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

                      A S I A   P A C I F I C

          Tuesday, September 22, 2015, Vol. 18, No. 187


                            Headlines


A U S T R A L I A

ALUKAT FACADE: First Creditors' Meeting Set For September 28
COLLINS CONTRACTING: First Creditors' Meeting Set For Sept. 29
FOOD & WINE: First Creditors' Meeting Set For September 25
RIO NEGRO: First Creditors' Meeting Set For September 25


C H I N A

CAR INC: Investment in UCAR Won't Affect Ba1 CFR, Moody's Says
BAODING TIANWEI: To File for Bankruptcy After April Default
CHINA SHANSHUI: S&P Affirms 'CCC' CCR; Outlook Negative
KU6 MEDIA: Reports US$665,000 Net loss For the Second Quarter

* CHINA: Developers' 1H 2015 Results Show Stability, Moody's Says


I N D I A

ARAN MOTORS: CRISIL Reaffirms B Rating on INR100MM Cash Loan
ASHWANI GOYAL: CRISIL Assigns B- Rating to INR99.6MM Term Loan
AUTO CZARS: CRISIL Reaffirms B- Rating on INR35MM Cash Loan
BANSI MALL: CRISIL Reaffirms B- Rating on INR2.06BB LT Loan
CLASSIC KNITS: Ind-Ra Hikes Long-Term Issuer Rating to 'IND BB-'

GUDIMETLA SUNDARA: CRISIL Reaffirms B+ Rating on INR250MM Loan
H P RAMA: CRISIL Assigns B+ Rating to INR80MM Discounting Loan
HARIHAR INDUSTRIES: CRISIL Assigns B Rating to INR60MM Cash Loan
HEM COTEX: CRISIL Ups Rating on INR70MM Cash Loan to B+
J. K. RICE: CRISIL Reaffirms B Rating on INR110MM Cash Loan

J. M. MHATRE: CRISIL Reaffirms B+ Rating on INR700MM Cash Loan
JAGDISH AGRO: CRISIL Ups Rating on INR35MM Cash Loan to 'B+'
JAPAN METAL: CRISIL Reaffirms B+ Rating on INR140MM LT Loan
JOHAR AUTOMOBILES: CRISIL Reaffirms B- Rating on INR60MM Loan
JOHAR PETRO: CRISIL Reaffirms B+ Rating on INR85MM Loan

K P L STEEL: CRISIL Cuts Rating on INR77.5MM LT Loan to 'D'
K.S. GRANITES: CRISIL Cuts Rating on INR200MM Loan to D
KALPANA NATURAL: CRISIL Cuts Rating on INR70MM Term Loan to D
KARNIMATA COLD: CRISIL Reaffirms B Rating on INR75MM Term Loan
KMB GRANITE: CRISIL Cuts Rating on INR200MM Cash Loan to D

MAN TUBINOX: Ind-Ra Assigns 'IND BB+' Long-Term Issuer Rating
N. S. ENGINEERING: CRISIL Assigns B- Rating to INR390MM Loan
NEO BUILDERS: CRISIL Assigns 'D' Rating to INR200MM Term Loan
NUTECH GLOBAL: CRISIL Reaffirms B+ Rating on INR70MM Cash Loan
PASSION VITRIFIED: CRISIL Assigns B+ Rating to INR160MM Term Loan

PCI LTD: CRISIL Lowers Rating on INR684MM Term Loan to D
POWER SPINNING: CRISIL Ups Rating on INR70MM Cash Loan to B+
R. M. REALTY: CRISIL Cuts Rating on INR150MM Term Loan to D
RUCHITA GOLD: CRISIL Cuts Rating on INR680MM Cash Loan to 'D'
SARDA PLYWOOD: CRISIL Ups Rating on INR359.6MM Cash Loan to B+

SREE KARPAGAMOORTHY: CRISIL Suspends B Rating on INR70MM Loan
SRI SAI: CRISIL Assigns B+ Rating to INR56.5MM Cash Loan
SUBHA-SOUMYA COLD: CRISIL Reaffirms B- Rating on INR50.5MM Loan
SUBHSHRI DEVELOPERS: CRISIL Assigns B+ Rating to INR100MM Loan
SWIM CERAMIC: CRISIL Reaffirms B+ Rating on INR60MM Term Loan

TRIPATHI HOSPITAL: CRISIL Reaffirms 'B' Rating on INR100MM Loan
TUNI TEXTILE: CRISIL Assigns 'B' Rating to INR48.5MM Cash Loan
VRUNDAVAN CERAMIC: CRISIL Cuts Rating on INR97.5MM Loan to D


J A P A N

ATAMI BEACH: Moody's Cuts Rating on JPY3BB Super Sr. Loan to Ba1
CAFES 1 TRUST: Fitch Affirms 'Bsf' Rating on Class D-2 TBIs


M O N G O L I A

TRADE AND DEVELOPMENT: Moody's Rates $500MM GMTN Program B3
TRADE AND DEVELOPMENT: S&P Assigns 'B' Rating on Proposed MTN


N E W  Z E A L A N D

OPI PACIFIC: Former Director Pleads Guilty to FMA Charges
PTT LTD: Judge Raises Owners' Living Expenses Up to NZ$5,000


P A K I S T A N

PAKISTAN: Moody's Assigns Provisional B3 Rating on Bond Offering


P H I L I P P I N E S

GOTESCO LAND: PSE to Delist Firm Over Disclosure Rules Breaches


S I N G A P O R E

AMTEK GLOBAL: S&P Withdraws 'CCC+' Corporate Credit Rating


T H A I L A N D

SAHAVIRIYA STEEL: Redcar Steel Plant Facing Administration


V I E T N A M

VIETNAM INTERNATIONAL: Moody's Affirms B2 Bank Deposit Ratings
VIETNAM PROSPERITY: Moody's Affirms B3 Bank Deposit Ratings


X X X X X X X X

* BOND PRICING: For the Week Sept. 14 to Sept. 18, 2015


                            - - - - -


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


ALUKAT FACADE: First Creditors' Meeting Set For September 28
------------------------------------------------------------
Nick Combis & Peter Dinoris of Vincents Chartered Accountants were
appointed as administrators of Alukat Facade Pty Ltd on Sept. 16,
2015.

A first meeting of the creditors of the Company will be held at
MLC Centre, Level 51, 19 Martin Place, in Sydney, on Sept. 28,
2015, at 2:00 p.m.


COLLINS CONTRACTING: First Creditors' Meeting Set For Sept. 29
--------------------------------------------------------------
Shelley Brooks & Mathew Muldoon of SellersMuldoonBenton were
appointed as administrators of Collins Contracting (Tas) Pty Ltd,
trading as Collins Contracting & Collins Heavy Plant Hire on Sept.
17, 2015.

A first meeting of the creditors of the Company will be held at
SellersMuldoonBenton, Level 3, 85 Macquarie Street, in Hobart on
Sept. 29, 2015, at 11:00 a.m.


FOOD & WINE: First Creditors' Meeting Set For September 25
----------------------------------------------------------
Messrs Glenn J Spooner and Daniel P Juratowitch of Cor Cordis
Chartered Accountants were appointed as administrators of Food &
Wine Enterprises Pty Ltd Atf Food & Wine Enterprises Unit Trust,
trading as Hammer & Tong 412, on Sept. 15, 2015.

A first meeting of the creditors of the Company will be held at
Cor Cordis Chartered Accountants, Level 29, 360 Collins Street, in
Melbourne, on Sept. 25, 2015, at 11:00 a.m.


RIO NEGRO: First Creditors' Meeting Set For September 25
--------------------------------------------------------
Domenic Calabretta of Mackay Goodwin was appointed as
administrators of Rio Negro Investments Pty Ltd on Sept. 15, 2015.

A first meeting of the creditors of the Company will be held at
Mackay Goodwin, Exchange House, Suite 2, Level 8, 10 Bridge
Street, in Sydney, on Sept. 25, 2015, at 11:00 a.m.



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


CAR INC: Investment in UCAR Won't Affect Ba1 CFR, Moody's Says
--------------------------------------------------------------
Moody's Investors Service says that CAR Inc.'s investment in UCAR
Group (unrated) and Hertz's reduction of its stake in CAR will not
affect CAR's Ba1 corporate family and senior unsecured debt
ratings or its stable ratings outlook.

On Sept. 17 2015, CAR announced that it had agreed to subscribe to
443,263 UCAR Series B Preferred Shares for $50 million.  This
follows the $250 million initial investment that CAR made in July
to acquire a 10% stake in UCAR.  The company will hold 9.85% of
UCAR's total issued shares based on a conversion ratio of 1:1.  It
will fund the investment with internal cash.

The affiliates of CAR's key shareholders, Legend Holdings
(unrated) and Warburg Pincus (unrated), will also subscribe to
UCAR's Series B Preferred Shares.

UCAR provides chauffeured car services in China mainly through
mobile platforms.

The two companies announced a collaboration in January 2015
whereby they would promote UCAR's chauffeured car services under a
co-branded arrangement.

CAR leases cars to UCAR on both long-term and short-term basis at
market prices, but does not operate the chauffeured car services.

"We expect CAR has sufficient cash resources to fund the proposed
investment in UCAR.  The investment will therefore not immediately
raise CAR's debt and as such will have no immediate impact on its
ratings," says Gerwin Ho, a Moody's Vice President and Senior
Analyst.

The $50 million cash consideration for the investment equals
around 15% of CAR's cash balance of RMB2.1 billion at end-June
2015.

"At the same time, we expect the UCAR investment will increase
CAR's capital expenditure over the next 12 months, in turn,
raising its debt leverage and reducing the headroom within its
rating," adds Ho, also the Lead Analyst for CAR.

Moody's notes that the UCAR investment will support the expansion
of CAR's product offering.  CAR has grown both its revenue and
profit at faster pace since it started its collaboration with UCAR
in January.  As of end-June, UCAR had rented 16,136 vehicles from
CAR under long-term contracts, representing 19% of CAR's total
fleet.

Moody's expects UCAR will continue to grow its business over the
next 12-18 months and, as a result, its contribution to CAR
because it will increase the number of vehicles it rents from CAR.
Moody's expects CAR will need to increase its fleet of vehicles to
meet the demand from UCAR.

Accordingly, the transaction will increase CAR's funding needs.
Moody's expects the company's leverage, as measured by
debt/EBITDA, will remain at 3.0x-3.5x over the next 12 months.
The headroom from the rating downgrade trigger of 3.5x will remain
narrow.

In addition, if CAR materially increases its onshore borrowings to
satisfy its funding needs, this development could increase
subordination risk to offshore bondholders and, in turn, affect
the current bond rating.

CAR has indicated it plans to manage its business growth with UCAR
in a manner that ensures its debt leverage and priority debt to
total assets ratio remain within levels supportive of its current
ratings.

CAR's stable ratings outlook reflects Moody's expectation that the
company will adopt a prudent financial policy and maintain its
debt leverage stable, while expanding its business.

UCAR reported net losses before taxation in the fiscal year ended
Dec. 31, 2014, as a result of its start-up nature.  If UCAR
continues to report net losses before taxation over the next 12-18
months, Moody's will review the impact of its credit profile on
CAR's ratings.

In addition to the financial risk, the UCAR investment raises
operational and regulatory risks, given the nascent nature of
China's chauffeured car services market.

On the same day, The Hertz Corporation (B1 stable) announced the
sale of a portion of its shares in CAR. After the disposal,
Hertz's stake in CAR will fall to 13.6% from 16.1%.

While the transaction weakens the relationship between Hertz and
CAR, Hertz will continue to have representation on CAR's board of
directors and the two companies co-branding agreement will
continue.

The principal methodology used in these ratings was Equipment and
Transportation Rental Industry published in December 2014.

CAR Inc., founded in 2007 and headquartered in Beijing, provides
car rental services, including short-term rental, long-term rental
and leasing in China.  CAR listed on the Hong Kong Stock Exchange
in September 2014.

As of June 30, 2015, CAR had a total fleet of 84,719 company-owned
cars. CAR commands a leadership position in terms of fleet size,
revenue and network coverage.  In the 12 months ended June 30,
2015, CAR reported net sales of RMB4.0 billion (USD641 million).

CAR's key shareholders include Legend Holdings (unrated; 29.0%);
the world's second-largest car rental company, The Hertz
Corporation (B1 stable; 16.1%); its chairman, founder and CEO,
Mr. Charles Lu (14.7%); and private equity firm Warburg Pincus
(11.1%).


BAODING TIANWEI: To File for Bankruptcy After April Default
-----------------------------------------------------------
Bloomberg News reports that Baoding Tianwei Group Co. and three of
its business units are filing for bankruptcy, five months after
the maker of electrical transformers became the first state-owned
Chinese company to default on an onshore bond.

Tianwei and its units are insolvent and cannot pay their debts,
the company said in a statement posted on Chinamoney.com.cn, a
website of the China Foreign Exchange Trade System, Bloomberg
relays.  Tianwei said it plans to meet its backers to discuss the
bankruptcy, the report relates.

"Due to the global economic slowdown since 2011, the overcapacity
in new energy and falling prices, the Tianwei group and some of
its subsidiaries' new energy enterprises gradually fell into more
critical financial and operational crisis," Bloomberg quotes
Tianwei as saying in a statement.

Bloomberg says Tianwei drew global attention in April when it
failed to pay CNY85.5 million ($13.8 million) of bond interest and
didn't get a government bailout.  Another state-owned enterprise,
China National Erzhong Group Co., is likely to be the second to
default, after a local court in China said it plans to accept a
restructuring request from one of Erzhong's creditors, says
Bloomberg.

Tianwei, a unit of government-owned China South Industries Group
Corp., suffered huge losses in 2014, a reflection of broader
struggles in the solar and wind industries, according to
Bloomberg.  Along with electrical equipment, the company produces
solar materials such as polysilicon.

China has had three domestic bond defaults this year, after the
first ever in 2014. Baoding Tianwei Group reported an operating
loss of CNY1.14 billion in 2014, mainly related to new energy
activities, Bloomberg discloses.

China-based Baoding Tianwei Group Co. makes transformers for
companies such as the State Grid Corp., China Southern Power Grid
Co. and China Datang Corp. It produces solar materials such as
polysilicon, the raw material for solar cells, and panels.


CHINA SHANSHUI: S&P Affirms 'CCC' CCR; Outlook Negative
-------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'CCC' long-term
corporate credit rating on China-based cement producer China
Shanshui Cement Group Ltd. (Shanshui).  The outlook is negative.
S&P also affirmed the 'CCC-' issue rating on the company's
outstanding senior unsecured notes.  At the same time, S&P
affirmed its 'cnCCC' long-term Greater China regional scale
ratings on Shanshui and the 'cnCCC-' rating on its notes.

"We affirmed the rating on Shanshui because we believe the company
continues to face non-payment risks over the next 12 months due to
deteriorating liquidity and heightened repayment risk to its
financial obligations coming due over the next 12 months," said
Standard & Poor's credit analyst Jian Cheng.

S&P has revised its financial risk profile assessment to "highly
leveraged" from "aggressive," due to Shanshui's lower EBITDA, cash
flow generation, and credit metrics as a result of reduced selling
prices and sales volume.  Downstream industries such as property
and infrastructure construction in Shanshui's core market have
slowed, suggesting reduced growth prospects for the next 12
months.

S&P anticipates that over the next 12 months Shanshui's core ratio
of funds from operations (FFO) to debt will stay below 12% and the
debt-to-EBITDA ratio will increase beyond 5x, from 5.4x in 2014.
Given China's slowed economy growth and weak market conditions,
S&P expects operating conditions for Shanshui to stay sluggish,
and a recovery is uncertain.

S&P continues to assess Shanshui's business risk profile as "fair"
given S&P's view that the company has a strong market position in
its core regions -- Shandong province and the northeast -- and
good operating efficiency.  However, S&P expects the company's
business risk profile to be constrained by limited product
diversity, exposure to prolonged overcapacity in the cement
industry, and a likely slowdown in infrastructure projects.  At
the same time, the company's weakened profitability has reduced
the headroom in the rating.

The rating on Shanshui's outstanding senior unsecured notes due
2020 is one notch lower than the corporate credit rating to
reflect our expectation that the notes have material structural
subordination.

"The negative outlook for the next 12 months reflects the
company's weakened liquidity due to large maturities, related
refinancing risk, and a potential change of control if the
chairman is removed, which could trigger early redemption of its
2020 notes.  In our view, Shanshui has large financial obligations
coming due, and the potential for reduced access to funding and
lower cash flows due to termination of some supplier and
contractor relationships if the chairman is removed," said
Mr. Cheng.

Management's ability to operate and secure funding is highly
uncertain, in S&P's view, given: (1) disagreement over the
ownership of China Shanshui Investment Co. Ltd., which has a
25.09% stake in Shanshui; and (2) the sudden change in the
controlling shareholder of Shanshui in the middle of April 2015.
The controlling shareholder, Tianrui (International) Holding Co.
Ltd., currently does not have a seat on the Shanshui board.

S&P may lower the rating if Shanshui fails to roll over its short-
term bank loan and that results in a near-term liquidity crisis or
a missed interest payment.  S&P may also lower the rating if a
change-of-control clause is triggered for the notes due 2020.

S&P may raise the rating if Shanshui's liquidity improves.  This
could happen if the company's shareholder structure does not
significantly change, its access to bank facilities and the
capital market improves, and its operations remain stable.  An
upgrade could also happen if existing shareholders provide
financial support when Shanshui faces financial distress.


KU6 MEDIA: Reports US$665,000 Net loss For the Second Quarter
-------------------------------------------------------------
Ku6 Media Co., Ltd., reported a net loss of US$665,000 on US$2.38
million of total revenues for the three months ended June 30,
2015, compared with a net loss of US$5.34 million on US$696,000 of
total revenues for the same period during the prior year.

For the six months ended June 30, 2015, the Company reported a net
loss of US$1.49 million on US$4.73 million of total revenues
compared to a net loss of US$9.75 million on US$3.5 million of
total revenues for the same period a year ago.

As of June 30, 2015, the Company had US$8.91 million in total
assets, US$14.3 million in total liabilities, and a total
shareholders' deficit of US$5.42 million.

Cash and cash equivalents were US$8.18 million as of June 30,
2015.

"It's my pleasure to announce Ku6's earning release for the second
quarter of 2015," Mr. Feng Gao, chief executive officer of Ku6
Media, commented. "In the second quarter of 2015, Ku6 Media
generated revenues stably and successfully lowered down loss as
compared to last quarter. On the based of maintaining stable
revenues and low operation costs of current business, we have
expanded our business to video social communication and related
field since the second half of 2015. We expect that the new
business will bring opportunities for revenue growth in the
future."

"Substantial doubt exists as to the Company's ability to continue
as a going concern, primarily due to (a) uncertainties associated
with the amount of and growth in revenues from (i) an advertising
agency agreement with Huzhong, the Company's new third party
advertising agent since late August 2014, (ii) the amount of and
growth in revenues from other sources; and (b) uncertainties as to
the availability and timing of additional financing with terms
acceptable to the Company," the Company said in the press release.

                    Recent Business Developments

* Share Re-Acquisition Transaction between Shanda and Mr. Xudong
Xu

On May 11, 2015, the Company's then significant shareholder, Mr.
Xudong Xu, signed and consummated a share purchase agreement with
Shanda Media Group Limited, a wholly owned subsidiary of Shanda
Interactive Entertainment Limited, to sell 1,938,360,784 ordinary
shares of the Company (amounting to approximately 40.7% of the
Company's issued and outstanding share capital) to Shanda Media.
In exchange for the shares re-acquired by Shanda Media from Mr.
Xu, Shanda Media released Mr. Xu from a promissory note originally
entered into on April 3, 2014, pursuant to which Mr. Xu had agreed
to pay Shanda Media US$47,350,831 in exchange for the original
acquisition of the shares.

* Shareholder Loan

On Feb. 2, 2015, the Company entered into a loan agreement with
Mr. Xudong Xu, pursuant to which Mr. Xu agreed to provide a loan
of RMB30.0 million (US$4.84 million) to the Company within 20
business days from the date thereof. The term of the loan is one
year, and the loan bears interest at a rate of 6.5% per annum. The
Company received RMB30.0 million from Mr. Xu on March 4, 2015, and
the Company recorded the shareholder's loan as a related party
loan on March 31, 2015.

After the closing of the Share Re-Acquisition Transaction, Mr. Xu
transferred all of the rights and obligations relating to the
shareholder's loan to Shanda Computer on May 12, 2015, in exchange
for a payment of RMB 30.3 million, making Shanda Computer the
counterparty to the related party loan. The terms of and the rate
associated with the loan were not changed.

* Advertising Agency Agreement with Huzhong

On Aug. 29, 2014, the Company entered into an advertising agency
agreement with Huzhong, pursuant to which Huzhong has agreed to
act as the Company's exclusive advertising agent for standard
media resources and as its non-exclusive advertising agency for
highly interactive advertising resources. According to the
agreement, the Company has agreed to guarantee a certain amount of
web traffic per day for its webpage on which Huzhong posts
advertisements. In return, Huzhong guarantees to the Company a
minimum amount of advertising revenues per day. The minimum
guarantee amount under this agreement is higher than that under
the agency agreement with Shengyue (the Company's previous
advertising agent for a number of years) terminated on Aug. 28,
2014. If the Company fails to meet the web traffic target, the
minimum amount guaranteed by Huzhong will be adjusted downward
proportionally. Huzhong will prepay 50% of the minimum guaranteed
amounts with the Company prior to the beginning of each month, and
the balance will be settled monthly.

The advertising agency agreement started on Aug. 29, 2014, and
will expire on Dec. 31, 2017.

The revenue from Huzhong was US$2.18 million in the second quarter
of 2015, as compared US$2.24 million in the first quarter of 2015.

* New Business on Video Social Communication

On the base of maintaining stable revenue of current business, the
Company started to expand its business to explore opportunities
for revenue growth. In July, 2015, the Company entered into a
cooperation agreement with Beijing Kaitexiu Culture & Art Co.,
Ltd. and Beijing Jingying TM Performing Arts and Culture Media
Co.,Ltd., pursuant to which the parties set up a media company,
Beijing Modo Media Co., Ltd. The Company has 30% equity interest
in Beijing Modo. Beijing Modo will focus on video social
communication business. In addition, in August 2015, the Company
also entered into a cooperation agreement with Beijing Modo,
according to which the Company will share a certain percentage of
its revenue as compensation for traffic promotion provided by the
Company.

A full-text copy of the report is available for free at:

                       http://is.gd/DThJAt

                          About Ku6 Media

Ku6 Media Co., Ltd. -- http://ir.ku6.com/-- is an Internet video
company in China focused on User-Generated Content. Through its
premier online brand and online video Web site --
http://www.ku6.com/-- Ku6 Media provides online video uploading
and sharing service, video reports, information and entertainment
in China. Ku6 Media reported a net loss of $10.7 million in 2014
following a net loss of $34.4 million in 2013.

PricewaterhouseCoopers Zhong Tian LLP, in Shanghai, the People's
Republic of China, issued a "going concern" qualification on the
consolidated financial statements for the year ended Dec. 31,
2014, citing that the Company's recurring losses, negative working
capital, net cash outflows, and uncertainties associated with
significant changes made, or planned to be made, in respect of the
Company's business model, raise substantial doubt about the
Company's ability to continue as a going concern.


* CHINA: Developers' 1H 2015 Results Show Stability, Moody's Says
-----------------------------------------------------------------
Moody's Investors Service says that the financial metrics of
Moody's-rated Chinese property developers in the first half of
2015 (1H 2015) were largely stable -- and in line with Moody's
expectations -- when compared with the developers' financial
metrics at year-end 2014.

Looking ahead, Moody's expects these developers to show moderate
revenue growth of around 10%-15% and stable financial metrics for
full year 2015.

"Rated developers adopted a more cautious approach to business
expansion during 1H 2015.  Such an approach slowed their debt
growth to a level in line with the growth in contracted sales and
revenue," says Kaven Tsang, a Moody's Vice President and Senior
Credit Officer.

"Against this backdrop, the developers' financial metrics showed
some signs of stabilization in 1H 2015," adds Tsang.

This situation contrasts with that in 2014, when the developers'
financial performance deteriorated, through more aggressive debt-
funded business expansions.

Moody's analysis is contained in its just-released report titled
"Property Developers -- China: 1H Results Show Signs of
Stabilization Amid China's Economic Slowdown," and is authored by
Tsang.

Moody's report also highlights that credit metrics diverged
moderately among different developers and rating categories.

Baa-rated developers - such as China Vanke Co., Ltd. (Baa1
stable), Poly Real Estate Group Co. Ltd (Baa2 stable), and Dalian
Wanda Commercial Properties Co., Ltd. (Baa2 stable) - saw their
debt leverage improve mildly in 1H 2015.

But Ba and B-rated developers continued to see modest declines in
their margins and EBIT/interest coverage in 1H 2015.

In particular, developers with material exposure to low-tier
cities, and which have been shifting their focus to major cities
or cities in which they demonstrate a stronger presence saw sharp
margin declines, as they cleared inventories.

A total of eight property developers saw their credit quality
worsen in 1H 2015.  The decline stemmed mainly from low revenue
recognition, higher debt leverage, and/or significant declines in
profit margins and interest coverage.

Moody's points out that of the eight, only Jingrui Holdings
Limited was downgraded to B3 negative from B2 negative.  As for
the other seven, their ratings were unchanged because Moody's
either expects their credit quality to improve in 2H 2015, or
assessed that their ratings and outlooks were appropriate for the
credit quality that they demonstrated in 1H 2015.

On the issue of liquidity, Moody's report says the developers'
liquidity levels - as measured by cash to short-term debt -
weakened to 1.7x as of June 2015 from 1.9x as of December 2014,
but remains adequate.  In addition, offshore refinancing risk
remains manageable, given the relatively small amount of offshore
bonds maturing through 2015 and in 2016.

Nevertheless, refinancing risk for the maturing offshore bonds of
Glorious Property Holdings Limited (Caa3 negative) and Renhe
Commercial Holdings Company Limited (Caa1 negative) remains high
and is reflected in their low ratings.

While a slowdown in China's economy will weaken the purchasing
power of consumers, Moody's says the impact on the property market
should be manageable, because the Chinese government's (Aa3
stable) easing of monetary policy to support the domestic economy
should in turn support property sales.  Such an assessment is
evidenced by the 18.7% year-on-year growth in nationwide sales in
the first eight months of 2015.

Moody's rates a total of 49 Chinese property developers.

Subscribers can access the report at:

http://www.moodys.com/viewresearchdoc.aspx?docid=PBC_1008140

Moody's offers complimentary access to its new topic page, China:
Reform and Rebalancing, a centralized source for Moody's research
related to key credit issues in China as the country's rebalancing
story unfolds.  This report is part of Moody's ongoing coverage on
this theme.

Recent Moody's publications relating to China Reform and
Rebalancing include:

State-Owned Enterprises (SOEs) - China: Reform Plan Will Support
Credit Quality of Rated SOEs

Sub-Sovereign: Chinese Regional and Local Government Debt and
Finances Snapshot

China Water Sector: Regulatory Reform Will Drive Infrastructure
Investment and Industry Consolidation

Reinsurance Market in China - Underlying Demand to Support Growth,
Despite Slowing Economy

China Securitization: Revolving Structure Sets Precedent for SME
Securitization by Chinese Banks

Chinese Banks: 1H 2015 Results Show Rising Pressure on Operations

Chinese Regional and Local Government Debt Update Shows Credit-
Negative Rise in Leverage

China Broadens Provincial Pension Fund Investment Options, a
Credit Positive

China, Government of
Chinese Securities Firms: Lower Stock Prices Prompt Drop in Margin
Financing Activity, But Weigh on Firms' Credit Profiles



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ARAN MOTORS: CRISIL Reaffirms B Rating on INR100MM Cash Loan
------------------------------------------------------------
CRISIL's rating on the bank facilities of Aran Motors (AM)
continue to reflect AM's below-average financial risk profile,
marked by high leverage, and its exposure to intense competition
in the automobile industry. These rating weaknesses are partially
offset by the extensive experience of the firm's promoters in the
automobile dealership segment, and their established relationship
with its principal, Mahindra & Mahindra Ltd (M&M).

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Cash Credit             100       CRISIL B/Stable (Reaffirmed)
   Long Term Loan           23       CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that AM will continue to benefit over the medium
term from its established relationship with M&M and fund support
from its promoters. The outlook may be revised to 'Positive' in
case of substantial improvement in the firm's cash accruals due to
higher-than-expected revenue and profitability, or in case of
fresh equity infusion, further improving its capital structure and
liquidity. Conversely the outlook may be revised to 'Negative' if
AM's financial risk profile, particularly its liquidity,
deteriorates, most likely because of lower-than-anticipated cash
accruals, a stretch in its working capital management, or
substantial debt-funded capital expenditure.

AM, incorporated in 2010, is a dealer for M&M's passenger and
commercial vehicles. The firm's day to day operations are managed
by Mr. P.A.Paranthaman.

AM, reported a profit after tax (PAT) of INR1.1 million on net
sales of INR565.0 million for 2013-14; it had reported a PAT of
INR0.23 million on net sales of INR263.5 million for 2012-13.


ASHWANI GOYAL: CRISIL Assigns B- Rating to INR99.6MM Term Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-term
bank facilities of Ashwani Goyal (AG).

                       Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Cash Credit           7.5      CRISIL B-/Stable
   Term Loan            99.6      CRISIL B-/Stable

The rating reflects AG's exposure to risks related to
implementation of its hotel project and the vulnerability of the
hotel industry to business cycles. These rating weaknesses are
partially offset by the extensive industry experience of AG's
promoter Mr. Ashwani Goyal and his funding support to the firm.

Outlook: Stable

CRISIL believes that AG will benefit over the medium term from its
promoter's extensive industry experience. The outlook may be
revised to 'Positive' in case of timely completion of AG's project
within the budgeted cost along with substantial cash accruals
during the initial phase of operations. Conversely, the outlook
may be revised to 'Negative' in case of time or cost overruns in
implementation of the firm's project or low cash accruals
resulting in pressure on its liquidity.

AG is undertaking the construction a 4-star hotel in Patiala
(Punjab) by conversion of existing commercial building located at
Sirhind-Patiala road. The firm is managed by Mr. Ashwani Goyal.


AUTO CZARS: CRISIL Reaffirms B- Rating on INR35MM Cash Loan
-----------------------------------------------------------
CRISIL's ratings reflect Auto Czars, small scale of operations,
and high geographical and supplier concentration. These rating
weaknesses are partially offset by Auto's established relationship
with its principal, Maruti Suzuki India Ltd (MSIL), the extensive
experience of its promoters in the automotive spare parts segment
and its average financial risk profile marked by its average
capital structure and modest debt protection metrics.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         30        CRISIL A4 (Reaffirmed)
   Cash Credit            35        CRISIL B-/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility      5        CRISIL B-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that Auto will continue to benefit over the medium
term from its established position in the automobile dealership
market for MSIL in West Delhi and the extensive industry
experience of its partners. The outlook may be revised to
'Positive' if the firm's volumes and operating margin improve
substantially or if it strengthens its capital structure and debt
protection metrics supported by significant equity infusion by the
promoters. Conversely, the outlook may be revised to 'Negative' if
Auto's market share reduces, thereby significantly impacting its
revenue and profitability, or if the firm undertakes any large
debt-funded capital expenditure programme, or its working capital
requirements increase leading to further stretch in liquidity.

Delhi-based Auto is a partnership firm set up in 2008 by Mr. Amit
Jain and Mr. Vishnu Bhargava. The firm is an approved stockist of
MSIL's spare parts. The firm caters to the demands of various
Maruti-authorised service centres in West Delhi, retailers, and
local workshops. Auto also operates nine retail outlets in and
around West Delhi to cater to the demands of walk-in customers.


BANSI MALL: CRISIL Reaffirms B- Rating on INR2.06BB LT Loan
-----------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Bansi Mall
Management Company Pvt Ltd (Bansi Mall) continues to reflect its
weak capital structure and high debt obligations, resulting in
stretched debt protection metrics. These weaknesses are partially
offset by the promoters' extensive track record in managing malls,
and need-based financial support from them as well as the group
companies.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Long Term Loan      2063.9      CRISIL B-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that Bansi Mall will have to depend on funding
support from promoters or group companies for timely debt
servicing. The outlook may be revised to 'Positive' if the company
significantly improves its debt protection metrics, thus improving
the financial risk profile. Conversely, the outlook may be revised
to 'Negative' if Bansi Mall does not receive timely financial
support from its promoters or group companies.

Bansi Mall was incorporated in 2005 by the promoters of the Future
group, to develop and manage SOBO Central Mall (formerly Crossroad
Mall) in Haji Ali (Mumbai). The company also acts as special
purpose vehicle for the Future group's subsidiaries and
affiliates. SOBO Mall has a total leasable area of 150,000 square
feet (sq ft), of which 127,485 sq ft has been leased out. The
mall's clientele comprises Future Retail (India) Ltd, Future
Lifestyle Fashion Ltd and Pan India Food Solutions Pvt Ltd.

For 2014-15 (refers to financial year, April 1 to March 31), Bansi
Mall reported net loss of INR110 million (INR220 million in 2013-
14) on operating income of INR2770 million (INR190 million for
2013-14).


CLASSIC KNITS: Ind-Ra Hikes Long-Term Issuer Rating to 'IND BB-'
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Classic Knits
India Private Limited's (CKIPL) Long-Term Issuer Rating to 'IND
BB-' from 'IND B+'. The Outlook is Stable. A full list rating
actions is at the end of this commentary.

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
Fund-based working         741      Upgraded to 'IND BB-'/Stable
capital limits                      from 'IND B+'

Non-fund-based              20      Upgraded to 'IND A4+' from
working capital                     'IND A4'
limits
Term loans                 502      Upgraded to 'IND BB-'
                                     /Stable from 'IND B+'

KEY RATING DRIVERS

The upgrade reflects the removal of constraints placed on the
ratings due to CKIPL's short track record of timely debt
servicing. CKIPL has been timely in servicing debt for the 12
months ended August 2015. The ratings continue to factor in the
modest credit profile and declining profitability trend. The
EBITDA margins are likely to improve in FY16 to around 15% due to
increased high-margin orders from existing customers. This, along
with CKIPL's no near-term capex plans, could help improve the
credit metrics FY16 onwards.

Unaudited FY15 financial statements indicate a 24% yoy fall in
revenue to INR1.4bn, a 180bp yoy decline  in EBITDA margins to
14.4%, net leverage of 6.1x (FY14: 4.4x) and EBITDA interest cover
of 1.4x (1.4x). In 1QFY16, the company recorded revenue of INR400m
and EBITDA margins of around 16%.

The ratings are constrained by CKIPL's agricultural commodity
based cotton yarn manufacturing business.

RATING SENSITIVITIES

Positive: Substantial growth in top-line with an improvement in
the EBITDA margins leading to a sustained improvement in the
credit metrics could be positive for the ratings.
Negative: Any deterioration in the EBITDA margins leading to
sustained deterioration in the credit metrics could be negative
for the ratings.

COMPANY PROFILE

Incorporated in 2010, Tirupur-based CKIPL manufactures and exports
knitted garments. It is a vertically integrated production house
with spinning, knitting and garmenting facilities. The company
also has four windmills of total 3MW capacity and thus manages the
entire power requirement for spinning.


GUDIMETLA SUNDARA: CRISIL Reaffirms B+ Rating on INR250MM Loan
--------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Gudimetla
Sundara Rami Reddy and Company (GSRR) continues to reflect GSRR's
modest scale of operations and large working capital requirements
in the intensely competitive rice milling industry.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           250       CRISIL B+/Stable (Reaffirmed)

The rating also factors in the firm's susceptibility to changes in
paddy prices and government regulations, and its below-average
financial risk profile marked by small net worth, average gearing,
and weak debt protection metrics. These rating weaknesses are
partially offset by the extensive experience of GSRR's promoters
in the rice industry and the firm's long-standing relationships
with customers.

Outlook: Stable

CRISIL believes that GSRR will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the firm scales up
operations substantially while maintaining profitability margins,
or registers a considerable improvement in capital structure
backed by sizeable capital infusion by promoters. Conversely, the
outlook may be revised to 'Negative' in case of a steep decline in
profitability margins, or significant deterioration in capital
structure, caused most likely by large debt-funded capital
expenditure or a stretch in working capital cycle.

Set up as a partnership firm in 1985, GSRR mills and processes
paddy into rice, and produces by-products such as broken rice,
bran, and husk. Its rice milling unit is in West Godavari (Andhra
Pradesh). The firm is managed by Mr. Gudimetla Rama Krishna, Mr.
Gudimetla Tulasi, Mr. Gudimetla Nagamani, and Mr. Gudimetla
Sundara Rami Reddy.

GSRR, on a provisional basis, reported profit after tax (PAT) of
INR1 million on net sales of INR864 million for 2014-15 (refers to
financial year, April 1 to March 31), against PAT of INR1 million
on net sales of INR660 million for 2013-14.


H P RAMA: CRISIL Assigns B+ Rating to INR80MM Discounting Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facility of H P Rama Reddy (HPRR).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Lease Rental
   Discounting Loan         80        CRISIL B+/Stable

The rating reflects small scale and limited track record of
operations, and susceptibility of revenues to occupancy rates in
its commercial real estate projects. These rating weaknesses are
partially offset by the extensive industry experience and healthy
financial flexibility of the promoters.

Outlook: Stable

CRISIL believes that HPRR will continue to benefit from the high
occupancy rate in its commercial real estate properties. The
outlook may be revised to 'Positive' if the firm reports better
cash accruals resulting in improvement in liquidity. Conversely,
the outlook may be revised to 'Negative' in case of lower
occupancy rate or delay in receipt of lease rentals, or if it
undertakes any large debt funded capital expenditure programme.

Promoted by Mr. H P Rama Reddy and Mr. A. Rama Reddy, the firm
operates a commercial office space in Bengaluru.


HARIHAR INDUSTRIES: CRISIL Assigns B Rating to INR60MM Cash Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Harihar Industries - Kadi (HI).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Term Loan             20        CRISIL B/Stable
   Cash Credit           60        CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility    20        CRISIL B/Stable

The rating reflects the firm's expected modest scale of operations
in the highly competitive cotton industry and working capital-
intensive operations, and susceptibility of its operating margin
to volatile raw material prices. These rating weaknesses are
partially offset by the promoters' extensive experience in the
cotton industry and proximity of its manufacturing facilities to
the cotton-growing belt.

Outlook: Stable

CRISIL believes that HI will maintain its business risk profile
backed by its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the firm significantly
increases its scale of operations and improves its working capital
cycle. Conversely, the outlook may be revised to 'Negative', if
the operating margin is lower than expected or the firm undertakes
a large debt-funded capital expenditure or its working capital
management deteriorates, weakening its financial risk profile
significantly.

Established in 2014, HI is a Gujarat-based partnership firm
promoted by Mr. Pushkarbhai Patel and his family members. The firm
is engaged in cotton ginning and pressing operations, and started
its commercial operations from June 2015.


HEM COTEX: CRISIL Ups Rating on INR70MM Cash Loan to B+
-------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facility of
Hem Cotex (HC) to 'CRISIL B+/Stable' from 'CRISIL B/Stable'.

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

The rating upgrade reflects CRISIL's belief that HC's business
risk profile will improve over the medium term, with stabilisation
of operations. The firm's profitability improved to 4.5 per cent
in 2014-15 (refers to financial year, April 1 to March 31) as
against previous expectation of 3 per cent, aided by a decline in
domestic cotton prices. Furthermore, its expected cash accrual of
INR8-10 million in 2015-16 and 2016-17, with term debt obligations
of INR3 million for both the years, will support its liquidity
over the medium term. Despite slowdown in the cotton industry, the
firm's turnover was stable at INR373.3 million in 2014-15.

The rating also reflects HC's modest scale of operations in the
highly competitive cotton industry and its weak financial risk
profile because of average debt protection metrics and high
gearing. These weaknesses are partially offset by the promoters'
extensive industry experience and the proximity of its unit to
Gujarat's cotton-growing belt.
Outlook: Stable

CRISIL believes HC will benefit over the medium term from its
promoters' extensive industry experience. The outlook may be
revised to 'Positive' if increase in sales and improved
profitability result in a substantially stronger financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
HC's liquidity weakens further, most likely because of losses in
operations or sharp increase in working capital requirements over
the medium term.

Established in June 2013, HC gins and presses cotton bales with
capacity of 45,000 bales per annum at its facility in Rajkot
(Gujarat). The operations are managed by Mr. Dinesh Parsottam
Davda. The plant commenced operations in May 2014.


J. K. RICE: CRISIL Reaffirms B Rating on INR110MM Cash Loan
-----------------------------------------------------------
CRISIL's rating on the long-term bank facilities of J. K. Rice
Mills (JKRM) continues to reflect the firm's below-average
financial risk profile and working-capital-intensive nature of
operations. These rating weaknesses are partially offset by the
extensive experience of promoters in the rice industry and their
funding support.

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

   Working Capital
   Demand Loan            30       CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that JKRM will continue to benefit over the medium
term from the extensive industry experience of promoters and its
established relationships with customers. The outlook may be
revised to 'Positive' in case of a significant improvement in
scale of operations, operating margin, or working capital cycle,
leading to better debt protection metrics and capital structure.
Conversely, the outlook may be revised to 'Negative' in case of
further decline in operating margin or significant increase in
working capital requirements, leading to deterioration in
financial risk profile.

Update
JKRM's sales, on a provisional basis, increased to INR681.6
million in 2014-15 (refers to financial year, April 1 to
March 31), from INR531.4 million in 2013-14 driven by growth in
volume. The operating margin was at around 2.6 per cent in 2014-
15; this is expected to remain at similar level over the medium
term. The working capital requirements remain large, marked by
high inventory of 186 days in 2014-15 owing to unfavourable price
movement. Though the firm receives credits of 15 to 20 days from
suppliers, these were often stretched to fund the working capital
requirements. High working capital requirements led to full bank
limit utilisation during the peak season (October to December).
However, the liquidity is partially supported by unsecured loans
of INR11.2 million from promoters as on March 31, 2015 and capital
infusion of INR4.4 million in 2014-15. The net cash accruals were
at INR3.1 million in 2014-15 against no term debt obligations.
However, the financial risk profile remains below average, marked
by a high gearing of 3.72 times as on March 31, 2015; this is
expected to remain at around 4 times over the medium term. The
interest coverage ratio was also weak at 1.2 times for 2014-15;
this is expected to remain at similar level over the medium term
due to low value addition.

Set up in 1998, JKRM processes paddy into basmati rice. Its
facility is in Jalalabad (Punjab). The firm is managed by Mr.
Vijay Kumar and Mr. Amit Kumar.

JKRM reported a book profit of INR1.5 million on net sales of
INR681.6 million for 2014-15, against a book profit of INR1.5
million on net sales of INR531.4 million for 2013-14.


J. M. MHATRE: CRISIL Reaffirms B+ Rating on INR700MM Cash Loan
--------------------------------------------------------------
CRISIL ratings continues to reflect J. M. Mhatre Infra Private
Limited (JMM Infra)'s moderate business risk profile marked by its
long-standing presence in the civil construction business
supported by healthy order book, and established client
relationship developed under the guidance of an experienced
management.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee        1675       CRISIL A4 (Reaffirmed)

   Cash Credit            700       CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      75       CRISIL B+/Stable (Reaffirmed)

   Standby Fund-Based
   Limits                  50       CRISIL B+/Stable (Reaffirmed)

These rating strengths are partially offset by the company's
working-capital-intensive operations, and customer and geographic
concentration in its revenue profile.

Outlook: Stable

CRISIL believes that JMM Infra will maintain its stable business
risk profile over the medium term on the back of its established
presence in the industry, guided by experienced promoters. The
outlook may be revised to 'Positive' if JMM Infra registers
significant and sustainable growth in cash accruals along with an
improvement in its working capital cycle. Conversely, the outlook
may be revised to 'Negative' if the company's liquidity
deteriorates further, owing to stretch in its receivables or if it
undertakes any large unanticipated debt-funded capital expenditure
programme.

JMM Infra was initially set up as a partnership firm M/s. J.M.
Mhatre in 1986 by members of the Mhatre family of Panvel
(Maharashtra). It was reconstituted, and incorporated as a private
limited company in April 2010. JMM Infra carries out civil
construction works such as earthwork for roads and railway lines,
and construction of roads and highways, canals, bridges and
railway over bridges.

JMM Infra reported a profit after tax (PAT) of INR138.5 million on
an operating income of INR4.06 billion for 2013-14 (refers to
financial year, April 1 to March 31), against a PAT of INR81.4
million on an operating income of INR1.76 billion for 2012-13.


JAGDISH AGRO: CRISIL Ups Rating on INR35MM Cash Loan to 'B+'
------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Jagdish Agro Foods (JAF) to 'CRISIL B+/Stable' from 'CRISIL
B/Stable' and reaffirmed its rating on the firm's short-term bank
facilities at 'CRISIL A4'.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Term Loan             10        CRISIL B+/Stable (Upgraded
                                   from 'CRISIL B/Stable')

   Bank Guarantee         1.6      CRISIL A4 (Reaffirmed)

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

   Foreign Exchange
   Forward                0.7      CRISIL A4 (Reaffirmed)

   Term Loan             10.0      CRISIL B+/Stable (Upgraded
                                   from 'CRISIL B/Stable')

The rating upgrade reflects improvement in JAF's business and
financial risk profile marked by completion of project and
stabilisation of operations. The firm commenced commercial
operations in August 2014 and reported sales of INR146.46 and
operating margin of 5 per cent for 2014-15 (refers to financial
year, April 1 to March 31) on a provisional basis. JAF has
moderate working capital requirements with gross current assets of
over 60 days as on March 31, 2015. Its liquidity improved on
account of healthy profitability and stabilization of operations.
JAF's financial risk profile also improved on account of higher
than expected equity infusion, with gearing at 1.6 times as on
March 31, 2015.  Its debt protection metrics are expected to
remain moderate, with interest coverage and net cash accruals to
total debt (NCATD) ratios expected in the range of 2.3 to 2.5
times and 0.11 to 0.13 times, respectively, over the medium term.
JAF is likely to generate sufficient accruals to meet debt
obligations over the medium term.

The ratings reflects JAF's modest scale of operations in a highly
competitive industry, its working capital intensive operations and
its average financial risk profile,  marked by modest net worth
and average debt protection metrics. These weaknesses are
partially offset by the extensive experience of JAF's promoters in
the rice industry.

Outlook: Stable

CRISIL believes that JAF will benefit over the medium term from
its promoters' extensive industry experience. The outlook may be
revised to 'Positive' in case of substantial accruals or capital
infusion, resulting in a better capital structure. Conversely, the
outlook may be revised to 'Negative' if cash accruals are low,
working capital cycle is significantly stretched, or the firm
undertakes a large debt-funded capex programme, leading to
deterioration in its financial risk profile.

Established in 2013, JAF is a partnership firm promoted by Mr.
Dilipkumar Kella, Mr. Niranjanlal Pdaar, and Mr. Suresjkumar,
Nathuram Goyal. The firm owns a rice-sorting mill in Gandhidham
(Gujarat) and started commercial operations in August 2015. Its
day-to-day operations are managed by Mr. Kella, who has extensive
experience in the rice industry.


JAPAN METAL: CRISIL Reaffirms B+ Rating on INR140MM LT Loan
-----------------------------------------------------------
CRISIL's ratings on the bank facilities of Japan Metal Building
System Pvt Ltd (JMBS) continue to reflect JMBS's large working
capital requirements and small scale of operations in the
intensely competitive roofing solutions industry. These rating
weaknesses are partially offset by the promoters' extensive
industry experience and the support they extend through unsecured
loans, and the moderate financial risk profile because of a
healthy capital structure.

                       Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Cash Credit           30       CRISIL B+/Stable (Reaffirmed)

   Letter Of Guarantee   80       CRISIL A4 (Reaffirmed)

   Letter of Credit      60       CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility   140       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes JMBS will continue to benefit over the medium term
from the promoters' extensive industry experience. The outlook may
be revised to 'Positive' in case of a significant improvement in
the operating revenue and profitability resulting in a substantial
increase in cash accrual, while it maintains the capital
structure. Conversely, the outlook may be revised to 'Negative' in
case of a considerable decline in revenue or profitability, or a
large debt-funded capital expenditure, significantly weakening the
financial risk profile.

Incorporated in 1996 and based in Bengaluru, JMBS is an Indo-
Japanese joint venture that manufactures metal roofing, cladding,
decking sheets, and pre-fabricated metal building systems.


JOHAR AUTOMOBILES: CRISIL Reaffirms B- Rating on INR60MM Loan
-------------------------------------------------------------
CRISIL's rating continues to reflect Johar Automobiles (JA)'s
below-average financial risk profile, marked by a high total
outside liabilities to tangible net worth ratio and weak debt
protection metrics, and its susceptibility to risks relating to
cyclicality in the automobile industry. These rating weaknesses
are partially offset by the extensive experience of the firm's
partners in the automobile dealership industry.

                          Amount
   Facilities           (INR Mln)  Ratings
   ----------           ---------  -------
   Overdraft Facility       60     CRISIL B-/Stable (Reaffirmed)

CRISIL had assigned its 'CRISIL B-/Stable' rating to the long-term
bank facility of JA vide its rating rationale dated
August 24, 2015.

Outlook: Stable

CRISIL believes that JA will continue to benefit over the medium
term from its association with Tata Motors Ltd (TML; rated 'CRISIL
AA/AAA(SO)/Stable/CRISIL A1+'), and its promoters' industry
experience. The outlook may be revised to 'Positive' if the firm's
revenue and operating profitability increase significantly, while
it efficiently manages its working capital requirements, leading
to improvement in its financial risk profile. Conversely, the
outlook may be revised to 'Negative' if JA's accruals are low or
if it undertakes a debt-funded capital expenditure programme,
leading to deterioration in its financial risk profile.

JA, based in Noida (Uttar Pradesh), deals in commercial vehicles
of TML. The firm is promoted by Mr. Charanpreet Singh Johar and
Mr. Jaspreet Singh Johar.

JA reported a book profit of INR0.82 million on net sales of
INR269 million for 2014-15 (refers to financial year, April 1 to
March 31) as against a book profit of INR0.58 million on net sales
of INR177 million for 2013-14.


JOHAR PETRO: CRISIL Reaffirms B+ Rating on INR85MM Loan
-------------------------------------------------------
CRISIL rating continues to reflect Johar Petro (JP)'s below-
average financial risk profile, marked by a high total outside
liabilities to tangible net worth ratio and weak debt protection
metrics, and its vulnerability to regulatory changes. These rating
strengths are partially offset by the extensive experience of the
firm's proprietor in operating a petrol pump.

                          Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Overdraft Facility       85      CRISIL B+/Stable (Reaffirmed)

CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of JP vide its rating rationale dated August 24,
2015.

Outlook: Stable

CRISIL believes that JP will continue to benefit over the medium
term from the extensive experience of its proprietor and
established relationships with clients. The outlook may be revised
to 'Positive' in case of improvement in the firm's capital
structure due to equity infusion by the promoters, and significant
ramp up in its scale of operations. Conversely, the outlook may be
revised to 'Negative' in case of pressure on JP's liquidity on
account of low cash accruals, increase in working capital
requirements, or significant debt-funded capital expenditure.

JP, based in Haryana and established in 2012, runs a petrol pump.
The firm has a tie-up with Indian Oil Corporation Ltd. It is
promoted by Mr. Charanpreet Singh Johar.


K P L STEEL: CRISIL Cuts Rating on INR77.5MM LT Loan to 'D'
-----------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
K P L Steel Private Limited (KPL) to 'CRISIL D/CRISIL D' from
'CRISIL B-/Stable/CRISIL A4'.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee           27.5      CRISIL D (Downgraded from
                                      'CRISIL A4')

   Cash Credit              45        CRISIL D (Downgraded from
                                       'CRISIL B-/Stable')

   Long Term Loan           77.5      CRISIL D (Downgraded from
                                      'CRISIL B-/Stable')

The rating downgrade reflects instances of delay by KPL in
servicing its term loan due to weak liquidity.

KPL is also exposed to risks related to implementation of its
ongoing project. The ratings also factor in the company's below-
average financial risk profile, marked by high gearing and modest
net worth. However, KPL benefits from the extensive
entrepreneurial experience of its promoters.

Established in 2012 and promoted by Mr. Vinod Kumar, Mr. Krishna
Kumar, and Mr. Jawahar Kumar, KPL is setting up a plant in Madurai
(Tamil Nadu) to manufacture black winding wires and electroplated
thinner and thick gauge wires. The plant was to commence
commercial operations in December 2015.


K.S. GRANITES: CRISIL Cuts Rating on INR200MM Loan to D
-------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
K.S. Granites (KS) to 'CRISIL D' from 'CRISIL B/Stable'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            200       CRISIL D (Downgraded from
                                    'CRISIL B/Stable')

The rating downgrade reflects KS's overdrawn working capital
facilities for more than 30 consecutive days; this was owing to
the firm's weak liquidity.

KS also has a weak financial risk profile, marked by a small net
worth and high gearing, and is exposed to risks related to the
start-up nature of its operations. However, the firm benefits from
its promoters' extensive experience in the granite industry.

KS was set up as a partnership firm in 2009 by Mr. Mohammed Ali
and Mr. Mohammed Ismail. The firm undertakes quarrying and sale of
rough granite. It commenced commercial operations in December
2013.


KALPANA NATURAL: CRISIL Cuts Rating on INR70MM Term Loan to D
-------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Kalpana Natural Forest Products Private Limited (KNFPL) to
'CRISIL D' from 'CRISIL B/Stable'. The downgrade reflects delays
in servicing of debt by KNFPL because of low offtake for its Palm
Enclave project resulting in weak liquidity.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             65        CRISIL D (Downgraded from
                                     'CRISIL B/Stable')

   Term Loan               70        CRISIL D (Downgraded from
                                     'CRISIL B/Stable')

The company also has a weak financial risk profile, because of
below-average capital structure and debt protection metrics.
However, it benefits from its promoters' extensive experience in
the real estate industry and in tendu leaves trading and
processing, and the advanced stage of its project.
KNFPL was founded by the Korba (Chhattisgarh)-based Agrawal
family, and is a part of the Plam group. The company undertakes
real estate projects and trades in tendu leaves. It is developing
a residential real estate project, Palm Enclave, in Bilaspur
(Chhattisgarh).


KARNIMATA COLD: CRISIL Reaffirms B Rating on INR75MM Term Loan
--------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Karnimata Cold
Storage Limited (KCSL) continues to reflect the company's moderate
financial risk profile because of declined gearing, low cash
accruals, modest net worth, and its susceptibility to regulatory
changes in the cold storage industry. These weaknesses are
partially offset by the extensive industry experience of the
promoters.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            45        CRISIL B/Stable (Reaffirmed)
   Term Loan              75        CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that KCSL will continue to benefit over the medium
term from its promoters' extensive experience in the cold storage
business. The outlook may be revised to 'Positive' if the company
efficiently manages farmer credit financing, significantly scales
up its operations, and improves its profitability. Conversely, the
outlook may be revised to 'Negative' if KCSL's liquidity is under
pressure because of delays in repayments by farmers, low cash
accruals, or any large debt-funded capital expenditure.

KCSL, incorporated in April 2011, is engaged in the business of
providing cold storage services to the potato farmers and traders.
It is promoted by West Bengal-based family of Mr. Pradip Lodha.


KMB GRANITE: CRISIL Cuts Rating on INR200MM Cash Loan to D
----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
KMB Granite Quarriers (KMB) to 'CRISIL D' from 'CRISIL B/Stable'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            200       CRISIL D (Downgraded from
                                    'CRISIL B/Stable')

The rating downgrade reflects KMB's overdrawn working capital
facilities by more than 30 consecutive days; this was driven by
the firm's weak liquidity.

KMB also has a weak financial risk profile, marked by a small net
worth and high gearing, and is exposed to risks related to the
start-up nature of its operations. However, the firm benefits from
its promoters' extensive experience in the granite industry

KMB was established as a partnership firm by Mr. Mohammed Yaseen,
Mr. Mohammed Ismail, and Mr. Abdulla in 2012. The firm undertakes
quarrying of rough granite. It started commercial operations from
January 2014.


MAN TUBINOX: Ind-Ra Assigns 'IND BB+' Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Man Tubinox
Limited (MTL) a Long-Term Issuer Rating of 'IND BB+'. The Outlook
is Stable. The agency has also assigned the following ratings to
MTL's bank facilities:

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
  Term loans              1,250      'IND BB+'/Stable
  Fund-based limits         170      'IND BB+'/Stable
  Proposed fund-based       100      'Provisional IND BB+'/Stable
  limits
  Non-fund-based limits     480      'IND A4+'

KEY RATING DRIVERS

The ratings are constrained by the likelihood of the company
facing a significant time overrun as only 22% of the total cost of
its 20,000mtpa greenfield stainless steel tubes and pipes (SSTP)
plant at Dhar (Madhya Pradesh) project was spent at end-June 2015
(schedule commercial operations date is April 2016). As against
the expected outlay of INR880m, MTL spent only INR462.8 at end-
June 2015, which was mainly funded through equity infusion. The
financial tie-up for the total debt requirement of INR 1,250m was
completed in June 2015. The total project cost is envisaged at
INR2,096m with a debt:equity ratio of 3:2.

MTL's liquidity has been stressed as reflected by the near-full
utilisation of its fund-based and non-fund based limits for the 12
months ended March 2015.

The company will concentrate on the niche oil & gas and power
market and is likely to export 50% of the production from the new
plant. According to the management, there are no major producers
of SSTP in the export as well as domestic markets.

RATING SENSITIVITIES

Negative: Any time/cost overrun or deterioration of liquidity
could lead to a negative rating action.
Positive: Substantial progress in the project could trigger a
positive rating action.

COMPANY PROFILE

Incorporated in 2006, MTL is a part of J.C. Man Group and trades
steel products. The promoter and group chairman Mr J.C. Mansukhani
is also a co-promoter of Man Industries (India) Limited, a leading
manufacturer and exporter of submerged arc welding pipes in India.
He has over 40 years of experience in the SAW pipes business


N. S. ENGINEERING: CRISIL Assigns B- Rating to INR390MM Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' rating to the
bank loan facilities of N. S. Engineering Projects Private Limited
(NSEPL). The rating reflects the company's weak financial risk
profile, large working capital requirements, and low
profitability. These weaknesses are partially offset by the
experience of the promoters along with the company's diversified
product profile.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Letter of Credit         80        CRISIL A4
   Working Capital
   Term Loan               103.6      CRISIL B-/Stable
   Funded Interest
   Term Loan                76.7      CRISIL B-/Stable
   Bank Guarantee           55        CRISIL A4
   Cash Credit             390        CRISIL B-/Stable
   Proposed Long Term
   Bank Loan Facility      105.1      CRISIL B-/Stable
   Term Loan               181        CRISIL B-/Stable
   Inland Guarantees        10        CRISIL A4

Outlook: Stable

CRISIL believes that NSEPL will benefit over the medium term from
its promoters' extensive industry experience along with a
diversified product profile. The outlook may be revised to
'Positive' if the company reports significant increase in its
revenue and cash accruals or better working capital requirements
leading to improvement in its financial risk profile. Conversely,
the outlook may be revised to 'Negative' in case of a decline in
NSEPL's cash accruals leading to deterioration in its financial
risk profile or stretch in its working capital cycle impacting its
liquidity.

Incorporated in 2007, NSEPL manufactures deck sheets, sheet piles,
and components for the railways. It has a fabrication and
galvanising unit at Domjur (West Bengal). The company was promoted
by Mr. Manoj Kumar Kedia and Mr. Anil Kumar Goel, who also manage
its day-to-day operations.


NEO BUILDERS: CRISIL Assigns 'D' Rating to INR200MM Term Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long term bank
facility of Neo Builders and Developers (NBD).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Term Loan                200       CRISIL D

The rating is driven by instances of delays by NBD in servicing
its interest obligations on term loan. The company has availed
term loans for funding of its on-going real estate project. The
company has not been able to service its interest in a timely
manner because of subdued demand.

The rating also reflects NBD's exposure to risks associated with
its on-going redevelopment project in Mumbai and susceptibility to
cyclicality in real estate sector. These weaknesses are partially
offset by the extensive experience of the promoter groups in the
real estate industry.

NBD was setup in 2005, as a sole proprietorship concern of Mr.
Naresh Mehta. The firm is engaged in residential real estate
development in Mumbai. The firm is currently undertaking
redevelopment project at Girgaon, Mumbai.


NUTECH GLOBAL: CRISIL Reaffirms B+ Rating on INR70MM Cash Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Nutech Global Limited
(NGL) continue to reflect NGL's weak financial risk profile
because of small net worth and weak debt protection metrics.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         0.5       CRISIL A4 (Reaffirmed)
   Cash Credit           70.0       CRISIL B+/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility     8.0       CRISIL B+/Stable (Reaffirmed)
   Standby Line of
   Credit                 6.8       CRISIL B+/Stable (Reaffirmed)
   Term Loan             12.1       CRISIL B+/Stable (Reaffirmed)

The ratings also factor in the company's large working capital
requirements, small scale of operations, and exposure to
volatility in raw material prices. These rating weaknesses are
partially offset by the extensive experience of NGL's promoter in
the textile industry.

Outlook: Stable

CRISIL believes NGL will continue to benefit over the medium term
from promoter's extensive industry experience. The outlook may be
revised to 'Positive' in case the company's scale of operations
and profitability improve, while maintaining stable capital
structure. Conversely, the outlook may be revised to 'Negative' if
pressure on profitability or large working capital requirement
weakens financial risk profile, especially liquidity.

NGL was incorporated in 1984, and is promoted by Mr. Shyam
Mukhija. The company manufactures suiting fabric from polyester,
viscose, and cotton. NGL converts yarn into grey fabric and
outsourcers the same for finishing and dyeing.


PASSION VITRIFIED: CRISIL Assigns B+ Rating to INR160MM Term Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Passion Vitrified Pvt Ltd (PVPL).

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Term Loan              160       CRISIL B+/Stable

   Proposed Long Term
   Bank Loan Facility       3       CRISIL B+/Stable

   Bank Guarantee          27       CRISIL A4

   Cash Credit             60       CRISIL B+/Stable

The ratings reflect the company's expected modest scale of
operations in the highly competitive ceramics industry and its
working-capital-intensive operations. These weaknesses are
partially offset by the promoters' extensive experience in the
ceramic industry and the strategic location of PVPL's
manufacturing plant ensuring availability of raw material and
labour.

Outlook: Stable

CRISIL believes that PVPL will continue to benefit over the medium
term from the promoters' extensive industry experience. The
outlook may be revised to 'Positive' if there is any substantial
and sustainable growth in its top line or operating margin leading
to large cash accruals and improvement in its financial risk
profile, especially liquidity. Conversely, the outlook may be
revised to 'Negative' if PVPL posts low cash accruals, resulting
in pressure on its liquidity.

Incorporated in 2014, PVPL is a Morbi (Gujarat)-based company that
manufactures vitrified tiles. The current directors are Mr.
Kamleshbhai Adroja, Mr. Yogeshbhai Adroja, Mr. Rajeshbhai
Kalariya, and Mr. Naresh Rajpara. The company started its
commercial operations from August 2015.


PCI LTD: CRISIL Lowers Rating on INR684MM Term Loan to D
--------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
PCI Ltd (PCI; part of the Prime group) to 'CRISIL D/CRISIL D' from
'CRISIL C/CRISIL A4'.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         500       CRISIL D (Downgraded from
                                    'CRISIL A4')

   Cash Credit            509.3     CRISIL D (Downgraded from
                                     'CRISIL C')

   Letter of Credit       500       CRISIL D (Downgraded from
                                    'CRISIL C')

   Rupee Term Loan        684       CRISIL D (Downgraded from
                                    'CRISIL C')

The downgrade reflects CRISIL's observation that the company has
delayed on its bank repayment obligations for the month of July
2015. The delay seen in repayments have been contrary to CRISIL's
expectations that cash inflow of INR690 million received by PCI in
May 2015 post stake sale in Riello-PCI India Pvt Ltd (rated CRISIL
BB+/Stable/CRISIL A4+) would ensure timeliness in servicing of
debt obligations in near future, however, wanted to observe
timeliness in servicing of debt post infusion of funds and thus
ratings were upgraded to CRISIL C/CRISIL A4 via rating rationale
dated 31st July 2015. CRISIL has again downgraded the ratings
after receipt of information on delays in meeting bank obligations
from company's bank.

The ratings reflect the Prime group's weak financial risk profile,
marked by high gearing and weak debt coverage metrics, and its
large working capital requirements. These rating weaknesses are
partially offset by the group's demonstrated ability to service
its diversified and reputed clientele, its established market
position in its specific power equipment segment, and its
exclusive marketing tie-ups with reputed global manufacturers.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of PCI and its fully owned subsidiaries-
PCI Middle East FZE, PCI Europe GmbH, PCI Asia Pacific Pvt Ltd.
This is because all these entities, collectively referred to as
the Prime group, have common promoters, the same marketing
network, and strong business and financial linkages with each
other. CRISIL has not combined Prime Hi-tech Engineering Ltd
(PHEL) although the company is a 51 per cent subsidiary of PCI,
because of management's stance that PCI and PHEL do not provide
any financial support to each other. The two companies operate at
arm's length.

PCI, set up in 1986 by Mr. Surinder Mehta, is the flagship company
of the Prime group. It provides technology-related solutions to
various industries, especially the power sector. Its activities
include marketing, distribution, and after-sale service support
for power testing, maintenance, and conditioning equipment, and
machine tools. It also has a unit in Manesar (Haryana) for
manufacturing precision equipment and investment castings
(constituting 5 to 6 per cent of its sales). Furthermore, it owns
three windmills with combined capacity of 4.5 megawatts in Kutch
(Gujarat).


POWER SPINNING: CRISIL Ups Rating on INR70MM Cash Loan to B+
------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facility of
Power Spinning Mills (PSM) to 'CRISIL B+/Stable' from 'CRISIL
B/Stable' and reaffirmed its rating on the firm's short-term bank
facility at 'CRISIL A4'.

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

   Letter of Credit       20        CRISIL A4 (Reaffirmed)

The rating upgrade reflects CRISIL's belief that PSM will maintain
its improved financial risk profile, particularly liquidity, over
the medium term. The firm's liquidity improved because of capital
infusion of INR64 million over the two years through 2014-15
(refers to financial year, April 1 to March 31). Consequently, its
gearing improved to 0.91 times as on March 31, 2015, from 2.71
times as on March 31, 2013. The firm is likely to generate
adequate cash accruals of INR20 million to INR23 million per annum
against annual debt obligations of INR7 million, over the medium
term. CRISIL believes that absence of major debt-funded capital
expenditure plan will also support PSM's liquidity over the medium
term.

The ratings reflect PSM's modest scale of operations in the
intensely competitive and highly fragmented textile industry and
its working capital intensive operations. These rating weaknesses
are partially offset by the extensive experience of PSM's
promoters in the textile industry and the firm's above-average
financial risk profile, marked by healthy gearing.
Outlook: Stable

CRISIL believes that PSM will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the firm reports a
sustainable increase in revenue and profitability, resulting in
large cash accruals and improved liquidity. Conversely, the
outlook may be revised to 'Negative' if PSM generates low cash
accruals or undertakes any large debt-funded capex programme,
resulting in weakening of its financial risk profile.

Established in 2003 as a partnership firm, PSM manufactures cotton
yarn. The firm is based in Tirupur (Tamil Nadu) and is managed by
Mr. Murugaswamy and Mr. Swaminathan.


R. M. REALTY: CRISIL Cuts Rating on INR150MM Term Loan to D
-----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of R. M. Realty Developers (RMRD) to 'CRISIL D' from 'CRISIL
B/Stable'.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           150       CRISIL D (Downgraded from
                                   'CRISIL B/Stable')

   Term Loan             150       CRISIL D (Downgraded from
                                   'CRISIL B/Stable')

The downgrade reflects instances of delay by RMRD in servicing its
term debt, driven by weak liquidity due to low bookings and
customer advances.

RMRD has a weak financial risk profile, faces high project
implementation risk, and is vulnerable to cyclicality inherent in
the Indian real estate industry. However, it benefits from its
partners' extensive experience in the real estate industry in Pune
(Maharashtra).


RMRD is a partnership firm established by members of the Thakur
family in 2010-11 (refers to financial year, April 1 to March 31)
to undertake residential real estate projects, Hiras Nagar and
Felej, in Pune. Mr. Nitin Thakur manages the firm's operations.


RUCHITA GOLD: CRISIL Cuts Rating on INR680MM Cash Loan to 'D'
-------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Ruchita Gold Pvt Ltd (RGPL) to 'CRISIL D' from 'CRISIL
BB/Stable'.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            680       CRISIL D (Downgraded from
                                    'CRISIL BB/Stable')

   Proposed Long Term     300       CRISIL D (Downgraded from
   Bank Loan Facility               'CRISIL BB/Stable')

   Standby Line of         20       CRISIL D (Downgraded from
   Credit                           'CRISIL BB/Stable')

The rating downgrade reflects RGPL's continuously overdrawn cash
credit limits for more than 30 days because of weak liquidity

RGPL has a below-average financial risk profile, marked by high
gearing and modest debt protection metrics. The company has large
working capital requirements and faces intense competition.

RGPL was set up in September 2010 by Mr. Jitendra Jain and his
brother Mr Kiran Jain. The company gets gold jewellery
manufactured on job-work basis and sells to wholesalers and
showrooms in Maharashtra.

For 2013-14 (refers to financial year, April 1 to March 31), RGPL
reported net profit of INR13.5 million on net sales of INR4.87
billion, against net profit of INR17.6 million on net sales of
INR4.24 billion for 2012-13.


SARDA PLYWOOD: CRISIL Ups Rating on INR359.6MM Cash Loan to B+
--------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facility of
Sarda Plywood Industries Ltd (SPIL) to 'CRISIL B+/Stable' from
'CRISIL B/Stable' and reaffirmed its rating on the company's
short-term bank facilities at 'CRISIL A4'.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee           20        CRISIL A4 (Reaffirmed)

   Cash Credit             359.6      CRISIL B+/Stable (Upgraded
                                      from 'CRISIL B/Stable')

   Letter of Credit        346.1      CRISIL A4 (Reaffirmed)

   Term Loan                10        CRISIL B+/Stable (Upgraded
                                       from 'CRISIL B/Stable')

The upgrade reflects significant reduction in SPIL's net loss to
INR4.9 million in 2014-15 (refers to financial year, April 1 to
March 31) from net loss of INR54.7 million in 2013-14. The company
posted positive net cash accruals of INR12.1 million in 2014-15
against negative net cash accruals in the past three years.
However, its ability to turn profitable over the medium term, and
thereby improve net worth that has been eroded by net losses, will
remain a key rating sensitivity factor. Its working capital
management improved in 2014-15, with gross current assets
declining to 155 days as on March 31, 2015, from 180 days a year
earlier.

The ratings reflect SPIL's exposure to intense competition in the
plywood industry and susceptibility to changes in timber export
regulations in foreign countries. The ratings also factor in the
company's weak financial risk profile marked by small net worth,
high total outside liability to tangible net-worth ratio and low
net cash accrual to total debt. These rating weaknesses are
partially offset by SPIL's established market position and its
promoters' extensive experience in the timber industry.
Outlook: Stable

CRISIL believes that SPIL will continue to benefit over the medium
term from its promoters' extensive experience and the increasing
share of branded items in the plywood and laminates industry. The
outlook may be revised to 'Positive' in case of a considerable
increase in revenue or profitability, leading to substantial cash
accruals, or a significant improvement in working capital
management. Conversely, the outlook may be revised to 'Negative'
if SPIL's financial risk profile weakens, most likely because of a
decline in operating profitability.

SPIL, originally incorporated in 1957 as a private limited
company, manufactures plywood and allied products. It became a
deemed public limited company in 1974, and is listed on the Bombay
Stock Exchange. SPIL has two plywood manufacturing units, one each
in Jeypore (Assam) and Rajkot (Gujarat). It sells plywood under
the Duro brand. It also owns a bought-leaf tea processing factory
in Jeypore.


SREE KARPAGAMOORTHY: CRISIL Suspends B Rating on INR70MM Loan
-------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Sree
Karpagamoorthy Automobiles (SKA).

                               Amount
   Facilities                (INR Mln)    Ratings
   ----------                ---------    -------
   Cash Credit                   70       CRISIL B/Stable
   Proposed Cash Credit Limit    30       CRISIL B/Stable

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

Established in 2001, SKA is an authorised dealer of Tata Motors
Ltd (rated, CRSIL AA/Stable/CRISILA1+) for small commercial
vehicles. The firm runs five showrooms in the Sivaganga district
of Tamil Nadu. SKA is promoted by Mr. K R C T Ganesan and his
family.


SRI SAI: CRISIL Assigns B+ Rating to INR56.5MM Cash Loan
--------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Sri Sai Lakshmi Rice Mill (SSLRM). The rating
reflects SSLRM's modest scale of operations in the intensely
competitive rice milling industry. These rating weaknesses are
partially offset by the promoters' extensive experience and the
firm's below average financial risk profile.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Term Loan              17        CRISIL B+/Stable
   Cash Credit            56.5      CRISIL B+/Stable
   Proposed Working
   Capital Facility       51.5      CRISIL B+/Stable

Outlook: Stable

CRISIL believes that SSLRM will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the revenue and
profitability increase substantially, leading to a stronger
business risk profile. Conversely, the outlook may be revised to
'Negative' if any large debt-funded expansion or decline in
accrual substantially weakens the financial risk profile.

Set up in 2008, SSLRM mills and processes paddy. The operations
are managed by the managing partner, Mr. Jyothula Bhimudu.

For 2013-14 (refers to financial year, April 1 to March 31), SSLRM
reported a net profit of INR1.3 million on sales of INR192.9
million, against a net profit of INR1 million on sales of INR127.7
million for 2012-13.


SUBHA-SOUMYA COLD: CRISIL Reaffirms B- Rating on INR50.5MM Loan
---------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Subha-Soumya
Cold Storage Pvt Ltd (SSCSPL) continues to reflect SSCSPL's below-
average financial risk profile because of small net worth base,
its low revenue and cash accrual, and its susceptibility to
regulatory changes in the cold storage industry. These weaknesses
are partially offset by the extensive industry experience of
SSCSPL's promoters.

                       Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          1.5      CRISIL A4 (Reaffirmed)
   Cash Credit            49.0      CRISIL B-/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility     50.5      CRISIL B-/Stable (Reaffirmed)
   Term Loan              40.0      CRISIL B-/Stable (Reaffirmed)
   Working Capital Loan    9.0      CRISIL B-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes SSCSPL will benefit over the medium term from its
promoters' extensive experience in the cold storage business. The
outlook may be revised to 'Positive' if efficiently-managed farmer
credit financing and significantly increased scale of operations
improve its profitability. Conversely, the outlook may be revised
to 'Negative' if liquidity is pressurised because of delayed
repayments by farmers, significantly low cash accrual, or any
large debt-funded capital expenditure.

SSCSPL was incorporated on May 28, 2011 by Mr. Kartick Ghosh and
it commenced its operations from March 2012. The company set up a
cold storage facility in Paschim Mednipur (West Bengal) with
capacity of 18,000 metric tonnes (MT) (two chambers of 9,000 MT
each) for storing potatoes.


SUBHSHRI DEVELOPERS: CRISIL Assigns B+ Rating to INR100MM Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facility of Subhshri Developers (SD).

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

The rating reflects SD's exposure to implementation and offtake
risks associated with the ongoing residential-cum-commercial
redevelopment project and inherent cyclicality in the Indian real
estate industry. These weaknesses are partially offset by the
extensive experience of SD's management in real estate development
and its past project execution with funding support.
Outlook: Stable

CRISIL believes SD will benefit over the medium term from its
established track record in the real estate sector and funding
support from promoters. The outlook may be revised to 'Positive'
if large cash flows are generated because of earlier-than-expected
project completion, or substantially higher sales realizations
from its upcoming projects. Conversely, the outlook may be revised
to 'Negative' if project completion is delayed, or if there is a
decline in receipt of customer payments, or sales realizations
significantly fall, or if a large debt is contracted.

SD is a partnership firm established in 2007. It is engaged in
residential and commercial real estate development. Currently the
firm is undertaking the redevelopment of a residential building in
Malad West (Mumbai). The building will have 36 offices, three
flats and two shops, all saleable. The firm is a part of the
Fulchand group, which has business interests in the fields of
textiles, finance and real estate.


SWIM CERAMIC: CRISIL Reaffirms B+ Rating on INR60MM Term Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Swim Ceramic continue
to reflect its modest scale of operations in the highly
competitive ceramics industry and its working capital-intensive
operations. These rating weaknesses are partially offset by the
promoters' extensive experience in the ceramics industry, and the
proximity of the firm's manufacturing facilities to sources of raw
material and labour.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee        10        CRISIL A4 (Reaffirmed)
   Cash Credit           30        CRISIL B+/Stable (Reaffirmed)
   Term Loan             60        CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that Swim Ceramic will sustain its existing
business risk profile over the medium term backed by its
promoters' extensive industry experience. The outlook may be
revised to 'Positive' if the firm achieves higher-than-expected
topline or margins leading to improvement in the business risk
profile or if the firm efficiently manages its working capital
requirements. Conversely, the outlook maybe revised to 'Negative'
if Swim Ceramic records low accruals due to reduced order flow or
profitability, or its financial risk profile deteriorates because
of a stretch in working capital cycle or large debt-funded capital
expenditure.

Update
For 2014-15 (refers to financial year, April 1 to March 31), Swim
Ceramic reported estimated sales of INR111.40 million. The
operating margin remained almost in line with CRISIL's expectation
of around 12.4 per cent for the same period. The firm's operations
remained working capital intensive, marked by its gross current
assets of over 200 days as on March 31, 2015.

Swim Ceramic's financial risk profile has remained average, with
estimated gearing at 1.9 times, with adjusted net worth of over
INR40 million, for the year ended March 31, 2015; also, it had
average debt protection metrics, marked by estimated interest
coverage and net cash accruals to total debt ratios at 1.4 times
and 0.06 times, respectively, for 2014-15. The financial risk
profile is expected to improve most likely because of term debt
repayments and its expected topline growth coupled with sustained
operating margins, leading to better accruals. The liquidity is
expected to remain adequate, with accruals being sufficient to
meet debt obligations as well as support from promoters through
unsecured loans.

Swim Ceramic was founded by the Morbi (Gujarat)-based Viramgama
family and others in 2013. The firm manufactures ceramic wall
tiles at its production facilities in Morbi.


TRIPATHI HOSPITAL: CRISIL Reaffirms 'B' Rating on INR100MM Loan
---------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Tripathi
Hospital Pvt Ltd (THPL) continues to reflect THPL's small scale of
operations and its exposure to risks related to implementation of
its ongoing multi-speciality hospital project and thereafter to
successful stabilisation of operations, leading to increase in
revenue and cash accruals. These rating weaknesses are partially
offset by the extensive experience of the promoters in the
healthcare industry.

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Proposed Long Term
   Bank Loan Facility       100      CRISIL B/Stable (Reaffirmed)

   Term Loan                100      CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that THPL will continue to benefit over the medium
term from its promoters' extensive industry experience and its
established market position. The outlook may be revised to
'Positive' if the company significantly expands its scale of
operations aided by timely implementation and stabilisation of the
proposed hospital, while improving its operating profitability,
resulting in substantial cash accruals and hence, improvement in
its financial risk profile. Conversely, the outlook may be revised
to 'Negative' if THPL's scale of operations remains stagnant, or
if there are time and cost overruns in the proposed project, or
substantial debt-funded capital expenditure, leading to
deterioration in its financial risk profile, particularly its
liquidity.

Incorporated in November 2001, THPL provides medical services in
the fields of orthopaedics and gynaecology/obstetrics. It had been
originally established as a partnership firm in 2000 and was
reconstituted as a private company in 2001. The company is managed
by the husband and wife duo of Mr. B K Tripathi and Mrs. Nidhi
Tripathi. The company is in the process of setting up a 100-bed
hospital in Noida (Uttar Pradesh).


TUNI TEXTILE: CRISIL Assigns 'B' Rating to INR48.5MM Cash Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Tuni Textile Mills Ltd (TTML).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Proposed Long Term
   Bank Loan Facility       0.9       CRISIL B/Stable
   Bank Guarantee           0.6       CRISIL A4
   Cash Credit             48.5       CRISIL B/Stable

The ratings reflect TTML's modest scale of operations and exposure
to intense competition in the fragmented textile industry,
customer concentration in revenue profile and its large working
capital requirements. These rating weaknesses are partially offset
by the extensive experience of TTML's promoter in the textile
industry and its moderate financial risk profile marked by its low
gearing and moderate debt protection metrics.
Outlook: Stable

CRISIL believes that TTML will maintain its established position
in the textile industry over the medium term backed by its
promoter's extensive industry experience and established
relationships with customers. The outlook may be revised to
'Positive' in case of company's accruals improve substantially due
to significant improvement in scale of operations and
profitability or in case of efficient working capital management.
Conversely, the outlook may be revised to 'Negative' in case the
company's liquidity weakens due to lower than expected cash
accruals, higher than expected working capital requirements or due
to large debt funded capital expenditure (capex).

Incorporated in 1987, TTML is engaged in manufacturing of cotton,
polyester and blended grey fabric used for shirtings. TTML is also
engaged in trading activities and also undertakes job work.


VRUNDAVAN CERAMIC: CRISIL Cuts Rating on INR97.5MM Loan to D
------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Vrundavan Ceramic Private Limited (VCPL) to 'CRISIL D/CRISIL D'
from 'CRISIL B/Stable/CRISIL A4'.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee       22.5       CRISIL D (Downgraded from
                                   'CRISIL A4')

   Cash Credit          97.5       CRISIL D (Downgraded from
                                   'CRISIL B/Stable')

   Funded Interest      33.0       CRISIL D (Downgraded from
   Term Loan                       'CRISIL B/Stable')

   Proposed Long Term    7.0       CRISIL D (Downgraded from
   Bank Loan Facility              'CRISIL B/Stable')

   Working Capital      90.0       CRISIL D (Downgraded from
   Term Loan                       'CRISIL B/Stable')

The downgrade reflects instances of delay by VCPL in servicing its
term debt obligations. The delays have been caused by the
company's weak liquidity. The company had significant advances
extended to associates. These advances are largely towards other
group entities and promoter's family and friends. The same are
interest bearing. As on March 31, 2013 the same stood at ~ INR
48 Cr. (more than twice the net worth of the company). The
significant diversion of funds from the business has resulted in
weakening of liquidity, with the company fully utilizing its bank
limits. The account was then restructured in December 2013. The
company depended on a large extent on its bank facilities to fund
its working capital requirements. There have been substantial
delays in interest and principal payments.

VCPL's rating also factors its modest scale of operations, below-
average financial risk profile marked by modest net worth, high
gearing and subdued debt protection indicators. These rating
weaknesses are partially offset by the benefits that the company
derives from its promoter's extensive experience in the ceramics
tiles manufacturing industry.

VCPL, incorporated in Morbi (Gujarat) as a limited company in
2000, was promoted by Mr. O T Patel. It was reconstituted as a
private limited company in 2003. VCPL manufactures floor and wall
tiles that are sold under the Vrundavan and Spaniso brands.
Gangotri is a partnership firm engaged in the same line of
business.



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


ATAMI BEACH: Moody's Cuts Rating on JPY3BB Super Sr. Loan to Ba1
----------------------------------------------------------------
Moody's SF Japan K.K. has downgraded to Ba1 (sf) from Baa3 (sf)
the rating assigned to a loan backed by the toll road Atami Beach
Line.

The complete rating action is:

  JPY3.0 Billion Super Senior Loan, Downgraded to Ba1 (sf) from
   Baa3 (sf); previously on Jan 21, 2014 Definitive Rating
   Assigned Baa3 (sf)

Transaction Name: Atami Beach Line 3
Class: Super Senior Loan
Loan Amount: JPY 3.0 billion
Interest Rate: Floating
Closing Date: October 23, 2013
Expected Maturity Date: October 23, 2018
Final Maturity Date: October 23, 2020
Underlying Asset: Atami Beach Line (toll road)
Seller/ Lessee/Operator: GRANVISTA Hotels & Resorts Co., Ltd.
Arranger: Goldman Sachs Japan Co., Ltd.

RATINGS RATIONALE

The downgrade mainly reflects our view that the likelihood of
refinancing or selling the toll road has decreased, due to a
weaker-than-expected level of cash flow from a continuous decrease
in traffic volumes.

This likelihood of refinancing or selling the toll road is an
important consideration in our analysis as the super senior loan
will rely -- for its full repayment at maturity -- on either
refinancing or selling the road.

Since the toll fare increase in February 2013, toll revenue
recovered temporarily.  However, despite a modest recovery in
Japan's economy and a rapid rise in inbound tourist numbers --
which is benefiting tourist destinations nationwide, traffic
volume continues to show a decreasing trend.  If this drop
persists, it will ultimately outweigh the effects of the toll fare
increase and negatively impact net cash flow.  Operating profit
for fiscal 2014 was around JPY 400 million on a reported basis.

While Moody's expects further tariff increases can be introduced
if net cash flow from the toll road further deteriorates, or when
Japan's consumption tax rate increases, the size and timing of
another tariff rise and its impact to traffic volumes remains
uncertain.

The rating also factors in the structural complexities surrounding
the license that the toll operator holds and the fact that the
rated instrument has no principal repayments -- as long as its
performance stays at certain level -- until the maturity.

At the same time, Moody's notes that fundamental rating support
derives from the long history of toll traffic on the road, the
manageable level of competition from the toll-free alternative
route, and Atami Beach Line Limited's outright ownership of the
road.

The principal methodology used in this rating was "Privately
Managed Toll Roads" (Japanese) published in September 2014.

Factors that would lead to an upgrade or downgrade of the rating

The primary factor that could lead to an upgrade is a sustained
improvement in traffic volumes and associated toll revenue that
could improve net cash flow to a level above Moody's expectations.

The primary factor that could lead to a downgrade is a further
decline in traffic volumes and toll revenues, or evidence of the
issuer experiencing difficulty in arranging the refinancing or
sale of the underlying asset. An adverse operational performance
or a decline in the operator's credit quality could also result in
negative rating pressure.


CAFES 1 TRUST: Fitch Affirms 'Bsf' Rating on Class D-2 TBIs
-----------------------------------------------------------
Fitch Ratings has affirmed all classes of Cafes 1 Trust's trust
beneficiary interests (TBIs) due May 2018. The transaction is a
Japanese single-borrower type CMBS securitisation. The rating
actions are as listed below:

JPY2.2bn* Class A-1 TBIs affirmed at 'AAsf'; Outlook Stable
JPY27.1bn* Class A-2 TBIs affirmed at 'AAsf'; Outlook Stable
JPY6.4bn* Class B TBIs affirmed at 'Asf'; Outlook Stable
JPY3bn* Class C-1 TBIs affirmed at 'BBsf'; Outlook Stable
JPY3.4bn* Class C-2 TBIs affirmed at 'BBsf'; Outlook Stable
JPY1bn* Class D-1 TBIs affirmed at 'Bsf'; Outlook Stable
JPY5.6bn* Class D-2 TBIs affirmed at 'Bsf'; Outlook Stable
*as of September 17, 2015

KEY RATING DRIVERS

The affirmations and Stable Outlooks of the class A-1 to D-2 TBIs
reflect Fitch's view that the current ratings continue to be
supported, given Fitch's conservative valuation of the single
collateral property. Fitch's assumed cash flow is based on the
market trends of the rental rates and vacancies in Japan's office
properties with similar characteristics to the collateral from a
mid- to long-term perspective.

Fitch has observed some improvement in the market indices related
to the subject property compared with a few years ago. Given this,
Fitch has slightly raised its cash flow assumption from that
assumed at the previous rating action in October 2014. Still, the
agency's revised cash flow assumption remains lower than the in-
place cash flow, which is likely to be stable in the near future.
Furthermore, Fitch applied a higher cap rate for the property than
that for comparable properties to take into account higher stress,
which may be caused by the shorter time to the loan maturity date.

RATING SENSITIVITIES

The ratings on the TBIs are sensitive to Fitch's property
valuation. The class A-1 and A-2 TBIs would be able to maintain
'AAsf' ratings even if the agency's current estimated value is
lowered by 10%. In contrast, the class D-1 and D-2 TBIs would not
be able to maintain 'Bsf' ratings if Fitch's property valuation is
revised downward by 5%.

DUE DILIGENCE USAGE

No third-party due diligence was provided or reviewed in relation
to this rating action.

DATA ADEQUACY

Fitch has checked the consistency and plausibility of the
information it has received about the performance of the
underlying loan and the transaction. There were no findings that
were material to this analysis. Fitch has not reviewed the results
of any third-party assessment of the underlying loan information
or conducted a review of loan origination files as part of its
ongoing monitoring.

Fitch assigned ratings to this transaction in July 2006. The
transaction is a securitisation of a loan backed by a condominium-
ownership interest to a class A office located in Chuo-ku, Tokyo.



===============
M O N G O L I A
===============


TRADE AND DEVELOPMENT: Moody's Rates $500MM GMTN Program B3
-----------------------------------------------------------
Moody's Investors Service has assigned a (P)B3 foreign currency
senior unsecured rating to Trade and Development Bank of Mongolia
LLC's (TDBM) $500 million Global Medium Term Notes (GMTN) Program.

The rating outlook is negative.

RATINGS RATIONALE

The (P)B3 rating is in line with TDBM's b3 baseline credit
assessment (BCA).  TDBM's BCA of b3 reflects: (1) its
vulnerability to asset quality deterioration, given its high loan
concentration and portfolio of corporate loans; (2) strong
profitability, owing to its solid franchise, with expertise in
corporate banking and foreign exchange; and (3) potential
challenges related to corporate governance that could arise from
its narrow shareholding structure.  Offsetting these weaknesses is
its solid market position as a leading lender in corporate
banking; and diversified funding sources from both domestic
depositors and foreign financial institutions.

Moody's has not incorporated any systemic support notching uplift
to TDBM's (P)B3 foreign currency senior unsecured rating, given
our assessment of the limited support capacity of the Mongolian
government (B2 negative).  This is despite the systemic importance
of TDBM -- as the second-largest lender in terms of loans -- to
the Mongolian banking system.

WHAT COULD CHANGE THE RATING -- UP

It is unlikely that Moody's will upgrade Trade and Development
Bank of Mongolia's B3 issuer rating or raise its b3 BCA over the
next 12 months, given the recent downgrade and ongoing negative
outlook on Mongolia's banking system, driven by the challenging
operating environment.  However, Moody's would consider returning
the outlook on TDBM to stable when the operating environment
stabilizes, and absent deterioration in the bank's asset quality.
Macro factors aside, Moody's would consider an upgrade of the B3
issuer rating if TDBM reduces its concentration risk and exposure
to the relatively higher-risk mining and construction sectors, to
levels more in line with its peers, while maintaining its asset
quality, capital and liquidity.

WHAT COULD CHANGE THE RATING -- DOWN

Moody's would downgrade TDBM's long-term deposit and senior
unsecured debt ratings if its baseline credit assessment is
lowered.

The bank's baseline credit assessment could be lowered if: (1) its
Tangible Common Equity (TCE) capital ratio falls below 9.0%; (2)
its annual net income to tangible assets ratio falls below 1.0%
due to a sharp increase in credit losses; (3) a significant
deterioration occurs in asset quality; for example, new NPLs to
gross loans exceed 4.0%; (4) a rise occurs in concentration or
exposure to risky sectors, in particular, the construction sector;
or (5) corporate governance-related problems cause a loss of
depositor confidence, therefore increasing the threat of deposit
flight.

The rating does not apply to any individual notes issued under the
programme.  Ratings on individual notes issued under the programme
will be subject to Moody's satisfactory review of the terms and
conditions set forth in the final base and supplementary offering
circular, and the pricing supplements of the notes to be issued.

Moody's does not intend to assign ratings to individual notes
issued under the programme with features linked to the performance
of another obligor (credit-linked notes).  Nor does Moody's intend
to assign ratings to notes for which payment of principal or
interest is variable and contractually dependent on the occurrence
of a non-credit-linked event or the performance of an index (non-
credit-linked notes).  The only exception will be for notes whose
principal and coupon payments are affected by standard sources of
variation.

The principal methodology used in this rating was Banks published
in March 2015.

Trade and Development Bank of Mongolia LLC is based in
Ulaanbaatar.  It is the largest banks in Mongolia by assets.  At
June 30, 2015, the bank's consolidated assets totaled MNT5.9
trillion ($3.0 billion).


TRADE AND DEVELOPMENT: S&P Assigns 'B' Rating on Proposed MTN
-------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' long-term and
'B' short-term foreign currency rating to a proposed global
medium-term notes (MTN) program of Trade and Development Bank of
Mongolia LLC (TDB: B/Negative/B) under which the bank may issue
notes up to a maximum aggregate amount of US$500 million.  S&P
also assigned its 'B' long-term foreign currency rating to a
proposed drawdown under the program.  TDB may increase the size of
the program in accordance with the terms of the program agreement.
The issue ratings are subject to S&P's review of the final
issuance documentation.

S&P has equalized the issue ratings on the proposed MTN program
and drawdown with the issuer credit ratings on TDB.  This is
because the notes issued under the program will rank equally among
themselves and with all other present and future unsecured and
unsubordinated obligations of the bank, except obligations
required to be preferred by law.  TDB intends to use the bond
proceeds for general corporate purposes.

TDB may issue index-linked notes under the program.  Under
Standard & Poor's criteria, it do not rate bonds if principal
payments are linked to fluctuations in equity or commodity prices,
or equity or commodity indices.



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


OPI PACIFIC: Former Director Pleads Guilty to FMA Charges
---------------------------------------------------------
A former director of OPI Pacific Finance, Craig Robert White, has
pleaded guilty to misleading investors in a prosecution taken by
the Financial Markets Authority (FMA).

Mr White pleaded guilty to two charges under the Securities Act
1978 including distributing an advertisement in 2007 which
included untrue statements, and signing a registered prospectus in
2007 that included untrue statements.

The FMA's acting director of enforcement and investigations, Paul
O'Neil, said the guilty plea shows that Mr White has accepted
responsibility for his failure to fulfil his disclosure
obligations to investors.

Mr White will be sentenced in the Auckland High Court on September
23.

In August this year, Mark Lawrence Lacy and Jason Robert Duncan
Maywald, also directors of OPI Pacific Finance, pleaded guilty to
the same charges.  They were sentenced today to 200 hours
community work each, to be carried out in New Zealand, and ordered
to pay AUD $100,000 in reparation to be paid to the company's
receivers.

One remaining director, David Mark Anderson, is scheduled to
proceed to trial on Oct. 5, 2015.

                         About OPI Pacific

OPI Pacific Finance Limited, formerly known as MFS Pacific
Finance, was New Zealand-based finance company.  OPI Pacific was a
subsidiary of Octaviar Limited.

OPI Pacific Finance Limited was placed in receivership on
September 15, 2009, by Perpetual Trust, the trustee for OPI's
secured debenture holders and unsecured note holders.  This ended
the moratorium arrangement that has been in place since May 2008.

Perpetual Trust has appointed Colin McCloy and Maurice Noone of
PricewaterhouseCoopers as receivers.

At the time of the receivership it owed almost 11,000 investors
about NZ$256 million, of which 3.25 cents in the dollar has been
repaid, on top of the 22.19 cents investors received during the
moratorium, BusinessDesk said.


PTT LTD: Judge Raises Owners' Living Expenses Up to NZ$5,000
------------------------------------------------------------
Hamish McNicol at NBR Online reports that the family behind a
string of companies that received NZ$4.44 million from investors
and which the Financial Markets Authority has "real concerns"
about will receive nearly NZ$5,000 a week for living expenses.

But a judge has found a third luxury vehicle, an Audi Q7 which
requires NZ$320 a week in finance payments, should be sold, on top
of the sale of a 2014 Mercedes Benz and 2005 Bentley.

Last month, PwC was appointed as receivers and managers of PTT
Ltd, also known as Prosper Through Trading, as well as six
associated entities on a limited basis, including Steven and Lisa
Robertson.

According to the report, the FMA said it has concerns PTT's client
funds may be at risk and the company "may be operating in breach
of financial market legislation."

Details of the first receivers report, as well as the allegations,
were heard before Justice Anne Hinton in the High Court at
Auckland earlier this month but a confidentiality order meant
specific monetary details could not be reported, NBR says.

These have, however, lapsed, following the release of Justice
Hinton's judgment on September 21, NBR relates.

It reveals the PTT Group is estimated to have generated about
NZ$4.44 million in third party deposits but the cash assets of the
group are now just NZ$51,000, according to NBR.

NBR relates that the receivers estimate about NZ$1.87 million was
generated in product sales but NZ$2.57 million came from other
sources, including loans from clients, PTT share sales to clients,
and money accepted for investment.

"The business purpose for the loans and share purchases remains
opaque," the judgment said.  "The PTT Group made no actual
investments on clients' behalf."

According to the report, Justice Hinton said receivers have
identified a NZ$1.25 million house as the most significant
remaining asset, owned by a trust of which Mr Robertson is the
sole trustee, as well as NZ$111,000 in the bank account of Ms
Robertson.

Four cars, jewellery, watches and household effects are also worth
about NZ$66,000, and there is a bank account in Australia with an
unknown balance, NBR relates.

"Given the respondent companies received deposits between 2013 and
2015 alone of over NZ$4.4 million, the net worth of all
respondents of approximately NZ$1.6 million appears very low and
falls below the sum of NZ$2.57 million identified as having been
received in the form of third party deposits, excluding revenue
from product sales," the report quotes Justice Hinton as saying.

Earlier this month, Nathan Gedye, QC, told Justice Hinton the
family wants its budget amended, a one-off sum paid for rates and
arrears, the return of personal items and passports, the payment
of legal fees, and the revocation and retirement of the receivers,
the report recalls.

The report notes that Justice Hinton allowed the expenses to rise
from NZ$1,000 to NZ$3,000 a week, as well as allowing the mortgage
payments to continue, until December 11.

NBR Online says Justice Hinton's judgment also provides previously
unreleased details about the FMA's action against PTT.

NBR relates that the judgment said the FMA received a complaint in
which it was alleged Mr Robertson was running a ponzi scheme
through PTT and other entities.

The FMA therefore applied to appoint receivers on the grounds
assets may belong to members of the public who paid money into the
scheme and because funds may be being used fraudulently without
the clients' knowledge or consent, according to NBR Online.

Upon investigation the FMA then found a large amount of what
appears to be client funds deposited into various bank accounts,
including personal ones, the report says.

"The analysis also showed significant amounts of personal spending
from the accounts.  The investigation is still at an early stage
and is ongoing. However, the FMA claims to have reasonable grounds
to suspect that the respondents have breached provisions of
financial markets legislation."



===============
P A K I S T A N
===============


PAKISTAN: Moody's Assigns Provisional B3 Rating on Bond Offering
----------------------------------------------------------------
Moody's Investors Service has assigned a provisional rating of
(P)B3 to the Government of Pakistan's announced global bond
offering.  The outlook is stable.

RATINGS RATIONALE

Pakistan's B3 issuer rating reflects moderate economic strength
with a supply-constrained economy that has been resistant to
structural change.  Although the scale of the economy is
relatively large, globally, Pakistan's per-capita income level is
relatively very low.  Implementation of the China-Pakistan
Economic Corridor, will over time, bolster growth through
investment in transportation and power generation infrastructure.

Institutional effectiveness has been hampered by factious
relations between the executive, military and judicial branches of
government.  These drawbacks have constrained policy
effectiveness. However, the government has gained significant
traction on reforms under the IMF program, key goals of which
include deficit reduction, resolving constraints in the energy
sector, and the privatization of several state-owned enterprises.

Other factors that drive Pakistan's sovereign credit rating are
its very low fiscal strength and high susceptibility to event
risk.  Key fiscal and external credit metrics are weak
intrinsically and relative to ratings peers.  These methodological
factors are compounded by the country's narrow tax base, low
savings and shallow capital markets -- all of which hinder stable
domestic financing of sizable budget deficits.  However, the
government is striving to lengthen the maturity of debt which will
reduce gross financing needs.  Government debt rollover risk is
also reduced by sizeable recourse to domestic bank lending and, to
some degree, by a debt structure which consists of long-tenor
credits from multilateral and official bilateral creditors.

The challenging operating environment, susceptibility to economic
risks and political shocks, coupled with a high concentration to
the sovereign, links the health of the banking system very closely
to that of the government.  Banks are well managed but remain
vulnerable to cyclical economic risks and to political shocks.

The stable outlook represents Moody's expectation of balanced
upside and downside risks.  Upward pressures stem from support
from multilateral and bilateral lenders, which bolster an
improving foreign reserve position and ongoing reform progress.

Despite positive ongoing developments, rating constraints which
would put downward pressures stem from Pakistan's very low fiscal
strength, due to its high debt levels and weak debt affordability
in light of a narrow revenue base.

Deeply entrenched weaknesses in the power sector also act as a
bottleneck to growth.  While Pakistan's government financing is
mainly from domestic sources and system-wide external debt is
declining as a percent to GDP, the level of external public debt
poses a moderate degree of credit risk.  In addition, political
event risks remain relatively high in Pakistan despite recent
stability.

This credit rating and any associated review or outlook has been
assigned on an anticipated/subsequent basis.

This credit rating and any associated review or outlook has been
assigned on an anticipated/subsequent basis.

The principal methodology used in this rating was Sovereign Bond
Ratings published in September 2013.

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



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


GOTESCO LAND: PSE to Delist Firm Over Disclosure Rules Breaches
---------------------------------------------------------------
BusinessWorld Online reports that the Philippine Stock Exchange
(PSE) has started the proceedings to remove Gotesco Land, Inc.
from the exchange, citing repeated violations of disclosure rules.

"Pursuant to the Exchange's Rules on Delisting, the Exchange has
initiated involuntary delisting proceeding on Gotesco Land, Inc.,"
the local bourse said in a notice on its Web site on
Sept. 18, BusinessWorld relays.

According to the report, Gotesco Land was said to have failed to
submit several structured reportorial requirements since 2010 in
violation of the bourse's Revised Disclosure Rules and Amended
Rule on Minimum Public Ownership.

Trading of its shares has been suspended since May 16, 2008 due to
non-submission of its 2007 annual report. It was last traded at 14
centavos apiece, BusinessWorld discloses.

Subsequently, the Securities and Exchange Commission (SEC) issued
on Dec. 16, 2008 an order suspending the company's registration of
securities and certificate of permit to sell securities, according
to the report.

Thereafter, the corporate regulator revoked on May 25, 2009 the
company's securities registration for failure to comply with the
directives contained in the suspension order, BusinessWorld
relates.

BusinessWorld relates that based on Gotesco Land's latest
available financial statements, the company has posted capital
deficiencies or negative balances in its stockholders' equity for
the fiscal years 2007, 2008 and 2009.

According to BusinessWorld, the bourse said Gotesco Land was
entitled to a hearing upon submission of a written request within
15 working days from receipt of the PSE decision. "Should the
company decide not to or fail to request for a hearing within the
specified period, the exchange shall decide the case solely on the
basis of the records on hand," it added.

Gotesco Land is the ninth company to be delisted since 2011, the
report notes.

Headquartered in Manila, Philippines, Gotesco Land, Inc. is the
holding company of the Ever-Gotesco Group of Companies for its
property development projects.  As a real estate company, it
acquired various interests principally involved in leisure/tourist
estate developments.  The company was partially
successful in the early part of the three-year period but was
hit by the 1997 Asian economic crisis that led to the temporary
suspension of some of its affiliates' various on-going real
estate projects.



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


AMTEK GLOBAL: S&P Withdraws 'CCC+' Corporate Credit Rating
----------------------------------------------------------
Standard & Poor's Ratings Services said it withdrew its long-term
corporate credit ratings of 'CCC+' on Singapore-incorporated
automotive supplier Amtek Global Technologies Pte Ltd.  At the
same time, S&P withdrew its 'CCC+' issue ratings on Amtek Global's
EUR235 million senior secured term loan and EUR30 million
revolving credit facility.  At the time of the withdrawal, all
ratings were on CreditWatch with developing implications.

"We have withdrawn the ratings because we lack sufficient
information of satisfactory quality to maintain the ratings.  As
we indicated in our release on Sept. 15, 2015, we have not
received requested information relating to Amtek Global's parent
company, Amtek Auto Ltd. (Amtek Auto; not rated), regarding Amtek
Auto's liquidity position, its ability to meet near-term debt and
interest payments, and whether there are discussions underway with
creditors.  We concluded that such information would not be
provided.  In addition, we have withdrawn the ratings at the
issuer's request," S&P said.

At the time of the withdrawal, the ratings were on CreditWatch
with developing implications.  This reflected the possibility that
S&P could have raised the ratings on Amtek Global, depending on
whether S&P viewed Amtek Global as partly insulated from the
liquidity difficulties at Amtek Auto.  Alternatively, S&P could
have lowered the ratings if Amtek Auto missed any interest or
principal payments, or entered into a distressed debt exchange or
restructuring, which S&P would consider as a default, under its
criteria.

At the time of the withdrawal, the stand-alone credit profile on
Amtek Global was 'b-', reflecting S&P's assessment of its
financial risk profile as "highly leveraged" and business risk
profile as "weak."  S&P's assessment of Amtek Global's liquidity
was "less than adequate."

S&P applied its group rating methodology to its ratings on Amtek
Global.  S&P classified it as a "strategically important"
subsidiary of Amtek Auto because, in S&P's view, Amtek Global is
unlikely to be sold and plays an important role in the group's
long-term strategy.  S&P's group credit profile assessment on
Amtek Auto was 'ccc+'.

At the time of the withdrawal, S&P's recovery rating on Amtek
Global's debt instruments was unchanged at '4', supported by the
comprehensive security package, but constrained by the high level
of senior secured debt.  S&P expected recovery prospects to be in
the upper half of the 30%-50% range.



===============
T H A I L A N D
===============


SAHAVIRIYA STEEL: Redcar Steel Plant Facing Administration
----------------------------------------------------------
scotsman.com reports that the government and unions are understood
to be trying to cobble together an eleventh-hour rescue for
threatened Thai-owned Redcar steel plant as administration looms.

Sahaviriya Steel Industries (SSI) halted production at the plant
on Teesside, which employs about 3,000 workers, after months of
financial problems, according to scotsman.com.

Reports said SSI has filed a "notice of intent to appoint
administrators" at a court in Leeds this month, scotsman.com
notes.  The filing gives temporary protection against creditors,
although it is not automatic that a full administration will
follow, the report relays.

It is thought PricewaterhouseCoopers partners Ian Green and David
Kelly have been lined up to run the insolvency, the report
discloses.

The Thai business bought the Redcar plant, one of a diminishing
number of steel plants in the UK including Scunthorpe, Cambuslang
in Scotland, and Port Talbot in south Wales, the report adds.



=============
V I E T N A M
=============


VIETNAM INTERNATIONAL: Moody's Affirms B2 Bank Deposit Ratings
--------------------------------------------------------------
Moody's Investors Service has affirmed the B2 long-term and NP
short-term bank deposit and issuer ratings of Vietnam
International Bank (VIB), as well as the b3 baseline credit
assessment (BCA).

At the same time, Moody's has changed the outlook on the long-term
bank deposit and issuer ratings to positive from stable.

RATINGS RATIONALE

RATIONALE BEHIND THE RATINGS AFFIRMATION AND OUTLOOK CHANGE

The change in the outlook to positive from stable on VIB's B2
long-term deposit and issuer ratings is driven by improvements in
the bank's standalone credit profile, to which Moody's assigns a
b3 BCA.

Specifically, the bank's asset quality metrics have improved, and
it has demonstrated a conservative growth appetite and prudent
capitalization strategy.

VIB's problem loans ratio -- which Moody's defines as loans in
categories 2 to 5 under Vietnamese accounting standards --
decreased to 3.77% of gross loans as of June 2015, from 4.14% in
December 2014.  The proportion of other problematic assets,
classified as "receivables from the sale of loans" on the bank's
balance sheet, also decreased to 1.6% from 2.2% over the same
period.

To some extent, these improvements in VIB's asset quality metrics
were driven by its sale of loans to the Vietnam Asset Management
Company (VAMC) against special VAMC bonds.  Such VAMC transactions
improve the transparency of its asset quality metrics, and force
the banks to create 20% provisions per year.  VIB's net exposure
to VAMC bonds increased to 3.7% of assets as of June 2015 from
2.7% as of Dec. 2014.

The bank also continued to channel a large part of its pre-
provision income into loan loss reserves, with loan loss
provisions accounting for 50% of pre-provision income in the first
half of 2015.

The bank's credit growth appetite remains conservative.  VIB
reported an 8% increase (non-annualized) in gross loans in the
first half of 2015, which is in line with the banking system
average.

VIB's equity to assets ratio improved to 10.8% as of June 2015
from 10.5% in December 2014, providing it with the highest capital
buffer among the nine Moody's-rated banks in Vietnam.  VIB's
liquidity position also remains strong, with cash and government
bonds accounting for around 32% of assets as of June 2015.

Moody's continues to incorporate a moderate probability of
government support into VIB's B2 ratings, resulting in a one-notch
uplift of from the bank's b3 BCA.  Moody's support assumptions are
driven by the strong history of government support to the banking
sector, in the form of liquidity assistance and regulatory
forbearance.

WHAT COULD CHANGE THE RATINGS UP/DOWN

Further improvements in asset quality metrics and recurring
profitability could lead to a ratings upgrade, provided that the
bank maintains its sound capital buffer and credit growth below or
close to the system average.

The ratings could be downgraded or the outlook revised to stable
or negative if the bank's asset quality deteriorates to such an
extent that potential credit losses almost fully deplete its loss-
absorbing buffers.  A significant deterioration in its liquidity
metrics could also be negative for the ratings.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Banks
published in March 2015.

Taking into account today's announcement, the affected ratings
are:

Vietnam International Bank

   -- The local currency and foreign currency long-term deposit
      ratings were affirmed at B2; positive outlook
   -- The local currency and foreign currency long-term issuer
      ratings were affirmed at B2; positive outlook
   -- The BCA and Adjusted BCA were affirmed at b3
   -- The counterparty risk assessments were affirmed at
      B2(cr)/NP(cr)
   -- The local currency and foreign currency short-term deposit
      ratings were affirmed at NP
   -- The local currency and foreign currency short-term issuer
     ratings were affirmed at NP

Headquartered in Hanoi, Vietnam International Bank had total
assets of VND77,368 billion (around USD3.4 billion) at end-June
2015.


VIETNAM PROSPERITY: Moody's Affirms B3 Bank Deposit Ratings
-----------------------------------------------------------
Moody's Investors Service has affirmed Vietnam Prosperity Joint
Stock Commercial Bank's (VP Bank) B3/NP global local currency and
foreign currency bank deposit ratings.  At the same, it has
changed the outlook on the deposit ratings to stable from
positive.

Moody's has also affirmed the bank's baseline credit assessment
(BCA) and adjusted BCA of caa1.

The rating outlook changed to stable from positive.

RATINGS RATIONALE

RATIONALE BEHIND THE RATINGS AFFIRMATION AND OUTLOOK CHANGE

The change in outlook to stable from positive reflects VP Bank's
rapid loan growth of 49% in 2014 and 42% in 2013, which in both
years exceeded the industry average.  This loan growth has been
consistent with the bank's strategy of increasing its overall
market share, particularly in loans to retail and small- and
medium-sized enterprise (SME) customers, and follows a period of
upgrading internal risk management systems and controls.

However, as a result of its rapid growth its current loan book
includes a significant portion of new loans that are not fully
seasoned, and it will likely take two to three years for any
material improvement or deterioration in credit quality to become
apparent.

Preliminary data point to some weakening in its asset quality
metrics, as assets sold to the Vietnam Asset Management Company
(VAMC) increased to 2.4% of total assets in 2014 from 0.5% of
total assets in 2013.

Moreover, the still undeveloped nature of Vietnam's (B1, Stable)
retail and SME loan markets suggests that the historical data
typically used by many risk management systems are still evolving.
Therefore, while these systems could improve the in the long run,
Moody's expects some volatility in the short term.

In addition, rapid asset growth has put downward pressure on
capitalization.  VP Bank's tangible common equity as a percent of
risk weighted assets (TCE/RWA) declined to 6.7% in 2014 from 8.6%
in 2013 and 11.0% in 2012.

VP Bank expects slower growth in 2015, which could help stabilize
or improve its capital ratios in 2016.  By that time, the impact
of the bank's rapid loan growth on its asset quality and capital
ratios should also become apparent.

Moody's incorporates a moderate probability of government support
into VP Bank's B3 ratings, resulting in a one-notch uplift of from
the bank's caa1 BCA.  Moody's support assumptions are driven by
the strong history of government support to the banking sector, in
the form of liquidity assistance and regulatory forbearance.

WHAT COULD CHANGE THE RATING UP:

VP Bank's BCA could be raised if its asset quality metrics improve
materially following a period of more moderate growth.  In
addition, a significant improvement in its equity capital metrics
through internal capital generation or an external capital
injection could lead to its BCA being raised.

VP Bank's senior unsecured debt and deposit ratings could be
upgraded if its BCA is raised.

WHAT COULD CHANGE THE RATING DOWN:

Downward pressure on VP Bank's BCA could develop from a
deterioration in problem assets or further decline in its equity
capital ratios.  A material decline in the combination of profits,
loan-loss reserves and capital, relative to impaired assets, would
also put pressure on its ratings.

In addition, a downgrade of Vietnam's sovereign rating (B1 stable)
would lead to a downgrade of the bank's supported ratings.

Any downward changes in the sovereign ceiling could also affect
the bank's deposit and senior unsecured debt ratings.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Banks
published in March 2015.

Taking into account the announcement, the affected ratings are:

Vietnam Prosperity Joint Stock Commercial Bank

   -- The local currency and foreign currency long-term deposit
      ratings were affirmed at B3; stable outlook
   -- The local currency and foreign currency long-term issuer
      ratings were affirmed at B3; stable outlook
   -- The BCA and Adjusted BCA were affirmed at caa1
   -- The counterparty risk assessments were affirmed at
      B2(cr)/NP(cr)
   -- The local currency and foreign currency short-term deposit
      ratings were affirmed at NP
   -- The local currency and foreign currency short-term issuer
      ratings were affirmed at NP

Headquartered in Hanoi, Vietnam Prosperity Joint Stock Commercial
Bank had total assets of VND179,295 billion (around
USD7.8 billion) at end-June 2015.



===============
X X X X X X X X
===============


* BOND PRICING: For the Week Sept. 14 to Sept. 18, 2015
------------------------------------------------------

Issuer               Coupon   Maturity   Currency  Price
------               ------   --------   --------  -----


  AUSTRALIA
  ---------

ANTARES ENERGY LTD     10.00   10/30/23    AUD     1.93
AUSDRILL FINANCE PTY    6.88   11/01/19    USD    71.35
AUSDRILL FINANCE PTY    6.88   11/01/19    USD    71.68
BOART LONGYEAR MANAG    7.00   04/01/21    USD    68.00
BOART LONGYEAR MANAG    7.00   04/01/21    USD    68.00
CML GROUP LTD           9.00   01/29/20    AUD     0.90
CRATER GOLD MINING L   10.00   08/18/17    AUD    32.00
EMECO PTY LTD           9.88   03/15/19    USD    57.00
EMECO PTY LTD           9.88   03/15/19    USD    72.50
FMG RESOURCES AUGUST    6.88   04/01/22    USD    60.77
FMG RESOURCES AUGUST    6.88   04/01/22    USD    64.71
IMF BENTHAM LTD         6.35   06/30/19    AUD    70.38
KBL MINING LTD         12.00   02/16/17    AUD     0.32
KEYBRIDGE CAPITAL LT    7.00   07/31/20    AUD     0.70
LAKES OIL NL           10.00   03/31/17    AUD     8.13
MIDWEST VANADIUM PTY   11.50   02/15/18    USD     5.03
MIDWEST VANADIUM PTY   11.50   02/15/18    USD     4.40
RESOLUTE MINING LTD    10.00   12/04/17    AUD     1.00
STOKES LTD             10.00   06/30/17    AUD     0.40
TREASURY CORP OF VIC    0.50   11/12/30    AUD    64.59


CHINA
-----

CHANGCHUN CITY DEVEL    6.08   03/09/16    CNY    40.56
CHANGZHOU INVESTMENT    5.80   07/01/16    CNY    40.90
CHANGZHOU WUJIN CITY    5.42   06/09/16    CNY    50.50
CHINA GOVERNMENT BON    1.64   12/15/33    CNY    73.42
DANDONG CITY DEVELOP    7.81   09/06/17    CNY    71.90
DATONG ECONOMIC CONS    6.50   06/01/17    CNY    72.10
ERDOS DONGSHENG CITY    8.40   02/28/18    CNY    69.45
GRANDBLUE ENVIRONMEN    6.40   07/07/16    CNY    70.10
HANGZHOU XIAOSHAN ST    6.90   11/22/16    CNY    71.79
HUAIAN CITY URBAN AS    7.15   12/21/16    CNY    70.60
KUNSHAN ENTREPRENEUR    4.70   03/30/16    CNY    40.31
LIAOYUAN STATE-OWNED    7.80   01/26/17    CNY    71.32
NANJING NANGANG IRON    6.13   02/27/16    CNY    50.35
NANTONG STATE-OWNED     6.72   11/13/16    CNY    69.50
NINGBO CITY ZHENHAI     6.48   04/12/17    CNY    71.65
OCEAN RIG UDW INC       7.25   04/01/19    USD    58.00
OCEAN RIG UDW INC       7.25   04/01/19    USD    57.75
PANJIN CONSTRUCTION     7.70   12/16/16    CNY    72.26
QINGZHOU HONGYUAN PU    6.50   05/22/19    CNY    40.56
SHENGZHOU HOTEL CO L    9.20   02/26/16    CNY   100.00
TAIZHOU CITY CONSTRU    6.90   01/25/17    CNY    70.58
TONGLIAO CITY INVEST    5.98   09/01/17    CNY    70.50
WUHU ECONOMIC TECHNO    6.70   06/08/18    CNY    75.10
WUXI COMMUNICATIONS     5.58   07/08/16    CNY    50.75
XIANGTAN JIUHUA ECON    6.93   12/16/16    CNY    71.80
YANGZHOU ECONOMIC DE    6.10   07/07/16    CNY    50.61
YANGZHOU URBAN CONST    5.94   07/23/16    CNY    40.80
YUNNAN INVESTMENT GR    5.25   08/24/17    CNY    71.21


INDONESIA
---------

BERAU COAL ENERGY TB    7.25   03/13/17    USD    58.75
BERAU COAL ENERGY TB    7.25   03/13/17    USD    37.79
GAJAH TUNGGAL TBK PT    7.75   02/06/18    USD    71.01
GAJAH TUNGGAL TBK PT    7.75   02/06/18    USD    75.63
INDONESIA TREASURY B    6.38   04/15/42    IDR    68.79


INDIA
-----

3I INFOTECH LTD         5.00   04/26/17    USD    10.88
BLUE DART EXPRESS LT    9.30   11/20/17    INR    10.09
BLUE DART EXPRESS LT    9.50   11/20/19    INR    10.18
BLUE DART EXPRESS LT    9.40   11/20/18    INR    10.13
COROMANDEL INTERNATI    9.00   07/23/16    INR    15.23
GTL INFRASTRUCTURE L    3.53   11/09/17    USD    24.88
INCLINE REALTY PVT L   10.85   04/21/17    INR     6.66
INCLINE REALTY PVT L   10.85   08/21/17    INR     9.99
INDIA GOVERNMENT BON    0.34   01/25/35    INR    23.44
JAIPRAKASH ASSOCIATE    5.75   09/08/17    USD    70.78
JCT LTD                 2.50   04/08/11    USD    21.50
ORIENTAL HOTELS LTD     2.00   11/21/19    INR    74.98
PRAKASH INDUSTRIES L    5.25   04/30/15    USD    46.13
PYRAMID SAIMIRA THEA    1.75   07/04/12    USD     1.00
REI AGRO LTD            5.50   11/13/14    USD    20.63
REI AGRO LTD            5.50   11/13/14    USD    20.63


JAPAN
-----

AVANSTRATE INC          3.02   11/05/15    JPY    41.13
AVANSTRATE INC          5.00   11/05/17    JPY    30.50
ELPIDA MEMORY INC       0.70   08/01/16    JPY    10.25
ELPIDA MEMORY INC       0.50   10/26/15    JPY    10.25
ELPIDA MEMORY INC       2.03   03/22/12    JPY    10.25
ELPIDA MEMORY INC       2.10   11/29/12    JPY    10.25
ELPIDA MEMORY INC       2.29   12/07/12    JPY    10.25


KOREA
-----

2014 KODIT CREATIVE     5.00   12/25/17    KRW    29.49
2014 KODIT CREATIVE     5.00   12/25/17    KRW    29.49
DONGBU STEEL CO LTD     5.00   03/09/18    KRW    62.24
DOOSAN CAPITAL SECUR   20.00   04/22/19    KRW    37.51
HYUNDAI HEAVY INDUST    4.90   12/15/44    KRW    51.83
HYUNDAI HEAVY INDUST    4.80   12/15/44    KRW    52.80
HYUNDAI MERCHANT MAR    7.05   12/27/42    KRW    35.96
KIBO ABS SPECIALTY C   10.00   08/22/17    KRW    25.68
KIBO ABS SPECIALTY C   10.00   09/04/16    KRW    37.73
KIBO ABS SPECIALTY C   10.00   02/19/17    KRW    35.34
KIBO ABS SPECIALTY C    5.00   01/31/17    KRW    31.29
KIBO ABS SPECIALTY C    5.00   03/29/18    KRW    28.47
KIBO GREEN HI-TECH S   10.00   12/21/15    KRW    50.66
LSMTRON DONGBANGSEON    4.53   11/22/17    KRW    29.14
POSCO ENERGY CORP       4.66   08/29/43    KRW    66.64
POSCO ENERGY CORP       4.72   08/29/43    KRW    66.01
POSCO ENERGY CORP       4.72   08/29/43    KRW    66.04
PULMUONE CO LTD         2.50   08/06/45    KRW    66.69
SINBO SECURITIZATION    5.00   08/16/17    KRW    30.53
SINBO SECURITIZATION    5.00   09/28/15    KRW    66.34
SINBO SECURITIZATION    5.00   10/05/16    KRW    33.40
SINBO SECURITIZATION    5.00   10/05/16    KRW    31.80
SINBO SECURITIZATION    5.00   08/31/16    KRW    33.75
SINBO SECURITIZATION    5.00   08/31/16    KRW    33.75
SINBO SECURITIZATION    5.00   07/08/17    KRW    30.94
SINBO SECURITIZATION    5.00   07/08/17    KRW    30.94
SINBO SECURITIZATION    5.00   06/27/18    KRW    27.95
SINBO SECURITIZATION    5.00   06/27/18    KRW    27.95
SINBO SECURITIZATION    5.00   07/24/18    KRW    27.75
SINBO SECURITIZATION    5.00   07/24/18    KRW    27.75
SINBO SECURITIZATION    5.00   07/24/17    KRW    29.86
SINBO SECURITIZATION    5.00   08/29/18    KRW    27.29
SINBO SECURITIZATION    5.00   08/29/18    KRW    27.29
SINBO SECURITIZATION    5.00   08/16/16    KRW    32.89
SINBO SECURITIZATION    5.00   08/16/17    KRW    30.53
SINBO SECURITIZATION    5.00   01/19/16    KRW    40.63
SINBO SECURITIZATION    5.00   03/14/16    KRW    35.66
SINBO SECURITIZATION    5.00   02/21/17    KRW    31.87
SINBO SECURITIZATION    5.00   01/29/17    KRW    32.13
SINBO SECURITIZATION    5.00   02/02/16    KRW    39.45
SINBO SECURITIZATION    8.00   02/02/16    KRW    43.24
SINBO SECURITIZATION    5.00   03/13/17    KRW    31.64
SINBO SECURITIZATION    5.00   03/13/17    KRW    31.64
SINBO SECURITIZATION    5.00   07/26/16    KRW    34.13
SINBO SECURITIZATION    5.00   07/26/16    KRW    34.13
SINBO SECURITIZATION    5.00   12/25/16    KRW    31.73
SINBO SECURITIZATION    5.00   05/27/16    KRW    34.81
SINBO SECURITIZATION    5.00   05/27/16    KRW    34.81
SINBO SECURITIZATION    5.00   06/29/16    KRW    34.45
SINBO SECURITIZATION    5.00   12/13/16    KRW    32.63
SINBO SECURITIZATION    5.00   01/15/18    KRW    29.30
SINBO SECURITIZATION    5.00   01/15/18    KRW    29.30
SINBO SECURITIZATION    5.00   02/11/18    KRW    28.83
SINBO SECURITIZATION    5.00   02/11/18    KRW    28.83
SINBO SECURITIZATION    5.00   10/01/17    KRW    29.98
SINBO SECURITIZATION    5.00   10/01/17    KRW    29.98
SINBO SECURITIZATION    5.00   10/01/17    KRW    29.98
SINBO SECURITIZATION    5.00   12/07/15    KRW    46.77
SINBO SECURITIZATION   10.00   12/27/15    KRW    49.64
SINBO SECURITIZATION    5.00   02/21/17    KRW    31.87
SINBO SECURITIZATION    5.00   03/12/18    KRW    28.61
SINBO SECURITIZATION    5.00   03/12/18    KRW    28.61
SINBO SECURITIZATION    5.00   06/07/17    KRW    22.76
SINBO SECURITIZATION    5.00   06/07/17    KRW    22.76
SINBO SECURITIZATION    5.00   09/26/18    KRW    27.09
SINBO SECURITIZATION    5.00   09/26/18    KRW    27.09
SINBO SECURITIZATION    5.00   09/26/18    KRW    27.09
SK TELECOM CO LTD       4.21   06/07/73    KRW    64.73
TONGYANG CEMENT & EN    7.50   04/20/14    KRW    70.00
TONGYANG CEMENT & EN    7.30   06/26/15    KRW    70.00
TONGYANG CEMENT & EN    7.30   04/12/15    KRW    70.00
TONGYANG CEMENT & EN    7.50   09/10/14    KRW    70.00
TONGYANG CEMENT & EN    7.50   07/20/14    KRW    70.00
U-BEST SECURITIZATIO    5.50   11/16/17    KRW    30.21
WISE MOBILE SECURITI   20.00   07/17/18    KRW    72.48


SRI LANKA
---------

SRI LANKA GOVERNMENT    5.35   03/01/26    LKR    68.87


MALAYSIA
--------

BANDAR MALAYSIA SDN     0.35   12/29/23    MYR    70.43
BANDAR MALAYSIA SDN     0.35   02/20/24    MYR    69.93
BIMB HOLDINGS BHD       1.50   12/12/23    MYR    70.31
BRIGHT FOCUS BHD        2.50   01/24/30    MYR    68.84
BRIGHT FOCUS BHD        2.50   01/22/31    MYR    66.02
LAND & GENERAL BHD      1.00   09/24/18    MYR     0.27
SENAI-DESARU EXPRESS    0.50   12/29/45    MYR    74.57
SENAI-DESARU EXPRESS    0.50   12/31/40    MYR    68.89
SENAI-DESARU EXPRESS    0.50   12/30/44    MYR    73.65
SENAI-DESARU EXPRESS    0.50   12/31/38    MYR    65.77
SENAI-DESARU EXPRESS    0.50   12/30/39    MYR    67.56
SENAI-DESARU EXPRESS    0.50   12/31/41    MYR    70.03
SENAI-DESARU EXPRESS    0.50   12/31/43    MYR    72.68
SENAI-DESARU EXPRESS    0.50   12/31/42    MYR    71.58
SENAI-DESARU EXPRESS    1.35   12/29/28    MYR    56.70
SENAI-DESARU EXPRESS    1.35   12/31/27    MYR    59.03
SENAI-DESARU EXPRESS    1.15   06/28/24    MYR    66.84
SENAI-DESARU EXPRESS    1.15   06/30/23    MYR    70.09
SENAI-DESARU EXPRESS    1.35   12/31/29    MYR    54.37
SENAI-DESARU EXPRESS    1.10   12/31/21    MYR    74.95
SENAI-DESARU EXPRESS    1.15   12/30/22    MYR    71.78
SENAI-DESARU EXPRESS    1.35   06/30/28    MYR    57.87
SENAI-DESARU EXPRESS    1.10   06/30/22    MYR    73.21
SENAI-DESARU EXPRESS    1.35   06/30/26    MYR    62.57
SENAI-DESARU EXPRESS    1.35   12/31/26    MYR    61.37
SENAI-DESARU EXPRESS    1.35   06/28/30    MYR    53.22
SENAI-DESARU EXPRESS    1.35   12/31/30    MYR    52.00
SENAI-DESARU EXPRESS    1.35   06/30/31    MYR    50.77
SENAI-DESARU EXPRESS    1.35   12/31/25    MYR    63.83
SENAI-DESARU EXPRESS    1.35   06/30/27    MYR    60.18
SENAI-DESARU EXPRESS    1.15   06/30/25    MYR    63.71
SENAI-DESARU EXPRESS    1.35   06/29/29    MYR    55.54
SENAI-DESARU EXPRESS    1.15   12/29/23    MYR    68.45
SENAI-DESARU EXPRESS    1.15   12/31/24    MYR    65.24
UNIMECH GROUP BHD       5.00   09/18/18    MYR     1.05


PHILIPPINES
-----------

BAYAN TELECOMMUNICAT   13.50   07/15/06    USD    22.75
BAYAN TELECOMMUNICAT   13.50   07/15/06    USD    22.75


SINGAPORE
---------

AXIS OFFSHORE PTE LT    7.54   05/18/18    USD    63.84
BAKRIE TELECOM PTE L   11.50   05/07/15    USD     3.92
BAKRIE TELECOM PTE L   11.50   05/07/15    USD     3.92
BERAU CAPITAL RESOUR   12.50   07/08/15    USD    61.50
BERAU CAPITAL RESOUR   12.50   07/08/15    USD    74.78
BLD INVESTMENTS PTE     8.63   03/23/15    USD     9.50
BUMI CAPITAL PTE LTD   12.00   11/10/16    USD    28.25
BUMI CAPITAL PTE LTD   12.00   11/10/16    USD    21.02
BUMI INVESTMENT PTE    10.75   10/06/17    USD    25.94
BUMI INVESTMENT PTE    10.75   10/06/17    USD    21.02
ENERCOAL RESOURCES P    6.00   04/07/18    USD    14.50
GOLIATH OFFSHORE HOL   12.00   06/11/17    USD    30.00
INDO INFRASTRUCTURE     2.00   07/30/10    USD     1.88
ORO NEGRO DRILLING P    7.50   01/24/19    USD    74.00
OSA GOLIATH PTE LTD    12.00   10/09/18    USD    62.00
OTTAWA HOLDINGS PTE     5.88   05/16/18    USD    79.00
OTTAWA HOLDINGS PTE     5.88   05/16/18    USD    60.73


THAILAND
--------

G STEEL PCL             3.00   10/04/15    USD     4.00
MDX PCL                 4.75   09/17/03    USD    36.75


VIETNAM
-------

BANK FOR INVESTMENT    10.33   05/19/16    VND     1.00
BANK FOR INVESTMENT    10.20   05/19/21    VND     1.00
DEBT AND ASSET TRADI    1.00   10/10/25    USD    57.80
DEBT AND ASSET TRADI    1.00   10/10/25    USD    54.75



                             *********

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 2015.  All rights reserved.  ISSN: 1520-9482.

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

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



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