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

                      A S I A   P A C I F I C

            Friday, April 15, 2016, Vol. 19, No. 74


                            Headlines


A U S T R A L I A

FACE TO FACE: Falls Into Administration
JOHANNA JOHNSON: Fashion Designer Puts Firm in Administration
MASSENA PTY: Business, Assets Up for Sale
PACIFIC COAST: First Creditors' Meeting Set for April 26
PATHOLD PTY: First Creditors' Meeting Set for April 22

QUEENSLAND NICKEL: Palmer Says Cheaper to Save Firm Than Shutdown


C H I N A

ARMCO METALS: Receives NYSE Listing Non-Compliance Notice
CHINA RAILWAY: Suspends Bond Trading on Financial Issues
SOUND GLOBAL: Hong Kong Regulator Orders Trading Suspension


I N D I A

A S P PRIVATE: CRISIL Suspends B+ Rating on INR115MM Cash Loan
AASHIRWAD INDUSTRIES: CARE Reaffirms B+ Rating on INR13.80cr Loan
ALBA ASIA: CARE Lowers Rating on INR34.56cr LT Loan to 'D'
BEST CHERAN: CRISIL Raises Rating on INR261MM LT Loan to 'B'
BHASKUN AGROTECH: CRISIL Suspends D Rating on INR50MM Term Loan

BHILAI ENGINEERING: CRISIL Cuts Rating on INR3.8BB Loan to D
BYRNIHAT COAL: CARE Assigns 'B' Rating to INR4.5cr LT Loan
DAYANAND COTTON: CRISIL Cuts Rating on INR50MM Cash Loan to D
HANUMANT CONSTRUCTION: CRISIL Cuts Rating on INR190MM Loan to C
HYDERABAD HANDLOOM: CRISIL Cuts Rating on INR60MM Loan to B-

IMPACT SOLAR: CARE Revises Rating on INR4.57cr LT Loan to B+
JANAM STEELS: CARE Reaffirms B+ Rating on INR6.50cr LT Loan
JCT LIMITED: CARE Reaffirms 'B' Rating on INR241.86cr LT Loan
KAMADGIRI EXPORTS: CRISIL Ups Rating on INR90MM Loan to 'C'
KARTHIK ALLOYS: CARE Cuts Rating on INR33.96cr Loan to D

KUBER SECURITIES: CARE Reaffirms 'B' Rating on INR3.76cr LT Loan
LION INSULATION: CARE Reaffirms B Rating on INR7.33cr LT Loan
MADHAV GINNING: CRISIL Cuts Rating on INR30MM LT Loan to B-
MAITHAN ISPAT: CARE Ups Rating on INR651.95cr Loan to BBB-(SO)
NAGA SINDHU: CRISIL Reaffirms D Rating on INR144.5MM Term Loan

NARAYAN AGRO: CRISIL Suspends C Rating on INR70MM Cash Loan
NARENDRA DEV: CRISIL Suspends B+ Rating on INR25MM Cash Loan
NARMADA CEREAL: CRISIL Reaffirms B+ Rating on INR450MM Cash Loan
NAYAAGARH SUGAR: CRISIL Suspends D Rating on INR108.6MM Loan
ORIENTAL GRANITES: CARE Assigns B+ Rating to INR5.8cr LT Loan

ORISONS OVERSEAS: CRISIL Suspends 'D' Rating on INR105MM Loan
PRAGATI MARINE: CRISIL Ups Rating on INR35MM Cash Loan to 'B'
RAHUL AGRO: CARE Reaffirms B+ Rating on INR18cr LT Loan
RUBY TRADELINK: CRISIL Suspends B+ Rating on INR48MM Cash Loan
S T P LIMITED: CRISIL Suspends 'D' Rating on INR200MM Cash Loan

SANGAM PRESS: CARE Revises Rating on INR16.25cr LT Loan to B+
SHREE DOODHAGANGA: CARE Reaffirms B Rating on INR217.64cr Loan
SHRI KALYANIKA: CRISIL Assigns B+ Rating to INR100MM Term Loan
SHYAMA SAKTI: CRISIL Suspends 'D' Rating on INR50MM Cash Loan
SIDDHIVINAYAK POLYTEX: CRISIL Rates INR76MM Cash Loan at 'B'

SPENTIKA CERAMIC: CRISIL Assigns 'B' Rating to INR45MM Cash Loan
SUDAMA EXPORT: CRISIL Suspends 'D' Rating on INR126MM Loan
TEZALPATTY TEA: CARE Assigns B+ Rating to INR6.35cr LT Loan
TOPWORTH TOLLWAYS: CARE Assigns B+ Rating to INR121.68cr LT Loan
WEST QUAY: CARE Lowers Rating on INR116.5cr LT Loan to D


I N D O N E S I A

PELABUHAN INDONESIA: Fitch Affirms BBB- IDR; Outlook Stable


J A P A N

DAIICHI CHOU: Japanese Case Recognized as Foreign Main Proceeding
SHARP CORP: Egan-Jones Downgrades FC Sr. Unsecured Rating to CCC+


N E W  Z E A L A N D

FIRST CREDIT: S&P Revises Outlook to Pos. & Affirms 'BB-/B' ICRs


P H I L I P P I N E S

MELCO CROWN: Net Loss Widens to PHP9.14 Billion in 2015


S I N G A P O R E

BARING PRIVATE: Moody's Affirms B1 Corporate Family Rating


                            - - - - -


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


FACE TO FACE: Falls Into Administration
---------------------------------------
Cliff Sanderson at Dissolve.com.au reports that Face to Face
Training Services Pty Ltd has fallen into administration. Anne
Marie Barley of WRA Insolvency was appointed administrator of the
company on March 1, 2016.

Dissolve.com.au relates that the appointment comes after a
funding of AUD10 million was withdrawn by the State Government.

According to the report, the Brisbane-based company reportedly
owed over AUD5.3 million to 96 creditors and AUD383,477 to
employees. Related companies Environment Training Australia and
New System Homes are also in administration owing AUD1.3 million.

The administrator said the company failed because of unexpected
contract cancellation by the state government, adds
Dissolve.com.au.


JOHANNA JOHNSON: Fashion Designer Puts Firm in Administration
-------------------------------------------------------------
Broede Carmody at SmartCompany reports that an internationally-
renown Australian fashion designer said she is placing her
business in voluntary administration in order to move the
company's operations to the United States.

SmartCompany says the appointment of external managers to the
business comes a month after the Supreme Court heard an
application to wind-up the business.

SmartCompany notes that designer Johanna Johnson opened her first
stand-alone store in Sydney in 2005, and since then has designed
dresses for international celebrities such as Madonna, Meryl
Streep and Angelina Jolie.

Foreign Minister Julie Bishop has previously described Johnson as
a "national asset to Australia" thanks to her "creative and
innovative spirit," the report states.

However, Sydney woman Alana Teasel applied to have Ms. Johnson's
business declared insolvent last month, according to The Daily
Telegraph, claiming Ms. Johnson failed to pay her AUD25,000,
relays SmartCompany.

The Supreme Court of New South Wales heard an application to have
Johanna Johnson Pty Ltd wound-up on March 23, SmartCompany
relates citing an ASIC notice.

In a Facebook post published on April 14, Ms. Johnson told her
followers her label has been placed in voluntary administration
but it is "business as usual".

Mr. Johnson described the administration as "simply an internal
process".

"Time for some necessary restructuring . . . to continue with our
expansion plans," Ms. Johnson, as cited by SmartCompany, wrote.
"That, and I need more time with my babies, and to get somewhat
of a work/life balance back. As much as I love my work, seven-day
weeks are not good for anyone's soul. We look forward to seeing
our lovely clients in their fittings and updating you all with
these great things ahead."


MASSENA PTY: Business, Assets Up for Sale
-----------------------------------------
Cliff Sanderson at Dissolve.com.au reports that expressions of
interest are sought for the purchase of the business and assets
or recapitalisation of Massena Pty Ltd through a deed of company
arrangement.

Robert Michael Kirman and Matthew Wayne Caddy of McGrathNicol
were appointed as administrators of Massena Pty Ltd, trading as
Star Freightlines, on April 5, 2016.

Western Australia-based Massena Pty Ltd has been operating for
more than 20 years. It specialises in refrigerated transport and
storage of chilled, fresh and frozen foods. Major investment
features include owning a Perth and Pilbara established business
that operates in Karratha and Canning Vale as well as owning
well-equipped transport fleet that includes semi-trailers and
prime movers, forklifts, light vehicles, rigid trucks and
refrigerated trailers.


PACIFIC COAST: First Creditors' Meeting Set for April 26
--------------------------------------------------------
Paul William Gidley of Shaw Gidley was appointed as administrator
of Pacific Coast Seafoods Pty Limited on April 13, 2016.

A first meeting of the creditors of the Company will be held at
Shaw Gidley, Suite 6A, 1 Pioneer Avenue, in Tuggerah, on
April 26, 2016, at 11:00 a.m.


PATHOLD PTY: First Creditors' Meeting Set for April 22
------------------------------------------------------
Simon Patrick Nelson of Romanis Cant was appointed as
administrator of Pathold Pty Ltd on April 13, 2016.

A first meeting of the creditors of the Company will be held at
Romanis Cant, Level 2, 106 Hardware Street, in Melbourne,
Victoria, on April 22, 2016, at 10:00 a.m.


QUEENSLAND NICKEL: Palmer Says Cheaper to Save Firm Than Shutdown
-----------------------------------------------------------------
Francis Tapim at ABC News reports that Clive Palmer said it would
be cheaper and easier to save Queensland Nickel than to shut it
down, sell off the assets and clean up the site.

Administrators FTI Consulting recommended the company's
liquidation as it owed nearly AU$200 million, including about
AU$73 million in entitlements to about 800 sacked workers,
according to ABC News.

The administrator's report to creditors pointed to a possible
breach of law and "reckless" actions of Mr. Palmer, who is the
federal Member for Fairfax, who is also alleged to have acted as
a shadow director despite saying he had stood aside, the report
notes.

The State Government has said it would prefer Mr. Palmer to sell
the operation to someone who can keep it going, the report
relays.

The report adds that Mr. Palmer agreed the refinery should be
saved rather than liquidated, the report discloses.

"What we should be doing is trying to get the federal and state
governments and company and the community working together to
save the refinery and reopen it and keep everyone's jobs in north
Queensland," the report quoted Mr. Palmer as saying.  "It really
only needs a little bit of an upturn in the price and it will be
able to sustain north Queensland again."

            Palmer Releases Document 'Proving Innocence'

The report notes that Mr. Palmer released a 93-page report to the
ABC that he said cleared him of allegations he was acting as a
shadow director, the report notes.

Mr. Palmer told the ABC the Joint Venture Agreement showed
Queensland Nickel, which went into administration in January, was
merely "contracted to carry out services" to two other companies
he owns.

Mr. Palmer said those companies, QNI Resources and QNI Metals,
owned the physical refinery at Yabulu near Townsville and had a
joint venture that saw Queensland Nickel run the plant, the
report notes.

The report discloses that Mr. Palmer said his role was that of a
member of the Joint Venture Owners Committee, saying the Joint
Venture Agreement showed Queensland Nickel was contracted to
operate the plant at the direction of that committee.

Mr. Palmer said the agreement stipulated the committee "direct,
monitor and give instructions" to the refinery manager, but
argued that had not made him a shadow director, the report
relays.

The agreement was first signed in 1992, long before Mr. Palmer
took over the plant from BHP, but Mr. Palmer said the agreement
and structure of the operation still applied despite not being
set up by him, the report adds.

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



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C H I N A
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ARMCO METALS: Receives NYSE Listing Non-Compliance Notice
---------------------------------------------------------
Armco Metals Holdings, Inc. on April 11 disclosed that it
received a notice on April 8, 2016 from NYSE Regulation
indicating that the Company is below certain listing standards,
as set forth in Sections 134 and 1101 of the NYSE MKT Company
Guide, due to the delay in filing of its Annual Report on
Form 10-K for the year ended December 31, 2015.  Under the NYSE
MKT guidelines, until Armco files its Form 10-K, its common stock
will remain listed on the NYSE MKT under the symbol AMCO, but
will be assigned an ".LF" indicator to indicate late filing
status. Five business days following the receipt of this
noncompliance notice, Armco will be added to the list of NYSE MKT
noncompliant issuers on the website and the indicator will be
disseminated with the Company's ticker symbol.  The indicator
will be removed once the Company has regained compliance with all
applicable listing standards.

In order to maintain its listing, Armco must submit a plan of
compliance by May 9, 2016 addressing its actions on how it
intends to regain compliance with Sections 134 and 1101 of the
NYSE MKT Company Guide by October 8, 2016.  If the plan is not
accepted, or if it is accepted but the Company is not in
compliance with the continued listing standards by October 8,
2016, or if the Company does not make progress consistent with
its plan, the NYSE MKT will initiate delisting procedures as
appropriate.  The Company intends to submit a compliance plan on
or before the deadline set by the NYSE MKT.

                 About Armco Metals Holdings, Inc.

Armco Metals Holdings, Inc. -- http://www.armcometals.com-- is
engaged in the sale and distribution of metal ore and non-ferrous
metals, wood, and barley throughout China and is in the recycling
business in China.  Armco Metals' customers include some of the
fastest growing steel producing mills and foundries throughout
China. Raw materials are acquired from a global group of
suppliers located in various countries, including, but not
limited to, Brazil, India, Indonesia, Ukraine and the United
States.  Armco Metals' product lines include ferrous and non-
ferrous ore, iron ore, chrome ore, nickel ore, magnesium, copper
ore, manganese ore, steel billet, recycled scrap metals, raw wood
and barley.


CHINA RAILWAY: Suspends Bond Trading on Financial Issues
--------------------------------------------------------
South China Morning Post reports that state-owned China Railway
Materials, the nation's largest railway materials distributor and
one of its largest steel products traders, has joined a growing
list of Chinese companies struggling with debt obligations as the
economy sputters.

According to SCMP, the Beijing-based company has requested a
trading suspension on its bonds to give it time for restructuring
them in view of its financial difficulties amid the commodities
bust. It is believed to be the first company directly owned by
the central government to do so.

"In recent years, China Railway Materials' business scale has
shrunk continuously while profitability has fallen," the company,
as cited by SCMP, said in a filing on the website of China
Foreign Exchange Trade System that operates the interbank fund-
raising market.  "To protect investors' interests, the company .
. . has applied to suspend trading of relevant debt instruments
in the morning of April 11, trading will resume after relevant
matters are ascertained and disclosed to investors."

SCMP notes that the company, formerly the materials
administration bureau of the Ministry of Railway before its
incorporation in 1987, has nine outstanding bond instruments with
a total of CNY16.8 billion (HK$20.2 billion) owed to investors.
The maturity terms range from 180 days to five years, and are
repayable between May 17 this year and February 18, 2019.

SCMP relates that more than a dozen corporate bonds have
defaulted in recent months amid a protracted economic slowdown,
sending shock waves through China's CNY14 trillion bond market.

China Railway Materials' net profit in the first three quarters
of last year plunged 79% year on year to CNY37.83 million as
revenue tumbled 44.6% to CNY34.74 billion, SCMP discloses.  It
recorded an operating loss of CNY52.43 million for the period,
compared with a profit of CNY69.56 million in the year-earlier
period.

It was able to book a net profit for the period thanks to
CNY100.95 million of gains from what it called the "treatment of
illiquid assets", possibly asset disposals, and CNY15.29 million
yuan of government subsidies, SCMP relays.

According to SCMP, finance cost net of finance income fell
53.6% year-on-year in the nine months, but was still at a hefty
CNY457.2 million as it was sitting on CNY21.9 billion of loans
and bond debt net of cash at the end of September, 277% its
shareholders' equity.


SOUND GLOBAL: Hong Kong Regulator Orders Trading Suspension
-----------------------------------------------------------
South China Morning Post reports that Sound Global was suspended
from trading on April 13 under order of the Securities and
Futures Commission, although no reasons for the trading halt were
given.

According to SCMP, Sound Global said in an announcement on
April 13 that the SFC under trading rule 8.1 has directed to the
Stock Exchange of Hong Kong to suspended all dealing of its
shares from 9am.

A spokesman of the SFC said the trading suspension was directed
under a specific section of the listing rules concerning
information disclosure by listed companies, the report relates.

"The rule permits the SFC to direct the stock exchange to suspend
trading in a company where false or misleading information is
included in a document issued in connection with a listing where
it is necessary to ensure an orderly market or it is in the
interests of the investing public," the report quotes SFC
spokesman as saying.

The company last closed at HK$2.98 on April 12, down 3% from its
previous close, the report notes.

                       About Sound Global

Established in 2005, Sound Global Limited provides turnkey water
and wastewater treatment solutions in China. The company listed
on the Hong Kong Stock Exchange in 2010, and was founded by Mr.
Wen Yibo.

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 1, 2015, Standard & Poor's Ratings Services said it raised
its long-term corporate credit rating on Sound Global Ltd. to
'CCC+' from 'CCC'. The outlook is stable.  At the same time, S&P
raised its long-term Greater China regional scale ratings on the
company to 'cnCCC+' from 'cnCCC'.  S&P then withdrew the ratings
at the company's request.

S&P upgraded Sound Global prior to the rating withdrawal because
S&P don't expect the company to face an immediate liquidity
crisis after it fully redeemed its senior unsecured debt due
2017.  S&P believes the company's liquidity pressure will have
lessened over the next 12 months, given that its outstanding debt
is mostly related to onshore bank loans at project level.
However, S&P lacks details over how Sound Global financed the
redemption in full of the outstanding amount of its US$150
million senior unsecured notes due 2017.



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I N D I A
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A S P PRIVATE: CRISIL Suspends B+ Rating on INR115MM Cash Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
A S P Private Limited (ASPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee            40       CRISIL A4
   Cash Credit              115       CRISIL B+/Stable
   Letter of Credit          35       CRISIL A4
   Proposed Long Term
   Bank Loan Facility        34.7     CRISIL B+/Stable
   Term Loan                 15.3     CRISIL B+/Stable

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

ASPL was incorporated in 1961 as Associated Steel Products
Corporation Pvt Ltd; the name was changed in 1995, when the
company was acquired by its current promoters, Mr. Vinod Kumar
Sharma and Mr. Arun Kumar Sharma. ASPL has its facility in Howrah
(West Bengal). The company manufactures hot-dipped galvanised
fasteners used in transmission line towers. Its product profile
includes nuts, bolts, washers, screws, and rivets.


AASHIRWAD INDUSTRIES: CARE Reaffirms B+ Rating on INR13.80cr Loan
-----------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Aashirwad Industries Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     13.80      CARE B+ Suspension
                                            revoked and
                                            re-affirmed

Rating Rationale

The rating assigned to the bank facilities of Aashirwad
Industries Private Limited (AIPL) continues to remain constrained
on account of the short track record of operations, relatively
small scale of
operations with intense competition in the industry, weak
financial risk profile with continued net loss in FY15 (refers to
the period April 01 to March 31) leading to highly leveraged
capital structure along with vulnerable debt coverage indicators.

The rating further takes into account working capital
intensive nature of operations, vulnerability of margins to
fluctuations in raw material prices and exchange rate
fluctuations and threat of restrictions on the usage of the
asbestos product.
The rating draws comfort from new promoters having long
experience within the asbestos cement industry and rising demand
for asbestos sheets from the rural market.

Ability of the company to scale up its operations, improvement in
the profitability marginsand efficient management of working
capital efficiently amidst raw material fluctuations risk remains
the key rating sensitivities.

AIPL is a Nagpur-based (Maharashtra) company, incorporated in
June 2012. It was promoted by Mr Shivkumar Agarwal and Mr Sanjay
Agarwal and is engaged in the manufacturing of Asbestos Cement
(AC) roofing sheets and accessories. AIPL has its unit with an
installed capacity of 54,000 Metric Ton Per Annum (MTPA) located
in Butibori Industrial area of Nagpur.

As on October 2015, the company has been taken over from Agarwal
family by Tupe family with R.R.Tupe Builders Private Limited
(holding 55%), Mr Rahul Tupe (25%) and Mrs Leena Rahul Tupe
(20%) being the new stakeholders. Post acquisition, Mr Rahul Tupe
and Mrs Leena Tupe have become the directors of the company while
the management team of the company has been changed with
effect from October 2015. The commercial operations of the
company were stopped during the period from October 2015 to
December 2015 post acquisition and were re-started by the new
management from January 2016. AC corrugated sheets manufactured
by the company are
extensively used for roofing of factory buildings, warehouses,
godowns, railway platforms garage, low cost housings in rural
areas and others. The raw material required for manufacturing AC
sheets includes asbestos fiber, cement and fly ash. The new
management sells its product under the brand name of 'Vishwas'
and the company is expecting to target customers in the states of
Maharashtra, Madhya Pradesh, Chhattisgarh. The new management is
marketing its product under the same brand name as well as dealer
market and has appointed around 100 dealers across India leading
to higher negotiation power. The company expects to sell 60% of
its production to customers in Maharashtra, 20% in Madhya Pradesh
and 20% in Chhattisgarh. The major raw material required to
manufacture AC sheets are asbestos fiber, cement and fly ash. Due
to ban on mining of asbestos in India, Indian players are
dependent on the asbestos exporting nations like Russia, Brazil,
Canada, China and others. AIPL imports asbestos fiber from
Russia, Brazil, Canada and while fly ash (sourced from power
companies) and cement is procured locally.

During FY15 (refers to the period April 1 to March 31), AIPL
earned net loss of INR0.10 crore on a total operating income of
INR18.37 crore against a net loss of INR0.07 crore on a total
operating income of INR20.16 crore in FY14.


ALBA ASIA: CARE Lowers Rating on INR34.56cr LT Loan to 'D'
----------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
Alba Asia Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long Term Bank Facilities     34.56      CARE D Revised from
                                            CARE C
   Long/Short Term Bank
   Facilities                    20.00      CARE D Revised from
                                            CARE C/CARE A4

Rating Rationale

The revision in the ratings of the bank facilities and
instruments of Alba Asia Private Limited, takes into account the
ongoing delay in servicing of debt obligations by the company due
to its weak liquidity position.

Alba Asia Private Limited (erstwhile ABG LDA Bulk Handling
Private Limited ) (AAPL) is a Joint Venture between ABG
Infralogistics Limited (ABG Infra) through its wholly owned
subsidiary, ABG Ports Pvt. Ltd. and Louis Dreyfus Armateurs
(LDA), France, holding 51% and 49% stake respectively. AAPL owns,
operates, maintains and rents cranes of various types and
capacity, which are used for different applications, mainly by
the companies from the ports sector. The company at present has
operations in the following ports:

* Visakhapatnam - Contributes to major cargo volumes handled by
  the company (contributed to around75% of the total cargo
  handled)

* New Mangalore - The Company continues to operate at the port
  and the contract is renewed each year. (Contributed to 25% of
  the cargo volume).

During FY15 (refers to the period April 1 to March 31), Alba Asia
Private Limited reported a Net Loss of INR 100.42 Crore on a
Total Income from operations of INR 34.75 crore.


BEST CHERAN: CRISIL Raises Rating on INR261MM LT Loan to 'B'
------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities
of Best Cheran Spintex India Limited (Best Cheran) to 'CRISIL
B/Stable' from 'CRISIL B-/Stable'.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Drop Line Overdraft      120       CRISIL B/Stable (Upgraded
   Facility                           from 'CRISIL B-/Stable')

   Proposed Long Term       261       CRISIL B/Stable (Upgraded
   Bank Loan Facility                 from 'CRISIL B-/Stable')

The rating upgrade reflects CRISIL's belief that Best Cheran will
maintain its improved liquidity over the medium term. Liquidity
is moderate because of prepayment of term debt supported by need
based support from the promoters in the form of infusion of
unsecured loans which stood at INR56.2 million as on 31st March
2015. Furthermore, with absence of capex plans, the expected cash
accrual of INR25-30 million per annum will be used to meet
incremental working capital requirements over the medium term.

The rating also reflects the company's working-capital-intensive
operations and susceptibility to volatility in viscose staple
fibre prices. These weaknesses are partially offset by its
established position in the viscose yarn industry.
Outlook: Stable

CRISIL believes Best Cheran will continue to benefit over the
medium term from the promoters' extensive experience. The outlook
may be revised to 'Positive' if there is a considerable increase
in revenue and profitability along with improvement in working
capital management. Conversely, the outlook may be revised to
'Negative' in case of lower-than-expected revenue leading to low
cash accrual, or large, debt-funded capital expenditure, or a
substantial increase in working capital requirements adversely
affects the financial risk profile.

Based in Erode (Tamil Nadu), Best Cheran manufactures and exports
viscose and viscose-blended yarn.


BHASKUN AGROTECH: CRISIL Suspends D Rating on INR50MM Term Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Bhaskun Agrotech India Private Limited (Bhaskun).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee           2         CRISIL D
   Cash Credit             25         CRISIL D
   Term Loan               50         CRISIL D

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

Incorporated in March 2011, Bhaskun is promoted by Mr. Bhaskar
Shome and Mr. Kuntal Banarjee. The company now has Mr. Ravi
Shanker Dwary, Mr. Anirban Kumar Saha, Mr. Anindya Mitra, and Mr.
Sanjit Kumar Das as other directors on its board. The company had
acquired the manufacturing facilities of Raja Udyog Pvt Ltd and
started production of biscuits subsequently.


BHILAI ENGINEERING: CRISIL Cuts Rating on INR3.8BB Loan to D
------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Bhilai Engineering Corporation Limited (BECL) to 'CRISIL D/CRISIL
D' from 'CRISIL BB+/Negative/CRISIL A4+'.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee         3811.6      CRISIL D (Downgraded
                                      from 'CRISIL A4+')

   Bank Guarantee          100.0      CRISIL D (Downgraded
                                      from 'CRISIL BB+/Negative')

   Cash Credit             929.0      CRISIL D (Downgraded from
                                      'CRISIL BB+/Negative')

   Corporate Loan           11.4      CRISIL D (Downgraded from
                                      'CRISIL BB+/Negative')

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

   Letter of Credit        1146.5     CRISIL D (Downgraded from
                                      'CRISIL BB+/Negative')

   Proposed Long Term        58.6     CRISIL D (Downgraded from
   Bank Loan Facility                 'CRISIL BB+/Negative')

   Standby Line of Credit   100.0     CRISIL D (Downgraded from
                                      'CRISIL A4+')

The downgrade reflects devolvement of letters of credit, some of
which are outstanding for more than 30 days, on account of delay
in release of fertilizer subsidies and stretch in working capital
cycle in BECL's engineering division, leading to pressure on
liquidity.

The company's operating margin fell to 9.4 percent in 2014-15
(refers to financial year, April 1 to March 31) from 15.2 percent
in 2013-14, and is expected to remain at a similar level over the
medium term. Profit after tax plunged to INR173 million from
INR674 million, while net sales declined to INR8.9 billion from
INR9.7 billion.

The business environment remains subdued and the company faces
competitive pressures. BECL is also exposed to risks related to
large working capital requirement and considerable subsidy
receivables leading to increasing reliance on debt, and is
susceptible to changes in government regulations in the
fertilizer segment and to volatility in raw material prices and
foreign exchange rates. However, it has multiple revenue streams
and a strong order book. Timely release of fertilizer subsidy,
execution of orders and effective working capital management will
help in tiding over liquidity constraints.

BECL, set up in 1976 and managed by the Jain family of Bhilai,
has three main business divisions'engineering, fertilizers, and
food. Its clients include large public sector undertakings such
as National Mineral Development Corporation (NMDC) and Steel
Authority of India Ltd (SAIL).


BYRNIHAT COAL: CARE Assigns 'B' Rating to INR4.5cr LT Loan
----------------------------------------------------------
CARE assigns 'CARE B' and 'CARE A4' ratings to the bank
facilities of Byrnihat Coal Private Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      4.5       CARE B Assigned
   Short term Bank Facilities     2.5       CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Byrnihat Coal
Private Ltd (BCPL) are constrained by its short track record with
small scale of operations, low profit margins, volatility in
prices of traded goods, working capital intensive nature of
operations, moderate capital structure with moderately weak debt
coverage indicators and intense competition due to low entry
barriers. The ratings, however, derive strength from the
experience of the promoters.

Going forward, the ability of BCPL to increase its scale of
operations with improvement in profit margins and effective
management of working capital will be the key rating
sensitivities.

BCPL was incorporated in March 2005 by Mrs Babita Harlalka and Mr
Suresh Kumar Agarwala. After remaining dormant for about 8 years,
BCPL has started trading of different size of coal in August
2013. The company procures coal from local players and sells it
to clients across Assam andMeghalaya.

BCPL is currently managed by Mr Naresh Kumar Harlalka who has
more than two decades of experience in diversified line of
business. Furthermore, Mr Harlalka is supported by other two
directors who are also having more than a decade of experience.

During FY15 (refers to the period April 1 to March 31), BCPL
reported PAT of INR0.06 crore (INR0.03 crore in FY14) on total
operating income of INR11.04 crore (INR11.17 crore in FY14).
Furthermore, BCPL has achieved a turnover of INR11.79 crore
during 9MFY16.


DAYANAND COTTON: CRISIL Cuts Rating on INR50MM Cash Loan to D
-------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of
Dayanand Cotton Ind (DCI) to 'CRISIL D' from 'CRISIL B-/Stable'.

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

   Term Loan                 10       CRISIL D (Downgraded from
                                      'CRISIL B-/Stable')

The rating downgrade reflects instances of delay by DCI in
servicing its term debt; the delays have been caused by the
company's weak liquidity because of insufficient cash accruals to
meet debt obligations and a stretched working capital cycle.

The rating also reflect the firm's weak financial risk profile,
marked by high gearing and weak debt protection metrics, its
exposure to intense competition in the fragmented cotton ginning
industry, and its vulnerability to changes in government
policies. These rating weaknesses are partially offset by the
proximity of DCI's operations to the cotton-growing belt in
Gujarat.

DCI is a partnership firm that started commercial production from
February 2012. The firm is engaged in ginning and pressing of raw
cotton (kapas). There are 12 partners in the firm with Mr.
Jerambhai Dubriya (15 per cent stake), Mr. Jitendrakumar Khokhani
(10 per cent), and Mr. Chunilal Ghetiya (10 per cent) actively
handling its operations.


HANUMANT CONSTRUCTION: CRISIL Cuts Rating on INR190MM Loan to C
---------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Hanumant Construction Private Limited (HCPL) to 'CRISIL C'
from 'CRISIL B/Stable', while reaffirming its rating on the
short-term bank facilities at 'CRISIL A4'.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee           140       CRISIL A4 (Reaffirmed)
   Cash Credit              190       CRISIL C (Downgraded from
                                      'CRISIL B/Stable')

The downgrade reflects delays in servicing its debt (not rated by
CRISIL) owing to liquidity constraints.

The ratings continue to reflect exposure to risks relating to
working capital-intensive operations, geographical concentration
in revenue profile, and exposure to intense competition in the
tender-based construction business. These rating weaknesses are
mitigated by promoter's extensive experience in the civil
construction industry.

HCPL, incorporated in 1996 by Mr. Kamal Dayal Choudhury. The
company undertakes civil construction contracts, especially of
ash ponds and roads, and irrigation projects. The company is
based in Raipur.


HYDERABAD HANDLOOM: CRISIL Cuts Rating on INR60MM Loan to B-
------------------------------------------------------------
CRISIL has downgraded the ratings on the long-term bank loan
facility of Hyderabad Handloom Centre (HHC) to 'CRISIL B-/Stable'
from 'CRISIL B+/Stable'.

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

The rating downgrade reflects deterioration in liquidity and
financial risk profile. Gearing deteriorated to 6.48 times as on
March 31, 2015 from 4.22 times as on March 31, 2014 and is
estimated at similar levels in 2015-16 (refers to financial year,
April 1 to March 31). Interest coverage declined to around 1.19
times in 2014-15 from 1.31 times in 2013-14, and is estimated to
be around 1.24 times in 2015-16. The financial risk profile is
expected to deteriorate further on account of debt-funded capital
expenditure plans. Net cash accrual of INR11.2 million and
INR11.6 million in 2015-16 and 2016-17, respectively, are
expected to be inadequate to meet debt obligation of INR33
million and INR36 million, respectively. Revenue has been
stagnant with HHC recording operating income of INR280 million in
2014-15, and similar revenue in 2015-16, lower than earlier
expectation.

The rating continues to reflect modest scale of operations in an
intensely competitive textile retail industry, working capital-
intensive operations and weak financial risk profile because of
high gearing and weak debt protection metrics. These rating
weaknesses are mitigated by the promoters' extensive experience
in the textile retail segment, and established regional presence
in the handloom textile segment.
Outlook: Stable

CRISIL believes HHC will continue to benefit from its promoters'
extensive industry experience over the medium term. The outlook
may be revised to 'Positive' if sustainable increase in scale of
operations and profitability leads to improvement in financial
risk profile and liquidity. Conversely, the outlook may be
revised to 'Negative' if financial risk profile deteriorates
because of stretched working capital cycle or debt-funded capital
expenditure plans.

Set up in 1984 as a partnership firm HHC runs five retail textile
show rooms in Bengaluru. The firm is promoted by Ms. Jamunabhai
and family.


IMPACT SOLAR: CARE Revises Rating on INR4.57cr LT Loan to B+
------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of
Impact Solar Power Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      4.57      CARE B+ Revised from
                                            CARE BB-

Rating Rationale
The revision in the rating assigned to the bank facilities of
Impact Solar Power Private Limited (ISPPL) takes into account
net losses incurred during the last two financial years ended
FY15 (refers to the period April 1 to March 31) leading to
stressed liquidity and weak solvency position.

The rating, further, continues to remain constrained on account
of susceptibility of power generation to variation in climatic
conditions as well as technological risks and its relatively
modest scale of operations owing to lower revenue generated from
sale of Renewable Energy Certificate (REC).

The rating, however, continues to draw strength from long term
agreement pertaining to operation and maintenance with Rays Power
Experts Private Limited (Rays), favorable location of the plant
and demand outlook for renewable energy sector along with the
company's healthy profitability margins and satisfactory energy
generation level.

Going forward, power generation at envisaged Capacity Utilization
Factor (CUF) along with renewal of Power Purchase Agreement (PPA)
with Jodhpur Vidhyut Vitran Nigam Limited (JdVVNL) and timely
receipt of payment against the sale of power from the off-taker
with increase in sale of REC shall be the key rating
sensitivities.

Bikaner-based (Rajasthan) ISPPL was incorporated in September
2006 by Mr Birbal Gupta along with his family members. Initially,
ISPPL was incorporated in the name of Capital Cellular
Communications Private Limited (CCCPL) and was engaged in the
mobile trading business. However, due to subdued orders in CCCPL,
the management decided to change the business objective and
undertook a greenfield solar power project in Bikaner, and
changed to its current name ISPPL in June 2012.

For implementation of solar power plant as well as for operations
and management, the company has entered into an agreement with
Rays. The solar power plant was commissioned in January 2013 at
Bikaner with an installed capacity of 1.50 Megawatt (MW).

During FY15 (refers to the period April 1 to March 31), ISPPL has
reported a total operating income of INR1.66 crore (FY14: INR1.63
crore), with a net loss of INR0.53 crore (FY14: net loss of
INR1.05 crore).


JANAM STEELS: CARE Reaffirms B+ Rating on INR6.50cr LT Loan
-----------------------------------------------------------
CARE reaffirms rating assigned to bank facilities of Janam Steels
and Alloys.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      6.50      CARE B+ Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of Janam Steels and
Alloys (JSA) continue to remain constrained on account of low
profitability, moderately leveraged capital structure and weak
debt coverage indicators. The rating continues to remain
constrained on account of its constitution as a partnership firm,
low bargaining power with customers and suppliers and
susceptibility of profit margins to volatility associated with
prices of traded metals.

The rating, however, continues to derive benefits from the vast
experience of the partners in the steel trading industry. The
rating also takes into consideration increase in total operating
income (TOI) during FY15 (refers to the period April 1 to
March 31).

The ability of JSA to increase its scale of operations,
improvement in profit margins and capital structure while
managing its working capital requirements efficiently are the key
rating sensitivities.

Bhavnagar-based JSA was established in March 1997 as a
partnership firm. Mr Kaushik D Patel, Mr Janak S Patel and Mr
Amit S Patel are the partners in the firm and all of them possess
more than two decade long industry experience. The firm has a
track record of 19 years in the steel trading business. JSA is
engaged in the business of trading of long steel products like
TMT Bars, Angles, Channels, Beams, etc. JSA has its main
warehousing facility at GIDC Vartej, Bhavnagar (Gujarat) and
finds regular demand for its products from industrial clusters
located in Gujarat.

During FY15 (refers to the period April 1 to March 31), JSA
reported a PAT of INR0.22 crore on a TOI of INR60.36 crore as
against a PAT of INR0.23 crore and TOI of INR48.22 crore during
FY14. Furthermore, during 11MFY16, JSA has achieved a total
operating income of INR68 crore.


JCT LIMITED: CARE Reaffirms 'B' Rating on INR241.86cr LT Loan
-------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities and FD
of JCT Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities    241.86      CARE B Reaffirmed
   Short term Bank Facilities    81.27      CARE A4 Reaffirmed
   Fixed Deposit                 20.00      CARE B (FD)
Reaffirmed

Rating Rationale

The ratings assigned to the bank facilities and fixed deposits of
JCT Limited (JCT) are constrained on account of weak financial
risk profile marked by accumulated losses, highly leveraged
capital structure and strained liquidity position. The ratings
also factor in the past delays in repayment of its debt
obligations leading to restructuring of debt under CDR mechanism.

The ratings, however, derive strength from the promoters'
experience, JCT's established position in Indian textile
industry, diversified product mix and wide distribution network.
The ratings also factor in the improvement in the operational and
financial performance of the company during 9MFY16.

The ability of the company to improve its capacity utilization
and profitability levels and its ability to timely execute its
assets monetization plan for the repayment of FCCBs are the key
rating sensitivities.

JCT was incorporated as Jagatjit Cotton Textile Mills Limited in
October 1946 and subsequently renamed to JCT in 1989. JCT is the
part of the Punjab-based Thapar group and is engaged in the
manufacturing of cotton, synthetic & blended fabrics and nylon
filament yarn at its integrated textile facility in Phagwara
(Punjab) and filament yarn facilities in Hoshiarpur (Punjab). The
company has capacity of 110,000 meters of cotton/blended fabrics
and also 40,000 meters of 100% synthetic fabrics at its plant at
Phagwara and around 42 MT/day of nylon filament yarn at
Hoshiarpur plant.

JCT has booked PAT of INR8.78 crore on the total income of
INR985.40 crore during the 12-month period ended March 31,
2105. Based on provisional financials, JCT has booked PAT of
INR0.96 crore on a total operating income of INR647.50 crore
during 9MFY15.

KAMADGIRI EXPORTS: CRISIL Ups Rating on INR90MM Loan to 'C'
-----------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities
of Kamadgiri Exports Private Limited (KEPL) to 'CRISIL C' from
'CRISIL D'.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit               5        CRISIL C (Upgraded from
                                      'CRISIL D')

   Proposed Long Term       90        CRISIL C (Upgraded from
   Bank Loan Facility                 'CRISIL D')

   Term Loan                55        CRISIL C (Upgraded from
                                      'CRISIL D')

The rating upgrade reflects timely servicing of term debt through
promoters' funding support; however, liquidity remains weak. Cash
accrual is expected at around INR2 million against term debt
repayment of around INR15.3 million in 2016-17 (refers to
financial year, April 1 to March 31), but the promoters are
expected to continue supporting the company in the form of
unsecured loans as was done in 2015-16 to meet term debt
obligations.

The rating reflects KEPL weak financial risk profile because of a
highly leveraged capital structure and weak debt protection
metrics. Furthermore, the company has a small scale of
operations. These rating weaknesses are partially offset by its
promoters' extensive experience in the steel industry.

KEPL was incorporated in 2003, promoted by Mr. Sushil Kumar
Jalan. The company manufactures stainless steel flats and trades
in plastic (high-density and low-density poly ethylene) granules.
It commenced operations in February 2013. Its manufacturing
facility at Sonepat, Haryana, has a processing capacity of 5000
tonnes per month.

There was a net loss of INR7 million on net sales of INR124.6
million in 2014-15, against a net loss of INR22.6 million on net
sales of INR110.3 million in 2013-14.


KARTHIK ALLOYS: CARE Cuts Rating on INR33.96cr Loan to D
--------------------------------------------------------
CARE reaffirms the rating assigned to the lt bank facilities and
revises the rating assigned to the ST bank facilities of Karthik
Alloys Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     12.00      CARE D Reaffirmed
   Short-term Bank Facilities    33.96      CARE D Revised from
                                            CARE A4

Rating Rationale

The reaffirmation of the long-term rating and revision in the
short-term rating assigned to the bank facilities of Karthik
Alloys Limited (KAL) takes into account the continuous
overdrawals in the cash credit account for the period of more
than 30 days coupled with the devolvement in the Letter of Credit
(LC) facility owing to the stressed liquidty position of the
company.

The ratings continue to remain constrained on account of the weak
financial risk profile of the company marked by declining total
operating income, loss making operations resulting into erosion
of the networth of the company and highly leveraged capital
structure. The ratings are also impacted by volatility in the raw
material prices, stretched liquidity position and working capital
intensive nature of operations.

Ability of the company to repay the debt on time and establish a
track record of regular debt servicing would be key rating
sensitivity.

KAL was incorporated as a private limited company in February
1992 and was later reconstituted as a public limited company in
December 1992. KAL is engaged in manufacturing of 'Low/Medium
Carbon Silico Manganese' which is a Ferro Alloy used in the
manufacturing of stainless steel. KAL has two manufacturing units
located at Cuncolim, Goa and Durgapur, West Bengal with an
installed capacity of 6,500 Metric Tonnes Per Annum (MTPA) and
19,000 MTPA respectively. KAL was referred to Board of Industrial
and Financial Reconstruction (BIFR) in the year 2002 as the
accumulated losses of the company were more than the net worth.
Subsequently, with the recovery of losses and repayment of
term debt KAL was removed from the list of sick industries under
Sick Industrial Companies (Special Provisions) Act, 1985 (SICA)
during August 11, 2011.

During FY15 (Audited), KAL reported a total operating income of
INR65.26 crore, PBILDT of INR(3.84) crore and net loss of
INR10.00 crore as against a total operating income of INR96.61
crore, PBILDT of INR(4.64) crore and net loss of INR10.16 crore
during FY14 (Audited).


KUBER SECURITIES: CARE Reaffirms 'B' Rating on INR3.76cr LT Loan
----------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Kuber Securities.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      3.76      CARE B Reaffirmed

Rating Rationale
The rating assigned to the bank facilities of Kuber Securities
(Kuber) continues to be constrained by the weak financial risk
profile with high overall gearing, small scale of operations and
highly volatile income profile. The rating also takes into
account high market risk due to significant proprietary trading,
weak profitability and interest coverage indicators and
constitution of the entity as a partnership firm. However, the
rating derives strength from the established promoter group, low
off-take risk for sale of generated electricity (through
windmill) and tax benefits under Income Tax Act. The ability of
the firm to improve the overall financial risk profile and
increase the scale of operations are the key rating
sensitivities.

Established in the year 1998, Kuber is a partnership firm
promoted by Mr Mul Chand Malu and Mr Vikas Malu with equal profit
sharing arrangements. The firm is a part of the Kuber group
promoted by Mr Mul Chand Malu, which has diversified presence in
many business segments such as tobacco products, cigarettes,
snacks, etc, across varied group entities. Kuber is engaged in
the business of trading in securities and generation of
electricity through wind mill.

During FY15 (refers to the period April 1 to March 31), the firm
derived about 46% of its revenues from securities trading segment
and the rest was contributed by wind power segment. In FY08, the
firm set up a wind mill power project with an installed capacity
of 3.05 MW in the Kutch district of Gujarat. The project was in
line with Kuber Group's plans to diversify its presence in power
sector in view of various incentives offered by the state
government for the generation of electricity from wind mill
coupled with 100% buy-back arrangement of generated electricity
with the State Electricity Board (SEB) for 20 years. The firm has
entered into an Operation & Maintenance (O&M) agreement with
Suzlon Infrastructure Services Ltd. (SISL) for a period of 20
years. Furthermore, the firm has signed long-term Power Purchase
Agreement (PPA) with Gujrat Urja Vikas Nigam Limited (GUVNL) for
sale of generated electricity.

During FY15, Kuber reported a net loss of INR2.47 crore on a
total operating income of INR3.30 crore as compared with a net
loss of INR0.32 crore on a total operating income of INR3.99
crore in FY14.


LION INSULATION: CARE Reaffirms B Rating on INR7.33cr LT Loan
-------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Lion Insulation Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     7.33       CARE B Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of Lion Insulation
Private Limited (LIPL) continues to remain constrained owing to
low capacity utilization, moderately leveraged capital structure,
weak debt coverage indicators and stressed liquidity position
together with vulnerability to slowdown in the end-user
industries and raw material price fluctuation. The rating also
factors in short track record of operations and thin
profitability during FY15 (refers to the period April 1 to
March 31).

The rating, however, continues to derive strength from the
experience of the promoters and key management personnel
in the insulation industry and reputed customer base.

LIPL's ability to increase its scale of operations and timely
execution of orders on hand along with improving its overall
financial risk profile with efficient management of its working
capital requirements are the key rating sensitivities.

LIPL was incorporated in 2011. LIPL had set up a manufacturing
plant located at Guna, Madhya Pradesh with total capacity of 9000
MTPA for manufacturing thermal and acoustical insulation products
like Rockwool mattress, Rockwool slabs and pipe section, which
will be used in refineries, chemicals plants and malls where
temperature control is required.

LIPL has commenced commercial production from December 2013. LIPL
procures its raw material from Dhanbad (Coal mines), Bhilai
(steel plants and iron ore plants) and from various local
markets. LIPL has been supplying its product to the reputed
clients like Lloyd Insulation (India) Limited and National
Thermal Power Corporation Limited (NTPC rated CARE AAA/CAREA1+)
and is also targeting various government agencies like Bharat
Heavy Electricals Limited.

During FY15, LIPL reported PAT of INR0.01 crore (FY14: net loss
of INR1.78 crore) on a total operating income (TOI) of INR6.69
crore (FY14: INR2.31 crore). Furthermore, during 11MFY16
(Provisional), LIPL achieved a TOI of INR6.36 crore.


MADHAV GINNING: CRISIL Cuts Rating on INR30MM LT Loan to B-
-----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Madhav Ginning (MG) to 'CRISIL B-/Stable' from 'CRISIL
B/Stable'.

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Cash Credit              30       CRISIL B-/Stable (Downgraded
                                     from 'CRISIL B/Stable')

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

The downgrade reflects CRISIL's belief that MG's business and
financial risk profiles will remain under pressure over the
medium term because of weak operating performance and liquidity.
The firm commenced operations in January 2015 and reported sales
of INR12.9 million in three months of operations in 2014-15
(refers to financial year, April 1 to March 31). Firm reported
modest sales of INR42.9 million till January 31, 2016, in 2015-
16, and is likely to clock sales of INR65-70 million for 2016-17.
Revenue remains modest because of poor demand. The downgrade also
reflects MG's stretched liquidity because of intense competition,
large debt, and modest revenue, which will reduce the cushion
between term debt obligation and cash accrual over the medium
term.

The rating reflects MG's exposure to intense competition, and
susceptibility of its profitability to volatility in cotton
prices. These weaknesses are partially offset by its promoters'
extensive experience in the cotton ginning industry, leading to
established relationships with customers and suppliers, and the
advantageous location of its plant.
Outlook: Stable

CRISIL believes MG 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 revenue and profitability, leading to healthy accrual.
Conversely, the outlook may be revised to 'Negative' if cash
accrual is very low, or if financial risk profile weakens because
of stretch in working capital cycle, or large debt-funded capital
expenditure, or disruption in operations due to regulatory
changes.

MG, set up in 2013, is promoted by Junagadh-based Goganbhai
Bariya and family. The firm's unit for cotton ginning and
pressing started commercial operations in January 2015.


MAITHAN ISPAT: CARE Ups Rating on INR651.95cr Loan to BBB-(SO)
--------------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
Maithan Ispat Ltd.
                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     651.95     CARE BBB-(SO) Revised
                                            from CARE D
   Short-term Bank Facilities    131.48     CARE A3 (SO)


Rating Rationale

The rating of Maithan Ispat Ltd, (MIL) is primarily based on
credit enhancement in the form of 'unconditional & irrevocable
guarantee' of Mideast Integrated Steels Ltd (MISL; rated CARE
BBB-/CARE A3 for its various bank facilities) for
all its bank facilities.

The reaffirmation of ratings to proposed bank loan facilities of
Mideast Integrated Steels Limited (MISL) reflects experienced
promoters, renewal of mining licence alongwith favorable location
of operational facilities and revenue visibility emanating from
long-term trade arrangements with major customers. The above
rating strengths are tempered by exposure to volatility of iron-
ore prices for sale of the mineral, moderate financial risk
profile and regulatory risk associated with mining industry.
During FY15 (refer to period April 01 to March 31) the company
acquired Maithan Ispat Limited. The rating considers the
financial support and unconditional & irrevocable corporate
guarantee given to lenders of MIL. Ability of the company to
turnaround operations of acquired entity - Maithan Ispat Limited,
achieve envisaged
operation levels in the company and outcome of ongoing legal
disputes against promoters of the company remains the key rating
sensitivities. Further, any debt funded capital expenditure or
acquisition would be key rating monitorable.

MIL, belonging to Maithan group, was incorporated in August 2003,
for setting up an integrated steel plant comprising manufacturing
facilities like sponge iron (capacity 2,30,000 TPA) & billets
(capacity 2,46,000 TPA), heavy section steel (capacity 3,76,000
TPA) and captive power plant of 30 MW, in phases, at Kalinganagar
Industrial Complex, Orissa.

On March 31, 2015, MESCO group through its group company Mideast
Integrated Steels Ltd (MISL) rated CARE BBB-/CARE A3 acquired MIL
by taking 99.28% stake in the company. In addition to it the
company acquired Cumulative Redeemable Preference Shares of INR30
crore. There was no payout to the existing promoters of MIL.

About MISL- the guarantor

Incorporated 1992, Mideast Integrated Steel Limited (MISL) is a
flagship company of the MESCO group and is engaged in iron ore
mining (annual licensed capacity of 3 mmt) and pig iron (0.59
mmtpa) manufacturing. The company has an iron ore mine (merchant
mine) at Roida, Odisha with proven reserves of 180 - 200 mmt that
it procured from K N Ram in 1996, while the pig iron plant is
located at Jajpur, Odisha. The company also has sinter plant
(0.70 mmtpa) and 9 MW captive power plant operating on blast
furnace gas.

During FY15, MIL achieved a net sales of INR429.73 crore and
incurred a loss of INR84.60 crore.


NAGA SINDHU: CRISIL Reaffirms D Rating on INR144.5MM Term Loan
--------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Naga Sindhu
Spinning and Ginning Mills Private Limited (Naga Sindhu) continue
to reflect instances of delay by the company in servicing its
term debt. The delays have been caused by weak liquidity.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              100       CRISIL D (Reaffirmed)

   Proposed Cash
   Credit Limit              20.6     CRISIL D (Reaffirmed)

   Term Loan                144.5     CRISIL D (Reaffirmed)

The company has a modest scale of operations in the intensely
competitive cotton yarn industry and large working capital
requirement, and its profitability margins are susceptible to
volatility in cotton prices. Moreover, its financial risk profile
is below-average because of a small net worth, high gearing, and
weak debt protection metrics. However, the company benefits from
its promoters' extensive experience in the textile industry.

Incorporated in 2006 and managed by Mr. K Satyanarayana, Naga
Sindhu manufactures cotton yarn. Its spinning unit is in the
Guntur district of Andhra Pradesh.


NARAYAN AGRO: CRISIL Suspends C Rating on INR70MM Cash Loan
-----------------------------------------------------------
CRISIL has suspended its rating on the bank facility of
Narayan Agro Foods Limited (NAF).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit               70       CRISIL C

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

NAF was set up in 1976 by the Goyal family as Jiwan Milk and
Allied Specialities Ltd and got its current name in 2007. The
company processes skimmed milk powder and ghee and sells under
Shakti, Jiwan and Gauma brand.


NARENDRA DEV: CRISIL Suspends B+ Rating on INR25MM Cash Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of M/s.
Narendra Dev Girraj Ji Construction (J.V) (NDGC).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee           50        CRISIL A4
   Cash Credit              25        CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility       10        CRISIL B+/Stable

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

NDGC, established in 2014, is a joint venture between Narendra
Dev (Railways) (51% of the shareholding) and Girraj Ji
Construction (49% of the shareholding). Firm has undertaken a
bridge construction project for North Central Railways in
Allahabad, Uttar Pradesh. The day to day operations of the
company are managed by Mr. Ajay Agarwal and Mr. Sunil Kumar.


NARMADA CEREAL: CRISIL Reaffirms B+ Rating on INR450MM Cash Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Narmada Cereal Private
Limited (NCPL) continue to reflect NCPL's weak financial risk
profile, marked by a high gearing, and average debt protection
metrics. The ratings also factor in the company's susceptibility
to regulatory changes, volatility in raw material prices, and
changes in rainfall pattern. These rating weaknesses are
partially offset by the experience of NCPL's promoters in the
rice industry, the company's established relationships with
customers and suppliers, and its moderate brand image.

                          Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Bill Purchase-
   Discounting
   Facility                  30     CRISIL A4 (Reaffirmed)

   Cash Credit              450     CRISIL B+/Stable (Reaffirmed)

   Packing Credit            80     CRISIL A4 (Reaffirmed)

   Rupee Term Loan           40     CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that NCPL's financial risk profile will remain
constrained over the medium term by its weak capital structure.
The outlook may be revised to 'Positive' if NCPL significantly
improves its capital structure and liquidity, most likely through
capital infusion or a material sustainable improvement in its
accretion to reserves. Conversely, the outlook may be revised to
'Negative' if the company undertakes a large debt-funded capital
expenditure programme, thereby weakening its capital structure
further, or if it generates low net cash accruals, or if its
working capital cycle lengthens significantly.

Update
NCPL's revenues remained flattish at INR1.49 billion in 2014-15
(refers to financial year, April 1 to March 31). NCPL's revenues
are expected to decline marginally on the back of falling prices
of rice in 2015-16, despite expectations of growth in volumes.
NCPL's operating margin recovered to 9 per cent in 2014-15 from
6.3 per cent in 2013-14. The operating margin had declined in
2013-14 from historical levels of 13 per cent. The sustainability
of the improved operating margin remains a key rating sensitivity
factor affecting the liquidity and financial profiles over the
medium term.

Although NCPL's working capital cycle improved in 2014-15, marked
by gross current assets (GCAs) improving to 254 days as on
March 31, 2015 from 294 days on account of improvement of debtors
level to historical levels, it continues to remain large on
account of its large inventory level. The inventory level remains
large at 259 days as on March 31, 2015 on account of the nature
of business, wherein the company stores large quantities of
basmati rice for ageing. The large working capital requirements
result in full utilization of its bank lines, reflected in
average utilization of bank lines at 99 per cent for the twelve
months ended December 2015. CRISIL expects the working capital
cycle to continue to remain large over the medium term.

NCPL's financial profile continues to remain weak marked by
gearing at 5 times as on March 31, 2015 on account of huge
reliance on external debt to meet its large working capital
requirements. Nevertheless, the gearing has improved from 5.9
times a year ago due to improvement in its working capital cycle.
The gearing is expected to reduce over the medium term driven by
absence of major debt funded capital expenditure. The debt
protection metrics of the company remained weak marked by net
cash accruals to total debt (NCATD) ratio and interest coverage
ratio at 0.04 times and 1.59 times respectively in 2014-15 on
account of its large reliance on external debt.

NCPL was set up in February 2007 by Mr. Arun Mittal, his brother,
Mr. Praveen Mittal, and Mr. Surendra Gupta. The company commenced
commercial production on April 1, 2008. NCPL mills Pusa 1121
basmati rice, mainly sold in bulk; part of the produce is also
sold domestically under the company's Narmada Rice brand.


NAYAAGARH SUGAR: CRISIL Suspends D Rating on INR108.6MM Loan
------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Nayaagarh Sugar Complex Ltd (NSCL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit             108.6      CRISIL D
   Term Loan                70        CRISIL D
   Working Capital
   Term Loan                44.1      CRISIL D

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

NSCL was set up by the promoters of ECP Industries, through the
acquisition of a sick sugar unit in 2004. NSCL has an installed
crushing capacity of 1250 tonnes of sugarcane per day.

The ECP group ' an Odisha-based conglomerate ' has business
interests in the valve, pressure regulator, and domestic
liquefied petroleum gas cylinder segments.


ORIENTAL GRANITES: CARE Assigns B+ Rating to INR5.8cr LT Loan
-------------------------------------------------------------
CARE assigns 'CARE B+' ratings to the bank facilities of
Oriental Granites & Crushers.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      5.8       CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Oriental Granites &
Crushers (OGC) is constrained by small scale of operation with
weak capital structure, proprietorship constitution of the
entity, presence in a highly fragmented and competitive industry,
and regulatory risk pertaining to environmental issues. The
rating, however, derives strength from the experience of the
promoter with an established track record, and healthy
profitability margins.

Going forward, the ability of the company to maintain the
profitability levels, and improvement in the debt protection
metrics would remain the key rating sensitivities.

Established in 2003, OGC is a proprietorship entity engaged in
the business of stone crushing. The entity leases the mines
(currently leased an area of around 3 acres from Government of
Karnataka) and undertakes the mining activities to obtain raw
material (stone boulders). The boulders are broken into
aggregates and transported to its crushing unit. At present, the
entity has nine crushers, which further break the aggregates into
different sizes and sold it to the client base (primarily used in
real estate and construction industry) located in Udupi District.

During FY15 (refers to the period April 1 to March 31), OGC
earned a PAT of INR0.82 crore on a total operating income of
INR11.71 crore.


ORISONS OVERSEAS: CRISIL Suspends 'D' Rating on INR105MM Loan
-------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of
Orisons Overseas Private Limited (OOPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Export Packing Credit    105       CRISIL D

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

OOPL was incorporated in 2008, and is promoted by Mr. Dilip Kumar
and his business associates. The company exports iron ore fines
to Asian markets such as Hong Kong and Singapore. It procures
iron ore fines from miners and traders in Odisha.


PRAGATI MARINE: CRISIL Ups Rating on INR35MM Cash Loan to 'B'
-------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of
Pragati Marine Services Private Limited (PMSPL) to 'CRISIL
B/Stable/CRISIL A4' from 'CRISIL D/CRISIL D'.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee            10       CRISIL A4 (Upgraded from
                                      'CRISIL D')

   Cash Credit               35       CRISIL B/Stable (Upgraded
                                      from 'CRISIL D')

   Proposed Long Term         8.2     CRISIL B/Stable (Upgraded
   Bank Loan Facility                 from 'CRISIL D')

   Term Loan                 16.8     CRISIL B/Stable (Upgraded
                                      from 'CRISIL D')

The rating upgrade reflects track record of timely repayment of
term debt obligations of the company owing to improvement in
liquidity resulting from improved receivables management. The
receivable cycle of the company is estimated to have improved to
around 80 days as on March 31 2016 as against 115 days during the
previous year. Further, the company is estimated to register
healthy growth in revenues of around 20 per cent in 2015-16
(refers to financial year, April 1-March 31) to around INR 290-
300 million due to improvement in dredging business. CRISIL is of
the belief that with improvement in the operating performance and
sustained operating margins, PMSPL is expected to result in net
cash accruals of around Rs 15 to 18 million over the medium term
which is expected to be sufficient for repayment of debt
obligations arising during the period

CRISIL rating on the bank facilities of PMSPL continues to
reflect its weak financial risk profile and modest scale of
operations. These rating weaknesses are offset by extensive
experience of the promoters in the industry
Outlook: Stable

CRISIL believes PMSPL's financial risk profile will remain weak
over the medium term due to working capital-intensive operations
and modest liquidity. The outlook may be revised to 'Positive' if
working capital cycle improves with sustained increase in
profitability and accretion to reserves. Conversely, the outlook
may be revised to 'Negative' if stretch in working capital cycle
or any large, debt-funded capital expenditure further weakens
liquidity and capital structure.

Established in 2009 by Mr. Amrendra Kumar Singh, PMSPL provides
crew and manning services for the shipping industry. It also
leases tug and barge and undertakes dredging contracts.
Operations are managed by Mr. Amrendra Kumar Singh with a team of
professionals.


RAHUL AGRO: CARE Reaffirms B+ Rating on INR18cr LT Loan
-------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Rahul Agro Industries.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     18.00      CARE B+ Reaffirmed
   Short term Bank Facilities    10.01      CARE A4 Reaffirmed

The ratings assigned by CARE are based on the capital deployed by
the proprietor and the financial strength of the firm at present.
The ratings may undergo change in case of the withdrawal of the
capital or the unsecured loans brought in by the proprietor in
addition to the financial performance and other relevant factors.

Rating Rationale

The ratings of Rahul Agro Industries (RAI) continue to take into
account thin profitability margins and highly leveraged capital
structure of the firm. Furthermore, the rating continues to be
constrained by the working capital intensive nature of
operations, susceptibility of its margins to volatile prices of
sesame seeds and foreign exchange rate fluctuation, its presence
in the highly fragmented and unorganised agro-processing industry
and its constitution as a proprietorship concern.

The ratings, however, derive strength from the vast experience of
the proprietor in the industry, significant growth in Total
Operating Income during FY15 (refers to the period April 1 to
March 31) and stable demand outlook of sesame seeds.

The ability of the firm to improve its scale of operations with
improvement in the profitability, capital structure and liquidity
position will be the key rating sensitivities.

RAI is a proprietorship concern formed in 2006 with Mr Rahul
Pancholi being the proprietor. RAI was initially engaged in
the trading of sesame seeds; however, from 2010 onwards, the firm
started its own processing facility at Ajmer, Rajasthan. At its
processing unit, it carries out the activities of hulling,
grading and packaging of sesame seeds. The firm procures arounds
30% of raw sesame seeds through agents & balance from the local
market in Rajasthan. It sells hulled sesame seeds in the domestic
market as well as exports to European Countries and South Korea.

During FY15, RAI has reported a total operating income of
INR152.47 crore (FY14: INR127.54 crore) with PAT of INR0.70
crore during FY15 (FY14: INR0.75 crore). Furthermore, as per
provisional results for 10MFY16, RAI reported total operating
income of INR117.92 with PBT of INR1.51 crore.


RUBY TRADELINK: CRISIL Suspends B+ Rating on INR48MM Cash Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Ruby Tradelink Private Limited (RTPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit               48       CRISIL B+/Stable

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

RTPL was set up in 2011-12 by the Bhubaneshwar-based Nanda
family. It is an exclusive distributor of Nokia mobiles and
accessories in and around Bhubaneshwar. The Nanda family obtained
the Nokia mobiles distributorship in August 2011. Until April
2013, the business was operated under a partnership firm owned by
the Nanda family. However, from May 2013, the business was
transferred to RTPL.


S T P LIMITED: CRISIL Suspends 'D' Rating on INR200MM Cash Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
S T P Limited (STP).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee            20       CRISIL D
   Cash Credit              200       CRISIL D
   Letter of Credit         130       CRISIL D

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

STP, a part of the Turner Morrison group, has three business
verticals: waterproofing products, corrosion protection products,
and construction chemicals. The company manufactures construction
chemicals at its facility in Goa, bituminous products in Chennai
(Tamil Nadu), and coal tar products in Jamshedpur (Jharkhand).
Its customers include the Indian Railways, and companies such as
the Oil and Natural Gas Corporation Ltd, Reliance Industries Ltd,
Indian Oil Corporation Ltd, and Larsen & Toubro Ltd.


SANGAM PRESS: CARE Revises Rating on INR16.25cr LT Loan to B+
-------------------------------------------------------------
CARE revises the rating assgined to the bank facilities of
Sangam Press Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     16.25      CARE B+ Revised from
                                            CARE B

Rating Rationale
The revision in the rating assigned to the bank facilities of
Sangam Press Private Limited (SPPL) takes into account closure of
its non-performing printing division during FY15 (refers to the
period April 1 to March 31) along with improvement in the booking
status and execution of the real estate project.

The rating continues to remain constrained on account of its
modest scale of operations, weak financial profile marked by
declining revenues due to closure of printing division, net loss
over last 3 years and a leveraged capital structure along with
limited experience of the promoters in the real estate segment,
intense competition and cyclical nature of real estate industry.

The rating continues to derive comfort on account of the
qualified key management, strategic location of the on-going
project, receipt of all approvals and clearances for the project
and moderate execution risk with comfortable sales momentum.

The ability of the company to execute its real estate project
without any time and cost overruns and increase the booking
status are the key rating sensitivities.

SPPL was incorporated in 1947 and was founded by a freedom
fighter Mr Achyut Patwardhan. It was operating a printing press
which was later in the year 1972, bought by Orient Longman
Limited from
the Patwardhan family. In 1978, the press was sold to the Shah
and Jhaveri families. SPPL was engaged in the offset printing for
corporate clients, based in Maharashtra.

However, SPPL has discontinued its printing division from May 5,
2014, as the same was incurring losses due to high operational
costs and outdated technology on the back of arrival of
electronic media.


SHREE DOODHAGANGA: CARE Reaffirms B Rating on INR217.64cr Loan
--------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Shree Doodhaganga Krishna Sahakari Sakkare Karkhane Niyamit.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities    217.64      CARE B Reaffirmed
   Short- term Bank Facilities   46.53      CARE A4 Reaffirmed

Rating Rationale

The ratings assigned to the bank facilities of Shree Doodhaganga
Krishna Sahakari Sakkare Karkhane Niyamit (SDKSKN) continue to be
constrained by continuing net losses, erosion of its net worth,
high debt levels, stretched operating cycle and seasonal nature
of the sugar industry and associated agro climatic risks.

The ratings, however, derive strength from the established track
record of the promoters in the sugar industry, partially
integrated operations and presence in the area of high recovery.
The ability of SDKSKN to turn its operations profitable and de-
leverage its balance sheet forms the key rating sensitivities.

SDKSKN is a multi-state co-operative society, incorporated in
March 1969 by Mr Chidanand B. Kore to undertake sugar & sugar-
related production business. The first crushing season of the
sugar factory was conducted in sugar season (SS) 1974-75 with a
crushing capacity of 1,250 tonnes crushed per day (TCD) at
Belgaum, Karnataka. The crushing capacity was further enhanced in
stages to its present level of 8,000 TCD. The society also runs a
30 kilo liters per day (KLPD) distillery and a co-generation unit
of 20.70 mega-watt (MW). The surplus power (post captive
consumption) generated from cogeneration unit is sold to
Karnataka Power Transmission Corporation Limited (KPTCL).
Presently, the society is spearheaded by Mr. Amit P. Kore,
Chairman andMr. D. S. Girigoudar as Managing Director.

For FY15 (refers to the period April 1 to March 31) SDKSKN
reported total income of INR308.35 crore and incurred a loss of
Rs.16.07 crore as against a total income of INR329.21crore with a
loss of INR6.81 crore in FY14.


SHRI KALYANIKA: CRISIL Assigns B+ Rating to INR100MM Term Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long
term bank facility of Shri Kalyanika Promotors and Developers
Private Limited (SKPDPL).

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

The rating reflects the company's exposure to risk inherent in
the real estate industry, project and geographical concentration
in its revenue profile. These rating weaknesses are partially
offset by the promoter's extensive experience in the real estate
construction industry and moderate bookings for its ongoing
project, Ojas Imperia.
Outlook: Stable

CRISIL believes that SKPDPL will continue to benefit over the
medium term from its promoter's extensive industry experience.
The outlook may be revised to 'Positive' if the company generates
higher-than-expected cash flow from operations, resulting from
accelerated execution of its project and improved flow of
advances. Conversely, the outlook may be revised to 'Negative' if
the company reports significantly lower-than-expected cash flow
from operations, either because of subdued response to its
project or lower-than-envisaged flow of advances, leading to
deterioration in its financial risk profile, particularly
liquidity.

Shri Kalyanika Promotors and Developers Pvt Ltd (SKPDPL),
established in 2011, is engaged in development of real estate
projects. SKPDPL currently has one ongoing commercial cum
residential project by the name of Ojas Imperia at Rampur Road in
Jabalpur.


SHYAMA SAKTI: CRISIL Suspends 'D' Rating on INR50MM Cash Loan
-------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Shyama Sakti Rice Agro Food Products Private Limited (Shyama
Sakti).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              50        CRISIL D
   Term Loan                20        CRISIL D

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

Incorporated in 2008, Shyama Sakti mills non-basmati parboiled
rice. Its manufacturing facility is in Galsi (West Bengal). The
company's day-to-day operations are looked after by its director,
Mr. Dhamadas Ghatak.


SIDDHIVINAYAK POLYTEX: CRISIL Rates INR76MM Cash Loan at 'B'
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Siddhivinayak Polytex Private Limited (SPPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              76        CRISIL B/Stable
   Term Loan                65        CRISIL B/Stable

The rating reflects the company's weak liquidity due to
insufficient accrual vis-a-vis debt obligation, modest scale of
operations, low profitability, and risk related to new aluminum
extrusion plant project. These weaknesses are partially offset by
SPPL's established clientele and moderate capital structure,
backed by promoter's funds.
Outlook: Stable

CRISIL believes SPPL will benefit over the medium term from its
established clientele and promoter's funding support. The outlook
may be revised to 'Positive' if timely commencement of operations
at plant leads to higher-than-expected accrual, resulting in a
better liquidity. Conversely, the outlook may be revised to
'Negative' if liquidity deteriorates due to lower-than-expected
cash accrual, time and cost overruns in project, or delay in
funding from promoter.

Incorporated in 2012 and promoted by Mr. Sunil Agarwal, SPPL
manufactures polypropylene fabric and bags, and is also expected
to start manufacturing aluminum extrusion products from 2016-17
onwards.


SPENTIKA CERAMIC: CRISIL Assigns 'B' Rating to INR45MM Cash Loan
----------------------------------------------------------------
CRISIL has revoked the suspension of its ratings on the bank
facilities of Spentika Ceramic Private Limited (SCPL) and has
assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
facilities.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee          8       CRISIL A4 (Assigned;
                                   Suspension Revoked)

   Cash Credit            20       CRISIL B/Stable (Assigned;
                                   Suspension Revoked)

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

   Proposed Long Term     45       CRISIL B/Stable (Assigned;
   Bank Loan Facility              Suspension Revoked)

   Proposed Working       25       CRISIL B/Stable (Assigned;
   Capital Facility                Suspension Revoked)

   Proposed Non Fund      12       CRISIL A4 (Assigned;
   based limits                    Suspension Revoked)

The ratings were suspended by CRISIL on May 28, 2015, because
SCPL had not provided the necessary information required for a
rating review. SCPL has now provided the necessary information,
enabling CRIIL to assign ratings to the bank facilities.

The ratings reflect SCPL's modest business risk profile, because
of modest scale of operations due to weaker industry demand and
declining operating margin, modest networth, and susceptibility
to intense competition in the ceramic tiles segment. These
weaknesses are partially offset by the extensive experience of
the promoters in the ceramic industry and the company's location
advantage.
Outlook: Stable

CRISIL believes SCPL will maintain its credit risk profile backed
by satisfactory debt protection metrics and strategic location.
The outlook may be revised to 'Positive' if the company is able
to post higher-than-expected revenue growth coupled with
improvement in profitability leading to a better financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
there is a decline in revenue growth or profitability due to
demand slowdown or if intense competition or additional debt-
funded capital expenditure plan, leading to weakening of the
financial risk profile.

SCPL is a private limited company set up in February 2011 at
Lakaddhar, Gujarat. It is promoted by Mr. Paresh Detroja, Mr.
Harshad Raiyani, Mr. Jagjeevan Rangpariya, and Mr. Dharmendra
Detroja. The current directorship is held by Mr. Paresh Detroja,
Mr. Dharmendra Detroja, and Mr. Raj Boda. The company
manufactures glazed wall tiles and has capacity of 60,000 tonnes
per annum.


SUDAMA EXPORT: CRISIL Suspends 'D' Rating on INR126MM Loan
----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Sudama Export Private Limited (SEPL).

                             Amount
   Facilities              (INR Mln)     Ratings
   ----------              ---------     -------
   Cash Credit                 44        CRISIL D
   Packing Credit             126        CRISIL D
   Standby Line of Credit      30        CRISIL D

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

Incorporated in 2005, SEPL is engaged in export of rice to
western Africa. It initially exported iron ore, but following the
ban on mining in Odisha, started trading in rice since October
2012.


TEZALPATTY TEA: CARE Assigns B+ Rating to INR6.35cr LT Loan
-----------------------------------------------------------
CARE assigns 'CARE B+' ratings to the bank facilities of
Tezalpatty Tea Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      6.35      CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Tezalpatty Tea
Private Limited (TTPL) are constrained by its small size of
operations, susceptible to vagaries of the nature, labour
intensive nature of business, volatility in tea price and high
competition.

The aforesaid constraints are partially offset by its long &
established track record, experienced management and backward
integration for its raw material.

The ability of the company to increase the scale of operations
and profitability margins and ability to manage working capital
efficiently would be the key rating sensitivities.

Tezalpatty Tea Pvt. Ltd. (TTPL) was incorporated in December 16,
1994 by Guwahati-based Rahman family. Since its incorporation the
company is engaged in the business of producing green tea leaf.
Till August 2015, TTPL produced green tea leaf and sold to its
sister concernMohijuli Tea Co. Pvt. Ltd. (rated CARE BB). The
company has recently set up its own black tea manufacturing unit
with an approximate installed capacity of 7.50 lakh kilograms per
annum which became operational in October 2015.

TTPL presently owns one tea estate at Sonitpur, Assam and a
manufacturing facility located adjacent to the tea estate,
which processes the leaf from the garden. The aggregate area
available for cultivation is 261.37 hectares, of which area
under cultivation is 248.37 hectares, having average yield of
2400 kgs per hectare. The company has obtained the manufacturing
license from Tea Board in the month of September 2015. Presently
the company is selling tea in Guwahati Tea Auction Centre.


TOPWORTH TOLLWAYS: CARE Assigns B+ Rating to INR121.68cr LT Loan
----------------------------------------------------------------
CARE revises the rating on the bank facilities of Topworth
Tollways (Ujjain) Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities    121.68     CARE B+ CARE BBB(SO)
                                           suspended and assigned
                                           CARE B+

Rating Rationale

CARE has suspended the CARE BBB(SO) rating assigned to the bank
facilities of Topworth Tollways (Ujjain) Private Limited (TTUPL)
which were backed by corporate guarantee of Crest Steel and Power
P Ltd (CSPL or the Guarantor) following suspension of the ratings
on CSPL due to lack of availability of information to carry out
credit risk assessment of the Guarantor.

The CARE B+ (single B+) rating assigned to the bank facilities of
TTUPL reflects its weak operational performance (since
commissioning) owing to lower than envisaged traffic volumes on
the toll road, its modest financial profile marked by continued
losses and high leverage and its weak debt coverage indicators.
The rating also factors in the inherent risks associated with
toll based projects.

The rating, however, derives strength from experience of the
promoters, financial support from promoter and presence
of Major Maintenance Reserve (MMR) towards periodic upkeep of the
toll road.

Achievement of envisaged traffic projections by the company along
with continued financial support from the promoter are the key
rating sensitivities.

Topworth Tollways (Ujjain) Private Limited (TTUPL) is a Special
Purpose Vehicle incorporated by the consortium of Topworth Infra
Private Limited (TIPL, holding 74%) and MCC Overseas Ltd. (MCCOL,
holding 26%) on 6th May, 2010. TIPL is a Topworth group company,
set up as a holding company to undertake all the infrastructure
projects of the Topworth Group of companies. MCCOL is a Chinese
engineering services company having global presence and is 100%
owned and controlled by Metallurgical Corporation of China Ltd.
(MCC), one of the Fortune 500 companies. It provides integrated
solutions, engineering consulting, engineering design, EPC
contracting etc.


WEST QUAY: CARE Lowers Rating on INR116.5cr LT Loan to D
--------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
West Quay Multiport Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long Term Bank Facilities     116.50     CARE D Revised from
                                            CARE B

   Short Term Bank Facilities     25.00     CARE D Revised from
                                            CARE A4

Rating Rationale

The revision in the ratings of the bank facilities and
instruments of West Quay Multiport Private Limited, takes into
account the ongoing delay in servicing of debt obligations by the
company due to its weak liquidity position.

West Quay Multiport Private Limited (WQMPL) is a Special Purpose
Vehicle (SPV) incorporated to implement the project for
development of West Quay Berth-VI (WQ6) for handling bulk cargo
up to 4.5 million tonnes per annum at Visakhapatnam Port on
Design, Build, Finance, Operate and Transfer (DBFOT) basis. The
port would exclusively handle Pet Coke, CP Coke, LAM Coke, steel
and Granite for the first five years. WQMPL has been promoted by
Alba Asia Private Limited (AAPL, erstwhile ABG-LDA Bulk Handling
Pvt. Ltd) (AAPL holds 49%) and ABG Infralogistics Ltd. (ABG
Infra, holds
51%). AAPL is a Joint Venture (JV) in which ABG Infra through its
majority owned subsidiary, ABG Ports Pvt. Ltd. - holds 51% equity
stake and LDA holds balance 49% of the equity.

The above mentioned concession was awarded by the Visakhapatnam
Port Trust (VPT) for a period of 30 years following an
International Competitive Bidding (ICB) process based on highest
revenue share (47.17%) offered by it. In addition, WQMPL would be
paying VPT an annual license fee of INR 0.68 Crs. The Concession
Agreement (CA) was entered into between VPT & WQMPL on July 31st,
2010. Total project cost of INR207.7 crore is proposed to be
funded through debt of INR166.3 crore and the balance thorough
equity (debt-to-equity ratio: 4x). During FY15 (refers to the
period April 1 to March 31), West Quay Multiport Private Limited
reported a Net Loss of INR 2.63 Crore on a Total Income from
operations of INR 0.38 crore.



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


PELABUHAN INDONESIA: Fitch Affirms BBB- IDR; Outlook Stable
-----------------------------------------------------------
Fitch Ratings has affirmed Indonesia-based port operator PT
Pelabuhan Indonesia III (Persero)'s (Pelindo III) Long-Term
Foreign-Currency Issuer Default Rating at 'BBB-'.  The Outlook is
Stable.  The agency has also affirmed Pelindo III's senior
unsecured rating and the rating on the USD500 mil. senior
unsecured notes due 2024 at 'BBB-'.

Fitch has lowered Pelindo III's standalone rating to 'BB+' from
'BBB-'.  The 'BBB-' IDR and senior unsecured rating now
incorporate one notch of support from its 100% shareholder, the
Republic of Indonesia (BBB-/Stable), due to the strategic and
operational linkages between the two as per Fitch's Parent and
Subsidiary Linkage methodology.  The company's standalone credit
profile was lowered due to Fitch's expectation of weaker credit
metrics over 2016-19.  Slower volume growth, broadly flat average
realized tariffs in local-currency terms, despite a weaker
Indonesian rupiah against the US dollar, and substantial capex
led to a weaker financial profile than Fitch had expected.  The
company's credit profile continues to benefit from its strong
market position with limited competition, above 90% volumes from
production and consumption in the hinterland, and a degree of
independence in tariff setting.

                        KEY RATING DRIVERS

Lower-Than-Forecast Volumes: Pelindo III reported steady
container volumes of 4.4 million twenty-foot equivalent units
(TEUs) in 2015.  Fitch expected Pelindo III to achieve volume
growth in 2015, partly aided by the additional capacity at its
new terminal, Teluk Lamong.  Fitch has revised down its forecast
volume growth to average around 7% a year over 2016-2019,
reflecting the slower, but gradually improving economic growth
expected for Indonesia, which will be partly supported by
continued spending on infrastructure.

Weaker Rupiah, Flat Average Tariffs: Fitch estimates that about
35% of Pelindo III's revenue is US dollar-denominated.  However,
Fitch expects average tariffs to remain broadly stable in rupiah
terms, even though the US dollar has strengthened against the
Indonesian currency.  This is because there is a larger share of
domestic containers in the mix and the domestic tariffs are
lower, at about 70%-90% of international tariffs.

High Forecast Capex: Pelindo III has a high capex programme,
although the company has adjusted its medium-term plan to reduce
investments in further new capacity and focus more on investments
to revitalize and improve efficiency at its existing operations
in 2016 and 2017.  The capex is largely US dollar-linked, so the
depreciation of the rupiah has increased its investment
requirement in local-currency terms.  Fitch expects Pelindo III
to incur a total capex of around IDR17 tril. against cash flow
from operations of around IDR9trn over 2016-19.

Credit Metrics Weakened: Fitch now estimates Pelindo III's FFO-
adjusted net leverage to be around 5.5x-5.0x through 2018, up
from 3.6x in 2015 due to its large capex programme as well as
weaker than previously forecast cash generation.  Fitch also
expects Pelindo III's FFO fixed-charge coverage to remain at 2.0x
in the short to medium term while it undertakes debt-funded
capital expenditure.

About 50% of Pelindo III's consolidated 2015 EBITDA was derived
from its 50.5%-owned subsidiary, PT Terminal Petikemas Surabaya
(TPS).  DP World Limited (BBB-/Positive) owns 49% of TPS and
manages it.  Fitch adjusts for this by excluding the FFO and cash
balances of TPS, but adding back the dividends Pelindo III
receives from TPS to the consolidated financials.  TPS is debt-
free and upstreams a large share of its cash.  This, together
with the 10% royalty TPS pays to Pelindo III on its revenues,
materially reduces the negative implications of this asset not
being fully owned by the company.  The leverage and coverage
ratios calculated for Pelindo III are based on this adjusted FFO.

The concession for TPS expires in 2019, at which point Pelindo
III has the right to acquire DP World's 49% stake under an agreed
framework.  Based on the details of the broad framework, Fitch
believes that access to 100% of TPS's cash generation will
outweigh the likely cash payment to acquire DP World's stake.

Strong Market Position: Pelindo III is the second-largest
container port operator in Indonesia, accounting for about 33% of
the country's total container volumes, and over 90% of container
traffic in its regions of operation - central and eastern
Indonesia.  Given the importance of sea freight in cargo
transport across the Indonesian archipelago, Pelindo III's first
mover advantage, strategically located and well-connected ports,
high barriers to entry, underdeveloped road infrastructure, and
the company's intensive investment plan, Pelindo III is well
placed to maintain its position, in Fitch's view.

Robust Business Profile: Over 90% of cargo handled by Pelindo III
is either produced or consumed in its hinterland, so it has
significantly less exposure to more volatile transhipment volumes
relative to most ports in Asia.  Pelindo III's operating margin
is stable because the tariffs are agreed on commercial terms with
port users, in consultation with Indonesia's Ministry of
Transportation.  EBITDA margins were about 43%-44% over 2012-
2014. Margin was, however, lower at 40% in 2015, mainly due to
higher expenses incurred for its Surabaya West Access Channel
project. Fitch expects a gradual recovery in the margin to about
47% through 2019, driven mainly by efficiency gains.

Sovereign Linkage and Support: Pelindo III's rating benefits from
one notch of support due to its strategic importance to the
state. A further notch of uplift is available, in the event its
standalone rating falls further, in line with Fitch's Parent and
Subsidiary Linkage methodology.  The group's expansion plan
reflects the government's strategy of improving Indonesia's
infrastructure.  The government appoints Pelindo III's
management.

                        KEY ASSUMPTIONS

Fitch's key assumptions within its rating case for the issuer
include:

   -- Average container volumes and tariff growth of 7% and 6% a
      year over 2016-19

   -- EBITDA margin to gradually increase to 47% by 2019 from 40%
      in 2015

   -- Total capex of IDR17trn over 2016-2019, leading to negative
      free cash flow during this period.

                       RATING SENSITIVITIES

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

   -- Negative rating action on the sovereign

   -- A sustained weakening of Pelindo III's FFO-adjusted net
      leverage above 5.5x and/or FFO fixed-charge coverage below
      2.0x will result in lowering of Pelindo III's standalone
      rating, but a further notch of uplift is available,
      provided there is no weakening of linkages with the state

Positive: Future developments that may collectively or
individually lead to positive rating actions include:

   -- A sustained improvement of Pelindo III's FFO-adjusted net
      leverage below 4.5x and/or FFO fixed-charge coverage above
      2.5x will result in an upgrade of Pelindo III's standalone
      Rating

   -- A positive rating action on Indonesia can lead to a similar
      rating action on Pelindo III, provided its standalone
      credit profile does not deteriorate and its linkages with
      the state  do not weaken

For the sovereign rating of Indonesia, the following
sensitivities were outlined by Fitch in its Rating Action
Commentary of 6 November 2015:

The main factors that, individually or collectively, could
trigger negative rating action are:

   -- A sharp and sustained external shock to foreign and/or
      domestic investors' confidence with the potential to cause
      external financing difficulties, for example as a result of
      an undue change in the authorities' monetary policy
      strategy focusing on stability.

   -- A rise in the public debt burden, for example caused by
      breaching the budget deficit ceiling.

The main factors that, individually or collectively, could
trigger positive rating action are:

   -- A strengthening of the external balances, making Indonesia
      less vulnerable to sudden changes in foreign-investor
      sentiment, for instance through lower commodity export
      dependence or structurally higher FDI inflows.

   -- Evidence that structural reforms or improvements in
      infrastructure translate into higher sustainable GDP growth
      in the longer run.



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


DAIICHI CHOU: Japanese Case Recognized as Foreign Main Proceeding
-----------------------------------------------------------------
The Hon. Michael E. Wiles of the U.S. Bankruptcy Court for the
Southern District of New York recognized as foreign main
proceeding pursuant to Section 1517(b)(1) of the Bankruptcy Code
the Japanese proceeding commenced by Daiichi Chuo Kisen Kaisha.

As reported by the Troubled Company Reporter on Oct. 23, 2015,
the Ontario Superior Court of Justice issued an initial order
recognizing the civil rehabilitation proceedings under Japanese
law of shippers Daiichi Chuo Kisen Kaisha and Star Bulk Carriers
Co. S.A., currently pending as Case No. Heisei 27 (2015) (Sai) 53
before the 20th Civil Division of the Tokyo District Court,
Japan.

The U.S. Court also recognized Masakazu Yakushiji and Koji Fujita
as the foreign representative of the Debtors.

The foreign representative's counsel:

   Tony Reyes, Esq.
   NORTON ROSE FULBRIGHT CANADA LLP
   Royal Bank Plaza, South Tower, Suite 3800
   200 Bay Street, P.O. Box 84
   Toronto, Ontario M5J 2Z4
   Tel: 416 216 4825
   Email: Tony.Reyes@nortonrosefulbright.com

      -- and --

   Alexander Schmitt, Esq.
   NORTON ROSE FULBRIGHT CANADA LLP
   Royal Bank Plaza, South Tower, Suite 3800
   200 Bay Street, P.O. Box 84
   Toronto, Ontario M5J 2Z4
   Tel: (416) 216-2419
   E-mail: Alexander.Schmitt@nortonrosefulbright.com

                  About Daiichi Chuo

Daiichi Chuo Kisen Kaisha is a Japanese-based international
shipping company incorporated under Japanese law in 1960.  In
addition to its principal domestic Japanese offices in Tokyo,
Kansai, Wakayama and Kashima, where the majority of DCKK's
employees are located, DCKK has ancillary offices in New York
(opened in 1969), Manila, Hong Kong, London, Shanghai, Brisbane
and Vietnam.  DCKK's core business is marine transportation,
providing overseas shipping, coastal shipping and other related
services, focusing primarily on transporting dry bulk (bulk cargo
such as unpackaged grain, iron ore and other commodities) using a
tramp steamer, commonly referred to as a tramper.

As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 30, 2015, Bloomberg News said Daiichi Chuo KK filed for
bankruptcy protection in Tokyo with JPY120 billion ($1 billion)
in liabilities, as over-expansion amid plunging freight rates
pushed the Japanese shipping line to four straight years of
losses.  Its wholly owned Star Bulk Carrier Co. unit also filed
for bankruptcy with JPY57 billion in liabilities, Daiichi Chuo
said in a statement on Sept. 29, Bloomberg related.

Daiichi Chuo Kisen Kaisha filed a Chapter 15 bankruptcy petition
(Bankr. S.D.N.Y. Case No. 15-12650) on Sept. 29, 2015.  The
petition was signed by Masakazu Yakushiji, the president and
foreign representative.  The Debtor estimated both assets and
liabilities of $100 million to $500 million.  The Petitioner has
engaged Norton Rose Fulbright US LLP as counsel.  Judge Michael
E. Wiles is assigned to the case.


SHARP CORP: Egan-Jones Downgrades FC Sr. Unsecured Rating to CCC+
-----------------------------------------------------------------
Egan-Jones Ratings Company lowered the foreign currency senior
unsecured rating on debt issued by Sharp Corp. Japan to CCC+ from
B- on March 30, 2016.

Sharp Corporation (is a Japanese multinational corporation that
designs and manufactures electronic products.



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


FIRST CREDIT: S&P Revises Outlook to Pos. & Affirms 'BB-/B' ICRs
----------------------------------------------------------------
Standard & Poor's Ratings Services said it has revised its
outlook on New Zealand-based First Credit Union (FCU) to positive
from stable.  In addition, S&P affirmed its issuer credit ratings
on FCU at 'BB-/B'.

S&P considers that FCU has shown a trend of improving asset
quality in the past 18 months, as reflected in:

   -- Reduced net charge offs to 0.27% of total customer loans
      for the six months ended Dec. 31, 2015 (0.71% in fiscal
      2014); and

   -- Reduced charge offs to about 20% of S&P's expected through-
      the-cycle credit losses.

S&P believes these improvements reflect a combination of cyclical
factors and FCU's risk management framework.  In S&P's view, the
credit union has the potential to sustain improved asset quality
outcomes through the relatively benign part of the cycle.

S&P notes that FCU has taken a different path compared with some
other larger members of Co-op Money NZ in relation to a core
banking system upgrade.  Although outside S&P's base-case
expectations, it believes this could expose FCU (that is, unlike
its peer credit unions) to unforeseen business and operational
issues.

S&P's ratings on FCU reflect its small and geographically
concentrated business activities, very strong capitalization
offset by higher prospective losses, and exposure to potential
funding pressures under a stress scenario.  While S&P considers
FCU's retail deposit funding as price-sensitive and subject to
competitive pressures, the dominance of this funding source is
supportive of the credit union's funding stability, in S&P's
view.

S&P assess FCU's stand-alone credit profile as 'bb-'.

The outlook on the long-term rating on FCU is positive.  S&P
expects to raise the rating to 'BB' within the next 12 months if
S&P gains confidence that the credit union can sustain its recent
improvements in asset quality metrics and no other significant
new risks emerge during this time.  S&P expects to do so if the
credit union maintains its net charge offs below our expected
normalized (through-the-cycle) credit loss rate, and a trend of
weakening asset quality does not emerge through other metrics
such as nonperforming loans, underwriting practices, and asset
mix.

S&P expects to revise the outlook back to stable in the next 12-
months if, in its opinion:

   -- Nonperforming loans and impairments show a trend of
      deteriorating asset quality;

   -- Net write offs show a trend of moving above S&P's expected
      normalized (through-the-cycle) credit loss rate; or

   -- Any other new significant risks emerge.



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


MELCO CROWN: Net Loss Widens to PHP9.14 Billion in 2015
-------------------------------------------------------
BusinessWorld Online reports that Melco Crown Philippines
(Resorts) Corp. (MCP), a unit of Macau-based Melco Crown
Entertainment Ltd., continued its bleeding last year on mounting
costs to support the first full year operations of City of Dreams
Manila.

BusinessWorld relates that MCP said in a regulatory filing its
net loss swelled to PHP9.14 billion last year from the
PHP6.30 billion registered in 2014.

According to BusinessWorld, the ballooning losses were attributed
to the "increase in total operating costs and expenses arising
from the full year resort operations in 2015, as well as the
interest expenses (net of capitalized interest) as a result of
lower interest capitalization since the project completion in the
first quarter of 2015."

Total net operating revenues surged to PHP13.73 billion from
PHP430.20 million in 2014 on account of the first full year of
operations of City of Dreams Manila. As a result, total operating
costs and expenses likewise increased year on year to PHP20
billion from PHP4.66 billion, BusinessWorld discloses.

Casino revenues contributed 87% or PHP11.90 billion to total net
operating revenues, as rolling chip volume reached PHP150.6
billion with a win rate of 2.3% -- below the expected 2.7%-3%.
Win rate refers to the casino's win, which flows to the revenue
line of the income statement, BusinessWorld adds.

In the mass market table games segment, total drop -- the amount
of money wagered and dropped at the table -- stood at PHP20.1
billion, with a hold percentage of 26.3%, BusinessWorld relays.

Room revenues from Crown Towers Hotel, Nobu Hotel and Hyatt City
of Dreams Manila amounted to P719.40 million, representing 5% of
total net operating revenues. Occupancy rate across the hotels
stood at 85.9%, with the average daily rate at P8,702.

Other non-casino revenues included food and beverage revenues of
PHP677.40 million and entertainment, retail and other revenues of
PHP429 million.

City of Dreams Manila is the second casino to rise in
Entertainment City, the Philippines' answer to Macau and Las
Vegas, after Bloomberry Resorts Corp.'s Solaire Resorts & Casino.

Henry Sy-led Belle Corp. took in the Macau casino operator, owned
by Australian billionaire James Packer and Lawrence Ho, to
operate its casino in Entertainment City in 2013. Lawrence is the
son of Macau gaming mogul Stanley Ho, BusinessWorld notes.


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


BARING PRIVATE: Moody's Affirms B1 Corporate Family Rating
----------------------------------------------------------
Moody's Investors Service has affirmed the corporate family
rating (CFR) of Baring Private Equity Asia VI Holding (1) Ltd
(Vistra) at B1.

At the same time, Moody's has affirmed the B1 rating on the
USD515 million first lien term loan due 2022 (of which EUR238
million was funded in Euros) and on the USD50 million revolving
credit facility, as well as the B2 rating on the USD185 million
second lien term loan due 2023 (of which EUR78.5 million was
funded in Euros).

The rating outlook has been revised to negative from stable.

List of affected ratings:

Affirmations:

-- Issuer: Baring Private Equity Asia VI Holding (1) Ltd
(Vistra)

-- Corporate Family Rating, at B1

-- $50 million SR SEC REVOLVING CREDIT FACILITY due 2020, at B1

-- $257.5 million SR SEC 1ST LIEN TERM LOAN B due 2022, at B1

-- EUR238 million SR SEC 1ST LIEN TERM LOAN B due 2022, at B1

-- $100 million SR SEC 2ND LIEN TERM LOAN due 2023, at B2

-- EUR78.5 million SR SEC 2ND LIEN TERM LOAN due 2023, at B2

Outlook Actions:

-- Issuer: Baring Private Equity Asia VI Holding (1) Ltd
(Vistra)

-- Outlook, changed to Negative from Stable

RATINGS RATIONALE

"The change in Vistra's outlook to negative reflects the larger-
than-expected share of debt-funding used for its recent
acquisitions, and our view that it could take longer to
deleverage than we had earlier anticipated if it continues its
current pace of acquisitions," says Brian Grieser, a Moody's Vice
President and Senior Analyst.

Vistra's acquisition of IL&FS Trust Company Limited (ITCL), the
largest independent Corporate Trust Services provider in India,
will be its fifth acquisition since Baring Asia acquired and
merged Vistra and the Orangefield Group in October of 2015.
Vistra announced the ITCL acquisition on 12 April 2016.

"Pro forma for the ITCL acquisition, we expect the company's
gross leverage to be around 6.5x from just over 6.0x at close of
Baring Asia's leveraged buy-out."

The B1 rating balances Vistra high post-acquisition leverage with
the expectation that solid growth prospects, both organic and
acquired, will lead to rapid deleveraging in 2016 and 2017.

"While the B1 CFR captures Vistra's intention to execute
strategic bolt-on acquisitions, the velocity of these
acquisitions relative to its free cash flow generation and EBITDA
growth has exceeded expectations," adds Grieser, who is also the
lead analyst for Vistra.

The B1 CFR continues to capture (1) Vistra's strong market
position in the fragmented corporate and trust services industry;
(2) the high barriers to entry, fostered by its long-standing
relationships with a well-diversified customer base; (3) revenue
and cash flow visibility driven by the multi-year nature of its
structures; and (4) its good liquidity profile, supported by high
cash balances.

Vistra's ratings could be downgraded if its integration plans
fail to provide synergies, the company deviates further from its
plan to deleverage, new litigation or regulatory standards weaken
its cash flow or earnings profile, or if the company undertakes
another transformative acquisition over the next 12-18 months.

Specifically, its ratings could be downgraded if (1) adjusted
debt-to-EBITDA does not trend towards or below 5.0x in the next
6-12 months; (2) sustained adjusted EBITA-to-interest expense
drops below 2.0x; or (3) adjusted retained cash flow-to-net debt
falls below 10%.

A ratings upgrade is unlikely over the next two years given the
negative outlook, and its high leverage. However, the outlook
could return to stable if Vistra demonstrates a more balanced
acquisition appetite, on a sustained basis, and its leverage
trends towards or below 5.0x in the next 6-12 months.

The principal methodology used in these ratings was Business and
Consumer Service Industry published in December 2014. Please see
the Ratings Methodologies page on www.moodys.com for a copy of
this methodology.

Vistra is a provider of corporate & trust services for companies
(private companies, SMEs, listed companies), high net worth
individuals and funds, with around 50% of gross fees generated in
Asia, the rest primarily generated in Europe. Services include
company formation and renewal services, corporate administration
services, trustee and fiduciary services, fund services and
family office services. Vistra employs over 2,200 employees in 58
offices across 39 jurisdictions.





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

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

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


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

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

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

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

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



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