TCRAP_Public/160428.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Thursday, April 28, 2016, Vol. 19, No. 83


                            Headlines


A U S T R A L I A

COMPLETE METAL: First Creditors' Meeting Slated For May 4
CRUSADE ABS 2016-1: Moody's Assigns Ba1 Rating to Cl. E Notes
EVERSWEET CONFECTIONARY: First Creditors' Meeting Set For May 5
ROSSWOOD HOLDINGS: First Creditors' Meeting Set For May 3
RUSH HOUR: First Creditors' Meeting Set For May 5

SCL CRISP: First Creditors' Meeting Slated For May 5
SEAFORCE MARINE: Business and Assets Up for Sale


B A N G L A D E S H

EASTERN BANK: Moody's Corrects FC Deposit Rating to B1


C H I N A

EVERGRANDE REAL: Says Can Easily Pay Debt Amid CCC+ Rating
FANTASIA HOLDINGS: Moody's Rates Proposed Sr. CNY Notes at B3
FANTASIA HOLDINGS: S&P Assigns 'B' Rating to Proposed RMB Notes
JINGRUI HOLDINGS: Fitch Cuts FC Issuer Default Rating to 'B-'


I N D I A

ABAN OFFSHORE: CARE Lowers Rating on INR768.95cr LT Loan to D
ABC SITES: CRISIL Suspends 'B' Rating on INR450MM LT Loan
ACCURATE EDUCATION: CRISIL Suspends 'D' Rating on INR360MM Loan
ALMADINA STEEL: CARE Assigns B+ Rating to INR3.63cr LT Loan
ARYABHATTA TUTORIALS: CRISIL Suspends B+ Rating on INR52.5MM Loan

ASSRM & CO: CARE Assigns 'B+' Rating to INR15cr LT Loan
AUSTIN DISTRIBUTORS: CARE Reaffirms 'B' Rating on INR33.52cr Loan
BHAI INDUSTRIES: CRISIL Assigns 'B' Rating to INR60MM Cash Loan
BLOOMFLEX PRIVATE: CARE Assigns B+ Rating to INR10.11cr LT Loan
BMV EXIM: CRISIL Suspends 'B' Rating on INR190MM LT Loan

CURE LIFE: CARE Reaffirms 'D' Rating on INR17.61cr LT Loan
EARTHCON CONSTRUCTIONS: CARE Assigns B+ Rating to INR60cr LT Loan
EDUCOMP INFRASTRUCTURE: CARE Rates INR34cr Pref. Shares at 'C'
GAAP TUFF: CARE Assigns 'B' Rating to INR9.18cr LT Loan
GANGAPUTRA: CRISIL Suspends B- Rating on INR327.6MM Term Loan

GEETALAKSHMI MODERN: CRISIL Assigns B- Rating to INR70MM Loan
GOYAL YARN: CRISIL Suspends B+ Rating on INR95MM Cash Loan
HANUMAN RICE: CRISIL Reaffirms B- Rating on INR50MM Cash Loan
JAYANTH INDUSTRIES: CRISIL Reaffirms B+ Rating on INR45MM Loan
JUPITER SOLAR: CARE Reaffirms 'B' Rating on INR153.85cr LT Loan

KAIZEN AUTOCARS: CARE Reaffirms 'B' Rating on INR10.28cr LT Loan
KINGFISHER AIRLINES: Founder Fears Arrest as Lenders Seek Dues
KMC CONSTRUCTIONS: Ind-Ra Suspends IND D Long-Term Issuer Rating
KOHINOOR INDIA: CARE Assigns B+ Rating to INR10cr LT Loan
KRUSHIRAJ SUGAR: CARE Reaffirms 'B' Rating on INR14.79cr LT Loan

LALA NEMI: CRISIL Cuts Rating on INR240MM Term Loan to D
LAXMI GARMENTS: CARE Assigns B+ Rating to INR0.31cr LT Loan
MAHARAJA AGRO: CRISIL Cuts Rating on INR230MM Term Loan to 'B'
NIRMAL LIFESTYLE: CRISIL Cuts Rating on INR2.97BB NCDs to B+(SO)
NYSA INDUSTRIES: CARE Assigns B+ Rating to INR5.30cr LT Loan

P.P. AUTOMOTIVE: CARE Reaffirms 'B+' Rating on INR8cr LT Loan
P.S. SETH: CRISIL Suspends 'B' Rating on INR170MM Cash Loan
PANKAJ ISPAT: CARE Assigns B- Rating to INR15cr LT Loan
PREMAVATI RICE: CRISIL Assigns 'B+' Rating to INR60MM Cash Loan
RAMA KRISHNA: CRISIL Suspends 'D' Rating on INR750MM Loan

RAVI OFFSET: CRISIL Suspends B- Rating on INR170MM Cash Loan
REDROSE TEXTILES: CRISIL Reaffirms B- Rating on INR70MM Loan
RENUKA EQUIPMENTS: CRISIL Reaffirms B+ Rating on INR111.7MM Loan
ROCKEIRA ENGINEERING: CRISIL Rates INR60MM LT Loan at 'B'
ROSHNI JEWELLERS: CARE Reaffirms 'B' Rating on INR9cr LT Loan

SAI KALYAN: CRISIL Assigns B+ Rating to INR150MM Long Term Loan
SANWARIYA IMPEX: CARE Reaffirms B+ Rating on INR6.15cr LT Loan
SEWRI ENGINEERING: CARE Reaffirms B+ Rating on INR4.95cr LT Loan
SHREE KRISHNANAND: CARE Assigns 'B+' Rating to INR1cr LT Loan
SYNERGY TELECOMMUNICATIONS: CRISIL Suspends D Cash Loan Rating

TULSI SYNTEX: CARE Assigns 'B' Rating to INR7.13cr LT Loan


I N D O N E S I A

PERUSAHAAN GAS: S&P Affirms 'BB+' CCR; Outlook Positive


J A P A N

MITSUBISHI: Admits Using Unapproved Fuel Economy Tests Since 1991
MITSUBISHI MOTORS: Scandal May Cost Firm JPY100BB for Four Models
TOSHIBA CORP: In Final Talks on New President


M A L A Y S I A

1MALAYSIA: Default No Effect on Abu Dhabi Guarantor Fund Bonds


N E W  Z E A L A N D

SAMS BAY: High Court Placed Firm Into Liquidation
SENTRY HILL: Winery Placed Into Liquidation


P A P U A  N E W  G U I N E A

PAPUA NEW GUINEA: Moody's Lowers Currency Issuer Rating to B2


S I N G A P O R E

OUE HOSPITALITY: Moody's Withdraws Ba1 Corporate Family Rating


S O U T H  K O R E A

DOOSAN BOBCAT: S&P Affirms B+ Corp. Credit Rating; Outlook Stable


T A I W A N

WAN HAI: S&P Revises Outlook to Negative & Affirms 'BB+' CCR


                            - - - - -


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


COMPLETE METAL: First Creditors' Meeting Slated For May 4
---------------------------------------------------------
David Ross and Steven Gladman of Hall Chadwick Chartered
Accountants were appointed as administrators of Complete Metal
Finishing Pty Ltd on April 22, 2016.

A first meeting of the creditors of the Company will be held at
Hall Chadwick Chartered Accountants, Level 10, 575 Bourke Street,
in Melbourne, on May 4, 2016, at 10:00 a.m.


CRUSADE ABS 2016-1: Moody's Assigns Ba1 Rating to Cl. E Notes
-------------------------------------------------------------
Moody's Investors Service has assigned these definitive ratings
to notes issued by Perpetual Corporate Trust Limited as trustee
of the Crusade ABS Series 2016-1 Trust.

Issuer: Crusade ABS Series 2016-1 Trust

  AUD1,053.0million Class A Notes, Assigned Aaa (sf)
  AUD65.0million Class B Notes, Assigned Aa3 (sf)
  AUD52.0 million Class C Notes, Assigned A2 (sf)
  AUD36.4 million Class D Notes, Assigned Baa3 (sf)
  AUD26.0 million Class E Notes, Assigned Ba1 (sf)

Moody's does not rate the AUD67.6 million seller notes.

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

This Australian prime ABS transaction is a cash securitisation of
receivables from loans to obligors in Australia.  The transaction
has a substitution period of 12 months from the first payment
date, subject to performance triggers and portfolio parameters.

The portfolio consists of consumer finance (66.6%), finance lease
(18.5%), goods loans/chattel mortgage (14.8%) and commercial hire
purchase (0.2%) receivables secured by motor vehicles. All
receivables were originated in accordance with St. George Finance
Limited's procedures, a wholly owned subsidiary of Westpac
Banking Corporation (Westpac, Aa2/P-1/Aa1(cr)/P-1(cr)).  This is
St. George's seventh auto ABS transaction and its fourth since
merging with Westpac.

                         RATINGS RATIONALE

The provisional ratings take into account, among other factors,
evaluation of the underlying receivables and their expected
performance, the evaluation of the capital structure, the
availability of excess spread over the life of the transaction,
the liquidity facility in the amount of 0.85% of the initial
balance of all notes provided by Westpac, the interest rate swap
provided by Westpac, and the credit strength and experience of
Westpac as servicer.

At closing, the Class A notes, Class B notes, Class C notes,
Class D notes and Class E notes benefit from 19%, 14%, 10%, 7.2%
and 5.2% of note subordination, respectively.  The notes will pay
down pro rata, subject to performance criteria such as there
being no unreimbursed charge-offs on any class of note.  The
notes will also revert to sequential pay down when the
outstanding balance of the receivables falls below 10% of the
initial receivables balance at closing.

                       MAIN MODEL ASSUMPTIONS

Moody's base case assumptions are a default rate of 3%, which
translates into 3.25% default rate on a seasoning adjusted basis,
coefficient of variation (CoV) of 55%, and a recovery rate of
35%. Moody's assumed default rate, CoV and recovery rate are
stressed compared to the historical levels of 2.5%, 22.4% and
40.2% respectively.  The stress addresses lack of economic stress
during the historical data period (2004 Q3 to 2014 Q4) and
exposure to balloon loans.

Methodology Underlying the Rating Action

The principal methodology used in these ratings was "Moody's
Global Approach to Rating Auto Loan- and Lease-Backed ABS"
published in December 2015.

Factors That Would Lead to an Upgrade or Downgrade of the Rating:

Up

Levels of credit protection that are greater than necessary to
protect investors against current expectations of loss could lead
to an upgrade of the rating.  Moody's current expectations of
loss could be better than its original expectations because of
fewer defaults by underlying obligors or higher recoveries on
defaulted loans.

Down

Levels of credit protection that are insufficient to protect
investors against current expectations of loss could lead to a
downgrade of the ratings.  Moody's current expectations of loss
could be worse than its original expectations because of more
defaults by underlying obligors or lower recoveries on defaulted
loans.  The Australian job market and the market for used
vehicles are primary drivers of performance.  Other reasons for
worse performance than Moody's expects include poor servicing,
error on the part of transaction parties, a deterioration in
credit quality of transaction counterparties, lack of
transactional governance and fraud.

Moody's Parameter Sensitivities

If the default rate rises to 5% (compared to Moody's assumption
of 3.25% on seasoning adjusted basis) and recovery rates fall to
10% (compared to Moody's assumption of 35%) then the model-
indicated rating for the Class A notes and Class B notes drops
six and seven notches to A3 and Ba1 respectively.


EVERSWEET CONFECTIONARY: First Creditors' Meeting Set For May 5
---------------------------------------------------------------
Rahul Goyal and Craig Shepard of KordaMentha, on April 26, 2016,
were appointed as administrators of:

-- Eversweet Confectionary Pty Ltd;
-- Eversweet Holdings Pty Ltd;
-- ES DLS Holdings Pty Ltd;
-- Discount Lollie Shop Pty Ltd;
-- Sandford Cove Pty Ltd;
-- Trotter Industries Pty Ltd; and
-- Sweet Store Pty Ltd.

A first meeting of the creditors of the Company will be held at
Level 24, 333 Collins Street, in Melbourne, on May 5, 2016, at
11:00 a.m.


ROSSWOOD HOLDINGS: First Creditors' Meeting Set For May 3
---------------------------------------------------------
Christopher Damien Darin of Worrells Solvency & Forensic
Accountants was appointed as administrator of Rosswood Holdings
Pty Ltd on April 13, 2016.

A first meeting of the creditors of the Company will be held at
Suite 1, Level 15, 9 Castlereagh Street, in Sydney, on May 3,
2016, at 10:00 a.m.


RUSH HOUR: First Creditors' Meeting Set For May 5
-------------------------------------------------
Gavin Moss of Chifley Advisory was appointed as administrators of
Rush Hour Fencing Pty Ltd on April 22, 2016.

A first meeting of the creditors of the Company will be held at
the Boardroom of Chifley Advisory, Suite 3.04, Level 3, 39 Martin
Place, in Sydney, on May 5, 2016, at 3:00 p.m.


SCL CRISP: First Creditors' Meeting Slated For May 5
----------------------------------------------------
Ronald Dean-Willcocks of Dean-Willcocks Advisory was appointed as
administrator of SCL Crisp Legal Pty Limited, trading as Crisp
Legal, on April 22, 2016.

A first meeting of the creditors of the Company will be held at
Dean-Willcocks Advisory, Level 2, 32 Martin Place, in Sydney, on
May 5, 2016, at 12:00 p.m.


SEAFORCE MARINE: Business and 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
of Seaforce Marine Diving Service Pty Ltd.

Western Australian-based Seaforce Marine Diving Service offered
specialist commercial diving maintenance and marine construction
services.

Robert Michael Kirman and Matthew Wayne Caddy of McGrathNicol
were appointed as administrators of Seaforce Marine Diving
Service Pty Ltd on April 19, 2016.



===================
B A N G L A D E S H
===================


EASTERN BANK: Moody's Corrects FC Deposit Rating to B1
------------------------------------------------------
Moody's is correcting Eastern Bank Limited's foreign currency
deposit rating to B1 from Ba3.  Due to an internal administrative
error, Moody's published an incorrect Ba3 foreign currency
deposit rating on March 21, 2016.  The correct B1 rating reflects
that the country ceiling for foreign currency deposit ratings in
Bangladesh is capped at B1.  All other ratings on Eastern Bank
Limited remain unchanged.

In addition, Moody's is correcting the March 21, 2016, press
release as:

In the third sentence, the phrase "Local and foreign currency
deposit ratings of Ba3/NP" was changed to "Local currency deposit
ratings of Ba3/NP; Foreign currency deposit ratings of B1/NP".

In the "Ratings Rationale" section, the following phrase was
added to the first paragraph: "However, its foreign currency
deposit rating remains positioned at B1 because Bangladesh's
foreign currency deposit ceiling is capped at that level".

In the "summary of Eastern Bank's first-time ratings" section,
the phrase "- Ba3 local currency and foreign currency long-term
deposit ratings; outlook stable " was changed to "Ba3 local
currency long-term deposit ratings; outlook stable, B1 foreign
currency long-term deposit ratings; outlook stable"

Please see the Issuer/Deal Research page on moodys.com or follow
this link for the full corrected press release:

http://www.moodys.com/viewresearchdoc.aspx?docid=PR_339009



=========
C H I N A
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EVERGRANDE REAL: Says Can Easily Pay Debt Amid CCC+ Rating
----------------------------------------------------------
Bloomberg News reports that China's second-largest developer said
it can easily meet obligations after Standard & Poor's said a
doubling in debt last year left it vulnerable to non-payment.

Evergrande Real Estate Group Ltd. has become the most indebted of
198 listed Chinese real estate firms, Bloomberg-compiled data
show.  Jimmy Fong, investor relations official, said on April 21
a property market pickup had improved liquidity and it could meet
near-term obligations, Bloomberg relays. There is a 6.2%
probability it will miss payments in the next 12 months, up from
1% a year ago, according to the Bloomberg Default Risk model that
tracks metrics including share performance, liabilities and cash
flow. That's second only to Greenland Holdings Corp., the No. 3
developer by revenue.

"Default risk has risen as Evergrande leverages up aggressively
to speed up construction and land acquisition as well as
expansion into non-property related businesses," Bloomberg quotes
Tony Chen, credit analyst at Nomura Holdings Inc. in Hong Kong,
as saying.  "Refinancing needs are very heavy."

Evergrande's total debt climbed 90% to CNY297 billion
($45.8 billion) in 2015, which at 15 times earnings before
interest, taxes, depreciation and amortization is more than twice
the industry median of 6.6 times, Bloomberg-compiled data show.
As of Dec. 31, it had CNY159 billion of obligations due in one
year and CNY54.8 billion due the following year, according to the
data.

According to Bloomberg, Standard & Poor's cut its unsecured bond
rating this month to CCC+, which means it is vulnerable to
nonpayment and dependent on favorable business conditions.
Moody's Investors Service, which lowered the Guangzhou-based
company's notes to a 'high-risk' rank of B3 in January, said in a
report on April 21 that debt-fueled expansion means developers'
credit quality remains weak even as the pickup in property sales
improves liquidity.

"We have CNY164 billion of cash on hand at the end of 2015 and we
achieved CNY67 billion of contracted sales in the first quarter
this year, which will reduce leverage," Evergrande's Fong told
Bloomberg.  Most of the debt due this year "can be easily be
rolled over," he said.

Bloomberg says Evergrande's leverage increased due to higher
payments for land purchases and investments in industries other
than property, a spokesperson who declined to be identified said
in an e-mailed response. The spokesperson said the developer will
reduce capital expenditure and improve leverage, contracted sales
and cash collection, Bloomberg relays.

Evergrande spent about $8.1 billion on acquisitions last year, up
from $1.33 billion in 2014, Bloomberg-compiled data show. Its
spending spree has extended beyond core property assets. In
February, it paid HK$3.89 billion ($500 million) for a 5.6
percent stake in Shengjing Bank Co., after buying Mass Mutual
Tower in Hong Kong last year for HK$12.5 billion.

"With relatively easy credit and more aggressive land expansion
plans among the Chinese developers, default risk is definitely on
the rise," Bloomberg quotes Yin Chin Cheong, credit analyst at
CreditSights Inc. in Singapore, as saying.

Founded in 1996 in Guangzhou, Evergrande Real Estate Group
Limited is one of the major residential developers in China.  It
has a standardized operating model.

As reported in the Troubled Company Reporter-Asia Pacific on
April 12, 2016, Standard & Poor's Ratings Services lowered its
long-term corporate credit rating on China-based developer
Evergrande Real Estate Group Ltd. to 'B-' from 'B+'.  The outlook
is negative.  S&P also lowered its long-term Greater China
regional scale rating on the company to 'cnB-' from 'cnBB-'.

At the same time, S&P lowered its long-term issue rating on the
company's senior unsecured notes to 'CCC+' from 'B'.  S&P also
lowered its Greater China regional scale rating on the notes to
'cnCCC+' from 'cnB+'.

S&P downgraded Evergrande because the company's financial
position deteriorated more seriously than S&P expected in 2015,
and it do not anticipate any significant improvement over the
next 12 months.


FANTASIA HOLDINGS: Moody's Rates Proposed Sr. CNY Notes at B3
-------------------------------------------------------------
Moody's Investors Service has assigned a B3 rating to Fantasia
Holdings Group Co., Limited's proposed senior unsecured CNY
notes.

At the same time, Moody's has affirmed Fantasia's B2 corporate
family rating, and the B3 senior unsecured ratings on the RMB1
billion notes due 2016, USD250 million notes due 2017, USD200
million notes due 2018, USD300 million notes due 2019 and USD250
million notes due 2020 issued by Fantasia.

The ratings outlook is stable.

Fantasia plans to use the proceeds from the proposed notes mainly
to refinance existing indebtedness and for general working
capital purpose.

                        RATINGS RATIONALE

"If the proposed notes are issued, Fantasia's debt maturity
profile will improve," says Stephanie Lau, a Moody's Assistant
Vice President and Analyst.

Moody's expects that the proceeds of the proposed notes will
address the repayment of the RMB1 billion notes due May 2016.
The proposed notes -- if they are issued -- will also improve the
company's debt maturity profile.

"We do not expect the proposed notes to show any material impact
on Fantasia's credit metrics," says Lau, who is also the Lead
Analyst for Fantasia.

Fantasia has adopted an asset light business strategy and has
taken a cautious approach to land acquisitions.  As a result, the
company demonstrated a low level of spending on land and no net
increase in debt in 2015.

Total debt at end-2015 was at RMB13.5 billion, a fall from the
RMB14.7 million seen in 2014.  Revenue/debt improved to 52% from
43%, but EBIT/interest coverage fell to 1.9x from 2.2x in 2014,
mainly due to the 7.6 percentage points of gross margin
compression in 2015 to 30.9% from 2014.

If the notes are issued, Moody's expects that the company's
EBIT/interest will stay at around 2.0x-2.2x over the next 12-18
months, and its revenue/debt should register around 56%-58%.
Such levels remain appropriate for the company's corporate family
rating of B2.

Fantasia's B2 corporate family rating reflects its long track
record in Chengdu and Shenzhen, its diversified development
product line in commercial complexes and high-end residential
properties, and adequate liquidity.

But the rating is constrained by the company's execution risks in
new markets, short track record in its asset-light model, and
weak credit metrics.

The company's liquidity position is sufficient.  Its cash-to-
short term debt -- excluding its listed subsidiary, Colour Life
Services Group, Co. Ltd's (unrated) cash on hand -- increased to
133.4% at end-2015 from 78.3% in 2014.

The B3 senior unsecured rating of the proposed notes is one notch
below Fantasia's B2 corporate family rating, reflecting
structural and legal subordination.

The ratio of secured and subsidiary debt to total assets was at
around 13% as of end-2015.  Moody's expects that this ratio will
stay in excess of 15% in the coming 12 to 18 months, because the
company will continue to draw on onshore and/or secured bank
loans to fund its construction and expansion.

The stable ratings outlook reflects Moody's expectations that
Fantasia will maintain a stable financial profile, an adequate
liquidity profile, and that it will adopt a measured expansion
strategy.

Upward pressure on its ratings could emerge if: (1) Fantasia's
EBIT interest coverage improves to 2.5x-3.0x on a sustained
basis; (2) its revenue to adjusted debt stays in excess of 75%-
80%; and (3) it records contracted sales and revenue consistently
in excess of RMB10 billion, with a reasonable gross margin of at
least 35%-37%.

On the other hand, the ratings could be downgraded if its: (1)
sales fall short of Moody's expectations; (2) liquidity position
deteriorates, due to aggressive land acquisitions, weak sales, or
large debt maturities without committed refinancing arrangements;
and (3) cash to short-term debt falls below 1.0x.

EBIT interest coverage of less than 1.5x on a sustained basis
would also indicate a potential downgrade of its ratings.

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

Fantasia Holdings Group Co., Limited, is a property developer in
China (Aa3 negative).  Established in 1996, it listed on the Hong
Kong Stock Exchange in November 2009 and its market
capitalization totaled HKD4 billion at March 2016.  Ms. Zeng Jie,
Baby is the company's largest shareholder, with a 58% stake at
end-2015.


FANTASIA HOLDINGS: S&P Assigns 'B' Rating to Proposed RMB Notes
---------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' long-term
issue rating to a proposed issue of offshore Chinese renminbi
(RMB) senior unsecured notes by Fantasia Holdings Group Co. Ltd.
(B+/Stable/--; cnBB/--).  At the same time, S&P also assigned its
'cnBB-' long-term Greater China regional scale rating to the
notes.  The ratings are subject to S&P's review of the final
issuance documentation.

The issue rating is one notch lower than the long-term corporate
credit rating on Fantasia to reflect the structural subordination
risk.  Fantasia intends to use the net proceeds from the proposed
notes to refinance certain existing indebtedness.  In S&P's view,
the notes issuance could extend the company's debt maturity
profile and strengthen its liquidity position.

Fantasia's debt leverage improved moderately in 2015.  Its debt-
to-EBITDA ratio strengthened to 5.1x as at end of 2015, from over
6.5x in 2014.  The ratio continues to support S&P's assessment of
the company's financial risk profile.  The improvement was mainly
attributable to Fantasia's cautious land acquisition and stable
sales performance.  The company didn't acquire any new land
parcels in 2015.  It also achieved total contracted sales of
Chinese renminbi (RMB) 11.2 billion, about 10% growth from the
prior year.

S&P forecasts that Fantasia's debt-to-EBITDA ratio will stay at
5x-6x for the next 12 months.  In S&P's view, the company will
maintain its acquisitive appetite on asset-light segments, while
restraining expenditure in property development.  S&P estimates
that total spending on Fantasia's land bank and construction will
only account for 70% of its contracted sales each in 2016 and
2017.  On the other hand, revenues from asset-light segments,
including property management and cultural and tourism
businesses, will continue to increase.  In S&P's base-case
scenario, Fantasia will spend RMB1 billion for acquisitions in
2016, and the amount should reduce to RMB700 million in 2017.

The rating on Fantasia is constrained by the company's operating
scale and high leverage.  It also reflects the raising execution
risk from Fantasia's rapid expansion in asset-light segments.
However, the company's growing stable income from property
management business, sizable land reserves, and long operating
record in the property industry tempers these weaknesses, in
S&P's view.


JINGRUI HOLDINGS: Fitch Cuts FC Issuer Default Rating to 'B-'
-------------------------------------------------------------
Fitch Ratings has downgraded Jingrui Holdings Limited's (Jingrui)
Long-Term Foreign-Currency Issuer Default Rating (IDR) to 'B-'
from 'B'. The Outlook is Negative. Fitch has also downgraded
Jingrui's senior unsecured rating and the ratings of all
outstanding bonds to 'CCC+' from 'B', with Recovery Rating of
'RR5'.

The downgrade reflects the significant challenges the Chinese
homebuilder faces in shifting its business focus to higher-tier
cities. Its slower sales resulted in insufficient cash flow to
support its high land replenishment cost. The company ended 2015
with low margin and tight liquidity, which has reduced rating
headroom. The Outlook is Negative because a lack of financial
discipline could easily push credit metrics beyond negative
rating thresholds, and the company faces risks of policy
tightening in its core cities.

Even at a moderate pace of land replenishment, Jingrui will
remain FCF negative and leverage will remain high in the next 12-
18 months, due to high land and interest costs. Fitch's rating
case is for leverage of 65%-70% in 2016-2018.Although Jingrui
does not face an imminent liquidity shortage, it will be reliant
on capital market funding for its land acquisition as its
liquidity position is only sufficient to meet its debt servicing
needs.

The one-notch difference between the senior unsecured rating and
the IDR reflects Fitch's expectations of lower recovery in the
event of a default, which may be seen in the shift in the
Recovery Rating to 'RR5', which represents below average recovery
prospects, from 'RR4', which represents average recovery
prospects.

KEY RATING DRIVERS

High Leverage to Persist: Jingrui's financial profile has
deteriorated to an unsustainable level, with net debt/adjusted
inventory climbing to 57% at end-2015 from 50% a year earlier.
Land acquisition of CNY3.7bn so far in 2016 after CNY4.1bn of
land purchases in 2015 has put further pressure on leverage and
left it with almost no headroom for further expansion. Jingrui's
land replenishment expenditure will keep Jingrui's leverage high
because fierce competition in its core cities is driving up land
prices. Housing demand picked up in these cities from the end of
2015, but deleveraging is only likely if there is a significant
increase in ASP and land acquisitions slow down.

Sales Don't Support Land Investment: After Jingrui started to
refocus in higher-tier cities in 2013, the company aggressively
expanded its land bank in Shanghai, Hangzhou, Suzhou and Ningbo.
Land payments and construction costs together amounted to 116% of
contracted sales in 2013, 124% in 2014 and 99% in 2015. However,
Jingrui's overall scale remained almost unchanged. The company's
contracted sales has not met management's CNY10bn target for two
years now, mainly due to slower turnover in lower-tier cities
(mainly Shaoxing and Changzhou). The slower-than-expected
contracted sales turnover has put pressure on its financial
flexibility, which has also been squeezed by its large land
replenishment cost.

Margin to Remain Under Pressure: Jingrui's EBITDA margin of -0.1%
in 2015 was its worst ever as a big chunk of sales from low ASP
projects in Tier 3 and 4 cities were recognised. The effect of
the low prices for these projects will continue to linger through
2016. In addition, margin in 2016 will be under pressure due to
sales of projects with lower margins in Suzhou, Hangzhou and
Ningbo, which together accounted for 60% of contracted sales in
2015. Contracted sales from these cities in 2014 and 1H15 had
gross margin of only 10%-20% due to their high land costs. ASPs
have risen sharply in these three cities since 2H15, which could
drive gross margin slowly towards 20% and beyond from 2017,
although this improvement could be jeopardised if land
acquisition costs sprint ahead of the ASP rise. The average cost
of land acquired in Tier 1 and 2 cities increased 25% to CNY8,680
per square metre so far in 2016.

Policy Risks: Jingrui's operations are highly concentrated in the
Yangtze River Delta, which leaves it vulnerable to policy and
economic changes in the area. For instance, Shanghai at the end
of March 2016 rolled out nine policies to curb activity in the
housing market, including tightening home purchase criteria for
non-local buyers, and tightening housing loan policies for buyers
of second homes. The policies may dampen transaction volume, and
pressure Jingrui's sell-through rate and ASP in Shanghai. The
strong demand in Shanghai has spilled over nearby cities and
driven up prices in Suzhou and Hangzhou from the end of 2015,
which may spur these local governments to impose similar policy
curbs in 2016.

Asset Quality Improving Gradually: Jingrui's land bank has
gradually improved after it turned its focus to higher-tier
cities to drive contracted sales growth. The company's total
attributable land reserve by gross floor area (GFA) was 3.5
million square metres (sqm) at end-2015, of which 61% are located
in Tier 1 and 2 cities. We expect Jingrui's turnover to gradually
improve in 2016 because only 25% of its saleable resources by
cost are in Tier 3 and 4 cities while ASP growth in Tier 2 cities
has accelerated since the end of 2015.

Tight Liquidity; Refinancing Important: Jingrui's liquidity
position is tight as its ratio of cash to short-term debt fell to
62% at end-2015 from 86% a year earlier. Jingrui's total cash of
CNY3.6bn and undrawn credit facilities of CNY5bn at end-2015 are
insufficient to cover its short-term borrowings (CNY5.8bn) and
land acquisition costs. Jingrui's active fundraising in the
onshore bond market has alleviated its refinancing pressure; it
issued a CNY1.5bn five-year bond at 5.88% in March 2016. The
issuance will bring down Jingrui's average borrowing cost from
9.68% at end-2015.

KEY ASSUMPTIONS

Fitch's key assumptions within the rating case for Jingrui
include:
- Contracted sales GFA to be flat in 2016, but increase 5% in
2017 and 2018 due to improved churn in Tier 1 and 2 cities

- Contracted sales ASP to increase around 12% in 2016, 6%-8% in
2017 and 2018 due to price increases in Tier 1 and 2 cities in
the Yangtze River Delta and Jingrui's shift to higher-tier cities

- Land premium of CNY4.1bn in 2016 with higher per sqm land costs
due to the focus on higher-tier cities. Land purchases are
executed in a prudent manner, with the ratio of land acquisition
GFA to contracted sales GFA at 0.8x-1.0x

- Construction cost per sqm around CNY4,000-4,200 in 2016-2018

- Contracted sales/total debt around 0.8x-1.0x in 2016-2018

RATING SENSITIVITIES

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

- Net debt/ adjusted inventory sustained above 70% (2015: 57%)

- EBITDA margin sustained below 10% (2015: -0.1%)

- Cash / short-term debt sustained below 60%

- Deterioration in refinancing prospects that has significant
adverse impact on its liquidity profile

The current rating is on Negative Outlook. Fitch does not
anticipate developments with a material likelihood, individually
or collectively, of leading to a rating upgrade. However, if the
above factors do not materialise, then the Outlook may revert to
Stable.

FULL LIST OF RATING ACTIONS

Jingrui Holdings Limited

Long Term Foreign-Currency IDR downgraded to 'B-' from 'B',
Outlook Negative
Senior unsecured rating downgraded to 'CCC+' from 'B', with a
Recovery Rating of 'RR5'
Rating on USD150m 13.625% senior unsecured bond due 2019
downgraded to 'CCC+' from 'B', with a Recovery Rating of 'RR5'
Rating on USD150m 13.25% senior unsecured bond due 2018
downgraded to 'CCC+' from 'B', with a Recovery Rating of 'RR5'



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


ABAN OFFSHORE: CARE Lowers Rating on INR768.95cr LT Loan to D
-------------------------------------------------------------
CARE revises the ratings assigned to the bank facilities and
preference shares of Aban Offshore Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     768.95     CARE D Revised from
                                            CARE BB-

   Long/Short term Bank          275.00     CARE D/CARE D Revised
   Facilities                               from CARE BB-/CARE A4

   CRPS Issue Series I           105.00     CARE D Revised from
                                            CARE C

   CRPS Issue Series II          156.00     CARE D Revised from
                                            CARE C (RPS)

   CRPS Issue Series III          20.00     CARE D (RPS) Revised
                                            From CARE C (RPS)

Rating Rationale

The revision in the ratings of bank facilities and various
preference share issues of Aban Offshore Ltd (AOL) factors in the
instances of delays in debt servicing on account of tight
liquidity position experienced by AOL.

Aban Offshore Limited (AOL), the flagship company of Aban group,
provides offshore drilling services to companies engaged in
exploration and production of oil and gas. AOL is the largest
private player in India in the offshore drilling industry and is
one of the largest in the world. The company and its wholly owned
subsidiaries had a total of 18 assets by the end of December 2015
including 15 Jack up rigs, two drill ships and one off shore
production unit. Out of these 18 assets, AOL directly holds only
seven rigs and rest of the assets held by its step down
subsidiaries.

During FY15, AOL generated PAT of INR191 crore on a total income
of INR787 crore as against PAT of INR180 crore on a total income
of INR831 crore during FY14. During 9mFY16 AOL's total income was
INR747 crore and PAT was INR263 crore.


ABC SITES: CRISIL Suspends 'B' Rating on INR450MM LT Loan
---------------------------------------------------------
CRISIL has suspended its rating on the bank facility of ABC Sites
Limited (ABC).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Proposed Long Term
   Bank Loan Facility      450        CRISIL B/Stable

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

ABC was incorporated in 2003, promoted by Mr. Gursharan Batra and
associates; the company was taken over by the Sharma family,
based in Mohali (Punjab), in 2007. ABC is setting up its first
project consisting of a commercial complex and hotel in Zirakpur.
Civil construction of the project started in April 2013 and is
expected to be completed by March 2016. ABC has tied-up with IHCL
for operations and management of the hotel.


ACCURATE EDUCATION: CRISIL Suspends 'D' Rating on INR360MM Loan
---------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Accurate Education and Research Society (AERS).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit             360        CRISIL D
   Term Loan               221        CRISIL D

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

AERS was set up in 2005 by Mr. C L Sharma, chairman of the
Accurate group, to offer graduate and post-graduate diploma
courses in engineering, technology, and management. The society
runs four institutions-Accurate Institute of Management and
Technology (AIMT), Accurate Business School (ABS), Accurate
Institute of Advanced Management (AIAM), and Accurate Institute
of Architecture and Planning (AIAP). AIMT offers various
technical and management courses; ABS offers various diploma and
certificate programmes in management, such as business
management, retail management, and international business; AIAM
offers a post-graduate degree course in business management; and
AIAP offers a technical course in architecture.


ALMADINA STEEL: CARE Assigns B+ Rating to INR3.63cr LT Loan
-----------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' to the bank facilities of
Almadina Steel.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      3.63      CARE B+ Assigned
   Short-term Bank Facilities     2.35      CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Almadina Steel
(ALS) is primarily constrained on account of its modest scale
of operations along with its financial risk profile marked by net
losses, moderately leveraged capital structure, moderate debt
coverage indicators and moderate liquidity position. The rating
is also constrained by ALS's presence in the highly competitive
and fragmented industry coupled with susceptibility of profit
margins to steel price fluctuation along with risk associated
with foreign exchange fluctuation and its partnership nature of
constitution.

The ratings, however, derive comfort from the experienced
partners in the steel industry.

The ability of ALS to increase its scale of operations along with
improving its profitability and better working capital management
in light of competitive nature of the industry and raw material
price fluctuation remain the key rating sensitivities.

Amreli-based (Gujarat), Almadina Steel (ALS) is a partnership
firm established in 2012 by five partners named Mr. Sohil Saiyad;
Mr. Sameer Saiyad; Ms. Jubedaben Saiyad; Mr. Rajakbhai Gogda and
Mr. Sikandar A Patel. ALS is engaged into manufacturing of M. S.
Ingots and commenced its operation from February 2014. ALS is
operating from its sole manufacturing unit located in
Babra(Amreli) having installed capacity of 10,000 Metric Tonne
per Annum (MTPA) as on March 31, 2015). ALS caters demand of
various steel products manufacturers like bars, various rolled
products and shutter. ALS procures steel scrape from Alang as
well as imports from United Arab Emirates countries.

During FY15, ALS reported a net losses of INR0.47 crore (FY14:
net loss of INR0.15 crore) on a total operating income (TOI) of
INR32.88 crore (FY14: INR3.68 crore). During 9MFY16 (Provisional)
ALS has reported TOI of INR18.75 crore.


ARYABHATTA TUTORIALS: CRISIL Suspends B+ Rating on INR52.5MM Loan
-----------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Aryabhatta Tutorials Private Limited (ATPL).

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

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

ATPL was incorporated in 2008 and runs Aryabhatta, a coaching
centre, in Punjab. The company was founded by Mr. Deepak Goyal
and is co-promoted by Mr. Ashwini, an eminent academician.


ASSRM & CO: CARE Assigns 'B+' Rating to INR15cr LT Loan
-------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of ASSRM &
Co.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities       15       CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Assrm & Co (AC) was
constrained by thin and fluctuating profit margin due to the
limited value addition, highly leveraged capital structure, weak
debt coverage indicators and working capital intensive nature of
business. The rating is aslo constrained by the fragmented nature
of industry, exposure to forex fluctuation risk. The rating,
however, derives comfort from the vast experience of the promoter
family in the food processing industry, presence of group
companies in the same industry providing synergetic operational
benefits and growth in total operating income for the period
FY13-FY15 (refers to the period April 1 to March 31).

Going forward, ability to sustain the growth in operations,
improve capital structure and efficient management of its
working capital requirements will be the key rating
sensitivities.

Established in October 2007, Assrm & Co (AC) is a proprietorship
concern promoted by Mr R Surendar (S/o Mr S S Ravindran, one of
the directors of Annai Flour Mills Private Limited). It belongs
to The Annai group. AC is engaged in processing various pulses.
The firm imports pulses from Canada, Australia, Myanmar and
Srilanka, and also procures it domestically. Import constitutes
50% of the total purchase. Processing involves cleaning, peeling,
heating, cooling, cutting and packing. The processed products are
packed manually primarily in 50 kg and 100 kg bags for
wholesalers and ´ kg and 1 kg bags for retailers and are sold
under the brand name 'Assrm Gold' for urad dal, 'Double Plain',
'A1' and 'Geetham' for peas and 'Ezhil' for lentils.

The customer base of AC includes wholesalers and restaurants (who
constituted around 90% of total sales of FY15) and retailers (10%
of the total sales of FY15) in Tamilnadu and Pondicherry.

The other entities of The Annai Group are Annai & Co (established
in 1979), Thangamani Enterprises (1980), Annai Stores (1989),
S.A.& Sons (1989), Sri Annai Agencies (1992), Annai Fried
GramMills P Ltd (1999), Annai Corp (2004), Annai Pulses & Sugars
(2004), Annai Agro Storage (2005), Annai Agro Commodities, Annai
Dhall Products, Annai Flour Mills P Ltd (1996; rated CARE BB),
VSS & Sons, and Harina Food P Ltd.

As per audited results, AC achieved PAT of INR0.29 crore on total
operating income of INR67.96 crore in FY15 as compared to PAT of
INR0.45 crore on total operating income of INR41.45 crore in
FY14. In FY16, AC has achieved total income of INR75 crore till
March 11, 2016.


AUSTIN DISTRIBUTORS: CARE Reaffirms 'B' Rating on INR33.52cr Loan
-----------------------------------------------------------------
CARE reaffirmed the rating assigned to the bank facilities of
Austin Distributors Pvt Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     33.52      CARE B Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of Austin Distributors
Pvt. Ltd (ADPL) continues to remain constrained by its weak
financial risk profile marked by its thin profit margin, weak
debt protection metrics and working capital intensive nature of
its operations leading to leveraged capital structure. The rating
further remain constrained by risk associated to the linkages
with fortunes of Hyundai Motors India Ltd. (HMIL), scheduled
project implementation risk and cyclical nature of the highly
competitive auto dealership business. The aforesaid constraints
are partially offset by the extensive experience of the promoters
in the automobile dealership business along with long and
established relationship with reputed principals.

The ability of the company to maintain its relationship with its
existing principals, improve its profit margins, effective
management of working capital requirements with improvement in
its capital structure while successfully execute its project
without any significant time or cost overrun are the key rating
sensitivities.

Austin Distributors Pvt. Ltd. (ADPL) which was incorporated in
Nov, 1938 by Britishers, was subsequently taken over by Late Mr.
R.P. Patodia of Kolkata in 1950. ADPL was the first dealership in
India to introduce the Ambassador cars of Hindustan Motors Ltd.
(HML), operation of which currently stands discontinued.
Currently, ADPL is engaged in dealership of Passenger Vehicles
(PV) of HMIL, Mitsubishi Motors Corporation (MMC) and FIAT Group
Automobiles India Pvt. Ltd.

(FIAT) along with Royal Enfield range of two wheelers of Eicher
Motors Ltd. (EML). Further, the company also has a presence in
both new cars and pre-owned cars segment (for HMIL) and provide
after sales service and deals in accessories & spare parts of the
respective vehicles. The company currently has four outlets
across Kolkata whereby it has three showrooms (two exclusive
showrooms for HMIL) and a workshop. The company is currently
managed by Mr. Sanjay Patodia (grandson of Late Mr R.P. Patodia)
and his son, Mr Kunal Patodia. The promoters have an overall
experience of more than five decades in the automobile industry.

Furthermore, the company is also undertaking a project which
comprises of building a Basement+Ground+nine storey commercial
building in New Town, Kolkata, which would be partly used for its
showroom and workshop purposes and the balance units will be
either leased out or sold out rightly. The project is expected to
be completed by October, 2016.

During FY15, the company reported PAT of INR0.07 crore on a total
operating income of INR97.96 crore as against a PAT of INR0.5
crore on a total operating income of INR99.49 crore in FY14.
Further, the company has reportedly achieved net sales of around
INR 65.0 crore and PBT of INR0.20 crore during 9MFY16.


BHAI INDUSTRIES: CRISIL Assigns 'B' Rating to INR60MM Cash Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Bhai Industries Private Limited (BIPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              60        CRISIL B/Stable

The rating reflects the company's modest scale of operations in
the highly competitive wheat flour industry, and below-average
financial risk profile because of high gearing and weak debt
protection metrics. These rating weaknesses are partially offset
by the extensive industry experience of its promoters.
Outlook: Stable

CRISIL believes BIPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case the company's
capital structure and liquidity improve, driven by a better scale
of operations and higher net cash accrual. Conversely, the
outlook may be revised to 'Negative' in case of a stretched
working capital cycle, decline in profitability, or large, debt-
funded capital expenditure, adversely impacting the financial
risk profile, particularly liquidity.

BIPL was established in 1998 by Mr. Sukhpal Singh, Mr. Jaswant
Singh, and Mr. Surinder Singh. The company manufactures wheat
products such as maida, atta, suji, and choker at its facility in
Moga, Punjab.


BLOOMFLEX PRIVATE: CARE Assigns B+ Rating to INR10.11cr LT Loan
---------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Bloomflex
Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      10.11     CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Bloomflex Private
Limited (BPL) is constrained by the implementation risk
associated with setting up of packaging unit, presence in the
highly fragmented industry resulting in stiff competition from
other established players and lack of experience of the promoter
in the packaging industry. However, the rating is underpinned by
the financial closure achieved for the project, application of
packaging products across various sectors and stable demand
in the segment.

The ability of the company to complete the project without any
cost or time overrun, stabilize the business operation and
generate the revenue and profit margins as envisaged in a
competitive environment are the key rating sensitivities.

Bloomflex Private Limited (BPL) was incorporated on October 15,
2014 and has been promoted by Ms Y Manasa Reddy and her family
members. The company is setting up a packaging unit at
Qutbullapur (Telangana) at an aggregate cost of INR14.11 crore.
The unit would provide packaging and printing services for the
products like milk, bread, napkins, pouches and carry bags. The
project is expected to commence operation from July 2016.

The total proposed cost of the project is INR14.11 crore and the
same is proposed to be funded through bank funding of INR8.11
crore and balance through promoters contribution in the form of
equity share capital of INR5 crore and unsecured loan of INR0.99
crore. Financial closure has been achieved for the project. As on
March 20, 2016, the company has incurred cost of INR2.30 crore
(which represents only 16.30% of the total project cost) towards
the advance payment for purchase of machinery and the same is
funded by the promoters' contribution through equity share
capital.


BMV EXIM: CRISIL Suspends 'B' Rating on INR190MM LT Loan
--------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
BMV Exim Private Limited (BMV).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              10        CRISIL B/Stable
   Foreign Bill
   Discounting              60        CRISIL B/Stable
   Packing Credit           90        CRISIL A4
   Proposed Long Term
   Bank Loan Facility      190        CRISIL B/Stable

The suspension of ratings is on account of non-cooperation by BMV
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, BMV is yet to
provide adequate information to enable CRISIL to assess BMV'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 2007, BMV is promoted by Mr. Bharat Bhusan Jain
and Mr. Brij Mohan Bajaj. The company manufactures ready-made
garments, such as T-shirts, track suits, shirts, and trousers for
men and pullovers for women, largely for export to the Middle-
East.


CURE LIFE: CARE Reaffirms 'D' Rating on INR17.61cr LT Loan
----------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Cure Life Care Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     17.61      CARE D Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of Cure Life Care
Private Limited (CLPL) continues to be constrained on account
of delay in debt repayment.

Establishing a clear debt servicing track record with improvement
in the liquidity position remains the key rating sensitivity.

CLPL was incorporated in 2011 to manufacture intra-venous (IV)
fluid under form-fill-seal (FFS) technology. The operations
commenced from September 2015 onwards, from its manufacturing
unit in Tapi, Gujarat. Initially, the company plans to cater to
domestic pharmaceutical players and gradually expand its overseas
reach. During 10MFY16 (Provisional), CLPL achieved a TOI of
INR3.61 crore for its five months of operations.


EARTHCON CONSTRUCTIONS: CARE Assigns B+ Rating to INR60cr LT Loan
-----------------------------------------------------------------
CARE assigns 'CARE B+' ratings to the bank facilities of Earthcon
Constructions Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     60.00      CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Earthcon
Constructions Private Limited (ECPL) is constrained on account of
weak financial risk profile, excessive dependence on customer
advances for the execution of the project and inherent risk
associated with the real estate industry.

The rating however, derives strength from long track record of
the promoters and experienced management team, availability of
major approvals for the project and availability of fully paid
land bank.

Ability of the company to maintain the sales momentum and timely
recovery of sales receipts/advances from the customers and timely
execution of the project within envisaged cost remain the key
rating sensitivities.

ECPL was incorporated in February 2005 & is promoted by Mr.
Shadab Khan (Chairman & Managing Director) who has over two
decades of experience in the field of construction & real estate
development. ECPL is engaged in real estate development and
construction of residential group housing projects and has
delivered 8 projects since its incorporation and is currently
developing a affordable housing project namely Urban Village in
two phases involving development of 11.45 lakh square feet of
saleable area comprising of 878 flats with a projected cost of
INR269 crore.

In FY15 (refers to the period April 1 to March 31), ECPL has
booked PAT of INR1.18 crore (INR0.49 crore in FY14) on total
income of INR67.86 crore (INR63.50 crore in FY14).


EDUCOMP INFRASTRUCTURE: CARE Rates INR34cr Pref. Shares at 'C'
--------------------------------------------------------------
CARE assigns 'CARE C' rating to cumulative compulsory convertible
preference shares of Educomp Infrastructure And Schoolmanagement
Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Cumulative Compulsory
   Convertible Preference
   Shares                          34       CARE C Assigned

Rating Rationale

The rating assigned to cumulative compulsory convertible
preference shares of Educomp Infrastructure and School Management
Limited (EISML) is constrained by stressed liquidity position and
weak financial risk profile of the company.

Going forward, the ability of the company to improve its
liquidity position would remain key rating sensitivity.

EISML was promoted in September 2006 by Educomp Solutions Limited
(ESL) with an objective of developing quality schools across the
country. ESL, which holds 83.38% stake in EISML, is one of
India's largest providers of technology-based education products
and services for the K-12 education. EISML was promoted by Mr
Shantanu Prakash, who has a wide experience in the field of
education technology and pedagogy.

During FY15 (refers to the period April 01 to March 31), EISML
reported total operating income of INR79.88 crore and net loss of
INR240.13 crore as against total operating income of INR90.27
crore and net loss of INR129.86 crore during FY14.


GAAP TUFF: CARE Assigns 'B' Rating to INR9.18cr LT Loan
-------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of Gaap Tuff
Glass LLP.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     9.18       CARE B Assigned

Rating Rationale

The rating assigned to the bank facilities of GAAP Tuff Glass LLP
are constrained by debt funded project with operations yet to
commence, constitution of entity as a partnership concern and
intense competition in the glass processing industry. The
ratings, however, derive strength from experienced partners in
the glass industry and operational synergies from other firms of
partners.

Ability of the firm to commence its commercial operations, scale
up the operations and combat the intense competition from other
players are the key rating sensitivities.

GAAP Tuff Glass LLP (GTG) was established as a limited liability
partnership firm by Mr Avinash Vungarala, Mr Praveen Ramakrishna
Bolisetty, Mr Ajay Kumar Manchukonda and Mr Gangi Reddy Kovvuri
in September 2015. The firm is in the process of setting up
manufacturing facilities for processing of glass, with an
installed capacity of 2,000 sq. ft. of glass per day. The plant
facilities are being set up at Industrial Estate (APIIC),
Visakhapatnam with commercial operations expected to commence
from December 2016.

The aggregate project cost of about INR12.78 crore is proposed to
be financed through term loan of INR8.33 crore, partner's capital
of INR3.45 crore while remaining INR1 crore would be funded
through unsecured loans from partners. Financial closure is yet
to be achieved. The firm has spent about INR0.05 crore as on
March 31, 2016. The expected completion date is December 2016.


GANGAPUTRA: CRISIL Suspends B- Rating on INR327.6MM Term Loan
-------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Gangaputra (GGR).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit             12.4       CRISIL B-/Negative
   Term Loan              327.6       CRISIL B-/Negative

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

Set up in 2008, GGR provides free healthcare services through
mobile clinics and health camps in Jind (Haryana). The trust has
set up Gangaputra Hospital and Research Centre, a 300-bed
hospital, in Jind. It commenced commercial operations in April
2013. GGR is also setting up a medical college, through which it
will offer 150 seats for the bachelor in medicine and surgery
(MBBS) course and 100 seats for the bachelor in dental surgery
(BDS) course. The trust is currently awaiting Medical Council of
India (MCI) approval for the medical college.


GEETALAKSHMI MODERN: CRISIL Assigns B- Rating to INR70MM Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to
the bank facilities of Geetalakshmi Modern Rice Mill Private
Limited (GMRMPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Proposed Long Term
   Bank Loan Facility      27.7       CRISIL B-/Stable
   Bank Guarantee           0.3       CRISIL A4
   Cash Credit             70.0       CRISIL B-/Stable

The ratings reflect the below-average financial risk profile
because of a modest networth, leveraged capital structure, and
weak debt protection metrics. The ratings also factor in the
modest scale of, and working capital-intensive, operations in the
highly fragmented rice industry, susceptibility to adverse
government regulations, and raw material price volatility. These
rating weaknesses are partially offset by the extensive
experience of promoters in the rice milling business and their
funding support.
Outlook: Stable

CRISIL believes GMRMPL will benefit over the medium term from the
promoters' extensive industry experience and their funding
support. The outlook may be revised to 'Positive' in case of
significant improvement in the scale of operations and
profitability resulting in better accrual, or considerable
infusion of funds, leading to an improved financial risk profile.
Conversely, the outlook may be revised to 'Negative' in case of
significant pressure on liquidity owing to lower accrual or
stretched working capital cycle or sizeable capex.

Set up in 2007, GMRMPL, promoted by the Reddy family, mills and
processes paddy into rice, rice bran, and broken rice. Its rice
mill at Dhamtari has an installed paddy milling capacity of 5
tonnes per hour.


GOYAL YARN: CRISIL Suspends B+ Rating on INR95MM Cash Loan
----------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Goyal
Yarn Agency (GYA).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              95        CRISIL B+/Stable

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

GYA is a proprietorship firm, established by Mr. Vipan Goyal in
2000. The firm trades in polyester yarn, cotton yarn, filament
yarn, and polyester/cotton blended yarn. It is based in Ludhiana
(Punjab).


HANUMAN RICE: CRISIL Reaffirms B- Rating on INR50MM Cash Loan
-------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Hanuman Rice
Traders (HRT) continues to reflect the firm's modest scale of
operations in the intensely competitive rice milling industry,
and susceptibility of its profitability to changes in government
regulations and paddy prices.

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

   Proposed Long Term
   Bank Loan Facility      6       CRISIL B-/Stable (Reaffirmed)

   SME Credit              2.5     CRISIL B-/Stable (Reaffirmed)

   Term Loan              16.5     CRISIL B-/Stable (Reaffirmed)

The rating also factors in average financial risk profile because
of small networth and below-average debt protection metrics.
These weaknesses are partially offset by extensive industry
experience of HRT's promoters.
Outlook: Stable

CRISIL believes HRT will continue to benefit over the medium term
from its promoters' extensive industry experience. The outlook
may be revised to 'Positive' if there is substantial and
sustained increase in revenue, along with steady profitability,
or significant rise in networth because of sizeable capital
infusion. Conversely, the outlook may be revised to 'Negative' in
case of steep decline in revenue or profitability, or significant
deterioration in capital structure because of large debt-funded
capital expenditure or stretch in working capital cycle.

HRT, set up in 2004, mills and processes paddy into rice, and
generates by-products such as broken rice, bran, and husk. Its
rice mill is in Krishna. Mr. Potluri Krishna Kumari, Mr. Potluri
Sita Rama Prasad, and Mr. Potluri Pavan Kumar are partners in the
firm.


JAYANTH INDUSTRIES: CRISIL Reaffirms B+ Rating on INR45MM Loan
--------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Jayanth
Industries (Jayanth) continues to reflect the firm's small scale
of operations in the intensely competitive rice milling industry,
and its below-average financial risk profile because of small
networth and weak debt protection measures. These weaknesses are
partially offset by extensive experience of the firm's promoters
in the rice milling business.

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

   Proposed Long Term
   Bank Loan Facility      17.3     CRISIL B+/Stable (Reaffirmed)

   Standby Line of Credit   6.7     CRISIL B+/Stable (Reaffirmed)

   Term Loan                1.0     CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes Jayanth will continue to benefit over the medium
term from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' if substantial increase in
revenue and profitability leads to better financial risk profile
and liquidity. Conversely, the outlook may be revised to
'Negative' in case of aggressive debt-funded expansion, or
decline in accrual, resulting in deterioration in financial risk
profile.

Jayanth, set up in 2010, mills and processes paddy. The firm is
promoted by Mr. Surya Prakash Reddy, Mr. Rajendra Kumar Reddy,
and Mr. Venkat Krishna Reddy.


JUPITER SOLAR: CARE Reaffirms 'B' Rating on INR153.85cr LT Loan
---------------------------------------------------------------
CARE reaffirms the rating assigned to bank facilities of Jupiter
Solar Power Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     153.85     'CARE B' Reaffirmed
   Short term Bank Facilities     55.00     'CARE A4' Reaffirmed

Rating Rationale

The ratings assigned to the bank facilities of Jupiter Solar
Power Limited (JSPL) continue to be constrained by the tight
liquidity position, short track record of operations, volatility
in raw material and finished good prices and exposure to foreign
exchange fluctuation risk. The rating however, derives strength
from the experience of the promoters, established relationship
with reputed clientele, improving capacity utilisation and
positive outlook for the solar power industry. The rating also
takes into account the successful expansion of capacity and
improvement in financial performance in FY15 (refers to the
period April 1 to December 31) though networth continued to
remain negative.

The ability of the company to increase scale of operations,
improve profitability and capital structure and effectively
manage working capital would remain the key rating sensitivities.

JSPL, promoted by the Garodia family of Kolkata, was incorporated
as Jupiter Nivs Technologies Pvt Ltd in 2006. In December 2007,
it became a public limited company and was re-christened as JSPL.
JSPL is a subsidiary (58.98%) of Jupiter International Ltd (rated
CARE B/CARE A4), the flagship company of the group.

JSPL commenced commercial operations fromMarch 2010 by setting up
an installed capacity of 32MWfor manufacturing solar photo
voltaic (SPV) cells at Baddi, Himachal Pradesh. The capacity was
enhanced to 48MW in April 2011 and subsequently to 130 MW in
March 2015 by technological up-gradation of existing facilities.

Due to significant deterioration in the financial risk profile of
the company in FY12 with huge losses on account of substantial
decline in demand of SPV cells, the company was referred to the
CDR cell in October 2011 for restructuring of its bank
facilities. The restructuring proposal was approved for INR192.67
crore under CDR Mechanism in August, 2012.

During FY15 the company earned a PAT of INR12.91 crore on a total
operating income of INR136.16 crore. As per the provisional
results for 9MFY16, the company earned PBT of INR13.54 crore on
operating income of INR148.03 crore.


KAIZEN AUTOCARS: CARE Reaffirms 'B' Rating on INR10.28cr LT Loan
----------------------------------------------------------------
CARE reaffirms ratings of the bank facilities of Kaizen Autocars
Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     10.28      CARE B Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of Kaizen Autocars
Private Limited (KAPL) factor in presence in the highly
competitive auto dealership industry, low bargaining power with
Original Equipment Manufacturers (OEM), working capital intensive
nature of and nascent stage of operations of the company.

The rating derives strength from experienced promoters and
established market position of its principal Honda Cars India
Limited (HCIL) in the passenger vehicle segment.

The ability of the company to stabilize its operations and
achieve the envisaged sales and profitability levels is the key
rating sensitivity.

KAPL was established in the year 2013 with its registered office
located in Solapur (Maharashtra). The company is authorized
dealer for the four wheelers of HCIL and is promoted by Mr Prasad
Zapke, Mr Nitin Bijjargi and his wife Mrs Prarthana Bijjargi. The
promoters have an experience of over one decade in the auto
dealer industry through group concern viz. 'Kaizen Motors'
engaged in the auto dealership for two wheelers of Honda with its
showroom located in Solapur.

The entity operates through two facilities located in Solapur and
Latur respectively. The facility in Solapur (area of around
50,000 square feet) is owned and operates as showroom, service
station and warehouse. KAPL commenced operations on August 1,
2014 through its facility in Solapur. The facility in Latur
commenced operations in April, 2015 with the facility being
leased and operating as a showroom, service station and
warehouse.

KAPL registered total operating income of INR34.16 crore with
PBILDT of INR1.37 crore with gross cash accruals of INR0.08 crore
in 8MFY15 (period between August 1, 2014 to March 31, 2015).


KINGFISHER AIRLINES: Founder Fears Arrest as Lenders Seek Dues
--------------------------------------------------------------
Pratap Patnaik and Anto Antony at Bloomberg News report that
India labeled Vijay Mallya a "fugitive" while the businessman's
lawyers said his creditors only want him arrested in heated court
arguments over a case that is set to test the government's
resolve to go after defaulters and recover unpaid dues.

At a hearing in the Supreme Court on April 26, Attorney General
Mukul Rohatgi said the founder of the collapsed Kingfisher
Airlines Ltd. left India surreptitiously without paying his
creditors, Bloomberg relates.  The ex-billionaire's lawyer, C.S.
Vaidyanathan, argued Mallya may not return as he fears arrest,
setting the stage for a prolonged legal standoff between banks,
the government and the lawmaker who owes about INR91 billion
($1.37 billion), according to Bloomberg.

"Battle lines are being drawn, with the government resorting to
brass-knuckle tactics to bring back Mallya," Bloomberg quotes
Pooja Dutta, managing partner at Mumbai-based Astute Law, as
saying. "It remains to be seen how long the standoff will
continue."

Bloomberg relates that a group of lenders told the court it won't
settle for anything short of full payment after rejecting
Mallya's proposal for a one-time negotiated deal.  According the
report, the tycoon, who earlier this year said he was moving to
England to be closer to his children, has said he isn't a "wilful
defaulter" and was making efforts "in all sincerity" to pay up.
Bloomberg says the foreign ministry revoked his diplomatic
passport and an ethics panel threatened to expel him from the
upper house of parliament, where he's been a member for almost 12
years.

Last week, he offered to deposit $240 million with the Supreme
Court to show his intent to repay debt. The court on April 26
ordered him to disclose all his assets, local and overseas, to
lenders, Bloomberg recalls.

"He is a fugitive," Rohatgi, as cited by Bloomberg, argued. "He
left India without paying the banks."

According to Bloomberg, the man at the center of India's battle
against soured loans was ranked the 45th-richest Indian by Forbes
in 2012, with a net worth of $1 billion. He was earlier elected
to the Rajya Sabha in 2002 and again in 2010, both as an
independent. His current term is scheduled to end on June 30.
Bloomberg notes that lenders are under pressure to recover dues
after the Reserve Bank of India, grappling with INR8 trillion of
soured debt, ordered them to clean up their balance sheets by
March 2017 by increasing provisioning and selling off stressed
loans.

The report notes that Mallya previously offered INR40 billion by
the end of September and a further INR20 billion if United
Breweries Holdings Ltd., the parent of Kingfisher, wins a lawsuit
alleging defective engines from International Aero Engines AG
contributed to the carrier's collapse. Lenders rejected the 60
billion-rupee settlement offer.

The foreign ministry said April 22 that it was seeking legal
advice on Mallya's extradition a few weeks after Rohatgi said he
had left India, Bloomberg relays. As a member of the upper house
of India's parliament, he had a diplomatic passport.

"The moment he comes, he will be sent to Tihar jail,"
Vaidyanathan told the court, referring to South Asia's biggest
prison complex in New Delhi, Bloomberg relays. "He wants a
negotiated settlement."

Bloomberg notes that the Enforcement Directorate, a specialized
financial investigation agency focused on foreign exchange and
anti-money laundering laws, will pursue all legal processes,
Karnal Singh, its chairman said last week.

"We don't routinely comment on individual cases," the U.K. Home
Office said in a statement. "As a matter of longstanding policy
and practice the U.K. will neither confirm nor deny that an
extradition request has been made or received until such time an
arrest has been made in relation to that request."

An ethics panel of the house issued a "show cause" notice, giving
Mallya a week to explain why his membership shouldn't be
canceled, said Karan Singh, chairman of the committee, Bloomberg
relays. The measure came a day after the foreign ministry revoked
his passport. The government said he owes banks about INR91
billion, Bloomberg discloses.

Mallya, 60, has maintained that Kingfisher was an "unfortunate
commercial failure" because of macroeconomic factors and
government policies. He has sparred with local media for
portraying him as the poster boy for the nation's bad loans.
After taking over a beer and liquor empire from his father in the
1980s, he started Kingfisher Airlines in 2005, which was one of
India's leading carriers until it was grounded in 2012 amid
mounting debt, Bloomberg notes.

                    About Kingfisher Airlines

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

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

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

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

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

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

   Funded Interest
   Term Loan            2260       CRISIL D (Reaffirmed)


   Long Term Loan       5970       CRISIL D (Reaffirmed)

   Rupee Term Loan     35270       CRISIL D (Reaffirmed)

   Short Term Loan       390       CRISIL D (Reaffirmed)

   Working Capital
   Term Loan            2990       CRISIL D (Reaffirmed)

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


KMC CONSTRUCTIONS: Ind-Ra Suspends IND D Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated KMC
Constructions Limited's (KMCCL) 'IND D' Long-Term Issuer Rating
to the suspended category. The rating will now appear as 'IND
D(suspended)' on the agency's website.

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

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

KMCCL's ratings:

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

-- INR2,900 million fund-based working capital limits: migrated
    to Long-term and Short-term 'IND D(suspended)' from 'IND D'

-- INR5,171.1 million non-fund-based working capital limits:
    migrated to Short-term 'IND D(suspended)' from 'IND D'


KOHINOOR INDIA: CARE Assigns B+ Rating to INR10cr LT Loan
---------------------------------------------------------
CARE assigns 'CARE B+' and CARE A4' to the bank facilities of
Kohinoor India Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities       10       CARE B+ Assigned
   Short-term Bank Facilities       5       CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Kohinoor India
Private Limited (KIPL) are constrained by its fluctuating scale
of operations, low profitability margins and weak debt coverage
indicators. The ratings further remain constrained by the working
capital intensive nature of operations and susceptibility of
margins to raw materials prices and foreign exchange
fluctuations.

The ratings, however, draw strength from the long track record of
operations and established brand name & distribution network.
Going forward, KIPL's ability to scale-up its operations while
improving its profitability margins and overall solvency position
along with effective working capital management would be the key
rating sensitivities.

Incorporated in 1989, Kohinoor India Pvt. Ltd. (KIPL) is engaged
in the manufacturing of rubber products like bicycle tyres, auto
tubes, rubber sheets and trading of natural rubber and rubber
chemicals with income from trading constituting around 37% of the
net sales in FY15 (refers to the period April 1 to March 31). The
company is currently operating with Mr Surinder Pal Jain as its
managing director. Domestically, the products are sold in Noida,
Ludhiana, Varanasi, Lucknow, etc., while export destinations
include countries like Ukraine, Uganda, Burkina Faso, Zambia,
Tanzania, etc. The exports constituted around 15% of the net
sales in FY15 (refers to the period April 1 to March 31). The raw
material, primarily natural rubber and chemicals are procured
largely from domestic suppliers in Jallandhar, Bhavnagar,
Sonebhadra etc. while the rest are obtained, via imports, from
suppliers based in France, Sri Lanka, Indonesia, China,
Singapore, etc. KIPL sells tyres and tubes under the brand name
'Kohinoor' in the domestic as well as in the international
market.

Additionally, some variants of rubber tubes are also sold under
the brand name 'Dhamaka' in the domestic market.

KIPL registered a total operating income of INR101.27 crore with
a PAT of INR0.35 crore in FY15 as against a total operating
income of INR111.76 crore during FY14 with a PAT of INR0.41 crore
in FY14. For FY16, the company has achieved a total operating
income of INR76 crore, till January 15, 2016 (Provisional.)


KRUSHIRAJ SUGAR: CARE Reaffirms 'B' Rating on INR14.79cr LT Loan
----------------------------------------------------------------
CARE reaffirms rating assigned to bank facilities of Krushiraj
Sugar Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities    14.79       CARE B Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of Krushiraj Sugar
Limited (KSL) continues to remain constrained by the project
funding risk of the new proposed unit, pending debt tie-up,
significant proportion of the promoter's equity remaining to
be infused and cyclicality and agro-climatic risk associated with
the sugar industry. The rating further takes in account,
delay in the construction activity of the plant on account of the
anticipation of inadequate rainfall during FY15 (refers to
the period April 01 to March 31) resulting in shortage of sugar
production. The commencement of operations of the project has
been delayed to November 2016 as compared to initial expected
time of January, 2015.

The rating derives strength from the experienced promoter group
and strategic location of the proposed 'khandsari' (unrefined
sugar) unit.

The ability of KSL to ensure timely mobilization of funds,
successful commissioning of the project within the estimated
time and cost parameters and procurement of sugarcane at
envisaged prices post commercial operations are the key rating
sensitivities.

Krushiraj Sugar Limited (KSL) was incorporated in March 2012 to
undertake manufacturing of khandsari sugar at village Bhose,
District. Solapur, Maharashtra. KSL is promoted by Mr Mahesh
Yashwantrao Patil, Mr Baliram Yashwantrao Patil and Mr Ganesh
Patil as directors. Presently, KSL is in the process of setting
up a green field khandsari manufacturing unit with an installed
capacity of 500 tonnes of cane crushed per day (TCD) and 1.5
mega-watt (MW) captive co-generation plant at a total project
cost of INR20 crore to be funded through a debt to equity
proportion of 2.33:1. The commercial production of the khandsari
unit is postponed to commence from November, 2016 from the
earlier scheduled time of January, 2015, as the management
anticipated inadequate rainfall during FY15 that would result in
a shortage of raw materials and hence, decided to postpone the
set up of the project. On account of postponement of the
commencement of plant, the company has re-applied for the bank
loan (sanctioned earlier). Thereafter, the work on the project is
expected to commence from April, 2016 and be completed by
November 2016; post which the operations of the project are
expected to start.


LALA NEMI: CRISIL Cuts Rating on INR240MM Term Loan to D
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility
of Lala Nemi Chand Educational Trust (LNCET) to 'CRISIL D' from
'CRISIL BB/Stable'. The downgrade reflects LNCET's delay in
meeting debt repayment obligation on account of weak liquidity
due to decline in occupancy at its educational institutes.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Term Loan                240       CRISIL D (Downgraded from
                                     'CRISIL BB/Stable')

LNCET does not have any bank line to meet cash flow mismatches
due to difference in timing of term loan obligation and fee
collection, and its cash accrual is subdued because of low
enrolment due to intense competition. Also, the trust is
vulnerability to regulatory risks associated with educational
institutions. However, it benefits from its established regional
position in the education sector with variety of course
offerings.

LNCET was formed in 1997 by Ms. Shanti Devi, Mr. Dharamvir Gupta,
Mr. Vijay Gupta, Mr. Bhushan Gupta, Ms. Raj Rani Gupta, and Mr.
Sardar Singh. It manages four institutes: NC College of
Engineering, NC Institute of Technology, NC Institute of Computer
Sciences, and NC College of Education.


LAXMI GARMENTS: CARE Assigns B+ Rating to INR0.31cr LT Loan
-----------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Laxmi Garments.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      0.31      CARE B+ Assigned
   Short-term Bank Facilities    10.69      CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Laxmi Garments
(LXG) are primarily constrained on account of its modest scale of
operations, low networth base, moderate profit margins
and debt coverage indicators. The ratings are also constrained by
its presence in the fragmented readymade garments segment,
working capital intensive nature of operations, foreign exchange
fluctuation risk and the capital withdrawal risk associated with
its partnership nature of constitution.

However, the ratings derive strength from the experienced
promoters and reputed customer base.

Ability of LXG to increase its scale of operations, improve
profit margins and capital structure while prudently managing its
working capital requirement is the key rating sensitivity.

Incorporated in 2011, LXG is a partnership firm managed by 4
equal partners viz. Mr Subramanian N, Mrs Lakshmi S, Mr Sivakumar
S and Mrs Prema S. The day-to-day management of the firm is taken
care by the managing partner Mr Subramanian. It is based in
Tiruppur, a major textile and knit wear hub in India, and is
engaged in the business of manufacturing and exporting the
readymade knitted garments.

During FY15 (refers to the period April 1 to March 31), LXG
reported PAT of INR0.75 crore on a total operating income (TOI)
of INR30.56 crore as against PAT of INR0.24 crore on TOI of
INR17.83 crore during FY14.


MAHARAJA AGRO: CRISIL Cuts Rating on INR230MM Term Loan to 'B'
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Maharaja Agro Foods Private Limited (MAPL) to 'CRISIL
B/Stable' from 'CRISIL BB-/Stable'.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              70        CRISIL B/Stable (Downgraded
                                      from 'CRISIL BB-/Stable')

   Term Loan               230        CRISIL B/Stable (Downgraded
                                      from 'CRISIL BB-/Stable')

The downgrade reflects CRISIL's belief that MAPL's liquidity will
remain stretched over t due to low cash accrual because of the
company's inability to ramp up production of value-added products
such as ghee, butter, and skimmed milk. Consequently, dependence
on external debt will remain high. The company's working capital
limits were fully utilised over the 12 months through February
2016 and its cash accrual will be inadequate to meet debt
obligation of INR54 million in 2016-17 (refers to financial year,
April 1 to March 31). Consequently, its financial risk profile
will deteriorate, with total outside liabilities to tangible
networth ratio expected over 2 times and interest coverage ratio
at 1.8 times over the medium term. The company receives need-
based financial support from promoters.

The rating reflects MAPL's limited track record in the highly
fragmented milk processing industry, exposure to customer and
geographical concentration risks, and low profitability. These
weaknesses are partially offset by its promoters' extensive
industry experience and strong relationships with customers.
Outlook: Stable

CRISIL believes MAPL will continue to benefit from its promoters'
extensive industry experience. The outlook may be revised to
'Positive' in case of higher-than-expected cash accrual leading
to better financial risk profile, especially liquidity.
Conversely, the outlook may be revised to 'Negative' in case of
significantly low cash accrual leading to deterioration in
financial risk profile.

MAPL, incorporated in 2011, processes milk (pasteurises and
chills) and allied products. It is promoted by Mr. Bijender Nagar
and Mr. Sunder Singh. Its manufacturing facility is in Alwar,
Rajasthan, and has installed capacity of 0.5 million litres per
day. The company commenced operations in December 2013.


NIRMAL LIFESTYLE: CRISIL Cuts Rating on INR2.97BB NCDs to B+(SO)
----------------------------------------------------------------
CRISIL has downgraded its rating on the non-convertible
debentures (NCDs) of Nirmal Lifestyle Limited to 'CRISIL
B+(SO)/Negative' from 'CRISIL BB+(SO)/Stable'.

                      Amount
   Facilities       (INR Bln)    Ratings
   ----------       ---------    -------
   Non Convertible     2.97      CRISIL B+(SO)/Negative
   Debentures                    (Downgraded from CRISIL
                                  BB+(SO)/Stable)

The rating downgrade reflects deterioration in the company's
credit risk profile on account of heightened project risk led by
delay in the launch of its Premium Residency project by more than
15 months. The project was earlier expected to be launched in
November 2014 but was delayed because of weak demand. This has
constrained cash flows and liquidity, resulting in high reliance
on surplus generated from other ongoing projects for servicing
coupon payments on the NCDs. The instruments carried a moratorium
on the coupon payments for the first four quarters and a
concessional coupon rate of 12 percent per annum for the
subsequent four quarters until March 2016. Additionally, the
moratorium on principal payment was extended for another four
quarters and repayment will commence from June 2017; given the
weak demand scenario and delay in project implementation, cash
flows may not be sufficient to service maturing debt obligations.
CRISIL expects the liquidity to remain stretched over the medium
term, and timely refinancing of debt and funding support from the
promoters will remain key rating sensitivity factors.

The rating reflects the company's exposure to high project
implementation risk, accentuated by the initial stage of
construction and susceptibility to cyclicality in demand inherent
in the real estate sector. These weaknesses are partially offset
by the extensive experience of NLL's promoters in the real estate
business, tight escrow-backed mechanism for the NCDs, and the
prominent location of the project.
Outlook: Negative

CRISIL believes NLL's cash flows and liquidity will remain
constrained over the medium term on account of delay in
implementation of its project. The rating may be downgraded if
further time or cost overrun in project implementation or lower-
than-expected bookings and customer advances further pressurise
liquidity. Conversely, the outlook may be revised to 'Stable' in
case of substantial bookings for, and receipt of sizeable
customer advances from, ongoing projects, resulting in a large
surplus.

NLL is the flagship company of the Nirmal group, which was
founded by the late Mr. S P Jain in the late 1980s and is one of
the established developers in eastern Mumbai. It a closely held
company incorporated in 1999 to undertake residential,
commercial, and retail construction. Mr. Dharmesh Jain is the
company's current chairman and managing director.

Premium Residency is an upcoming project of the Nirmal group. The
project comprises 1.77 million square foot of saleable area and
is expected to be executed in four phases. The total planned cost
for the project is around INR12.1 billion.


NYSA INDUSTRIES: CARE Assigns B+ Rating to INR5.30cr LT Loan
------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Nysa
Industries.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      5.30      CARE B+ Assigned

The rating assigned by CARE is based on the capital deployed by
the partners and the financial strength of the firm at present.
The rating may undergo a change in case of withdrawal of the
capital or the unsecured loans brought in by the partners, in
addition to the changes in the financial performance and other
relevant factors.

Rationale

The rating assigned to the bank facilities of Nysa Industries
(NI) is constrained by nascent stage of its operations,
susceptibility of its margins to the fluctuation in the raw
material prices, its presence in highly fragmented and
competitive textile industry and inherent risk associated with
the constitution of entity as a partnership firm. The rating,
however, derives comfort from the long-standing experience of the
partners in the embroidered fabric
business, location advantage being located at Surat, and
favourable demand scenario for the industry.

The ability of NI to stabilize its production, achieve envisaged
income levels and profitability in a competitive industry are
the key rating sensitivities.

Incorporated in May 25, 2015, by Mr Naresh Shah and Mr Shrenik
Shah as partnership firm, NI has set up a green-field
project for undertaking embroidery on grey fabric at its facility
located at Surat, Gujarat. The firm has installed capacity to
undertake embroidery on 8 lakh meters per annum. The set up is
export oriented unit and the firm plans to export to
middle-eastern countries, Africa and America. The total project
cost was INR10.68 crore being funded through term loan
of INR5.30 crore and remaining through promoter's contribution
(including INR2.38 crore of unsecured loans). The project
became operational from January 7, 2016.

The partners of the company are also the director of Naysa
Industries Private Limited (NIPL). NIPL is also an export
orientated entity in the same business. NIPL has been in this
business since 2004. It has set up of 93 embroidery machines.


P.P. AUTOMOTIVE: CARE Reaffirms 'B+' Rating on INR8cr LT Loan
-------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
P.P. Automotive Private Limited.

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

Rating Rationale

The ratings assigned to the bank facilities of P.P Automotive
Private Limited (PPAPL) continue to be constrained by the
weak financial risk profile of the company marked by declining
income, low profitability margins and weak solvency position. The
rating also takes into account the intense competition and
cyclical nature of the auto dealership business.

The rating, however, derives strength from the established track
record of operations, long association with Mahindra & Mahindra
Limited (MML) and the fact that the company is the sole
distributor of MML in all the locations where it has its
presence.

Going forward, the ability of the company to profitably scale-up
its operations in a highly competitive dealership space and
improvement the overall solvency position will remain the key
rating sensitivities.

P.P. Automotive Private Limited (PPAPL) was set up in 2004 as a
partnership firm named P.P. Automotive by Mr Prem Lal Bhamba and
Mr Rajesh Bhamba, in Karnal. It was reconstituted as a private
limited company in 2009 by the name of PPAPL. The company has an
exclusive dealership business of Passenger Vehicles (PV;
contributed about 63% of the total vehicle income in FY15- refers
to the period April 1 to March 31) and Commercial Vehicles (CV;
contributed 37%) for Mahindra & Mahindra Ltd (MML; CARE AAA/ CARE
A1+) in its six showrooms in Haryana. The Company also offers
servicing of vehicles and sale of spare parts and lubricants.
PPAPL is a part of the P.P group, which has others firms viz.

Nirmal Motors (engaged in the auto dealership business of Hero
Motocorp Ltd.) and P.P. Autotek Pvt Ltd (engaged in the auto
dealership business of Volkswagen).

In FY15, PPAPL reported a total operating income of INR128.10
crore with PAT of INR0.22 crore, as against a total operating
income of INR160.38 crore with PAT of INR0.21 crore in FY14. In
9MFY16 (Provisional), the company achieved a total operating
income of INR94.80 crore.


P.S. SETH: CRISIL Suspends 'B' Rating on INR170MM Cash Loan
-----------------------------------------------------------
CRISIL has suspended its rating on the bank facility of P.S. Seth
Sons Jewellers Private Limited (PSSJPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              170       CRISIL B/Stable

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

PSSJPL, established in 2007, is in the business of manufacturing
and wholesaling gold, precious stones, and diamond-studded
jewellery. The company is promoted by Mr. Pradeep Seth and his
son, Mr. Sandip Seth, who look after its day-to-day operations.
PSSJPL has its showroom at Amritsar (Punjab).


PANKAJ ISPAT: CARE Assigns B- Rating to INR15cr LT Loan
-------------------------------------------------------
CARE assigns 'CARE B-' rating to bank facilities of Pankaj Ispat
Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities       15       CARE B- Assigned

Rating Rationale

The aforesaid rating assigned to Pankaj Ispat Limited (PIL) is
constrained by lack of backward integration, volatility in raw
material prices, small scale of operations and low profitability,
fragmented industry leading to intense competition, cyclical
nature of the iron & steel industry, working capital intensive
nature of operations and moderate financial performance. The
rating however draws strength from the long track record of the
company, strategic location of the plant and moderate capacity
utilisation.

The ability of the company to effectively manage the working
capital coupled with improvement in the scale of operations and
profitability remain the key rating sensitivities.

PIL was originally set up in 2006 as a Private Limited company
(Pankaj Ispat Private Limited) which was reconstituted as a
public limited company on October 05, 2011. PIL commenced its
production in 2007-08.

PIL's day to day operations are handled by Mr Lalit Agrawal and
Mr Pankaj Agrawal (son of Mr Lalit Agrawal). Mr Lalit Kumar
Agrawal & Mr Pankaj Agrawal are having an experience of more than
three
decades and more than a decade respectively in the iron and steel
industry. They are well supported by a team of experienced
professionals.

In FY15, PIL reported a PAT of INR 0.19 crore on a total
operating income of INR 104.65 crore vis-Ö-vis it reported a PAT
of INR 0.42 crore on a total operating income of INR 73.11 crore
in FY14.


PREMAVATI RICE: CRISIL Assigns 'B+' Rating to INR60MM Cash Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of Premavati Rice Mill (PRM).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit               60       CRISIL B+/Stable
   Long Term Loan             2.5     CRISIL B+/Stable

The rating reflects the firm's modest scale of operations in the
intensely competitive rice milling industry, and susceptibility
of its profitability margins to changes in government regulations
and paddy prices. The rating also factors in a below-average
financial risk profile marked by its modest networth, high
gearing, and weak debt protection metrics. These rating
weaknesses are partially offset by the extensive experience of
the proprietor of the firm in the rice milling industry.
Outlook: Stable

CRISIL believes PRM will continue to benefit over the medium term
from the extensive industry experience of its proprietor. The
outlook may be revised to 'Positive' in case of a substantial
increase in cash generation, backed by an increase in scale of
operations or profitability margins, while maintaining its
working capital cycle. Conversely, the outlook may be revised to
'Negative' in case of weakening of liquidity owing to a stretched
working capital cycle, lower-than-anticipated cash generation, or
larger-than-expected withdrawal by the proprietor.

Established in 2009 as a proprietorship firm by Mr. Tejendra
Thakkar, PRM processes paddy into non-basmati raw and parboiled
rice. The firm has its manufacturing facility at Limbasi in the
Kheda district of Gujarat.


RAMA KRISHNA: CRISIL Suspends 'D' Rating on INR750MM Loan
---------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Rama Krishna Knitters Private Limited (RKK).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit             340        CRISIL D
   Foreign Bill Purchase   750        CRISIL D
   Letter of Credit        410        CRISIL D
   Packing Credit          300        CRISIL D
   Proposed Long Term
   Bank Loan Facility      278        CRISIL D
   Standby Line of
   Credit                   10        CRISIL D
   Term Loan                12        CRISIL D

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

Ludhiana (Punjab)-based RKK manufactures and exports knitted
garments and T-shirts. Its promoters, the late Mr. Naresh Kumar
Gupta and his wife Mrs. Shalu Gupta, had set up two partnership
firms, Sriram Knitters and Sriram International, in 1990. The two
firms were merged and reconstituted as a private limited company,
RKK, on April 1, 2008. After the death of Mr. Gupta in November
2014, a new director, Mr. Narendra Chugh, was recently inducted
in the company.


RAVI OFFSET: CRISIL Suspends B- Rating on INR170MM Cash Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Ravi Offset Printers and Publishers Pvt Ltd (Ravi Offset).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee           60        CRISIL A4
   Cash Credit             170        CRISIL B-/Stable

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

Ravi Offset was established in 1994 by the Jain family in Agra
(Uttar Pradesh). The company undertakes printing and publishing
and has over 3000 publications. The promoter family has been in
this business for over five decades. All the publications of the
company are published under the name, Ravi.


REDROSE TEXTILES: CRISIL Reaffirms B- Rating on INR70MM Loan
------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Redrose
Textiles Industries Private Limited (RTPL) continue to reflect
its below-average financial risk profile with modest networth,
high gearing and weak debt protection metrics; and susceptibility
of operating margins to volatility in raw material prices and
intense competition. These weaknesses are partially offset by
promoters' extensive experience in the textiles industry.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            70        CRISIL B-/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility      2.5      CRISIL B-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes RTPL will continue to benefit from the extensive
experience of its promoters. The outlook may be revised to
'Positive' if sustained increase in revenue and profitability
result in improved capital structure. The outlook may be revised
to 'Negative' if any large debt-funded capital expenditure or
significantly low cash accruals or sizeable working capital
requirements weaken the financial risk profile.

Incorporated in 1991, Mumbai-based RTPL is promoted by members of
the Parmar family. It mainly dyes cotton yarn and has a capacity
of 250 tonne per month.


RENUKA EQUIPMENTS: CRISIL Reaffirms B+ Rating on INR111.7MM Loan
----------------------------------------------------------------
CRISIL's ratings on the bank loan facilities of Renuka Equipments
Private Limited (REPL) continue to reflect REPL's small scale and
working capital intensive nature of operations and susceptibility
of its profitability to volatility in raw material prices. These
rating weaknesses are partially offset by REPL's promoter's
extensive experience in power and steel material handling
industry, and modest net worth and debt protection metrics.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         60        CRISIL A4 (Reaffirmed)

   Cash Credit            60        CRISIL B+/Stable (Reaffirmed)

   Letter of Credit        5        CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      0.2      CRISIL B+/Stable (Reaffirmed)

   Term Loan             111.7      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that REPL will continue to benefit over the
medium term from its promoters' extensive industry experience.
The outlook may be revised to 'Positive' if company generates
more than expected revenue growth and profitability, leading to
steady accretions to reserves, and improvement in net worth.
Conversely, the outlook may be revised to 'Negative' in case
there is significant deterioration in its profitability or
stretch in its working capital cycle, or larger than expected
debt funded capital expenditure, leading to deterioration in
company's financial risk profile.

Update
REPL's revenues declined to 105.3 million in 2014-15 (refers to
financial year, April 1 to March 31) from INR135.2 million in
2013-14 on account of muted pace of investments and subdued
demand which affected REPL's end user industries. However, the
company's revenue is expected to have grown to INR130-140 million
in 2015-16 on the back of incremental orders from new customers.
The demand in end user industries and the pace of order execution
will remain key rating sensitivity factors affecting the business
profile over the medium term.

REPL's operating margin improved to 21 per cent in 2014-15, from
18 per cent in 2013-14, on account of higher complexity of orders
undertaken during the year. Going forward the profitability is
expected to remain in the range of 18-20 per cent over the medium
term. The sustainability of the improved operating margin remains
a key rating sensitivity factor affecting the liquidity and
financial profiles over the medium term.

REPL's working capital cycle continues to remain large marked by
gross current assets (GCAs) at 472 days as on March 31, 2015, on
account of its large inventory level, which is on account of the
long manufacturing period. REPL's inventory level had increased
to 386 days as on March 31, 2015 from 195 days a year ago due to
an increase in work in progress inventory related to a particular
project. However, after completion of the project, the inventory
level is expected to have reduced to about 215 days as on March
31, 2016. The large working capital requirements result in high
utilization of its bank lines, reflected in average utilization
of bank lines at 90 per cent for the twelve months ended October
2015. CRISIL expects the company's operations to continue to
remain working capital intensive over the medium term.

Incorporated in 1997 by Mr. Soumitra Kothari, REPL is engaged in
manufacturing of equipments for power and steel industry. The
company operates in three segments: supply of hot metal handling
equipments such as ladles, and transfer cars; execution of
turnkey projects that for installation of hot metal handling
equipments at customer's site; and fabrication of structural
items and research and development (R&D) work in metallurgical
sector.


ROCKEIRA ENGINEERING: CRISIL Rates INR60MM LT Loan at 'B'
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of Rockeira Engineering (RE).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Secured Overdraft
   Facility                 20        CRISIL B/Stable

   Bank Guarantee           40        CRISIL A4

   Proposed Long Term
   Bank Loan Facility       60        CRISIL B/Stable

The rating reflects RE's modest scale and working capital
intensive nature of operations and exposure to intense
competition in the fragmented civil construction industry. These
rating weaknesses are partially offset by the benefits that RE
derives from its promoter's extensive experience in the civil
construction industry and its moderate financial risk profile.
Outlook: Stable

CRISIL believes that RE will continue to benefit over the medium
term from its promoter's extensive experience. The outlook may be
revised to 'Positive' in case there is significant and sustained
improvement in the firm's revenues while sustaining its
profitability and capital structure. Conversely, the outlook may
be revised to 'Negative' in case of a significant decline in RE's
revenues or profitability margins or larger than expected debt
funded capital expenditure resulting in a weakening in its
financial risk profile.

Established as a partnership firm in 2005 as Srikant Impex, and
later renamed as Rockeira Engineering (RE) in 2013, the firm is
engaged in civil construction activities. Based in Hyderabad
(Telangana), RE is promoted and managed by Mr. R Srikant.

RE reported, a profit after tax (PAT) of INR4.1 million on
operating income of INR93.1 million for 2014-15 (refers to
financial year, April 1 to March 31); the firm reported a PAT of
INR0.3 million on operating income of INR9.4 million for 2013-14.


ROSHNI JEWELLERS: CARE Reaffirms 'B' Rating on INR9cr LT Loan
-------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Roshni Jewellers Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities       9        CARE B Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of Roshni Jewellers
Private Limited (RJL) continues to remain constrained by small
scale of operations, weak financial risk profile characterised by
low profitability margins, leveraged capital structure, weak debt
coverage indicators and elongated operating cycle. The rating is
further constrained by the competition from organised and
unorganised sector and risk associated with fluctuating gold
prices.

The rating, however, draws comfort from experienced promoters.
Going forward, the ability of RJL to increase its scale of
operations while improving its profitability margins and capital
structure along with efficient working capital management shall
be the key rating sensitivities.

Delhi-based RJL was incorporated in 2011 by Mr Sandeep Gupta and
his wife, Ms Anju Gupta. RJL is engaged in the wholesale trading
of gold jewellery, diamond jewellery and loose cut & polished
diamonds and has its office located in Karol Bagh, Delhi. The
company procures jewellery, cut & polished diamond from
wholesalers and jewellery manufacturers and then sells it to
various retail jewellers in Delhi. The company has also started
in-house manufacturing of gold & diamond jewellery in FY14
(refers to the period April 01 toMarch 31) and sells under its
own brand name 'Balika Vadhu'. RJL sells hallmark certified gold
and diamond jewellery. JB Gold Private Limited (rated 'CARE B')
is a group associate of RJL and is engaged in the same line of
business.

RJL reported a PAT and PBILDT of INR0.24 crore and INR1.74 crore,
respectively, on a total income of INR61.41 crore in FY15 (refers
to the period April 1 to March 31) as against PAT and PBILDT of
INR0.26 crore and INR1.35 crore, respectively, on a total income
of INR61.40 crore in FY14. RJL has achieved a total operating
income of INR50 crore in 11MFY16 (refers to the period April 1 to
March 31) (as per the unaudited results).


SAI KALYAN: CRISIL Assigns B+ Rating to INR150MM Long Term Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facility of Sai Kalyan Builders And Developers Private
Limited (SKBDPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Long Term Loan           150       CRISIL B+/Stable

The rating reflects SKBDPL's exposure to implementation, funding,
and offtake risks related to upcoming projects, geographical
concentration in operations, and susceptibility to cyclicality in
the real estate industry. These weaknesses are partially offset
by its established track record in the residential real estate
market and its promoters' extensive industry experience.
Outlook: Stable

CRISIL believes SKBDPL will benefit over the medium term from its
promoters' extensive industry experience. The outlook may be
revised to 'Positive' if healthy sales and timely receipt of
customer advances lead to higher-than-expected cash inflow, and
consequently, better liquidity. Conversely, the outlook may be
revised to 'Negative' if liquidity deteriorates because of delays
in receipt of customer advances, time or cost overruns in ongoing
projects, or large projects undertaken simultaneously,
significantly increasing funding requirement.

SKBDPL, set up in 2013, develops residential real estate in
Bengaluru. It is promoted by Mr. Yerraguntla Venkatesulu Choudary
and his family members.


SANWARIYA IMPEX: CARE Reaffirms B+ Rating on INR6.15cr LT Loan
--------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facility of
Sanwariya Impex Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      6.15      CARE B+ Suspension
                                            Revoked and rating
                                            Reaffirmed

   Short-term Bank Facilities     0.06      CARE A4 Suspension
                                            Revoked and rating
                                            reaffirmed

Rating Rationale

The ratings assigned to the bank facilities of Sanwariya Impex
Private Limited (SIPL) continue to remain constrained on account
of thin profit margin coupled with leveraged capital structure,
moderate debt coverage indicators and moderate liquidity
position. The ratings continue to remain constrained on account
of its presence in the highly fragmented textile industry.

The ratings, however, derives strength from the experienced
promoter coupled with location advantage by way of proximity to
the textile hub and increase in total operating income during
FY15 (refers to the period April 1 to March 31).

The ability of SIPL to increase the scale of operations along
with improvement in profit margins, capital structure and better
working capital management are the key rating sensitivities.

SIPL was incorporated during October, 2010 by Mr Hari Prakash
Bajaj and Ms Sangeeta Bajaj as a private limited company.
Subsequently, Mr Harikrishna Agrawal, Mr Manojkumar Agarwal
joined the business during FY13. SIPL is into the business of
knitting of fabric. The manufacturing unit of the firm is located
near Mandvi, Gujarat which has an installed capacity of 10,98,000
Meters Per Annum (MPA) as on March 31, 2015. During FY12, SIPL
has started manufacturing of knitted fabrics.

During FY15, SIPL reported TOI of INR12.62 crore and PAT of
INR0.08 crore as against TOI of INR10.66 crore and negative
PAT of INR0.08 crore during FY14. During 11MFY16 (Provisional),
SIPL has achieved TOI of INR12 crore.


SEWRI ENGINEERING: CARE Reaffirms B+ Rating on INR4.95cr LT Loan
----------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Sewri Engineering Company Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      4.95      CARE B+ Reaffirmed
   Short term Bank Facilities     5.00      CARE A4 Reaffirmed

Rating Rationale

The ratings assigned to the bank facilities of Sewri Engineering
Private Limited (SEPL) continue to be constrained by the
relatively small scale of operations with fluctuating operating
income and cash accruals, low capitalization, leveraged capital
structure and weak debt coverage indicators, working capital
intensive nature of operations leading to elongated operating
cycle and operations in the highly competitive construction
industry with inherent project execution risk.

The ratings continue to draw comfort from the promoters
experience in the construction industry and moderate order book
position. The reaffirmation of rating factors in the improvement
in capital structure and profit margins albeit decline in
operating income during FY15 (refers to period April 1 to
March 31).

SECPL's ability to successfully execute the projects without any
time or cost overrun and increase its scale of operations with
strengthening of order book along with efficient management of
its working capital are the key rating sensitivities.

Sewri Engineering Company Private Limited (SECPL; commenced its
operations in 1938 as a partnership firm and was later re-
constituted into a private limited company in 1951) is engaged in
construction activity for various government organisations. In
2005, Mr. Sushil Kumar Singh took over the company's operations.
SECPL is accredited with ISO 9001:2008 certifications for
providing Civil Engineering Contract Services to customers and is
also registered as a Class I Contractor with Public Works
Department of Government of Maharashtra.

During the FY15 (refers to the period April 01 toMarch 31), SECPL
reported total operating income of INR11.37 crore (vis-a-vis
INR20.47 crore in FY14) and PAT of INR0.22 crore (vis-Ö-vis
INR0.16 crore in FY14). Furthermore, during 9MFY16 (refers to the
period April 1, 2015 to December 31, 2015), SECPL has posted
total income of INR8.50 crore and has an order book position of
INR25.31 crore.


SHREE KRISHNANAND: CARE Assigns 'B+' Rating to INR1cr LT Loan
-------------------------------------------------------------
CARE assigns 'CARE B+' and A4' ratings to the bank facilities of
Shree Krishnanand Infrastructure And Developers Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities        1       CARE B+ Assigned
   Short-term Bank Facilities       8       CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Shree Krishnanand
Infrastructure and Developers Private Limited (SKIDPL) are
primarily constrained on account of fluctuating profit margins,
volatility associated with raw material prices and absence
of price escalation clause and its presence in a highly
fragmented and competitive construction industry.

The ratings, however, take comfort from experience of the
promoters along with geographically diversified and long term
relationship with supplier and customers. The ratings also factor
in moderate total operating income and work order book along with
comfortable capital structure, debt coverage indicators and
moderate liquidity position during FY15 (refers to the period
April 1 to March 31).

The ability of SKIDPL to improve its scale of operations along
with profit levels and efficient management of working capital
are the key rating sensitivities. Furthermore, improvement in
capital structure and debt coverage indicators would also remain
crucial.

Vapi-based (Gujarat), SKIDPL was incorporated in 2011 by Mr Anand
Tripathi andMr Kapil Tiwari. SKIDPL belongs to Shree Krishnanand
Group which comprises of various other entities. SKIDPL is
engaged into the business of undertaking turnkey projects
involving civil works, erection, commissioning and electrical
works of industrial buildings. SKIDPL also undertake projects
from Government of Gujarat. SKIDPL is executing the contract
works for public and private companies.

During FY15, SKIDPL reported a PAT of INR1.46 crore on a TOI of
INR33.54 crore as against a PAT of INR1.06 crore on a TOI of
INR33.78 crore during FY14. As per the provisional results for
11MFY16 (provisional), SKIDPL registered a TOI of INR30 crore.


SYNERGY TELECOMMUNICATIONS: CRISIL Suspends D Cash Loan Rating
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Synergy Telecommunications (A Unit of Moonlight Properties
Private Limited) (STMPPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee          125        CRISIL D
   Cash Credit             375        CRISIL D

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

STMPPL manufactures towers used in the telecom industry and also
undertakes turnkey projects, which include erection and
commissioning of towers; installation of other supporting
equipment, such as shelters, power, and cooling systems; and
provision of testing and maintenance services. It is being
managed by Mr. Harpal Singh and his wife, Mrs. Rachana Singh.
STMPPL's tower-manufacturing plant is at Mohali (Punjab).


TULSI SYNTEX: CARE Assigns 'B' Rating to INR7.13cr LT Loan
----------------------------------------------------------
CARE assigns 'CARE B' to the bank facilities of Tulsi Syntex
Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     7.13       CARE B Assigned

Rating Rationale

The rating assigned to the bank facilities of Tulsi Syntex
Private Limited (TSPL) is primarily constrained on account of its
small scale of operations, losses incurred during FY15 (refers to
the period April 1 to March 31), leveraged capital structure,
weak debt coverage indicators and stressed liquidity position.
The rating is also constrained by TSPL's presence in a highly
fragmented textile industry along with its susceptibility of
profit margins to fluctuation in prices of raw material.

The rating, however, derives comfort from the experienced
management along with established track record of operations and
its presence in the textile cluster with easy access to raw
material and labor.

Ability of TSPL to increase scale of operations, improvement in
profitability, capital structure and better working capital
management in light of the competitive nature of the industry and
raw material price fluctuation remain the key rating
sensitivities.

TSPL was incorporated in June, 2000 by Mr Motilal Jain and Mr
Mahavir Jain. Earlier TSPL was engaged into business of dying and
printing on fabrics. However during August 2013 to December 2014
the operation of TSPL was closed to change the machinery
installation, as TSPL has changed it business profile to dying
activity from dying and printing and the management of TSPL was
taken over by Mr Ashutosh Kanodiya and Mr Mahesh Kanodiya. TSPL
has commenced operation from its newly installed machinery from
January 2015. TSPL is preliminary doing dying activity on fabrics
provided by customers on job work basis, the fabrics are used
mainly for making saris and dress material for ladies garments.
TSPL is operating from its sole manufacturing unit located in
Surat(Gujarat) having installed capacity of 192 Lakh Meters Per
Annum as on March 31, 2015 for processing of fabric. TSPL
procured required chemicals from domestic agents and execute
orders of customers located in Surat, Mumbai and Delhi.

During FY15, TSPL reported a net loss of INR0.79 crore (FY14: net
loss of INR1.63 crore) on a total operating income (TOI) of
INR2.85 crore (FY14: INR3.30 crore). Furthermore, during 11MFY16
(Provisional) TSPL has reported TOI of INR7.36 crore.



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


PERUSAHAAN GAS: S&P Affirms 'BB+' CCR; Outlook Positive
-------------------------------------------------------
Standard & Poor's Ratings Services said that it had affirmed its
'BB+' long-term corporate credit rating on PT Perusahaan Gas
Negara (Persero) Tbk. (PGN).  The outlook is positive.

At the same time, S&P affirmed the 'BB+' long-term issue rating
on the company's senior unsecured notes.  S&P also affirmed its
'axBBB+' long-term ASEAN regional scale rating on the company.
PGN is an Indonesia-based state-owned company primarily engaged
in gas distribution and transmission.

"We lowered our assessment PGN's stand-alone credit profile
(SACP) to 'bbb-' because we believe the company's planned
increase in capital spending and the subdued operating
performance of its gas distribution business will substantially
weaken its cash flow adequacy over the next two years," said
Standard & Poor's credit analyst Vishal Kulkarni.  "In our
opinion, PGN's sizable spending in 2015 and large investment plan
over 2016-2018 marks a shift away from the company's strategy of
making moderate investments and having a conservatively-managed
balance sheet."

S&P affirmed the rating on PGN because the sovereign credit
rating on Indonesia (BB+/Positive/B; axBBB+/axA-2) continues to
constrain the company's creditworthiness.

PGN's goal of securing oil and gas assets through upstream
investments is substantially more rapid and aggressive than S&P
anticipated.  The company spent about US$1.2 billion in 2015,
nearly 1.5x S&P's anticipation, and much higher than its annual
average spending of less than US$500 million in 2012-2014.  Most
notably, the company paid more than US$300 million to acquire
11.67% stake in the Muara Bakau field in Indonesia.

PGN's spending in 2016-2018 that S&P forecasts at about
US$2.4 billion is more than 20% higher than S&P's earlier
assumption.  Spending will likely be front-ended, with about
US$1.1 billion spent in 2016 alone.

Despite some discretionary component in PGN's investment plan,
S&P regards the plan to be mostly committed as the company seeks
to reduce dependence on suppliers for gas procurement through
backward integration.  S&P also believes that PGN will keep
investments high in line with the government's plans to step-up
spending on critical infrastructure and energy security.

PGN's rising investments amid subdued operating conditions in the
company's traditionally-stable gas distribution business in
Indonesia will limit any improvement in operating performance, in
S&P's view. PGN's EBITDA declined to about US$940 million in
2015, compared with close to US$1.1 billion in 2014.

S&P believes volumes and spreads in PGN's gas distribution
business have bottomed out in 2015.  However, S&P believes a
recovery in volumes and spreads will be slow.  Hydrocarbon prices
will also recover, but very slowly, under S&P's base-case
assumption for Brent prices.  As a result, S&P is lowering its
forecasts of PGN's annual EBITDA to about US$1 billion on average
over the next two years, from about US$1.4 billion earlier.

S&P forecasts that a combination of lower EBITDA and high
investments will translate to a debt-to-EBITDA ratio, adjusted
for surplus cash, of close to 3.0x over the next two years.  In
S&P's base case, PGN will be unable to fund S&P's revised
investment forecast and dividends with internal accruals and cash
balance.  S&P estimates the shortfall at close to US$800 million
over period, resulting in rising debt.  S&P also forecasts PGN's
ratio of funds from operations (FFO) to debt to be about 25% in
2016 and 2017.  This ratio could approach 30% in 2018 as capital
spending reduces, gas volumes recover, and upstream operations
ramp-up.  S&P sees these ratios as consistent with a SACP of
'bbb-'.

The rapid pace of PGN's strategic shift toward upstream
operations and spending creates a degree of execution risk, in
S&P's opinion. As a result, S&P has revised its assessment of the
company's management and governance to fair from satisfactory.

"The positive outlook on PGN reflects the outlook on the
sovereign credit rating on Indonesia," said Mr. Kulkarni.

S&P will upgrade PGN if S&P raises the sovereign rating on
Indonesia provided S&P's assessment of the company's SACP remains
at least 'bbb-' and PGN's relationship with the government
remains unchanged.

The prospect for a higher SACP assessment for PGN is limited over
the next 12 months, given S&P's expectations of high capital
spending and moderate operating performance.  An improvement in
the SACP would most likely be driven by a sustained improvement
in gas distribution volume, better gas distribution margins, and
more prudent capital spending that S&P currently expect.  An FFO-
to-debt ratio sustaining above 35% will indicate such an
improvement.

S&P will revise the rating outlook on PGN to stable if S&P takes
a similar action on Indonesia or if the company's SACP weakens to
'bb+'.

S&P will lower the rating on PGN if, irrespective of the
sovereign rating upgrade, the company's SACP weakens below 'bb+'.

S&P will lower its assessment of PGN's SACP if the company's FFO-
to-debt ratio falls toward 20% on a sustained basis.  S&P
believes this scenario would most likely arise if the company's
capital spending increases substantially beyond S&P's base case
with no commensurate improvement in EBITDA or operating cash
flows.  S&P could also lower the SACP if the contribution of
higher-risk upstream activities substantially increases from the
current 15%-20% of consolidated EBITDA.  An increase beyond these
figures could lead S&P to re-assess the company's earnings
quality and stability.



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


MITSUBISHI: Admits Using Unapproved Fuel Economy Tests Since 1991
-----------------------------------------------------------------
Kazuaki Nagata at The Japan Times reports that embattled
automaker Mitsubishi Motors Corp. admitted on April 26 that its
method of testing fuel efficiency, which does not comply with
Japanese standards, has been in use since 1991, much longer than
it had previously stated.

According to the report, the Tokyo-based automaker said it is
investigating why its testing specialists have used the
unapproved method for a quarter-century.

"We are not sure if they were even aware that it was the wrong
method. When it started, they might have thought it was correct,
and that thought was then passed down, so it is possible that
they did it without questioning why," Mitsubishi Motors President
Tetsuro Aikawa told a news conference at the transport ministry,
the report relays.

The automaker was ordered by the transport ministry to
investigate the matter and report back by April 26, the report
notes.

The Japan Times says the unapproved testing method -- known as a
running test -- is one that is used in the United States. It
helps to save time, but Japanese regulators have never approved
its use.

The Japan Times relates that Mitsubishi said it compared the
test's outcomes with those of the approved Japanese test in 2001
and found barely any discrepancies. The difference was a matter
of 2.3 percent, at most, it said.

The firm said it will compare the two methods once again, adding
that it is not sure how many cars received the unapproved tests,
the report adds.

Regarding a separate scandal involving massaged fuel efficiency
figures for more than 620,000 minicars, Mitsubishi said it is
still investigating what happened and why. Four car models were
involved, the report notes.

According to the Japan Times, Mitsubishi executives said the firm
repeatedly set higher fuel efficiency goals for its minicars, and
this may have pressured employees not to let the team down.

For 157,000 units of the eK Wagon and eK Space models sold by
Mitsubishi and 468,000 units of Dayz and Dayz Roox supplied for
Nissan, Mitsubishi intentionally used figures for tire and air
resistance that would be small on the road, the report discloses.

Mitsubishi stopped assembling and shipping the affected cars last
week after the scandal came to light, the report says.

The Japan Times adds that analysts said the firm potentially
faces huge costs for compensating parties involved, including car
buyers, Nissan and the government -- which granted it tax
discounts for fuel-efficient cars.

Its shares crashed again on April 26, closing the day's trading
at the Tokyo Stock Exchange at JPY434, down 9.58 percent. The
automaker's stock price has halved since the scandal broke a week
ago, the report notes.

The Japan Times recalls that authorities raided the company's
office last week after its initial admission of error and the
firm has warned that the number of affected vehicles could rise.
So far it has not included those sold overseas.

The analysts said the revelations raise questions about
Mitsubishi's future and point to a broader problem in the global
car industry as regulators probe other automakers' pollution and
fuel-efficiency claims, adds The Japan Times.

                       About Mitsubishi Motors

Japan-based Mitsubishi Motors Corporation (TYO:7211) --
http://www.mitsubishi-motors.com/index.html-- manufactures
automobile.  The Company, along with its subsidiaries and
associated companies, is engaged in the development, production,
purchase, sale, import and export of general and small-sized
passenger vehicles, mini-vehicles, sport utility vehicles (SUVs),
vans, trucks and automobile parts, as well as industrial
machines. It is also engaged in the checking and maintenance of
new vehicles, as well as the provision of automobile sales
financing and leasing services.

As reported in the Troubled Company Reporter-Asia Pacific on
April 26, 2016, Standard & Poor's Ratings Services said that it
has placed its 'BB+' long-term corporate credit rating on Japan-
based automaker Mitsubishi Motors Corp. on CreditWatch with
negative implications following the company's announcement that
fuel-consumption test data for four of its mini-vehicle models
was deliberately falsified.  This testing fraud is highly likely
to depress unit sales, and damage to business performance and the
company's financial profile over the next year or two may exceed
tolerances for the current rating, in S&P's view.

On April 20, 2016, Mitsubishi Motors announced confirmation of
the deliberate falsification of data for fuel-consumption testing
on four models of its mini-vehicles that sold 625,000 units in
total. Because the focus of the company's automotive lineup is
mini-vehicles and sports utility vehicles (SUVs), the success or
failure of any one model has a significant impact on earnings.
It remains difficult to immediately estimate the impact of the
fraudulent testing on vehicle unit sales in Japan and abroad.
However, given that Mitsubishi Motors' original equipment
manufacturing (OEM) partner Nissan Motor revealed the
falsification and that Mitsubishi Motors has admitted to two
recall coverups in the past, S&P thinks the fraud is likely to
lead to a decline in unit sales.  In addition, this incident may
hurt the company's business results significantly over the mid-
to long-term if it reduces Mitsubishi Motors' OEM supplies to
other automakers or weakens its brand recognition in Southeast
Asian markets, which contributes to companywide sales and
profits. Meanwhile, the company has relatively ample cash and
deposits at hand, which will absorb the financial impact of the
incident to some extent if the fraud affects only mini-vehicles
in Japan.


MITSUBISHI MOTORS: Scandal May Cost Firm JPY100BB for Four Models
-----------------------------------------------------------------
Jiji Press reports that the unfolding scandal over fuel economy
test cheating by Mitsubishi Motors Corp. may cost the company
more than JPY100 billion just over the four minivehicle models
confirmed to have been involved, analysts said.

According to Jiji, the figure compares with the company's current
consolidated net profit projection of JPY100 billion for the
latest year, which ended in March. "The impact on the firm's
management will be huge," an analyst said.

Jiji relates that after disclosing last week fuel economy test
data manipulations for the four models, totaling 625,000 units,
the automaker said on April 26 that it has ignored state
regulations on ways to collect vehicle fuel economy test data for
25 years.

According to the report, the automaker's costs are seen
increasing even further as many other vehicles were likely
involved in the cheating. Some put the total number at dozens of
models and millions of vehicles.

As for the four models, Mitsubishi Motors will have to repay the
taxes that were reduced because of their fuel economies, which
had been padded, says Jiji.

For vehicle buyers, the automaker will need to cover gasoline
costs that the buyers would not have paid if the fuel economies
had been as good as the inflated ones, the report states.

As two of the four models were supplied to Nissan Motor Co.,
Mitsubishi Motors will have to make compensation to the industry
peer, according to Jiji.

Mitsubishi Motors will cover the costs Nissan will pay its
customers. In addition, Nissan hopes to request compensation for
the drop in sales resulting from a halt to the sale of the
affected vehicles, the report says.

According to Jiji, the eK Wagon, one of the four minivehicles,
was classified as a top-notch vehicle under the tax break program
for fuel efficient vehicles, because its maximum mileage was
reported as 30.4 km per liter of gasoline. But its mileage was
padded by 5% to 10%.

If the top-notch status is lost, the exempted taxes must be
returned, the report notes. Mitsubishi Motors officials said that
the exempted ones are the automobile acquisition tax of JPY3,900
per unit and the auto weight tax of JPY1,800. They add to a
minivehicle tax cut of JPY2,700, Jiji reports citing officials.

If Mitsubishi Motors will need to repay the amounts for all four
models, the total costs would be billions of yen, the officials
added, Jiji relates.

Nomura Securities Co. puts the automaker's total costs per
vehicle between JPY68,000 and JPY166,000, including gasoline
costs to be paid to drivers, says Jiji. Based on this estimate,
the maximum costs the automaker may face over the four models
could reach JPY104 billion, a Nomura analyst said, adds Jiji.

                       About Mitsubishi Motors

Japan-based Mitsubishi Motors Corporation (TYO:7211) --
http://www.mitsubishi-motors.com/index.html-- manufactures
automobile.  The Company, along with its subsidiaries and
associated companies, is engaged in the development, production,
purchase, sale, import and export of general and small-sized
passenger vehicles, mini-vehicles, sport utility vehicles (SUVs),
vans, trucks and automobile parts, as well as industrial
machines. It is also engaged in the checking and maintenance of
new vehicles, as well as the provision of automobile sales
financing and leasing services.

As reported in the Troubled Company Reporter-Asia Pacific on
April 26, 2016, Standard & Poor's Ratings Services said that it
has placed its 'BB+' long-term corporate credit rating on Japan-
based automaker Mitsubishi Motors Corp. on CreditWatch with
negative implications following the company's announcement that
fuel-consumption test data for four of its mini-vehicle models
was deliberately falsified.  This testing fraud is highly likely
to depress unit sales, and damage to business performance and the
company's financial profile over the next year or two may exceed
tolerances for the current rating, in S&P's view.

On April 20, 2016, Mitsubishi Motors announced confirmation of
the deliberate falsification of data for fuel-consumption testing
on four models of its mini-vehicles that sold 625,000 units in
total. Because the focus of the company's automotive lineup is
mini-vehicles and sports utility vehicles (SUVs), the success or
failure of any one model has a significant impact on earnings.
It remains difficult to immediately estimate the impact of the
fraudulent testing on vehicle unit sales in Japan and abroad.
However, given that Mitsubishi Motors' original equipment
manufacturing (OEM) partner Nissan Motor revealed the
falsification and that Mitsubishi Motors has admitted to two
recall coverups in the past, S&P thinks the fraud is likely to
lead to a decline in unit sales.  In addition, this incident may
hurt the company's business results significantly over the mid-
to long-term if it reduces Mitsubishi Motors' OEM supplies to
other automakers or weakens its brand recognition in Southeast
Asian markets, which contributes to companywide sales and
profits. Meanwhile, the company has relatively ample cash and
deposits at hand, which will absorb the financial impact of the
incident to some extent if the fraud affects only mini-vehicles
in Japan.


TOSHIBA CORP: In Final Talks on New President
---------------------------------------------
Reuters reports that Toshiba Corp is in final talks to replace
President Masashi Muromachi, with Senior Executive Vice President
Satoshi Tsunakawa a leading candidate as it aims to turn the
scandal-hit firm back to growth, a source said.

Reuters relates that the source, who is familiar with the matter,
indicated Tsunakawa was a top candidate, saying the successor
would be likely be one of three senior executive vice presidents,
and noting that he was not embroiled in the accounting scandal.

A company committee is expected to make a final decision after
the Golden Week holiday that ends in early May, the source told
Reuters.

The new president will assume the job after approval at the
annual shareholders meeting in June, he added.

Reuters notes that Toshiba, with business spanning televisions to
nuclear power, has said it inflated profits by more than 230
billion yen over about seven years to March 2015.

The company is also preparing to write down the value of its
stake in U.S. nuclear subsidiary Westinghouse by about
JPY200 billion, sources familiar with the matter said on
April 27, Reuters relays.

In a sign it was trying to draw a line under the scandal, a
company committee met to discuss the resignation of Muromachi,
who is also chief executive officer, said other sources, who
requested anonymity because they were not authorised to speak to
media, Reuters relates.

Reuters adds that Muromachi has said he wants to step down after
ensuring Toshiba was on track to recovery.

                          About Toshiba

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

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

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

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

On March 28, 2016, Moody's Japan K.K. has downgraded Toshiba
Corporation's corporate family rating and senior unsecured debt
rating to B3 from B2, and its subordinated debt rating to Caa3
from Caa2.  The rating outlook is negative. At the same time,
Moody's has affirmed Toshiba's commercial paper rating of Not
Prime.  This rating action concludes the review for downgrade
initiated on Dec. 22, 2015.

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

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



===============
M A L A Y S I A
===============


1MALAYSIA: Default No Effect on Abu Dhabi Guarantor Fund Bonds
--------------------------------------------------------------
Arif Sharif at Bloomberg News reports that a debt default by
1Malaysia Development Bhd. failed to ruffle investors in the Abu
Dhabi state fund that is a co-guarantor of the unpaid bonds.

Bloomberg says International Petroleum Investment Co.'s own
$1.5 billion of securities maturing 2022 were little changed
after Kuala Lumpur-based 1MDB defaulted on a $50 million interest
payment it says IPIC should pay.

According to Bloomberg, the lack of movement underscores how the
financial turbulence of Malaysia's state-owned firm has had a
limited impact in the Middle East.  Bloomberg notes that the
default is the latest episode to rock 1MDB, already a target of
global investigations into allegations of money laundering and
embezzlement. 1MDB has consistently denied wrongdoing.

"There's no cross default from that bond to IPIC if only 1MDB
defaults, so the contagion risk is absent as long as IPIC
fulfills its payment obligations as a guarantor," Bloomberg
quotes Rehan Akbar, a Dubai-based analyst at Moody's Investors
Service, as saying. "Investors who are familiar with the
government of Abu Dhabi and its key state-owned enterprises
understand that the willingness and capacity to honor contractual
obligations by these entities isn't in question as a result of
the 1MDB situation."

The yield on IPIC's 2022 securities, which rose as Abu Dhabi sold
its first sovereign debt in seven years, climbed less than one
basis point to 3.11% as of 4:34 p.m., on April 26, in London,
Bloomberg discloses.

Bloomberg reports that IPIC said on April 25 that it will pay
bondholders of Malaysia's troubled investment company should the
latter fail to pay the interest payment on a $1.75 billion bond.
1MDB said on April 26 it's in default on the 2022 debt.

Bloomberg notes that 1MDB has been locked in a dispute over its
obligations to IPIC under an agreement reached in May last year.
As part of the pact, the Abu Dhabi wealth fund said it would
assume obligations to pay interest due under $3.5 billion of 1MDB
bonds that it guaranteed. Bloomberg relates that IPIC said this
month that 1MDB was in default of the agreement after the
Malaysian fund failed to pay it more than $1 billion in
connection with a loan.

Abu Dhabi, holder of about 6% of the world's oil reserves, raised
$5 billion on April 25 as it seeks funds to plug a budget deficit
left by the plunge in crude prices. The emirate, capital of the
United Arab Emirates, raised $2.5 billion from five-year notes
priced at 85 basis points more than similar-maturity U.S.
Treasuries, and an identical amount from 10-year bonds at 125
basis points over Treasuries.

Bloomberg adds that the default is "not going to have a huge
impact" for IPIC, said Abdul K Hussain, the chief executive
officer of Mashreq Capital DIFC Ltd. in Dubai. "You had a very
successful Abu Dhabi issue at very attractive spreads yesterday,
and that just shows that the market is still receptive to the
overall complex of the credit."

                             About 1MDB

Kuala Lumpur-based 1Malaysia Development Bhd (1MDB) operates as a
government agency. The Company offers financial assistance,
analysis, and advice through investors, corporations, and
consultants to startups and growth companies. 1MDB focuses on
investments with strategic value and high multiplier effects on
the economy, particularly in energy, real estate, tourism, and
agribusiness.

As reported in the Troubled Company Reporter-Asia Pacific on
July 23, 2015, Reuters said Singapore Police Force has frozen two
bank accounts to help with an investigation in to Malaysia's
troubled state-owned investment fund 1Malaysia Development Bhd
(1MDB), which is being probed by authorities in Malaysia for
financial mismanagement and graft.  Reuters said the freezing of
the Singapore bank accounts follows a similar move in Malaysia
where a task force investigating 1MDB said earlier in July that
it had frozen half a dozen bank accounts following a media report
that nearly $700 million had been transferred to an account of
Malaysia's Prime Minister Najib Razak.

The Wall Street Journal reported on July 3, 2015, that
investigators looking into 1MDB had traced close to US$700
million of deposits moving through Falcon Bank in Singapore into
personal bank accounts in Malaysia belonging to Najib, Reuters
related.

The TCR-AP, citing Bloomberg News, reported on Nov. 26, 2015,
that 1MDB agreed to sell its power assets to China General
Nuclear Power Corp. for MYR9.83 billion ($2.3 billion) as the
state investment company moved one step closer to winding down
operations after its mounting debt raised investor concern.

Bloomberg related that the company faced cash-flow problems after
a planned initial public offering of Edra faced delays amid
unfavorable market conditions, President Arul Kanda said Oct. 31,
2015.  The listing plan was later canceled as the company opted
for a sale of the assets, Bloomberg noted.



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


SAMS BAY: High Court Placed Firm Into Liquidation
-------------------------------------------------
Chloe Winter at Stuff.co.nz reports that Sams Bay Holdings, a
company closely tied to a former Abel Tasman beach owner, has
been put into liquidation.

According to Stuff.co.nz, the Inland Revenue Department (IRD)
applied to put Sams Bay Holdings into liquidation in March 2015,
seeking to recover more than NZ$250,000.

This year, a new application was filed by the IRD. That
application was upheld by Associate Judge Warwick Smith in High
Court in Wellington on April 27, Stuff.co.nz says.

"Smith ruled the company could not afford to pay its debts, which
totalled "no less than NZ$40,000", he said.  "There can be no
doubt that Sams Bay Holdings is insolvent," he said.

Stuff.co.nz notes that Wellington lawyer Michael Garnham -- one
of the company's directors -- did not appear in court, nor did
his father-in-law Michael Spackman, who jointly owns the company
with him.

Mr. Spackman is the former owner of the Abel Tasman beach that
was the subject of a crowdfunding campaign by thousands of Kiwis
who hoped to bring the beach back into public ownership, the
report discloses.

Garnham and Spackman, and companies associated with them, are
currently being chased by the BNZ for more than NZ$6 million,
notes Stuff.co.nz.

Stuff.co.nz adds that the bank has security over a 247-square
metre, NZ$1.6 million house lived in by Garnham's family, a
NZ$3 million deer farm near Wanaka and a pristine beach in the
Abel Tasman National Park, all owned by Spackman.


SENTRY HILL: Winery Placed Into Liquidation
-------------------------------------------
Cliff Sanderson at Dissolve.com.au reports that Sentry Hill
Winery (2006) Ltd has been put into liquidation because of a
reported NZ$130,000 debt owed to New Zealand Customs.  Since the
Lepperton company possessed a wine making licence, it had to pay
excise duty, the report says.

Vivian Fatupaito and Andrew Hawkes have been appointed
liquidators of the winery, Dissolve.com.au discloses.

According to the report, the company received a statutory demand
in September 2014; however, there were continuous defaults on
arrangements for repaying the debt.

The report adds that the fruit winery owes Esvin Wine Resources,
NZ$3,470.22.

Sentry Hill Winery (2006) Limited is a New Plymouth fruit winery.



=============================
P A P U A  N E W  G U I N E A
=============================


PAPUA NEW GUINEA: Moody's Lowers Currency Issuer Rating to B2
-------------------------------------------------------------
Moody's Investors Service has downgraded the Government of Papua
New Guinea's (PNG) foreign currency and local currency issuer
ratings to B2 from B1.  The outlook on these ratings is stable.
This concludes the review for downgrade initiated on Feb. 25,
2016.

The key drivers of the downgrade are:

  Strains on foreign currency reserve adequacy due to heightened
  balance of payments pressures that will continue over the next
  two years; and

  The persistence of unfavorable domestic funding conditions for
  the government that have increased refinancing risks and eroded
  debt affordability.

The stable outlook is based on Moody's view that PNG's medium-
term economic growth prospects remain robust, although lower
commodity prices and the consequent fiscal and economic
adjustment will weigh on growth outcomes in 2016 and 2017.  In
addition, a reduction in fiscal deficits has helped to slow the
rise in government debt, which remains low among similarly-rated
countries.

While the review was prompted in part by the impact of
structurally weaker prices of oil and related commodities on
PNG's economy and fiscal accounts, we have determined that the
continuation of the pressures on government and external
liquidity first flagged when we assigned a negative outlook in
2015 were more relevant.

                         RATINGS RATIONALE

DOWNGRADE TO B2

First driver: Continued deterioration in foreign currency reserve
adequacy

PNG's gross foreign currency reserves have fallen sharply to
$1.69 billion at end-2015, down from a peak of $4.26 billion at
end-2011, reflecting the continuation of the balance of payments
pressures that prompted our assignment of a negative outlook on
PNG's rating last year.  Liquefied natural gas (LNG) production
drove the large rise in exports and the restoration of the
current account surplus since 2014.  However, this has failed to
stem the deterioration in PNG's external payments position as
cross-border debt servicing and other demands for foreign
currency as represented by the large financial account outflows
have overwhelmed the supply of hard currency available to the
central bank, the Bank of Papua New Guinea (BankPNG).

BankPNG has intervened to stem a disorderly adjustment of the
exchange rate, and placed the costs of this intervention at
$828.5 million in 2015 alone.  It also introduced exchange
controls last year that effectively rationed foreign currency.

Although production at the country's largest gold and copper mine
resumed in March 2016, associated export receipts will only
mitigate, not eliminate, the ongoing balance of payments
pressures.  Reserve adequacy has weakened accordingly, with our
estimate of short-term external debt repayments rising to over
140% of the stock of foreign currency reserves as compared to
83.7% in 2014.  Moreover, the challenging environment for
external liquidity has fed back to the real economy through
weaker sentiment, which is already suffering from the decline in
global prices for PNG's commodity exports.

Second driver: Pressures on the government's liquidity position
due to unfavorable funding conditions

Declining fiscal revenue and constrained domestic financing
conditions have weakened the government's liquidity position.
Although commencement of LNG production supported economic
activity in 2015, it has not benefited revenue to the same
degree, because of lower LNG prices which track oil price trends
with a lag of a few months.  Moody's estimates revenue as a share
of GDP fell to 17.1% in 2015, the lowest level in at least a
decade, and project a further decline in this ratio this year.

Wide deficits in recent years have led to higher interest rates
for government securities, as domestic investors have lowered
their exposure to sovereign risk by either shortening duration or
limiting their holdings of government debt.  Refinancing risks
have thus risen as the proportion of domestic market debt
comprised of short-term obligations has increased, and debt
affordability has deteriorated rapidly on account of the higher
interest rates demanded in primary auctions.  Short-term debt now
accounts for 48.1% of total domestic market debt as of end-2015,
while interest payments as a share of revenue -- preferred
measure of debt affordability -- has nearly doubled to 9.8% in
2015 from 5.3% in 2013.

Central bank absorption has offset somewhat the decreased local
appetite for government bonds -- BankPNG held 21.0% of domestic
market debt as of September 2015, up from 7.1% two years earlier.
Nevertheless, poor funding conditions have led the government to
curtail spending, further weighing on economic growth.

                          STABLE OUTLOOK

The stable outlook balances the weak near term growth outlook
against more robust economic prospects over the longer-term.  In
particular, the successful implementation of the PNG LNG Project
has demonstrated operational efficiencies, profitability, and a
relatively low cost structure, which enhance PNG's competitive
advantage in extractive industries, and bolster the prospects of
similarly large projects, even against the backdrop of
structurally lower commodity prices.  Such projects include a
potential expansion of the preexisting PNG LNG Project, an
entirely new development called the Papua LNG Project, and the
Wafi-Golpu gold mine.  While Moody's do not expect material
progress on the implementation of these projects until late 2017,
the resulting upturn and stabilization in growth will, in our
view, alleviate external and fiscal pressures from escalating.
In the interim, however, Moody's expects the government's fiscal
consolidation efforts to maintain low government debt levels
compared to similarly rated peers, while funding conditions and
external liquidity will remain tight.  An upturn and
stabilization in growth and exports will, in our view, keep
external and fiscal pressures from escalating.  In addition,
Moody's expects the government's fiscal consolidation efforts to
keep government debt levels low as compared to similarly rated
peers.

WHAT COULD CHANGE THE RATING UP

Moody's would consider upgrading the rating if increased non-debt
creating external inflows lead to a material build-up in foreign
currency reserves and improve reserve adequacy.  A sustained
improvement in the government's fiscal and liquidity position
accompanied by the restoration of the trend in debt consolidation
would also be credit positive.  Over the longer term,
enhancements to potential growth and government revenue through
the development of large projects, such as potentially
significant additions to LNG and gold production, would also lead
to upward pressure on the rating.

WHAT COULD CHANGE THE RATING DOWN

Triggers for a further negative rating action include: (1) a
reemergence of wide fiscal deficits that lead to a rapid rise in
government debt; (2) a worsening of growth prospects that could
ultimately weigh on fiscal and debt sustainability; (3) a further
decline in foreign currency reserves.

                         COUNTRY CEILINGS

Moody's has lowered Papua New Guinea's long-term foreign currency
(FC) bond ceiling to B1 from Ba3 as well as its long-term FC
deposit ceiling to B3 from B2.  PNG's short-term FC bond and
deposit ceilings remain unchanged at "Not Prime."  These ceilings
act as a cap on the ratings that can be assigned to the FC
obligations of other entities domiciled in the country.

  PNG's local currency bond and deposit ceilings remain unchanged
   at Ba2.
  GDP per capita (PPP basis, US$): 2,470 (2014 Actual) (also
   known as Per Capita Income)
  Real GDP growth (% change): 9.9% (2015 Actual) (also known as
   GDP Growth)
  Inflation Rate (CPI, % change Dec/Dec): 6.4% (2015 Actual)
  Gen. Gov. Financial Balance/GDP: -3.9% (2015 Actual) (also
  known as Fiscal Balance)
  Current Account Balance/GDP: 20.9% (2015 Estimate) (also known
   as External Balance)
  External debt/GDP: 69.2% (2015 Estimate)
  Level of economic development: Low level of economic resilience
  Default history: No default events (on bonds or loans) have
  been recorded since 1983.

On April 20, 2016, a rating committee was called to discuss the
rating of the Papua New Guinea, Government of.  The main points
raised during the discussion were: The issuer's economic
fundamentals, including its economic strength, have not
materially changed.  The issuer's fiscal or financial strength,
including its debt profile, has not materially changed.  The
issuer has become increasingly susceptible to event risks.  An
analysis of this issuer, relative to its peers, indicates that a
repositioning of its rating would be appropriate.  Government and
external liquidity risk have increased.  Other views raised
included: The issuer's institutional strength/ framework, have
not materially changed.

The principal methodology used in these ratings was Sovereign
Bond Ratings published in December 2015.

The weighting of all rating factors is described in the
methodology used in this credit rating action, if applicable.



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


OUE HOSPITALITY: Moody's Withdraws Ba1 Corporate Family Rating
--------------------------------------------------------------
Moody's Investors Service has withdrawn the Ba1 corporate family
rating of OUE Hospitality Real Estate Investment Trust.  The
rating outlook was stable at the time of its withdrawal.

These ratings and outlooks were withdrawn:

Issuer: OUE Hospitality Real Estate Investment Trust
  Corporate Family Rating, Withdrawn, previously rated Ba1
  Outlook, Changed To Rating Withdrawn From Stable

                         RATINGS RATIONALE

Moody's has withdrawn the rating for its own business reasons.

OUE Hospitality Real Estate Investment Trust is stapled with OUE
Hospitality Business Trust to form OUE Hospitality Trust, that is
listed on the Singapore Stock Exchange since July 2013.  Its
portfolio consists of two hotels -- the 1,077-room Mandarin
Orchard Singapore and the 320-room Crowne Plaza Changi Airport,
and a retail mall -- Mandarin Gallery, with a total appraised
value of SGD2.05 billion as of Dec. 31, 2015.  The trust's
sponsor is OUE Limited (unrated), which held a 35.2% stake in the
stapled entity as of Dec. 31, 2015.



====================
S O U T H  K O R E A
====================


DOOSAN BOBCAT: S&P Affirms B+ Corp. Credit Rating; Outlook Stable
-----------------------------------------------------------------
Standard & Poor's Ratings Services said it has affirmed its 'B+'
long-term corporate credit rating on Doosan Bobcat Inc. (DBI), a
Korea-based holding company in the construction equipment market.
The outlook is stable.  S&P also affirmed its 'BB-' issue rating
with '2' recovery rating on the $1.2 billion senior secured term
loan belonging to subsidiaries Doosan Infracore International
Inc. (DII) and Doosan Holdings Europe Ltd. (DHEL) that is due in
2021. DII and DHEL are coborrowers of the term loan, and DBI is
the guarantor.

The rating affirmation reflects S&P's expectation that DBI will
maintain its stable operating performance over the next 12
months, mainly due to steady demand in the U.S. compact
construction equipment market.  DBI recorded better-than-expected
operating profitability in 2015, primarily thanks to an improved
product mix, with increasing proportion of high margin products
such as compact track loaders.  S&P expects DBI will modestly
enhance its operating efficiency owing to ongoing restructuring
efforts such as the sale of noncore asset Montabert in France in
2015.

S&P expects the company will generate positive free cash flows
over the next one to two years, given its moderate capital
expenditure, and it may use this to repay some of its debt,
modestly improving its leverage ratio.  Under S&P's base case, it
expects the company's adjusted debt to EBITDA ratio to be about
3.0x-3.8x over the next two years compared with about 3.5x in
2015.  Notwithstanding this, the highly cyclical nature of the
construction equipment industry somewhat constrains DBI's overall
credit worthiness, in S&P's opinion.

S&P continues to assess parent Doosan Infracore Co. Ltd.'s (DI;
not rated) group credit profile (GCP) as 'b', mainly reflecting
financial measures that show very high leverage, such as adjusted
debt to EBITDA of about 20x in 2015.  However, S&P expects DI
group to modestly improve its financial metrics and liquidity in
2016 due to the disposal of its machinery tool business, proposed
IPO of DBI, and ongoing cost reduction efforts including labor
restructuring.

"The rating on DBI is higher than the GCP because we believe that
DBI is somewhat distanced from its parent in financial terms with
different bankruptcy codes.  We view DBI as severable from the
group and able to maintain its major operational functions fairly
independently from the group.  Also, covenants in DBI's term
loans should restrict somewhat the potential for the parent to
extract value, in our view.  Nonetheless, the overall rating on
DBI is lower than the SACP because of the group's weaker credit
profile and large ownership stake with very close management
ties.  DI currently has 75.5% ownership of DBI, and we expect DI
will continue to maintain its majority stake in DBI even after
completion of the proposed IPO," S&P said.

The stable outlook on DBI reflects S&P's expectation that the
company will maintain stable operating performance and modestly
improve its financial metrics over the next one to two years
thanks to its well-established market position and good cash
flows.  The stable outlook on DBI also reflects S&P's expectation
that the parent DI group is unlikely to see significant weakening
of its liquidity over the next 12 months.

S&P may raise the rating if the parent DI group improves its
profitability and reduces its debt significantly with prudent
financial policies and, as a result, debt to EBITDA for the group
approaches 5.0x.  S&P could also raise the rating if DBI's ties
with its parent group weaken significantly, possibly through the
parent selling a significant portion of its shares in DBI.

S&P may lower the rating if it revises downward the stand-alone
credit profile for DBI to 'b' or below as a result of significant
deterioration in profitability and financial measures,
potentially owing to a weakening market position or decreasing
demand.  An increase in DBI's debt to EBITDA after Standard &
Poor's adjustments to about 6.0x would indicate such a
deterioration. Also, the ratings could come under pressure if S&P
lowers the GCP for the parent group, potentially due to weakening
liquidity.



===========
T A I W A N
===========


WAN HAI: S&P Revises Outlook to Negative & Affirms 'BB+' CCR
------------------------------------------------------------
Standard & Poor's Ratings Services said that it had revised its
rating outlook on Wan Hai Lines Ltd. to negative from stable and
affirmed the 'BB+' long-term corporate credit rating on the
company.  At the same time, S&P lowered its long-term Greater
China regional scale rating on the company to 'cnBBB' from
'cnBBB+'.

"The outlook revision reflects the material likelihood that a
prolonged industry downturn and rising competition from long-haul
peers in the intra-Asia and Middle East trade routes could
substantially weaken Wan Hai's competitive position and
profitability in its key markets," said Standard & Poor's credit
analyst Jin Dong.

"We believe the rapid delivery of mega-vessels previously ordered
under carriers' aggressive expansion plans will continue to drive
the industry's demand and supply imbalance, particularly in the
long-haul market.  In addition, we expect slower economic growth
in China and slack demand in Europe to strain demand growth on
Wan Hai's key intra-Asia and Middle East trade routes.
Meanwhile, the increasing delivery of mega-vessels on long haul
routes could increase capacity cascading into intra-Asia and
Middle East trade routes over the next two years, which will add
increasing pressure on freight rates in those markets," S&P said.

"We believe that Wan Hai will not be immune from these industry
pressures, and therefore we expect the company's return on
capital to stay materially below 10% over the next 12 months,"
added Ms. Dong.

S&P anticipates only small margin support from Wan Hai's
expansion into small and micro ports, where its smaller vessels
carry an advantage over the much larger vessels of its long-haul
peers, as well as the company's continued effort to develop niche
routes that are relatively less competitive.  Nevertheless, S&P
expects Wan Hai's profitability to continue to outperform that of
its long-haul peers because of the company's sustained lead
position in the intra-Asia market.  S&P has therefore revised its
assessment of Wan Hai's business risk profile to weak from fair.

Wan Hai's debt level will likely decline slightly over the next
one to two years, given the company's conservative financial
policy.  S&P also expects the carrier to remain cautious in its
capacity expansion and to slightly lower its dividend payout
ratio to around 70% due to tough operating conditions.

S&P believes Wan Hai's conservative debt leverage and leading
market position on intra-Asia routes and the resultantly higher
profitability that this produces compared to its peers'
differentiates the company from obligors with similar business
and financial risk profiles.

S&P may lower the rating if Wan Hai's return on capital ratio
fails to improve to close to 10% over the next 12-18 months.  S&P
may also lower the rating if the carrier takes on a more
aggressive expansion and substantially increases its debt
leverage, such that its ratio of funds from operations (FFO) to
debt falls to below 30% for an extended period.

Conversely, S&P may revise the outlook back to stable if Wan
Hai's profitability strengthens, as indicated by an improved
return on capital ratio close to 10% over next 12-18 months.




                             *********

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

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

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


                            *********


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

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

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

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

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



                 *** End of Transmission ***