property Pty Ltd (ACN 602 474 779)

Mr Wallace-Smith and Mr Woods were appointed provisional
liquidators of the corporate respondents on Oct. 7, 2015.
Mr Wallace-Smith and Mr Woods stated in their report dated
Dec. 15, 2015, that each of the corporate respondents are
insolvent and recommended that each should be wound up to enable a
liquidator to conduct further investigations into their respective
affairs and to identify any recoveries which might be made for the
benefit of creditors.

The Federal Court also granted ASIC leave to seek orders at the
final hearing of the matter that:

   * Jamie McIntyre be declared a shadow director of each of the
     corporate respondents; and

   * Jamie and Dennis McIntyre be disqualified from managing
     corporations.

The matter has been adjourned for a further directions hearing at
10:15 a.m. on April 8, 2016. A date for the final hearing of the
matter has not been set by the court.


AK CONSTRUCTIONS: First Creditors' Meeting Set For March 29
-----------------------------------------------------------
David Michael Stimpson and Terrence John Rose of SV Partners were
appointed as administrators of AK Constructions Pty Ltd on March
15, 2016.

A first meeting of the creditors of the Company will be held at
SV Partners, 138 Mary Street, in Brisbane, Queensland, on
March 29, 2016, at 2:30 p.m.


AUSTRALIAN ESCAPES: Travel Firm Closes Doors; 40 Jobs Axed
----------------------------------------------------------
Shae Mcdonald at Gold Coast Bulletin reports that more than 15,000
Australians have potentially had their holidays wrecked after a
Gold Coast discount travel company went bust.

Australian Escapes closed suddenly on March 9, leaving people out
of pocket and without bookings for trips they believed were
confirmed, the report says.

The Bulletin relates that the online company offered memberships
to customers in return for what it claimed were "heavily
discounted resort and travel packages to over 300 resorts, hotels
and holiday parks" across Australia and other parts of the world.

About 40 staff also found themselves redundant without warning
following the announcement, according to the Bulletin.

A former employee -- who did not want to be named -- said an Ernst
and Young administrator told all staff at the Southport office
last week their "employment was terminated without pay," the
Bulletin relates.


COOLALEA PTY: First Creditors' Meeting Set For March 29
-------------------------------------------------------
Daniel Jon Quinn & Darren John Vardy of SVP Partners were
appointed as administrators of Coolalea Pty Ltd on March 15, 2016.

A first meeting of the creditors of the Company will be held at
RSL Memorial Hall, Uralla Neighbourhood Centre, 27 Salisbury
Street, in Uralla, on March 29, 2016, at 2:00 p.m.


LIBERTY FUNDING: Moody's Assigns B1(sf) Rating to Class F Notes
---------------------------------------------------------------
Moody's Investors Service, ("Moody's") has assigned the following
definitive ratings to notes issued by Liberty Funding Pty Ltd:

Issuer: Liberty Funding Pty Ltd in respect of the Liberty Series
2016-1 Trust

-- AUD 40.0 million Class A1a Notes, Assigned Aaa (sf)

-- AUD 176.0 million Class A1b Notes, Assigned Aaa (sf)

-- AUD 42.0 million Class A2 Notes, Assigned Aaa (sf)

-- AUD 21.9 million Class B Notes, Assigned Aa2 (sf)

-- AUD 4.8 million Class C Notes, Assigned A2 (sf)

-- AUD 5.1 million Class D Notes, Assigned Baa2 (sf)

-- AUD 3.9 million Class E Notes, Assigned Ba1 (sf)

-- AUD 3.3 million Class F Notes, Assigned B1 (sf)

The AUD 3.0 million Class G Notes are not rated by Moody's.

The ratings address the expected loss posed to investors by the
legal final maturity. The structure allows for timely payment of
interest and ultimate payment of principal by the legal final
maturity.

RATINGS RATIONALE

The transaction is an Australian prime and non-conforming RMBS
secured by a portfolio of residential mortgage loans. A portion of
the portfolio consists of loans extended to borrowers with
impaired credit histories (9.6%) or made on a limited
documentation basis (10.8%).

This is the 18th non-conforming RMBS transaction sponsored by
Liberty Financial Pty Ltd ("Liberty").

The ratings take account of, among other factors:

-- Class A1a and Class A1b Notes benefit from 28.0% credit
    enhancement (CE) and Class A2 Notes benefit from 14.0% CE,
    while our MILAN CE assumption, the loss we expect the
    portfolio to suffer in the event of a severe recession
    scenario, is at 14.0%. Moody's expected loss for this
    transaction is 1.4%. The subordination strengthens ratings
    stability, should the pool experience losses above
    expectations.

-- A liquidity facility provided by National Australia Bank
    Limited, with a required limit equal to 3.6% of the aggregate
    invested amount of the notes less the redemption fund
    balance. The facility is subject to a floor of AUD600,000. If
    the facility provider loses its P-1(cr), it must within 30
    days either: (1) Procure a replacement facility provider; or
    (2) Deposit an amount of the undrawn liquidity commitment at
    the time into an account with P-1 rated bank.

-- The guarantee fee reserve account. The reserve account is
    unfunded at closing and will build up to a limit of 0.40% of
    the issued notional from proceeds paid to Liberty Credit
    Enhancement Company Pty Limited as Guarantor, from the bottom
    of the interest waterfall prior to interest paid to the Class
    G noteholders. The reserve account will firstly be available
    to meet losses on the loans and charge-offs against the
    notes. Secondly, it can be used to cover any liquidity
    shortfalls that remain uncovered after drawing on the
    liquidity facility and principal. Any reserve account balance
    used can be reimbursed to its limit from future excess
    income.

-- The experience of Liberty in servicing residential mortgage
    portfolios. This is Liberty's 18th non-conforming
    securitisation, which highlights the lender's experience as a
    manager and servicer of securitised transactions.

-- Interest rate mismatch arises when the movements of the 30-
    day BBSW are not (simultaneously) passed on to the variable
    rate loans. To mitigate the basis risk, the threshold rate
    mechanism obligates the Servicer to set interest rates on the
    mortgage loans at a minimum rate above 1mBBSW, or higher if
    the trust's income is insufficient to cover the obligations
    of the Trustee under the transaction documents.

The key transactional and pool features are as follows:

-- The notes will initially be repaid on a sequential basis
    (however Class A1b and Class A2 Notes will be pari passu)
    until, amongst other stepdown conditions, the later of: (1)
    the second anniversary from closing; or (2) the subordination
    to the Class A & Class B Notes doubling from closing. Upon
    satisfaction of all stepdown conditions, Class A1b, Class A2,
    Class B, Class C, Class D, Class E, and Class F Notes will
    receive a pro-rata share of principal payments (subject to
    additional conditions). The Class A1a Notes will always
    receive principal payments ahead of any other Notes. The
    Class G Notes do not step down and will only receive
    principal payments once all other notes have been repaid.

-- The principal pay-down switches back to sequential pay across
    all notes (Class A1b to be senior to Class A2), once the
    aggregate loan amount falls below 20% of the aggregate loan
    amount at closing, or following the fourth anniversary of the
    closing date.

-- The weighted average current loan to value ratio of the pool
    of 71.86%.

-- The pool has only 10.51 months seasoning. As a result, the
    portfolio is carrying a large exposure to loans originated in
    2014 and 2015 (13.51% & 73.36% respectively), a historically
    low interest rate and increasing property value environment.
    These loans will be more exposed to interest rate rises and
    affordability issues than more seasoned pools. Liberty
    stresses interest rates at 2% above standard variable rates
    to test serviceability in a higher interest rate environment.
    Moody's analysis incorporates a house price stress rate of
    41.81% to determine portfolio losses in a severe economic
    downturn.

-- The portfolio is geographically well diversified due to
    Liberty's wide distribution network.

-- The portfolio contains 9.6% exposure with respect to
    borrowers with prior credit impairment (default, judgement or
    bankruptcy). Moody's assesses these borrowers as having a
    significantly higher default probability.

-- 10.8% of loans in the portfolio were extended to borrowers on
    a limited documentation basis. Of the 10.8% low documentation
    loans, 99.0% are classified as 'alternative documentation'.
    For these alternative documentation loans Liberty performs
    additional verification checks over and above the typical
    checks for a traditional low documentation product. These
    checks include a declaration of financial position and six
    months of bank statements, 2 quarters of Business Accounting
    Statements or GST returns. Liberty's alternative
    documentation loans have stronger arrears performance when
    compared to traditional low documentation loans. Given the
    additional verification checks and the stronger arrears
    performance, these alternative documentation loans have been
    assessed to have a lower default frequency than standard low
    documentation loans.

-- 24.1% of the loans in the portfolio were extended to self
    employed borrowers. Moody's analysis of historical
    delinquency and default data has indicated that loans granted
    to self employed borrowers have a greater propensity to
    default compared to loans granted to employed PAYG borrowers.


MONTINE PTY: First Creditors' Meeting Set For March 29
------------------------------------------------------
Daniel Jon Quinn & Darren John Vardy of SVP Partners were
appointed as administrators of Montine Pty Ltd, trading as Uralla
Metal, on March 16, 2016.

A first meeting of the creditors of the Company will be held at
RSL Memorial Hall/Uralla Neighbourhood Centre, 27 Salisbury
Street, in Uralla, on March 29, 2016, at 3:00 p.m.


ROTARY OFFSET: Print Companies Placed in Liquidation
----------------------------------------------------
Cliff Sanderson at Dissolve.com.au reports that print companies
Rotary Offset Press and Halagraphics have collapsed into
liquidation. The companies are set to sell their assets in an
auction, the report says.

Jason Tang and Ozem Kassem have been appointed liquidators of
Rotary Offset, Dissolve.com.au relates.

Rotary Offset Press has been in business for 55 years and
reportedly owns a gamut of machinery that includes the Baker
Perkins 4 Colour Web Press, Heidelberg Speedmaster 102CD 4 Colour,
finishing equipment like Muller Martini and MBO folder as well as
in-house integrated CtP. Meanwhile, Halagraphics has been
operating for 18 years.


STATE AUTOMATION: First Creditors' Meeting Set For March 29
-----------------------------------------------------------
Glenn J Spooner & Bruno A Secatore of Cor Cordis were appointed as
administrators of State Automation Pty Ltd on March 15, 2016.

A first meeting of the creditors of the Company will be held at
Cor Cordis Chartered Accountants, Level 29, 360 Collins Street, in
Melbourne, on March 29, 2016, at 10:30 a.m.


* Roger Dobson and Katie Higgins Join Jones Day's Sydney Office
---------------------------------------------------------------
Roger Dobson and Katie Higgins have joined Jones Day's Sydney
Office as partners in its Business Restructuring & Reorganization
Practice.  Both arrive from the Sydney office of Henry Davis York,
where Mr. Dobson was head of that firm's banking, restructuring
and insolvency practice.

"We are pleased to welcome Roger and Katie to Jones Day," said
Chris Ahern, partner-in-charge of Australia and Japan.  "Both have
strong reputations in restructuring and insolvency, an area of
increasing importance in the Asia-Pacific.  Roger and Katie will
strengthen our skills in this area in the Asia-Pacific, a region
that will be adversely impacted by slower China growth and lower
commodity prices in the near term.  As a single partnership, our
local restructuring lawyers will work closely with their partners
in the U.S. and Europe to deliver cross-border solutions on
complex restructurings and work-outs.  On the heels of our opening
in Brisbane, Roger and Katie also reflect our commitment to
building an elite cross-practice capability throughout Australia
with market-leading lawyers who practice local law."

As one of the leading lawyers in his field, Mr. Dobson has worked
on many large, complex restructuring and insolvency matters in
Australia over the past decade, including Babcock & Brown,
FreightLink, Yellow Pages New Zealand, Nine Entertainment, Hastie
Group, I-MED, ABC Learning, and Allco Finance.  In most of these
matters, he represented main banking syndicates, offshore funds
holding a substantial debt position, or, in the case of an
insolvency, the liquidator, administrator, or receiver.  Mr.
Dobson has represented clients across a diverse range of
industries, including energy and resources, mining services,
construction, engineering services, media and communications,
investment banking and financial services, retail, manufacturing,
and infrastructure.  Mr. Dobson earned his LLB with Honors from
Adelaide University, and his LLM from Columbia University.

"Roger and Katie are terrific restructuring lawyers and they are
arriving at an ideal time," said Paul Leake, global leader of
Jones Day's Business Restructuring & Reorganization Practice.
"With falling commodity prices, Australian firms in the resources
sector and beyond will continue to face significant stress and
will likely require restructuring assistance, whether in the form
of refinancings, recapitalizations, asset or business sales, or
otherwise.  Roger and Katie not only have experience ideal for our
Australian clients with those needs, but also add to our
substantial global capabilities assisting clients facing and
investing in distressed situations all over the world."

Ms. Higgins has extensive experience with advising leading
Australian and international banks, funds, and financial
institutions on their exposure to distressed companies and special
situations investing.  She is known for her commercially focused
and responsive advice on a range of complex matters such as high
profile social infrastructure PPPs, project finance, structured
and property transactions, and debt restructuring and workouts.
Ms. Higgins has acted for borrowers, financiers, and insolvency
practitioners; her clients have included high profile
organizations such as Westpac and NAB (both Big 4 Australian
banks), Reed Group, Reliance Rail, Sunshine Electricity, Centro
Property Group, and AllCo Finance Group.  Ms. Higgins earned her
BA and LLB with Honors from the University of Sydney.

Jones Day has 43 offices in major centers of business and finance
throughout the world.  Its unique governance system fosters an
unparalleled level of integration and contributes to its perennial
ranking as among the best in the world in client service.  Jones
Day provides significant legal representation for almost half of
the Fortune 500, Fortune Global 500, and FT Global 500. Jones Day
has been operating in Australia since 1998 and its clien ts there
include leading Australian and multinational companies across a
range of industry sectors, including financial services, energy
and resources, pharmaceuticals and biotechnology, technology and
telecommunications, health care, agriculture, retail and consumer
goods, manufacturing, and chemicals.



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


CAR INC: BB+ Ratings Not Affected by 2015 Results, Fitch Says
-------------------------------------------------------------
Fitch Ratings says that China-based car rental company CAR Inc.'s
(CAR; BB+/Stable) ratings are not affected by its weaker-than-
expected 2015 results and the recently announced share transfer
agreements.  Fitch expects that the slower revenue growth will be
more than offset by slower new car additions, which will result in
a better outlook for free cash flows (FCF).

CAR's 2015 earnings were slightly weaker than Fitch's forecasts
and management's previous guidance.  This was mainly due to a
weaker fourth quarter as intense competition in the ride-sharing
space reduced demand for short-distance car rentals.  Utilization
rates in 4Q15 dropped to 60.1% compared with around 64% in 9M15
and 61.7% in 4Q14.  Management now expects revenue in the short-
term rentals business to rise 20% in 2016, compared with over 30%
previously.

The company has also slowed its new-car additions due to the
deceleration in demand growth, which has resulted in cash flow
from operations being better than Fitch's expectations.  Fitch
expects this trend to continue, and it may allow FCF to turn
positive in 2016, which may reduce CAR's financial leverage.

Fitch also expects the share transfer arrangements announced by
CAR on March 14, 2016, to be neutral to CAR's credit profile.  The
arrangements will see UCAR Technology Inc., a ride-sharing company
affiliated with CAR, becoming its major shareholder with a 29.21%
stake.

Based on Fitch's discussions with management, Fitch does not
expect CAR to raise its 9.35% stake in UCAR nor significantly
expand the long-term fleet leased to UCAR, which reduces the risk
of further cash outlay for UCAR over the next 12-18 months.
Investments into UCAR of CNY1.2 bil. and new vehicle purchases of
CNY5.0 bil. were the key reasons why CAR's FFO-adjusted net
leverage rose to 2.7x at the end of 2015 from 0.9x a year earlier.


CHINA BAK: CEO Reports 17.6% Equity Stake as of March 4
-------------------------------------------------------
In a Schedule 13D filed with the Securities and Exchange
Commission, Yunfei Li, chief executive officer and chairman of
China BAK Battery, Inc., reported that as of March 4, 2016, he
beneficially owns 3,030,000 shares of common stock of China BAK
Battery, Inc., representing 17.6 percent of the shares
outstanding.

On March 4, 2016, Yunfei Li entered into a stock purchase
agreement with Xiangqian Li, pursuant to which Yunfei Li purchased
3,000,000 shares of Common Stock in a private transaction from
Xiangqian Li for $7.2 million at a price of $2.40 per share.
Those shares were purchased with the Reporting Person's personal
funds.

On June 30, 2015, the Reporting Person was granted 30,000 shares
of restricted stock under the Company's 2015 Equity Incentive
Plan.  The restricted shares vest over a three year period in 12
equal quarterly installments with the first vesting date on
June 30, 2015.

A copy of the regulatory filing is available for free at:

                   http://is.gd/UdOXpE

                      About China BAK

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

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

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

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


CHINA BAK: Xiangqian Li Reports 4.4% Stake as of March 4
--------------------------------------------------------
In an amended Schedule 13D filed with the Securities and Exchange
Commission, Xiangqian Li reported that as of March 4, 2016, he
beneficially owns 760,557 shares of common stock of China Bak
Battery, Inc., representing 4.43 percent of the shares
outstanding.  A copy of the regulatory filing is available for
free at http://is.gd/jLR3GJ

                      About China BAK

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

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

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

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


CHINA SOUTH: Fitch's B Rating Unaffected by Solicitation Changes
----------------------------------------------------------------
Fitch Ratings says that ratings on China South City Holdings
Limited (CSC; B/Stable) and its bonds due in 2019 will not be
affected even if the proposed amendments in the consent
solicitation announced on March 16, 2016, are adopted.

The principal purpose of the consent solicitation is to give the
company more flexibility in offshore and onshore debt-raising,
investments in associates and Tencent joint ventures, dividend
payouts and stock repurchases, as well as business diversification
beyond its core real estate development business.

The proposed amendments, if adopted, will provide CSC with more
funding and operational flexibility to support its current
expansion and business diversification, though it would require a
higher level of indebtedness.  Fitch does not expect its view on
CSC to change solely due to the adoption of the proposed
amendments.  However, CSC's rating may come under pressure in the
event that faster expansion drives leverage (as measured by net
debt/adjusted inventory) to above 50% on a sustained basis.

Major proposed amendments of the indentures include:

   -- Lowering the fixed-charge coverage ratio requirement to not
      less than 2.50x from not less than 3.00x;

   -- redefining certain terms including "Consolidated Net
      Income", "Consolidated Interest Expense", which may result
      in an increase in its fixed-charge coverage ratio;

   -- increasing the purchase money indebtedness basket from 20%
      to 35% of total assets;

   -- increasing the limit on permitted subsidiary indebtedness
      from 15% to 30% of total assets;

   -- allowing the company to have more flexibility in dividend
      payout and share repurchase;

   -- loosening permitted investment provisions with regards to
      investments in associates and Tencent joint ventures;

   -- increase "Cross Default" threshold from USD7.5 mil. to
      USD15 mil.;

   -- amending the definition of "Permitted Business" to
      businesses including but not limited to internet financing,
      micro-finance, international products sourcing and
      cultural, entertainment or marketing-related businesses.


GUANGZHOU R&F: 2015 Fin'l Results in Line w/ Moody's Expectation
----------------------------------------------------------------
Moody's Investors Service says that Guangzhou R&F Properties Co.,
Ltd. (Ba3 stable)'s full-year 2015 results continued the trend of
a gradual improvement in its high level of debt leverage, broadly
in line with Moody's expectations.

Moody's notes that adjusted debt (including perpetual capital
securities) had risen only 7.1% to RMB93.5 billion as of December
2015 from RMB87.3 billion as of December 2014. Such an increase
was partly due to the company prefunding part of the debt maturing
in 1H 2016.

On the other hand, Guangzhou R&F Properties reported a healthy 28%
year-on-year growth in revenue to RMB44.3 billion in 2015 from
RMB34.7 billion in 2014, supported by robust contracted sales of
RMB 54.4 billion.

Therefore, revenue/adjusted debt (including perpetual capital
securities) increased to 47.4% in 2015 from 39.7% in 2014 and
EBIT/interest rose to 2.3x from 2.0x. However, such levels are
still weak for its Ba3 rating.

Moody's conclusions were contained in its just-released report,
"Guangzhou R&F Properties Co., Ltd. - 2015 Financial Results Are
in Line with Expectation".

"Looking ahead, Moody's expects Guangzhou R&F's revenue/adjusted
debt and EBIT/interest will trend up to 53-55% and 2.4x-2.7x in
the next 12-18 months, as the company increases revenue
recognition, maintains high margins, manages down funding costs,
and controls land expenditure," says Kaven Tsang, a Moody's Vice
President and Senior Credit Officer.

"The company also achieved RMB54.4 billion in contracted sales in
2015 because it focused on first- and second-tier cities where
demand was strong," adds Tsang.

"Moody's expects that it will continue to benefit from its well-
located land banks, such as those in Beijing, Shanghai, Tianjin,
and Guangzhou."

As of end-February 2016, it had approximately RMB37billion of
presales available for delivery. Most will likely be recognized in
the next 1-2 years.

While Guangzhou R&F's gross margin fell to 32.1% in 2015 from
35.5% in 2014, it remained high, when compared to that of its
property peers. The better margin was a result of a balanced
product mix between residential properties and high-margin
commercial projects.

The company has also actively managed down its financing cost by
issuing onshore corporate bonds. It issued RMB6.5 billion in 2015
at 4.95%. At the same time, it repaid RMB7.7 billion of perpetual
capital securities.

As a result, its weighted average cost (including perpetual
capital securities) fell to 8.13% in 2015 from 8.49% in 2014. In
1Q 2016, Guangzhou R&F issued a further RMB9.6 billion of onshore
bonds at 3.95%.

In addition, Guangzhou R&F significantly slowed its land
acquisitions in 2015. It acquired 13 pieces in the year with an
attributable land premium of RMB4.6 billion.

Moody's expects it to keep its land investments at a manageable
level in the next 12 months, given that it has a sufficient land
bank to support development over the next 3-4 years.

Guangzhou R&F's cash position of RMB 21.3 billion as of end-2015
provided a cash to short-term debt coverage ratio of 65%, lower
than 90% as of end-2014.

Moody's notes that the short-term debt includes two offshore
bonds, totaling RMB10 billion and callable in January 2017. Their
maturity dates are 2019 and 2020.

Moody's believes that refinancing risk is low because it issued
RMB9.6 billion of onshore bonds in 1Q 2016 for refinancing its
short-term debt.


* Moody's Changes Chinese Life Insurance Industry Outlook to Neg.
-----------------------------------------------------------------
Moody's Investors Service has changed the outlook for the Chinese
life insurance industry to negative, replacing the stable outlook
assigned in September 2015, as developments since then have
further imperiled insurers' credit fundamentals.

Specifically, the outlook reflects our assessment that the overall
creditworthiness of insurers will deteriorate in the next 12-18
months.

Moody's conclusions were contained in its recently-released
report, on Chinese life insurers, "Negative Outlook Reflects
Weaker Macroeconomic Conditions". The outlook revision occurs
despite the strong headline results reported for all of 2015, and
which are attributable to a favorable stock market in 1H 2015,
which has since languished.

While our baseline scenario continues to assume real GDP growth at
a 6%-plus pace in China, we now expect this to be achieved through
significant policy stimulus, including monetary policy
accommodation.

The key threat to credit profiles will come from lower interest
rates as a result of the central bank's effort to sustain growth.
Lower rates mean that the insurers -- which derived 60%-80% of
their 2014 investment income from interest income from deposits
and fixed income securities -- will see a significant drop in
investment yields. We expect the profitability and capitalization
of life insurers to weaken against the backdrop of weaker
macroeconomic conditions and falling interest rates.

In addition, the declining interest rate environment, coupled with
the liberalization of participating products implemented in
October 2015, will pressure underwriting income.

China's economic slowdown impacts Chinese life insurers not so
much in terms of their business growth, which we expect to remain
supported by the country's deepening insurance penetration, but
rather in terms of their financial profile.

Insurers also face heightened financial risks in such a scenario,
as expectations of further monetary easing could induce capital
outflows and put downward pressure on the exchange rate.

Our revised outlook also takes into account the further buildup of
investment risk on insurers' balance sheets in recent months, as
reflected in a shift in their asset mix towards equities and
"other investments".

The latter includes alternative investments -- such as
infrastructure project debt, asset management schemes, and trust
products -- and while they improve returns, it is at the expense
of insurers' broader credit profiles in terms of increased
sensitivity to economic and financial market shocks, as well as
lower transparency and liquidity.

Another consideration in our revision is the industry's
substantial and growing stakes in Chinese banks and, in this
context, we note that we changed our outlook on China's banking
system to negative from stable in December 2015.

Certain insurers could also face a difficult transition to China's
Risk-Oriented Solvency System (CROSS), whose first pillar of
quantitative capital requirements officially became effective 1
January 2016.

While the industry has been preparing for this new system through
a trial run in 2015, the increased margin pressure and riskier
asset exposures could raise new hurdles, especially for small
insurers.



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


ASIA TELEVISION: China Trends Offers HK$500MM Lifeline to ATV
-------------------------------------------------------------
Ernest Kao, Celine Ge and Eddie Lee at South China Morning Post
reports that a listed Hong Kong tech company is proposing to
extend a lifeline of up to HK$500 million in loans to rebuild Asia
Television (ATV) and develop the embattled station's online
television business. A separate sum of HK$300 million in loans
from another firm is also in the pipeline.

SCMP relates that in a statement posted on March 15 on the Growth
Enterprise Market and Hong Kong Exchanges and Clearing, China
Trends Holdings, an ATV creditor, said it wanted to "inject" its
web-based interactive TV platform into the debt-laden station and
turn it into an "internet TV business with e-commerce media
characteristics".

But ATV staff representatives were not keen on the offer, saying
the twists and turns at the dying station had left employees
reeling and uncertain about their futures, SCMP says.

According the report, the fate of the company remains up in the
air following the latest dispute between its court-appointed
provisional liquidator Deloitte and mainland investor Si Rongbin.
Both sides accuse the other of breaching terms and conditions of
the last-minute deal meant to keep the ailing station on life
support until April 1, the report relates.

SCMP notes that despite plans by some of ATV's creditors to keep
the company alive even after its TV licence expires next month, it
was unclear whether Wong Ching -- who claims he is owed HK$1.8
billion after an incomplete deal when he sold his stake in the
station to Si -- would be persuaded to withdraw the petition he
filed for winding up the 59-year-old broadcaster.

The petition is set for a hearing on April 13, the report notes.

According to winding-up procedures in Hong Kong, a firm may
negotiate with its creditors in order to reach a compromise and
avoid its being wound up, SCMP relays.

South China Morning Post meanwhile reports that the Communications
Authority said Deloitte had yet to make a formal reply to the
media watchdog's inquiry about the current situation of Asia
Television (ATV).

According to SCMP, shareholders of Hong Kong-based investment
holding company Co-Prosperity on March 8 passed resolutions
allowing the group to provide a loan of HK$300 million for China
Culture Media, which is controlled by Si.

SCMP relates that China Trends pitched two proposals, either of
which it said would pay ATV the cash it needed to recover the
costs of liquidation and pay staff outstanding wages in exchange
for a controlling stake.

In the first proposal, 30 per cent of profits generated by the
station would be used to repay the principal of the debts, with
interest waived, owed to all creditors, the report relays.

"The company agrees to provide a secured and interest-free loan of
an amount up to HK$500 million to ATV for its new start-up, which
shall be secured by way of a debenture creating a fixed and
floating charge over all the assets of ATV," the report quotes
China Trends chairman Xiang Xin, a mainland tech entrepreneur, as
saying.

SCMP says the second proposal would convert the debt into ATV
share capital. While a loan of up to HK$500 million would also be
provided, it would need to be repaid with interest.

According to SCMP, China Trends noted that the station still had
useful assets, including "legitimate landing rights of programme
in the Pearl River Delta region".

China Trends, with a market capitalisation of about HK$1.1
billion, did not mention whether it would raise funds from the
market to provide the HK$500 million loan, SCMP notes.

Asia Television Limited is one of the two free television
broadcasters in Hong Kong. It was established in 1957, the first
Chinese television station in the world.

As reported in Troubled Company Reporter-Asia Pacific on Feb. 26,
2016, South China Morning Post said the High Court on Feb. 24
appointed accounting firm Deloitte as a provisional liquidator to
facilitate the station's restructuring.


COUNTRY GARDEN: Moody's Ba1 Rating Not Affected by Weak Results
---------------------------------------------------------------
Moody's Investors Service says that Country Garden Holdings
Company Limited's weakened credit metrics for 2015 has reduced its
rating headroom, but the higher-than-expected leverage will not
immediately affect the company's Ba1 corporate family or senior
unsecured debt ratings.

The outlook for the firm is stable.

"The rating headroom on Country Garden's Ba1 ratings has been
reduced by its higher-than-expected debt leverage in 2015," says
Franco Leung, a Moody's Vice President and Senior Analyst.

Country Garden's debt leverage -- as measured by revenue to
adjusted debt and including perpetual capital securities --
deteriorated to around 102% in 2015 versus 126% in 2014 because
the company increased its land acquisitions to RMB55.95 billion
from RMB16.17 billion in the same periods.

The company increased its debt funding and its adjusted debt
increased to around RMB111.5 billion at end-2015 from RMB66.9
billion at end-2014.

Country Garden will likely remain active in land acquisitions in
2016, but Moody's expects that the company will maintain a modest
contracted sales growth and healthy operating cash flow, which
will in turn reduce its debt growth over the next 12-18 months.

In addition, Moody's expects that the company will continue to
achieve growth in revenue, such that its revenue to debt will be
brought back to a level ranging from 110%-120% in 2016; a result
which would support its Ba1 ratings.

"Country Garden's weak credit metrics in 2015 was also driven by
its lower profit margin," adds Leung, who is also the Lead Analyst
for Country Garden.

Country Garden's gross profit margin fell to 20.2% in 2015
compared to 26.1% in 2014, mainly due to the recognition of low-
margin properties sold in 2014, when China's property market was
weak. As a result, the company's EBIT/interest coverage ratio fell
moderately to 3.7x in 2015 from 3.9x in 2014.

Moody's expects that Country Garden's gross margin will improve
moderately to 21%-24% in 2016, because it will recognize higher-
margin properties sold in 2015.

Country Garden's declining gross margins have prompted the company
to reduce its borrowing costs. Its weighted average interest rate
fell to 6.20% in 2015 from 7.59% in 2014. Moody's expects Country
Garden to further manage down its average funding cost to improve
its EBIT interest coverage to 3.8x-4.0x in 2016.

Despite Country Garden's significant exposure to third and fourth
tier cities, the company achieved a 7.1% year-on-year growth in
contracted sales to RMB140.2 billion in 2015; a result which
reflects its strong sales execution.

The company continued to demonstrate strong sales momentum into
2016, achieving around RMB23.7 billion in contracted sales in the
two months between January and February 2016. The amount
represents 14% of its sales target for the year.

Country Garden's liquidity position is strong. Its cash holdings -
- including restricted cash -- increased significantly to RMB47.9
billion at end-2015 from RMB27.2 billion at end June-2015. As a
result, its cash to short-term debt strengthened to about 210%
from about 141% over the same period.

Country Garden Holdings Company Limited, founded in 1997 and
listed on the Hong Kong Stock Exchange, is a leading Chinese
integrated property developer. At end-2015, its land bank totaled
a sizeable 109.8 million square meters in attributable gross floor
area.

At end-2015, it owned and operated 59 hotels with a total of
13,819 rooms. The hotels were located mainly in Guangdong
Province, and support its development of townships.



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


AJAY HI-TECH: CRISIL Reaffirms 'B+' Rating on INR135MM Cash Loan
----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Ajay Hi-Tech
Agro Foods (AHAF) continues to reflect the firm's modest scale of
operations in an intensely competitive industry, susceptibility of
margins to fluctuations in raw material prices and below-average
financial risk profile because of small networth and high gearing.
These weaknesses are partially offset by promoters' extensive
experience in the rice milling business.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            135      CRISIL B+/Stable (Reaffirmed)
   Term Loan               25      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable
CRISIL believes AHAF will continue to benefit over the medium term
from its promoters' extensive industry experience. The outlook may
be revised to 'Positive' if the firm significantly increases
revenue and operating profitability, leading to a better financial
risk profile. Conversely, the outlook may be revised to 'Negative'
in case of aggressive debt-funded expansion, or steep decline in
revenue and profitability, or capital withdrawal, weakening
financial risk profile.

AHAF, set up in 2007 as a partnership firm, mills and processes
paddy into rice, rice bran, broken rice, and husk. The firm is
promoted by Mr. S Raja and his family members and is based in
Karaikudi, Tamil Nadu.


AKASH COTEX: CRISIL Reaffirms 'B' Rating on INR110MM Cash Loan
--------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Akash Cotex
(Akash) continues to reflect the firm's weak financial risk
profile, because of high gearing and a modest networth, its
exposure to intense competition in the fragmented cotton ginning
industry, and vulnerability to changes in government policies.
These rating weaknesses are partially offset by Akash's presence
in the cotton growing belt in Gujarat.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit           110       CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      0.6     CRISIL B/Stable (Reaffirmed)

   Term Loan              29.4     CRISIL B/Stable (Reaffirmed)

Outlook: Stable

Akash will continue to benefit over the medium term from its
proximity to the cotton growing belt; however, the firm's
financial risk profile will remain constrained owing to low cash
accrual and weak capital structure. The outlook may be revised to
'Positive' in case of increase in operations and higher cash
accrual, or substantial equity infusion leading to better
financial risk profile. Conversely, the outlook may be revised to
'Negative' if there is a significant decline in cash accrual or a
large debt-funded capital expenditure, further weakening the
financial risk profile, particularly liquidity.

Akash is a partnership firm located at Gondal in Rajkot, Gujarat.
The firm's partners have over five years of experience in the
cotton industry.

Akash had net profit of INR0.4 million on net sales of INR1.19
billion for 2014-15 (refers to financial year, April 1 to March
31), as against net profit of INR1 million on net sales of INR262
million for 2013-14.


BAJPAI REFRIGERATION: CRISIL Ups Rating on INR60MM Loan to B+
-------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank loan
facilities of Bajpai Refrigeration and Bakers Company (BRBC) to
'CRISIL B+/Stable' from 'CRISIL B/Stable '.

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

   Proposed Long Term     20       CRISIL B+/Stable (Upgraded
   Bank Loan Facility              from 'CRISIL B/Stable')

   Term Loan              37.5     CRISIL B+/Stable (Upgraded
                                   from 'CRISIL B/Stable')

The upgrade reflects CRISIL's belief that the company's business
risk profile will improve over the medium term, driven by ramp-up
in scale of operations with healthy profitability. Net sales were
around INR120 million for the 10 months ended January 31, 2016 and
are expected at INR160-180 million in 2015-16 (refers to financial
year, April 1 to March 31). Healthy sales growth is expected over
the medium term supported by addition of customers, and also entry
into the business of frozen vegetables in the existing premises.
Operating profitability is expected to remain healthy at around 25
per cent. The rating upgrade also factors in improvement in
liquidity because of healthy cushion expected to be maintained
between cash accrual and maturing debt obligation while
maintaining the working capital cycle. CRISIL believes liquidity
will continue to be supported by need-based funding by promoters
and absence of any significant debt-funded capital expenditure
plan.

The rating reflect BRBC's modest scale of operations in the highly
competitive food processing industry, and working capital-
intensive operation because of high inventory. These rating
weaknesses are partially offset by the industry experience of the
firm's partners and close proximity to suppliers and customers in
Uttarakhand. The rating also factors in a moderate financial risk
profile because of a moderate networth and adequate debt
protection matrices.

Outlook: Stable
CRISIL believes BRBC will continue to benefit over the medium term
from its promoters' industry experience and its location
advantage. The outlook may be revised to 'Positive' in case of
significantly better-than-expected cash accrual along with
efficient working capital management during the initial phase of
operations. Conversely, the outlook may be revised to 'Negative'
in case of lower-than-expected cash accrual or substantial working
capital requirement, constraining liquidity.

BRBC, promoted by Mr. M C Bajpai, Mrs. Sandhya Bajpai, and Mr.
Ashok Lakhan, has set up an integrated cold chain facility in
Kashipur, Uttarakhand, to supply fresh and chilled food produce,
mainly green peas. Commercial operations commenced in January
2015.


COSYN LIMITED: Ind-Ra Assigns BB Long-Term Issuer Rating
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Cosyn Limited
(CSL) a Long-Term Issuer Rating of 'IND BB'.  The Outlook is
Stable.

                        KEY RATING DRIVERS

The ratings also factor in the company's small scale of
operations, reflected in its revenue of INR197 mil. in FY15 (FY14:
INR125 mil.) on account of a small order book size.  CSL's order
book reflects high revenue dependence on two segments utility and
education where margins are lesser than in the other segments of
the company resulting into a decline in EBITDA margin to 13.8% in
FY15 (FY14: 19%).

The ratings reflect CSL's tight liquidity position resulting into
close to 100% utilization of its working capital limits over the
six months ended January 2016.

The ratings are supported by CSL's promoter's experience of more
than two decades in the IT services industry.  The ratings are
also supported by the company's strong credit metrics as reflected
in its interest coverage of 7.9x in FY15 (FY14: 6.5x) and net
leverage of 0.8x (0.7x).

                        RATING SENSITIVITIES

Positive: A substantial improvement in the scale of operations
along with maintenance of the credit metrics will be positive for
the ratings.

Negative: Any deterioration in the overall credit metrics will be
negative for the ratings.

                         COMPANY PROFILE

The company was incorporated in 1994 as Computer Synergetic
Private Limited.  Over the years, its name has been changed a
number of times.  It was named Cosyn Ltd in 2015.  CSL provides
information technology enable services in the area of utility
revenue management utility meter-to-cash operations, information
and data governance.  It also delivers cloud based business
productivity solutions for global SMEs.  CSL has established a
fully owned subsidiary Cosyn LLC in the US.

CSL ratings:

   -- Long-Term Issuer Rating: assigned 'IND BB'; Outlook Stable
   -- INR20 mil. fund-based working capital limits: assigned
      'IND BB'; Outlook Stable
   -- INR2.34 mil. long-term loans: assigned 'IND BB'; Outlook
      Stable
   -- INR42.5 mil. non-fund-based working capital limits:
      assigned 'IND A4+'



ELKAYPEE SPINNERS: Ind-Ra Assigns 'IND BB-' LT Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Elkaypee Spinners
Private Limited (ESPL) a Long-Term Issuer Rating of 'IND BB-'.
The Outlook is Stable.

                        KEY RATING DRIVERS

The ratings reflect ESPL's small scale of operations, as evident
from its revenues of INR353 mil. in FY15 (FY14: INR 324 mil.),
along with its moderate financial profile, as reflected in its
robust operating EBITDA interest coverage of 2.3x (2.2x), high net
leverage of 3.7x (4.2x) and operating EBITDA margins of 9.6%
(9.1%).  Liquidity has been stretched, with a 99% average of the
maximum utilization of its fund-based limits during the 12 months
ended February 2016, on account of its long working capital cycle.

The ratings also take into account the company's presence in a
highly competitive industry, which is vulnerable to fluctuations
in the price of raw cotton.

The ratings however benefit from ESPL's founders' experience of
over five decades in the cotton industry.

RATING SENSITIVITIES

Positive: An increase in the scale of operations along with
improvement in profitability, leading to an improvement in credit
metrics, could lead to a positive rating action.

Negative: Deterioration in credit metrics could lead to a negative
rating action.

                          COMPANY PROFILE

ESPL was promoted by Mr P.Govindaswamy and his family members in
1988 as a partnership firm named Elkaypee Spinners.  On May 28,
1993, it firm was converted into a private limited company.  It
has a total installed capacity of 20,800 spindles and produces
poly-cotton blended yarn, mainly in 30-40 counts.

ESPL's ratings:

   -- Long-Term Issuer Rating: assigned 'IND BB-'; Outlook Stable
   -- INR60 mil. fund-based working capital limits: assigned
      'IND BB-'/Stable
   -- INR52.6 mil. long-term loans: assigned 'IND BB-'/Stable
   -- INR6.90 mil. non-fund-based working capital limits:
      assigned 'IND A4+'


ETICA DEVELOPERS: CRISIL Assigns B+ Rating to INR43.5MM Term Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating on the long-term
bank facilities of Etica Developers Pvt Ltd (EDPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Proposed Long Term
   Bank Loan Facility     6.5      CRISIL B+/Stable

   Term Loan             43.5      CRISIL B+/Stable

The rating reflects risks related to completion of its ongoing
projects, the geographical concentration in revenue profile, and
susceptibility to risks inherent in the Indian real estate
industry. These rating weaknesses are partially offset by the
healthy saleability of its ongoing projects.

Outlook: Stable

EDPL will continue to benefit over the medium term from its
healthy booking rates. The outlook may be revised to 'Positive' if
the projects are completed without any significant cost or time
overruns, leading to large cash flow. Conversely, the outlook may
be revised to 'Negative' in case of any delays in execution of the
projects or in receipt of advances, or low cash flows, possibly
due to higher investments in new projects.

EDPL, set up in Chennai in 2012 by Mr. G Diliban and Mr. G
Prakash, develops real estate. The company has completed Saptami
and Avigna, premium residential apartments and is currently
undertaking the construction of 2 other residential apartments '
Kalathmika and Sapthagiri. The company is also expected to launch
3 more residential projects in Chennai over the near to medium
term. The company also operates a 1.16 MW solar power plant in
Kurundamadam in Virudhunagar district.


EVEREST ORGANICS: CRISIL Cuts Rating on INR64MM Loan to B-
----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Everest Organics Limited (EOL) to 'CRISIL B-/Stable' from
'CRISIL B+/Stable' and reaffirmed its rating on the short-term
bank facilities at 'CRISIL A4'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee          1       CRISIL A4 (Reaffirmed)

   Bill Discounting       40       CRISIL B-/Stable (Downgraded
                                   from 'CRISIL B+/Stable')

   Cash Credit            40       CRISIL B-/Stable (Downgraded
                                   from 'CRISIL B+/Stable')

   Letter of Credit       55       CRISIL A4 (Reaffirmed)

   Letter of Credit
   Bill Discounting       15       CRISIL A4 (Reaffirmed)


   Long Term Loan         30       CRISIL B-/Stable (Downgraded
                                   from 'CRISIL B+/Stable')

   Overdraft Facility      5       CRISIL A4 (Reaffirmed)

   Proposed Long Term     64       CRISIL B-/Stable (Downgraded
   Bank Loan Facility              from 'CRISIL B+/Stable')

The downgrade reflects significant weakening in EOL's liquidity
because of depressed cash accruals expected to be inadequate to
meet term debt obligation over the medium term. Revenue is
expected to decline by 10 percent year-on-year to INR950 million
in 2015-16 (refers to financial year, April 1 to March 31) and
operating margin is likely to decline by 370 basis points to 4.0
percent on account of increased competition. Consequently, cash
accrual, expected at INR3 million, will be inadequate to meet term
debt obligation of INR18 million. The company's working capital
cycle has also lengthened, resulting in almost full bank limit
utilisation. However, CRISIL believes the company will meet its
debt obligation on time backed by fund infusion by promoters.

The ratings reflect EOL's below-average financial risk profile
because of small networth, high gearing, and weak debt protection
metrics. The ratings also factor in large working capital
requirement, exposure to intense competition in the bulk drugs
industry, and susceptibility of profitability to volatility in raw
materials prices. These weaknesses are partially offset by
promoters' extensive industry experience and established
relationships with customers.

Outlook: Stable

CRISIL believes EOL will continue to benefit over the medium term
from its promoters' extensive industry experience. The outlook may
be revised to 'Positive' in case of substantial and sustained
increase in profitability, or significant improvement in liquidity
on account of sizeable equity infusion by promoters. Conversely,
the outlook may be revised to 'Negative' in case of steep decline
in profitability, or weakening of liquidity because of stretch in
working capital cycle.

EOL, set up in 1993 by Dr. Srihari Raju, manufactures bulk drug
intermediaries. It is based in Hyderabad.


FIELDKING POLYMERS: CRISIL Suspends 'B' Rating on INR35MM Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Fieldking Polymers (Fieldking).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            35       CRISIL B/Stable
   Letter of Credit       10       CRISIL A4
   Proposed Long Term
   Bank Loan Facility      5.6     CRISIL B/Stable
   Term Loan               9.4     CRISIL B/Stable

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

Established in 1999 as a partnership firm, Fieldking is managed by
co-founder Mr. Ranjit Popat, Mrs. Vashraben Popat and Mr. Hemal
Popat. The firm manufactures poly vinyl chloride (PVC) hose pipes,
garden pipes, and high-density polyethylene (HDPE) pipes. It is
based in Rajkot (Gujarat).


GAYATRI IRON: ICRA Reaffirms B+ Rating on INR22.75cr LT Loan
-------------------------------------------------------------
ICRA has reaffirmed its long term rating of [ICRA]B+ on the
INR22.75 crore long term fund based limits and INR5.25 crore term
loans of Gayatri Iron & Steels.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term Fund
   Based Limits          22.75        [ICRA]B+; (reaffirmed)

   Term Loan              5.25        [ICRA]B+; (reaffirmed)

The rating reaffirmation takes into account the ~11% year-on-year
growth in Operating Income (OI) registered by GIS in FY15. This
has been accompanied by operating profit margins remaining at
broadly the same levels as previous year, and net profit margins
which saw some erosion on account of increased interest and tax
expenses. While the firm's gearing registered a slight improvement
in FY15 relative to the previous year, the coverage indicators saw
some moderation on account of reduced net profitability. The
firm's working capital intensity remained at broadly the same
levels as last year, as the reduction in receivable levels was
offset by a reduction in creditor days.

ICRA's rating continues to take into account the firm's limited
pricing flexibility on the back of the highly fragmented and
competitive nature of the steel industry. The rating continues to
factor in the firm's relatively moderate scale of operations,
limited track record, moderate customer concentration risk and the
cyclicality inherent in the steel industry. Also, the liquidity
position of the firm has remained stretched as evidenced by full
utilisation of the working capital limits. The rating also factors
in the firm's moderate coverage indicators. ICRA also takes note
of the partnership constitution of the firm which exposes it to
risks of withdrawal, dissolution etc.

The rating however derives comfort from increased capacity
utilization for rolling products resulting in increased revenue in
FY15 and the extensive experience of the promoter group in the
industry. The rating also factors in the firm's strong
relationships with its customers resulting in repeat orders and
fiscal benefits available to the firm in the form of excise duty
exemptions.

Going forward, the ability of the firm to increase its scale of
operations and maintain its profitability amid competitive
pressures; and a sustained improvement in its capital structure
and coverage indicators, will remain the key rating sensitivities.

GIS is a partnership firm set up in 2010 by Mr. Sharad Goel and
Mr. Amit Singhal. GIS primarily manufactures mild steel (MS)
Ingots and rolled steel products like channels, bars, angles, etc.
The firm's manufacturing facility in Roorkee, Uttarakhand, has an
installed capacity of 48,000 tonnes per annum (TPA) for ingots and
36,000 TPA for rolled products.

Recent Results
GIS reported a net profit of INR0.52 crore on an operating income
of INR134.07 crore in FY15 as compared to a net profit of INR0.95
crore on an operating income of INR121.03 crore in the previous
year.


GOEL EXIM: ICRA Revises Rating on INR50cr LT Loan to 'D'
--------------------------------------------------------
ICRA has revised its long term rating on the INR50 crore bank
limits of Goel Exim India Private Limited from [ICRA]BB- (stable)
to [ICRA]D.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long Term Fund
   Based limits         50.00       [ICRA]D; revised

ICRA's rating downgrade factors in the delays in debt servicing
due to stretched liquidity. The slowdown in the demand for GEIPL
jewellery products resulted in blockage of funds. Going forward,
the ability of the firm to timely service its debt will be the key
rating sensitivities.

GEIPL is a manufacturer, wholesaler and trader of gold, diamonds
and silver ornaments/jewellery. GEIPL has presence largely in gold
jewellery, which contributes more than 90% of revenues. The
company was incorporated in the year 2004. The company procures
gold under the Metal Loan Scheme from Bank of Nova Scotia. The
customers of GEIPL are primarily wholesalers and retailers based
in New Delhi area. The company is part of the Delhi Based Group
engaged in the manufacturing, wholesale and retail sales of gold
and diamond.

GEIPL had acquired two partnership firms, namely, Shree Ganpati
Impex and Bhavya Gold with effect from 15 March 2010. The partners
of both the firms are shareholders of the company.


INNOVATIVE CLAD: CRISIL Suspends B+ Rating on INR1.6BB Term Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Innovative Clad Solutions Private Limited (ICSPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit           150       CRISIL B+/Stable
   Letter of Credit      100       CRISIL A4
   Rupee Term Loan      1600       CRISIL B+/Stable

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

ICSPL was incorporated in 2008 by Aperam (the spin-off of the
stainless and specialty steels business from ArcelorMittal), and
Shivalik Bimetal Controls Ltd. ICSPL manufactures clad metal
strips and coils at its facility at the Pithampura special
economic zone in Dhar (Madhya Pradesh).


IQBAL CONSTRUCTION: Ind-Ra Assigns 'IND BB+' LT Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Iqbal
Construction Company (ICC) a Long-Term Issuer Rating of 'IND BB+'
with Outlook Stable.

KEY RATING DRIVERS

The ratings are constrained by ICC's small scale of operations as
evident from the top line of INR421.10 mil. in FY15 (FY14:
INR517.43 mil.).  Also, the EBITDA margins were weak in FY15 at
6.76%.  ICC has high susceptibility to government regulations; any
adverse change in the policy may hamper the operations severely.

The ratings are supported by ICC's comfortable credit metrics in
FY15 with interest coverage (operating EBITDA/gross interest
expense) of 4.87x (FY14: 11.32x) and financial leverage (total
adjusted debt/operating EBITDAR) of 2.47x (1.63x).  The ratings
are further supported by AFI's comfortable liquidity as reflected
in its nearly 63% average utilization of the working capital
limits during the 12 months ended February 2015.  However, the net
working capital cycle remained comfortable in FY14 and FY15.

The ratings also draw comfort from the firm's established track
record of more than two decades in the civil construction
business.

                       RATING SENSITIVITIES

Negative: A significant decline in revenue and deterioration in
the working capital cycle leading to a weaker liquidity profile
will be negative for the ratings.

Positive: A significant improvement in the overall revenue while
maintaining the credit profile and working capital cycle will be
positive for the ratings.

COMPANY PROFILE

Incorporated in 1989, ICC is engaged in contract based civil
construction work for public sector entities such as Indian Oil
Corporation Limited (IND AAA), Public Works Department, National
Thermal Power Corporation (IND AAA) and various state government
bodies.

ICC's ratings:

   -- Long-Term Issuer Rating: assigned 'IND BB+'; Outlook Stable
   -- INR20 mil. fund-based working capital limits: assigned
      'IND BB+'/Stable/'IND A4+'
   -- INR55 mil. non-fund-based limit: assigned 'IND A4+'


JAI GIRIRAJ: ICRA Reaffirms B+ Rating on INR10cr Fund Based Loan
----------------------------------------------------------------
ICRA has reaffirmed the rating of [ICRA]B+ on the long term scale
to the INR8.67 crore term loan and INR10.00 crore fund based bank
facilities of Jai Giriraj Rice and Agro Mills Private Limited.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Fund Based Limits     10.00      [ICRA]B+; reaffirmed
   Term Loan              8.67      [ICRA]B+; reaffirmed

The rating reaffirmation factors in JGRAMPL's moderate financial
profile as reflected by moderate operating margins on account of
fall in realization of basmati rice, high working capital
intensity and high gearing level in FY2014-15. ICRA notes that
significant amount of short term borrowing and unsecured loans
availed for paddy procurement had an adverse impact on the capital
structure of the company. The rating also factors in the intensely
competitive nature of industry as characterized by a large number
of small players, low operating margins and vulnerability of
profitability to any adverse change in Government policies towards
agro based commodities like rice.

The rating, however favorably takes into account satisfactory
operational performance in FY 2015, locational advantage of the
mill in a major paddy growing region, resulting in easy
availability of paddy, favorable long term demand prospects of the
rice industry and long track record of promoters in the rice
trading business. The rating also derives comfort from being a
part of the Maheshwari group of companies which has an established
presence in Madhya Pradesh.

JGRAMPL is based out of Bankhedi, Madhya Prades and is engaged in
the milling and processing of rice with an installed capacity of 8
tons per hour. The commercial operation of the facility stated in
March, 2014. In January 2013, the constitution of the company was
changed to private limited, and its name was changed from
'Shrinath Agrotech' to 'Jai Giriraj Rice And Agro Mills Private
Limited'. JRAMPL is a part of the Maheshwari group of companies,
which was incorporated in 1977 and includes Shri Nath Traders and
Shri Ji Traders, which are engaged in trading of wheat and other
agricultural commodities, and four sugar mills viz. Shakti Sugar
Mill, Narmada Sugars, Ramdev Sugars and Shrijee Sugar & Power with
a combined crushing capacity of 8000 tcd.

Recent Results
In FY15 JGRMPL has reported a profit of INR0.84 crore on an
operating income (OI) of INR59.6 crores.


JAI SHREE: ICRA Suspends 'B' Rating on INR8cr Term Loan
-------------------------------------------------------
ICRA has suspended [ICRA]B rating assigned to the INR8.00 crore
term loan and working capital facilities of Jai Shree Shyam
Textiles. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.

Jai Shree Shyam Textiles is a partnership firm and is engaged in
manufacturing of mink blankets. The firm is promoted by first
generation entrepreneurs, who have prior experience of in yarn
manufacturing and trading. The manufacturing facility of the firm
is located in Panipat (Haryana). The firm has an installed
capacity to manufacture 8MT of blankets per day and commenced the
commercial production in June 2014.


KARAN DEVELOPMENT: CRISIL Suspends D Rating on INR1.01BB Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Karan
Development Services Private Limited (KDSPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee       1010.9     CRISIL D
   Cash Credit           110       CRISIL D

The suspension of ratings is on account of non-cooperation by
KDSPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, KDSPL is yet to
provide adequate information to enable CRISIL to assess KDSPL'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 Uttam Singh and Co in 1967 by Mr. Uttam Singh, father of
Mr. Karan Singh (the present promoter), the company got its
current name in 1980. Until 1998, KDSPL was involved in laying of
railway tracks in Madhya Pradesh. In 1999, KDSPL began executing
projects awarded by Narmada Valley Development Authority (NVDA)
and Water Resource Department (WRD) of Madhya Pradesh for
construction of canal systems. The company has successfully
executed around 15 canal work projects for NVDA and WRD since
1999.


KHARE & TARKUNDE: Ind-Ra Assigns 'IND BB+' LT Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Khare & Tarkunde
Infrastructure Private Limited (KTIPL) a Long-Term Issuer Rating
of 'IND BB+'.  The Outlook is Stable.

                         KEY RATING DRIVERS

The ratings reflect KTIPL's moderate credit profile and stretched
working capital cycle.  In FY15, its net leverage (total Ind-Ra-
adjusted net debt/operating EBITDAR) was 3.7x (FY14: 5.9x) and
EBITDA interest coverage was 1.30x (1.10x).  Its net working
capital cycle for FY15 was 275 days (FY14: 245 days), primarily on
unbilled inventory. Liquidity was tight, with 93.3% average
utilization of fund-based working capital facilities during the 12
months ended January 2016.  Moreover, the outstanding order book
was also moderate at INR2,015 mil. (1.15x of FY15 revenue).

The ratings are supported by its promoters' experience of over six
decades in the construction industry.

                        RATING SENSITIVITIES

Positive: A substantial improvement in its working capital cycle,
leading to an ease in its liquidity position, along with sustained
improvement in credit metrics, will be positive for the ratings.

Negative: A decline in profitability, leading to sustained
deterioration in its net leverage to above 5.0x, could be negative
for the ratings.

                          COMPANY PROFILE

KTIPL was set up as a partnership firm in 1962 by engineers
Mr. Khare and Mr. Tarkunde, and converted into a private limited
company in 1997.  The founders have experience in the construction
of roads, bridges, railways and irrigation facilities.  The
company primarily focuses on designing and constructing bridges
for governments or government enterprises.

KTIPL's ratings:

   -- Long-Term Issuer Rating: assigned 'IND BB+'; Outlook Stable
   -- INR181 mil. long-term loan: assigned 'IND BB+'; Outlook
      Stable
   -- INR425 mil. fund-based facilities: assigned 'IND BB+'/
      Stable/'IND A4+'
   -- INR1,003.10 mil. non-fund-based facilities: assigned
      'IND A4+'


LEAD VENTURES: CRISIL Suspends 'D' Rating on INR45MMM Cash Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Lead
Ventures (LV).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            45       CRISIL D
   Proposed Short Term
   Bank Loan Facility      1.5     CRISIL D
   Working Capital
   Term Loan              15.0     CRISIL D

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

LV is a partnership firm established in 2009 by Mr. Durez Azeez
Fazal and his sister, Ms. Sameera Khan. The firm has been the sole
distributor for 165 Nestle products for South Bengaluru since
October 2010.


M. P. INTERNATIONAL: ICRA Suspends B+ Rating on INR3cr LT Loan
--------------------------------------------------------------
ICRA has suspended the [ICRA]B+ rating to the INR3.00 crore long-
term fund based bank facility of M. P. International Private
Limited. ICRA has also suspended the [ICRA]A4 rating to the
INR5.00 crore short-term fund based bank facility of the company.
Ratings of [ICRA]B+ and/or [ICRA]A4 also remain suspended for the
INR2.00 crore unallocated bank facilities of the company. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

Established in 1986, MPIPL is a closely held company engaged in
the trading of ball bearings. The company imports as well as
locally procures the bearings and supplies them in the domestic
market. MPIPL has its registered office in Masjid, Mumbai.


MASCOM STEEL: CRISIL Suspends B Rating on INR80MM Cash Loan
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Mascom
Steel India Private Limited (Mascom).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            80       CRISIL B/Stable
   Letter of Credit       60       CRISIL A4
   Long Term Loan          7.2     CRISIL B/Stable

The suspension of ratings is on account of non-cooperation by
Mascom with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, Mascom is yet to
provide adequate information to enable CRISIL to assess Mascom'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 2003, Mascom manufactures TMT bars. The company's
daily operations are managed by Mr. Abdul Kareem.


NITESH ESTATES: ICRA Lowers Rating on INR25cr Loan to 'D'
---------------------------------------------------------
ICRA has downgraded the rating assigned to the INR7.50 crore and
INR25.00 crore overdraft facilities of Nitesh Estates Limited to
[ICRA] D from [ICRA]BB-.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Fund based-Term
    Loan                 7.50       Downgraded to [ICRA]D
                                    from [ICRA]BB-

   Fund based-
   Overdraft            25.00       Downgraded to [ICRA]D
                                    from [ICRA]BB-

The revision in rating takes into account delays in debt servicing
by the company in the recent past owing to slowdown in sales
volumes and collections of the company over FY16.

Nitesh Estates Limited (NEL) is a Bangalore based real estate
developer. It was incorporated in 2004 by Mr. Nitesh Shetty, who
is the managing director of the company. NEL's shares were listed
on the BSE and NSE through an IPO in May 2010. It is primarily
present in the residential real estate segment, though it has
interests in commercial, retail and hospitality segments also
through its various associates and subsidiaries. NEL and its group
companies till date have developed 13 residential and commercial
projects totaling 2.6 msf of built up area apart from a 277 room
5-star deluxe hotel off Residency Road, Bangalore, owned by its
associate company, NRHPL. NEL is currently developing 19
residential projects (mix of apartment and villa projects), one
plotted development and one mall.

Recent Results
On a consolidated basis, NEL recorded a net loss of INR33.6 crore
on an operating income (OI) of INR214.8 crore in the 9 months
ended December 2015 as compared to a net loss of INR6.9 crore on
an OI of INR188.8 crore in the 9 months ended December 2014 and a
net profit of INR2.4 crore on an operating income of INR287.6
crore in FY15.


PATEL COPPER: CRISIL Suspends B Rating on INR45MM Cash Loan
-----------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Patel
Copper Private Limited (PCPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            45       CRISIL B/Stable

   Proposed Long Term
   Bank Loan Facility     26.2     CRISIL B/Stable

   Term Loan              28.8     CRISIL B/Stable

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

Established in 2012, PCPL manufactures copper sheets and copper
coils at its copper rolling mill in Rajkot (Gujarat). The company
has an installed capacity of 1000 tonnes per annum (tpa), with a
capacity of 300 tpa for copper sheets and 700 tpa for copper
coils. It is managed by Mr. Pravinbhai Saparia.


PATEL WOOD: ICRA Assigns B+ Rating to INR1cr Cash Loan
------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B+ to the INR1.00
crore* cash credit facility, which is a sublimit of short term
fund based facility of Patel wood Syndicate.  ICRA has also
assigned a short term rating of [ICRA]A4 to the INR9.00 crore
short term fund based facilities and to the INR9.00 crore non fund
based sublimit of short term fund based facilities.

                          Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Fund based Limits
   Term Loans              5.04         [ICRA]A4 assigned

   Fund based Limits
   EPC (180 days)          9.00         [ICRA]A4 assigned

   Fund based Limits
   FBP/FBN/FBD/DP/DA     180.00         [ICRA]A4 assigned

   Fund based Limits
   Import Trust Receipt
   (180 days)              9.00         [ICRA]A4 assigned

   Fund based Limits
   Cash Credit             1.00         [ICRA]B+ assigned

   Fund based Limits
   Buyers Credit/Import
   LC                      9.00         [ICRA]A4 assigned


The combined utilization of fund based and non fund based limits
should not exceed INR9.00 crore.

The assigned ratings are constrained by Patel Wood Syndicate's
(PWS) modest scale of operation which limits economies of scale,
the vulnerability of PWS's earnings to fluctuations in the timber
price and exchange rates and the intense competitive pressures
owing to low entry barriers that restrict pricing flexibility to a
large extent. Furthermore, timber availability is exposed to
regulatory and political risks pertaining in the supplying
nation's market, accentuating the overall risk in the business.
The ratings are also constrained by the stretched financial
profile of the firm which is characterized by high working capital
intensity driven by high inventory levels, weak capital structure
coupled with muted debt protection metrics. ICRA also notes that
PWS is a partnership firm and any significant withdrawals from the
capital account would further affect its capital structure.
The ratings, however, favorably factor in the long experience of
the partners in the timber business and firm's the long standing
association with its regional customers that aid in generating
repeat business and sustaining the overall business continuity.
About the Firm
Established in 1986, Patel Wood Syndicate (PWS) is a partnership
concern engaged in the business of sawing and trading of timber.
In 2006, the firm diversified its business into renewable power
generation with setup of Windmills in Solapur, Maharashtra.
Further in 2013, the firm added its power generation capacity with
installation of solar panels in Solapur, Maharashtra.
The firm is actively managed by five partners viz. Mr. Bhavan
Patel, Mr.Kanitlal Patel, Mr. Maganlal Patel, Mr. Dahyabhai Patel
and Mr. Gangadas Patel. All the partners are well qualified and
have long standing experience in Timber trading business. The firm
has its registered office located in Andheri, Mumbai and a timber
yard and saw mill located in an area of 30000 sq.ft in Bhiwandi.
Recent Results:
PWS has reported a profit before tax of INR0.68 crore on an
operating income of INR25.90 crore for the year ending 31st March
2015.


PEARL POLYMERS: Ind-Ra Affirms 'IND BB+' LT Issuer Rating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Pearl Polymers
Limited's (PPL) Long-Term Issuer Rating at 'IND BB+'.  The Outlook
is Stable.

                        KEY RATING DRIVERS

The ratings are affected by PPL's continued weak credit metrics,
with interest coverage (operating EBITDA/gross interest expense)
of 1.48x in FY15 (FY14: 2.2x) and net leverage of 4.2x (2.96x).
The deterioration in credit metrics in FY15 was mainly on account
of a fall in its absolute EBITDA.  Its overall revenue fell to
INR1,985.82 mil. in FY15 (FY14: INR2,251.34 mil.) and its EBITDA
margin declined to 3.94% (6.36%) on account of a continuous fall
in the prices of crude oil-linked feedstock prices and finished
products.

The ratings also reflect PPL's ability to minimize the extent of
the fall in its revenue and profitability in FY15, despite
unfavorable movement in the prices of finished goods and
feedstock.  The ratings factor in the improvement in its EBITDA
margin to 5.9% in 9MFY16 (9MFY15: 3.8%).  PPL has partially repaid
its working capital loans by taking a long-term loan during FY16;
the limit was reduced to INR188 mil. during FY16, from INR240 mil.
in FY15.  Ind-Ra believes if PPL sustains profitability over the
medium term, it could improve its credit profile, on account of
reduced working capital loans.  Additionally, its free cash flow
was positive in FY14 and FY15.

The ratings are also supported by PPL's presence across various
regions in India through multiple plants, in order to meet demand
without delays and without incurring major freight expenses.  Its
well-established brand, Pearlpet, and low customer concentration,
also support the ratings.

                        RATING SENSITIVITIES

Negative: A significant decline in operating EBITDA margins,
leading to deterioration in net financial leverage to above 4.5x
on a sustained basis, could lead to a negative rating action.

Positive: A sustained and significant improvement in the net
financial leverage to below 3.5x could lead to a positive rating
action.

                          COMPANY PROFILE

PPL was established in 1971 and has been manufacturing PET bottles
and jars since 1986 under its well-established brand Pearlpet.
The company supplies to various major fast-moving consumer goods,
pharmaceutical and other companies such as GlaxoSmithKline
Pharmaceuticals Ltd, Johnson & Johnson Pvt Ltd and Reckitt
Benckiser India Limited.  It has 80 machines across four
locations: Mahad (Maharashtra), Baddi (Himachal Pradesh), Jigani
(Karnataka) and Pant Nagar (Uttrakhand).

PPL's ratings:

   -- Long-Term Issuer Rating: affirmed at 'IND BB+'; Outlook
      Stable
   -- INR188 mil. fund-based working capital limits (reduced from
      INR240 mil.): affirmed at 'IND BB+'/Stable/'IND A4+'
   -- INR97 mil. non-fund-based working capital limits (reduced
      from INR105 mil.): affirmed at 'IND BB+'/Stable/'IND A4+'


POLO HOTELS: CRISIL Lowers Rating on INR300MM Term Loan to 'D'
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
Polo Hotels Limited (PHL) to 'CRISIL D' from 'CRISIL B+/Stable'.

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

The downgrade reflects delay by PHL in servicing its debt owing to
significant delays in completion of the ongoing hotel project.

PHL's small scale of operations as well as the delayed progress of
the new hotel's construction has led to huge cost overrun, which
has been funded through additional debt, constraining its
liquidity.

PHL was established in 1984 as Polo Estates Hotels and Investments
Pvt Ltd by Mr. Vikas Garg. It was reconstituted as a public
limited company and was renamed PHL in 1989. It was listed on the
Bombay Stock Exchange in 1992. The business, however, was taken
over by its present promoter, Mr. A R Dahiya, in 1998. PHL
presently owns and operates a three-star hotel named Hotel North
Park in Sector 32, Panchkula (Haryana). It was previously leased
out to Hot Million Food Products Pvt Ltd, a chain of fast food
restaurants, from 2001 to February 28, 2015. The company is
developing a new hotel in Panchkula.


PRECISION INFORMATIC: Ind-Ra Suspends 'IND B+' LT Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Precision
Infomatic (M) Private Limited's 'IND B+' Long-Term Issuer Rating
to the suspended category.  The Outlook was Stable.  This rating
will now appear as 'IND B+(suspended)' on the agency's website.

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

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

Precision's ratings are:

   -- Long-Term Issuer Rating: migrated to 'IND B+(suspended)'
      from 'IND B+'/Stable
   -- INR190 mil. fund-based working capital limits: migrated to
      'IND B+(suspended)' and 'IND A4(suspended)' from 'IND B+'
      and 'IND A4'
   -- INR60 mil. non-fund-based limits: migrated to
      'IND B+(suspended)' and 'IND A4(suspended)' from 'IND B+'
      and 'IND A4'


PRINTWELL INT'L: CRISIL Reaffirms B Rating on INR56.1MM Loan
------------------------------------------------------------
CRISIL's ratings on the bank facilities of Printwell International
Private Limited (PIPL) continue to reflect PIPL's below-average
financial risk profile because of its small net worth and high
gearing.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee          6       CRISIL A4 (Reaffirmed)

   Cash Credit            20       CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      4.5     CRISIL B/Stable (Reaffirmed)

   Term Loan              56.1     CRISIL B/Stable (Reaffirmed)

The ratings also factor in its small scale of operations in the
fragmented and competitive offset printing industry. These rating
weaknesses are partially offset by the extensive industry
experience of PIPL's promoters and established customer
relationships.

Outlook: Stable

CRISIL believes that PIPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of improvement in the
financial risk profile, particularly liquidity, because of sizable
cash accrual driven by efficient working capital management.
Conversely, the outlook may be revised to 'Negative' if PIPL's
financial risk profile, particularly liquidity, declines, because
of low cash accrual, sizeable working capital requirements, or any
unanticipated debt-funded capital expenditure.

Incorporated in 2007, PIPL is promoted by Mr. Pradeep Shinde, Mr.
Dilip Shinde, Mr. Suhas Kulkarni and Mrs. Sunita Kulkarni, who
have over three decades of experience in the printing business. It
prints textbooks and other commercial materials at its facility in
the in Aurangabad, Maharashtra.


RAINBOW PAPERS: CRISIL Lowers Rating on INR4.63BB Loan to D
-----------------------------------------------------------
CRIISL has downgraded its ratings on the bank facilities of
Rainbow Papers Ltd (RPL; a part of the RPL group) to 'CRISIL
D/CRISIL D' from 'CRISIL B+/Stable/CRISIL A4'.The ratings on the
bank loan facilities of INR 2500 million continue to be on 'Notice
of Withdrawal'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         71       CRISIL D (Downgraded from
                                   'CRISIL A4'; and continues
                                   on 'Notice of Withdrawal')

   Cash Credit          1300       CRISIL D (Downgraded from
                                   'CRISIL B+/Stable'; and
                                   continues on 'Notice of
                                   Withdrawal')

   Letter of Credit     1129       CRISIL D (Downgraded from
                                   'CRISIL A4'; and continues
                                   on 'Notice of Withdrawal')

   Proposed Long Term   2276       CRISIL D (Downgraded from
   Bank Loan Facility              'CRISIL B+/Stable')

   Proposed Term Loan   1000       CRISIL D (Downgraded from
                                   'CRISIL B+/Stable')

   Term Loan            4634       CRISIL D (Downgraded from
                                   'CRISIL B+/Stable')

The rating action is based solely on information available in the
public domain as RPL has not cooperated with CRISIL in its
surveillance process.  The downgrade reflects delay by the company
in servicing its debt obligations. The delays have been caused by
the company's weakened liquidity.

Earlier on October 23, 2015 CRISIL had placed the ratings on the
bank loan facilities of INR2500 million on notice of withdrawal
for 180 days at the company's request. The ratings will be
withdrawn at the end of the notice period, in line with CRISIL's
policy on withdrawal of its bank loan ratings.

The ratings reflect the RPL group's weak liquidity and exposure to
intense competition from cheap imports. These weaknesses are
partially offset by the group's established market position and
the promoters' extensive experience in the paper industry.

For arriving at the ratings, CRISIL has combined the financial and
business risk profiles of RPL and its wholly owned subsidiary,
Dubai-based Rainbow Papers JLT (RPJ). This is because the
companies, together referred to as RPL group, have financial and
business linkages - RPJ undertakes the trading activity for RPL.

RPL was established as a private limited company in 1986 by Mr.
Radheshyam Goenka; this company was reconstituted as a public
limited company in 1991. RPL manufactures newsprint, writing and
printing paper, duplex boards, poster paper, and other paper
products such as crepe paper and coated paper. It has completed
the installation of a folding duplex board plant, resulting in
enhancement in production capacity to 466,700 tonnes per annum
from 2013-14 in 2014-15.

RPJ trades in paper and waste paper.

The group is managed by the second generation of the Goenka
family, headed by Mr. Ajay Goenka.

The RPL group reported profit after tax (PAT) of INR549.6 million
on net sales of INR11.33 billion for 2014-15 (refers to financial
year, April 1 to March 31) vis-a-vis PAT of INR621.0 million on
net sales of INR11.25 billion for 2013-14. For the nine months
ended December 31, 2015, the group reported net loss of INR 1695
million on the net sales of INR 3747.2 million, against PAT of
INR400 million on net sales of INR8956.9 million for the
corresponding period of the previous year.


RAJARAMSEVAK MULTIPURPOSE: Ind-Ra Puts 'IND B+' LT Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Rajaramsevak
Multipurpose Cold Storage Private Limited (RMCSPL) a Long-Term
Issuer Rating of 'IND B+'.  The Outlook is Stable.

                        KEY RATING DRIVERS

The ratings reflect RMCSPL's small scale of operations and
moderate credit profile.  In FY15, revenue was INR88 mil. (FY14:
negative INR4 mil.), interest coverage (operating EBITDA/gross
interest expense) was 2.0x (negative 2.9x), net financial leverage
(Ind-Ra adjusted net debt/operating EBITDAR) was 3.9x (negative
17.8x).

The ratings are constrained by the regulated nature of cold
storage industry, high competition arising from the presence of
several cold storage facilities in the adjoining areas, and
RMCSPL's exposure to agro-climatic risks, with its business
performance being entirely dependent upon a single commodity, i.e.
potato.

The above constraints outweigh the comfort derived from the two
decades of experience of the company's promoters, and the
advantages arising out of its proximity to a potato-growing area.

                        RATING SENSITIVITIES

Positive: The ability of the company to enhance its scale of
operations along with an improvement in the net profitability
margins and capital structure would be the key rating
sensitivities.

Negative: Deterioration in the operating profit margins leading to
deterioration in the credit profile could be negative for the
ratings.

                         COMPANY PROFILE

RMCSPL was incorporated in February 2012 by Rajaram Chakraborty
and his family members based in Kolkata, West Bengal.  The company
has a cold storage facility in Medinipur, West Bengal and provides
it on rental basis to potato farmers and traders.

RMCSPL's ratings:

   -- Long-Term Issuer Rating: assigned 'IND B+'; Outlook Stable
   -- INR87.5 mil. fund-based working capital limits: assigned
      'IND B+'; Outlook Stable
   -- INR50.5 mil. term loan limit: assigned 'IND B+'; Outlook
      Stable
   -- INR2 mil. non-fund-based working capital limit: assigned
      'IND A4'


RAJVIR & CO: ICRA Suspends B+ Rating on INR1cr LT Loan
-----------------------------------------------------
ICRA has suspended the long term rating of [ICRA] B+ assigned to
the INR1.00 crore long term fund based and INR7.00 crore non fund
based facilities of Rajvir & Co. The suspension follows ICRA's
inability to carry out rating surveillance in the absence of
requisite information from the company.


RANJAN FABRICS: ICRA Reaffirms B+ Rating on INR8.25cr Loan
----------------------------------------------------------
ICRA has reaffirmed its long term rating of [ICRA]B+ on INR8.25
crore fund-based bank facilities of Ranjan Fabrics Private
Limited.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund based bank
   facilities            8.25        [ICRA]B+ reaffirmed

ICRA's rating continues to factors in the intensely competitive
nature of weaving industry with low entry barriers, which restrict
the margin expansion. Ranjan Fabrics Private Limited's (RFPL)
operating income moderated in FY15 owing to subdued average
realizations and an increase in the working capital intensity,
which exerted pressure on the financial profile. Further, the
company is planning to undertake debt-funded capital expenditure
for capacity expansion, which is likely to deteriorate the capital
structure.

However, ICRA's rating continues to derive comfort from the long
track record of the promoters in the textile industry as well as
the favourable location of RFPL's weaving facilities, which
provides easy accessibility to raw materials and processing
houses.

The ability of the company to successfully undertake the capex
within estimated cost and time and achieving optimum capacity
utilization in the additional capacity will be key rating
sensitivities.

Based in Bhilwara, Rajasthan, RFPL manufactures processed finished
fabric for sale under its own brand as well as for private labels.
Mr. P. M Beswal who has been in this line of business for more
than three decades promotes the company.

Recent Results
RFPL reported a net profit of INR0.48 crore on an operating income
of INR40.05 crore in FY15 against a net profit of INR0.69 crore on
an operating income of INR41.85 crore in FY14.


SHREE RAJ: ICRA Lowers Rating on INR30cr LT Loan to 'D'
-------------------------------------------------------
ICRA has revised its long term rating on the INR30 crore bank
limits of Shree Raj Mahal Diamond Private Limited from [ICRA]BB-
(stable) to [ICRA]D. ICRA has also revised its short term rating
on the INR20 crore (sublimit of long term fund based limits) bank
limits of SRMD from [ICRA]A4 to [ICRA]D.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term Fund
   Based limits          30.00        [ICRA]D; revised

   Short Term Non
   Fund Based limits     20.00        [ICRA]D; revised

ICRA's ratings downgrade factors in the delays in debt servicing
due to stretched liquidity. The slowdown in the demand for SRMD
jewellery products resulted in blockage of funds. Going forward,
the ability of the company to timely service its debt will be the
key rating sensitivities.

SRMD was incorporated in 2010 and is a part of the Delhi based
Shree Raj Mahal Group, which is engaged in the manufacturing,
wholesale and retail sales of gold and diamond. SRMDPL is a
closely held company promoted by Mr. Pradeep Kumar Goel and Mr.
Ashok Kumar Goel. The group has presence largely in gold
jewellery, which contributes to more than 90% of its revenues and
its customers are primarily wholesalers and retailers based in New
Delhi.


SHRI JI: ICRA Reaffirms 'B+' Rating on INR7cr Fund Based Loan
-------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ for the
INR7.00 crore cash credit limits of Shri Ji Traders.

                            Amount
   Facilities            (INR crore)     Ratings
   ----------            -----------     -------
   Fund Based Facilities     7.00       [ICRA]B+; reaffirmed

The rating continues to be constrained by modest scale of
operations of the company coupled with highly competitive nature
of business the firm operates in, characterized by low margins and
vulnerability of profit margins to fluctuations in traded
agricultural commodity prices. However, the rating also factors in
firm's moderate financial profile characterized by moderate
profitability and improvement in gearing in FY15. The rating
action also draws comfort from SJT's experienced promoters with
long track record in agro commodities trading market and strong
relationship with key customers. Further, the rating continues to
take into consideration strengths derived from being a part of the
Maheshwari group of companies which has an established presence in
Madhya Pradesh.

Going forward, the ability of company to increase its scale of
operations by maintaining adequate profitability and a comfortable
prudent capital structure will remain key rating sensitivities.

Incorporated in 2003, Shri Ji Traders is engaged in trading of
agricultural commodities including wheat, soyabean, dhan, gram and
pulses like mung, masur, tuar etc. The firm is based out of
Pipariya, Madhya Pradesh and is a part of the Maheshwari group of
companies. The group was incorporated in 1977 and comprises Shri
Nath Traders and Shri Ji Traders, which are engaged in trading of
wheat and other agricultural commodities, and four sugar mills
viz. Shakti Sugar Mill, Narmada Sugars, Ramdev Sugars and Shrijee
Sugar & Power.

Recent Results
SJT reported a profit after tax of INR0.72 crore on an operating
income of INR73.21 crore in FY 2015 as against a profit after tax
of INR1.63 crore as against an operating income of INR139.74 Crore


SHRI NATH: ICRA Reaffirms B+ Rating on INR7cr Fund Based Loan
-------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ for the
INR7.00 crore cash credit limits of Shri Nath Traders.

                          Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Fund Based Facilities     7.00      [ICRA]B+; reaffirmed

The rating continues to be constrained by modest scale of
operations of the company coupled with highly competitive nature
of business the firm operates in, characterized by low margins and
vulnerability of profit margins to fluctuations in traded
agricultural commodity prices. However, the rating also factors in
firm's moderate financial profile characterized by moderate
profitability and improvement in gearing in FY15. The rating
action also draws comfort from SNT's experienced promoters with
long track record in agro commodities trading market and strong
relationship with key customers. Further, the rating continues to
take into consideration strengths derived from being a part of the
Maheshwari group of companies which has an established presence in
Madhya Pradesh.

Going forward, the ability of company to increase its scale of
operations by maintaining adequate profitability and a comfortable
prudent capital structure will remain key rating sensitivities.

Incorporated in 2003, Shri Nath Traders is engaged in trading of
agricultural commodities including wheat, soyabean, dhan, gram and
pulses like mung, masur, tuar etc. The firm is based out of
Bankhedi, Madhya Pradesh and is a part of the Maheshwari group of
companies. The group was incorporated in 1977 and comprises Shri
Nath Traders and Shri Ji Traders, which are engaged in trading of
wheat and other agricultural commodities, and four sugar mills
viz. Shakti Sugar Mill, Narmada Sugars, Ramdev Sugars and Shrijee
Sugar & Power.

Recent Results
SNT reported a profit after tax of INR0.63 crore on an operating
income of INR64.17 crore in FY 2015 as against a profit after tax
of INR1.19 crore as against an operating income of INR111.77
Crore.


SHRIRAM TRANSPORT: Fitch Publishes 'BB+' IDR; Outlook Stable
------------------------------------------------------------
Fitch Ratings has published India-based non-bank finance company
Shriram Transport Finance Company Limited's (STFC) Long-Term
Foreign- and Local- Currency Issuer Default Ratings of 'BB+'.  The
Outlook is Stable.  Fitch has also published STFC's Short-Term IDR
of 'B'.

The ratings are based on STFC's standalone creditworthiness, and
reflect the company's unique market position and franchise
strength in used commercial vehicle (CV) financing.  The rating
takes into account the strength of the company's management and
its execution track record over a long period, which leaves the
company well-positioned to adjust to a tighter regulatory
environment in the future.

STFC targets a relatively higher-risk customer segment, which is
reflected in the company's risk-appetite and asset-quality
indicators.  STFC's credit and operational risk appear well
controlled, with net interest margins (NIM) that adequately
compensate for expected through-the-cycle losses.  Fitch expects
credit losses to remain below historical levels despite a rise in
non-performing loans (NPL) ratio and provisioning expenses due to
a regulatory change to a tighter NPL recognition cycle.

The rating also reflects a relatively well-managed funding and
liquidity position as well as above-average capitalization.  The
Stable Outlook highlights Fitch's view that the rating is well-
balanced at its current level.

                        KEY RATING DRIVERS

STFC's rating reflects its established business model in used-CV
financing, with a loan market share of around 25% and a track
record of more than three decades.  STFC is the largest pan-India
player in this market, which is mostly made up of unorganised
regional players.  Banks and other financial intermediaries do not
yet pose significant competition as success in this market
requires close customer relationships, sound valuation
capabilities and a strong understanding of the transport market,
which are all not easy to replicate.  STFC primarily caters to
individual customers or small CV operators, most of which do not
use banks or other formal financial institutions and thus, make
payments in cash.  STFC's ability to closely track its customers'
movements across India enhances its collection capabilities and
helps mitigate the inherent operational risks.

Credit losses have been historically low at below 2% of average
loans, and Fitch expects it to remain at these levels in the
future.  This is despite Fitch's expectation that NPLs will rise
further from 4.3% at end-2015 (3.8% reported in March 2015) due to
tighter NPL recognition standards.  Loans that are 90 days past
due (dpd) will be classified as NPLs from April 2018, compared
with 180 dpd currently.  Fitch expects STFC's proven ability in
valuation of used CVs to support stronger recovery prospects and
limit eventual credit losses.

STFC's profitability, with ROA of 2.2% for the nine months ended
December 2015, is adequate, although it may decline as the ratio
of credit costs to pre-provisioning profitability (PPOP) of 41%
may rise with a rising NPL ratio.  However, its loan-loss reserves
of 80.2% at end-December 2015, which is above that of its peers,
may be drawn on to manage further rises in credit costs.

STFC's NIM (7.1% for nine months ended December 2015) would
benefit from exposure to fixed-rate high-yielding loans and
steadily lower funding costs due to reducing domestic interest
rates.  Therefore, STFC's PPOP should provide a reasonable cushion
against a moderate rise in credit costs.  STFC's ratio of PPOP to
average assets was 5.8% at end-March 2015.

STFC's core capitalization is satisfactory, with Core Tier 1
capital ratio of around 15%-16%, given its riskier customer
profile and higher operational risk.  Growth in on- and off-
balance sheet loan books (known as assets under management) is
likely to remain robust.  However, Fitch expects a higher level of
securitization to contain growth in risk-weighted assets and limit
capital requirements at a time when profitability could be under
pressure.

STFC's wholesale funding profile is supported by its franchise and
is diversified within India across sources and tenor.  The recent
reduction in on-balance sheet liquidity, a result of more stable
funding conditions, has been adequately managed during more
challenging conditions in the past.  Liquidity management is also
supported by a policy that is regularly reviewed by its board and
off-balance sheet funding sources, such as access to unutilized
bank credit lines and securitization.

                       RATING SENSITIVITIES

STFC's ability to maintain its credit profile in light of the
impending changes to the NPL recognition norms is a key rating
consideration going forward.  Higher-than-expected credit loss
ratios as a result of the transition, could negatively impact
earnings and capitalization, which could in turn put pressure on
the rating.  A sustained improvement in capitalization would be
positive for the ratings, though Fitch does not expect this in the
near term.

The rating actions are:

Shriram Transport Finance Company Limited

  Long-Term Foreign-Currency Issuer Default Rating published at
   'BB+'; Outlook Stable
  Long-Term Local-Currency Issuer Default Rating published at
   'BB+'; Outlook Stable
  Short-Term Issuer Default Rating published at 'B'


SM APPARELS: CRISIL Suspends D Rating on INR458.4MM Term Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
SM Apparels Private Limited (SMA).

                            Amount
   Facilities             (INR Mln)    Ratings
   ----------             ---------    -------
   Cash Term Loan           458.4      CRISIL D
   Export Packing Credit     35        CRISIL D
   Inland/Import Letter
   of Credit                  6.6      CRISIL D

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

SMA, incorporated in 1983 and based in Chennai (Tamil Nadu),
manufactures and exports ready-made garments. The company's day-
to-day operations are managed by Mr. Vijay Pai.


SPEED LOGISTICS: CRISIL Suspends 'B' Rating on INR23MM LT Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Speed
Logistics (Speed).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee        40        CRISIL A4
   Cash Credit           20        CRISIL B/Stable
   Long Term Loan        23        CRISIL B/Stable

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

Setup in 2009 by Mr. Anurag Jain, Speed Logistics is a third party
logistics provider, engaged in providing services such as
transportation, warehouse management, custom clearance and freight
forwarding to its clients.


SURESH KUMAR: Ind-Ra Raises Rating to 'IND B+'; Outlook Stable
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded M/s Suresh Kumar
and Brothers' (SKB) Long-Term Issuer Rating to 'IND B+' from
'IND B'.  The Outlook is Stable.

KEY RATING DRIVERS

The upgrade reflects SKB's significant revenue growth of 47.15%
yoy in FY15 to INR653.79 mil. and improvement in operating EBITDA
margins to 2.12% in FY15 (FY14: 1.49%).  This was due to the
company's increased capacity utilization of around 50% in FY15
(FY14: 40%) and the commencement of commercial operations at its
new sortex plant in April 2014.

The ratings however are constrained by the deterioration in SKB's
credit profile in FY15 due to an increase in its total debt to
INR160 mil. from INR80 mil. in FY14.  Gross interest coverage
(operating EBITDA/gross interest expense) was 1.26x in FY15 (FY14:
1.24x) and financial leverage (total adjusted debt/ operating
EBITDAR) was 11.50x (11.33x).

The ratings are further constrained by the deterioration in SKB's
working capital cycle in FY15 to 90 days (FY14: 59 days) along
with its presence in a highly fragmented and competitive industry
with low entry barriers.  Moreover, the liquidity of SKB remains
stressed as reflected in its full utilization of the working
capital limits (98.35%) during the 12 months ended January 2016
due to high working capital requirements.

However, the ratings are supported by SKB's promoters' two decades
of experience in the rice processing industry and the company's
strong relationships with its supplier and customers.

                        RATING SENSITIVITIES

Negative:  A fall in the EBITDA margins leading to deterioration
in the credit metrics would be negative for the ratings.

Positive: An increase in the EBITDA margins leading to an
improvement in the credit metrics would be positive for the
ratings.

COMPANY PROFILE

Established on Feb. 10, 2006, SKB is engaged in the business of
rice milling and packaging of Basmati rice.  The total installed
capacity of the plant is 4MT/year.

SKB's ratings:

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

   -- INR130 mil. fund-based limits (increased from INR80 mil.):
      upgraded to Long-term 'IND B+'/Stable from 'IND B' and
      affirmed at Short-term 'IND A4'

   -- INR13.4 mil. term loan limits (reduced from INR15 mil.):
      upgraded to Long-term 'IND B+'/Stable from 'IND B'

   -- Proposed INR56.6 mil. fund-based limits: assigned Long-term
      'Provisional IND B+'/Stable and Short-term 'Provisional
      IND A4'


TEESTAVALLEY POWER: ICRA Cuts Rating on INR666.7cr Loan to D
------------------------------------------------------------
ICRA has revised the long term rating assigned to the INR666.7
crore long term loans of Teestavalley Power Transmission Limited
from [ICRA]B+ to [ICRA]D.

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Term Loans          666.7      [ICRA]D Revised from [ICRA]B+

The rating revision takes into account delays in servicing of debt
by Teestavalley Power Transmission Limited, which is developing a
transmission line project for evacuation of power generated by the
1200 MW Teesta III hydro electric project (HEP) project being
developed in Sikkim by Teesta Urja Limited (TUL). This followed
delays in securing equity and debt funding for meeting cashflow
requirements, including debt servicing costs. The project has
faced cost and time overrun. Time overruns have followed delay in
obtaining forest clearance, right of way issues, Gorkhaland
movements impacting the project execution, earthquake in September
2011 and non performance of contract by the transmission line
contractor (Abir Infrastructure Pvt Ltd), which was subsequently
cancelled by TPTL and re-awarded to Tata Projects. On the other
hand, cost overruns have arisen owing to increase in hard costs
due to increase in length of line as the substation has been
shifted to Karandighi (land acquisition constraint in Kishanganj)
and price variation in contracts as well as significant increase
in the interest during construction (IDC) element of the project
cost because of hardening in the interest rates and also on
account of time overrun. Thus ICRA now expects the project to be
completed in the last quarter of FY 2017 as against its last
estimate of completion of project by first half of FY 2016 while
the final project cost is expected to be around INR1400 crores as
against an initial approved cost of INR770.80 crores. Moreover,
with the project funding tied up in a debt: equity of 75:25, the
financial risk profile is also high. The increase in project cost
will have to be approved by CERC for recovery of costs through
transmission tariffs for regulated sales. Further, delays being
witnessed in implementation of Teesta III HEP are a source of
concern given that transmission charges for the energy generated
by TUL will be the major revenue earner for TPTL.

ICRA has however taken note of favourable developments such as
acquisition of a majority stake by Government of Sikkim in TUL
(which holds a 74% stake in TPTL). This apart ICRA takes note of
strengths arising out of an experienced management, support
extended by PGCIL as a 26% JV partner as well as the design and
engineering consultant for the project (which mitigates most of
the O&M and technology related risks), and limited demand risks
(TPTL already having signed a Transmission Service Agreement TUL
for 100% payment of annual transmission charges). Improvement in
debt servicing will remain the key rating driver apart from
completion of both Teesta III HEP and transmission line project by
TPTL without any further time and cost overrun.

Teestavalley Power Transmission Limited (TPTL) is a 74: 26 JV
between Teesta Urja Limited (TUL) and Powergrid Corporation of
India Limited (PGCIL) incorporated for the purpose of
implementation of the transmission link from the 1200 MW Teesta
III HEP to the substation of PGCIL at Village Barhmasia, Kishan
Ganj district in Bihar. TPTL has been incorporated to set up the
transmission link project on a Build, own and operate (BOO) basis
for the purpose of selling all the projects available capacity
exclusively to Teesta Urja Limited and has entered into an
Implementation agreement and a Transmission Service Agreement
(TSA) with TUL as on 6th August, 2008. TUL in return will pay TPTL
full transmission service charges as determined in accordance with
the terms of TSA. Total length of the transmission line is 216 km.


TEJRAJ PROMOTERS: CRISIL Suspends B+ Rating on INR100MM Term Loan
-----------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Tejraj Promoters and Builders Private Limited (TPBPL).

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Proposed Term Loan     100       CRISIL B+/Stable
   Term Loan               80       CRISIL B+/Stable

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

TPBPL was incorporated in 2011 in Pune (Maharashtra), promoted by
Mr. Tejraj Patil; it commenced commercial operations in August
2012 with a residential redevelopment project in Pune in
association with the occupants of the property. The project is
being marketed under the name HariTej; it is expected to be
completed in September 2015. The company, part of the Pune-based
Tejraj group, has now taken up two new projects, Tejbliss and
Tejaswa.


TIRUPATI COTTON: ICRA Reaffirms B+ Rating on INR24cr Cash Loan
--------------------------------------------------------------
ICRA has reaffirmed the [ICRA]B+ rating for the INR24.00 crore1
fund-based cash credit facility of Tirupati Cotton. ICRA has also
reaffirmed the short term rating of [ICRA]A4 to INR1.25 crore
short term non fund based limit of TC.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund based Cash
   Credit Limit         24.00        [ICRA]B+; Reaffirmed

   Non Fund Based
   Forward Contract
   Limit                 1.25         [ICRA]A4; Reaffirmed

The ratings continue to be constrained by Tirupati Cotton's (TC)
weak financial position as is evident in the thin profitability,
stretched capital structure and weak debt protection indicators.
The rating is further constrained by highly competitive and
fragmented industry structure due to low entry barriers. The
rating further incorporates the susceptibility of the cotton
prices to seasonality and regulatory risks which together with the
highly competitive industry environment exerts pressure on the
margins. ICRA also notes that Tirupati Cotton is a partnership
firm and any significant withdrawals from the capital account will
affect its net worth and thereby the gearing levels.

The ratings, however, continue to factor in the long standing
experience of the promoters in the cotton industry as well as
established track record of the firm and strategic location,
giving it easy access to high quality raw cotton.

Tirupati Cotton was incorporated as partnership firm in 2007 and
is engaged in ginning & pressing of raw cotton to produce cotton
seeds and pressed cotton bales. The ginning unit of the firm is
located at Shapar, Rajkot and is equipped with 30 ginning machines
and 1 pressing machine with total installed capacity of 300 bales
per day. The firm mainly deals in S-6 type of cotton.  The
manufacturing unit of the firm is set up at Shapar (Rajkot),
Gujarat to produce cotton bales and cottonseeds. The plant of the
firm normally operates for 7 months starting from October to
April.

Recent Results
For the year ended 31st March, 2015, the firm reported an
operating income of INR121.27 crore with profit after tax (PAT) of
INR0.73 crore.


UNIVERSAL HEAT: CRISIL Suspends B- Rating on INR140MM Cash Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Universal Heat Exchangers Limited (UHE).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            140      CRISIL B-/Stable
   Letter of credit &
   Bank Guarantee         195      CRISIL A4

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

Established in 1972, UHE designs and manufactures heat exchangers,
pressure vessels, and columns. Its promoter-director, Mr. Sunil
Haridas, has more than three decades of experience in this line of
business. It is based in Coimbatore, Tamil Nadu.


UNNATHI PROJECTS: CRISIL Suspends 'D' Rating on INR65MM LT Loan
---------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Unnathi
Projects Limited (UPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Long Term Loan         65       CRISIL D

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

UPL, based in Bengaluru (Karnataka), was set up in 1995 by Mr.
Srinivasa Raju; the company is involved in wind power generation.


VAISHNAVI FOOD: CRISIL Reaffirms B+ Rating on INR110MM Cash Loan
----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Vaishnavi Food
Products Private Limited (VFP) continues to reflect a modest scale
of operations in the intensely competitive rice milling industry,
and susceptibility of profitability margins to changes in
government regulations and paddy prices. The rating also factors
in a below-average financial risk profile because of a small
networth, high gearing, and average debt protection metrics. These
rating weaknesses are partially offset by the extensive industry
experience of the company's promoters.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit           110       CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     33.6     CRISIL B+/Stable (Reaffirmed)

   Term Loan              86.4     CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes VFP will continue to benefit over the medium term
from its promoters' extensive industry experience. The outlook may
be revised to 'Positive' if there is a higher than-expected
increase in scale of operations, while profitability margins are
maintained, or substantial improvement in the networth on the back
of sizeable equity infusion. Conversely, the outlook may be
revised to 'Negative' in case of a steep decline in profitability
margins, or significant deterioration in the company's capital
structure caused most likely by large, debt-funded capital
expenditure or a stretched working capital cycle.

VFP was set up in 2008 by Mr. Karnati Lakshminarayan along with
his friends and family members. The company mills and processes
paddy into rice; it also generates by-products such as broken
rice, bran, and husk. Its rice milling unit is in the Nalgonda
district of Telangana.


VARDHAMAN COTTEX: ICRA Suspends 'B' Rating on INR4.25cr Loan
------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B assigned to the
INR1.25 crore term loan facilities and INR4.00 crore cash credit
facilities of Vardhaman Cottex. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of the
requisite information from the company.

Vardhman Cottex was incorporated in 2011 as cotton ginning and
pressing firm and commenced operations in FY12. The operations of
the firm are procuring raw cotton from local farmers and traders,
ginning it to separate the seeds from the cotton lint and pressing
the cotton to form cotton bales. The firm sells cotton bales and
cotton seeds to spinning mills and oil extraction units
respectively. Till last year, the firm was also engaged in oil
extraction business which has been discontinued in order to focus
on ginning business. The plant of the firm is located in Beed
district of Maharashtra with an installed annual capacity of
30,000 bales per year.


VISION CERAMIC: CRISIL Suspends B+ Rating on INR43.1MM LT Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Vision
Ceramic Private Limited (VCPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee          8       CRISIL A4

   Cash Credit            30       CRISIL B+/Stable

   Proposed Long Term
   Bank Loan Facility     43.1     CRISIL B+/Stable

   Term Loan              18.9     CRISIL B+/Stable

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

VCPL was incorporated in April 2008 and is promoted by Mr.
Ravindrabhai Kalavadiya, Mr. Bhaveshbhai Thoriya, and Mr.
Puneetbhai Chaurasiya. It manufactures ceramic wall tiles. The
company's manufacturing facility is in Morbi (Gujarat).


YBRANT MEDIA: Declares Bankruptcy Over Lycos-Related Lawsuit
------------------------------------------------------------
Ybrant Media Acquisition, Inc., sought protection under Chapter 11
of the Bankruptcy Code after losing $36.6 million in a legal fight
with Korea's Daum Global Holdings Corp. over its acquisition of
the Lycos search engine.

The Debtor has commenced its Chapter 11 case to afford it
sufficient time to complete its ongoing discussion with Daum.  It
is also looking forward to raise capital through debt or equity
financing in order to fund the settlement and satisfy claims of
other creditors.

According to documents filed with the Court, Ybrant entered into a
stock purchase agreement with Daum on Aug. 15, 2010, to acquire
from Daum 100% of the issued and outstanding capital stock of
Lycos, Inc.  In accordance with the SPA, the exact purchase price
was to be determined after the close of Lycos' 2010 fiscal year,
less $20 million which was due at closing.

Ybrant said it paid to Daum the initial $20 million on Oct. 14,
2010, and Daum transferred to it 4,905,498 shares, representing a
56% ownership interest in Lycos.  Pursuant to the terms of the
SPA, Daum retained a security interest in 44% of the shares
(3,854,319) to secure Ybrant's payment obligation.

The Debtor asserted that it owed Daum $17.2 million in earnout
payments.  Daum, on the other hand, insisted that it was entitled
to $33.6 million additional payments.

Unable to settle the dispute, Daum launched an arbitration case
against Ybrant with the Secretariat of the ICC International Court
of Arbitration on Jan. 3, 2012.  The ICC International Court of
Arbitration, on Sept. 24, 2014, issued its final award, pursuant
to which it awarded Daum $33,547,883 plus interest and legal fees.

Daum subsequently commenced an action in the United States
District Court for the Southern District of New York seeking
confirmation of the ICC International Court of Arbitration's Final
Award.  On May 6, 2015, the District Court entered a judgment
against the Debtor for $36.6 million.

On Jan. 25, 2016, Daum moved in the District Court to appoint
itself as receiver of the Debtor's 56% ownership interest in
Lycos. The action has been stayed with the filing of the Debtor's
bankruptcy case.

                         About Ybrant Media

Ybrant Media Acquisition, Inc. was incorporated in 2007 and is a
wholly-owned subsidiary of Ybrant Digital Limited, a global
digital marketing company organized under the laws of India, whose
shares are publicly traded on the Bombay Stock Exchange and the
National Stock Exchange of India.  The Debtor was created for the
purpose of purchasing and managing the assets of Internet and
media-related businesses.

Ybrant Media filed a Chapter 11 bankruptcy petition (Bankr.
S.D.N.Y. Case No. 16-10597) on March 14, 2016.  The petition was
signed by Suresh K. Reddy as chief executive officer.  The Debtor
estimated assets in the range of $10 million to $50 million and
liabilities of up to $50 million.  Rosen & Associates, P.C. serves
as the Debtor's counsel.



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


BLACK MARLIN: Rodgers Reidy Appointed as Liquidators
----------------------------------------------------
Cliff Sanderson at Dissolve.com.au reports that Black Marlin
Limited, trading as Urban Construction, has been placed into
liquidation in February 9. Dissolve.com.au relates that the
Christchurch construction firm owes around NZ$1.5 million and
leaves almost 150 unsecured unlikely to recover their money.

Rodgers Reidy has been appointed liquidator of the company. The
liquidator attributed the collapse of the company to cashflow
issues, workflow delay, loss of an important contract and loss of
support from the financier, the report says.


FISHER & PAYKEL: S&P Maintains 'BB/B' ICRs on CreditWatch Dev.
--------------------------------------------------------------
Standard & Poor's Ratings Services said it has maintained its
'BB/B' issuer credit rating on New Zealand-based Fisher & Paykel
Finance Ltd. (FPFL) on CreditWatch with developing implications.
S&P initially placed the ratings on CreditWatch on Oct. 27, 2015,
and refreshed the CreditWatch status on Dec. 18, 2015.

S&P's ratings on FPFL reflect the finance company's very strong
capitalization, underpinned by good earnings capacity stemming
from its high-yield lending portfolio, and its defendable market
niche as a consumer card provider to lower- and middle-income
customers. FPFL's asset quality is susceptible to higher losses
arising from its predominant exposure to a higher-risk business
line, and while S&P considers liquidity (including balance-sheet
flexibility) to be sufficient in times of market stress, S&P do
notes the finance company's liquidity is reliant on a (syndicated)
committed bank facility.

The ratings on FPFL do not factor any extraordinary support from
its current ultimate parent, Haier, as S&P considers FPFL to be a
nonstrategic subsidiary, nor do the ratings yet factor in any
uplift (or otherwise) as a result of the announced (conditional)
sale to FXL.

S&P assess FPFL's stand-alone credit profile (SACP) as 'bb'.

S&P expects to resolve the CreditWatch following a regulatory
decision on the sale and our assessment of FPFL's
creditworthiness, based on the outcome.  There are a number of
scenarios that could affect the ratings on FPFL, including:

   -- If the acquisition proceeds, the ratings could be raised if
      S&P assess the consolidated FXL group's credit profile as
      stronger than that of FPFL's SACP (currently 'bb'), and
      FPFL's strategic importance to the group is sufficient for
      it to receive a rating uplift.

   -- If the acquisition proceeds, and if in S&P's assessment the
      FXL group's credit profile or FPFL's group status within
      the FXL group was not sufficiently strong, S&P could
      maintain or lower the ratings on FPFL.

   -- If the acquisition does not proceed, S&P would reassess the
      strategic fit and group status of FPFL within the Haier
      group, as well as the credit profile of the relevant group
      within the Haier group.  S&P would undertake this
      assessment against the backdrop of FPAHL's failed plan to
      sell off FPFHL.  Following this review, S&P would expect to
      lower the rating on FPFL if S&P considered that the
      ownership structure constrains FPFL's creditworthiness.


SEPTIC SOLUTIONS: Placed Into Liquidation
-----------------------------------------
Deena Coster at Stuff.co.nz reports that a company in which
Taranaki iwi Ngati Tama invested money into has been placed into
liquidation.

Stuff.co.nz relates that in the High Court at New Plymouth on
March 15, lawyer Jacob Bourke, who appeared on behalf of the
Inland Revenue Department (IRD) sought a liquidation order against
Septic Solutions Taranaki Ltd.

Stuff.co.nz, citing a statement of claim, says the company owed
NZ$35,477.03 to the IRD for unpaid GST, PAYE and income tax. The
claim said a statutory demand was served on the company last
October but no payment had been received, the report relates.

According to Stuff.co.nz, the order was granted by Associate Judge
Hannah Sargisson. No representative from Septic Solutions Taranaki
Ltd was present at the hearing, Stuff.co.nz notes.

Greg White is listed as the sole director of the company,
Stuff.co.nz discloses citing the Companies office.

Last month, Mr. White confirmed the company was one Ngati Tama had
invested money into but had been hopeful a settlement could have
been reached between the parties, adds Stuff.co.nz.



=================
S I N G A P O R E
=================


CELESTIAL NUTRIFOODS: Ex-Directors Face More Than SGD22MM Claims
----------------------------------------------------------------
Grace Leong at The Straits Times reports that the former
independent directors and management of a Singapore-listed company
that went belly up -- while owing hundreds of millions of dollars
-- are being sued for breach of director's duties.

According to the report, the liquidator of the failed Celestial
Nutrifoods has detailed claims against the men that could total
more than SGD22 million.

The Straits Times relates that the High Court suit comes after
liquidator Yit Chee Wah, from FTI Consulting, won a landmark Court
of Appeal ruling last year that allowed him access to documents
that could throw light on the failure of the S-chip, which was an
investor favourite until it crashed in 2009. Bondholders recovered
just seven US cents on the dollar.

Celestial Nutrifoods also made headlines when it defaulted on
convertible bonds worth nearly SGD235 million, the report says.

The Straits Times says Mr Yit, in his role as liquidator, is suing
Celestial executive chairman Ming Dequan, former independent
directors Lai Seng Kwoon and Loo Choon Chiaw, and two former
directors and shareholders of raw material supplier Power Charm
Group, Mr Ken Okubo and Mr Ming Dexin.

The Straits Times understands Mr Ming Dequan and his brother Ming
Dexin, who are both Chinese nationals, and Mr Okubo, a Japanese
national, have not been served with the suit yet.

Celestial ran into trouble in June 2009 when its shares were
suspended after it failed to repay about SGD234.8 million owed to
bondholders, The Straits Times recalls. The High Court appointed
Mr Yit on Dec 24, 2010, to take control and investigate
Celestial's subsidiaries in the British Virgin Islands (BVI) and
China.

According to the suit, most of the funds raised from the bonds
were transferred to Celestial's Chinese units through its BVI
subsidiaries, The Straits Times relates.

According to The Straits Times, court papers said that three weeks
before the company was put into liquidation in 2010, Celestial's
entire shareholding in the Chinese units was "surreptitiously
disposed of in an auction" in China.

The report relates that the shares of these Chinese units had
purportedly been pledged to China Construction Bank in 2009 and
2010, but those pledges were not disclosed in Celestial's audit
reports.

"Celestial's shareholders and creditors were thus left holding
shares and debt in Celestial, whose assets had apparently been
completely stripped," the suit, as cited by The Straits Times,
said.

It also alleges that Mr Ming Dequan, Mr Loo and Mr Lai authorised
US$12.1 million (S$16.6 million) in payments from the bond funds
to one of Celestial's Chinese units, Daqing Weitian Energy. The
payments were allegedly for palm acid oil purchases from Power
Charm, The Straits Times reports.

But the value of the oil amounted to only US$2 million and the
palm acid oil was not delivered. No explanation could be found in
records for this discrepancy, the suit said, the report relays.

The Straits Times says Power Charm also allegedly used the funds
to pay US$605,620 to Germany-based firm C. Melchers for a luxury
Patek Philippe watch.

The Straits Times relates that the suit alleges that Mr Ming, Mr
Loo and Mr Lai were aware that Celestial had only cash resources
of about SGD20 million but liabilities of SGD235 million. Despite
this, they allegedly caused the company to "dissipate almost all
of its cash resources to meet the liability of a subsidiary".

They were also accused of paying SGD5.79 million of Celestial
funds to themselves in directors' fees, performance bonuses and
expense reimbursements at the expense of the company's creditors,
the report says. They also allegedly wrongfully authorised the
company to pay SGD316,022 to Mr Lai's accounting firm and Mr Loo's
law firm, Loo & Partners. An estimate of all these payments,
including the US$12.1 million figure adds up to a total of more
than SGD22 million, The Straits Times notes.

Mr Lai, who is represented by lawyer David Chan from Shook Lin &
Bok, has denied that he breached his duties as a director of
Celestial, according to The Straits Times.

In defence papers, he said he "acted honestly and reasonably in
the best interests of Celestial" and that the payments of
directors' fees and expense reimbursements were legitimate
operating expenses. Mr Loo could not be reached for comment, adds
The Straits Times.


                             *********

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
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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
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                 *** End of Transmission ***