TCRAP_Public/160321.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Monday, March 21, 2016, Vol. 19, No. 56


                            Headlines


A U S T R A L I A

AMAROO EARLY: First Creditors' Meeting Set For March 30
CAKES GALORE: Placed Into Voluntary Administration
DEVOTED DVD: First Creditors' Meeting Set For April 1
PHONE HOSPITAL: First Creditors' Meeting Set For March 24
PIE FACE: Hoarded Ingredients Before Collapse, ASIC Inquiring

PROFESSIONAL CLIENT: First Creditors' Meeting Set For March 30
SPONSORSHIP DNA: First Creditors' Meeting Set For March 30


C H I N A

COUNTRY GARDEN: S&P Lowers CCR to 'BB'; Outlook Stable
FUFENG GROUP: Fitch to Retain BB Rating on Weaker 2015 EBITDA
MAOYE INTERNATIONAL: S&P Lowers Corporate Credit Rating to 'B-'


H O N G  K O N G

BANK OF EAST: Moody's Affirms Ba1(hyb) PONV Sub. Debt Rating
POWERLONG REAL: Moody's Says 2015 Results Support B2 CFR Outlook


I N D I A

ADIG JEMTEX: ICRA Reaffirms B+ Rating on INR5.50cr Term Loan
ADITYA PRINTS: CRISIL Suspends 'B' Rating on INR283.6MM Loan
ALUPAN COMPOSITE: CRISIL Reaffirms B- Rating on INR160MM Loan
APEX CONSUMER: CRISIL Suspends B+ Rating on INR67.5MM LT Loan
ASHIRWAD CHAIN: CRISIL Suspends 'D' Rating on INR90MM Cash Loan

ASHWAMEGH INFRA: CRISIL Suspends B+ Rating on INR50MM Term Loan
BOSS PHARMA: CRISIL Assigns 'B' Rating to INR40MM Cash Loan
BRILLIANT INTERNATIONAL: CRISIL Suspends B+ Rating on INR30M Loan
CHAHAL SPINTEX: CRISIL Reaffirms D Rating on INR228.1MM Loan
CONVEYOR AND ROPEWAY: CRISIL Cuts Rating on INR40MM Loan to 'D'

DNH PROJECTS: ICRA Reaffirms 'C' Rating on INR12cr Cash Loan
DOOR SANCHAR: ICRA Lowers Rating on INR24.15cr Term Loan to D
G-TECH STONE: ICRA Suspends C+ Rating on INR18.5cr LT Loan
K. P. INDUSTRIES: CRISIL Suspends 'B' Rating on INR50MM Loan
KINGFISHER AIRLINES: No Bids for Kingfisher House

KOKONUT CLOTHING: CRISIL Suspends B Rating on INR74MM Cash Loan
KWAL PRO: ICRA Assigns B+ Rating to INR4.35cr Loan
LAKSHMI STEEL: CRISIL Lowers Rating on INR85MM Cash Loan to B+
LENZ CERAMIC: CRISIL Suspends 'D' Rating on INR120MM Term Loan
MAHALAXMI ASSOCIATES: ICRA Reaffirms B+ Rating on INR6cr Loan

MAHALAXMI INDIA: ICRA Reaffirms B+ Rating on INR4cr LT Loan
MAHARASHTRA ALUMINIUM: CRISIL Assigns B Rating to INR100MM Loan
MAHAVIR SHIP: ICRA Lowers Rating on INR34.80cr Loan to 'D'
MG HOUSING: CRISIL Suspends B+ Rating on INR300M Term Loan
NRI ACADEMY: CRISIL Suspends 'D' Rating on INR70MM Cash Loan

PASUPATI RICE: CRISIL Assigns B+ Rating to INR80MM Cash Loan
PEARSON DRUMS: ICRA Assigns B+ Rating to INR16cr Cash Loan
PURULIA CHEMICALS: CRISIL Suspends 'D' Rating on INR30MM Loan
RNS POWER: CRISIL Assigns 'B+' Rating to INR290MM LT Loan
ROCKY DHAR: ICRA Lowers Rating on INR12cr Cash Loan to 'B'

S.M. COLD: ICRA Suspends 'B' Rating on INR5.03cr Loan
SAINOR PHARMA: ICRA Reaffirms B+ Rating on INR4.40cr LT Loan
SANJAY RICE: ICRA Reaffirms 'D' Rating on INR4.16cr Term Loan
SHAFEEQ SHAMEEL: CRISIL Cuts Rating on INR50MM Loan to B+
SHANTAI EXIM: ICRA Revises Rating on INR7cr LT Loan to B-

SHIVKRUPA COTTON: CRISIL Suspends D Rating on INR30MM Cash Loan
SHREE GAJKESHRI: CRISIL Assigns B Rating to INR56.5MM LT Loan
SHRIRAM TRANSPORT: S&P Assigns 'BB+' ICR; Outlook Stable
SIGMA GALVANIZING: CRISIL Reaffirms B- Rating on INR117.6MM Loan
SRIKARA PACKAGING: ICRA Suspends B+ Rating on INR4cr Loan

TARUN SHREE: CRISIL Suspends B- Rating on INR1.23BB Term Loan
TRIVENI SHIP: CRISIL Reaffirms B+ Rating on INR50MM Cash Loan
TUFFWARE INDUSTRIES: CRISIL Lowers Rating on INR80MM Loan to D
VEDIC AND FUTURISTIC: CRISIL Rates INR1.0BB Term Loan at 'B'
VIDYA POLYMER: ICRA Reaffirms B+ Rating on INR4.5cr Loan

WATER SYSTEMS: ICRA Suspends B+ Issuer Rating
WESTERN CONSTRUCTION: ICRA Assigns B+ Rating to INR140cr Loan


I N D O N E S I A

BUMI SERPONG: Fitch Affirms 'BB-' LT FC IDR; Outlook Stable


J A P A N

TOSHIBA CORP: Sells Medical Devices Unit to Canon For JPY665.5BB
TOSHIBA CORP: Says US Units Are Investigated Over Accounting


                            - - - - -


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


AMAROO EARLY: First Creditors' Meeting Set For March 30
-------------------------------------------------------
John Shanahan of Gervase Consulting was appointed as administrator
of Amaroo Early Learning Centre Pty Ltd on
March 17, 2016.

A first meeting of the creditors of the Company will be held at
Novotel Canberra, 65 Northbourne Avenue, in Canberra, on
March 30, 2016, at 9:30 a.m.


CAKES GALORE: Placed Into Voluntary Administration
--------------------------------------------------
Broede Carmody at SmartCompany reports that a family-owned dessert
business operating for more than 20 years is facing an uncertain
future after its parent company collapsed into voluntary
administration.

Cakes Galore appointed external managers earlier this month, with
Anne Meagher and Terry van der Velde acting as joint
administrators, the report says.

A creditors' meeting was held last week in Toowoomba, SmartCompany
relates.

According to the report, Cakes Galore chief executive Julian
Lancaster-Smith told The Toowoomba Chronicle it was a sad day for
the family-run business.

"The management team and I will be working closely with the
administrators to determine the next steps but we are confident
that we can trade our way out of the current situation and be back
to normal trading condition in the short to medium term," the
report quotes Mr. Lancaster-Smith as saying.

SmartCompany contacted SV Partners for comment, but did not
receive a response prior to publication.

Cakes Galore is continuing to trade, the report notes.

                       About Care Galore

Cakes Galore operates the family business Quality Desserts, a
Queensland company that supplies puddings, cakes, lamingtons and
mince pies to supermarkets across Australia.  Quality Desserts was
founded in 1992 and initially supplied puddings to Eagle Boys.
The business then picked up contracts with a number of hamper
companies, before eventually finding its way onto supermarket
shelves.  Quality Desserts also has contracts with hospitals and a
number of airlines, and exports its products to New Zealand and
Singapore.


DEVOTED DVD: First Creditors' Meeting Set For April 1
-----------------------------------------------------
Richard Trygve Rohrt of Hamilton Murphy was appointed as
administrator of Devoted DVD Pty Ltd on March 18, 2016.

A first meeting of the creditors of the Company will be held at
Hamilton Murphy, Certified Practising Accountants, 237 Swan
Street, in Richmond, on April 1, 2016, at 10:30 a.m.


PHONE HOSPITAL: First Creditors' Meeting Set For March 24
---------------------------------------------------------
Justin James Cadman -- justin@mclarenknight.com.au -- of McLaren
Knight was appointed as administrator of Phone Hospital Pty Ltd,
trading as Mobile Phone Hospital, on March 15, 2016.

A first meeting of the creditors of the Company will be held at
the Boardroom of McLaren Knight, First Floor, 63 Abbott Street, in
Cairns, Queensland, on March 24, 2016, at 2:30 p.m.


PIE FACE: Hoarded Ingredients Before Collapse, ASIC Inquiring
-------------------------------------------------------------
The Australian reports that the corporate regulator is looking
into an apparent build-up of ingredients held by fast food chain
Pie Face in the weeks before its directors put it into
administration in November 2014.

Any such stock procurement would have provided administrators with
a buffer to help tide them through the company's restructure, The
Australian says.

It would also have increased the amount owed to suppliers, who, as
unsecured creditors, would be ranked last to be paid in the
administration, according to the report.

Managing director Kevin Waite explained the "stock ramp up" in a
November 3, 2014, email, seen by The Australian, to other Pie Face
executives, including co-founder Wayne Homschek.

The Australian relates that Mr. Waite said he had been given a
"mandate" that was very clear.

"Ensure that we have 1 months of stock without alarming the
suppliers with one-off big hit orders," The Australian quotes
Mr. Waite as saying. "We normally carry roughly two weeks of
stock."

The Australian says the email is believed to be part of a chain
also involving Mr Homschek, who was chief executive at the time,
and a factory manager.

To the disappointment of investors, including retail mogul Brett
Blundy, Fat Prophets founder Angus Geddes and Rothschild Australia
chairman Trevor Rowe, who had tipped AUD35 million into the
venture, Pie Face's directors pulled the plug on the struggling
company 2-1/2 weeks later, on November 21, appointing
administrators Sule Arnautovic and Rod Sutherland of Jirsch
Sutherland, according to the report.

The Australian relates that despite his managing director title,
Mr Waite was not among directors of the top company in the group,
Pie Face Holdings, at the time, although Mr Homschek was.

In the past fortnight the Australian Securities and Investments
Commission has been seeking further information about the
allegation, but it is believed the agency has yet to decide
whether any action should be taken, The Australian says.

One large supplier said he had moved on since the alleged stock
build-up, the report says.

"I get along with a lot of people there and I don't want to burn
any bridges," the report quotes the supplier as saying. "That was
the previous management." At the time of its collapse, creditors
included noteholders owed $7.5 million and the directors of Pie
Face Holdings owed a total of $33 million, the report notes.

Pie Face has endured further turmoil since emerging from
administration under a deed of company arrangement, agreed to by
creditors on December 30, 2014.

Mr Homschek, a former Wall Street financier, resigned from the
board in early February last year after unhappy shareholders moved
to sack him.

Last month, creditors agreed to give the main operating entity,
Pie Face Pty Ltd, a six-month holiday from payments of $125,000 a
month required under the deed of company arrangement.

This would give the company some "breathing space", Mr Arnautovic
told creditors, adds The Australian.


PROFESSIONAL CLIENT: First Creditors' Meeting Set For March 30
--------------------------------------------------------------
Richard Albarran and Brent Kijurina of Hall Chadwick were
appointed as administrators of Professional Client Recruitment
Solutions Pty Ltd on March 16, 2016.

A first meeting of the creditors of the Company will be held at
Chartered Accountants Australia and New Zealand, Level 1,King
Room, 33 Erskine St, in Sydney, on March 30, 2016, at 11:00 a.m.


SPONSORSHIP DNA: First Creditors' Meeting Set For March 30
----------------------------------------------------------
Steven Gladman of Hall Chadwick Chartered Accountants was
appointed as administrators of Sponsorship DNA Pty Limited on
March 16, 2016.

A first meeting of the creditors of the Company will be held at
Hall Chadwick Chartered Accountants, Level 40, 2 Park Street, in
Sydney, on March 30, 2016, at 10:00 a.m.


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


COUNTRY GARDEN: S&P Lowers CCR to 'BB'; Outlook Stable
------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term corporate
credit rating on China-based property developer Country Garden
Holdings Co. Ltd. to 'BB' from 'BB+'.  The outlook is stable.  S&P
also lowered its issue rating on the company's outstanding senior
unsecured notes to 'BB' from 'BB+'.  At the same time, S&P lowered
its long-term Greater China regional scale ratings on the company
and its notes to 'cnBBB-' from 'cnBBB+'.

"We downgraded Country Garden because of its deteriorating margins
and leverage.  In 2015, the margin compression was greater than we
expected, and leverage notably weakened because of aggressive land
acquisitions," said Standard & Poor's credit analyst Brian Huang.
"We believe Country Garden's leverage is unlikely to recover to
the levels we previously anticipated since the company continues
to aggressively acquire land and maintains a high level of
saleable resources."

Toward the end of the second half of last year, the company became
significantly more aggressive towards land purchase and potential
acquisitions.  As such, the company needed to utilize high-cost
funding channels, including perpetual securities.  During the
year, the company acquired land with a gross floor area (GFA) of
38 million square meters (sqm) for Chinese renminbi (RMB) 56
billion (about US$8.9 billion), which was much higher than its
RMB20 billion budget.

S&P believes that Country Garden's high leverage will improve only
slightly in 2016, given the company's aggressive land acquisitions
and growth targets.  In 2015, total debt (including perpetual
securities of RMB19.5 billion, which S&P treats as debts)
increased by about 71% to RMB109 billion.  The company's debt-to-
EBITDA ratio weakened to 5.8x from 3.6x in 2014.

S&P also estimates that Country Garden's EBITDA margin will only
recover moderately to 18%-19% in 2016 from 17% in 2015.  This is
because a sizable portion of unrecognized sales may also carry
margins in the low teens.  In 2015, Country Garden's margin
significantly weakened due to the recognition of a large number of
sales from 2014 when it offered discounts amid a slow market.
Margins for new projects earmarked for sales will likely be higher
due to improved property prices, but this will be offset by
Country Garden's considerable exposure to low-tier cities, which
have a large inventory overhang.

S&P's base-case forecast is that Country Garden's cash payment for
land acquisitions in 2016 to remain high at about RMB60 billion-
RMB65 billion (including RMB20 billion in unpaid land premiums
from 2015).  At the same time, Country Garden's land bank
increased by almost 50% last year, and the company's follow-on
construction capital expenditure therefore should also increase
considerably this year.  S&P expects these factors to increase
total borrowings by about 13%-18% to RMB125 billion-RMB130 billion
by the end of 2016.

Country Garden's sales will likely increase rapidly on the back of
its increasing saleable resources.  In 2016, these resources
should increase by 22% to RMB300 billion, of which RMB191.5
billion will be from newly launched sales during the year.
Therefore, Country Garden's sales target of RMB168 billion looks
achievable to S&P.  In 2015, the sales were RMB140 billion.
However, the high capital expenditure for construction and land
acquisitions will largely temper the fast sales growth and
moderately improving margins.

S&P remains cautious about Country Garden's newly launched Forest
City Project in Malaysia.  S&P believes the sales target is
somewhat ambitious given this is a new large-scale project and
targets primarily mainland overseas buyers.  In 2016, the company
plans to launch at least RMB30 billion in saleable resources for
this project.

"The stable outlook reflects our expectation that Country Garden's
leverage will improve moderately because a modest improvement in
margin and sales execution in 2016 should offset increased
construction spending and land acquisitions.  We also expect
Country Garden's funding costs to decrease due to access to
cheaper onshore funding, but leverage will only improve gradually
towards 5x over the next 12 months," said Mr. Huang.

S&P could lower the rating if Country Garden's leverage shows no
sign of improvement and that its EBITDA interest coverage falls
below 3x.  This could happen if the company's debt-funded
expansion, including land acquisitions, becomes more aggressive
than we expect or if its profitability continues to decline.

The potential for upgrade is limited over the next 12 months.  S&P
could upgrade Country Garden if the company's  profitability
recovers significantly, its contracted sales improves
substantially, and its leverage declines because of a more
disciplined financial policy, such that the debt-to-EBITDA ratio
is lower than 4x on a sustained basis.


FUFENG GROUP: Fitch to Retain BB Rating on Weaker 2015 EBITDA
-------------------------------------------------------------
Fitch Ratings says that China-based Fufeng Group Limited's
(Fufeng, BB/Stable) ratings are not affected by its weaker 2015
EBITDA, which was due to lower xanthan gum (XG) prices.  Ratings
on the maker of monosodium glutamate (MSG) and XG continue to be
supported by its market leadership in its key product categories,
as well as the company's improving free cash flow (FCF) profile as
capex requirements fall.

Fufeng's EBITDA margin dropped to 14.5% in 2015 from 16.3% in
2014, driven by falling XG and fertiliser prices and higher
administration costs.  However, Fitch estimates that the company
turned FCF positive in 2015 as capital expenditure fell.  Fufeng
reduced its net debt by 24% to CNY2.8 bil. at the end of 2015.
Fitch expects Fufeng to continue generating positive FCF in 2016
and 2017 as capex needs remain low.

Fufeng's MSG business recorded stable performance in 2015, with
revenue rising 6% and selling prices increasing 4%.  The MSG
business accounted for over 50% of Fufeng's consolidated gross
profit.  Fufeng is the biggest MSG producer globally by capacity,
and it enjoys economies of scale, integrated facilities and
proximity to raw materials, all of which are difficult to
replicate.  Fitch expects Fufeng to further strengthen its cost
leadership in MSG products as enhanced production technology will
be rolled out in all its manufacturing bases in 2016.

Fufeng cut XG prices by 27% in 2015 due to fierce price
competition and weak demand from the oil and gas sector.  As a
result, the gross margin of XG products dropped to 37% in 2015
from 53% in 2014.  The company will in 2016 continue to optimise
its customer base in the food processing sector, which accounts
for 50% of its gross XG sales volume.  Fitch does not expect to
see a meaningful turnaround in the next 12 months given the
oversupply in the market and the depressed oil and gas market.


MAOYE INTERNATIONAL: S&P Lowers Corporate Credit Rating to 'B-'
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it had lowered its
long-term corporate credit rating on China-based department store
operator Maoye International Holdings Ltd. to 'B-' from 'B'.  S&P
also lowered its long-term issue rating on the company's senior
unsecured notes to 'CCC+' from 'B-'.

At the same time, S&P lowered its long-term Greater China regional
scale rating on the company to 'cnB-' from 'cnB+' and on the notes
to 'cnCCC+' from 'cnB'.  S&P placed all the ratings on CreditWatch
with negative implications.

"We lowered the rating and placed it on CreditWatch to reflect
Maoye's heightened refinancing risk, given the lack of improvement
in its liquidity position," said Standard & Poor's credit analyst
Shalynn Teo.  "The scale of the company's potential asset
disposals is uncertain, and any improvement in liquidity will
largely depend on issuance of domestic bonds or notes."

Maoye's liquidity remains burdened by weakening revenues from its
department-store operations and property sales, which are unlikely
to improve materially in the next 12 months.  S&P therefore
revised its assessment of its liquidity to weak from less than
adequate.

Although Maoye has a large portfolio of self-owned commercial
properties in good locations, the company has a limited track
record of selling assets to reduce debt and improve liquidity, in
S&P's view.  In addition, Maoye's high reliance on the domestic
bond markets may put further pressure on its refinancing in the
event of a liquidity crunch in China.

Maoye's liquidity risk is likely to remain high, with its
substantial short-term debt maturities, low cash balance, and weak
operating performance.  Nevertheless, the company has established
good access to the domestic bond markets.

"We expect Maoye's operating performance to remain sluggish over
the next 12 months, given weak retail sales and rising
competition," said Ms. Teo.  "As a result, we anticipate that the
company will not generate significant operating cash flows to
repay debt."

In addition, S&P anticipates property sales will remain weak
because the company may not be able to expedite sales and rapidly
reduce inventory levels in times of distress.  However, S&P
expects the company to be able to meet its interest payments.  S&P
anticipates that Maoye's EBITDA interest coverage will be 1.5x-
2.0x in the next 12 months, compared with S&P's estimate of 2.0x
as of Dec. 31, 2015.

S&P aims to resolve the CreditWatch within three months, depending
on Maoye's ability to execute a concrete refinancing plan for its
near-term debt maturities.

S&P may lower the ratings by one or more notches if Maoye does not
present a credible and comprehensive refinancing plan to address
its short-term debt maturities and sustainably improve its
liquidity profile.  A downgrade could materialize if: (1) Maoye
fails to secure refinancing with longer tenor debt; (2) the
company's reduction in property inventory is slower than S&P
expects; (3) its operating cash flows are substantially lower than
S&P estimates; or (4) Maoye takes on more debt-funded expansion or
acquisitions.

S&P may affirm the rating if Maoye's liquidity position improves
materially and on a sustainable basis.  This could happen if the
company: (1) raises debt through bank loans or long-term bonds to
improve its debt maturity profile; and (2) materially reduces its
inventory on property development while improving its operating
performance and cash flows.



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


BANK OF EAST: Moody's Affirms Ba1(hyb) PONV Sub. Debt Rating
------------------------------------------------------------
Moody's Investors Service has revised to negative from stable the
rating outlook on three Hong Kong banks.

The rating action reflects Moody's expectations of a more
challenging operating environment for banks in Hong Kong.

"On 12 March 2016, Moody's changed the outlook on Hong Kong
government's Aa1 sovereign rating to negative from stable. The
revision of the sovereign outlook reflects our concern that Hong
Kong's increasing economic and financial linkages with China (Aa3,
negative) give rise to potential negative spillovers from China
and ultimately weaker growth."

In addition, Hong Kong banks continue to operate in an environment
with pronounced imbalances, including high private-sector leverage
and elevated property prices. The more challenging operating
environment has been reflected in Moody's change of Hong Kong's
Macro Profile to "Strong" from "Strong+".

The banks affected are The Hongkong and Shanghai Banking
Corporation Limited (HSBC), Hang Seng Bank Limited, and Dah Sing
Bank, Limited.

At the same time, Moody's has affirmed their baseline credit
assessments (BCA), adjusted BCAs, counterparty risk assessments
(CR Assessments), and ratings at current levels.

In addition, Moody's has downgraded Bank of East Asia's long-term
and short-term deposit ratings to A3/Prime-2 from A2/Prime-1.
Moody's has also downgraded its long-term senior unsecured debt
rating to A3; senior unsecured commercial paper rating to Prime-2;
and long-term CR Assessments to A2(cr). The outlook on all ratings
remains negative.

Concurrently, Moody's has affirmed the bank's BCA, adjusted BCA,
subordinated debt and non-cumulative preference stock ratings, and
short-term CR Assessment.

Outlooks, which provide an opinion on likely rating direction over
the medium term, are assigned only to banks' long-term deposit,
issuer and senior unsecured debt ratings.

The list of affected ratings follows at the end of the press
release.

MACRO PROFILE CHANGE

"The change in Moody's assessment of Hong Kong's Macro Profile to
"Strong" from "Strong+" takes into account our expectation of a
deterioration in the operating conditions for Hong Kong banks."

Hong Kong's increasing economic and financial linkages with
Mainland China suggest that negative spillover effects from the
slowing economic growth and challenging credit conditions in China
will likely lead to more difficult operating conditions for banks
in Hong Kong.

In addition, high levels of private-sector borrowing and elevated
property prices continue to pose risks to the macro-economy and
weigh on the banks' credit profiles.

RATINGS RATIONALE

The expected more challenging operating conditions weigh on the
credit profiles of most rated Hong Kong banks and led Moody's to
revise the outlook to negative from stable for HSBC, Hang Seng
Bank, and Dah Sing Bank.

These three banks' current impaired loan ratios are exceptionally
low at below 0.6%, due to benign operating conditions in Hong Kong
since the global financial crisis. However, the expected
deterioration in operating conditions will likely lead them to
report increases in impaired loans in coming years.

For HSBC and Hang Seng Bank, their overall performances have been
resilient in the last few years. In addition, their earnings could
benefit from rises in interest rates. However, Moody's expects any
increases in interest rates to be gradual and modest over the next
two years. Moreover, a weakening operating environment in HSBC's
and Hang Seng Bank's key markets -- including Hong Kong, China and
some other economies in Asia Pacific -- would likely pressure
asset quality and profitability from their current strong levels
over the next 12-18 months.

Meanwhile, the deposit and senior unsecured debt ratings of Bank
of East Asia incorporate multiple notches of support from the Hong
Kong government. The downgrade of its deposit and senior unsecured
ratings therefore considers that the government's support for the
bank could be weaker than what Moody's had previously assessed.
Moody's expectation of the reduced capacity of the Hong Kong
government to provide support, as reflected in its negative
outlook -- and the high level of support received from the Hong
Kong government relative to other Hong Kong banks
-- led Moody's to lower its support assumption.

In addition, the negative outlook on Bank of East Asia takes into
account both the expected weaker operating conditions and
potentially lower level of government support, given the
likelihood that Hong Kong will adopt a bail-in resolution regime.

In view of their negative outlooks, Moody's does not expect any
upward rating pressure on these four banks in the near term.
However, their outlooks could be revised to stable if macro-
economic conditions in Hong Kong improve and these banks -- HSBC,
Hang Seng Bank, Dah Sing Bank, and Bank of East Asia -- maintain
sound financial metrics.

The affected banks' ratings could be downgraded if their
fundamentals weaken, as evidenced by an even more challenging
operating environment and/or deterioration in their financial
metrics.

Moody's had revised the outlooks on six Hong Kong subsidiaries of
Chinese banks to negative from stable on 2 March 2016
(https://www.moodys.com/research/Moodys-changes-to-negative-
outlook-of-Hong-Kong-and-Macau--PR_344756). These banks are Bank
of China (Hong Kong) Limited (Aa3, negative), Chiyu Banking
Corporation, Ltd. (A1, negative), China Construction Bank (Asia)
Corp. Ltd. (A2, negative), China CITIC Bank International Limited
(Baa1, negative), Industrial & Commercial Bank of China (Asia)
Ltd. (A2, negative), and Wing Lung Bank Limited (A3, negative).

As these banks' outlooks are already negative, their ratings are
not further impacted by the change in Hong Kong's Macro Profile.

The ratings and outlooks for Chong Hing Bank Limited (Baa2,
stable) and Shanghai Commercial Bank (A2, stable) are unaffected.
While these banks' performances would likely weaken as well, in
line with the more challenging operating environment, Moody's also
expects their performances to remain consistent with their current
rating levels.

The ratings and outlooks for DBS Bank (Hong Kong) Limited (Aa3,
stable), OCBC Wing Hang Bank Limited (Aa3, stable) and Public Bank
(Hong Kong) Limited (A3, stable) also remain unchanged, because
Moody's expects parental support to mitigate the negative pressure
on their standalone credit profiles.

LIST OF AFFECTED RATINGS

Issuer: Bank of East Asia, Limited

-- BCA affirmed at baa2

-- Adjusted BCA affirmed at baa2

-- Deposit Rating downgraded to A3/P-2 from A2/P-1

-- Long-term CR Assessment downgraded to A2(cr) from A1(cr)

-- Short-term CR Assessment affirmed at P-1(cr)

-- Senior Unsecured Debt downgraded to A3 from A2

-- Senior Unsecured MTN Program downgraded to (P)A3 from (P)A2

-- Senior Unsecured Commercial Paper downgraded to P-2 from P-1

-- Legacy Subordinated Debt affirmed at Baa3

-- PONV Subordinated Debt affirmed at Ba1(hyb)

-- Subordinate MTN Program affirmed at (P)Ba1

-- Non-cumulative Preferred Stock affirmed at Ba2(hyb)

-- Outlook for bank remains negative

Bank of East Asia Ltd, Singapore Branch

-- Long-term CR Assessment downgraded to A2(cr) from A1(cr)

-- Short-term CR Assessment affirmed at P-1(cr)

-- Senior Unsecured Debt downgraded to A3 from A2

-- Senior Unsecured MTN Program downgraded to (P)A3 from (P)A2

-- Outlook for the branch remains negative

Issuer: Innovate Holdings Limited

-- Pref. Stock Non-cumulative Preferred Stock affirmed at
    Ba3(hyb)

Issuer: Dah Sing Bank, Limited

-- BCA affirmed at a3

-- Adjusted BCA affirmed at a3

-- CR Assessment affirmed at A2(cr)/P-1(cr)

-- Deposit Rating affirmed at A3/P-2

-- Senior Unsecured MTN Program affirmed at (P)A3

-- Legacy Subordinate Debt affirmed at Baa1

-- PONV Subordinated Debt affirmed at Baa2(hyb)

-- Subordinate MTN Program affirmed at (P)Baa2

-- Junior Subordinate Debt affirmed at Baa2(hyb)

-- Junior Subordinate MTN Program affirmed at (P)Baa2

-- Outlook for the bank revised to negative from stable

Issuer: Hang Seng Bank Limited

-- BCA affirmed at aa3

-- Adjusted BCA affirmed at aa3

-- CR Assessment affirmed at Aa1(cr)/P-1(cr)

-- Deposit Rating affirmed at Aa2/P-1

-- Deposit Note/CD Program affirmed at (P)Aa2

-- Outlook for the bank revised to negative from stable

Issuer: Hongkong and Shanghai Banking Corp. Ltd (The)

-- BCA affirmed at aa3

-- Adjusted BCA affirmed at aa3

-- CR Assessment affirmed at Aa1(cr)/P-1(cr)

-- Deposit Rating affirmed at Aa2/P-1

-- Issuer Rating affirmed at Aa2

-- Senior Unsecured Debt affirmed at Aa2

-- Senior Unsecured MTN Program affirmed at (P)Aa2

-- Deposit Note/CD Program affirmed at (P)Aa2

-- Senior Unsecured Commercial Paper affirmed at P-1

-- Other Short-term Program affirmed at (P)P-1

-- Junior Subordinated Debt affirmed at A1(hyb)

-- Outlook for the bank revised to negative from stable

Issuer: Hongkong & Shanghai Bank.Corp. (Sydney)

-- CR Assessment affirmed at Aa1(cr)/P-1(cr)

-- Issuer Rating affirmed at Aa2/P-1

-- Deposit Rating affirmed at Aa2/P-1

-- Senior Unsecured Debt affirmed at Aa2

-- Senior Unsecured MTN Program affirmed at (P)Aa2

-- Outlook for the branch revised to negative from stable

Issuer: Hongkong & Shanghai Banking Corp.(Singapore)

-- CR Assessment affirmed at Aa1(cr)/P-1(cr)

-- Senior Unsecured Debt affirmed at Aa2

-- Senior Unsecured MTN Program affirmed at (P)Aa2

-- Other Short-term Program affirmed at (P)P-1

-- Outlook for the branch revised to negative from stable

Issuer: Hongkong and Shanghai Banking Corp Ltd (NZ)

-- CR Assessment affirmed at Aa1(cr)/P-1(cr)

-- Senior Unsecured Debt affirmed at Aa2

-- Senior Unsecured MTN Program affirmed at (P)Aa2

-- Outlook for the branch revised to negative from stable


POWERLONG REAL: Moody's Says 2015 Results Support B2 CFR Outlook
----------------------------------------------------------------
Moody's Investors Service says that Powerlong Real Estate Holdings
Limited's improved 2015 results are in line with expectation and
support the positive ratings outlook on its B2 corporate family
rating and B3 senior unsecured ratings.

"Powerlong's improved credit metrics in 2015 reflect the
successful implementation of its business strategy and active debt
management, and supports the positive ratings outlook," says Dylan
Yeo, a Moody's Analyst.

Powerlong exhibited strong sales execution in 2015 with contracted
sales growing 34% year-on-year to RMB14.3 billion. Revenue
recognition also remained healthy with 23% growth in total revenue
to RMB11.9 billion during the year.

The sales growth reflects the success of its strategy to focus on
commercial property development in higher tier cities, as
commercial sales accounted for 58% of contracted sales compared to
53% in 2014.

Moody's expects the company to maintain this improving trend, with
contracted sales estimated to grow at more than 5% in 2016, owing
to its good sales record in China's higher-tier cities, such as
Shanghai and Hangzhou, where demand for its properties has been
favorable.

The rising commercial property contribution caused Powerlong's
gross margin to climb to 32.9% from 28.8%, because the higher
average selling prices and lower land costs for these properties
resulted in higher margins than for its residential properties.

Moody's expect the company's gross margin will remain above 30% in
2016 as the contribution of commercial property development should
increase to around 65%-70%. Its gross margin is also supported by
its low average land cost of RMB1,215 per square meter, or 13% of
its average selling price in 2015.

Powerlong's key credit metrics improved in 2015, with EBIT
interest coverage rising to 2.6x from 2.0x and revenue/adjusted
debt increasing slightly to 45.5% from 44.7%, although
revenue/adjusted debt remained weak for its rating level. The
improvements were due to its strong sales performance and active
management of funding costs, which caused its effective interest
rate to decline to 7.8% in 2015 from 9.3% in 2014.

Moody's expects EBIT interest coverage and revenue/debt to
increase to 2.6x-2.8x and 55%-60% respectively in 2016, assuming
strong growth in revenue recognition, lower borrowing costs and
continued financial discipline in its land acquisitions.

These estimates also factor in Moody's expectation that total debt
will grow by more than 10% in 2016 because of land replenishment,
particularly in Shanghai, and the company's plan to expand its
investment property portfolio, which entails high upfront capital
investment.

"Powerlong's expanding recurring income base is credit positive
because it provides some stability to the company's debt servicing
capacity," says Yeo.

Recurring income, which comprises rental, management service and
hotel revenue, increased in 2015 due to the commencement of seven
retail malls and five hotels during the year. As a result,
adjusted recurring income interest coverage improved to 0.8x from
0.7x.

Moody's estimates that the ratio will improve to 0.8x-1.0x in the
next two years based on the company's plan to open five retail
malls per year in 2016 and 2017.

"Powerlong's liquidity profile remained adequate, aided by its
recent issuances in both the onshore and offshore bond markets,"
says Yeo.

Powerlong's cash balance, including restricted cash, increased to
RMB6.7 billion in 2015 from RMB4.9 billion. Its cash to short-term
debt ratio was stable at 112% in 2015 from 115% in 2014, despite
the proportion of short-term debt increasing modestly to 26.5%
from 23.1%.

Together with its operating cash flow, Powerlong has sufficient
liquidity for its committed land premiums and debt-servicing
requirements in the next 12 months, after the early repayment of
its $250 million bond in January 2016.

The $250 million 11.25% bond was refinanced using proceeds from
the $200 million 7.625% offshore bond issued in November 2015,
which reduced the company's foreign currency exposure and
borrowing costs.

Powerlong also issued RMB3.2 billion of onshore corporate bonds in
two tranches with an interest rate of 6.2% in January 2016 and
6.0% in March 2016, boosting its liquidity and lowering its
average interest costs.

The company was also cautious in its land purchases in 2015, with
acquisitions totaling RMB2.9 billion or 20% of its contracted
sales. However, Moody's expects its land acquisitions to rise in
2016 because of a greater need for land replenishment in Shanghai,
its key operating region, where its existing land bank is only
sufficient for approximately three years of development.

The ratings could be upgraded if Powerlong: (1) achieves stable
sales growth in line with its targets and further increases its
exposure to higher tier cities; (2) improves its financial
flexibility and liquidity position; and (3) materially increases
its recurring rental income.

Credit metrics that could trigger an upgrade include: (1) adjusted
EBIT/interest above 2.25x; (2) recurring income/interest above
1.0x; and (3) revenue-to-debt above 55% on a sustained basis.

On the other hand, the ratings could return to stable if: (1)
Powerlong's sales or revenue growth, cash collection rate, and/or
profit margin fall below expectation; (2) its non-development
revenue/interest falls below 0.7-0.8x; (3) its balance-sheet
liquidity declines; or (4) the company steps up its land
acquisitions.

Credit metrics that could change the outlook to stable include:
(1) adjusted EBIT/interest below 2.0x; or (2) revenue-to-debt
below 45%.

The principal methodology used in these ratings was Homebuilding
And Property Development Industry published in April 2015. Please
see the Ratings Methodologies page on www.moodys.com for a copy of
this methodology.

Powerlong Real Estate Holdings Limited is a Chinese developer
focused on building large-scale integrated residential and
commercial properties in China.

As of December 31, 2015, it had a development land bank of around
10 million square meters in gross floor area in nine provinces,
and 25 commercial properties in operation.

The company listed on the Hong Kong Exchange in October 2009. The
Hoi family, the founders, had the majority stake in the company.



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


ADIG JEMTEX: ICRA Reaffirms B+ Rating on INR5.50cr Term Loan
------------------------------------------------------------
ICRA has reaffirmed its long term rating of [ICRA]B+ on the
INR5.50 Crore term loans, INR1.50 crore fund-based facilities and
INR3.00 crore unallocated limits of Adig Jemtex Private Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term Fund-
   Based Limits
   Term Loans            5.50         [ICRA]B+; Reaffirmed

   Long Term Fund
   Based Limits
   Cash Credit           1.50         [ICRA]B+; Reaffirmed

   Long Term Fund
   Based Limits
   Unallocated           3.00         [ICRA]B+, Reaffirmed

ICRA's rating reaffirmation takes into account the scale up of
operations after the commencement of the plant in June 2014. In
FY15, the company reported an operating income of INR5.10 crore
including a job work income of INR1.23 crore and remaining by
trading activities. Given the profitability and scheduled
repayments of the borrowings as well as incremental working
capital requirements, the liquidity of the company is likely to
remain under pressure. The rating is also constrained on account
of fragmented industry and the commoditized nature of the product,
which limits the company's pricing power. The rating, however,
derives comfort from the group presence in fabric weaving (through
Aarti Suiting and R.S. Spuntex, both rated [ICRA]BB-), which
partially mitigates the off take risk for AGPL. The group concerns
being established players in fabric processing mitigates market
risks for AJPL and facilitates backward integration benefits by
virtue of AJPL's sizing unit being a supplier to the group
concerns.

AJPL's ability to keep its capacity utilization levels high while
maintaining adequate profitability and liquidity, will be the key
rating sensitivities.

Incorporated in 2010, AJPL is promoted by Jindal family of
Bhilwara who are also managing two other group companies - RSPL
and ASPL. AJPL has set up a high speed sizing unit in Bhilwara in
the vicinity of group concerns. The processing plant commenced
operations in FY15. Prior to the setting up of the processing
unit, the company was trading in fabric and yarn on a small scale.

Recent Results
The company reported an Operating Income (OI) of INR5.10 crore and
a net profit of INR0.01 crore for FY15, as against an OI of
INR0.82 crore and a net profit of INR0.00 crore for the previous
year.


ADITYA PRINTS: CRISIL Suspends 'B' Rating on INR283.6MM Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Aditya Prints Private Limited (APPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee        6.4       CRISIL A4
   Cash Credit         160         CRISIL B/Stable
   Term Loan           283.6       CRISIL B/Stable

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

The company is engaged in embroidery designing on viscous and pure
silk-based fabrics. The promoter, Mr. Pankaj Chugh manages the
overall operations of the company. It has its manufacturing
facilities located at Surat (Gujarat).


ALUPAN COMPOSITE: CRISIL Reaffirms B- Rating on INR160MM Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Alupan Composite Panels
Private Limited (ACPPL) continue to reflect ACPPL's weak financial
risk profile marked by subdued debt protection metrics and
stretched liquidity position due to large working capital
requirement, and its small scale of operations. These weaknesses
are partially offset by its promoter's extensive experience in the
aluminium composite panels industry.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit           160      CRISIL B-/Stable (Reaffirmed)

   Letter of Credit       80      CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     10      CRISIL B-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes ACPPL's liquidity will remain stretched over the
medium term because of large inventory and stretched receivables.
The outlook may be revised to 'Positive' if the company improves
working capital management, resulting in better liquidity
management. Conversely, the outlook may be revised to 'Negative'
if profitability declines, or working capital requirement
increases considerably, leading to pressure on debt protection
metrics and liquidity.

ACPPL, promoted by Mr. Vinod Kumar Garg in 2003, manufactures
aluminium composite panels. Its manufacturing facility is in
Haridwar, Uttarakhand.


APEX CONSUMER: CRISIL Suspends B+ Rating on INR67.5MM LT Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Apex
Consumer Appliances Private Limited (Apex).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit           30        CRISIL B+/Stable
   Letter of Credit      15        CRISIL A4
   Proposed Long Term
   Bank Loan Facility    67.5      CRISIL B+/Stable
   Term Loan              7.5      CRISIL B+/Stable

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

Apex was incorporated in June 2010, by Mr. Dhaval Shah and his
wife, Mrs. Kinjal Shah, and took over the business of the
erstwhile firm 'Apex Home Appliances' which was operational since
1990. Apex is engaged in manufacturing of home and kitchen
appliances. The company's manufacturing facilities are located in
Mumbai and Bhiwandi (Maharashtra).


ASHIRWAD CHAIN: CRISIL Suspends 'D' Rating on INR90MM Cash Loan
---------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Ashirwad Chain House Private Limited (ACHPL, part of the Ashirwad
group).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            90       CRISIL D
   Proposed Long Term
   Bank Loan Facility     85       CRISIL D
   Term Loan              25       CRISIL D

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

ACHPL, set up in 2012 by Mr. Amit Singla and his family, commenced
operations in April 2012 after taking over the operations of
Ashirwad Jewellery House (AJH). The company manufactures and
wholesales gold jewellery, particularly gold chains, in Delhi.
Like ACHPL, Ashirwad Chain Company (ACC) is also in the gems and
jewellery business.


ASHWAMEGH INFRA: CRISIL Suspends B+ Rating on INR50MM Term Loan
---------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Ashwamegh
Infra (AI).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Term Loan             50        CRISIL B+/Stable

The suspension of rating is on account of non-cooperation by AI
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, AI is yet to
provide adequate information to enable CRISIL to assess AI'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 2010, AI is promoted by Gandhinagar (Gujarat)-based
Mr. Shailesh Patel. The firm is developing a commercial real
estate project, Ashwamegh Arcade, in Kadi in North Gujarat.


BOSS PHARMA: CRISIL Assigns 'B' Rating to INR40MM Cash Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Boss Pharma (BOSS).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            40       CRISIL B/Stable
   Letter of Credit       40       CRISIL A4

The ratings reflect BOSS's working capital-intensive operations
and exposure to intense competition in the bulk drugs
manufacturing industry, leading to highly volatile operating
profitability. These rating weaknesses are partially offset by the
extensive experience of partners in the pharmaceutical industry
and an above-average financial risk profile because of low
gearing.
Outlook: Stable

CRISIL believes BOSS will continue to benefit from the promoters'
extensive industry experience and proximity of the manufacturing
facility to the pharmaceutical belt of India. The outlook may be
revised to 'Positive' in case of more-than-expected accrual,
driven by improvement in scale of operations and operating margin,
and better working capital management, leading to an improved
financial risk profile. Conversely, the outlook may be revised to
'Negative' if lower-than-expected accrual, or any decline in
operating margin, or a stretch in the working capital cycle, or
large, debt-funded capital expenditure leads to deterioration in
the financial risk profile.

Set up in 2007 as a partnership firm, BOSS manufactures and trades
in bulk drugs. Its manufacturing facility in Baddi has an
installed capacity of 4500 tonnes per annum. The firm manufactures
paracetamol, ascorbic acid (Vitamin C) with other vitamin
components such as Niacin amide, and supplies them to formulators
and trading houses across India.

BOSS reported a book profit of INR0.04 million on sales of
INR323.2 million for 2014-15 (refers to financial year, April 1 to
March 31), against a book profit of INR0.09 million on sales of
INR400.0 million for 2013-14.


BRILLIANT INTERNATIONAL: CRISIL Suspends B+ Rating on INR30M Loan
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Brilliant International (BI).

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bill Purchase-
   Discounting
   Facility               20        CRISIL A4
   Cash Credit            30        CRISIL B+/Stable
   Letter of Credit       25        CRISIL A4
   Long Term Loan          2.5      CRISIL B+/Stable
   Overdraft Facility      7.5      CRISIL A4
   Packing Credit         25        CRISIL A4

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

BI, based in Mumbai, is a partnership firm established in 1992 by
Mr. Ram Chainani and his son, Mr. Bipin Chainani. The firm
manufactures and trades in electronic and household products such
as door bells, switches, distribution boxes, miniature circuit
breaker boxes, home appliances, and plugs. It also trades in
sarees and imitation jewellery.


CHAHAL SPINTEX: CRISIL Reaffirms D Rating on INR228.1MM Loan
------------------------------------------------------------
CRISIL's ratings on the bank facilities of Chahal Spintex Limited
(CSL) continue to reflect instances of delay by the company in
servicing its term debt; the delays have been caused by weak
liquidity. CRISIL believes liquidity will remain stretched over
the medium term due to no significant improvement expected in
topline and profitability.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee       12.9       CRISIL D (Reaffirmed)
   Cash Credit         160.0       CRISIL D (Reaffirmed)
   Term Loan           228.1       CRISIL D (Reaffirmed)

Also, CSL's financial risk profile is constrained by a decline in
export demand and volatility in raw material prices, resulting in
pressure on prices of cotton yarn and hence impacting the
company's operating margin. However, it benefits from the
extensive experience of its promoters in the cotton yarn industry.

CSL, incorporated in 2007, is promoted by Mr. Sukhdev Singh and
his family members. The company manufactures cotton yarn in counts
of 20 to 30 at its unit in Bhatinda, Punjab; it sells to traders
and merchant exporters. The promoters also manage a ginning and
oil unit under group concern, Chahal Cotton Factory.


CONVEYOR AND ROPEWAY: CRISIL Cuts Rating on INR40MM Loan to 'D'
---------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Conveyor and Ropeway Services Private Limited (CRSPL) to 'CRISIL
D/CRISIL D' from 'CRISIL B+/Stable/CRISIL A4'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         30       CRISIL D (Downgraded from
                                   'CRISIL A4')

   Cash Credit            10       CRISIL D (Downgraded from
                                   'CRISIL B+/Stable')

   Letter of Credit        4       CRISIL D (Downgraded from
                                   'CRISIL A4')

   Long Term Loan         40       CRISIL D (Downgraded from
                                   'CRISIL B+/Stable')

   Proposed Long Term      9.4     CRISIL D (Downgraded from
   Bank Loan Facility              'CRISIL B+/Stable')

   Standby Line of         1.5     CRISIL D (Downgraded from
   Credit                          'CRISIL B+/Stable')

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

The company has a weak financial risk profile because of a small
net worth and high gearing, and a modest scale of operations
despite a healthy order book. However, it has an established track
record in the aerial ropeways segment and moderate revenue
visibility.

Conveyor & Ropeway Services Private Limited (CRSPL), established
in 1975, is engaged in the designing, manufacturing, erection and
commissioning of aerial ropeway systems, material handling plants
and coal washing plants apart from providing techno feasibility
studies for ropeway systems.


DNH PROJECTS: ICRA Reaffirms 'C' Rating on INR12cr Cash Loan
------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]C assigned to
the INR15.50 crore fund based limit of DNH Projects Limited. ICRA
has also reaffirmed the short-term rating of [ICRA]A4 assigned to
the Rs.6.00 crore non-fund based limit of the company. ICRA has
also reaffirmed the [ICRA]C and [ICRA]A4 ratings assigned to the
Rs.6.50 crore un-allocated limits of the company.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Fund Based Limit-
   Cash Credit           12.00      [ICRA]C; reaffirmed

   Fund Based Limit-
   Working capital
   Term Loan              3.50      [ICRA]C; reaffirmed

   Non-Fund Based
   Limit Bank Guarantee   6.00      [ICRA]A4; reaffirmed

   Un-allocated limits    6.50      [ICRA]C/[ICRA]A4; reaffirmed

The assigned ratings take into account DNH Projects Limited's
financial profile which is characterized by the modest scale of
operations, highly leveraged capital structure and weak debt
coverage indicators. The ratings are further constrained by the
company's stretched liquidity position arising from the high
inventory holdings and delayed collections from customers, which
has necessitated high reliance on external borrowings. Further,
the ratings continue to factor in the high competitive intensity
in the construction space resulting in pressure on the
profitability margins, the geographical concentration risk due to
the concentration of most ongoing and future projects in Dadra &
Nagar Haveli and Chhattisgarh, and the vulnerability of profits to
raw material price variation in the absence of price variation
clauses in majority of the orders.

The ratings however, favorably factor in the established
experience of the directors in the construction industry and the
company's clientele mainly comprising of government and semi
government bodies leading to limited counter-party risk.
DNH Projects Ltd (DNH) was initially incorporated as a private
limited company engaged in real estate development Nagar Haveli
Real Estate Pvt Ltd in 1996. It was subsequently renamed and
converted to a closely held public limited company in 2009. The
operations of the company are collectively managed by Mr. Vijay
and Mr. Ajay Desai who have an experience of over two decades in
the construction industry. The company is registered as an 'AA'
Class contractor with Roads & Buildings division, of the
Government of Gujarat and is engaged in undertaking the
construction of industrial units, factories and corporate and
institutional buildings for private companies and public sector
undertakings. DNH has three group concerns - Ajay Enterprises,
Morai Infrastructure Pvt Ltd and Drexel Pharma Pvt Ltd.


DOOR SANCHAR: ICRA Lowers Rating on INR24.15cr Term Loan to D
-------------------------------------------------------------
ICRA has downgraded the long-term rating assigned to the INR24.33
crores of term loans and unallocated limits of Door Sanchar Hydro
Power Private Limited from [ICRA]BB- to [ICRA]D.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Term Loans            24.15       [ICRA]D; Downgraded
   Unallocated Limits     0.18       [ICRA]D; Downgraded

Rating Rationale
ICRA's rating downgrade factors in the delays in debt servicing by
Door Sanchar Hydro Power Private Limited which has developed a 5MW
(2*2.5 MW) power plant in Himachal Pradesh. The plant has been
operating at a lower than expected PLF on account of inadequate
evacuation infrastructure which had led to inadequate cash flows
to service debt. The rating has also taken in account weak
financial profile of the company in FY15 as reflected by net
losses, high gearing and weak debt protection indicators. The
rating continues factor in absence of deemed generation clause
which exposes the firm to hydrology risks and stretched liquidity
position of Sravanthi group which has a 49% stake in the project.
There has been some improvement in the existing evacuation
infrastructure owing to some maintenance work done recently and an
alternate transmission line is also expected to get operational by
FY17. Going forward, the ability of the company to achieve higher
PLF and timely servicing of debt will remain the key rating
sensitivities.

Door Sanchar Hydro Power Private Limited (DSHPPL) has been
promoted by Mr. Rajiv Batra and Sravanthi Group. Mr. Batra and his
wife are the majority share-holders with 51% stake while Sravanthi
group is the minority share-holder holding the remaining 49% share
capital. Sravanthi group is actively involved in the operation of
the project. The group has been founded by Mr. DV Rao, ex-Joint
Managing Director of Lanco Infratech Ltd, where he was
instrumental in developing the power vertical with aggregate
capacity of over 12000MW. Apart from power generation, the group
is also present in EPC business (through Sravanthi Infratech
Private Limited) and power consultancy business (Sravanthi
Consultancy Services Pvt Ltd).

DSHPPL has developed a 5MW (2*2.5 MW) power plant in Himachal
Pradesh. This project is located on Rukti Khad, a tributary of
River Baspa which in turn in a tributary of River Satluj. The
project became operational in November 2011 at a total project
cost of INR34.85 crores which has been funded through INR24.15
crores of debt, INR4.34 crore of redeemable preference capital and
INR4.36 crores of equity/compulsory convertible debentures;
INR1.99 crores as unsecured loans from promoters. The company has
entered into PPA with HPSEB for supplying power for a period of 40
years at a tariff of INR2.95/unit.

Recent Results
The company reported loss of INR1.30 crores on operating income of
INR6.39 crores in FY15 as against loss of INR0.32 crores on
operating income of INR6.37 crores in FY14.


G-TECH STONE: ICRA Suspends C+ Rating on INR18.5cr LT Loan
----------------------------------------------------------
ICRA has suspended [ICRA]C+ ratings; assigned to the INR11.5 crore
term loans and the INR18.50 crore long term fund based facilities
and the short term rating of [ICRA]A4 assigned to the INR3.0 crore
short-term, non-fund based facilities and INR1.00 crore short-term
fund based facilities of G-Tech Stone Limited. The suspension
follows ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the entity.

According to its suspension policy, ICRA may suspend any rating
outstanding if in its opinion there is insufficient information to
assess such rating during the surveillance exercise.


K. P. INDUSTRIES: CRISIL Suspends 'B' Rating on INR50MM Loan
------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of
K. P. Industries (KPI).

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

The suspension of rating 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'.

KPI was set up in 2010 as a partnership firm in Ahmedabad
(Gujarat) by the Prajapati family. The firm is engaged in rice and
wheat processing with a total capacity of 3.25 tonnes per hour.
The processing facilities are in Ahmedabad. KPI's day-to-day
operations are managed by Mr. Dhaval Prajapati and Mr. Atul
Prajapati.


KINGFISHER AIRLINES: No Bids for Kingfisher House
-------------------------------------------------
The Times of India reports that nobody wanted to bid for loans
defaulter Vijay Mallya's Kingfisher House.

According to the report, the Mumbai property was put on
e-auction on March 17 by a 17-bank consortium that the former
'King of Good Times' owes INR6,963 crores to.

TOI relates that the base price for the property was set at INR150
crores and the auction was conducted online. The consortium is led
by the State Bank of India.

The Vile Parle building, with a built-up area of over 17,000 sq
ft, was auctioned by SBICAPS Trustee, a subsidiary of SBI Caps,
says TOI.

The consortium took over the property in February 2015, the report
recalls.

                   About Kingfisher Airlines

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

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

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

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

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

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

   Funded Interest
   Term Loan            2260       CRISIL D (Reaffirmed)


   Long Term Loan       5970       CRISIL D (Reaffirmed)

   Rupee Term Loan     35270       CRISIL D (Reaffirmed)

   Short Term Loan       390       CRISIL D (Reaffirmed)

   Working Capital
   Term Loan            2990       CRISIL D (Reaffirmed)

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


KOKONUT CLOTHING: CRISIL Suspends B Rating on INR74MM Cash Loan
---------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of
Kokonut Clothing (KC).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            74       CRISIL B/Stable

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

KC, set up in 2002-03 (refers to financial year, April 1 to
March 31), trades in shirting fabric. Its overall operations are
managed by Mr. Pawan Kumar Barasia and his son Mr. Pratik Barasia.
Its office is in Mumbai (Maharashtra).


KWAL PRO: ICRA Assigns B+ Rating to INR4.35cr Loan
--------------------------------------------------
ICRA has assigned its long term rating of [ICRA]B+ to the INR9.30
crore fund based bank facilities of Kwal Pro Exports. ICRA has
also assigned its short term rating of [ICRA]A4 to the INR0.1
crore non fund based facilities of the firm.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   EPC                    3.50       [ICRA]B+; assigned
   FBP                    4.35       [ICRA]B+; assigned
   SLC                    1.15       [ICRA]B+; assigned
   Term Loan              0.30       [ICRA]B+; assigned
   FC                     0.10       [ICRA]A4; assigned

ICRA's ratings are constrained by KPE's modest scale of operations
and the intensely competitive nature of the industry in which it
operates given the low capital requirements and low entry
barriers. The ratings also factor in the firm's relatively high
working capital intensity of business and the vulnerability of the
firm's profitability to adverse movement in foreign exchange
rates, given the sizeable portion of export income. ICRA also
takes note of the partnership constitution of the firm and the
risks inherent in a partnership firm, like limited ability to
raise capital, risk of dissolution, withdrawal of capital, etc.
The ratings however, derive comfort from the extensive experience
of the promoters, the advantages from having the marketing office
in overseas location and the company's established relationships
with its key customers, enabling it to procure repeat orders. The
ratings also factor in the firm's lightly leveraged capital
structure with comfortable gearing levels as on March 31, 2015.
Going forward, the firm's ability to attain a sustained
improvement in scale in a profitable manner, while optimally
managing its working capital intensity, will be the key rating
sensitivities.

KPE is a partnership concern engaged in the manufacturing and
export of handicraft items including gift and furniture. The firm
also has a marketing office in Holland which is being looked after
by Mr Narendra Kumar Borad; the overseas office primarily helps
the firm tap the European market, with main focus on Holland and
Germany.

Recent Results
KPE reported a net profit of INR0.14 crore on an operating income
of INR10.55 crore in FY15, as against a net profit of INR0.09
crore on an operating income of INR10.40 crore in FY14. The firm,
on a provisional basis, reported an operating income of INR10.99
crore for eleven months ending February 29, 2016.


LAKSHMI STEEL: CRISIL Lowers Rating on INR85MM Cash Loan to B+
--------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Lakshmi Steel Rolling Mills - Unit II (LSRM) to 'CRISIL
B+/Stable/CRISIL A4' from 'CRISIL BB-/Stable/CRISIL A4+'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            85       CRISIL B+/Stable (Downgraded
                                   from 'CRISIL BB-/Stable')

   Foreign Exchange       14       CRISIL A4 (Downgraded from
   Forward                         'CRISIL A4+')

   Letter of Credit      700       CRISIL A4 (Downgraded from
                                   'CRISIL A4+')

The downgrade reflects CRISIL's belief that LSRM's business risk
profile will remain under pressure over the medium term on account
of the slowdown in ship-breaking activity. Operating margin
declined in 2014-15 (refers to financial year, April 1 to March
31) to 0.7 percent (4.1 per cent in 2013-14). LSRM has not
purchased any ship in 2015-16 on account of volatility in steel
scrap prices and foreign exchange (forex) rate; Sales for the year
is expected at less than INR10-20 million.

The ratings reflect LSRM's small scale of operations and
susceptibility to volatility in forex rates and steel prices.
These rating weaknesses are partially offset by its promoters'
extensive experience in the ship-breaking industry.
Outlook: Stable

LSRM will continue to benefit over the medium term from its
promoters' extensive industry experience. The outlook may be
revised to 'Positive' if the firm reports substantial growth in
topline and profitability, backed by an increase in ship-breaking
activity. Conversely, the outlook may be revised to 'Negative' if
LSRM's liquidity weakens because of any adverse movement in steel
scrap prices, or unfavourable movements in forex rates, leading to
substantial losses.

Set up in 1994, LSRM is a partnership firm engaged in ship-
breaking activities. It has a yard area of 2250 square metres in
Alang (Gujarat), one of the leading centres of the ship-breaking
and recycling industry in Asia. LSRM purchases old ships, breaks
them into steel plates, and supplies the plates to rolling mills
in Gujarat.


LENZ CERAMIC: CRISIL Suspends 'D' Rating on INR120MM Term Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Lenz Ceramic Private Limited (LCPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee        19        CRISIL D
   Cash Credit           50        CRISIL D
   Rupee Term Loan      120        CRISIL D

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

LCPL, incorporated on February 26, 2010, is promoted by Mr.
Jayendra Sanja. The company mainly manufactures vitrified tiles in
dimensions of 24x24 inches. In May 2012, it began manufacturing
glazed vitrified tiles (a high-end product) in similar dimensions;
its manufacturing facility is at Morbi (Gujarat).


MAHALAXMI ASSOCIATES: ICRA Reaffirms B+ Rating on INR6cr Loan
-------------------------------------------------------------
ICRA has re-affirmed the [ICRA]B+ rating to the INR6.00 crore fund
based bank facility of Mahalaxmi Associates Private Limited. ICRA
has also re-affirmed the [ICRA]A4 rating to the INR10.00 crore
non-fund based facilities of MAPL.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Fund
   Based Limits          6.00        [ICRA]B+/Re-affirmed

   Short-term Non-
   fund Based Limits    10.00        [ICRA]A4/Re-affirmed

The re-affirmation of the ratings takes into account MAPL's thin
profitability due to the limited value addition nature of its
business, which witnessed a decline to 1.23% in FY2015 from 2.21%
in FY2014. ICRA notes the high total outside liabilities relative
to tangible net-worth ratio of 6.06 times as on March 31, 2015,
because of significant creditor funding as well as advance from
customers, high competitive intensity of the business with
presence of a large number of players in the unorganized segment
owing to low entry barriers, which further keeps margins under
pressure. The susceptibility of the company's profitability to
fluctuations in foreign currency exchange rates owing to high
dependence on imports is another concern.

The ratings, however, take comfort from the experience of the
company's promoters in the coal trading business, with a number of
group entities also engaged in similar businesses. Other credit
strengths include MAPL's moderate scale of operations, which
witnessed a significant improvement in FY2015, as reflected by an
OI of INR69.54 crore in FY2015 over INR32.82 crore in FY2014, and
comfortable capital structure as reflected by a gearing of 0.96
time as on March 31, 2015.

Incorporated in 1998, MAPL is engaged in trading of coking and
non-coking coal primarily in the northern and north-eastern states
of India. The company commenced trading in sugar and rice from
FY2015 onwards. Its registered office is located at Beltola in
Guwahati, Assam, with branches at Ludhiana (Punjab), Kutch
(Gujarat) and Paradip (Odisha). The company has a number of group
entities, including Mahalaxmi India Private Limited (MIPL, rated
[ICRA]B+ & [ICRA]A4), which are also engaged in coal trading.

Recent Results
During the first eight months of 2015-16, the company has reported
an operating income of INR91.25 crore (provisional). The company
reported a net profit of INR0.38 crore on an operating income of
INR69.54 crore in 2014-15, as compared to a net profit of INR0.18
crore on an operating income of INR32.82 crore in 2013-14.


MAHALAXMI INDIA: ICRA Reaffirms B+ Rating on INR4cr LT Loan
-----------------------------------------------------------
ICRA has re-affirmed the [ICRA]B+ rating to the INR4.00 crore fund
based bank facility of Mahalaxmi India Private Limited. ICRA has
also re-affirmed the [ICRA]A4 rating to the INR12.00 crore non-
fund based facilities of MIPL.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Fund
   Based Limits          4.00       [ICRA]B+/Re-affirmed

   Short-term Non-
   fund Based Limits    12.00       [ICRA]A4/Re-affirmed

The re-affirmation of the ratings takes into account MIPL's thin
profitability due to the limited value addition nature of the
business, which witnessed a decline to 0.80% in FY2015 from 1.35%
in FY2014, thus deteriorating the debt coverage indicators, and
high total outside liabilities relative to tangible net worth
ratio of 16.82 times as on March 31, 2015, on account of
significant creditor funding and advance from customers. ICRA also
takes note of the high competitive intensity of the business with
the presence of a large number of players in the unorganized
segment owing to low entry barriers which keeps the margins under
pressure. The susceptibility of the company's profitability to
fluctuations in foreign currency exchange rates owing to high
dependence on imports is another concern.

The ratings, however, take comfort from the experience of the
company's promoters in the coal trading business with a number of
group entities also engaged in similar businesses. Other credit
strengths include MIPL's moderate scale of operations, which
witnessed a significant improvement in FY2015, as reflected by an
OI of INR78.80 crore in FY2015 compared to INR28.92 crore in
FY2014.

Incorporated in 2000, MIPL is engaged in trading of coking and
non-coking coal primarily in the northern and north-eastern states
of India. The company commenced trading in sugar from FY2015
onwards. Its registered office is located at Beltola in Guwahati,
Assam, with branches at Ludhiana (Punjab), Kutch (Gujarat),
Paradip (Odisha), Meerut (Uttar Pradesh) and Goalpara (Assam). The
company has a number of group entities, including Mahalaxmi
Associates Private Limited (MAPL, rated [ICRA]B+ & [ICRA]A4),
which are also engaged in coal trading.

Recent Results
During the first eight months of 2015-16, the company reported an
operating income of INR53.15 crore (provisional). The company
reported a net profit of INR0.37 crore on an operating income of
INR78.80 crore in 2014-15, as compared to a net profit of INR0.19
crore on an operating income of INR28.92 crore in 2013-14.


MAHARASHTRA ALUMINIUM: CRISIL Assigns B Rating to INR100MM Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' to the bank
facilities of Maharashtra Aluminium and Alloys Private Limited.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Proposed Long Term
   Bank Loan Facility      30      CRISIL B/Stable
   Cash Credit            100      CRISIL B/Stable
   Letter of Credit        20      CRISIL A4

The ratings reflect modest scale of operations and low
profitability susceptible to intense competition in the industry
and below average financial risk profile constrained by small
networth and weak interest coverage. These weaknesses are
partially offset by the extensive experience of promoters and well
established relations with key suppliers and clients and efficient
working capital management.
Outlook: Stable

CRISIL believes that MAAPL will continue to benefit over the
medium term from its promoters extensive experience and the well
established relationships with its key suppliers and customers.
The outlook may be revised to 'Positive' in case of significant
improvement in its cash accrual supported by sustained improvement
in its scale of operations and profitability while maintaining its
efficient working capital management. The outlook may be revised
to 'Negative' in case if the scale of operations and/or operating
profitability declines significantly or in case if the company
incurs larger than expected debt-funded capital expenditure
(capex) plans or increases its exposure to its affiliated entities
leading to worsening of its financial risk profile.

MAAPL was initially set up as a proprietorship firm Maharashtra
Steels in 1982. The firm was converted to a private limited
company in the year 2000 under its current name. The company is
engaged in trading of galvanized and colour coated sheets (MS) in
Latur district. Mr. Manji Patel and Mr. Mandan Patel look after
the day-to-day operations of the company.


MAHAVIR SHIP: ICRA Lowers Rating on INR34.80cr Loan to 'D'
----------------------------------------------------------
ICRA has revised the long term rating assigned to the INR4.00
crore (reduced from INR8.00 crore) cash credit facilities of
Mahavir Ship Breakers from [ICRA]B to [ICRA]D. ICRA has also
assigned long term rating of [ICRA]D to the INR27.00 crore working
capital term loan and INR2.20 crore funded interest term loan
facilities. ICRA has also revised the short-term rating assigned
to the INR34.80 crore (reduced from INR60.00 crore) non fund based
Letter of Credit facility and INR0.70 crore (reduced from INR1.20
crore) forward contract limit from [ICRA]A4 to [ICRA]D.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Working Capital       4.00       Revised to [ICRA]D
                                    from [ICRA]B

   Working Capital      27.00       [ICRA]D; Assigned
   Term Loan

   Funded Interest
   Term Loan             2.20       [ICRA]D; Assigned

   Letter of Credit     34.80       Revised to [ICRA]D
                                    from [ICRA]A4

   Forward Contract      0.70       Revised to [ICRA]D
   Limit                            from [ICRA]A4

The rating revision reflects the pressure on company's liquidity
arising out of inventory losses as well as recent instances of
devolvement of letter of credit bank facility availed by MSB which
has necessitated restructuring of bank facilities. The ratings
also continue to be constrained by MSB's vulnerability to adverse
fluctuations in foreign exchange rates and exposure to adverse
fluctuations in domestic steel scrap prices, the price risks are
compounded because of the long lead time involved in the entire
operations. Further the profitability has witnessed a decline over
previous years on account of rising ship prices and forex losses
booked by the firm. ICRA also notes that the operations remain
exposed to cyclicality inherent in the ship breaking business and
regulatory risks in obtaining requisite approvals prior to
commencement of ship breaking.

However, the ratings favourably factor in the established presence
of MSB in the ship breaking business and strong top line as
compared to its peers.

Incorporated as a partnership firm in 1983, Mahavir Ship Breakers
(MSB) is promoted by Mr. Mukesh Jain. MSB is engaged in the
business of ship breaking and operates on a plot no. 18 leased
from Gujarat Maritime Board at the Alang ship breaking yard. The
firm is involved only in ship breaking activity and does not have
any associate concern.

Recent Results
As per audited results for the year ended March 31, 2015, the firm
reported an operating income of INR128.00 crore with a net loss of
Rs.20.65 crore.


MG HOUSING: CRISIL Suspends B+ Rating on INR300M Term Loan
----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
MG Housing Private Limited (MGPL).

                            Amount
   Facilities              (INR Mln)   Ratings
   ----------              ---------   -------
   Bank Guarantee             100      CRISIL A4
   Proposed Bank Guarantee    150      CRISIL B+/Stable
   Proposed Term Loan         300      CRISIL B+/Stable
   Term Loan                  300      CRISIL B+/Stable

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

MGPL was established in October 2012 by Mr. Ajay Mangal and Mr.
Dinesh Chand Gupta by reconstituting Mangalmay Constructions Pvt
Ltd. The company is developing a residential township (Mulberry
County) in Faridabad and a plotted township in Dharuhera
(Haryana). Mulberry County is its maiden project.


NRI ACADEMY: CRISIL Suspends 'D' Rating on INR70MM Cash Loan
------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
NRI Academy (NRI).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            70       CRISIL D
   Long Term Loan         40       CRISIL D

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

NRI was set up as a partnership firm in 2008 by Mr. Alapati
Rajendra Prasad and his wife, Mrs. Alapati Madhavi. NRI offers
intermediate education, and has colleges in Andhra Pradesh in
Guntur, Vijayawada, Visakhapatnam, Vizianagaram, Eluru, and
Hyderabad.


PASUPATI RICE: CRISIL Assigns B+ Rating to INR80MM Cash Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank loan facility of Pasupati Rice Mills Private Limited.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            80       CRISIL B+/Stable

The rating reflects the company's small scale of operations in the
highly fragmented rice-milling industry, raw material price risk,
dependence on monsoon, and vulnerability to regulations. These
weaknesses are partially offset by the promoters' extensive
experience in rice milling and a diversified customer base.
Outlook: Stable

CRISIL believes that PRMPL will maintain its business risk profile
backed by the promoters' extensive experience in the rice-milling
industry and its diversified customer base. The outlook may be
revised to 'Positive' if the company substantially scales up its
operations along with improvement in profitability resulting in
higher-than-expected cash accrual or if there is infusion of
substantial capital by the promoters leading to significant
improvement in the financial risk profile, particularly liquidity.
Conversely, the outlook may be revised to 'Negative' in case of
lower-than-expected accrual, higher-than-expected stretch in the
working capital cycle, or if PRMPL undertakes any large, debt-
funded capital expenditure leading to deterioration in the
financial risk profile, particularly liquidity.

Incorporated in 2011, PRMPL has set up an 8-tonne-per-hour, non-
basmati rice mill at Patna; the mill commenced operations in
November 2014. The company is promoted by the Singh family (based
in Bihar) that also manages the operations.


PEARSON DRUMS: ICRA Assigns B+ Rating to INR16cr Cash Loan
----------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B+ to the INR1.96
crore term loan, INR16 crore cash credit facility and INR0.04
crore unallocated limits of Pearson Drums & Barrels Private
Limited. ICRA has also assigned a short term rating of [ICRA]A4 to
the INR3.5 crore bank guarantee facility, INR1.5 crore letter of
credit facility and INR2.4 crore stand by line of credit facility
of PDBPL. The above unallocated limits of INR0.04 crore have also
been rated at [ICRA]A4 on the short term scale.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund Based Limit
   Cash Credit           16.00       [ICRA]B+ assigned

   Fund Based Limit
   Term Loan              1.96       [ICRA]B+ assigned

   Fund Based Limit
   Stand by Line of
   Credit                 2.40       [ICRA]A4 assigned

   Non Fund Based Limit
   Bank Guarantee         3.50       [ICRA]A4 assigned

   Non Fund Based Limit
   Letter of Credit       1.50       [ICRA]A4 assigned

   Unallocated Limit      0.04       [ICRA]B+/[ICRA]A4 assigned

The assigned ratings take into account PDBPL's weak financial risk
profile characterized by low net margins, unfavourable capital
structure and depressed debt coverage indicators, and high working
capital intensity of business operations, which has adversely
impacted the company's liquidity position as reflected by fully
utilized working capital limits. The ratings also take note of the
low capacity utilization of the manufacturing facilities which has
kept the return on capital employed at moderate levels and the
highly fragmented and competitive nature of the metal drums
manufacturing industry that keeps a check on the profitability.
The ratings also take into consideration the vulnerability of
PDBPL's profitability arising from fluctuation in raw material
prices, accentuated by high level of raw material inventory
maintained by the company; although presence of price variation
clause minimizes the risk to some extent. The ratings also take
into account the experience of the promoters in the packaging
industry, the favourable location of the manufacturing units in
close proximity to raw material sources and end user industries,
which provides cost advantage on account of reduced freight costs,
and the diversified and reputed clientele largely consisting of
PSU's leading to limited counter party credit risks. Moreover, the
notification from the Government, which enable purchase of steel
barrels from the MSME (Micro Small & Medium Enterprises) is likely
to support the turnover of the company going forward. However,
PDBPL will remain exposed to regulatory risks. In ICRA's opinion,
the ability of the company to improve its profitability while
managing its working capital requirements efficiently would be key
rating sensitivities going forward.

Established in 1991, PDBPL was initially engaged in the trading of
steel drums. Subsequently in 1993 and 1999, the company set up
manufacturing facilities in Kolkata and Mumbai respectively to
manufacture steel barrels and engineering goods including clamps,
barrier fences, rubber support inserts, and other related
accessories. The annual installed capacities of drums at the
Kolkata and Mumbai units are 4,86,000 and 6,00,000 pieces
respectively.


PURULIA CHEMICALS: CRISIL Suspends 'D' Rating on INR30MM Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Purulia
Chemicals Private Limited.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         30       CRISIL D
   Cash Credit            18       CRISIL D

The suspension of ratings 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'.

PCPL was originally set up as a partnership firm by Mr. Rajesh
Kumar Lath and his brother Mr. Satish Kumar Lath in 2003; the firm
was reconstituted as a private limited company in November 2010.
PCPL commenced commercial production in 2005 and produces seedlac,
shellac/aleuritic acid, and button lac, which are used in
processes such as leather polish, varnish, perfume, and food
coating. Nearly 55 per cent of PCPL's revenue comes from shellac,
about 30 per cent from seedlac, and the remainder from button lac.


RNS POWER: CRISIL Assigns 'B+' Rating to INR290MM LT Loan
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facility of RNS Power Limited.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Long Term Loan         290      CRISIL B+/Stable

The rating reflects RNSPL's modest liquidity on account of absence
of debt service reserve account (DSRA), and exposure of revenues
to variability in long-term wind speeds and pattern, and
geographic concentration in the location of its wind electric
generators. These rating weaknesses are partially offset by its
healthy revenue visibility aided by the long-term power purchase
agreement (PPA) with customers and moderate debt service coverage
ratio.
Outlook: Stable

CRISIL believes that RNSPL will continue to benefit over the
medium term from its stable cash accruals backed by its PPA. The
outlook may be revised to 'Positive' if RNSPL's plant load factor
(PLF) consistently exceeds CRISIL's expectations, or if the
company maintains higher than expected DSRA, resulting in
improvement in liquidity. Conversely, the outlook may be revised
to 'Negative' if RNSPL reports low cash accruals, most likely
because of low PLF, or if it undertakes any large debt-funded
capital expenditure, weakening its financial risk profile.

Incorporated in the year 2012, RNSPL operates wind mills in
Karnataka. Based out of Bengaluru, RNSPL belongs to the R.N.Shetty
group of companies.


ROCKY DHAR: ICRA Lowers Rating on INR12cr Cash Loan to 'B'
----------------------------------------------------------
ICRA has revised downwards the long term rating assigned to the
Rs.12 crore cash credit facility and INR3.00 crore untied fund
based limit of Rocky Dhar from [ICRA]BB+ to [ICRA]B. ICRA has also
revised downwards the short term rating assigned to the INR10.00
crore non-fund based bank facility of RD from [ICRA]A4+ to
[ICRA]A4.


                          Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Fund Based Limit
   Cash Credit              12.00       [ICRA]B downgraded

   Fund Based Limit
   Untied Limit              3.00       [ICRA]B downgraded

   Non Fund Based
   Limit Bank Guarantee     10.00       [ICRA]A4 downgraded

The downward revision in the ratings primarily take into account
increase in working capital intensity of operations in the current
fiscal, on account of significant built up of receivables and
reduced creditors, which also led to a stretched liquidity profile
of the firm. The ratings are also constrained by high utilisation
of working capital limits, which restricts its financial
flexibility and significant debt repayment obligations of the
firm, which is likely to impact the overall cash flow position,
going ahead. The ratings also consider the RD's exposure to high
sectoral and geographical concentration risks, and fragmented
nature of the road construction business, which coupled with a
tender based contract awarding system leads to intense competition
from peers and keeps the margins under check. ICRA notes the top-
line growth achieved by the firm in last two fiscals; though the
current scale of operations still remains modest. Moreover, the
firm is exposed to risk associated with RD's legal status as a
proprietorship firm, including the risk of withdrawal of capital
by the proprietor. The ratings, however, derives comfort from RD's
status as a registered Class I contractor with the Public Works
Department (PWD), Meghalaya, which enables the firm to bid for
large Government contracts across the state, moderate level of
order book position of the firm, providing revenue visibility in
the near term at least, and comfortable level of profitability and
coverage indicators; although the same witnessed deterioration
over the past few years.

Mr. Rocky Dhar, proprietor of M/s Rocky Dhar (RD) forayed into
civil construction business in 2009. The proprietor was earlier
involved in trading of coal, limestone, stone chips, etc in
Meghalaya region. The firm is primarily engaged into road
construction activities and is also involved in the construction
of hotels, office and residential complexes. In 2013, the firm has
also set-up a stone crushing unit in Meghalaya. The firm operates
through its registered office in Shillong, Meghalaya. RD is
registered as a Class I contractor with Public & Works Department
(PWD), Meghalaya and is also enlisted with major Government
departments and public sector undertakings.

Recent Results
During the first 10 months of 2015-16, RD posted a net profit of
INR5.14 crore (provisional) on an operating income of INR89.56
crore (provisional). The firm reported a net profit of INR5.39
crore on an operating income of INR82.55 crore in 2014-15.


S.M. COLD: ICRA Suspends 'B' Rating on INR5.03cr Loan
-----------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B assigned to the
INR0.52 crore term loan and has suspended the short term rating of
[ICRA]A4 assigned to the INR5.03 crore fund based and INR0.26
crore non fund limit of S.M. Cold Storage Private Limited. The
proposed amount of INR0.19 crore rated on long term/short term
scale has also been suspended. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of the
requisite information from the company.


SAINOR PHARMA: ICRA Reaffirms B+ Rating on INR4.40cr LT Loan
------------------------------------------------------------
ICRA has reaffirmed the long-term rating assigned to the INR3.60
crore (revised from INR3.81 crore) fund based limits and INR4.40
crore (revised from INR4.19 crore) unallocated limits of Sainor
Pharma Pvt. Ltd. at [ICRA]B+. ICRA has also reaffirmed the short
term rating assigned to the INR2.00 crore fund based and INR2.00
crore non-fund based limits of SPPL at [ICRA]A4.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long Term Fund
   Based Limits           3.60       [ICRA]B+; reaffirmed

   Short Term Fund
   Based Limits           2.00       [ICRA]A4; reaffirmed

   Short Term Non-
   Fund Based Limits      2.00       [ICRA]A4; reaffirmed

   Long Term Un-
   allocated Limits       4.40       [ICRA]B+; reaffirmed

The rating reaffirmation continues to be constrained by small
scale of SPPL's operations in the pharmaceutical industry; high
product concentration with ~75% of revenues being contributed by
single product Omeprazole and high exposure to mature anti-
ulcerative therapeutic segment resulting in limited pricing power
and thereby constraining the margins. The ratings also consider
high exposure of the company to forex risk in the absence of any
hedging mechanism in place; high customer concentration with top
10 customers contributing 63% of total sales in FY2015; and
decline in realizations from Omeprazole led to dip in contribution
from this product, however, with change in product mix coupled
with enhanced capacity, the revenue has increased over the last
two years. The ratings however positively takes into account long
standing experience of the promoters in the pharmaceutical
industry; established relationships with reputed domestic and
international clientele with repeated orders over the last two
years; and moderate financial profile of the company with gearing
of 0.84 times and moderate coverage indicators as on March 31,
2015.

Going forward, ability of the company to diversify its product
portfolio, increase its scale and profitability by introducing new
products, and managing of working capital requirements will be the
key rating sensitivities from credit perspective.

Sainor Pharma Private Limited (SPPL), incorporated in March 2004,
is involved in the manufacture of drug loaded pellets (Semi
formulation/Pelletisation). The company is primarily engaged in
pelletisation of anti-ulcer drugs like Omeprazole, Lansoprazole
etc. The company markets its products to domestic pharmaceutical
companies, pharmaceutical traders for exports besides direct
exports to countries like Thailand, Bangladesh and China. The
company's facility is CGMP (Current Good Manufacturing Practice)
and WHO GMP certified. The company's manufacturing facility is
located in Jeedimetala, Hyderabad and is promoted by Mr. U. Tata
Rao who is the chairman and Managing Director, Mr. S.P. Naidu, Mr.
Ch A.P. Rameshwar Rao and Mr. T Venkateswara Rao who are the
directors of the company and have vast experience in the
pharmaceutical industry.

Recent Results
As per audited financials for FY2015, SPPL reported an operating
income of INR48.07 crore with profit after tax of INR0.40 crore as
against INR39.35 crore of operating income with profit after tax
of INR0.24 crore in FY2014. As per provisional no's for 6m,
FY2016, SLPL reported an operating income of INR22.68 crore with
OPBDIT of INR0.87 crore (unaudited and provisional).


SANJAY RICE: ICRA Reaffirms 'D' Rating on INR4.16cr Term Loan
-------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]D assigned to
the INR4.16 crore term loan, INR2.75 crore cash credit and INR1.27
crore untied limit of Sanjay Rice Mills Private Limited. ICRA has
also reaffirmed the short-term rating of [ICRA]D assigned to the
INR0.32 crore bank guarantee limit of SRMPL.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based Limit-
   Cash Credit           2.75         [ICRA]D reaffirmed

   Fund Based Limit-
   Term Loan             4.16         [ICRA]D reaffirmed

   Fund Based Limit-
   Untied                1.27         [ICRA]D reaffirmed

   Non-Fund Based
   Limit Bank Guarantee  0.32         [ICRA]D reaffirmed

The reaffirmation of the rating primarily takes into account the
continuing delays in servicing of debt obligations by the company
on account of its stretched liquidity position, leading to overdue
principal and interest on term loans. The rating also takes into
account the small scale of current operations, low entry barriers
and highly fragmented industry, characterized by intense
competition among a large number of players, which keep margins
under check and exposure to the inherent risks of agro-based
businesses, such as changes in Government policies and agro-
climatic conditions affecting the harvest. The rating also factors
in the highly working capital intensive nature of operations on
the back of high receivables and inventory holding, which exert
pressure on the liquidity of the company. The rating, however,
favourably considers the experience of the promoters in the rice
milling business through one of its group entities and proximity
to raw material sources, as the plant is favourably located amid a
major paddy growing area.

Incorporated in 2011, SRMPL is engaged in milling non-basmati rice
with a de-husking capacity of 6 metric tonne per hour (MTPA). The
manufacturing facility of the company is located at Cooch Behar,
West Bengal. The company commenced its commercial operation from
October 2014.

Recent Results
The company has achieved a turnover of INR22.74 crore during the
first nine months of 2015-16 (provisional). The company reported a
net loss of INR0.03 crore on an operating income of INR8.05 crore
in 2014-15.


SHAFEEQ SHAMEEL: CRISIL Cuts Rating on INR50MM Loan to B+
---------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Shafeeq Shameel and Co. (SSC) to 'CRISIL B+/Stable/CRISIL A4' from
'CRISIL BB-/Stable/CRISIL A4+.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         2.5      CRISIL A4 (Downgraded from
                                   'CRISIL A4+')

   Export Packing        50.0      CRISIL B+/Stable (Downgraded
   Credit                          from 'CRISIL BB-/Stable')

   Foreign Bill         110.0      CRISIL A4 (Downgraded from
   Discounting                     'CRISIL A4+')

   Letter of Credit      20.0      CRISIL A4 (Downgraded from
                                   'CRISIL A4+')

   Standby Line of       27.5      CRISIL B+/Stable (Downgraded
   Credit                          from 'CRISIL BB-/Stable')

The downgrade reflects the deterioration of SSC's business risk
profile, because of decline in operating margins and lower than
expected operating income. The company is estimated to report
revenues of INR 890 million during 2015-16 (refers to FY April 1
to March 31) as against CRISIL's expectations of around INR1.1
billion. Further operating margins have also declined to around 5
percent for 2015-16 from 7 percent for 2014-15. The decline in
operating performance is primarily on account of sluggish demand
for leather products in the export market and intense competition
in the industry. The decline in operating performance shall weaken
the financial risk profile as will be reflected in the high
gearing and weak debt protection metrics. CRISIL believes that
SSC's operating performance shall remain under pressure over the
medium term on account of intense competition and muted demand for
finished leather.

Outlook: Stable
CRISIL believes SSC 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 improves its
financial risk profile, either through substantial cash accrual
backed by increased scale of operations and operating
profitability, or through equity infusion. Conversely, the outlook
may be revised to 'Negative' if liquidity weakens because of
sizeable capital withdrawal, or significant debt-funded capital
expenditure, or stretch in working capital cycle.

SSC, set up in 1967 by Mr. N Mohammed Sayeed and based in Chennai,
undertakes vegetable tanning of raw hides (goat skin) to produce
finished leather.


SHANTAI EXIM: ICRA Revises Rating on INR7cr LT Loan to B-
---------------------------------------------------------
ICRA has revised the long-term rating assigned to the INR7.00
crore fund-based bank facility of Shantai Exim Limited from
[ICRA]B+ to [ICRA]B-. ICRA has reaffirmed the short-term rating of
[ICRA]A4 assigned to the INR23.00 crore fund-based bank facilities
of the company.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long Term Fund
   Based Limit           7.00       [ICRA]B- Revised from
                                    [ICRA]B+

   Short Term Fund
   Based Limits         23.00       [ICRA]A4 Reaffirmed

The revision in rating takes into account the weakness in
financial performance of the company in 2014-15 characterized by
sharp fall in profit margins and stretched liquidity position of
the company as depicted by increased working capital requirements
with significant increase in debtor days which was managed by
stretched creditors. This has also resulted in deterioration in
capital structure, and weakened coverage indicators. ICRA also
notes that the company's operating performance has deteriorated in
2014-15 owing to weak demand conditions, intense competitive
pressure in the business and also on account of inventory losses
due to sharp decline in prices of raw materials (which are linked
to crude oil). The profitability is also exposed to foreign
exchange fluctuations risk due to the company's exposure to
international markets.

However, the ratings favorably factor in the long experience of
the promoters in the textile industry and the location advantages
arising from its presence in the textile hub of Surat thus giving
the company access to a large base of suppliers.

Incorporated in 2004, Shantai Exim Limited (SEL) is engaged in the
manufacture and export of women's fashion wear, mainly sarees and
dress materials to Indonesia, Pakistan, Vietnam, Turkey, etc. The
company is also engaged in the trading of fancy yarn. The company
has its registered office and manufacturing facility at Surat.

Recent Results
In the financial year 2014-15, SEL registered a profit after tax
(PAT) of INR2.17 crore on an operating income of INR269.11 crore.


SHIVKRUPA COTTON: CRISIL Suspends D Rating on INR30MM Cash Loan
---------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Shivkrupa Cotton Industries (SCI).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            30       CRISIL D
   Proposed Long Term
   Bank Loan Facility     20       CRISIL D
   Term Loan              30       CRISIL D

The suspension of rating is on account of non-cooperation by SCI
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SCI is yet to
provide adequate information to enable CRISIL to assess SCI'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 May 2011, SCI is promoted by the Patan (Gujarat)-
based Mr. Kirtibhai Sambhubhai Thakkar and Mr. Somaji Sardarjji
Thakur. It manufactures and de-lints cotton black seed and cotton
lint from unprocessed cotton seeds.


SHREE GAJKESHRI: CRISIL Assigns B Rating to INR56.5MM LT Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Shree Gajkeshri Fabrics (SGF). The rating
reflects the firm's start-up phase of operations in the highly
fragmented textile industry, and high gearing. These rating
weaknesses are partially offset by the extensive industry
experience of the firm's promoter and funding support received
from him.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Proposed Long Term
   Bank Loan Facility    23.5      CRISIL B/Stable
   Cash Credit           30        CRISIL B/Stable
   Long Term Loan        56.5      CRISIL B/Stable

Outlook: Stable

CRISIL believes SGF will continue to receive funding support from
its promoter over the medium term. The outlook may be revised to
'Positive' in case of earlier-than-expected ramp-up of operational
income, leading to better-than-expected cash accrual. Conversely,
the outlook may be revised to 'Negative' in case of lower-than-
anticipated capacity utilisation, pressure on profitability
negatively affecting cash accrual, or more-than-expected reliance
on debt to fund working capital requirement, leading to weakening
of the firm's financial risk profile.

SGF was established in August 2015 by Mr. Keshri Chhajer. It was
formed to manufacture and supply ready-to-stich material for
sarees, suits, and other garments. Its manufacturing facility is
being set up in Pali, Rajasthan.


SHRIRAM TRANSPORT: S&P Assigns 'BB+' ICR; Outlook Stable
--------------------------------------------------------
Standard & Poor's Ratings Services said it has assigned its 'BB+'
long-term and 'B' short-term issuer credit ratings to India-based
Shriram Transport Finance Co. Ltd. (STFC).  The outlook on the
long-term rating is stable.

"The rating on STFC reflects the company's good business position,
capitalization, and earnings profile," said Amit Pandey, a credit
analyst at Standard & Poor's.  "However, the company's inherently
high credit costs temper these strengths.  We assess STFC's stand-
alone credit profile as 'bb+'."

S&P believes that Indian finance companies (fincos) like STFC face
greater industry risk relative to banks because fincos usually
have no access to central bank funding, and have lower barriers to
entry and less stable revenues.  Fincos also have less onerous
regulations, notwithstanding some requirements on capital
adequacy, asset quality, and asset-liability management.  S&P's
'bb' anchor for STFC is therefore two notches below the bank
anchor derived from our Banking Industry Country Risk Assessment
for India.  Like other Indian financial institutions, fincos
benefit from low economic imbalances, intermediate private sector
leverage, and relatively limited competition.  India's low income
economy and weak foreclosure laws temper these advantages.

S&P expects STFC to maintain its dominant position in its niche
market for pre-owned commercial vehicles (CV).  STFC's asset base
accounts for less than 1% of the Indian financial system; however,
the company has a strong market position as the largest CV
financier in India.  In the pre-owned segment, STFC has a 25%-27%
share (92% of assets under management).  The company has good
customer loyalty, given its long track record (of over 30 years)
in the business and distribution network of 822 branches and 779
rural centers as of December 2015; STFC has also set up a
secondary CV sales market place.  S&P expects STFC to continue to
generate most of its operating revenues from interest income (more
than 90% on average over the past five years).

Although most of its earnings are derived from vehicle financing
within India, the company has some diversification, given its pan-
India presence and focus on different vehicle categories.  Heavy
CVs account for 48% of assets under management, compared with
medium and light CVs (21%), and passenger vehicles (23%).

The management and governance of STFC is satisfactory, in S&P's
view.  The board includes a majority of independent directors, and
the company has a track record of identifying a market niche with
limited competition from organized financiers (including banks)
and increasing its portfolio with satisfactory profitability.

S&P's assessment of STFC's capital, leverage, and earnings
reflects S&P's expectation that the company's pre-diversification
risk-adjusted capital (RAC) ratio will remain above 10% over the
next 12-18 months, compared with 11.4% as of March 2015.  STFC's
earnings are characterized by higher yield on the pre-owned CV
portfolio and low operating costs to compensate for high cost of
wholesale borrowings and credit costs.  STFC's return on assets of
3.2% in the past five years is higher than the banking industry
average of 1% and comparable to some of the other fincos that S&P
rates in India, such as Power Finance Corp. Ltd. and Kotak
Mahindra Prime Ltd.

S&P expects STFC's assets to grow at 13%-14% on average over the
next 12-18 months, with some improvement in net interest margins.
S&P's view reflects a reduction of interest rates in India,
resulting in improving profitability.

Credit costs for STFC are likely to remain high.  The company's
profitability has declined in the past three to four years due to
higher wholesale funding rates in India, lower income from
securitization, and higher credit costs.

S&P's assessment of STFC's risk position reflects the company's
elevated credit costs due to inherent weakness in its borrowers
and asset profile, and cyclical weakness in the rural economy and
infrastructure activity in India.  STFC caters to small road
transport owners, which typically own two to three trucks and rely
on the financed assets to generate income for debt servicing.  The
cash flows of such borrowers could be erratic.  STFC's portfolio
has been further affected by weak infrastructure activity in India
over the past few years and two consecutive below-par monsoon
seasons that have undermined the rural economy.

S&P expects the credit provisions for STFC to remain high over the
next 12-18 months as: (1) the company moves to tighter recognition
norms for nonperforming assets (NPAs) (the regulator has tightened
the NPA recognition from 180 days past due to 90 days by March
2018); and (2) recovery in the rural economy remains contingent on
a normal monsoon season this year.  The commercial equipment
business of STFC's subsidiary may also require provisioning.
Despite such challenges and to mitigate the risks, the company has
relied on domain knowledge of the CV market in valuing the pre-
owned vehicles and ascertaining the debt-servicing ability of
borrowers, granularity of loan ticket size, relationship-based new
customer referrals, and tight collection mechanism.

S&P's stable outlook reflects its expectation that STFC will
sustain its good market position in the pre-owned CV financing
segment along with stable growth, capitalization, and earnings
over next 12-18 months.

S&P may lower the rating if STFC's RAC ratio declines below 10%,
which could happen if: (1) the company grows more than S&P's
expectations; (2) its profitability deteriorates and credit costs
increase sharply; or (3) economic risk in India increases.

S&P is unlikely to raise the rating in the outlook horizon because
used CVs, which comprise a majority of STFC's assets, are highly
sensitive to economic fluctuations, in S&P's view.


SIGMA GALVANIZING: CRISIL Reaffirms B- Rating on INR117.6MM Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Sigma Galvanizing Pvt
Ltd (SGPL) continue to reflect its modest scale of operations,
large working capital requirements, and a weak financial risk
profile because of modest net worth, high gearing,below-average
debt protection metrics, and stretched liquidity. These weaknesses
are partially offset by the extensive experience of the promoters
in the galvanisation industry.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         5        CRISIL A4 (Reaffirmed)
   Cash Credit           75        CRISIL B-/Stable (Reaffirmed)
   Letter of Credit      20        CRISIL A4 (Reaffirmed)
   Long Term Loan       117.6      CRISIL B-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SGPL will continue to benefit from the
promoters' extensive industry experience and their funding
support. The outlook may be revised to 'Positive' if there is
substantial and sustained improvement in revenues and operating
margin, leading to higher-than-expected cash accrual, along with
efficient working capital management. Conversely, the outlook may
be revised to 'Negative' in case of lower-than-expected cash
accrual or larger-than-expected working capital requirements or if
large,debt-funded capital expenditure leads to deterioration in
the financial risk profile, particularly liquidity.

Incorporated in 1989, SGPL is a Navi Mumbai-based company that is
engaged in the galvanisation of iron and steel products, roll
forming, and manufacturing electroforged gratings. Promoted by a
group of technocrats, its facilities have a galvanization capacity
of 2400 tonnes per month.


SRIKARA PACKAGING: ICRA Suspends B+ Rating on INR4cr Loan
---------------------------------------------------------
ICRA has suspended the long-term rating of [ICRA]B+ outstanding on
the INR4.00 crore term-loans and on the INR4.00 crore fund based
limits of Srikara Packaging Private Limited. The suspension
follows ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.

According to its suspension policy, ICRA may suspend any rating
outstanding if in its opinion there is insufficient information to
assess such rating during the surveillance exercise.


TARUN SHREE: CRISIL Suspends B- Rating on INR1.23BB Term Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Tarun
Shree Cotton Spintex Private Limited (TCSPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Proposed Bank
   Guarantee              100      CRISIL A4
   Proposed Cash
   Credit Limit           600      CRISIL B-/Stable
   Proposed Term Loan    1234.8    CRISIL B-/Stable
   Term Loan              235.2    CRISIL B-/Stable

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

TCSPL was incorporated in June 2012 by Mr. Chava Sivarama Krishna
and his family members. The company is setting up a cotton
spinning unit with 34,560 spindles in Rayagada (Odisha). The
construction commenced in September 2012 and commercial production
is expected to begin by May 2015.


TRIVENI SHIP: CRISIL Reaffirms B+ Rating on INR50MM Cash Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Triveni Ship Breakers
(Triveni) continue to reflect Triveni's small scale of operations,
and susceptibility to volatility in foreign exchange (forex) rates
and steel prices. These weaknesses are partially offset by its
promoters' extensive experience in the ship-breaking industry.

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

   Letter of Credit       440      CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      9.8     CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes Triveni will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the firm reports
substantial growth in topline and profitability, backed by
increase in ship-breaking activity. Conversely, the outlook may be
revised to 'Negative' if its liquidity is constrained on account
of inability to recover cost of ship purchase because of sharp
fall in steel scrap prices or adverse movement in forex rates.

Triveni was established in 1983 by Mr. Yogesh Kanakiya and his
brother Mr. Nitin Kanakiya in Bhavnagar. The firm has capacity to
break various types of ships, such as general cargo ships, oil
tankers, reefers, and bulk carriers, at its unit in Alang.

For 2014-15 (refers to financial year, April 1 to March 31), its
net profit was Rs.1.31 million on net sales of Rs.5.70 million,
against net profit of Rs.3.58 million on net sales of Rs.190.5
million for 2013-14.


TUFFWARE INDUSTRIES: CRISIL Lowers Rating on INR80MM Loan to D
--------------------------------------------------------------
CRISIL has downgraded its rating on the short-term bank facilities
of Tuffware Industries (TI) to 'CRISIL D' from 'CRISIL A4'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee        0.5       CRISIL D (Downgraded from
                                   'CRISIL A4')

   Bill Discounting     80.0       CRISIL D (Downgraded from
                                   'CRISIL A4')

   Letter of Credit      5.0       CRISIL D (Downgraded from
                                   'CRISIL A4')

   Overdraft Facility    2.6       CRISIL D (Downgraded from
                                   'CRISIL A4')

   Packing Credit       47.5       CRISIL D (Downgraded from
                                   'CRISIL A4')

   Proposed Short Term
   Bank Loan Facility    5.4       CRISIL D (Downgraded from
                                   'CRISIL A4')

The downgrade reflects irregularities in TI's packing credit limit
for more than 30 days as on February 29, 2016.

TI also has a modest scale of operations, is susceptible to raw
material price volatility, and has a weak financial risk profile
However, TI benefits from the promoters' extensive experience in
the stainless steel utensil industry and their established
customer relationships.

TI was established in 1994 by the Mumbai-based Ganger family. The
firm manufactures and exports stainless steel utensils and non-
stick cookware. It sells its products primarily to Latin American
and African countries through agents and traders based in these
countries. TI has its manufacturing unit at Vasai, Maharashtra.


VEDIC AND FUTURISTIC: CRISIL Rates INR1.0BB Term Loan at 'B'
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Vedic And Futuristic Edutech (VAFE). The rating
reflects VAFE's exposure to implementation risks on the hospital
project, with stabilisation of operations. These rating weaknesses
are partially offset by the extensive experience of promoters in
managing hospital operations and benefits expected from robust
growth prospects for the healthcare industry, with location
advantage.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Term Loan             1000      CRISIL B/Stable

Outlook: Stable

CRISIL believes VAFE will maintain its credit risk profile, backed
by the promoters' funding support, and location advantage. The
outlook may be revised to 'Positive' in case of timely execution
of the project within the projected cost or higher-than-expected
occupancy levels and profitability, resulting in higher-than-
expected accrual and thus better financial risk profile.
Conversely, the outlook may be revised to 'Negative' in case of
any time or cost overrun, adversely impacting the financial risk
profile and thus the debt-servicing ability.

VAFE was set up in October 2012 by Mr. Kapil Mishra and Dr.
Shubhshree. It proposes to set up a hospital, TSM Hospital and
Medical College, with 400 beds, along with a number of key medical
facilities nearby Amausi railway station Lucknow. The hospital is
proposed to be expanded to 700 beds in future.


VIDYA POLYMER: ICRA Reaffirms B+ Rating on INR4.5cr Loan
--------------------------------------------------------
ICRA has reaffirmed its long-term rating of [ICRA]B+ on the
INR8.00 crore fund based facilities of Vidya Polymer Private
Limited. ICRA has also reaffirmed its short-term rating of
[ICRA]A4 on the INR1.50 crore non-fund based bank facilities of
the company.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   CC                     4.50       [ICRA]B+; reaffirmed
   Term Loan              3.50       [ICRA]B+; reaffirmed
   LC                     1.50       [ICRA]A4; reaffirmed

The rating reaffirmation takes into account the ~16% year-on-year
increase in VPPL's operating income in FY15, on account of high
demand from its major client, Haldiram Snacks Pvt Ltd, however
this has been accompanied by a deterioration in the company's
capital structure on account of increase in long term borrowings
for enhancement in the production capacity. ICRA also takes note
of the high utilization of the company's working capital limits.
ICRA's ratings continues to factor in VPPL's modest scale of
operations and the highly competitive and fragmented nature of the
industry in which it operates, which limits the pricing
flexibility of the company. VPPL's profitability is also
vulnerable to raw material price volatility. These factors have
led to thin profitability and weak debt protection indicators for
VPPL. Nevertheless, the ratings derive comfort from the extensive
experience of the promoters in the packaging business, and its
established relationships with its key customers; these factors
have supported the strong growth registered by the company over
the years.

Going forward, the ability of the company to increase its scale of
operations in a profitable manner while attaining optimal working
capital intensity will be the key rating sensitivities.

VVPL, incorporated in 2006, manufactures packaging materials,
mainly for the food and pan masala industries. The manufacturing
facility of the company is located in Noida, Uttar Pradesh.

Recent Results
The company reported a net profit of INR0.26 crore on an operating
income of INR53.59 crore in FY15, as against a net profit of
INR0.10 crore on an operating income of INR46.20 crore in the
previous year. The company, on a provisional basis, reported an
operating income of INR57.11 crore for the nine months ending
December 31, 2015.


WATER SYSTEMS: ICRA Suspends B+ Issuer Rating
---------------------------------------------
ICRA has suspended the issuer rating of Ir B+ of Water Systems
India Private Limited. The suspension follows ICRA's inability to
carry out a rating surveillance in the absence of the requisite
information from the entity.

According to its suspension policy, ICRA may suspend any rating
outstanding if in its opinion there is insufficient information to
assess such rating during the surveillance exercise.


WESTERN CONSTRUCTION: ICRA Assigns B+ Rating to INR140cr Loan
-------------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B+ to the INR140.00
crore long term loans of Western Construction Co. (Gujarat) LLP.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Term Loan            140.00        [ICRA]B+ assigned

The assigned rating takes into account the long experience of the
promoters of Western Construction Co. (Gujarat) LLP (WCC) in the
real estate development sector and the favorable location of
ongoing commercial project.

The rating, however, is constrained by high execution risks and
market risks related to the ongoing commercial project, given the
nascent stage of development of the project. ICRA also notes the
firm's exposure to increasing competition from the upcoming
projects in the vicinity. The rating also takes into account the
high funding risks as the secured debt funding has not been tied
up and unsecured loans inflow has not commenced yet. Hence timely
inflow of secured debt funding, unsecured loans and collection of
advances remains critical for project completion. Besides, ICRA
also takes into account the risks associated with the legal status
as a partnership firm, including the risks of withdrawal of
capital.

Western Construction Company (Gujarat) LLP has been into the
business of development of commercial projects and is a part of
the Western Group which has completed many residential and
commercial projects till date. The group has completed 14 projects
in Surat till date with a total saleable area of 54.66 lakh sq.
ft. WCC has its registered office located in Surat, Gujarat.



=================
I N D O N E S I A
=================


BUMI SERPONG: Fitch Affirms 'BB-' LT FC IDR; Outlook Stable
-----------------------------------------------------------
Fitch Ratings has affirmed Indonesia-based homebuilder PT Bumi
Serpong Damai Tbk's (BSD) Long-Term Foreign-Currency Issuer
Default Rating (IDR) at 'BB-'.  The Outlook is Stable.  The agency
has also affirmed the company's 'BB-' senior unsecured rating and
the 'BB-' rating on its outstanding USD225 mil. 6.75% senior
unsecured bond, which is due in 2020.  The US dollar bond is
issued by BSD's subsidiary, Global Prime Capital Pte Ltd, and
guaranteed by BSD.

The ratings affirmation reflects BSD's business profile as one of
the largest Indonesian homebuilders, a strong recurring cash flow
from its granular investment property portfolio and robust balance
sheet with low leverage.  The senior unsecured ratings reflect low
subordination risk to this debt class because of the high coverage
provided by BSD's unencumbered assets.  This is why the senior
unsecured rating is at the same level as the Long-Term IDR.

                         KEY RATING DRIVERS

2015 Presales Outperformed Peers: BSD's presales increased 5%
during 2015 to IDR6.7trn, despite weak domestic property demand.
In contrast, most domestic peers recorded decreases in presales
amid challenging macroeconomic conditions.  However, BSD's
presales were 6% lower than its own targets, as the company
postponed three condominium launches to 2016.  BSD's diversity
across property products and price points is a key driver of its
performance, allowing the company to adjust sales plans to match
demand.

Strong Recurring Cash Flow: Investment property generated around
USD67m in EBITDA during 2015.  The company owns 18 assets,
including suburban retail malls catering to the mass market, a mix
of prime and suburban office space and two resort hotels.  While
2015 investment property EBITDA was 15% lower than Fitch's
expectations due to slower ramp up of some of BSD's newer
properties, overall occupancy was strong at 95%.  Asset
concentration is modest, with the five largest assets accounting
for 62% of income.

Subsidiary Owns Investment Property: Most of BSD's investment
property is held through its 88.56% owned listed subsidiary, PT
Duta Pertiwi Tbk (DUTI).  A significant dilution in BSD's
ownership of DUTI, although not expected in the medium term, may
reduce BSD's access to DUTI's recurring cash flow and increase
risk to BSD's creditors.

Strong Balance Sheet, Large Land Bank: BSD has a track record of
maintaining a strong balance sheet.  At the end of December 2015,
its leverage, measured as net debt/adjusted inventory, was just
10.2%.  Fitch expects leverage to remain below 25% over the medium
term.  Its land bank amounted to 39.5 million square meters at the
end of 2015. Uniquely, the title to 63% of BSD's land bank is
under the company founders' names, an arrangement dating back to
BSD's inception.  A legally binding agreement confers the rights
to developing the land to BSD.  To be conservative, Fitch has
excluded the portion of land under the founders' names from its
leverage calculation.  But it should be noted that this agreement
has not been breached since its inception.

High Capex, Geographically Concentrated Sales: BSD expects to
spend around IDR8trn between 2016 and 2018 on expanding its
investment property portfolio to over 30 properties.  Fitch
expects execution risk to be mitigated by the company's track
record of successfully developing similar properties.  BSD
anticipates spending a further IDR2trn on land banking annually
until 2018.  In 2015, nearly 70% of BSD's presales were in within
the BSD City township in the Serpong region outside Jakarta, but
were diversified across various residential and commercial
clusters.

                          KEY ASSUMPTIONS

Fitch's key assumptions include:

   -- Presales of IDR6.4trn in 2016
   -- Cash collection cycle on development projects to remain
      between two to three years on average, in line with current
      trends
   -- Investment properties to generate around IDR1.2trn EBITDA
      in 2016 (2015: IDR904 bil.)
   -- BSD to spend over IDR6trn on capex in 2016 and 2017 and
      around IDR4trn on land banking over the same period

                       RATING SENSITIVITIES

Positive: Fitch does not expect BSD's ratings to be upgraded in
the next 24 months, given the company's evolving investment
property portfolio compared to higher rated international peers
and high capex and execution risks related to the investment
property expansion.  Over the longer-term, the following may
result in an upgrade:

   -- Increased scale and granularity of the investment property
      portfolio, so it generates over USD120m, with the five
      largest assets accounting for less than 50% of revenue in
      this segment

   -- Investment property EBITDA/net interest expense higher than
      2.5x (2015: 2.9x)

   -- Leverage sustained below 30%

Negative: Future developments that may, individually or
collectively, lead to negative rating action include:

   -- Investment property EBITDA/net interest expense sustained
      below 1.75x

   -- Leverage sustained above 40%

                            LIQUIDITY

Strong Liquidity: At the end of 2015 BSD had IDR6.1trn of readily
available cash against IDR7.9trn of gross debt.  IDR1.8trn of debt
consists of short-term secured working capital facilities, with a
further IDR159bn of current maturities and capital leases.  Fitch
expects BSD to generate a free cash outflow of around IDR800 bil.
in 2016, after factoring in capex and land banking.  The company
also has a further IDR750bn of approved but unutilised credit
facilities outstanding.



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


TOSHIBA CORP: Sells Medical Devices Unit to Canon For JPY665.5BB
----------------------------------------------------------------
Japan Today reports that Toshiba Corp. has sold its medical
devices unit to camera and office equipment maker Canon for
JPY665.5 billion, it said March 17, as it sheds businesses to
recover from a major accounting scandal.

The report relates that the deal came as Toshiba's share price
plunged nearly eight percent after a report it was under
investigation by U.S. authorities over allegations it hid losses
in its nuclear business.

It comes as Toshiba expects a whopping loss of about JPY650
billion for the year to March due to sagging global demand and a
profit-padding scandal, in which high-handed bosses for years
systematically pushed their subordinates to cover-up weak
financial figures, according to Japan Today.

Japan Today notes that following the scandal, Toshiba has ushered
in thousands of job cuts and plans to sell various business units
in a bid to revive its fortunes.

Under the deal, Toshiba sold all its shares in Toshiba Medical
Systems, a major producer of medical imaging tools such as MRI and
CT scans, to Canon, the report states.

Separately, Toshiba said it had reached a basic accord to sell a
majority interest in its home appliance business to China's Midea,
though a Toshiba spokeswoman said a price for the deal had yet to
be announced, Japan Today reports.

She said the two sides were scheduled to reach a final accord by
the end of March, the report relates.

Japan Today says sales in Toshiba's home appliance business came
to JPY225.4 billion for the fiscal year to March 2015, the most
recent annual figure available.

In December, Japan's Securities and Exchange Surveillance
Commission said Toshiba should be slapped with a record
JPY7.37 billion fine over the profit-padding scheme that hammered
the reputation of one of Japan's best-known firms, according to
Japan Today.

                      About Toshiba Corp.

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

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

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

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

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

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

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


TOSHIBA CORP: Says US Units Are Investigated Over Accounting
------------------------------------------------------------
Kyodo News reports that Toshiba Corp. said on March 18 its U.S.
units are being investigated by the U.S. Justice Department and
Securities and Exchange Commission over accounting practices.

According to the report, the companies, including Toshiba's U.S.
nuclear unit Westinghouse Electric Co., have received a request
from the U.S. authorities to provide certain information.

Toshiba declined to elaborate on the investigation, Kyodo says.

In November, Toshiba revealed that Westinghouse had written down
assets by $1.3 billion in total for the 2012 and 2013 business
years, Kyodo recalls. The revelation came after the Tokyo Stock
Exchange urged Toshiba to disclose information about the loss in
the 2012 business year, Kyodo notes.

Kyodo says Toshiba has been engulfed in an accounting scandal that
led to downward revisions totaling 224.8 billion yen to its past
earnings on a pretax basis over nearly seven years, and a revamp
of its money-losing businesses.

                      About Toshiba Corp.

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

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

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

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

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

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

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


                             *********

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

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

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


                            *********


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

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

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

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

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



                 *** End of Transmission ***