---

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

                      A S I A   P A C I F I C

          Thursday, November 26, 2015, Vol. 18, No. 234


                            Headlines


A U S T R A L I A

AUSTRALIA: High Cash Use Top Cause of Company Failure, ASIC Says
BBY LTD: Clients Take Swipe at Poor Record Of Guarantee Fund
BRISCONNECTIONS: Transurban Buys Airportlink For AUD2 Billion
CLIFFS NATURAL: Casablanca Capital Has 4.7% Stake as of Nov. 6
IVAN JOHNSTON: Owes Workers AUD280,000 After Liquidation

JUS COMPANY: First Creditors' Meeting Set For Dec. 3
KINGS AGE: First Creditors' Meeting Set For Nov. 30
LEADFX INC: Sprott Extends Forbearance Period Until Dec. 15
TGH GROUP: Up For Sale Following Voluntary Administration

* Declining Housing Affordability is Credit Neg., Moody's Says


C H I N A

CHINA SHANSHUI: Liquidation Application Rejected by Cayman Court
EHI CAR: Fitch Affirms 'BB-'Long-Term Foreign-Currency IDR


H O N G  K O N G

NORD ANGLIA: Moody's Affirms B1 CFR on Full Year 2015 Results


I N D I A

ADILABAD EXPRESSWAY: CARE Assigns B Rating to INR288.58cr LT Loan
AMISAL: CRISIL Assigns B+ Rating to INR65MM Export Packing Loan
ANJANEYA RICE: CRISIL Suspends B+ Rating on INR80MM Cash Loan
ARUNACHALA SPINNINGMILLS: CARE Keeps B+ Rating on INR11.25cr Loan
BEEKAY PLAZA: CRISIL Reaffirms 'B' Rating on INR83MM Term Loan

BISHNUPRIYA COLD: CRISIL Assigns B Rating to INR42MM Cash Loan
GARG CASTEELS: CARE Revises Rating on INR0.44cr Loan to B
GATI INFRASTRUCTURE: CARE Ups Rating on INR285.34cr Loan to B
HUBTOWN BUS: CARE Reaffirms B Rating on INR41.67cr LT Loan
ISHWAR OIL: CARE Assigns B+ Rating to INR5.53cr LT Loan

JWALAJI INDUSTRIES: CARE Reaffirms B Rating on INR16.79cr LT Loan
KHUSHI TRADEX: CRISIL Cuts Rating on INR100MM Loan to B+
LANCO BABANDH: CARE Reaffirms D Rating on INR8,344cr LT Loan
LUTHFA FOUNDATION: CRISIL Reaffirms B Rating on INR63.5MM Loan
M S INFRAENGINEERS: CRISIL Reaffirms B Rating on INR90MM Loan

M. SAMBANDAM: CRISIL Suspends B+ Rating on INR71.7MM LT Loan
MARUTI METAL: CRISIL Lowers Rating on INR130.5MM LT Loan to D
MINAKSHI COTEX: CRISIL Reaffirms B+ Rating on INR60MM Cash Loan
MY STORE: CRISIL Cuts Rating on INR100MM Cash Loan to B+
NAKKHEERAN PUBLICATIONS: CRISIL Reaffirms B Rating on INR45M Loan

PACK MATES: CRISIL Suspends B Rating on INR65MM LT Loan
PATNA HIGHWAY: CARE Revises Rating on INR846cr LT Loan to 'B'
PRAVARA RENEWABLE: CARE Lowers Rating on INR191.67cr Loan to B
RAGHAV INDUSTRIES: CRISIL Reaffirms B+ Rating on INR80MM Loan
RIALTO ENTERPRISES: CRISIL Suspends B+ Rating on INR170MM Loan

S.K. INDUSTRIES: CARE Reaffirms B+ Rating on INR7.90cr LT Loan
SANT AUTOWHEELS: CARE Assigns B+ Rating to INR5.80cr LT Loan
SANT AUTOZONE: CARE Assigns B+ Rating to INR5.06cr LT Loan
SAR SENAPATI: CARE Ups Rating on INR265.79cr LT Loan to B-
SHAKTI VEGETABLES: CRISIL Assigns B- Rating to INR97.5MM Loan

SHRI KALKA: CRISIL Reaffirms 'B' Rating on INR72.5MM Cash Loan
SHRI RAMRAJA: CRISIL Reaffirms D Rating on INR140MM Term Loan
SHYAM TEA: CARE Assigns B+ Rating to INR6.90cr LT Loan
SRI KANYA: CRISIL Reaffirms B+ Rating on INR150MM Cash Loan
TAYO ROLLS: CRISIL Cuts Rating on INR740MM Term Loan to 'B'

TIMES FERRO: CRISIL Ups Rating on INR259.6MM Cash Loan to B-
VAL NIRMAN: CRISIL Suspends 'B' Rating on INR61.5MM Term Loan
VIJAY IRON: CRISIL Lowers Rating on INR50MM Cash Loan to 'B'
VOLT-AGE INFRASTRUCTURE: CARE Rates INR7.0cr LT Loan at B-
WHITELOTUS INDUSTRIES: CARE Reaffirms C Rating on INR27.07cr Loan

YASIKA STEELS: CRISIL Lowers Rating on INR50.6MM LT Loan to C


I N D O N E S I A

BERAU COAL: Dollar Bonds Rally on Buyback Plan Amid Restructuring
LIPPO KARAWACI: S&P Affirms 'BB-' CCR; Outlook Stable


M A C A U

STUDIO CITY: Moody's Retains B2 CFR on Covenant Amendments


M A L A Y S I A

1MALAYSIA: Sells Power Unit in Step to Wind Down Operations


M O N G O L I A

MONGOLIA: Fitch Lowers Long-Term Issuer Default Ratings to 'B'


N E W  Z E A L A N D

STARGATE OPERATIONS: Owes More Than NZ$1.4 Million to Creditors


                            - - - - -


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


AUSTRALIA: High Cash Use Top Cause of Company Failure, ASIC Says
----------------------------------------------------------------
Melissa Karsh at Bloomberg News reports that inadequate cash flow
or high cash use was the top nominated cause of corporate failure
in Australia, included in 3,647 reports lodged on the topic, or 44
percent of reports, the Australian Securities & Investments
Commission said in a paper on insolvency statistics from
July 2014 to June 2015.

Bloomberg says ASIC looked at external administrators' reports
during that time and found that other top causes included poor
strategic management, which was indicated in 42 percent of
reports, and trading losses, nominated in 34 percent.


BBY LTD: Clients Take Swipe at Poor Record Of Guarantee Fund
------------------------------------------------------------
Joyce Moullakis at The Sydney Morning Herald reports that
aggrieved clients of failed broker BBY Ltd have hit out at the
slow pace of claims processing and poor record of paying by the
National Guarantee Fund, as the compensation pool's administrator
admitted its processes should be reviewed.

SMH says the Securities Exchanges Guarantee Corporation (SEGC),
which administers the NGF equities compensation vehicle, has been
dragging its heels on dealing with claims by arguing it must await
the finalisation of Supreme Court proceedings relating to BBY.
According to the report, the next directions hearing is scheduled
for February, which may determine how liquidator KPMG will
distribute funds to thousands of clients entangled in the
collapse.

SMH relates that despite having received 80 applications, the SEGC
has also extended the window for clients to make claims, and said
it will not determine claims until an unspecified deadline passes.
The lengthy delays and lack of communication has enraged clients
who made applications. Many lost substantial amounts when BBY was
placed in voluntary administration in May, says SMH.

The report notes that KPMG uncovered a shortfall in BBY client
accounts of AUD16 million, net of AUD3.4 million in collateral
returned by the ASX.

"It's not fair that small and medium investors are caught in the
middle of this," Shane Ball, a professional investor and business
owner told Fairfax Media, SMH relays. He estimates he lost at
least AUD30,000 due to BBY's collapse but suspects the figure is
higher, relates SMH.

"This [NGF process] has been going on six months and to not hear
back is a disgrace," he said, notes the report.  He traded shares,
which were cleared and settled through BBY, not complex
instruments.

According to the report, the SEGC set up a panel of lawyers to
assist with claims given the anticipated volume but many firms are
seeking thousands of dollars upfront to submit a claim.

As at June 30, the NGF's assets were AUD103.5 million and it paid
out zero claims during the financial year, SMH discloses citing
NGF's annual report.  SMH relates that the document also outlined
the SEGC's calls for a "full review" of its compensation
arrangements and processes to reflect evolving financial markets.

Because of restrictions on total claims that can be made involving
one market participant, claims relating to property entrusted with
BBY are capped at about AUD11.4 million, SMH notes.

"The (NGF) application is an absolute nightmare to fill out," SMH
quotes investor David Downie, whose self managed super fund lost
about AUD100,000 in BBY's collapse, as saying. "The impression I
get is we are likely to spend a bunch of money and unlikely to get
an outcome.

"The lack of information coming out of everyone including the ASX,
NGF, ASIC [Australian Securities and Investments Commission] and
KPMG is appalling."

The NGF was formed when state exchanges and fidelity funds merged
to create the ASX. The compensation pool only covers equities
trading on the ASX although Chi-X Australia is expected to join in
2016.

                             About BBY

Founded in 1987, BBY Limited is a boutique investment firm that
offers brokerage and financial advisory services. The company
provides merger and acquisition, initial public offering, private
placement, equity trading, and market and business research
services. Additionally, it offers capital raising, restructuring,
due diligence, valuation, relationship management, and clearing
services.

On May 18, the Directors of BBY Limited have appointed KPMG as
Voluntary Administrators.  The appointment comes after a number of
run-ins with regulators over its capital requirements and failing
to repay an intraday loan to St George Bank, according to The
Sydney Morning Herald.

KPMG found that clients faced a combined shortfall in their
accounts of AUD16 million, SMH disclosed.


BRISCONNECTIONS: Transurban Buys Airportlink For AUD2 Billion
-------------------------------------------------------------
Stephen Letts at ABC News reports that toll road operator
Transurban has bought Brisbane's troubled Airportlink roadway for
AUD2 billion -- almost 60% less than the original AUD4.8 billion
construction cost.

Transurban won the auction run by toll road receivers PPB, acting
on behalf of a syndicate of banks and opportunistic hedge funds
which had snapped up tranches of cheap debt when the company was
heading for administration, ABC News relates.

ABC News says to fund the deal in part, Transurban has announced
it will raise AUD1 billion though a renounceable rights offering
to its shareholders.

The entitlements are priced at AUD9.60 per share, a 5% discount to
Transurban's last traded price.

The 6.7 kilometre AirportlinkM7 tunnel connects Brisbane Airport
with CBD was completed in July 2012, the report discloses.

ABC News notes that initial forecasts from the failed project
operator -- the Brisconnections consortium -- that the Airportlink
would attract 170,000 vehicles a day within months of opening
proved wildly optimistic.

Fewer than 50,000 vehicles a day were using the tollway by the
time it went into receivership in early 2013, the report says.

According to ABC News, the Airportlink acquisition strengthens
Transurban's position as the dominant player in Brisbane's toll
road network, which includes Legacy Way and the Gateway and Logan
Motorways.

It will also link up with the Clem7 Tunnel that Transurban and its
partners purchased from the Queensland Motorways consortium last
year for AUD7 billion, adds ABC News.

                    About BrisConnections Group

BrisConnections Group is the company behind the AUD4.8 billion
Airport Link tunnel.  AirportlinkM7 is the toll road linking
Brisbane's CBD to the northern suburbs and the Brisbane Domestic
and International Airport.

David McEvoy, Christopher Hill and Michael Owen of PPB Advisory
were appointed as Receivers and Managers to the BrisConnections
Group on Feb. 19, 2013.  This follows the appointment of partners
of McGrathNicol as Voluntary Administrators by the Board of
BrisConnections Group.

Yahoo!7, citing a release to the ASX, reported that
BrisConnections went into administration citing low traffic levels
and debts worth more than the tunnel.

BrisConnections entered negotiations to restructure its debt, but
the board was told lenders were not prepared to support the
proposals, according to Yahoo!7.


CLIFFS NATURAL: Casablanca Capital Has 4.7% Stake as of Nov. 6
--------------------------------------------------------------
In an amended Schedule 13D filed with the Securities and Exchange
Commission, Casablanca Capital LP, Donald G. Drapkin and Douglas
Taylor disclosed that as of Nov. 6, 2015, they beneficially own
7,254,865 shares of common stock of Cliffs Natural Resources Inc.,
representing 4.7 percent of the shares outstanding.

A copy of the regulatory filing is available at
http://is.gd/gLJk4x

                  About Cliffs Natural Resources

Cliffs Natural Resources Inc. --
http://www.cliffsnaturalresources.com/-- is a mining and natural
resources company. The Company is a major supplier of iron ore
pellets to the U.S. steel industry from its mines and pellet
plants located in Michigan and Minnesota. Cliffs also produces
low-volatile metallurgical coal in the U.S. from its mines located
in West Virginia and Alabama. Additionally, Cliffs operates an
iron ore mining complex in Western Australia and owns two non-
operating iron ore mines in Eastern Canada. Driven by the core
values of social, environmental and capital stewardship, Cliffs'
employees endeavor to provide all stakeholders operating and
financial transparency.

On Jan. 27, 2015, Bloom Lake General Partner Limited and certain
of its affiliates, including Cliffs Quebec Iron Mining ULC
commenced restructuring proceedings in Montreal, Quebec, under the
Companies' Creditors Arrangement Act (Canada). The initial CCAA
order will address the Bloom Lake Group's immediate liquidity
issues and permit the Bloom Lake Group to preserve and protect its
assets for the benefit of all stakeholders while restructuring and
sale options are explored.

The Company reported a net loss of $8.31 billion in 2014 following
net income of $362 million in 2013.

As of Sept. 30, 2015, the Company had $2.27 billion in total
assets, $4.03 billion in total liabilities and a $1.75 billion
total deficit.

                               * * *

As reported by the TCR on Feb. 3, 2015, Standard & Poor's Ratings
Services said it lowered its corporate credit rating on Cliffs
Natural Resources Inc. to 'B' from 'BB-'. The downgrade of
Cleveland-based Cliffs Natural Resources is driven by a revision
of the company's financial risk profile to "highly leveraged" from
"aggressive" as a result of S&P's lowered iron ore price
assumptions. The 24% cut to $65 per metric ton marked the
third downward revision since early 2014, when S&P's forecast
prices were more than $100 per metric ton.

The TCR reported in March 2015 that Moody's Investors Service
downgraded Cliffs Natural Resources Inc. Corporate Family Rating
and Probability of Default Rating to 'B1' and 'B1-PD'
respectively. "The downgrade in the CFR to 'B1' reflects
expectations for a weaker performance in the Asia Pacific iron ore
(APIO) segment, which has a greater exposure to the movement of
iron ore prices in the seaborne market," said Carol Cowan, Moody's
senior vice president.


IVAN JOHNSTON: Owes Workers AUD280,000 After Liquidation
--------------------------------------------------------
Tara Miko at The Chronicle reports that employees owed thousands
of dollars from a Toowoomba-based construction and employment
company have been left with few options after it went into
voluntary liquidation.

Ivan Johnston and Co and two related entities, IJC Employment and
Commercial Plumbing Services, went into liquidation on
October 27, with more than AUD280,000 left owing to workers, the
report says.

The Chronicle relates that SV Partners directors Anne Meagher and
Terry Grant van der Velde have been appointed to oversee the
liquidation but have warned it is unlikely any unsecured creditors
will recover costs.

According to the report, Ms Meagher said IJC Employment was a
labour hire business providing employees for the building and
plumbing businesses, with seven projects under construction in the
Toowoomba area.

Those projects were determined to be "uncommercial" to continue
with, or the projects were terminated by contractors, she said.

"Employees are owed about AUD281,886 (including redundancy and
payment in lieu of notice) by the employment company," the report
quotes Ms. Meagher as saying.

"At the time of the appointment, there were seven residential or
commercial projects being completed by Ivan Johnston & Co.

"The liquidators reviewed the costs to complete these projects and
have over time either determined it was uncommercial to do so or
have been notified by head contractors that the contracts are now
terminated."

SV Partners on Nov. 17 met with creditors to discuss what options
were available, the report says.

"The fixed assets owned by Ivan Johnston & Co will be realised and
the proceeds paid first to the company's secured creditor (NAB).
Unfortunately at this time it does not appear there will be a
return to unsecured creditors," Ms. Meagher, as cited by The
Chronicle, said.

"However investigations are continuing and any return to unsecured
creditors would be dependent on the outcome of these
investigations."

The Chronicle relates that Ms Meagher said employees had been
advised to lodge claims with the Department of Employment to
"recoup any money owed to them" through the Fair Entitlements
Guarantee Act 2012.

"Employees needing assistance with their claims should contact SV
Partners," she said, the report relays.


JUS COMPANY: First Creditors' Meeting Set For Dec. 3
----------------------------------------------------
David Iannuzzi and Steve Naidenov of Veritas Advisory were
appointed as administrators of The Jus Company Pty Ltd on Nov. 23,
2015.

A first meeting of the creditors of the Company will be held at
Veritas Advisory, Level 12, 88 Pitt Street, in Sydney on
Dec. 3, 2015, at 10:00 a.m.


KINGS AGE: First Creditors' Meeting Set For Nov. 30
---------------------------------------------------
Bob Jacobs at Auxilium Partners was appointed as administrator of
Kings Age Group (International) Pty Ltd, trading as Pizza Hut
Tuart Hill and Pizza Hut Padbury, on Nov. 18, 2015.

A first meeting for each of the Companies will be held at Auxilium
Partners, Level 3, 1060 Hay Street, in West Perth, on Nov. 30,
2015, at 2:00 p.m.


LEADFX INC: Sprott Extends Forbearance Period Until Dec. 15
-----------------------------------------------------------
LeadFX Inc. on Nov. 20 disclosed that Sprott Resources Lending
Partnership has agreed to extend the period of forbearance under
its secured credit facility with the Company to December 15, 2015
while management works through a close out solution. All other
terms and conditions of the forbearance agreement remain the same.

                           About LeadFX

LeadFX is a Canadian-based mining company focused on the
development of lead-silver projects located in stable
jurisdictions. Its current portfolio includes a restart-ready lead
operation in Western Australia and a development project in Utah,
USA. The Company is developing opportunities at its new properties
in North America to underpin future cash flow and growth. LeadFX
trades under the symbol "LFX" on the Toronto Stock Exchange.


TGH GROUP: Up For Sale Following Voluntary Administration
---------------------------------------------------------
Eloise Keating at SmartCompany reports that the stock and
intellectual property of one half of a prominent furniture and
bedding retail buying group is for sale, after the company and its
related entities were placed in voluntary administration earlier
this month.

Homemakers North, which has member stores in Queensland and
northern New South Wales, entered voluntary administration on
November 17, along with two related entities, TGH Group Holdings
and TGH Floor Coverings, the report discloses.

TGH Group owns 50% of Homemakers Australia, along with another
entity, Homemakers South, which has member stores in Victoria and
is not in administration, according to SmartCompany.

Stores in the Homemakers group are independently owned and as such
are not in voluntary administration, the report notes.

Homemakers Australia was established in 1972 as an umbrella brand
for independently owned furniture, bedding and flooring retailers
across the country. Homemakers launched the Sleepzone brand in
January 2014 and also connected to the Floorzone brand.

Homemakers North coordinated the sale of stock to each of its
member stores and allowed them to use the group's IP and
trademarks. The group also provided marketing services to the
stores.

Tim Michael and William Colwell of Ferrier Hodgson were appointed
to manage the administration and the first meeting of creditors
took place on November 24.

Messrs. Michael and Colwell told SmartCompany the directors of
Homemakers North decided to appoint administrators because the
group was or was likely to be insolvent in the near future.

According to the report, the administrators said the group was
turning over approximately AUD5 million at the time of their
appointment and had six full-time employees.

In a letter sent to members on November 23, which has been seen by
SmartCompany, Mr. Michael said he has received expressions of
interest from a number of parties for the sale of the group's
stock and/or intellectual property.

SmartCompany relates that Mr. Michael said he was considering
offers for either all of the furniture stock, all of the flooring
stock, or a combined offer for all of the furniture and flooring
stock together, but would not be considering offers for parts of
the stock.

He also informed members of the group that back orders placed
prior to his appointment would not be processed and would not be
taking liability for stock that is in possession of an overseas
distribution, Seabridge Group Australia, which is owed funds by
the Homemakers group, SmartCompany adds.


* Declining Housing Affordability is Credit Neg., Moody's Says
--------------------------------------------------------------
Moody's Investors Service says that housing affordability in
Australia has deteriorated significantly over the 12 months to
October 2015, in turn increasing the risk of delinquency and
default for mortgage loans in residential mortgage backed
securities (RMBS), a credit negative.

"Nationally, Australian households with two income earners spent
an average of 29.3% of their monthly income on monthly mortgage
repayments as of Oct. 30, 2015, up from 28.2% last year," says
Natsumi Matsuda, a Moody's Analyst.

"The current low mortgage interest rates have failed to offset the
impact of rising house prices over the past year, and the
implementation of interest rate hikes this month will further
increase delinquency and default risks for mortgage loans," adds
Matsuda.

Matsuda was speaking on the release of Moody's report on
Australian RMBS, titled "Housing Affordability Deteriorates,
Sydney Worst in 14 Years".

In Sydney, where house prices rose rapidly over the past year,
households spent an average of 39.2% of their income on mortgage
repayments as of October 2015, up from 36.1% a year ago and the
highest level since 2001.

Housing affordability also deteriorated in Melbourne (32.1%) and
Adelaide (21.7%), but improved in Brisbane (23.3%) and Perth
(21.0%).

The deterioration in housing affordability is credit negative for
new mortgage loans and for RMBS backed by such loans.

Specifically, the less affordable a mortgage becomes relative to
household income, the higher the risk of delinquency and default.

The current low mortgage interest rate -- the average standard
variable mortgage interest rate of 5.45% as of October 2015 is
well below the 10-year average of 7.07% -- has also failed to
offset the impact of rising house prices.

And while the Reserve Bank of Australia has cut the official cash
rate twice so far in 2015 to a record low of 2%, Australian
mortgage lenders in October lifted their mortgage interest rates
by between 0.15 and 0.20 percentage points.  The rate hikes will
take effect in November, and will further weaken housing
affordability.

Moody's says new mortgages in Sydney and Melbourne are especially
problematic, given the steep housing price increases in these two
cities of 17.6% and 15.4% respectively, over the 12 months to
October 2015.

Mortgages from Sydney and Melbourne account for 45% of loans in
the rated Australian RMBS portfolio as of May 2015.

Conversely, median house prices in Perth declined 5.7% over the
year and are now down 7.2% from their 10-year peak in April 2014,
owing to the city's high exposure to employment industries
affected by the downturn in the mining and resources sector.



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


CHINA SHANSHUI: Liquidation Application Rejected by Cayman Court
----------------------------------------------------------------
Lianting Tu at Bloomberg News reports that China Shanshui Cement
Group Ltd. failed in its attempt to liquidate its business after
the Grand Court in the Cayman Islands rejected its application to
do so, clearing a path for major shareholders to work out a way
for the company to repay debt.

China Shanshui said the court ruled that the company's directors
didn't have the authority to present a winding-up petition on
behalf of the company, according to a filing to the Hong Kong
stock exchange, notes Bloomberg News.  The firm, based in the
eastern Chinese province of Shandong but incorporated in the
Cayman Islands, filed a liquidation application earlier this
month, saying in a statement that the action aims to reduce the
risk of the company being "destabilized by creditor action,"
Bloomberg News notes.

Bloomberg News says that China Shanshui failed to repay CNY2
billion ($313 million) of onshore notes two weeks ago as a
shareholder fight hurt financing, becoming at least the sixth
Chinese firm to renege on local notes this year and triggering
default on its dollar debentures.  The company will host an
extraordinary general meeting on Dec. 1, in which shareholders
will vote whether to remove the current board.

"The Cayman liquidation application rejection will bring
Shanshui's major shareholders back to the table to work out a
resolution with the board for the ongoing shareholder dispute that
has been hindering the development of the repayment of onshore and
offshore debts," said Ross Lee, a credit analyst at Bank of China
Hong Kong Ltd., Bloomberg News discloses.

Bloomberg News says that Tianrui Group Co., Shanshui's biggest
shareholder, said in a Nov. 17 filing it would lend funds if its
proposed restructure of the cement company's board occurs and
triggers early repayment of Shanshui's $500 million of 2020 bonds.

Bloomberg News relays that Asia Cement Corp., also a major
shareholder, has $800 million in financing available to support
any Shanshui recapitalization.

Domestic lenders to Shanshui are asking the company to provide
collateral for their loans, amid worries that the defaulter would
not be able to repay its debts, Henry Li, the firm's chief
executive officer, said on Nov. 20, adds Bloomberg News.

                      About China Shanshui

China Shanshui Cement Group Limited is engaged in manufacturing
and sale of cement and clinker, and limestone mining. The Company
is engaged in the production and sales of various types of
cements, and the production of commodity clinker necessary for
various types of high grade cements in Shandong and Liaoning
Provinces. The commodity clinker produced by the Company is mainly
sold to clients with cement grinding station. The cement produced
by the Company under the brand of Shanshui Dongyue is widely used
in construction works for roads, bridges, housing and various
types of construction projects. The Company operates in four
geographical areas: Shandong Province, Northeastern China,
Xinjiang Region and Shanxi Province.

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 17, 2015, Standard & Poor's Ratings Services said that it had
lowered its long-term corporate credit rating on China Shanshui
Cement Group Ltd. to 'D' from 'CC'.  At the same time, S&P lowered
its long-term Greater China regional scale rating on the company
to 'D' from 'cnCC'.

S&P also lowered its issue rating on Shanshui's U.S. dollar-
denominated senior unsecured notes to 'D' from 'CC' and the
Greater China regional scale rating on the notes to 'D' from
'cnCC'. Shanshui is a China-based cement producer.


EHI CAR: Fitch Affirms 'BB-'Long-Term Foreign-Currency IDR
-----------------------------------------------------------
Fitch Ratings has affirmed eHi Car Services Limited's (eHi) Long-
Term Foreign-Currency Issuer Default Rating (IDR) and senior
unsecured rating at 'BB-'. The Outlook on the IDR is Stable.

KEY RATING DRIVERS

Adequate Funding for Fast Expansion: Fitch expects eHi to expand
its fleet size to 38,000 vehicles at end-2015 from 19,746 at end-
2014 after having raised USD304m from an IPO in November 2014 and
other sources. The near-doubling of its fleet in 2015 follows a
71% increase in 2014. This rapid increase in business scale drove
revenue 50% higher to CNY851m in 2014 and revenue is likely to
reach CNY1.5bn in 2015.

Improving Operating Leverage: eHi is set to benefit from wider
margins following the significant increase in scale. The
improvement in operational efficiency is mainly due to the
combined effect of a larger fleet size per service location and
decreasing staff numbers per vehicle. EBITDA margin improved to
41% in 3Q15 from 33% in 2014, and Fitch expects EBITDA margin
(excluding gains/losses on car disposals) to increase to above 40%
in 2015. The company's larger operating scale will help to drive
EBITDA growth of over 40% in each of the next two years, and help
to keep FFO net leverage below 3.0x (2014: 1.9x).

Predictable Contractual Service Income: eHi has a well-established
reputation in providing car services (including short-term and
long-term) to corporate customers and also provides long-term
self-drive car rentals; these two segments together accounted for
more than 30% of net revenue in 2014. It has more than 32,000
corporate long-term clients, some of which are large multinational
companies. Fitch believes eHi's corporate business will continue
to generate CNY300m-600m in revenue in 2015-2016, which will
provide a cushion to the company in case of distress.

Competitive Pressure: eHi has a smaller fleet size than industry
leader, CAR Inc. (CAR, BB+/Stable), which had a fleet size of
93,000 as of September 2015. This puts pressure on eHi to expand
to narrow the market-share gap with CAR, which continues to expand
aggressively. Competition for market share will put more pressure
on eHi's financial profile than on its bigger competitor. eHi
generated EBITDA of CNY270m versus CAR's CNY1.60bn in 2014

Unproven Car Disposal Track Record: eHi has not needed to dispose
of a large number of vehicles because the fleet is still very
young. eHi is currently relying on auction companies to dispose of
its vehicles, but it has explored other channels, including
working with third-party online platforms and establishing a
repurchase programme with auto manufacturers. eHi has yet to prove
it is able to dispose of a large number of vehicles and create a
sustainable fleet renewal cycle. Considering the immature used-car
market in China, car disposal will be one of the main challenges
facing eHi in the future.

Regulation Risk: The Chinese car rental and car service industry
is mainly regulated by local government authorities without a
national governing law. The regulations often vary by geography
and are subject to changes and practical deviations. Any
unexpected change in regulations could adversely impact eHi's
operations. Although these risks are not imminent, the industry is
at an early stage of development in China and there are likely to
be regulatory changes before the industry matures and stabilises.

KEY ASSUMPTIONS

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

-- Total fleet size will almost double to 38,000 in 2015. Total
    fleet size to increase by CAGR of 33% over 2015-2019

-- Net revenue will increase more than 75% in 2015 and rise by a
    CAGR of more than 30% in 2015-2019.

-- Fleet depreciation schedule: 15% of gross fleet value.

-- Existing vehicles purchased before June 2014 will be disposed
    in 3.5 years; new vehicles purchased after June 2014 will be
    disposed in 2.75 years.

-- Capex/car rental vehicle is CNY100,000 and capex/car service
    vehicle is CNY225,000.

-- EBITDA margin will increase to more than 40% in 2015 and
    reach 53% in 2019.

RATING SENSITIVITIES

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

-- FFO adjusted net leverage sustained above 3x

-- EBITDA margin (excluding gains/losses from car disposals)
    sustained below 40% (9M15: 39%)

-- EBIT margin (excluding gains/losses from car disposals)
    sustained below 15% (9M15: 5.3%)

-- Significant losses from car disposal or evidence of
    difficulty in establishing a track record of used-car
    disposal at reasonable terms

-- Evidence of greater government, regulatory or legal
    intervention leading to an adverse change in the company's
    operation and business profile

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

-- No positive rating pressure in the next 12-18 months until it
    establishes a longer track record of used-car disposal and
    sustains a fleet renewal cycle

-- A more mature regulatory environment in the car rental
    business



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


NORD ANGLIA: Moody's Affirms B1 CFR on Full Year 2015 Results
-------------------------------------------------------------
Moody's Investors Service says Nord Anglia Education, Inc.'s (NAE)
reported full year 2015 (fiscal year ended Aug. 31, 2015) results
are in line with expectations and have no impact on its B1
corporate family rating (CFR) and the B1 rating on the senior
secured term loan B and revolving credit facility issued by Nord
Anglia Education Finance LLC.

The ratings outlook is stable.

NAE's 25.2% year-on-year growth in 2015 revenue, on a constant
currency basis, was driven by acquisitions of schools in Singapore
and Cambodia in 2014 and of four British International Schools
(BIS) in Vietnam since January 2015.

"As the company integrates the six Meritas schools acquired at the
end of June 2015, we continue to foresee healthy revenue growth,
strong profitability, and declining leverage, with projected FY
2016 revenue growth of 25%-30%, adjusted EBITDA margins of over
30%, and adjusted debt to EBITDA trending toward 6.0x," says Joe
Morrison, a Moody's Vice President and Senior Credit Officer.

NAE's financial leverage as measured by adjusted debt/EBITDA --
which incorporates capitalized leases and removal of one-off
expenses -- should trend down toward 6.0x over the next 12-18
months from an estimated level of about 6.8x Aug. 31, 2015, pro
forma for full year EBITDA contributions from the acquired
schools.

"NAE will continue to benefit from integration of the recent
acquisitions, increased enrollments, and tuition increases that
outpace cost inflation," adds Morrison, who is the lead analyst
for NAE.  "We expect the company will be disciplined in executing
its acquisition strategy, acquiring individual schools in existing
markets that are accretive to earnings and cash flow."

NAE's ratings are supported by stable and predictable cash flow
from the demand for its premium educational services.

NAE's liquidity remains solid, with its $226 million in cash
holdings at end-August 2015 sufficient to cover its $9 million of
term loan amortization over the next 12 months.

The principal methodology used in these ratings was Business and
Consumer Service Industry published in December 2014.

Nord Anglia Education, Inc. is headquartered in Hong Kong and
operates 42 international premium schools in Asia, Europe, the
Middle East, and North America, with more than 34,300 students
ranging in level from pre-school through to secondary school.  NAE
also provides outsourced education and training contracts with
governments and curriculum products through its Learning Services
division.  For the fiscal year ended Aug. 31, 2015, NAE generated
revenues of about $577 million.



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


ADILABAD EXPRESSWAY: CARE Assigns B Rating to INR288.58cr LT Loan
-----------------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of Adilabad
Expressway Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities    288.58      CARE B Assigned

Rating Rationale

The rating assigned to the bank facilities of Adilabad Expressway
Private Limited (AEPL) is constrained by tight liquidity position
resulting in thin debt coverage indicators, Operations and
Maintenance (O&M) risk with absence of fixed-price major
maintenance (MM) contract and Major Maintenance Reserve Account
(MMRA), interest rate risk and absence of Debt Service Reserve
Account (DSRA). The rating is, however, underpinned by the
experienced promoters, operational annuity project providing
stability of cash flows with the timely receipt of annuities and
low credit risk of annuity provider National Highways Authority of
India (NHAI) and continued liquidity support towards the project
and envisaged additional funding support to meet the first major
maintenance expenses in the medium term.

The ability of the company to bring in timely sponsor support to
fund the major maintenance and complete first major maintenance
cycle within the estimated cost, manage interest rate risk and/or
occurrence of force majeure events are viewed as the key rating
sensitivities.

AEPL is a special purpose vehicle (SPV) promoted by Soma
Enterprise Limited (SEL) (87.99% holding) for the design,
construction, development, finance, operation and maintenance of a
55 km road stretch on National Highway (NH)-7 on a build, operate
and transfer (BOT) Annuity basis. The scope of work involves
developing the 55 km road stretch to four lane divided carriageway
standards including strengthening of the existing two-lane road.
The project is located in Andhra Pradesh (close to the AP
Maharashtra border) and is part of the North-South Corridor of
National Highways Development Project (NHDP) Phase 2. The
concession term is 20 years starting from November 2007 (including
a two year construction period). Against a scheduled commercial
operation date (SCOD) of November 2009, the project had achieved
provisional commercial operation date (PCOD) for the complete
stretch in June 2010. AEPL is entitled to an annuity of INR62.96
crore payable semi-annually. However, on account of the delayed
commissioning, the project cost has increased by INR48.02 crore
which has been funded by the short-term debt of INR24 crore and
balance by means of unsecured loans from Soma Enterprise Limited
(SEL).

During FY15 (refers to the period April 1 to March 31), the
company registered total operating income of INR63.23 crore
(INR63.39 crore in FY14) with net loss of INR3.72 crore (INR8.70
crore in FY14).


AMISAL: CRISIL Assigns B+ Rating to INR65MM Export Packing Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facility of Amisal.

                            Amount
   Facilities             (INR Mln)    Ratings
   ----------             ---------    -------
   Export Packing Credit     65        CRISIL B+/Stable

The rating reflect the modest scale of operations in the
fragmented leather industry and high level of customer
concentration risk in the revenue profile and working capital-
intensive operations. The ratings also reflect below-average
financial risk profile because of a modest net worth and high
gearing. These rating weaknesses are mitigated by the proprietor's
extensive experience in the leather industry.

Outlook: Stable
CRISIL believes Amisal will maintain a stable business risk
profile over the medium term backed by the proprietor's extensive
industry experience. The outlook may be revised to 'Positive' if
the financial risk profile and liquidity improve because of
higher-than-expected scale of operations and margins. Conversely,
the outlook may be revised to 'Negative' if the financial risk
profile and liquidity deteriorate on account of low cash accrual
or a significant stretch in working capital requirement.

Established in 2006, Amisal is a proprietorship firm of Mr. K S
Saluja It manufactures and exports leather fashion accessories
especially leather wallets to customers in the US and Mexico.

Prior to 2006, the business was being undertaken under another
firm Saluja Carpets since 1980s.


ANJANEYA RICE: CRISIL Suspends B+ Rating on INR80MM Cash Loan
-------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of M/s
Anjaneya Rice Industries (ARI).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            80       CRISIL B+/Stable
   Long Term Loan         30       CRISIL B+/Stable

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

Set up in 2010 as a partnership entity by Mr.V.Venkateshwaralu,
ARI is involved in the milling and processing of paddy. The firm's
manufacturing facility located at Yadgarpally Village in Andhra
Pradesh.


ARUNACHALA SPINNINGMILLS: CARE Keeps B+ Rating on INR11.25cr Loan
-----------------------------------------------------------------
CARE reaffirms ratings assigned to bank facilities of Arunachala
Spinningmills India Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     11.25      CARE B+ Reaffirmed
   Long/Short-term Bank
   Facilities                     2.0       CARE B+/CAREA4
                                            Reaffirmed

Rating Rationale

The ratings of Arunachala Spinning Mills India Private Limited
continue to be constrained by the modest scale and working capital
intensive nature of operations, thin and declining profitability
margins, susceptibility of margins to volatility in raw material
prices. The ratings are also constrained by a large proportion of
sales from a single client and its presence in the highly
fragmented cotton yarn industry.

The ratings continue to draw strength from the wide experience of
the promoters and the moderate capital structure. The ability of
ASMIPL to grow its operations, improve its profitability and
efficiently manage its working capital cycle will be important.

ASMIPL was established in 2004 by Mr M N Natarajan to manufacture
cotton yarn. The company produces cotton yarn of count of 40's
mainly used by the hosiery industry. Occasionally the company
produces yarn of 30's and 34's count also (which is about 30% of
the total sales). ASMIPL operates with an installed capacity of
16,800 spindles located at Dharapuram region in Tirupur, Tamil
Nadu. The company is also engaged in sale of cloth where the
processof knitting is outsourced. ASMIPL has four associate
companies namely Bagyalakshmi Dyeing, Everking Garments, Superking
Knitters and Veeyem Tex. All the associate concerns are in the
business of dyeing fabrics and manufacturing garments.

As per audited results, ASMIPL achieved a PAT of INR0.65 crore on
a total operating income of INR57.17 crore in FY15 (refers to the
period April 1 to March 31) as compared with PAT of INR1.31 crore
on a total operating income of INR60.63crore in FY14. In H1FY16
(provisional; April 1 to September 30, the company has achieved
sales of INR28.74 crore.


BEEKAY PLAZA: CRISIL Reaffirms 'B' Rating on INR83MM Term Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Beekay Plaza Private
Limited (BPPL) continue to reflect the susceptibility to inherent
risks, including cyclicality, in the real estate industry in
India, and exposure to risks related to implementation of its
housing projects.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee          2       CRISIL A4 (Reaffirmed)
   Term Loan              83       CRISIL B/Stable (Reaffirmed)

These rating weaknesses are partially offset by promoters'
experience in the real estate development and demonstrated project
execution capabilities.

Outlook: Stable

CRISIL believes BPPL will continue to benefit over the long term
from the promoters' experience and the steady demand for
residential real estate projects in Siliguri (West Bengal). The
outlook may be revised to 'Positive' in case of higher-than-
expected cash flows from the hotel operations, or larger-than-
expected sales realisations from the second phase of the ongoing
Barsana Garden Apartments project. Conversely, the outlook may be
revised to 'Negative' if any further delay or a cost overrun in
ongoing projects, or more-than-expected debt for funding projects,
weakens the financial risk profile.

BPPL, promoted by Mr. Narendra Garg and Mr. Nirmal Garg, was
incorporated in 2002. The company develops real estate and manages
property in Siliguri. The promoters have a land bank of around 40
acres in the state and intend to develop the plot for hospitality,
residential, and healthcare sectors.


BISHNUPRIYA COLD: CRISIL Assigns B Rating to INR42MM Cash Loan
--------------------------------------------------------------
CRISIL has revoked the suspension of its ratings on the bank
facilities of Bishnupriya Cold Storage Pvt Ltd (BCSPL), and has
assigned its 'CRISIL B/Stable/CRISIL A4' ratings to these
facilities. CRISIL had suspended the rating on July 8, 2014, as
the company had not provided the necessary information required
for a rating review. BSCPL has now shared the requisite
information enabling CRISIL to assign rating to the bank
facilities.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            42       CRISIL B/Stable (Assigned;
                                   Suspension Revoked)

   Proposed Short Term    16.1     CRISIL A4 (Assigned;
   Bank Loan Facility              Suspension Revoked)

   Term Loan              35       CRISIL B/Stable (Assigned;
                                   Suspension Revoked)

   Working Capital         7.5     CRISIL B/Stable (Assigned;
   Term Loan                       Suspension Revoked)

The ratings reflect BCSPL's weak financial risk profile because of
small net worth and high gearing; the ratings also factor in
susceptibility to adverse regulatory changes and intense
competition in West Bengal's cold storage industry. These
weaknesses are partially offset by the promoter's extensive
industry experience.

Outlook: Stable
CRISIL believes BCSPL will continue to benefit over the medium
term from promoters' extensive industry experience. The outlook
may be revised to 'Positive' if sustained and substantial increase
in scale of operations and cash accrual, or equity infusion by
promoters, improves financial risk profile. Conversely, the
outlook may be revised to 'Negative' in case of pressure on
liquidity due to delays in repayment of loans by farmers, or
considerably low cash accrual, or if the company undertakes any
significant capital expenditure programme.

BCSPL was established in 2010 in Midnapore (West Bengal) by Mr.
Somenath Montri and Mr. Santinati Nath Montri. The company
operates cold storage for potatoes, and has capacity of 14,000
tonnes. Operations began in March 2012 and are managed by its
promoters.


GARG CASTEELS: CARE Revises Rating on INR0.44cr Loan to B
---------------------------------------------------------
CARE revises/reaffirms the ratings assigned to the bank facilities
of Garg Casteels Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      0.44      CARE B Revised from
                                            CARE B+

   Long-term/Short-term Bank     12.00      CARE B/CARE A4
   Facilities                               Long term rating
                                            revised from CARE B+
                                            and short term rating
                                            reaffirmed

   Short-term Bank Facilities     3.00      CARE A4 Reaffirmed

Rating Rationale

The revision in the long term rating assigned to the bank
facilities of Garg Casteels Private Limited (GCPL) was primarily
on account of decline in total operating income (TOI) and cash
accruals along with the deterioration in the liquidity position
in FY15 (refers to the period April 1 to March 31).

The ratings continue to remain constrained due to its thin
profitability, moderately leveraged capital structure, weak debt
coverage indicators, working capital intensive nature of
operations, its presence in the highly fragmented and competitive
steel industry and susceptibility of its profitability to
volatility in prices of raw material.

The ratings, however, continue to derive benefits from the long
operational track record and experience of the promoters in the
steel industry.

GCPL's ability to increase its scale of operations along with
improvement in profitability and efficient working capital
management is the key rating sensitivities.

Incorporated in 1991 as a private limited company, GCPL is engaged
in the business of manufacturing of Mild Steel (MS) billets, MS
Angles, MS channels, MS Beams and other such steel structural
products. The company is promoted by Mr Arun Jain, Mr Bineet Kumar
Jain and Mr Mantresh Kumar Jain. GCPL is also engaged in the
manufacturing of investment castings which finds application in
automotive parts, compressor parts, textile machinery parts,
agriculture parts and other engineering parts. GCPL's plant,
located in Bhavnagar, is equipped to manufacture 30,000 Metric
Tonnes Per Annum of billets, 18,000MTPA of rolling mill and 240
MTPA of manufacturing investment castings as on March 31, 2015.

As per the audited results of FY15, GCPL reported profit after tax
(PAT) of INR0.14 crore on a total operating income (TOI) of
INR45.04 crore as against PAT of INR0.10 crore on a TOI of
INR59.60 crore during FY14. As per the provisional results of
H1FY16, GCPL registered TOI of INR14.44 crore.


GATI INFRASTRUCTURE: CARE Ups Rating on INR285.34cr Loan to B
-------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of Gati
Infrastructure Bhasmey Power Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities    285.34      CARE B Revised from
                                            CARE D

Rating Rationale

The revision in the rating assigned to the bank facilities of Gati
Infrastructure Bhasmey Power Private Limited (Gati Bhasmey) takes
into account the regularization of debt servicing post
restructuring of term loans and infusion of equity by the
promoters.

The rating continues to remain constrained by project progress
behind the schedule with significant time and cost overrun and
funds yet to be tied up for financing the cost overrun, location
of the project in seismic zone five and exposure to geological &
hydrological risks associated with hydro power projects.

The rating, however, is underpinned by experience of promoters in
implementing hydro-electric power project, financial support by
promoters in the form of continuous equity infusion, presence of
requisite statutory clearances and off-take agreement. The ability
of the company to tie-up funds for increased project cost and
successfully complete the project within the revised cost and time
schedule are the key rating sensitivities.

Gati Bhasmey is a special purpose vehicle (SPV) promoted by Mr M.
K. Agarwal and an associate company; Amrit Jal Ventures Pvt. Ltd.
(AJVPL) for setting up a 54 MW (2 X 27 MW) (which was later
revised to 62 MW) Run of the River, Bhasmey Hydro Electric Power
Project (BHEPP). The project is located on the river Rangpo, a
major tributary of Teesta River in the East District of Sikkim.
The project was awarded by Government of Sikkim (GoS) and Sikkim
Power Development Company (SPDC) on Build, Own, Operate and
Transfer (BOOT) basis for a period of 35 years from the
scheduled Commercial Operations Date (COD). The project was
scheduled to be commissioned in March 2014. Due to the
several key factors, there has been a delay in the project
completion. The company has reassessed the implementation
schedule and has now revised COD of the project is in March 2017.
Accordingly, the project cost has been revised and estimated at
INR690.29 crore, with a cost over-run of INR281.80 crore over the
initially envisaged cost of INR408.49 crore.

The increased cost is proposed to be funded by a debt-equity ratio
of 2.03:1. GIBPPL has entered into a long-term power purchase
agreement (PPA) with West Bengal State Electricity Distribution
Company Limited (WBSEDCL) for 32.74 MW (60% of the total saleable
capacity). It also has entered into PPA with Mittal Processors
Private Limited for 21.82 MW (40% of the total saleable capacity).

As on June 30, 2015, the company has incurred cost of INR254.51
crore on the project.


HUBTOWN BUS: CARE Reaffirms B Rating on INR41.67cr LT Loan
----------------------------------------------------------
CARE reaffirms rating assigned to the bank facilities of
Hubtown Bus Terminal (Adajan) Pvt Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities    41.67       CARE B Re-affirmed

Rating Rationale

The rating assigned to the long-term bank facilities of Hubtown
Bus Terminal (Adajan) Pvt. Ltd.[HBTAPL] continues to factor in
significant execution risk due to nascent stage of work and
significant sales risk due to slowdown in the real estate sector
reflected through low level of bookings.

The rating also factors in high overall gearing, project cost
overrun and heavy reliance on creditors due to absence of momentum
in mobilization of customer advances. The rating, however,
favourably factors in the promoters' experience in the real estate
industry, the prime location of the project in Surat micro market
and significant construction progress achieved in case of bus
terminal facility (BTF).The ability of the company to complete the
project as per schedule, achieve the projected sales and mobilize
required customer advances for the project constitute the key
rating sensitivities.

Hubtown Bus Terminal (Adajan) Pvt. Ltd. (HBTAPL) is a special
purpose vehicle formed by Hubtown Ltd. (formerly known as Akruti
City Ltd) with an objective to develop mix use project along with
bus terminal at Adajan, Surat, Gujarat, as per the concession
agreement with Gujarat State Road Transport Corporation. The
Hubtown group is in business of developing real estate since more
than two decades, commencing with the incorporation of Akruti
Nirman Private Limited on February 16, 1989 which was subsequently
converted into a public limited company on April 11, 2002.

Company was renamed to Akruti City Limited in 2008 and further
renamed to Hubtown Ltd in 2012. GSRTC floated a tender for the
redevelopment of bus terminal at Adajan (Surat) in 2007. HBTAPL
was allotted development rights of the said bus terminal project.
The project under HBTAPL, comprises development of the bus
terminal facility (BTF) of 0.86 lakhs sq.ft (lsf) and other
saleable area (residential and commercial area) of 5.36 lsf, and
is located in a prime location of the city, Surat. The saleable
area of the project to be developed is named 'Hubtown Joyos'. The
total cost of the project is estimated at INR164.32 crore. The
project has received private equity (PE) investment of INR14 crore
from Infrastructure Leasing and Financial Services Limited (IL&FS)
in FY11 (refers to the period April 1 to March 31).


ISHWAR OIL: CARE Assigns B+ Rating to INR5.53cr LT Loan
-------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Ishwar Oil
Industries.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     5.53       CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Ishwar Oil
Industries (IOI) is constrained on account of its constitution as
a partnership firm, financial risk profile marked by low profit
margins, moderate capital structure and weak debt coverage
indicators. The rating is further constrained by susceptibility of
margins to fluctuations in raw material prices and exposure to
vagaries of nature as well as presence in a highly fragmented
industry.

These constraints outweigh the benefits derived from experience of
the partners and IOI's strategic presence in the cotton producing
region of Gujarat.

The ability of IOI to increase its scale of operations coupled
with improvement in profit margins, capital structure and
efficient working capital management is the key rating
sensitivity.

Rajkot-based (Gujarat) IOI was established during November 2013 by
Mr Rameshbhai Gamdha, Mr Jadavbhai Gamdha and Mr Ketanbhai Gamdha.
IOI is a partnership firm engaged in manufacturing of cotton seed
cake and trading of all agricultural produce. However, the
commercial operation commenced from November, 2014. The day-to-day
operations are managed by Mr Rameshbhai Gamdha and he has
experience of more than a decade in this industry. The firm
procures cotton seeds from traders and cotton ginning units, and
undertakes processing on the same, while the finished products
are sold to oil refining companies and industrial users.

The other group companies managed by the Gamdha family are Ishwar
Trading Co. and Ishwar Oil Mill which are engaged in trading of
agricultural products and manufacturing of all types of edible and
non-edible oil respectively.

IOI achieved a PAT of INR0.07 crore on a TOI of INR22.96 crore
during FY15. Furthermore, during H1FY16 (Provisional), IOI
achieved TOI of INR15.93 crore.


JWALAJI INDUSTRIES: CARE Reaffirms B Rating on INR16.79cr LT Loan
-----------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Jwalaji Industries Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     16.79      CARE B Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of Jwalaji Industries
Private Limited (JIPL) continues to remain constrained on account
of the implementation and stabilization risk associated with its
on-going largely debt-funded greenfield project. The rating is
further constrained on account of its presence in the competitive
and cyclical textile industry and susceptibility to raw material
price fluctuation.

The rating, however, continues to derive strength from the
experienced promoters and locational advantage owing to presence
in textile hub resulting in easy access to raw material and
proximity to customers.

JIPL's ability to successfully complete debt funded project within
envisaged time and cost and achieve envisaged level of sales and
profitability is the key rating sensitivity.

Incorporated in the year 2011, JIPL is implementing green field
project for manufacturing of grey fabrics at Surat and has
planning to start the commercial production from January 2016.
JIPL is promoted by two promoters led by Mr Rajesh Prahladka and
Mr Sanjay Kejriwal. JIPL has undertaken project to manufacture
grey fabrics with an annual proposed installed capacity of 922,000
meters per month at its facilities located at Surat-Gujarat. The
estimated capital cost of project was INR20.13 crore (excluding
margin for working capital of INR1.53 crore) which was funded
through term loan of INR12.54 crore, equity capital of INR4.78
crore and balance by way of unsecured loans.

Out of the total cost of project, the company had already incurred
the capex of INR3.07 crore (15% of total project cost) till August
24, 2015. The promoters have already infused equity of INR2.72
crore and have raised unsecured loans of INR0.71 crore.


KHUSHI TRADEX: CRISIL Cuts Rating on INR100MM Loan to B+
--------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Khushi Tradex Pvt Ltd (KTPL) to 'CRISIL B+/Stable' from 'CRISIL
BB-/Stable'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit             40      CRISIL B+/Stable (Downgraded
                                   from 'CRISIL BB-/Stable')

   Inventory Funding      100      CRISIL B+/Stable (Downgraded
   Facility                        from 'CRISIL BB-/Stable')

The rating downgrade reflects deterioration in KTPL's business and
financial risk profiles because of a decline in net sales
estimated at around INR422.4 million in 2014-15 (refers to
financial year, April 1 to March 31) from INR530.6 million in
2013-14. The decline was driven by lower sales volume due to low
demand in the automobile industry. KTPL is expected to achieve net
sales of over INR440 million for FY 2015-16. KTPL's working
capital cycle had also increased reflected from gross current
assets (GCAs) estimated at around 135 days as on March 31, 2015
from 99 days as on March 31, 2014. Furthermore, the company had a
below-average financial risk profile because of a modest total
outside liabilities to tangible net worth (TOLTNW) ratio and weak
debt protection metrics. The TOLTNW ratio has remained at similar
level estimated at around 1.89 times as on March 31, 2015 vis-a-
vis 1.88 times a year earlier, though the estimated net worth
marginally increased to INR66.6 million from INR64.6 million, over
this period. The interest coverage and net cash accrual to total
debt ratios were estimated at around 1.40 and 0.05 times,
respectively, in 2014-15. The downgrade also factors in the
pressure on liquidity because of high bank limit utilisation and
tightly matched cash accrual against the term debt obligation. The
promoters have however been continuously extending unsecured
loans, the balance of which was INR22.8 million as on March 31,
2015; which is expected to increase over the medium term.

CRISIL believes that the company's business and financial risk
profiles will remain similar over the medium term.

The rating reflects KTPL's below-average financial risk profile
because of a modest TOLTNW ratio and weak debt protection metrics.
The rating also factors in working-capital-intensive operations
and low bargaining power with the principal. These rating
weaknesses are partially offset by the extensive experience of the
promoters in the automobile industry, and the company's
established market position in dealership for vehicles of General
Motors India Pvt Ltd (GMIPL).

Outlook: Stable

CRISIL believes that KTPL will continue to benefit over the medium
term from its established position in the automobile dealership
market for GMIPL in New Delhi, and the extensive industry
experience of its promoters. The outlook may be revised to
'Positive' in case of a substantial increase in the sales volumes
and operating margin, or improvement in the capital structure and
debt protection metrics most likely because of significant equity
infusion along with better working capital management. Conversely,
the outlook may be revised to 'Negative' if the market share
reduces, thereby significantly impacting revenue and
profitability, or in case of any large debt-funded capital
expenditure, or if the working capital requirements increase,
leading to a further stretch in liquidity.

KTPL was incorporated in 2005, but started commercial operations
from January 2010. It is an authorised dealer for GMIPL in
Wazirpur Industrial Area, Delhi. The company has one showroom
under the name of Triumph Motors and two service stations, in New
Delhi. KTPL was earlier promoted by the Rajasthan-based Mehra
family; it was taken over by the Delhi-based Bhatia family in June
2012. Mr. G S Bhatia, Mr. P K Bhatia, and Mr. Gaurav Bhatia are
the key promoters.


LANCO BABANDH: CARE Reaffirms D Rating on INR8,344cr LT Loan
------------------------------------------------------------
CARE reaffirms the ratings assigned to term loans of Lanco Babandh
Power Ltd; assigns 'CARE D' ratings to its non fund based bank
facilities.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     8,344      CARE D Reaffirmed
   Long/Short-term Bank            750      CARE D/CARE D
   Facilities                               Assigned

Rating Rationale

The rating of Lanco Babandh Power Ltd takes into account the
ongoing delays by Lanco Babandh Power Ltd (LBPL) in servicing its
debt obligations.

Lanco Babandh Power Private Limited was incorporated as a private
limited company on 30th May, 2007. The company was converted into
a limited company and its name was changed to Lanco Babandh Power
Limited (LBPL) on 3rd February, 2010.

The company is setting up a 1320 MW(2 X 660MW) coal based power
project in Dhenkanal District, Orissa. The company is part of
Lanco Group with Lanco Group Ltd, Lanco Infratech Ltd and other
associate companies holding 51%, 26% and 22.96% stake in the
company respectively. The project was originally envisaged at a
cost of INR6,930 crore to be funded in the debt of INR5,544 crore
and promoter's contribution of INR1386 crore. Subsequently, due to
change in scope of project, delay in project implementation,
leading to increase in interest during construction, and exchange
rate fluctuation, there has been a cost overrun and the revised
project cost is estimated to be INR10,430 crore. Also, the COD of
the project was rescheduled to April, 2017 for both the units from
June 2016/August 2016 respectively for unit I and unit II. The
revised project cost is proposed to be financed in the ratio of
80:20 with debt of INR8,344 crore and equity of INR2086 crore.
The majority of approvals/clearance like water, environment,
pollution, chimney height clearance etc is in place. With the
change in scope of the project the land requirement of the project
is now estimated to be about 1199 acres (including ash
pond) as against original assessment of 497 acres. LBPL has
acquired the 669 acres land till now and is in the process of
acquiring balance land through Government route.

LBPL has also signed an agreement for long term access with Power
Grid Corporation of India Ltd (PGCIL) for long term access to the
western and the northern regions for transmission of power
generated for a period of 25 years. The power from the plant is
proposed to be sold through a mix of long term PPAs and merchant
sales.


LUTHFA FOUNDATION: CRISIL Reaffirms B Rating on INR63.5MM Loan
--------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Luthfa
Foundation (LF) continues to reflect the small scale of operations
with geographical concentration in the revenue profile, and
exposure to risks related to restrictions imposed by regulatory
bodies and to intense competition in the education sector.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit/Overdraft
   facility                  2       CRISIL B/Stable (Reaffirmed)

   Long Term Bank
   Facility                 29.5     CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility       63.5     CRISIL B/Stable (Reaffirmed)

   Proposed Term Loan       30       CRISIL B/Stable (Reaffirmed)

These rating weaknesses are partially offset by the extensive
experience of trustees in the education sector through operations
of an associate trust, and the moderate financial risk profile
because of adequate debt protection metrics and low gearing.

Outlook: Stable
CRISIL believes LF will continue to benefit over the medium term
from the trustees' extensive industry experience. The outlook may
be revised to 'Positive' in case of a substantial scaling up of
operations through an increase in the number of courses and intake
capacity. Conversely, the outlook may be revised to 'Negative' if
the financial risk profile is affected by sizeable, debt-funded
capital expenditure (capex), or lower-than-expected ramp-up in
occupancy levels.

Update
LF commenced admissions in Luthfaa Polytechnic Institute (LPI), a
diploma college, in August 2015. The college offers three-year
diploma courses in four streams of engineering, with a total
intake capacity of 240 students in the first year. The student
capacity will increase to 528 in the second year due to lateral
entry of additional 288 students from Industrial Training
Institute (ITI) institutes. First phase of construction of the
institute has been completed with the setting up of classrooms,
laboratories, and other infrastructure facilities required for
first year students. The trustees expect the capex to be completed
by April 2016.

LF had revenue of INR4.3 million in 2014-15 (refers to financial
year, April 1 to March 31) vis-a-vis the revenue of INR1.1 million
the previous year. The admission fees are collected once and are
non-refundable. The annual tuition fees are collected during each
semester; each academic year has two semesters. The trust had
capacity of around 275 students in various courses as of March
2015.

The financial risk profile remained moderate with a small net
worth of INR24 million and healthy gearing of 0.41 times as on
March 31, 2015. The trust has annual debt obligation of INR6.0
million, and cash accrual is expected to be insufficient given the
slow ramp-up in admission rates; however, the repayment is
expected to be funded through unsecured loans extended by the
promoters. Promoters extended INR20.5 million as unsecured loans
in 2014-15, to take the total unsecured loans to INR28.8 million
as on March 31, 2015.

LF is a charitable trust set up in 2010. It presently runs Luthfa
Private Industrial Training Institute, a National Council for
Vocational Training (NCVT)-affiliated ITI and Luthfaa Polytechnic
Institute (LPI), All India Council for Technical Education (AICTE)
affiliated college, offering diploma degrees in four streams of
engineering. LF has been established under the chairmanship of Dr.
Bazlul Haque of Kolkata. It also plans to set up another ITI and a
pharmacy degree college at its site at Mouja in Kolkata.


M S INFRAENGINEERS: CRISIL Reaffirms B Rating on INR90MM Loan
-------------------------------------------------------------
CRISIL ratings on the bank facilities of M S Infraengineers
Private Limited (MIPL) continue to reflect MIPL's weak financial
risk profile, marked by a below-average capital structure due to
its ongoing debt-funded capital expenditure (capex) to purchase a
commercial complex, and weak liquidity, driven by large working
capital requirements that result in almost fully utilised bank
limits.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         40       CRISIL A4 (Reaffirmed)
   Cash Credit            90       CRISIL B/Stable (Reaffirmed)

The ratings also factor in MIPL's moderate scale of operations and
exposure to risks related to the tender-based nature of its
business. These rating weaknesses are partially offset by the
extensive experience of MIPL's promoters in the construction
industry, its healthy order book, and its moderate profitability.

Outlook: Stable

CRISIL believes that MIPL will continue to benefit from its
promoter's extensive experience and moderate order book position
over the medium term. The outlook may be revised to 'Positive' in
case of significant improvement in the company's scale of
operations and profitability, leading to substantial increase in
its cash accruals and efficient working capital management and
improvement in its financial risk profile. Conversely, the outlook
may be revised to 'Negative' if company has larger-than-expected
working capital requirements or if its cash accruals decline, or
if it undertakes additional debt-funded capex , leading to
deterioration in its financial risk profile particularly its
liquidity, constraining its debt repayments.

MIPL, based in Cuttack (Odisha), took over the business of its
promoter's proprietorship concern Mahendra Swain with effect from
September 2011. The company is involved in civil construction and
mainly undertakes works for irrigation dams, canals, and road
construction. It derives more than 95 per cent of its revenue from
irrigation and from work for the Public Works Department, Odisha.


M. SAMBANDAM: CRISIL Suspends B+ Rating on INR71.7MM LT Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
M. Sambandam and Sons (Sambandam).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit             60      CRISIL B+/Stable
   Letter of Credit         6      CRISIL A4
   Proposed Cash Credit
   Limit                   20      CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility      71.7    CRISIL B+/Stable
   Proposed Term Loan      30      CRISIL B+/Stable
   Working Capital
   Term Loan               12.3    CRISIL B+/Stable

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

Sambandam, set up in 1968 as a partnership concern, processes
semi-finished leather into finished leather. The Chennai-based
firm caters to manufacturers of leather accessories like wallets,
bags and footwear.


MARUTI METAL: CRISIL Lowers Rating on INR130.5MM LT Loan to D
-------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Maruti
Metal Industries (MMI) to 'CRISIL D/CRISIL D' from 'CRISIL
B/Stable/CRISIL A4'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            40       CRISIL D (Downgraded from
                                   'CRISIL B/Stable')

   Letter of Credit       95       CRISIL D (Downgraded from
                                   'CRISIL A4')

   Proposed Long Term    130.5     CRISIL D (Downgraded from
   Bank Loan Facility              'CRISIL B/Stable')

   Standby Line of         4.5     CRISIL D (Downgraded from
   Credit                          'CRISIL B/Stable')

The rating downgrade reflects devolvement of the firm's letters of
credit and its overdrawn working capital facilities by more than
30 days. The defaults were on account of stretched receivables
driven by low demand due to a slowdown in the metal and
construction industries.

MMI also has a below-average financial risk profile because of a
small net worth and high total outside liabilities to tangible net
worth ratio. Furthermore, its working capital cycle is stretched
and its profitability is low. However, the firm benefits from the
extensive experience of its partners in trading in non-ferrous
metals.

MMI, based in Bhavnagar (Gujarat), is a partnership firm set up in
2003. Managed by Mr. Mahendrakumar Rana, the firm trades in non-
ferrous metals such as bronze, copper, nickel, zinc, and lead.


MINAKSHI COTEX: CRISIL Reaffirms B+ Rating on INR60MM Cash Loan
---------------------------------------------------------------
CRISIL's rating on the bank facilities of Minakshi Cotex
(Minakshi) continues to reflect the firm's weak financial risk
profile, marked by weak debt protection metrics and moderate
gearing, its working capital intensive nature of operations, and
susceptibility to volatility in raw material prices and to adverse
regulatory changes.

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

These rating weaknesses are partially offset by the extensive
experience of Minakshi's partners in the cotton ginning industry,
and funding support from partners in the form of unsecured loans.

Outlook: Stable

CRISIL believes that Minakshi will continue to benefit over the
medium term from its promoters' extensive industry experience and
funding support. The outlook may be revised to 'Positive' if there
is substantial and sustained growth in the firm's revenues and
profitability from the current level, or if there is an
improvement in its capital structure, most likely through fresh
capital infusion. Conversely, the outlook may be revised to
'Negative' if Minakshi's liquidity weakens significantly, most
likely because of substantially less-than-expected cash accruals
or large working capital requirements.

Minakshi was set up in 2003 as a partnership firm by the Tayal
family of Madhya Pradesh. The firm has two units in Georai and
Khamgaon (Maharashtra), where it undertakes cotton ginning and
pressing.


MY STORE: CRISIL Cuts Rating on INR100MM Cash Loan to B+
--------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
MY Store Private Limited (MSPL) to 'CRISIL B+/Stable/CRISIL A4'
from 'CRISIL BB/Stable/CRISIL A4+'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         10       CRISIL A4 (Downgraded from
                                   'CRISIL A4+')

   Cash Credit           100       CRISIL B+/Stable (Downgraded
                                   from 'CRISIL BB/Stable')

   Term Loan              50       CRISIL B+/Stable (Downgraded
                                   from 'CRISIL BB/Stable')

The downgrade reflects deterioration in MSPL's business risk
profile marked by a fall in scale of operations and operating
profitability. With revenue declining about 16 per cent year-on-
year to INR525 million and fixed costs remaining high in 2014-15
(refers to financial year, April 1 to March 31), operating margin
declined to 6 per cent in 2014-15 from 11.5 per cent in 2013-14.
With increasing competition and low bargaining power with
principals; CRISIL believes that MSPL's scale of operations and
operating profitability will remain constrained over the medium
term.

However, MSPL is likely to record moderate growth of 10-15 per
cent in revenue over the medium term supported by its market
position, improved performance in the first quarter of 2015-16,
and addition of stores during the year.

The ratings reflect modest scale of operations in the highly
competitive apparel retail industry, large working capital
requirement, and below-average debt protection metrics. These
weaknesses are partially offset by promoters' extensive industry
experience, established relationships with leading brands, and
moderate capital structure.

Outlook: Stable
CRISIL believes MSPL will continue to benefit over the medium term
from established market position and promoters' extensive
experience in apparel retailing. The outlook may be revised to
'Positive' if the company reports substantial and sustainable
improvement in revenue along with profitability, leading to higher
cash accrual. Conversely, the outlook may be revised to 'Negative'
in case of decline in revenue and cash accrual, or stretch in
working capital cycle, leading to weakening of financial risk
profile, especially liquidity.


MSPL, incorporated in 2008 and promoted by Mr. Saurabh Garg,
operates franchisee stores for brands such as Nike and Arvind
Lifestyle. It also operates two multi-brand retail stores. Its
registered office is in Bhopal (Madhya Pradesh).


NAKKHEERAN PUBLICATIONS: CRISIL Reaffirms B Rating on INR45M Loan
-----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Nakkheeran
Publications (NP) continues to reflect NP's below-average
financial risk profile because of modest net worth and weak debt
protection metrics, and working capital intensive operations.
These weaknesses are mitigated by the proprietor's extensive
experience, and an established reader base.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            40       CRISIL B/Stable (Reaffirmed)
   Long Term Loan         45       CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes NP will benefit over the medium term from the
proprietor's extensive experience. The outlook may be revised to
'Positive' if a significant increase in revenue and operating
margin improves the financial risk profile. Conversely, the
outlook may be revised to 'Negative' if inefficient working
capital management or decline in cash accrual weakens the
financial risk profile.

Set up in 1988 as a proprietorship firm by Mr. Nakkheeran Gopal,
Chennai-based NP publishes and distributes Tamil magazines and
books. It currently publishes six Tamil magazines.


PACK MATES: CRISIL Suspends B Rating on INR65MM LT Loan
-------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Pack Mates Packaging India Pvt Ltd (PMPIPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            34       CRISIL B/Stable
   Long Term Loan         65       CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility      1       CRISIL B/Stable

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

PMPIPL was incorporated in 2010 and manufactures flexible
packaging and customised pouches, and undertakes print inject
coding. The company has a plant in Hyderabad (Andhra Pradesh).


PATNA HIGHWAY: CARE Revises Rating on INR846cr LT Loan to 'B'
-------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of Patna
Highway Projects Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities       846      CARE B Revised from
                                            CARE BB

Rating Rationale

The revision in the rating assigned to the bank facilities of
Patna Highway Projects Limited (PHPL) takes into account
inordinate delay in project completion due to delay in receipt of
Right of Way (RoW) and construction of Railway over bridge (RoBs)
along-with delayed receipt of disbursals towards interest during
construction (IDCs) for want of few preconditions pending to be
complied by the company, and concomitant stress on project cash
flows. However, the rating takes into cognizance annuity
receivables from National Highways Authority of India Limited
(NHAI rated 'CARE AAA'), as part of the National Highways
Development Program (NHDP) - Phase III and sanction of additional
loan by the bankers.

Completion of the project work without any further delays with
receipt of provisional Commercial Operations Date (COD)
certificate as envisaged and consequent receipt of annuity and
other claims from NHAI along-with timely disbursals of
IDCs by the lenders, are the key rating sensitivities.

Incorporated as a special purpose vehicle (SPV) on December 22,
2009, PHPL is promoted by Gammon Infrastructure Projects Limited
(GIPL; rated 'CARE BBB/CARE A3' for bank facilities and
instruments), for the upgradation of Hajipur-Muzaffarpur section
of the existing NH-77 to four lane dual carriageway, starting from
Ramashish Chowk (0.00 km) to 46.30 km and construction of 16.87 km
new by-pass starting at 46.30 km and connecting NH-28 of east-west
corridor on the Patna Muzaffarpur section of NH-77 in Bihar on
build-operate transfer (BOT) - National Highways Authority of
India (NHAI, rated 'CARE AAA' for instruments) on an annuity basis
under NHDP - phase III. As per concession agreement, PHPL will
receive a fixed annuity payment of INR94.60 crore to be paid semi-
annually by NHAI during the entire concession period.

The project which was originally estimated to be completed by
February 2013 got delayed on account of delays in receipt of RoW
and construction of ROBs. Currently, the construction work for
part of the stretch to enable the company for receiving
provisional COD is expected to be completed by December
2015/January 2016. This delay resulted into cost over-run and in
April 2015, the lenders sanctioned additional loan of INR240 crore
to fund the cost overruns. The original project cost of INR940.05
crore was funded in debt:equity ratio of 9:1 times; now being
revised to INR1,284.19 crore funded in debt:equity ratio of 5.48:1
times, with debt increasing from INR846 crore to INR1,086 crore.


PRAVARA RENEWABLE: CARE Lowers Rating on INR191.67cr Loan to B
--------------------------------------------------------------
CARE revises ratings assigned to bank facilities of Pravara
Renewable Energy Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities    191.67      CARE B Revised from
                                            CARE BBB-

Rating Rationale

The revision in the rating assigned to the bank facilities of
Pravara Renewable Energy Ltd (PREL) takes into account inordinate
delay in achievement of Commercial Operation Date (COD) and the
consequent strain on the liquidiy of the company, considering the
ensuing debt servicing obligations in the near term. The rating is
also tempered by high working capital intensity of the business
attributable to a long inventory holding period, exposure to
fluctuation in the price of bagasse as entire bagasse will not be
sourced from the attached sugar mill and interest rate risk.

The rating however takes into cognizance the recent commercial
production of electricity and export of power to Maharashtra State
Electricity Distribution Co. Ltd. (MSEDCL) and advantages accruing
to the project by virtue of its location and mitigation of demand
and pricing risk, given the fact that a long-term power off-take
agreement has been signed with MSEDCL. The fuel supply risk is
also mitigated to a large extant owing to the agreement with sugar
mill of Padmashri Dr. Vithalrao Vikhe Patil Sahakari Sakhar
Karkhana Limited (Karkhana) for sourcing major part of the fuel
(bagasse).

Successful operational efficiency of the power plant and
improvement in the liquidity position of the company will be the
key rating sensitivities.

Pravara Renewable Energy Limited (PREL) is a special purpose
vehicle, incorporated as a wholly owned subsidiary of Gammon
Infrastructure Projects Limited (GIPL) (rated CARE BBB /A3 for its
bank facilities), to implement the 30 MW bagasse based co-
generation power project adjacent to the Karkhana at Pravaranagar,
District Ahmednagar, Maharashtra on Build Own Operate and Transfer
basis (BOOT). The total project cost (including cost of
modernization of the sugar plant) is INR250.78 crore (revised from
INR239.59 crore), financed through debt of INR191.67 crore and
equity of INR59.11 crore (i e Debt to equity ratio of 3.24x). The
scheduled commercial operations date of the project was October 1,
2013, however due to heavy and elongated rainy season, change in
location of reservoir and realignment of pipeline and conveyer
belt, the company started the commercial production of electricity
and export of power to state grid only on November 6, 2015.


RAGHAV INDUSTRIES: CRISIL Reaffirms B+ Rating on INR80MM Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Raghav Industries (RI)
continue to reflect the below-average financial risk profile
because of high gearing and weak debt protection metrics, modest
scale of operations, and low operating margin which is susceptible
to volatility in raw material prices. These rating weaknesses are
partially offset by the extensive industry experience of partners
and the healthy growth prospects for the rice industry.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            80       CRISIL B+/Stable (Reaffirmed)
   Packing Credit         20       CRISIL A4 (Reaffirmed)
   Proposed Cash
    Credit Limit          20       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable
CRISIL believes RI will continue to benefit over the medium term
from the partners' extensive industry experience. The outlook may
be revised to 'Positive' in case of improvement in the financial
risk profile, driven by significant improvement in the cash
accrual or fresh capital infusion by partners. Conversely, the
outlook may be revised to 'Negative' if the financial risk profile
deteriorates on account of pressure on profitability or a stretch
in working capital or any large, debt-funded capital expenditure.

RI, set up in 2005, processes basmati rice. The firm is promoted
by Mr. Rakesh Garg and his brother, Mr. Mukesh Garg. The milling
and sorting unit in Karnal (Haryana) has a total milling capacity
of 3 tonnes per hour (tph) and sorting capacity of 12.5 tph.


RIALTO ENTERPRISES: CRISIL Suspends B+ Rating on INR170MM Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Rialto
Enterprises Pvt Ltd (REPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Long Term Loan         170      CRISIL B+/Stable
   Overdraft Facility      30      CRISIL B+/Stable

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

Incorporated in 1993, REPL is a contract manufacturer of
toothbrushes for Procter and Gamble (under the Oral B brand) and
sheet metal components for brake systems of Wabco India Ltd. The
company's day-to-day operations are managed by the promoter Mr.
Ranjit Pratap.


S.K. INDUSTRIES: CARE Reaffirms B+ Rating on INR7.90cr LT Loan
--------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of S.K.
Industries.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      7.90      CARE B+ Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of S.K. Industries
(SKI) continues to remain constrained on account of thin profit
margins, moderate capital structure, weak debt coverage indicators
and moderate liquidity position. The rating continues to remain
constrained by its dependence on the agro-climatic condition
coupled with seasonality associated with the availability of
rawmaterial and susceptibility of operating margins to volatility
in the raw material prices.

The rating, however, continues to draw strength from the wide
experience of the partners in the edible oil industry coupled with
location advantage in terms of proximity to raw material sources.
The rating also takes into consideration increase in the total
operating income as well as improvement in solvency position
during FY15 (refers to the period April 1 to March 31).

The ability of SKI to improve its overall financial profile with
an improvement in profit margins and debt coverage indicators
along with prudent working capital management remains the key
rating sensitivity.

Established in 1979, SKI is a partnership firm managed by Mr
Bipinchandra Patel and Mr Vinodbhai Patel with skewed profit and
loss sharing ratio in addition to four other partners, viz,
Thakarshibhai Patel (HUF), Ms Lilaben Patel, Mr Mukeshbhai Patel
and Mr D.H. Bhadja. SKI is engaged in the business of oil
extraction from groundnut and castor cake by solvent extraction
method, refining crude cotton oil and manufacturing of de-oiled
cakes (DOC) and operates from its sole manufacturing facility
located in Junagadh (Gujarat). SKI derived 71% revenue from
refining of cotton seed oil, 23% from Groundnut DOC and the rest
from groundnut oil extraction, castor refined oil and other
products during FY15. SKI has a combined crushing capacity of 150
metric tons per day (MTPD), refining capacity of 70 MTPD and
solvent extraction capacity of 250 MTPD as on March 31, 2015. SKI
markets its products under the brand name 'Nirmal' in the states
of Gujarat, Rajasthan, Delhi, Kolkata, etc.

During FY15, SKI reported a total operating income of INR81.44
crore and nil profit after tax as against total operating
income of INR74.31 crore and nil profit after tax during FY14.


SANT AUTOWHEELS: CARE Assigns B+ Rating to INR5.80cr LT Loan
------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Sant
Autowheels Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      5.80      CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Sant Autowheels
Private Limited (SAW) is constrained by its small scale of
operations, low profitability margins and weak solvency position.
The rating is further constrained by the working capital intensive
nature of operations, intense competition with regional
concentration and linkage to the fortunes of Hyundai Motors India
Limited (HMIL). The rating, however, favourably takes into account
experienced promoters and association with an established brand
name.

The ability of the company to profitably scale-up its operations,
while improving its solvency position and managing the working
capital requirements efficiently would be the key rating
sensitivities.

SAW was incorporated in 2005 and is promoted by Mr Ajay Kakkar
along with his brother Mr Gagneesh Kakkar and mother Ms Chanchal
Kakkar. The company is an authorised dealer of passenger vehicles
of Hyundai Motors India Limited (HMIL). SAW operates a 3S facility
(Sales, Spares and Service) and has a single showroom located at
Kangra (Himachal Pradesh). Some of the models sold by SAW are
Accent, Elantra, Eon, Santro, Getz, i10, Grand i10, i20, Verna
etc. SAW has two group concerns namely Sant Autozone Private
Limited (SAZ; rated CARE B+) and Sant & Brothers Petrol Stations
(SBPS). SBPS is a partnership firm and includes a single petrol
station in Amritsar, Punjab whereas SAZ, incorporated in
2013, is an authorised dealer of passenger and utility vehicles of
M&M.

For FY15 (Provisional; refers to the period of April 1 to
March 31), SAW reported a total income of INR44.63 crore with
PAT of INR0.20 crore, respectively, as against the total operating
income of INR39.21 crore with PAT of INR0.31 crore in FY14.
Furthermore, for FY16, the company has achieved total operating
income of INR20.23 crore till August 31, 2015 (Unaudited).


SANT AUTOZONE: CARE Assigns B+ Rating to INR5.06cr LT Loan
----------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Sant
Autozone Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      5.06      CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Sant Autozone
Private Limited (SAZ) is constrained by its short track record,
small scale of operations and weak financial risk profile marked
by low profitability margins and weak solvency position.

The rating is further constrained by the working capital intensive
nature of operations, intense competition with regional
concentration and linkage to the fortunes of Mahindra & Mahindra
Limited (M&M). The rating, however, favourably takes into account
experienced promoters and association with an established brand
name.

The ability of the company to profitably scale-up its operations,
while improving its solvency position and managing the working
capital requirements efficiently would remain the key rating
sensitivities.

SAZ was incorporated in 2013 and started operations in April 2013.
The company is promoted by Mr Ajay Kakkar along with his brother
Mr Gagneesh Kakkar and mother Ms Chanchal Kakkar. The company is
an authorised dealer of passenger and utility vehicles of Mahindra
and Mahindra Limited (M&M; rated '€ARE AAA'/ 'CARE A1+'). SAZ
operates a 3S facility (sales, spares and service) and has a
single showroom located at Kangra (Himachal Pradesh). The company
has two group concerns namely Sant Autowheels Private Limited
(SAPL; rated CARE B+) and Sant & Brothers Petrol Stations (SBPS).
SBPS is a partnership firm and has a petrol station in Amritsar,
Punjab whereas SAPL, incorporated in 2005, is an authorized dealer
of passenger vehicles for Hyundai Motors India Limited.

For FY15 (Provisional; refers to the period of April 1 to
March 31), SAZ reported a total income of INR35.37 crore with
PAT of INR0.01 crore. Furthermore, during FY16, the company has
achieved total operating income of INR25.11 crore till August 31,
2015 (Unaudited).


SAR SENAPATI: CARE Ups Rating on INR265.79cr LT Loan to B-
----------------------------------------------------------
CARE revises the rating assigned to the bank facilities of Sar
Senapati Santaji Ghorpade Sugar Factory Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     265.79     CARE B- Revised from
                                            CARE D

Rating Rationale

The revision in the rating assigned to the long-term bank
facilities of Sar Senapati Santaji Ghorpade Sugar Factory Limited
(SGSFL) takes into account the clearance of outstanding dues to
the lenders and regularization of servicing of its debt
obligations on the back of sugar inventory sales.

The rating continues to remain constrained on account of recently
completed debt-funded capex for sugarcane crushing capacity
enhancement resulting in high leverage and weak debt protection
indicators, working capital intensive nature of the operations and
the presence of the company in the highly cyclical and seasonal
sugar industry.

The rating continues to derive strength from the rich experience
of the promoters in the sugar industry, fully integrated nature of
the sugar mill with strategic location in adequate cane
availability area with a high recovery rate.

The ability of the company to increase its scale of operations and
improve its profitability on the back of the recently completed
capacity expansion and efficient management of working capital are
the key rating sensitivities.

SGSFL was incorporated in February 2011 to undertake sugar
production at Kolhapur, Maharashtra. SGSFL is promoted by Mr
Hasanrao Mushrif (chief promoter) along with Mr Sajid Hasan
Mushirf, the Managing Director (MD) of the company. SGSFL has a
fully integrated cane processing plant comprising of a sugar mill
with crushing capacity of 4,800 metric tonnes (MT) of cane crushed
per day (TCD), 30 kilo liters per day (KLPD) distillery and
bagasse fired co-generation unit of 22 mega-watt (MW) as on
September 30, 2015. The sugar plant is located in Village Belewadi
Kalamma, Tehsil: Kagal, District Kolhapur, Maharashtra. The
company has started commercial operations from December 2014 and
Sugar Season (SS) 2014-2015 was the first crushing season of the
company.

During FY15 (refers to the period April 1 to March 31), SGSFL
crushed 4.76 lakh MT of the cane with an average recovery rate of
12.92%. Based on FY15 audited results, SGSFL has reported a total
operating income (TOI) of INR108.81 crore and loss of INR11.24
crore.


SHAKTI VEGETABLES: CRISIL Assigns B- Rating to INR97.5MM Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-term
bank facilities of Shakti Vegetables and Fruits Storage (SVFS).
The rating reflects SVFS's moderate scale of operations in a
highly fragmented agriculture industry and moderate financial risk
profile because of adequate capital structure. These weaknesses
are mitigated by the promoters' extensive experience.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            2.5      CRISIL B-/Stable
   Term Loan             97.5      CRISIL B-/Stable

Outlook: Stable

CRISIL believes SVFS will benefit over the medium term from its
promoters' extensive experience and moderate financial risk
profile. The outlook may be revised to 'Positive' if scale of
operations and profitability increase significantly, thereby
significant improving accrual and debt protection metrics.
Conversely, the outlook may be revised to 'Negative' if
profitability declines steeply because of intense competition, or
if promoters withdraw substantial capital, or if working capital
requirement increases significantly, weakening capital structure.

Set up in 2014, SVFS provides cold storage facilities for potatoes
and fruits on rent. Its facility is in Palanpur (Gujarat) with
capacity of 5,000 metric tonnes and is promoted by Mr. Shamalbhai
Patel and his family. The facility started operations recently in
March 2015.


SHRI KALKA: CRISIL Reaffirms 'B' Rating on INR72.5MM Cash Loan
--------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Shri Kalka
Agro Industries (SKAI) continues to reflect the firm's modest
scale of operations in the intensely competitive cotton-ginning
industry and average financial risk profile because of low net
worth and high gearing. These weaknesses are partially offset by
the extensive industry experience of the partners.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            72.5     CRISIL B/Stable (Reaffirmed)

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

   Term Loan              15       CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes SKAI will continue to benefit over the medium term
from its promoters' extensive experience in the cotton-ginning
industry. The outlook may be revised to 'Positive' if the firm
improves its financial risk profile due to significant increase in
its scale of operations and cash accrual, while strengthening its
capital structure. Conversely, the outlook may be revised to
'Negative' if SKAI's financial risk profile weakens due to
significantly low cash accrual, large, debt-funded capital
expenditure, or a stretched working capital cycle.

SKAI is a partnership firm set up in 2007 by Mr. Dinesh Tayal and
Mr. Rajesh Tayal. The firm gins and presses raw cotton (kapas) to
produce cotton bales. The firm's manufacturing facility is in
Deulgaon Raja (Maharashtra).


SHRI RAMRAJA: CRISIL Reaffirms D Rating on INR140MM Term Loan
-------------------------------------------------------------
CRISIL ratings on Shri Ramraja Sarkar Lok Kalyan Trust (SRSLKT)
continues to  reflects instances of delay in servicing its debt;
which have been caused by the trust's weak liquidity driven by
large scheduled debt repayments and cash flow mismatches between
the trust's fee collection and debt repayment schedules.

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Overdraft Facility       45       CRISIL D (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility       65       CRISIL D (Reaffirmed)

   Term Loan               140       CRISIL D (Reaffirmed)

SRSLKT also has weak financial risk profile and is exposed to
regulatory risks and intense competition in the education sector.
However, the trust benefits from its diversified course offerings
and healthy demand prospects for the education sector in India.

SRSLKT incorporated in 2002, presently operates 13 institutes
offering engineering, management, pharmacy, education, basic
graduation courses along with a K-12 school. All the institutes
are situated in a single campus in Datia (Madhya Pradesh). The
trust's day-to-day operations are managed by its chairperson Mr.
Ramesh Kumar Agrawal and two other trustees namely Mr. Naresh
Kumar Agrawal and Mr. Deepak Kumar Agrawal.


SHYAM TEA: CARE Assigns B+ Rating to INR6.90cr LT Loan
------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Shyam Tea
Plantation.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      6.90      CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Shyam Tea Plantation
(STP) is constrained by its partnership nature of constitution,
relatively small size of business with short track record of
operations in the highly competitive tea industry, susceptible to
vagaries of nature, volatility in tea price with low recovery
rate, labour-intensive nature of business, high leverage ratios
and working capital intensive nature of business. The aforesaid
constraints are partially offset by the experience of the
partners, satisfactory capacity utilisation and stable outlook of
the tea industry.

The ability of the firm to grow its scale of operations and
profitability margins, ability to manage its capital structure and
ability to manage working capital effectively are the key rating
sensitivities.

Shyam Tea Plantation (STP) was established as a partnership firm
in August, 2012 by Mr Kamal Jalan, Mr Devidutt Beriya, Mr Sunil
Kumar Agarwalla, Mr Binod Kumar Saraf and Mrs Jyotirekha Goswami,
based out of Jorhat, Assam each having a profit sharing ratio of
20% in the firm. STP undertook an initial project of setting up a
tea manufacturing unit at Jorhat, Assam and the manufacturing unit
commenced operation since August, 2013 with an installed capacity
of 15,00,000 kg per annum. STP undertook an expansion activity in
FY15 (refers to the period April 1 to March 31) whereby the
existing processing capacity of 15,00,000 kg per annum has been
enhanced to 20,00,000 kg per annum.

STP is currently having its tea processing capacity, of 20,00,000
kg p.a. of CTC (Crush, Tear and Curl) tea. The firm sells its
products through auctions and brokers and with its own brand
'Gorajan'.

Currently, STP owns one tea estate in Jorhat, Assam and its tea
processing facility is located near the tea estate, which
processes the leaf from the garden; however majority (around 94%
in FY15) is purchased from the outside market. The aggregate area
available for cultivation is 65 hectares; of which, the area under
cultivation is 60 hectare.


As per the results of FY15 (refers to the period April 1 to
March 31), STP reported a PBILDT of INR1.97 crore (PBILDT of
Rs.0.88 crore in FY14) and PAT of INR0.20 crore (net loss of
INR0.47 crore in FY14), on a total operating income of INR14.07
crore (Total operating income of INR8.43 crore in FY14).
Furthermore, during April, 2015 to June, 2015 the management is
stated to have achieved net operating income of INR5 crore.


SRI KANYA: CRISIL Reaffirms B+ Rating on INR150MM Cash Loan
-----------------------------------------------------------
CRISIL has reaffirmed its rating on the long-term bank facilities
of Sri Kanya Corporation (SKC) at 'CRISIL B+/Stable' and assigned
a rating of 'CRISIL A4' to the firm's short-term bank facilities.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         30       CRISIL A4 (Assigned)

   Proposed Long Term
   Bank Loan Facility     50       CRISIL B+/Stable (Reaffirmed)

   Cash Credit           150       CRISIL B+/Stable (Reaffirmed)

The rating reflects the extensive experience of promoter in the
steel trading business, its established relations with customers,
and its efficient working capital management. These rating
weaknesses are partially offset by SKC's below-average financial
risk profile marked by its modest net worth, moderate gearing, and
below-average debt protection metrics. The rating of the firm is
also constrained on account of its exposure to intense competition
in the steel trading business resulting in its low profitability
margins

CRISIL had upgraded its rating on the long-term bank facilities of
SKC to 'CRISIL B+/Stable' from 'CRISIL B/Stable' on Oct. 15, 2015.

Outlook: Stable
CRISIL believes that SKC will continue to benefit over the medium
term from its promoters' extensive industry experience and its
established relations with customers. The outlook may be revised
to 'Positive' if the firm registers a sustained improvement in its
profitability margins, or there is a better-than-expected
improvement in its capital structure on the back of sizeable
capital additions by its promoter. Conversely, the outlook may be
revised to 'Negative' in case of a steep decline in SKC's
profitability margins, or significant deterioration in its capital
structure caused most likely by a stretch in its working capital
cycle.

SKC was set up as a proprietorship firm in 1994 by Mr. D Srinivas.
The firm trades in mild steel structural products, and cement. It
derives around 80 per cent of its revenues from trading in steel,
and the balance from trading in cement. The firm is based in
Visakhapatnam, Andhra Pradesh.


TAYO ROLLS: CRISIL Cuts Rating on INR740MM Term Loan to 'B'
-----------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities and debt
programmes of Tayo Rolls Ltd (TRL) to 'CRISIL B/FB/Stable/CRISIL
A4' from 'CRISIL BB-/FB+/Stable/CRISIL A4+'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            610      CRISIL B/Stable (Downgraded
                                   from 'CRISIL BB-/Stable')

   Letter of credit       250      CRISIL A4 (Downgraded from
   & Bank Guarantee                'CRISIL A4+')

   Proposed Short Term    100      CRISIL A4 (Downgraded from
   Bank Loan Facility              'CRISIL A4+')

   Rupee Term Loan        740      CRISIL B/Stable (Downgraded
                                   from 'CRISIL BB-/Stable')

   Fixed Deposits     FB/Stable (Downgraded from FB+/Stable)

The rating action follows the application of CRISIL's revised
criteria on notching up ratings for parent support. The rating
action reflects reassessment of support from the parent, Tata
Steel Ltd, more specifically on strategic importance and economic
rationale parameters. CRISIL believes that given TRL's continued
weak performance, TRL's strategic importance for Tata Steel Ltd
has reduced.

The rating downgrade also reflects TRL's weak operating
performance, and stretched liquidity due to fully utilised bank
limits and inadequate cash accruals. TRL reported operating loss
of INR313 million during 2014-15 on net sales of INR1.22 billion
as against operating loss of INR147 million on net sales of
INR1.30 billion during 2013-14.

The ratings reflect the company's constrained business risk
profile because of poor operating profitability and return on
capital employed (RoCE). The ratings also factor in TRL's below-
average financial risk profile because of weak debt protection
metrics and stretched liquidity. These rating weaknesses are
partially offset by the benefits that TRL derives from its close
association with its promoters, Tata Steel Ltd (Tata Steel) and
Yodogawa Steel Works Ltd (Yodogawa), and the financial support it
receives from them. CRISIL understands that the promoters will
continue to extend operational and financial support to TRL over
the medium term.

For arriving at the ratings, CRISIL has applied its parent notch-
up framework to factor in the intensity of distress support
available from the parent/government/group.

Outlook: Stable

CRISIL believes TRL's financial risk profile will remain weak over
the medium term owing to inadequate cash accrual, and the company
will continue to require funding support from its promoters.
However, the operating margin could improve over this period
following initiatives for cost and quality control. The outlook
may be revised to 'Positive' if liquidity improves, with a
significant and sustained enhancement in operating profitability
resulting in sizeable cash accrual. Conversely, the outlook may be
revised to 'Negative' if the expected support from promoters does
not materialise, or if the operating performance deteriorates.

TRL (formerly Tata Yodogawa Ltd) was incorporated in Jamshedpur
(Jharkhand) in 1968. The company manufactures steel rolls of
various steel alloy grades and sizes, and undertakes regular
process-quality-improvement measures. It also manufactures forged
rolls. The company is among India's prominent steel-roll
manufacturers, and benefits from its association with Tata Steel
and Yodogawa.

TRL reported a net loss of INR680.6 million on net sales of
INR1.22 billion for 2014-15 (refers to financial year, April 1 to
March 31), against a net loss of INR755.5 million on net sales of
INR1.30 billion for 2013-14. The company reported a net loss of
INR260.8 million on net sales of INR671.5 million for the six
months ended September 30, 2015, against a net loss of INR263.9
million on net sales of INR655.1 million for the corresponding
period of the previous year.


TIMES FERRO: CRISIL Ups Rating on INR259.6MM Cash Loan to B-
------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of Times
Ferro Alloys Limited (TFAPL) to 'CRISIL B-/Stable' from 'CRISIL
D'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit           259.6     CRISIL B-/Stable (Upgraded
                                   from 'CRISIL D')

   Corporate Loan         44.7     CRISIL B-/Stable (Upgraded
                                   from 'CRISIL D')

   Funded Interest        18.9     CRISIL B-/Stable (Upgraded
   Term Loan                       from 'CRISIL D')

   Term Loan              24.9     CRISIL B-/Stable (Upgraded
                                   from 'CRISIL D')

   Working Capital        39.2     CRISIL B-/Stable (Upgraded
   Term Loan                       from 'CRISIL D')

The rating upgrade reflects timely repayment of interest and term
debt obligations by TFAPL during the last six months ended
Sept. 30, 2015.

The ratings reflect TFAPL's weak financial risk profile, marked by
high gearing and weak debt protection metrics and susceptibility
of the company's margins to volatility in raw material prices and
to working-capital-intensive operations. These rating weaknesses
are partially offset by the extensive experience of TFAL's
promoters in the Ferro Alloys Industry.

Outlook: Stable

CRISIL believes that TFAL will continue to benefit over the medium
term from its promoter's extensive experience in the Ferro Alloys
Industry. The outlook may be revised to 'Positive' if the company
witness improvement in working capital cycle or better-than
expected cash accruals leads a stronger capital structure for TFAL
and the company scale up its operation while simultaneously
improving its profitability. Conversely, the outlook may be
revised to 'Negative' if TFAL's financial risk profile
deteriorates because of low profitability or large debt-funded
capital expenditure (capex) or if the company continues to incur
losses thereby further deteriorating its financial risk profile.

TFAL was set up in 2008 by Mr. T C Agarwal. It produces ferrous
alloys such as silico manganese and Ferro manganese. The company's
production facilities are in Durgapur (West Bengal).


VAL NIRMAN: CRISIL Suspends 'B' Rating on INR61.5MM Term Loan
-------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
VAL Nirman Private Limited (VNPL).

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Proposed Long Term
   Bank Loan Facility      38.5      CRISIL B/Stable
   Proposed Term Loan      61.5      CRISIL B/Stable

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

VNPL, incorporated as private limited company in 2012, is promoted
by Mr. Ashok Valluru and Mr. N.Laxman Rao. It is currently setting
up a convention hall in Vijayawada (Andhra Pradesh).


VIJAY IRON: CRISIL Lowers Rating on INR50MM Cash Loan to 'B'
------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
Vijay Iron Foundry Pvt Ltd (VIFPL) to 'CRISIL B/Stable' from
'CRISIL B+/Stable', and has reaffirmed its rating on the short-
term facility at 'CRISIL A4'.

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

   Letter of Credit       46       CRISIL A4 (Reaffirmed)

The rating downgrade reflects deterioration in VIFPL's liquidity
due to a stretch in its working capital cycle, resulting in full
utilisation of its bank limit. There have also been instances of
overdrawing during the six months through October 2015, though the
overdrawn amounts have been regularised within a week. The stretch
in the working capital cycle is reflected in an increase in gross
current asset to 125 days as on March 31, 2015, from 95 days as on
March 31, 2014. CRISIL believes the company will need capital
infusion, or will have to achieve sustained improvement in its
working capital cycle to alleviate the pressure on its liquidity.

The ratings reflect VIFPL's below-average financial risk profile
because of a small net worth, high gearing, and average debt
protection metrics. The ratings also factor in working capital-
intensive operations and exposure to intense competition in the
steel industry resulting in its low profitability margins. These
rating weaknesses are partially offset by the extensive industry
experience of the company's promoters.

Outlook: Stable

CRISIL believes VIFPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of a sustained
improvement in the working capital cycle or sizeable equity
infusion, leading to better liquidity. Conversely, the outlook may
be revised to 'Negative' in case of a steep decline in
profitability margins, or significant deterioration in the capital
structure caused most likely by large debt-funded capex or a
stretch in its working capital cycle

VIFPL was set up in 1993, and was taken over by the Singhal group
in 2004. The company manufactures mild steel billets at its plant
in Medak district (Telangana). It is managed by Mr. Suresh Kumar
Singhal.


VOLT-AGE INFRASTRUCTURE: CARE Rates INR7.0cr LT Loan at B-
----------------------------------------------------------
CARE assigns 'CARE B-' and 'CARE A+' ratings to the bank
facilities of Volt-Age Infrastructure Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      7.00      CARE B- Assigned
   Short term Bank Facilities     9.50      CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Volt-Age Infra
Private Limited (VIPL) are constrained by stressed liquidity
position marked by elongated working capital cycle and observed
irregularities in the debt servicing of fund based and non-fund
based limits in recent past, moderately weak financial risk
profile marked by moderate gearing and debt coverage indicators.
The ratings are further constrained by exposure of margins to raw
material price fluctuation, tender based nature of operations with
increased competition and inherent risk associated with delay in
the execution of infrastructure projects.

The above weaknesses are partially offset by the experience of the
promoters in execution of transmission lines and substation
projects, medium term revenue visibility on the back of moderate
order book position having price escalation clause to mitigate
increase in cost and mobilization advances, improved total income
in FY15 (provisional - refers to the period April 1 to March 31)
reputed and diversified customer-base along with geographically
diversified order book.

The ability of the company to increase the scale of operations,
execute orders in a timely manner along with efficient working
capital management are the key rating sensitivities.

Pune-based VIPL is engaged in design, supply, erection, testing
and commissioning of Extra High Voltage (E.H.V.), turnkey
outdoor substation projects, hydropower projects, switchyard
station, power transmission lines and industrial lines,
testing of electrical equipments, live line/hot line and offline
maintenance on an Engineering, Procurement and Construction (EPC)
basis. The company was originally established as Volt-age Infra &
Power Projects Private Limited in May 2003. Later, the name of the
company was changed to 'Volt-age Infra Private Limited' w.e.f.
12th January, 2005. The company started its operation from FY06
(refers to the period April 1 to March 31). The firm undertakes
projects on tender basis for various customers including
government, semi-government and private industrial entities. It
has executed projects mainly in the states of Maharashtra and
Gujarat for the Maharashtra State Electricity Transmission Co.
Ltd. (MSETCL), Gujurat Energy Transmission Corporation Limited
(GETCO) and private industrial clients like Volkwagen India
Private Limited, Thermax Babcock & Wilcox Energy Solutions Private
Limited, NTPC Limited (National Thermal Power Corporation
Limited), Standard Industries Limited, Sarsenapati Santaji
Ghorpade Sugar Factory Limited. In past four years, the firm has
executed projects valued INR150 crore and the order book (OB)
position of VIPL stood at INR29 crore as of September 30, 2015.


WHITELOTUS INDUSTRIES: CARE Reaffirms C Rating on INR27.07cr Loan
-----------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Whitelotus Industries Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     27.07      CARE C Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of Whitelotus
Industries Limited (WIL) continue to remain constrained on
account of its short track record of operation, continued cash
losses, highly leveraged capital structure, weak debt coverage
indicators, susceptibility of margin due to raw material price
fluctuation risk and its presence in a highly competitive and
fragmented industry.

The rating, however, continue to draw strength from experience of
the promoters and locational advantage. The reaffirmation of
rating also factor in satisfactory track-record of timely debt
servicing post restructuring of account in FY15 (refers to the
period April 1 to March 31) along the modest improvement in the
total operating income and operating profit margin during FY15.

The ability of WIL to increase its scale of operations along with
improvement in the profitability, capital structure and debt
coverage indicators remain the key rating sensitivities.

Surat-based (Gujarat), WIL was incorporated in 2011. It is
promoted by Mr Sumant Jalan and his family members. WIL started
its commercial production in February, 2013 for manufacturing of
metalized yarn which is used in the textile industry and printed
laminated roll which is used as a flexible packaging material in
various industries.

During FY15, WIL reported TOI of INR63.26 crore and Net loss of
INR2.59 crore as against TOI of INR35.33 crore and Net loss
of INR2.70 crore during FY14. As per the provisional results for
6MFY16, WIL registered a TOI of INR50 crore.


YASIKA STEELS: CRISIL Lowers Rating on INR50.6MM LT Loan to C
-------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Yasika Steels Private Limited (YSPL) to 'CRISIL C' from 'CRISIL
B/Stable'.

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

   Funded Interest        15.1     CRISIL C (Downgraded
   Term Loan                       from 'CRISIL B/Stable')

   Working Capital        47.5     CRISIL C (Downgraded
   Demand Loan                     from 'CRISIL B/Stable')

   Term Loan               6.8     CRISIL C (Downgraded
                                   from 'CRISIL B/Stable')

   Proposed Long Term     50.6     CRISIL C (Downgraded
   Bank Loan Facility              from 'CRISIL B/Stable')

The downgrade reflects weakening of YSPL's financial risk profile
and liquidity on account of operating losses in the two years
through 2014-15 (refers to financial year, April 1 to March 31),
resulting in negative networth and weak debt protection metrics.
Fixed monthly debt obligations on term loans will commence in
April 2016, which will increase pressure on liquidity. CRISIL
expects YSPL's cash accrual to be insufficient to meet debt
obligation over the medium term.

The rating reflects YSPL's weak financial risk profile, small
scale of operations, and susceptibility to competition. These
weaknesses are partially offset by promoters' extensive experience
in the steel industry and their funding support.

YSPL, incorporated in 2005 and promoted by Mr. Viral R Malaviya
and his wife Ms. Poonam Viral Malaviya, manufactures and trades in
steel products, mainly bright steel bars.



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


BERAU COAL: Dollar Bonds Rally on Buyback Plan Amid Restructuring
-----------------------------------------------------------------
Yudith Ho, Christopher Langner and David Yong at Bloomberg News
report that PT Berau Coal Energy's dollar bonds rallied after the
miner flagged plans to buy back notes in its latest bid to
complete a debt restructuring by January.

The company is making a tender offer relating to $450 million of
12.5 percent notes that were due in July and $500 million of 7.25
percent debt maturing in 2017, it said in a filing to the
Indonesia stock exchange, Bloomberg relays.

The buyback will be for only part of the outstanding amounts and
Berau is debating a purchase price about 15 percent higher than
where the debt has traded in secondary markets in the past month,
said people familiar with the matter who asked not to be named
because the details are confidential, according to Bloomberg.

Bloomberg notes that the Indonesian coal producer is seeking to
restructure its obligations after failing to repay its dollar
bonds in July in the nation's largest default this year. The
company set a January deadline to complete its restructuring and
lift a stock suspension, President Director Fuganto Widjaja said
in August, Bloomberg recalls.

Berau's 2015 notes rose 3.7 cents to 36.77 cents on the dollar as
of 12:14 p.m. [Nov. 24] in Jakarta, poised for the biggest daily
increase since March 18, says the report. Its 2017 securities
climbed 4.9 cents to 37 cents, set for the largest move since Feb.
5, Bloomberg notes.

Bloomberg relates that Berau said the buyback offer will start on
Nov. 24 and end on Dec. 16 in New York with Sodali Ltd. acting as
information and tender agent.

The move follows peer PT Indika Energy's announcement to buy back
$100 million of its bonds at a minimum of 60 cents on the dollar,
adds Bloomberg.

                         About Berau Coal

PT Berau Coal Energy Tbk ("BCE"), a public company incorporated
under the laws of the Republic of Indonesia, is in the business of
the mining and export of thermal coal and is the fifth largest
coal producer in Indonesia in terms of production volume. The BCE
Group supplies coal domestically and internationally.  PT Berau
Coal ("Berau Coal") (which is beneficially owned as to 90% by BCE)
is the BCE Group's key operating asset. Berau Coal has licenses to
conduct coal mining activities in various concession areas in East
Kalimantan, Indonesia until April 26, 2025.

The most substantial shareholder of BCE, holding 84.7% of the
issued and paid up share capital, is Asia Resource Minerals plc
("ARMs"), a public company incorporated under the laws of England
and Wales.

BCE has an interest, either directly or otherwise, in a total of
18 entities incorporated in various jurisdictions.

As reported by the Troubled Company Reporter-Asia Pacific on
Sept. 15, 2015, Standard & Poor's Ratings Services affirmed and
withdrew its 'SD' long-term corporate credit rating and ASEAN
regional scale rating on Indonesian coal producer PT Berau Coal
Energy Tbk. (Berau Energy) because of a lack of sufficient
information to maintain the ratings.  S&P also affirmed and
withdrew the issue ratings on the outstanding notes that the
company issued or guarantees.  S&P is not able to ascertain
whether the company will pay interest on its US$500 million senior
notes due Sept. 13, 2015.

Standard & Poor's lowered its long-term corporate credit rating on
Berau Energy to 'SD' on July 9, 2015, following the company's
announcement that it had obtained a moratorium by a Singapore
court against legal and enforcement actions by holders of US$450
million notes due July 8, 2015, issued by Berau Capital Resources
Pte. Ltd., a subsidiary of Berau Energy.


LIPPO KARAWACI: S&P Affirms 'BB-' CCR; Outlook Stable
-----------------------------------------------------
Standard & Poor's Ratings Services said that it had affirmed its
'BB-' long-term corporate credit rating on PT Lippo Karawaci Tbk.
(Lippo), an Indonesia-based property developer and healthcare
operator.  The outlook is stable.  S&P also affirmed its 'axBB+'
ASEAN regional scale rating on Lippo.  At the same time, S&P
affirmed its 'BB-' issue rating on the company's outstanding
guaranteed senior unsecured notes.

"We affirmed the ratings because we estimate that Lippo has
sufficient headroom in its cash flow adequacy and interest
servicing ratios to absorb the negative effect of lower property
sales over the next 12-18 months in our base case," said Standard
& Poor's credit analyst Kah Ling Chan.  "This base case assumes
that Lippo will sell several sizable assets to its listed REIT
vehicles over the next 18 months."

Lippo's property sales of Indonesian rupiah (IDR) 2.9 trillion for
the nine months ended Sept. 30, 2015, were only 43% of the about
IDR6.7 trillion S&P previously anticipated for 2015.  The sector
had been fairly resilient to lower domestic GDP growth prospects
and weaker consumer sentiment across other sectors until the first
half of 2015.  But the market has slowed sharply since then.
Consumer sentiment, in particular in the third quarter of 2015,
suffered under slower economic growth and a depreciating rupiah.
At the same time, domestic demand and property sales slowed
rapidly as a result of stepped-up regulations and checks by
authorities on errant taxpayers.

S&P now assumes that Lippo's property sales will be lower than
S&P's earlier forecast by about 20% at IDR5.5 trillion-IDR5.9
trillion in 2015, and about 40% at IDR6.5 trillion-IDR7 trillion
in 2016.  Lower property sales through 2017 will affect Lippo's
recognized revenues, cash collections, and EBITDA.  As a result,
S&P now projects reported EBITDA, excluding its adjustment for
operating leases and pensions, of IDR3.8 trillion-IDR4.0 trillion
in 2016 and IDR4.2 trillion-IDR4.4 trillion in 2017.  These levels
are about 40% less than S&P earlier anticipated for the two years.

S&P expects Lippo's ratio of debt to EBITDA to be about 5.0x in
2015, before declining to about 3.8x in 2016 and close to 3.5x in
2017, compared with about 3.6x in 2014.  S&P also projects the
company's EBITDA interest coverage to be 2.2x-2.4x in 2015,
climbing to about 3.0x in 2016 and 2017.  Those levels remain
commensurate with S&P's expectations for the rating.

Instrumental to Lippo's expansion strategy is its asset-light
operating model, whereby the company develops malls and hospitals
and subsequently injects some of those assets into REITs.  Thus
far, the company has had a good record of developing and disposing
of retail and hospital assets into its two Singapore listed REITs
-- Lippo Mall Indonesia Retail Trust (LMIRT) and the healthcare-
focused First REIT.  Lippo controls both REIT managers. As a
result, S&P's base-case forecast for Lippo's property sales
includes the sale of malls worth about IDR1.5 trillion in the
fourth quarter of 2015 and about IDR2 trillion in each of 2016 and
2017 to LMIRT.  It also includes IDR400 billion-IDR500 billion of
sales of hospitals by Lippo to First REIT in 2016 and IDR800
billion-IDR900 billion in 2017.

Lippo's asset sales depend upon the ability of its listed REITs to
raise debt to acquire these assets.  If Lippo's planned asset
sales do not materialize, S&P estimates that the company's ratio
of debt to EBITDA could deteriorate sustainably above 5.0x in 2016
and 2017.  The company's EBITDA interest coverage could dip
slightly below 2.0x in that event.  These levels would breach
S&P's downgrade rating triggers for the company.  Besides weaker
credit ratios, a significant delay in these disposals will also
substantially reduce cash inflows and could weaken Lippo's
liquidity.

S&P continues to view Lippo's significant debt appetite and
substantial capital expenditure as an indication of the company's
high risk tolerance, which constrains the financial risk profile.

The stable outlook reflects S&P's expectation that Lippo's
interest coverage will remain above 2.0x and its ratio of debt to
EBITDA will stay below 5.0x over the next 12-18 months under S&P's
base case of near-term asset sales.  This is despite S&P's
downward revision to property sales forecasts for the next two
years.

"The stable outlook also factors our expectation that the company
will calibrate its capital spending to maintain sufficient
liquidity if there is a further marked weakening in operating
conditions," said Ms. Chan.

S&P could lower the rating if Lippo's leverage and cash flows
deteriorate, such that EBITDA interest coverage is less than 2.0x
or the debt-to-EBITDA ratio is more than 5.0x with no prospect for
recovery.  This may occur if: (1) Lippo's planned asset sales to
its listed REITs in 2015 does not materialize in the beginning of
the first quarter of 2016; (2) the company raises further debt
without any commensurate near-term improvement in its EBITDA or
cash flows; or (3) its execution of property and hospital
development projects is slower than S&P expects.  S&P could also
lower the rating if delays in Lippo's asset sales and sustained
capital spending result in an eroded liquidity.

Upside potential to the rating is limited for the next 12 months
because of Lippo's reduced rating headroom, still ambitious growth
aspirations, and significant capital spending plans.  However, S&P
could upgrade Lippo if: (1) the company adopts a more conservative
financial policy while pursuing its growth strategy; and (2) its
recurring stable cash flows from non-property business segments
increase, leading to more stable cash flows and a more predictable
operating performance through a domestic real estate cycle.



=========
M A C A U
=========


STUDIO CITY: Moody's Retains B2 CFR on Covenant Amendments
----------------------------------------------------------
Moody's Investors Service says the successful amendments of
certain covenants on Studio City Company Limited's $1.4 billion
secured credit facilities are credit positive to Studio City
Finance Limited.

However, there is no immediate impact on Studio City Finance's B2
corporate family rating, B3 senior unsecured rating, as well as
negative outlook.

On Nov. 18, Studio City Finance said in a statement to the US
Securities and Exchange Commission that it had received the
requisite lender consent to amend the loan documentation.

The amendments include changing its Studio City project opening
date condition to 250 tables from 400 tables, consequential
adjustments to its financial covenants, and rescheduling the
commencement of financial covenant testing.

"The amendment to lower the required number of gaming tables is
credit positive because it has alleviated the risk of covenant
breach and immediate repayment of the $1.4 billion credit
facilities," says Kaven Tsang, a Moody's Vice President and Senior
Credit Officer.

"The amendments to the financial covenants and the rescheduling of
the testing dates will also reduce the risk of non-compliance in
the near-term, as the initial operation of the Studio City project
will likely stay weak, given the challenging operating environment
in Macau's gaming sector," adds Tsang.

Nevertheless Moody's believes Studio City Finance will benefit
from operational support from its majority shareholder, Melco
Crown Entertainment Limited (unrated).

Such support will help Studio City Finance manage its risks during
the ramp-up phase of its project.

The ratings outlook remains negative, reflecting an expectation of
weak cash flow generation for its Studio City project in the next
12-18 months, which will continue to pressure its liquidity and
delay its deleveraging.

Moody's expects Studio City Finance's adjusted debt/EBITDA to be
around 8x in 2016 -- which weakly positions it at the B2 rating
level -- before it improves to around 5.5x-6.0x in 2017.

Downgrade pressure could emerge if the ramp-up in operations
and/or revenue generation are materially below expectations, such
that debt/EBITDA fails to trend down to around 6x-7x and
EBITDA/interest stays below 1.5x over the next 12-18 months.

On the other hand, the outlook could return to stable if the
company (1) improves its liquidity; and (2) successfully ramps up
the Studio City project with debt/EBITDA trending down to below 6x
and EBITDA/interest trending above 1.5x in the next 12-18 months.

The principal methodology used in these ratings was Global Gaming
Industry published in June 2014.

Studio City Finance Limited is a holding company incorporated in
the British Virgin Islands.  Through its fully owned subsidiary
-- Studio City Company Limited -- it develops and operates the
Studio City project, an Asian-focused integrated gaming and
entertainment resort located at Cotai in Macau.



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


1MALAYSIA: Sells Power Unit in Step to Wind Down Operations
-----------------------------------------------------------
Elffie Chew at Bloomberg News reports that 1Malaysia Development
Bhd. agreed to sell its power assets to China General Nuclear
Power Corp. for MYR9.83 billion ($2.3 billion) as the state
investment company moved one step closer to winding down
operations after its mounting debt raised investor concern.

China General Nuclear will assume all gross debt and cash of Edra
Global Energy Bhd. and its subsidiaries, according to a joint
statement released on Nov. 23, Bloomberg relates. The transaction
is expected to be completed in February.

1MDB, whose advisory board is headed by Prime Minister Najib
Razak, announced plans in February to dismantle its assets after
it drew criticism from lawmakers for accumulating about
MYR42 billion of debt in less than five years of existence,
according to Bloomberg.  The report says the company came under
added scrutiny after it almost defaulted on a loan and clouded the
sovereign's credit rating with its borrowings weighing on the
government's contingent liabilities.

"1MDB is at the center of a political scandal that, with falling
oil prices, has weighed on Malaysian financial asset prices,"
Bloomberg quotes Tim Condon, head of Asia research at ING Groep NV
in Singapore, as saying. "We expect investors will see the news as
a hopeful sign of light at the end of the 1MDB scandal tunnel."

1MDB's $3 billion of 4.4 percent notes due 2023 rose 0.7 cents to
88.2 cents on the dollar in Hong Kong on Nov. 24, the highest
since July 2, to yield 6.45 percent, according to prices compiled
by Bloomberg. The notes were sold to investors at par in
March 2013.

According to Bloomberg, 1MDB has been the subject of overlapping
investigations amid allegations of financial irregularities,
although an initial Auditor General's report didn't reveal any
suspicious activity.  Najib has resisted calls from ex-premier
Mahathir Mohamad to step down over the fund's performance, the
report says.

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

The sale is a "significant milestone of the Edra monetization
process," Kanda said Nov. 23. "The purchase by CGN Group brings a
significant foreign direct investment commitment to Malaysia and
is a clear vote of confidence in the Malaysian economy."

According to Bloomberg, foreign investors are normally only
allowed to own as much as 49% of Malaysian power producers unless
they obtain a waiver as the government provides gas to electricity
plants at subsidized prices. While the statement stated the
Chinese company is buying all of 1MDB's ownership in the energy
assets, it didn't say whether the buyer has been given an
exemption, Bloomberg notes.

China General Nuclear will "adhere to the fixed terms of the
respective power purchase agreements, for the benefit of the
people of Malaysia," Bloomberg quotes Chairman He Yu as saying in
the joint statement. "This investment represents a major
commitment by CGN Group as part of a long-term, global
diversification initiative."

Maybank Investment Bank Bhd. advised 1MDB on the transaction,
while Rothschild & Co. and HSBC Holdings Plc acted as financial
advisers to Edra and China General Nuclear respectively, Bloomberg
reports.

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

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

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



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


MONGOLIA: Fitch Lowers Long-Term Issuer Default Ratings to 'B'
--------------------------------------------------------------
Fitch Ratings has downgraded Mongolia's Long-Term Foreign- and
Local-Currency Issuer Default Ratings to 'B' from 'B+' and revised
the Outlooks to Stable from Negative. The issue ratings on
Mongolia's senior unsecured foreign- and local-currency bonds are
also downgraded to 'B' from 'B+'. The Country Ceiling is
downgraded to 'B' from 'B+' and the Short-Term Foreign-Currency
IDR is affirmed at 'B'.

KEY RATING DRIVERS

The downgrade of Mongolia's IDRs reflects the following key rating
drivers:

Mongolia's ratings reflect strained external liquidity, weak
public finances, refinancing risks, and deterioration in its 2015-
17 growth outlook. These risks are balanced by recent improvements
to its fiscal policy framework, favourable economic growth
prospects reinforced by the resolution of the Oyu Tolgoi project
dispute, and strong structural indicators. Recent commitments to
tighter fiscal and monetary policies will likely enhance sovereign
creditworthiness over time, but fiscal implementation risks are
high, and do not fully offset anticipated pressures on external
and fiscal accounts over the 2015-17 forecast horizon.

External liquidity remains weak based on foreign-reserve coverage
of 3.0x current-account payments versus the 'B' median of 3.6x.
Headline foreign reserves fell to USD1.4bn at end-September 2015,
and Fitch estimates that heavy utilisation of the CNY15bn
(USD2.4bn) swap agreement with the People's Bank of China has left
under USD300m of remaining headroom, though the precise value
remains unconfirmed by the authorities. The agency expects
external liquidity to remain under pressure in 2016 due to a
projected widening of the current-account deficit on the basis of
weaker commodity exports and limited capital inflows.

Fitch forecasts a 2015 budget deficit of 8.6% of GDP, compared
with an estimated 10.9% in 2014 based on our adjusted measure that
includes commercial spending by the Development Bank of Mongolia
(DBM). The 2016 budget received parliamentary approval on 13
November 2015 and targets an official deficit of 3.4% of GDP based
on somewhat aggressive revenue and economic growth assumptions.
Fitch forecasts a 2016 adjusted deficit of 6.3% of GDP, which
incorporates some degree of revenue slippage as well as DBM's
commercial spending targets of approximately 2% of GDP.

General government gross debt (GGGD) will rise to an estimated
66.3% of GDP in 2015, higher than the 'B' median of 51.3%, and up
from 49.4% in 2013. The authorities are in the process of
implementing an aggressive set of fiscal targets under the amended
Fiscal Stability Law (FSL), which sets a 2017 GGGD ceiling of 50%
of GDP in present value terms (roughly 60% in nominal terms) and
also prescribes tight budget deficit targets. Fitch expects GGGD
to peak at 68.3% of GDP in 2016 and decline over the medium term,
but at a slower pace than envisaged in the FSL due to our lower
economic growth projections and a recent history of fiscal
underperformance relative to original budget targets.

Fitch deems Mongolia's refinancing risk as high, which reflects
its dependency on a large stock of external marketable debt and
constrained domestic funding options at short tenors. The weighted
average maturity for domestic government debt securities is
currently 2.7 years at an average funding cost of 12.4%. External
debt represents more than 70% of the general government debt
stock, of which we estimate more than half is on commercial terms.
Sovereign and sovereign-guaranteed entities face a combined
USD1.1bn (9.1% of GDP) of external bond maturities in 2017-18.

Macroeconomic performance has deteriorated in 2015. Real GDP rose
by 1.9% during the third quarter of 2015, decelerating from 9.3% a
year prior. Fitch expects growth to slow to 1.0% in 2016 driven by
continued weakness in consumption and a negative contribution from
net exports. We forecast the current-account deficit to widen to
10% of GDP in 2016, from an expected 5.0% in 2015 on account of
weaker copper prices, a contraction in export volumes from Oyu
Tolgoi's open-pit mine, and a pick-up in imports to facilitate
resumption of the underground project at the mine.

Banking-sector asset quality has weakened in 2015 due to slower
economic growth and a further 5% depreciation of the Mongolian
tugrik year-to-date. The system non-performing loan ratio rose to
7.2% at end-October 2015 from 5.0% in 2014. Credit conditions have
worsened, with private-sector credit expected to contract in 2015
versus nominal growth of 9.3% in 2014. Deposit dollarisation has
nevertheless remained stable at about 29% and the gradual
unwinding of quasi-fiscal central bank activity combined with
enhancements to prudential regulations will help reduce, albeit
not remove, contingency risks to the sovereign balance sheet.

Mongolia's favourable long-term economic growth prospects have
been reinforced by the resolution of the Oyu Tolgoi underground
project dispute in May 2015. Fitch expects an official signing
ceremony to take place in December 2015 and the first disbursement
of project loans to occur during the second or third quarter of
2016. Total project costs are approximately USD6bn spread over six
years, of which we expect USD500m in 2016. Fitch does not
anticipate upcoming parliamentary elections in June 2016 to
undermine Oyu Tolgoi project commitments made under the "super
coalition" government.

Structural factors, such as GDP per capita, governance indicators,
and savings and investment rates, rank above 'B' category peers
and provide continued support to the rating at its current level.
Mongolia's small population of under 3 million also suggests that
per capita incomes have the potential to rise dramatically over
the longer term if the country successfully harnesses its generous
natural resource endowments via projects such as Oyu Tolgoi and
Tavan Tolgoi.

RATING SENSITIVITIES

The Stable Outlook reflects Fitch's assessment that upside and
downside risks to the rating are currently balanced.

The main factors that could lead to negative action, individually,
or collectively, are:
-- Continued depletion of external liquidity or inability to
    access external capital markets.
-- Emergence of systemic financial stress.
-- Collapse of the Oyu Tolgoi project agreement.

The main factors that could lead to positive action, individually
or collectively, are:
-- Implementation of credible and coherent macroeconomic policy-
    making that increases confidence in Mongolia's basic economic
    stability.
-- A track record of meeting stated fiscal targets, contributing
    to an improved outlook for government debt ratios.

KEY ASSUMPTIONS

-- Mongolia maintains stable political and economic relations
    with China, its largest export destination and key provider
    of its international liquidity resources.



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


STARGATE OPERATIONS: Owes More Than NZ$1.4 Million to Creditors
---------------------------------------------------------------
Chloe Winter at Stuff.co.nz reports that a company owned by the
man dubbed the Godfather of New Zealand's legal high industry owes
more than NZ$1.4 million, and the figure is expected to rise above
NZ$2 million.

Matt Bowden, director of Stargate Operations, put his company into
voluntary liquidation in May after the Government banned synthetic
cannabis, the report says.

At the time, he said his business was struggling and he could not
afford to pay the bills. He was also locked out of his lab where
he made his products, Stuff.co.nz relates.

According to Stuff.co.nz, the latest liquidator's report, released
on Nov. 25, shows the company owes 22 unsecured creditors more
than NZ$1.4 million.

On top of that, eight employees are owed about NZ$457,900 for
holiday pay, redundancy pay, bonuses and unpaid wages. To date,
just NZ$137,000 has been paid, Stuff.co.nz relays.

Stuff.co.nz says the IRD is yet to disclose how much the company
owes it, but liquidators believe it will be a "significant" sum.

The department's original claim was about NZ$846,000 for unpaid
tax, Stuff.co.nz notes.

The report relates that the sale of company assets, including
laboratory equipment, assets of the music studio and the costume
and prop hire branch of the business, helped repay about
NZ$215,700 of the total debt.

However, liquidator Derek Ah Sam said with just NZ$88,700 left in
the bank and no further assets to be sold, it was "unlikely" other
creditors would be paid, Stuff.co.nz relates.

"So the next course of action is to pursue the director . . . and,
at this stage, he doesn't have any financial means to repay the
money owed, so it's not looking hopeful," the report quotes Mr. Ah
Sam as saying.

The report said the liquidators would continue to investigate the
books, records and affairs of the company, Stuff.co.nz relates.

Those investigations include the collection of the overdrawn
shareholders current account, a review of the directors actions
prior to liquidation and a review of the company's books and
records.

"We will be looking at the transactions leading up to the
liquidation and whether there was breach of directors duties," Ah
Sam said, notes the report.

Ah Sam had been in contact with Mr. Bowden through email and was
hoping to receive a payment proposal from him soon, he said,
relays Stuff.co.nz.

"But we are not holding our breath. If we don't get any more
money, the total amount owed will be in excess of NZ$2m.  Unless
Mr. Bowden comes into money somehow, we will just try and recover
what we can."

Mr. Bowden was unable to be reached for comment. It is understood
he is overseas, Stuff.co.nz notes.


                             *********

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.



                 *** End of Transmission ***