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

                      A S I A   P A C I F I C

           Monday, January 25, 2016, Vol. 19, No. 16


                            Headlines


A U S T R A L I A

AUSTRALIAN RENEWABLE: First Creditors' Meeting Set For Feb. 2
AUSTRALIAN RENEWABLE: Kordamentha Appointed as Receivers
DICK SMITH: Receivers to Close 27 Concession Stores; 181 Jobs Cut
GROUP PROPERTY: First Creditors' Meeting Set For Jan. 28
MIDDLEWOMAN SERVICES: First Creditors' Meeting Set For Feb. 2

PEPPER RESIDENTIAL: Moody's Affirms Ba2 Rating on Cl. E Debt
VOCATION LIMITED: Ferrier Hodgson Appointed as Liquidators


I N D I A

A. B. PAL: CRISIL Reaffirms B+ Rating on INR110MM Cash Loan
ANANDA SAW: CRISIL Assigns B- Rating to INR15MM Cash Loan
ARHYAMA SOLAR: ICRA Reaffirms B+ Rating on INR31.65cr Term Loan
ASTRA CHEMTECH: CRISIL Ups Rating on INR140MM Cash Loan to 'B'
BHOORATHNOM CONSTRUCTION: CRISIL Reaffirms B- INR140M Loan Rating

BRAND CONCEPTS: CRISIL Ups Rating on INR77MM Cash Loan to B+
CHANDIGARH MOTORS: ICRA Suspends 'B' Rating on INR6.5cr Loan
CROSS COUNTRY: ICRA Suspends B-/A4 Rating on INR18cr Loan
DEEPA DEVELOPERS: ICRA Reaffirms 'B' Rating on INR9cr Loan
DHALL ENTERPRISES: CRISIL Cuts Rating on INR90MM Loan to 'B'

DHALL EXPORTS: CRISIL Cuts Rating on INR55MM Packing Loan to B-
GRAND MARINE: CRISIL Reaffirms B+ Rating on INR6.1MM Loan
HARYANA RICE: CRISIL Reaffirms 'B' Rating on INR250MM Cash Loan
HIMALAYA CONSTRUCTION: CRISIL Reaffirms B+ Rating on INR40MM Loan
IBD SPACE: ICRA Suspends B+ Rating on INR27.50cr Loan

IMPERIAL DEVELOPERS: ICRA Lowers Rating on INR38cr LT Loan to D
JAY KHODIYAR: CRISIL Reaffirms 'B' Rating on INR61.5MM Loan
KAMAKHYA BOARD: ICRA Assigns 'B' Rating to INR1.0cr Cash Loan
KESHRANAND COTEX: CRISIL Reaffirms B+ Rating on INR110MM Loan
KG IRON: CRISIL Cuts Rating on INR45MM Term Loan to B-

KINJAL CONSTRUCTION: CRISIL Reaffirms B+ Rating on INR200MM Loan
LOTUS POULTRIES: CRISIL Lowers Rating on INR139.1MM LT Loan to D
M. S. RAMAIAH: CRISIL Reaffirms 'D' Rating on INR190MM LT Loan
MADHAV METCAST: ICRA Reaffirms B Rating on INR3.2cr Term Loan
MAHAVIR RICE: CRISIL Reaffirms B+ Rating on INR70MM Cash Loan

MALLIKARJUNA PARBOILED: ICRA Reaffirms B+ INR5.97cr Loan Rating
N.B HI-TECH: ICRA Reaffirms B- Rating on INR8.43cr Term Loan
NIRUPAMA COLD: CRISIL Reaffirms B Rating on INR65MM Cash Loan
RANA DENIM: CRISIL Reaffirms B+ Rating on INR130MM Demand Loan
SAHU KHAN: ICRA Assigns B+ Rating to INR9.0cr Cash Loan

SANDEEP LOGISTICS: CRISIL Suspends 'D' Rating on INR105MM Loan
SEETHARAMA COTTON: CRISIL Suspends 'B' Rating on INR60MM Loan
SHIVALIK SHULZ: ICRA Assigns 'B+' Rating to INR7cr Cash Loan
SHIVAM FOODS: CRISIL Suspends B+ Rating on INR147.5MM Cash Loan
SHRI OM: CRISIL Suspends 'B' Rating on INR30MM Packing Loan

SHREE VISHNU: CRISIL Suspends 'D' Rating on INR139MM Term Loan
SIRI SMELTERS: CRISIL Reaffirms 'D' Rating on INR85.5MM Loan
SUVILAS PROPERTIES: CRISIL Cuts Rating on INR250MM Loan to 'B'
ULTRA READY: CRISIL Lowers Rating on INR250MM Cash Loan to B+
V. D.: CRISIL Suspends B+ Rating on INR120MM Cash Loan

VINAYAK NIRMAN: ICRA Suspends 'B' Rating on INR15cr Loan
VISHNU COTTON: CRISIL Suspends 'B' Rating on INR115.5MM Cash Loan
WINTOUCH CERAMIC: CRISIL Reaffirms 'B' Rating on INR125MM Loan


J A P A N

SHARP CORP: Foxconn Offers to Buy Firm for JPY600BB


N E W  Z E A L A N D

* NEW ZEALAND: 15,000 Real Estate Businesses Shut in 2015


S O U T H  K O R E A

HYUNDAI MERCHANT: Concerns Over Liquidity Grows Deeper


V I E T N A M

VIETNAM: May Let Troubled Finance Firms Go Bankrupt


                            - - - - -


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


AUSTRALIAN RENEWABLE: First Creditors' Meeting Set For Feb. 2
-------------------------------------------------------------
Melissa Janet Mary Humann, David Laurence McEvoy and Nicholas John
Martin of PPB Advisory were appointed as administrators of
Australian Renewable Fuels Picton Pty Ltd on Jan. 21, 2016.

A first meeting of the creditors of the Company will be held at
PPB Advisory, Level 21, 140 St Georges Terrace, in Perth, on
Feb. 2, 2016, at 10:00 a.m.


AUSTRALIAN RENEWABLE: Kordamentha Appointed as Receivers
--------------------------------------------------------
David Winterbottom and Rahul Goyal of KordaMentha Restructuring
have been appointed Receivers and Managers of the operating
entities of Australian Renewable Fuels Limited (ARF), Australia's
largest national biodiesel company.

The listed company has been hit by the slump in oil prices which
has driven down the margins of the alternative fuel producer. ARF
has been in a trading halt last week while the impact of the oil
price slump was assessed.

The appointment of KordaMentha Restructuring follows the
appointment by directors of voluntary administrators to the listed
holding company on Jan. 21.

The two operating entities of ARF are Biodiesel Producers Pty Ltd
and Australian Renewable Fuels Adelaide Pty Ltd. The companies
have plants in Victoria (Barnawartha, near Albury), South
Australia and Western Australia.

Mr. Winterbottom said KordaMentha Restructuring would try to
continue the operations of the company while assessing its
financial position.

"It is likely that we will seek expressions of interest to buy the
business," Mr. Winterbottom said.  "ARF is potentially a highly
valuable and strategic business given a recovery in the price of
oil."

Australian Renewable Fuels Limited plants use tallow, vegetable
oil and used cooking oils to produce clean-burning diesel that
contains 100% renewable resources. It sells to wholesale and
retail fuel distributors and other markets. ARF's operations are
capable of producing over 100 million litres of fuel per year.


DICK SMITH: Receivers to Close 27 Concession Stores; 181 Jobs Cut
-----------------------------------------------------------------
Receivers and Managers to Dick Smith Holdings and associated
entities, James Stewart, Jim Sarantinos and Ryan Eagle of Ferrier
Hodgson said that 27 David Jones Electronics Powered by Dick Smith
concession stores, contained within David Jones department stores
across Australia, will close.

Ferrier Hodgson said "the receivers have been undertaking an
ongoing review of the operations of the Group with a view to
maintaining stable operations in order to facilitate its sale as
an ongoing concern.

"As a result of this review, the receivers have determined that
they will no longer continue to operate the 27 David Jones
Electronics Powered by Dick Smith concession stores, contained
within David Jones department stores.

"The relationship between Dick Smith and David Jones will come to
an end effective from close of business on Jan. 27, 2016, with the
terms of the termination having been mutually agreed between the
parties."

The closure of the 27 concessions means that the employment of 181
employees will be affected. This includes 2 full-time employees,
78 part-time employees and 101 casual employees.

Dick Smith is working to identify opportunities for future
employment for as many of the affected staff as possible through
the Dick Smith network.

The Receivers advised that the closure of the concessions is a
necessary step in the restructuring to assist in ensuring the
commercial viability of the Dick Smith Group businesses.

SmartCompany reports that Dick Smith employees were informed about
the closures over the phone and via a letter on Jan. 22.

In a copy of the letter seen by SmartCompany, the receivers said
the decision to close the concession stores is in no way a
reflection of the performance or work ethic of employees and was
instead based on "the performance of the stores and the ongoing
needs of the Dick Smith Group in the restructured environment".

"All remaining stock at the 'Electronics Powered by Dick Smith'
concession stores located within David Jones stores will be
consolidated into other stores within the Group mid next week,"
the receivers, as cited by SmartCompany, said.  "The receivers
would like to thank the staff in the 'Electronics Powered by Dick
Smith' concession stores for their support during the receivership
period."

                          About Dick Smith

Dick Smith Holdings Limited Ltd (ASX:DSH) --
http://dicksmithholdings.com.au/-- is a retailer of consumer
electronics products. The Company sells a range of products across
four categories: office, mobility, entertainment, and other
products and services. The Company has two segments: Dick Smith
Australia and Dick Smith New Zealand. The Company connects with
its customers through four physical store formats, catering for
three distinct consumer demographics: Dick Smith, MOVE, David
Jones Electronics Powered by Dick Smith and MOVE by Dick Smith
Sydney International Airport. The Company's store network consists
of approximately 393 stores across Australia and
New Zealand, which include approximately 351 Dick Smith stores,
approximately 10 MOVE stores, approximately four MOVE by Dick
Smith stores and approximately 28 David Jones Electronics Powered
by Dick Smith stores.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 6, 2016, Dick Smith Holdings Ltd was placed in receivership
on Jan. 5 following the appointment of Voluntary Administrators.

Ferrier Hodgson partners Mr James Stewart, Mr Jim Sarantinos and
Mr Ryan Eagle were appointed Receivers and Managers over DSH and a
number of associated entities.  The appointment was made by a
syndicate of lenders which hold security over the group.

Receiver Mr James Stewart said it was too early to clearly
identify the primary causes of the company's current financial
position and the reasons for its decline other than saying the
business had become cash constrained in recent times. He said it
would be business as usual while the Receivers look at the
restructuring and realisation opportunities for the Group.

"Dick Smith is one of the best known brands associated with,
consumer electronics in Australia and New Zealand," Mr Stewart
said. "We are immediately calling for expressions of interest for
a sale of the business as a going concern."

Mr Stewart said that employees will continue to be paid by the
Receivers and that it is expected that Australian employee
entitlements will be covered under the Fair Entitlements Guarantee
(FEG) scheme if the business cannot be sold as a going concern.

Mr Stewart added that the New Zealand business was profitable and
expected it would be attractive to potential buyers. He also
stated that due to the financial circumstances of the Group,
unfortunately, outstanding gift vouchers cannot be honoured and
deposits cannot be refunded.  Affected customers will become
unsecured creditors of the Group.


GROUP PROPERTY: First Creditors' Meeting Set For Jan. 28
--------------------------------------------------------
A H J WILY of Armstrong Wily Pty Ltd was appointed as
administrator of Group Property Leasing Pty Ltd on Jan. 18, 2016.

A first meeting of the creditors of the Company will be held at
Armstrong Wily Pty Ltd, Level 5, 75 Castlereagh Street, in Sydney,
on Jan. 28, 2016, at 3:00 p.m.


MIDDLEWOMAN SERVICES: First Creditors' Meeting Set For Feb. 2
-------------------------------------------------------------
Thomas Dawson of DCL Advisory was appointed as administrator of
The Middlewoman Services Pty Ltd on Jan. 21, 2016.

A first meeting of the creditors of the Company will be held at
DCL Advisory, Suite 6, 340 Darling Street, in Balmain, on Feb. 2,
2016, 10:00 a.m.


PEPPER RESIDENTIAL: Moody's Affirms Ba2 Rating on Cl. E Debt
------------------------------------------------------------
Moody's Investors Service affirmed all ratings of the notes issued
by Permanent Custodians Limited as trustee of Pepper Residential
Securities Trust No.15 following a review triggered by some loan
re-classification (Re-classification).

The Re-classification involved 6.49% of the total pool balance
having either one or two adverse credit events prior to
origination instead of having no adverse credit events. Pepper
Group Limited (Pepper, unrated) notified Moody's that the adverse
credit history records were not correctly reflected for 49 loans
(Re-classified Loans) totalling AUD18.25 million, representing
6.49% of the total pool balance at 31 December 2015.

Issuer: Pepper Residential Securities Trust No. 15

-- Class A1-a, Affirmed Aaa (sf); previously on Nov 2, 2015
    Definitive Rating Assigned Aaa (sf)

-- Class A1-R, Affirmed Aaa (sf); previously on Nov 2, 2015
     Definitive Rating Assigned Aaa (sf)

-- Class A1-s1, Affirmed P-1 (sf); previously on Nov 2, 2015
    Definitive Rating Assigned P-1 (sf)

-- Class A2, Affirmed Aaa (sf); previously on Nov 2, 2015
    Definitive Rating Assigned Aaa (sf)

-- Class B, Affirmed Aa2 (sf); previously on Nov 2, 2015
    Definitive Rating Assigned Aa2 (sf)

-- Class C, Affirmed A2 (sf); previously on Nov 2, 2015
    Definitive Rating Assigned A2 (sf)

-- Class D, Affirmed Baa2 (sf); previously on Nov 2, 2015
    Definitive Rating Assigned Baa2 (sf)

-- Class E, Affirmed Ba2 (sf); previously on Nov 2, 2015
    Definitive Rating Assigned Ba2 (sf)

-- Class F, Affirmed B2 (sf); previously on Nov 2, 2015
    Definitive Rating Assigned B2 (sf)


VOCATION LIMITED: Ferrier Hodgson Appointed as Liquidators
----------------------------------------------------------
http://www.ferrierhodgson.com/au/administrations/vocation-limited-
and-associated-entities-in-liquidation

At the second meeting of creditors held on Jan. 4, 2016, the
creditors resolved that Peter Gothard, Jim Sarantinos and George
Georges (email already reported) of Ferrier Hodgson be appointed
Liquidators of Vocation Limited and its associated entities, with
the exception of TTS-100 Pty Ltd.

Vocation Limited provides workforce based training and development
solutions to employees of Australian Corporate and government
clients. Vocation also provides training directly to individual
students.

On Nov. 25, 2015, Peter Gothard, Jim Sarantinos and George Georges
of Ferrier Hodgson were appointed Voluntary Administrators under
section 436A of the Act over Vocation Limited and its associated
entities.



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


A. B. PAL: CRISIL Reaffirms B+ Rating on INR110MM Cash Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL A4' rating to the short-term bank
facilities of A. B. Pal Electricals Private Limited (ABPL) while
reaffirming its rating on the long-term bank facility at 'CRISIL
B+/Stable'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee          1       CRISIL A4 (Assigned)

   Bills Discount/
   Cheque Purchase         9       CRISIL A4 (Assigned)

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

   Inland/Import
   Letter of Credit       30       CRISIL A4 (Assigned)

   Cash Credit           110       CRISIL B+/Stable (Reaffirmed)

The ratings reflect ABPL's average financial risk profile because
of an average total outside liabilities to tangible net worth
ratio and a weak interest coverage ratio. The ratings also factor
in large working capital requirement and exposure to intense
competition. These rating weaknesses are partially offset by the
extensive experience of the firm's promoters in the electronic
products trading industry, their funding support, and their
established relationship with customers.

Outlook: Stable

CRISIL believes ABPL will continue to benefit over the medium term
from its long track record of operations in the electrical
products trading business and established customer base. The
outlook may be revised to 'Positive' in case of substantial
capital infusion, thus improving the firm's capital structure, or
a significant increase in its operating margin, resulting in
better debt protection metrics. Conversely the outlook may be
revised to 'Negative' if working capital management weakens,
resulting in constrained liquidity, or in case of large, debt-
funded capital expenditure, leading to deterioration in the
financial risk profile.

ABPL was originally established in 1973 as a partnership firm;
this firm was reconstituted as a private limited company with the
current name in 1995. The company is based in Delhi and is
promoted by Mr. Thaker Pal Singh and his family members.

ABPL is an authorised stockiest/distributor for electrical
components such as cables, wires, and switches for various
electrical component manufacturing companies, including Havells
India Ltd (rated 'FAAA/Stable/CRISIL A1+'), Gloster Cables Ltd,
Polycab Wires Pvt Ltd, RR Kabel Ltd, Grandlay Electricals (India)
Pvt Ltd, Skytone Electrical India Ltd, and Paragon Cables India
Pvt Ltd, among others.


ANANDA SAW: CRISIL Assigns B- Rating to INR15MM Cash Loan
---------------------------------------------------------
CRISIL has assigned its 'CRISILB-/Stable/CRISIL A4' ratings to the
bank facilities of Ananda Saw Mills (ASM).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Proposed Long Term
   Bank Loan Facility     2.5      CRISIL B-/Stable
   Cash Credit           15.0      CRISIL B-/Stable
   Foreign Letter of
   Credit               100.0      CRISIL A4

The ratings reflect ASM's below-average financial risk profile
because of small net worth, a high total outside liabilities to
tangible net worth ratio, and a moderate interest coverage ratio.
The ratings also factor in the modest and working capital-
intensive operations in the highly fragmented timber industry.
These weaknesses are partially offset by the partners' extensive
experience in the industry.

Outlook: Stable

CRISIL believes ASM's business risk profile will continue to
benefit from the partners' extensive industry experience. The
outlook may be revised to 'Positive' if the firm generates higher
than expected cash accruals, or its working capital cycle
improves, or in case of capital infusion by the partners, leading
to an improvement in ASM's financial risk profile. Conversely, the
outlook may be revised to 'Negative' if ASM's financial risk
profile weakens due to a decline in the scale of operations and
operating margin or if the working capital cycle is stretched,
weakening liquidity.

Established as a partnership firm, ASM processes and trades in
timber. Mr. Alaga Raja and Ms. Padma are the partners. The firm is
based in Tamil Nadu with its processing facilities located at
Tenkasi (Tamil Nadu).


ARHYAMA SOLAR: ICRA Reaffirms B+ Rating on INR31.65cr Term Loan
---------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ assigned to
the INR31.65 crore fund based bank facilities of Arhyama Solar
Power Private Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Term Loans            31.65        [ICRA]B+ reaffirmed

The reaffirmation of rating takes in to account the weak financial
profile as indicated by high gearing of 4.97 times, low coverage
indicators with interest coverage ratio of 1.33 times and NCA/Debt
of 6.28% as at FY15; and insufficiency of cash accruals for term
loan repayments although the shortfall is met by unsecured loans.
The rating also factors in the weak demand for solar renewable
energy certificates (RECs) over the past 17 months coupled with
the high dependence of ASPPL on revenues from sale of RECs to
service its debt obligations given the tariff revenues are
insufficient for debt servicing. The rating also factors in the
low PLF of 17.44% in FY 2015 and limited operational track record
of the project with the plant starting power generation from
February 2014.

However, the rating draws comfort from presence of a firm power
purchase agreement with Dr Reddy's Laboratories Private Limited
(DRL) for a period of 20 years (tariff of INR5.90 per unit) and
limited counter-party credit risks given the strong financial
profile of its customer.

Going forward, the ability of the company to improve revenues from
energy generation and sale of RECs to service the debt obligations
and manage the capital structure will be a key rating sensitivity.

Arhyama Solar Power Private Limited (ASSPL) was incorporated in
September 2012. ASPPL has set up a 6 MW solar power plant at
Kolanpak Village, Aleir Mandal, Nalgonda District of Telangana.
The solar power plant commenced its commercial operations from
February 2014 and a Power Purchase Agreement has been signed by
ASPPL with Dr Reddy's Laboratories Limited (DRL) for a period of
20 years. The company is promoted by group of entrepreneurs who
has prior experience of more than 20 years in solar power EPC,
Agriculture commodities and financial management.

Recent Results
For 6M FY 2016 (provisional and unaudited), the company reported a
profit after tax of INR0.46 crore on an operating income of
INR3.35 crore, as against a profit after tax of INR0.18 crore on
an operating income of INR5.45 crore in FY 2015 (audited).


ASTRA CHEMTECH: CRISIL Ups Rating on INR140MM Cash Loan to 'B'
--------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of Astra
Chemtech Private Limited (ACPL) to 'CRISIL B/Stable/CRISIL A4'
from 'CRISIL D/CRISIL D'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit           140.0     CRISIL B/Stable (Upgraded
                                   from 'CRISIL D')

   Cheque Discounting      2.5     CRISIL B/Stable (Upgraded
                                   from 'CRISIL D')

   Inland/Import Letter   30.0     CRISIL A4 (Upgraded from
   of Credit                       'CRISIL D')

   Packing Credit         15.0     CRISIL A4 (Upgraded from
                                   'CRISIL D')

   Proposed Long Term      9.5     CRISIL B/Stable (Upgraded
   Bank Loan Facility              from 'CRISIL D')

   Term Loan              28.0     CRISIL B/Stable (Upgraded
                                   from 'CRISIL D')

The upgrade follows improvement in ACPL's liquidity reflected in
lower average bank limit utilisation at 92% over the 12 months
through December 2015, against instances of overutilisation in the
past alongwith comfortable expected cash accruals of INR17-20
million annually against scheduled term debt repayments of INR5.2
million over the medium term. The improvement in ACPL's liquidity
profile is on the back of stable business performance, absence of
major capital expenditure (capex) and an efficiently managed
working capital cycle. The company's revenue improved marginally
by 6% in 2014-15 to INR595 million along with stable margins of
5.2 percent in 2014-15 resulted in cash accruals remaining stable
at INR9.9 million. The company is not expected to incur any major
capex over the medium term which will support the liquidity
profile.

The ratings reflect ACPL's average financial risk profile, marked
by high gearing, small net worth and average debt protection
metrics and moderate working capital requirements. These
weaknesses are partially offset by the longstanding experience of
ACPL's promoters in the adhesives industry and its moderate scale
of operation supported by well establish brand and diversify
product range.
Outlook: Stable

CRISIL believes that ACPL will benefit over the medium term from
the healthy demand for adhesives on account of growth in end-user,
packaging and construction, industries. The outlook may be revised
to 'Positive' in case of significant improvement in its financial
risk profile, most likely because of large equity infusion and
significant improvement in its turnover and profitability.
Conversely, the outlook may be revised to 'Negative' if the
company's financial risk profile deteriorates because of delays in
receivable collection, or a large debt-funded capital expenditure
programme.

ACPL, established in 2000 by Mr. Rashid Ibrahim Sorathiya,
manufactures water- and solvent-based synthetic adhesives. It also
manufactures, on a small scale, construction chemicals, textile
specialty chemicals, specialty resins, specialty coating, and
specialty esters. The company has an installed capacity to produce
around 1000 tonnes of adhesive per month at its manufacturing
facilities in Boisar (Maharashtra).


BHOORATHNOM CONSTRUCTION: CRISIL Reaffirms B- INR140M Loan Rating
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Bhoorathnom
Construction Company Private Limited (BCCPL) continue to reflect
its modest scale of operations, large working capital
requirements, and exposure to intense competition in the
construction industry.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         725      CRISIL A4 (Reaffirmed)

   Cash Credit            140      CRISIL B-/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     115      CRISIL B-/Stable (Reaffirmed)

   Secured Overdraft
   Facility                20      CRISIL B-/Stable (Reaffirmed)

These weaknesses are partially offset by the extensive experience
of the promoters in the construction industry and the company's
healthy order book providing medium-term revenue visibility.
Outlook: Stable

CRISIL believes BCCPL will continue to benefit over the medium
term from the promoters' extensive industry experience and its
healthy order- book. The outlook may be revised to 'Positive' if
there is a substantial and sustained increase in revenue and
profitability margins, or there is sustained improvement in
working capital management. Conversely, the outlook may be revised
to 'Negative' in case of a steep decline in the company's
profitability margins, or significant deterioration in its capital
structure caused most likely by a stretch in the working capital
cycle.

BCCPL was set up in 1972 by Mr. A B Madhav, Mr. A L Bhoorathnom,
and Mr. A L Rajashanker. The company, based in Hyderabad,
undertakes water pipeline projects and road construction for state
and central government agencies across India. It also manufactures
pre-stressed concrete, reinforced cement concrete, and mild-steel
pipes.


BRAND CONCEPTS: CRISIL Ups Rating on INR77MM Cash Loan to B+
------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Brand Concepts Pvt. Ltd. to 'CRISIL B+/Stable' from 'CRISIL B-
/Stable', while reaffirming the rating on the short-term bank
facilities at 'CRISIL A4'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit             77      CRISIL B+/Stable (Upgraded
                                   from 'CRISIL B-/Stable')
   Letter of Credit        30      CRISIL A4 (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility      23      CRISIL B+/Stable (Upgraded
                                   from 'CRISIL B-/Stable')

The upgrade in ratings reflects improvement in BCPL's credit
profile, with improvement in scale of operations and better-than-
expected profitability levels. The company's scale of operations
is on an increasing trend, with revenues for 2014-15(refers to
financial year, April 1 to March 31) increasing by over 37% to
INR387 million. Further, BCPL's operating profitability increased
to about 10.5% in 2014-15 from -3.4% in 2013-14, on the back of
improved operational efficiencies resulting from closure of loss
making stores coupled with increase contribution of online sales
in total revenue of the company and launch of own brand in mid
segment of ladies handbags and small leather goods. Backed by
improving scale and profitability, BCPL generated healthy cash
accruals of INR25.9 million in 2014-15. CRISIL believes that the
company will sustain its improved scale of operations and
operating profitability over the medium term.

The company's working capital requirements have also moderated
with the gross current assets improving to 172 days as on
March 31, 2015, from 260 days as on March 31, 2014, due to
rationalization introduced in inventory and debtor management with
closure of inefficient store. The improvement in operating
efficiencies has resulted in low incremental working capital
requirement alongwith reduction in long term debt, leading to a
decline in gearing to 2.07 times as on Sept 30, 2015, from 14.8
times as on March 31, 2015. The debt protection metrics have also
improved with interest coverage ratio of 1.4 times and net cash
accruals to total debt ratio of 0.24 times for 2014-15. CRISIL
believes that BCPL's moderately  leveraged capital structure will
continue to constrain its financial risk profile over the medium
term

The ratings continue to reflect the company's average financial
risk profile, marked by a average gearing, and a small net worth.
The ratings also factor in BCPL's small scale of operation and
moderate working capital requirements. These rating weaknesses are
partially offset by the benefits that BCPL derives from its all-
India exclusive licensing arrangement with established brands, low
dependence on a single channel of distribution, low product
concentration, and an experienced management team.
Outlook: Stable

CRISIL believes that BCPL will continue to benefit from its
established position in the branded goods segment and the
experience of its management team over the medium term. The
outlook may be revised to 'Positive' if the company scales up its
operations and enhances its operating margin without a significant
increase in its working capital requirements, coupled with an
improvement in its gearing and infusion of equity capital by the
promoters, thereby improving its capital structure and debt
protection metrics. Conversely, the outlook may be revised to
'Negative' if BCPL is unable to ramp up its operations, leading to
continued pressure on its capital structure and weak debt
protection metrics.

BCPL was incorporated in 2007 and is engaged in exclusive trading
of branded goods like Small Leather Goods (SLG) as belts, wallets
of brands like Tommy Hilfiger, Arrow etc; ladies handbags of
brands like RockyS and Paris Hilton. BCPL sells these products
through large retails stores, distributors stores and online
sales.


CHANDIGARH MOTORS: ICRA Suspends 'B' Rating on INR6.5cr Loan
------------------------------------------------------------
ICRA has suspended the [ICRA]B rating for the INR6.50 Crore bank
facilities of Chandigarh Motors. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of the
requisite information from the company.


CROSS COUNTRY: ICRA Suspends B-/A4 Rating on INR18cr Loan
---------------------------------------------------------
ICRA has suspended [ICRA]B-/A4 ratings assigned to INR18.00 crore
bank facilities of Cross Country Apparels. The suspension follows
ICRA's inability to carry out a rating surveillance in the absence
of the requisite information from the company.

Cross Country Apparels, a partnership firm set up in the year 2004
by Mr. Kamal Prakash Goyal and his brothers, manufactures knitted
hosiery garments such as T-shirts, dresses, pullovers, sweaters
etc. at its facility in Ludhiana (Punjab). These garments are sold
in both export as well as domestic market. The firm also
undertakes trading of knitted cloth, hosiery goods and yarn.


DEEPA DEVELOPERS: ICRA Reaffirms 'B' Rating on INR9cr Loan
----------------------------------------------------------
ICRA has reaffirmed the [ICRA]B rating assigned to INR9.00 crore
(enhanced from INR8.40 crore) term loans and INR6.00 crore long
term fund based facilities of Deepa Developers.

                          Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Long Term Term Loan     9.00        [ICRA]B reaffirmed
   Long Term  Fund Based   6.00        [ICRA]B reaffirmed

The reaffirmation in the rating takes into account the steady
improvement in the occupancy rates and average room rates aided by
the favourable location of the hotel, Deepa Comforts, and the
strong promoter background. The rating also takes into account the
improvement in the capital structure and coverage indicators aided
by infusion of capital and repayment of term loans borrowed for
the construction of Deepa Comforts, in 2012-13. The rating,
however, remains constrained by the significant execution risk on
account of the proposed 5-star hotel Deepa Grandeur, with less
than 10% progress in the construction as of November 2015. The
firm is also exposed to significant funding risk as the promoters
have so far infused only ~8% of the total capital required. Timely
infusion of the remaining capital is critical for the timely
execution of the project. The project execution has witnessed
delays in the past and as per the revised schedule, the operations
are expected to commence in April 2020. With a long construction
period of 5 years, any further delays could lead to cost
escalations and additional funding requirements. Although the
repayment of the term loan is linked to the COD of the project, as
per the current repayment schedule the repayment is to begin from
April 2018. The same is expected to be revised so as to match with
the revised construction schedule and COD of the project. The firm
is also exposed to the cyclicality inherent in the industry and
also the inherent risks associated with the partnership nature of
the business, including the risks of capital withdrawal and
limited ability to raise capital, among others.

Promoted by Mr. Ramesh Kumar and family, Deepa Developers (the
firm) was initially engaged in development of residential and
commercial complexes in Mangalore, Karnataka. During 2008-09,
Deepa Developers developed a commercial complex, Deepa Plaza,
which houses a luxury business hotel, Deepa Comforts. Apart from
managing the operations of Deepa Comforts, the firm is currently
engaged in the construction and development of a 5 star hotel
Deepa Grandeur, which is expected to be operational by April 2020.

Deepa Comforts is a luxury business hotel on MG Road, Mangalore,
offering lodging, food and beverages, banquets and beauty care
facilities. The 10 storey building has 82 rooms, 3 restaurants, 4
enclosed banquet halls and 1 open air terrace for meetings,
conferences, events and parties. The proposed 5 star hotel Deepa
Grandeur is being constructed on a 1.5 acre land located on MG
Road, Mangalore. The 5 star hotel would have 153 rooms, 2
Restaurants, 1 24-hour coffee shop, 1 lounge bar, 3 conference
rooms and 3 banquet halls along with other facilities like gym,
swimming pool and spa, housed in a 20 floor complex.


DHALL ENTERPRISES: CRISIL Cuts Rating on INR90MM Loan to 'B'
------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Dhall Enterprises and Engineers Private Limited (DEEL; part of
the Dhall group) to 'CRISIL B/Stable' from 'CRISIL B+/Stable',
while reaffirming its rating on the short-term facilities at
'CRISIL A4'.

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

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

   Foreign Letter of      65       CRISIL B/Stable (Downgraded
   Credit                          from 'CRISIL B+/Stable')

   Inland/Import
   Letter of Credit       50       CRISIL A4 (Reaffirmed)

   Proposed Long Term     90       CRISIL B/Stable (Downgraded
   Bank Loan Facility              from 'CRISIL B+/Stable')

The downgrade reflects deterioration in the group's financial risk
profile because of an increase in gearing, deteriorating debt
protection metrics, and weakening working capital management.
Gearing increased to 3.55 times as on March 31, 2015, from 1.88
times a year earlier led by higher working capital requirement and
a decrease in networth. Networth decreased due to a loss incurred
in 2014-15 and withdrawal of INR9.8 million during the year.

Working capital borrowing increased on account of working capital-
intensive operations. Gross current assets were at 406 days as on
March 31, 2015, as against 310 days a year earlier. With increased
debt and a dip in networth, the group's total outside liabilities
to tangible networth ratio increased to 11.03 times from 6.89
times over this period. Debt protection metrics also weakened due
to negative cash accrual and an increase in interest cost due to
additional debt contracted. The group's interest coverage ratio
declined to 1.3 times in 2014-15 from 1.7 times in 2012-13, while
its net cash accrual to total debt ratio was negative in 2014-15
due to losses. CRISIL believes the group's financial risk profile
will remain stretched over the medium term with gearing expected
to remain high at above 2 times and debt protection metrics
average.

The ratings reflect the Dhall group's weak financial risk profile
because of high gearing and average debt protection metrics. The
ratings also factor in working capital-intensive and a small scale
of operations in the competitive textile machinery industry. These
rating weaknesses are partially offset by the extensive industry
experience of the group's promoters, leading to an established
relationship with customers and suppliers.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of DEEL and Dhall Exports (DE). This is
because the two entities, together referred to as the Dhall group,
have significant operational and financial linkages, and a common
management team.
Outlook: Stable

CRISIL believes the Dhall group will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of higher-than-
expected cash accrual and significant improvement in working
capital management, along with infusion of funds, resulting in a
better capital structure. Conversely, the outlook may be revised
to 'Negative' in case of lower-than-expected cash accrual, or
withdrawal of funds by promoters, resulting in weakening of the
financial risk profile. The outlook may also be revised to
'Negative' if working capital requirement increases further, or
there is higher-than-expected debt-funded capital expenditure.

DEEL is promoted by the Ahmedabad-based Dhall and Chopra families.
The company manufactures textile processing and finishing
machinery. Its product portfolio includes continuous bleaching,
washing, and mercerising, pad dry and pad steam ranges; coldpad-
batch dyeing ranges with S-roll padder; S-roll dye and finishing
padders; jigger, drying ranges, stenter, and relax dryers;
shrinking ranges; and vacuum foam finishing ranges.

DE, a partnership firm of members of the Dhall and Chopra
families, trades in and exports textile machinery.


DHALL EXPORTS: CRISIL Cuts Rating on INR55MM Packing Loan to B-
---------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Dhall Exports (DE; part of the Dhall group) to 'CRISIL B-
/Stable' from 'CRISIL B/Stable', while reaffirming its rating on
the short-term facilities at 'CRISIL A4'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee          5       CRISIL A4 (Reaffirmed)

   Export Packing         55       CRISIL B-/Stable (Downgraded
   Credit                          from 'CRISIL B/Stable')

   Inland/Import
   Letter of Credit        5       CRISIL A4 (Reaffirmed)

The downgrade reflects deterioration in the group's financial risk
profile because of an increase in gearing, deteriorating debt
protection metrics, and weakening working capital management.
Gearing increased to 3.55 times as on March 31, 2015, from 1.88
times a year earlier led by higher working capital requirement and
a decrease in networth. Networth decreased due to a loss incurred
in 2014-15 and withdrawal of INR9.8 million during the year.

Working capital borrowing increased on account of working capital-
intensive operations. Gross current assets were at 406 days as on
March 31, 2015, as against 310 days a year earlier. With increased
debt and a dip in networth, the group's total outside liabilities
to tangible networth ratio increased to 11.03 times from 6.89
times over this period. Debt protection metrics also weakened due
to negative cash accrual and an increase in interest cost due to
additional debt contracted. The group's interest coverage ratio
declined to 1.3 times in 2014-15 from 1.7 times in 2012-13, while
its net cash accrual to total debt ratio was negative in 2014-15
due to losses. CRISIL believes the group's financial risk profile
will remain stretched over the medium term with gearing expected
to remain high at above 2 times and debt protection metrics
average.

The ratings reflect the Dhall group's weak financial risk profile
because of high gearing and average debt protection metrics. The
ratings also factor in working capital-intensive and a small scale
of operations in the competitive textile machinery industry. These
rating weaknesses are partially offset by the extensive industry
experience of the group's promoters, leading to an established
relationship with customers and suppliers.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of DEEL and Dhall Exports (DE). This is
because the two entities, together referred to as the Dhall group,
have significant operational and financial linkages, and a common
management team.
Outlook: Stable

CRISIL believes the Dhall group will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of higher-than-
expected cash accrual and significant improvement in working
capital management, along with infusion of funds, resulting in a
better capital structure. Conversely, the outlook may be revised
to 'Negative' in case of lower-than-expected cash accrual, or
withdrawal of funds by promoters, resulting in weakening of the
financial risk profile. The outlook may also be revised to
'Negative' if working capital requirement increases further, or
there is higher-than-expected debt-funded capital expenditure.

DEEL is promoted by the Ahmedabad-based Dhall and Chopra families.
The company manufactures textile processing and finishing
machinery. Its product portfolio includes continuous bleaching,
washing, and mercerising, pad dry and pad steam ranges; coldpad-
batch dyeing ranges with S-roll padder; S-roll dye and finishing
padders; jigger, drying ranges, stenter, and relax dryers;
shrinking ranges; and vacuum foam finishing ranges.

DE, a partnership firm of members of the Dhall and Chopra
families, trades in and exports textile machinery.


GRAND MARINE: CRISIL Reaffirms B+ Rating on INR6.1MM Loan
---------------------------------------------------------
CRISIL's ratings on the bank loan facilities of Grand Marine Foods
(GMF; part of the Safa group) continue to reflect susceptibility
of the Safa group's profitability to volatility in raw material
prices and foreign exchange rates, and to risks inherent in the
seafood segment.

                        Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Export Packing
   Credit                120      CRISIL A4 (Reaffirmed)

   Foreign Bill
   Negotiation           100      CRISIL A4 (Reaffirmed)

   Long Term Loan          0.9    CRISIL B+/Stable (Reaffirmed)

   Standby Line of
   Credit                  6.1    CRISIL B+/Stable (Reaffirmed)

These weaknesses are partially offset by above-average financial
risk profile because of comfortable capital structure and debt
protection metrics, and promoters' extensive experience in the
seafood segment.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of GMF and Safa Enterprises (SE). This is
because the two firms, together referred to as the Safa group,
operate in similar lines of business and have fungible funds.
Outlook: Stable

CRISIL believes the Safa group will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the group scales up
operations and improves profitability on a sustainable basis,
resulting in enhanced cash accrual and liquidity. Conversely, the
outlook may be revised to 'Negative' if financial risk profile
weakens, most likely because of decline in cash accrual, or large
debt-funded capital expenditure, or sizeable capital withdrawals.

SE, established in 1998 and based in Kerala, processes and exports
seafood. GMF, set up in 2005, is in the same line of business.


HARYANA RICE: CRISIL Reaffirms 'B' Rating on INR250MM Cash Loan
---------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Haryana Rice
Mills (HRM) continues to reflect HRM's large working capital
requirement leading to weak financial risk profile and small scale
of operations. The rating also factors in vulnerability of margin
to volatility in raw material prices, high monsoon dependence, and
susceptibility to regulatory changes. These weaknesses are
mitigated by strong track record in the basmati rice industry.

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

Outlook: Stable
CRISIL believes HRM's financial risk profile will remain weak over
the medium term because of substantial working capital borrowings.
The outlook may be revised to 'Positive' if considerable cash
accrual is generated or capital structure improves significantly
driven by capital infusion by partners. Conversely, the outlook
may be revised to 'Negative' if capital structure declines or a
steep decline in the price of rice lowers profitability.
Set up in 1985 as a partnership firm by the Lal family of Haryana,
HRM mills and sorts basmati rice in Karnal (Haryana).

Book profit of INR0.9 million was reported on net sales of INR788
million in 2014-15 (refers to financial year, April 1 to
March 31), against book profit of INR0.8 million on net sales of
INR764 million in 2013-14.


HIMALAYA CONSTRUCTION: CRISIL Reaffirms B+ Rating on INR40MM Loan
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Himalaya Construction
Co.Pvt Limited (HCCPL) continue to reflect the company's large
working capital requirement and small scale of operations in the
civil construction industry. These rating weaknesses are partially
offset by the extensive industry experience of HCCPL's promoter.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         200      CRISIL A4 (Reaffirmed)
   Cash Credit             40      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes HCCPL will continue to benefit over the medium
term from its promoter's extensive industry experience. The
outlook may be revised to 'Positive' in case of significant
improvement in scale of operations along with diversification of
revenue, sustenance of profitability, or improvement in working
capital management. Conversely, the outlook may be revised to
'Negative' in case of substantially low cash accrual, or large,
additional debt-funded capital expenditure (capex), or increase in
working capital requirement, leading to further weakening of
liquidity.

Update
Operating income was INR611.5 million in 2014-15 (refers to
financial year, April 1 to March 31) against INR321.8 million in
2013-14, higher than CRISIL's expectations, on account of healthy
order book and timely execution of orders. The operating margin,
at 11.2% in 2014-15, was marginally below previous year's 12.5%.
Consequently, net cash accrual increased to around INR40.5 million
in 2014-15 from around INR18.1 million in 2013-14. The company's
business risk profile is expected to remain stable over the medium
term, driven by an adequate order book of more than INR3 billion
(around 4.9 times of 2014-15 revenue), providing near-term revenue
visibility.

Operations remain working capital intensive, with gross current
assets of 149 days as on March 31, 2015, leading to almost full
utilisation of the company's bank limit. Creditors were high at
249 days as on March 31, 2015. Consequently, the company's current
ratio was 2.64 times during 2014-15 below previous year's 4.10
times. CRISIL believes liquidity will remain weak over the medium
term on account of working capital-intensive operations.

Gearing was low at around 1.35 times on March 31, 2015. Debt
protection metrics were above-average, with interest coverage and
net cash accrual to total debt ratios at 3.80 times and 0.27
times, respectively, for 2014-15. CRISIL believes HCCPL will
maintain its capital structure over the medium term in the absence
of major debt-funded capex.

Incorporated in 1979 and based in Delhi, HCCPL is promoted by Mr.
Manjit Singh. The company is an A-class civil contractor engaged
in construction of tunnels for hydroelectric projects for
irrigation purposes, power houses, dams, roads, and railways, and
other types of heavy construction works. Its promoter has been in
the industry for more than three decades.


IBD SPACE: ICRA Suspends B+ Rating on INR27.50cr Loan
-----------------------------------------------------
ICRA has suspended the [ICRA]B+ rating for the INR27.50 crore bank
facilities of IBD Space Infrastructure Private Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


IMPERIAL DEVELOPERS: ICRA Lowers Rating on INR38cr LT Loan to D
----------------------------------------------------------------
ICRA has revised the long-term rating assigned to the INR38.00
crore fund based bank facility of Imperial Developers from
[ICRA]BB to [ICRA]D.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long Term Fund        38.00       [ICRA]D Revised from
   Based Limit-                      [ICRA]BB(Stable)
   Cash Credit

The revision in rating takes into account the delays in servicing
of debt in the past six months, reflecting its strained liquidity
position which arose due to the weak collection efficiency of the
firm. Although the construction of the project is complete, low
bookings and delay in advances inflow have resulted in a funding
gap. The rating is also constrained by the market risks associated
with the project on account of the intense competition in the
Surat real estate segment and the vulnerability of the project to
the cyclicality inherent in the real estate sector. ICRA also
notes that being a partnership firm, any substantial withdrawal
from the capital account would impact the capital structure of the
firm.

However, the rating also takes into account the long track record
of the promoters in real estate development, particularly in the
residential segment and the favorable location of the project in
proximity to public amenities.

As the construction of the project is complete and a large portion
of saleable area is yet to be booked, the firm's ability to
increase the bookings and maintain comfortable collection
efficiency will remain critical from credit perspective.

Imperial Developers was established in August, 2011 as a
partnership firm and is engaged in real estate development. The
partners in the firm are Mr. Bimal Vaniawala, Mr. Kamlesh Patel,
Mr. Krishnagopal Patel, Mr. Dipanbhai Desai, Mr. Ajay Boghawala
and Mrs. Dipika Boghawala. The firm is based out of Surat
(Gujarat) and is currently undertaking development of its first
project, "Blossom". The project targets a high income group and
comprises ten towers with a total of 206 nos. of 4BHK, 5 BHK and 6
BHK flats. The firm also has other group concerns engaged in real
estate development in Surat.

Recent results
ID recorded a profit after tax of INR1.04 crore on an operating
income of INR7.56 crore for the year ending March 31, 2015.


JAY KHODIYAR: CRISIL Reaffirms 'B' Rating on INR61.5MM Loan
-----------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Jay Khodiyar
Cotton Private Limited (JKCPL) continues to reflect the company's
low bargaining power, high seasonality in working capital
requirement, and susceptibility to intense competition in the
cotton ginning industry.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            15       CRISIL B/Stable (Reaffirmed)
   SME Care Loan           3       CRISIL B/Stable (Reaffirmed)
   Working Capital
   Demand Loan            61.5      CRISIL B/Stable (Reaffirmed)

The rating also factors in a weak financial risk profile because
of high gearing and weak debt protection metrics. These rating
weaknesses are partially offset by the extensive experience of the
company's promoters in the cotton industry.
Outlook: Stable

CRISIL believes JKCPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of an increase in
scale of operations and/or profitability, resulting in better cash
accrual, or sizeable equity infusion, leading to sustained
improvement in the capital structure and debt protection metrics.
Conversely, the outlook may be revised to 'Negative' in case of
further pressure on profitability, or an increase in working
capital requirement, leading to deterioration in the financial
risk profile, particularly liquidity.

Update
Revenue in 2014-15 (refers to financial year, April 1 to
March 31), declined by 12 percent year-on-year to INR488 million,
mainly driven by low demand and a fall in raw cotton prices.
Revenue was INR200 million in the nine months through December
2015, and is estimated at around INR400 million for 2015-16,
supported by commencement of the peak season.  Operating margin of
2.1 percent in 2014-15 was in line with past trends and better
than the previous year. The margin is expected to remain stable at
around 2% over medium, though it will be susceptible to volatility
in raw material prices. Working capital requirement is high during
the peak cotton season; gross current assets (GCAs) were 71 days
as on March 31, 2015. CRISIL believes the GCAs will remain at 70-
75 days over the medium term.

The financial risk profile remains below average because of a
small net worth of INR30.4 million and high gearing of 2.52 times
as on March 31, 2015. Debt protection metrics also remained below
average, with net cash accrual to total debt and interest coverage
ratios at 0.04 time and 1.4 times, respectively, in 2014-15. In
the absence of any significant improvement in scale of operations
or profitability, CRISIL believes the financial risk profile will
remain below average over the medium term.

Liquidity is stretched because of low cash accrual, expected at
around INR2-4 million over medium term; but there are no debt
repayment obligations over this period. Bank limit utilisation has
been moderate at around 88% during the peak season. CRISIL
believes liquidity will remain stretched over the medium term
driven by low cash accrual.

JKCPL was set up in 2008 by Mr. Nanabhai Kalsaria, Mr. Mangalbhai
Ladmur, and Mr. Nagjibhai Rathore, who have over 20 years of
experience in the cotton industry. The company processes raw
cotton into cotton bales and extracts cotton seeds at its unit in
Bhavnagar, Gujarat; it caters to the domestic market.


KAMAKHYA BOARD: ICRA Assigns 'B' Rating to INR1.0cr Cash Loan
-------------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B to the INR1.00
crore cash credit facility of Kamakhya Board. ICRA has also
assigned a short term rating of [ICRA]A4 to the INR4.75 crore non-
fund based limits of Kamakhya Board.

                           Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Cash Credit Limits        1.00       [ICRA]B; assigned
   Forward Sale Contract     4.75       [ICRA]A4; assigned

The assigned ratings are constrained by KB's modest scale of
operations and low profitability on account of intense competitive
pressures owing to low entry barriers and minimal value-addition
in the business. The ratings are further constrained by the
leveraged capital structure of the firm with unsecured loans
infused to meet the regular funding gaps. The ratings further
consider the vulnerability of profitability to volatile timber
prices and forex fluctuations coupled with environmental concerns
over timber being a forest produce.

The ratings, however, favorably take into account the extensive
experience of the proprietor in the timber related business,
proximity to Kandla port to source imported raw materials and
healthy rise in revenue during the fiscal year 2014-15.

Kamakhya Board (KB) is a proprietorship concern owned and managed
by Mr. Shashinath Sharma. Mr. Sharma has a total experience of
more than 30 years in the wood industry. KB is in the business of
manufacturing wooden plates, sawn timbers, teak wood margins and
mouldings as well as trading of timbers. The manufacturing unit is
located at Gandhidham near Kandla port.

Recent Results
For the year ended on March 31, 2015, based on provisional
financials KB reported an operating income of INR20.38 crore and
PAT of INR0.41 crore.


KESHRANAND COTEX: CRISIL Reaffirms B+ Rating on INR110MM Loan
-------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Keshranand
Cotex Private Limited (KCPL; part of the Keshranand group)
continues to reflect the group's below-average financial risk
profile because of a modest net worth, high gearing, and below-
average debt protection metrics.

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

   Proposed Long Term
   Bank Loan Facility    110       CRISIL B+/Stable (Reaffirmed)

   Term Loan              30       CRISIL B+/Stable (Reaffirmed)

The rating also factors in an average scale of operations in the
fragmented cotton ginning and pressing industry. These rating
weaknesses are partially offset by the extensive industry
experience of the group's promoters, and their funding support.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of KCPL and Keshranand Ginning and
Pressing Factory Pvt Ltd (KGPFPL). This is because the two
companies, together referred to as the Keshranand group, belong to
the same promoters, are in the same line of business, and have
business and financial linkages.
Outlook: Stable

CRISIL believes the Keshranand group will continue to benefit over
the medium term from its promoters' extensive industry experience.
The outlook may be revised to 'Positive' in case of more-than-
expected cash accrual or substantial capital infusion. Conversely,
the outlook may be revised to 'Negative' in case of lower-than-
expected cash accrual, a stretched working capital cycle, or
large, debt-funded capital expenditure, constraining the group's
financial risk profile.

Established in 2010, KCPL undertakes cotton ginning and pressing,
and extracts oil from cotton seeds. The company commenced
production at its facility in Dhule, Maharashtra, in October 2012.
Incorporated in 2005, KGPFPL is in the same line of business. It
also sells dried oil cakes. Its manufacturing facility at Dhule
has a ginning and pressing capacity of 350 bales per day; it
commenced operations from November 2005. The Keshranand group is
owned and managed by Mr. Dyaneshwer Bhamre and his family.


KG IRON: CRISIL Cuts Rating on INR45MM Term Loan to B-
------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of KG Iron and Steel Castings Private Limited (KGIS) to 'CRISIL B-
/Stable' from 'CRISIL B/Stable'.

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

   Term Loan              45       CRISIL B-/Stable (Downgraded
                                   from 'CRISIL B+/Stable')

The rating downgrade reflects continued pressure on the KGIS'
liquidity profile on account of the company incurring cash losses
in 2014-15. This is mainly due to a sharp reduction in the raw
material prices leading to inventory losses for the company.
Although the promoters infused unsecured loans of about INR40
million in the company in 2014-15 to support liquidity, the bank
lines remained fully utilised through the 12 months ending
September 2015. KGIS incurred cash losses of INR27 million in
2014-15. The decline in raw material prices resulted in inventory
losses as it carries an inventory of more than 100 days. The
continued softening of raw material prices is expected to slow
down recovery in operating profitability. The movement in raw
material prices and effect on KGIS' operating margin will remain a
key rating sensitivity factor over the medium term affecting the
liquidity profile.

The rating reflects KGIS' small scale of operations in fragmented
and highly competitive mild steel (MS) ingots industry, its weak
financial profile marked by high gearing and weak debt protection
metrics and susceptibility of its margins to volatility in steel
prices. These rating weaknesses are partially offset by the
promoter's extensive experience and funding support.
Outlook: Stable

CRISIL believes that KGIS will continue to benefit from its new
promoter's extensive experience in steel industry. The outlook may
be revised to 'Positive' in case of a material improvement in cash
accruals thereby improving its liquidity. Conversely, the outlook
may be revised to 'Negative' if the company's profitability
continues to remain weak further weakening its liquidity.

KGIS was incorporated in September 2009 as Suchita (India) Alloys
& Steels Private Limited and started operations in January 2011.
During December 2012, Mr. Kamlesh Gupta and Mr. Rahul Gupta
acquired majority stake in the company. Consequently, name was
changed to KG Iron & Steel Castings Private Limited in March 2013.
KGIS is engaged in manufacturing of mild steel (MS) ingots and has
its manufacturing unit situated in Raisen, Madhya Pradesh.


KINJAL CONSTRUCTION: CRISIL Reaffirms B+ Rating on INR200MM Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Kinjal Construction Co.
(KCC) continue to reflect the firm's exposure to risks related to
its tender-based activities and the susceptibility of its
operating margin to volatility in input prices. These rating
weaknesses are partially offset by the extensive experience of
KCC's proprietor in the civil construction business and the firm's
moderate financial flexibility because of support from group
entities.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         50       CRISIL A4 (Reaffirmed)

   Cash Credit           200       CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      4.5     CRISIL B+/Stable (Reaffirmed)

   Term Loan              45.5     CRISIL B+/Stable (Reaffirmed)

   Working Capital
   Demand Loan           200       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that KCC will benefit over the medium term from
the extensive industry experience of its proprietor and support
from its group entities. The outlook may be revised to 'Positive'
if the firm achieves significant and sustainable improvement in
its scale of operations, while maintaining operating profitability
and improving its financial risk profile. Conversely, the outlook
may be revised to 'Negative' if its financial risk profile weakens
because of lengthening of working capital cycle, or a sharp
decline in revenue or margins. The outlook may also be revised to
'Negative' if liquidity is further stretched or tied up on account
of funds transfer or support to group companies.

KCC, set up as a proprietorship concern in 1994 by Mr. Heeralal
Doshi, undertakes construction, repair, and maintenance of
buildings for state government agencies such as the Public Works
Department of Maharashtra. The firm also undertakes road
construction and maintenance for the Municipal Corporation of
Greater Mumbai and the Thane Municipal Corporation.


LOTUS POULTRIES: CRISIL Lowers Rating on INR139.1MM LT Loan to D
-----------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of
Lotus Poultries Private Limited (LPPL) to 'CRISIL D' from 'CRISIL
B/Stable'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            43       CRISIL D (Downgraded from
                                   'CRISIL B/Stable')

   Long Term Loan        139.1     CRISIL D (Downgraded from
                                   'CRISIL B/Stable')

   Proposed Long Term     27.9     CRISIL D (Downgraded from
   Bank Loan Facility              'CRISIL B/Stable')

The rating downgrade reflects instances of delay by LPPL in
servicing its debt. The delays have been caused by the company's
weak liquidity.

The rating continues to reflect LPPL's exposure to risks related
to stabilisation of its layer project, its exposure to intense
competition in the poultry industry, and susceptibility to risks
inherent in the industry such as outbreak of epidemics. The rating
also factors weak financial risk profile because of modest net
worth, high gearing and weak debt protection metrics. However the
company benefits from promoters' extensive experience.

LPPL was incorporated in 2010 by Mr. Damodar Reddy and Mr. Srihari
Reddy. The company has brooding and growing bird capacity and is
setting up a layer facility in Bengaluru.


M. S. RAMAIAH: CRISIL Reaffirms 'D' Rating on INR190MM LT Loan
--------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of M. S. Ramaiah
Foundation (MSRF) continues to reflect instances of delay by the
foundation in servicing its term loan The delays have been because
of weak liquidity on account of the large debt-funded capital
expenditure project taken up in the past and cash flow mismatches.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit/
   Overdraft facility      10      CRISIL D (Reaffirmed)

   Long Term Loan         125      CRISIL D (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     190      CRISIL D (Reaffirmed)

MSRF also has a weak financial risk profile because of high
gearing and weak debt protection metrics. Moreover, it is exposed
to competition and regulatory risks in the education field.
However, it benefits from the extensive experience of its promoter
in the education sector.

Update
Servicing of term loans continues to be delayed due to weak
liquidity because of inadequate cash accrual. The foundation's
bank line has been fully utilised during the 12 months through
November 2015. Revenue was INR135.70 million in 2014-15 (refers to
financial year, April 1 to March 31), against INR153.60 million in
2013-14. CRISIL believes repayments will continue to be delayed
over the medium term due to inadequate cash accrual.

The financial risk profile remains weak due to a small networth of
INR89.80 million and high gearing of 2.22 times, as on
March 31, 2015. The foundation has been having deficits over the
past few years due to low occupancy in its colleges, which has led
to a gradual decline its net worth.

Set up in May 2007 by Mr. M R Pattabhiram, MSRF operates an
educational institution, Ramaiah Institute of Management Studies,
in Bengaluru. The institution commenced operations in July 2007.
It offers management courses under affiliation with Swiss Business
School, University of Mysore, and Annamalai University. It is part
of the Ramaiah group of institutions that offer educational
courses in several subjects such as medicine, dentistry, pharmacy,
engineering, teachers' training, and law. The group was formed by
Mr. M S Ramaiah in the 1950s.


MADHAV METCAST: ICRA Reaffirms B Rating on INR3.2cr Term Loan
-------------------------------------------------------------
ICRA has reaffirmed an [ICRA]B rating to the INR3.20 crore
(reduced from INR5.50 crore) term loan and INR3.00 crore (enhanced
from INR2.00 crore) cash credit facilities of Madhav Metcast
Private Limited. ICRA has also assigned an [ICRA]A4 rating to
INR3.00 crore short-term non fund based letter of credit
facility(sub-limit of CC). ICRA has also assigned an
[ICRA]B/[ICRA]A4 ratings to the INR2.30 crore unallocated limits
of MMPL.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit            3.00       [ICRA]B; reaffirmed
   Term Loan              3.20       [ICRA]B; reaffirmed
   Inland/Foreign
   Letter of Credit
   cum Buyers Credit     (3.00)      [ICRA]A4; assigned
   Unallocated Limits     2.30       [ICRA]B/[ICRA]A4; assigned

The rating continues to be constrained by Madhav Metcast Private
Limited's modest scale of operations and its weak financial
profile as evident by thin profit margins, adverse capital
structure on account of aggressively debt funded capex and weak
coverage indicators impinged by high finance costs. The assigned
ratings are also constrained by concentrated customer base as
major revenue is generated from a few customers. The ratings also
take into account the highly competitive and fragmented nature of
the steel industry with competition from both unorganized and
established players and vulnerability of MMPL's operating
profitability to fluctuations in cost of key raw material i.e.
steel prices given the company's limited ability to pass on the
same to its customers.

The ratings however favorably consider MMPL's affiliation with
Madhav group - having presence in ship breaking since last three
decades which provides sourcing benefits to MMPL and its
experienced promoters with long track record in steel industry.

Incorporated in 2012 as a private limited company, Madhav Metcast
Private Limited was promoted by Mr. Odhav Patel, Mr. Arvind Patel,
Mr. Nilesh Patel and Mr. Talshi Patel and is engaged in the
manufacturing of Mild Steel Ingots through Induction furnace
route. The company has an installed capacity of 18000 MTPA of
ingot manufacturing at its manufacturing unit in Bhavnagar. Mr.
Odhav Patel and Mr. Talshi Patel have promoted "Madhav Group"
which includes other entities like Madhav Industrial Corporation,
Madhav Ispat Rolling Mill and Madhav Steels.

Recent Results
For the year ended March 31, 2015, MMPL reported an operating
income of INR42.64 crore and net loss of INR0.07 crore. Further
during the first six months of FY16, the company reported an
operating income of INR17.07 crore (as per provisional unaudited
financials).


MAHAVIR RICE: CRISIL Reaffirms B+ Rating on INR70MM Cash Loan
-------------------------------------------------------------
CRISIL's rating on the bank facilities of Mahavir Rice Mill
(Chamorshi) (MRM) continues to reflect the firm's modest scale of
operations in the rice milling industry and below-average
financial risk profile, marked by small net worth, high gearing
and modest debt protection metrics. These rating weaknesses are
partially offset by the extensive experience of MRM's partners in
the rice milling industry.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            70        CRISIL B+/Stable (Reaffirmed)
   Proposed Term Loan      3.8      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

MRM will maintain its moderate business risk profile backed by its
promoters' extensive industry experience. The outlook may be
revised to 'Positive' if the firm's revenue and profitability
improve significantly, while it improves its financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
MRM undertakes any significant debt-funded capital expenditure, or
its revenue and profitability decline substantially, or its
working capital cycle stretches, leading to weak financial risk
profile.

Set up in 1992 as a partnership firm, MRM is engaged in rice
milling. Operations are managed by Mr. Chandrakant Doshi. Its
manufacturing facility is in Chamorshi, Maharashtra.


MALLIKARJUNA PARBOILED: ICRA Reaffirms B+ INR5.97cr Loan Rating
---------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ assigned to
INR5.97 crore (revised from INR6.01 crore) fund based limits of
Mallikarjuna Parboiled Binny Rice Mill. ICRA has also reaffirmed
the long term and short term ratings of [ICRA]B+/[ICRA]A4 assigned
to INR1.53 crore (revised from INR1.49 crore) unallocated limits
of MPBRM.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund Based Limits      5.97       [ICRA]B+ reaffirmed
   Unallocated limits     1.53       [ICRA]B+/[ICRA]A4 reaffirmed

The ratings reaffirmation continues to be constrained by the
firm's small scale of operations with low capacity utilization in
the highly fragmented rice milling industry; expected decline in
operating income in FY2016 due to poor rainfall which adversely
affected the raw material (paddy) availability; and modest
coverage indicators with NCA/Debt of 11% and interest coverage
ratio of 1.65 times as on March 31, 2015. The ratings are further
constrained by the regulatory risks with respect to minimum
support price (MSP) for paddy; and risks associated with
partnership nature of the business.

The assigned ratings, however, positively factor in the
significant growth of 40% in MPBRM's revenues, owing to higher
availability of paddy in FY2015 and improvement in operating
margins in FY2015. ICRA notes the longstanding experience of the
promoters in the rice milling industry; and location advantage
from MPBRM's mill being present in a major paddy cultivating
region, resulting in easy availability of the raw material.
Going forward, the company's ability to improve its scale of
operations, while managing its working capital requirements
effectively, will be the key credit rating sensitivities.

Mallikarjuna Parboiled Rice Mill (MPRM) was founded in the year
1989 by Mr. K. Narayana. MPBRM is engaged in the milling of paddy
and produces raw and boiled rice. The rice mill is located at
Nalgonda district of Andhra Pradesh. The installed production
capacity of the plant is 7 tons per hour.

Recent Results
As per the audited results for FY2015, the company reported net
profit of INR0.16 crore on turnover of INR32.15 crore as against
profit after tax of INR0.12 crore on turnover of INR22.96 crore
during FY2014.


N.B HI-TECH: ICRA Reaffirms B- Rating on INR8.43cr Term Loan
------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B- assigned to
the INR2.51 crore cash credit facility and INR8.43 crore term
loans of N.B Hi-Tech Cold Storage.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Cash Credit Limit      2.51        [ICRA]B- reaffirmed
   Term Loan              8.43        [ICRA]B- reaffirmed

The reaffirmation of the rating takes into account the firm's
small scale of operations and capacity bottleneck which restricts
growth in operating income, its weak financial profile which is
characterized by low net profitability, high gearing levels and
modest coverage indicators and the exposure of the firm to
possible inventory losses. ICRA notes that the receipt of the
pending capital subsidy from the central government remains
important for the overall liquidity profile of the firm. Further,
as NBCS is a partnership firm, any significant withdrawals from
the capital account by the partners would adversely impact its net
worth and thus gearing levels; the same remains a key rating
sensitivity.

The rating, however, favourably factors in the experience of the
firm's partners in potato trading and the favourable location of
the unit in Deesa (Gujarat), an area with high output of potato.

Incorporated in 2012, N.B Hi-Tech Cold Storage (NBCS) is engaged
in providing cold storage facility to potato chip manufacturers
and traders on a rental basis and has commenced commercial
operations from February 2013. The firm has a modified atmosphere
cold storage facility located at Deesa, Gujarat having a capacity
to store 1,40,000 bags each weighing 50 kg (i.e. about 7000 MT of
potatoes). The firm has been promoted by Mr. Dalpat Mali along
with his relatives who have long experience in potato farming,
trading business and cold storage business. The partners have two
other cold storages in Deesa, Somnath Cold Storage and Amarnath
Cold Storage having an installed capacity of storing 5250 MT and
10550 MT respectively.

Recent Results
For the year ended March 31, 2015, N.B Hi-Tech Cold Storage
reported an operating income of INR3.69 crore and profit after tax
of INR0.01 crore as against an operating income of INR3.50 crore
and profit after tax of INR0.00 crore for the year ended March 31,
2014.


NIRUPAMA COLD: CRISIL Reaffirms B Rating on INR65MM Cash Loan
-------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Nirupama Cold
Storage Private Limited (NCSPL) continues to reflect NCSPL's weak
financial risk profile because of small networth, moderate
gearing, and average debt protection metrics. The rating also
factors in exposure to risks related to the highly regulated and
fragmented nature of the cold storage industry in West Bengal.
These weaknesses are mitigated by the promoters' extensive
experience.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            65       CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      7.1     CRISIL B/Stable (Reaffirmed)

   Term Loan               8.4     CRISIL B/Stable (Reaffirmed)

   Working Capital
   Facility               10.0     CRISIL B/Stable (Reaffirmed)

Outlook: Stable

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

NCSPL was incorporated in 1997 by Mr. Sunil Kumar Mal and his
family. The company has a cold storage facility for potatoes, with
a capacity of 215,000 tonne, in Bankura (West Bengal).


RANA DENIM: CRISIL Reaffirms B+ Rating on INR130MM Demand Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Rana Denim Private
Limited (RDPL) continue to reflect RDPL's susceptibility to
volatility in raw material prices, given its large inventory
holding; changes in government policies, and customer
concentration in revenue profile.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee        18.8      CRISIL A4 (Reaffirmed)
   Cash Credit           80        CRISIL B+/Stable (Reaffirmed)
   Long Term Loan        66.1      CRISIL B+/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility     5.1      CRISIL B+/Stable (Reaffirmed)
   Working Capital
   Demand Loan          130.0      CRISIL B+/Stable (Reaffirmed)

These rating weaknesses are partially offset by the extensive
experience of promoters in the cotton industry and the benefits
arising from its synergies with group concerns. The ratings also
reflect average financial risk profile marked by moderate net
worth and below-average debt protection metrics.

For arriving at its ratings, CRISIL has treated unsecured loans
extended by the promoters of about INR 45 million as on 31st March
2015, as neither debt nor equity as these are expected to remain
in the business over the medium term.
Outlook: Stable

CRISIL believes RDPL will continue to benefit over the medium term
from the extensive industry experience of its promoters, and
synergies from group concerns. The outlook may be revised to
'Positive' if the working capital cycle or scale of operations
improves, leading to higher cash accrual and strong liquidity.
Conversely, the outlook may be revised to 'Negative' if RDPL's
revenue and profitability decreases significantly, leading to low
cash accrual, or its liquidity weakens because of a large debt-
funded capital expenditure.

RDPL was set up by Mr. Hasamali Rana Karani and his family in
2000. The company manufactures open-ended cotton yarn in counts of
6s to 20s, used in manufacturing denim garments. It operates a
unit in Yavatmal (Maharashtra).


SAHU KHAN: ICRA Assigns B+ Rating to INR9.0cr Cash Loan
-------------------------------------------------------
ICRA has assigned its long term rating of [ICRA]B+ to the INR9.00
crore cash credit limits of Sahu Khan Chand Foods.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit            9.00       [ICRA] B+; assigned

ICRA's rating takes into account the highly competitive nature of
the industry in which SKCF operates, characterized by a few larger
players and a number of small players. The rating is also
constrained by the vulnerability of the firm's profitability to
agro climatic risks, as evident in the decline in SKCF's operating
margins in FY15. The rating also factors in the firm's elongated
working capital cycle on account of high inventory levels and its
below average coverage indicators. ICRA also takes note of the
partnership constitution of the firm which exposes it to risks of
withdrawal, dissolution etc. However, the rating derives comfort
from the experience of the firm's management in a similar line of
business and absence of long term debt. ICRA also takes note of
the healthy capacity utilization attained by the firm which, along
with improved realizations has resulted in increasing operating
income.

Going forward, the firm's ability to ramp up its scale of
operations while bringing about a sustained improvement in its
profitability will be the key rating sensitivity.

SKCF was incorporated in 2008 as a partnership firm with Mrs.
Bhagwati Devi, Mr. Mausam Gupta, Ms Neeru chaudhary, Mr. Nirmal
Gupta, Mr. Rakesh Chandra Gupta and Mr. Tajendra Pal Chaudhary, as
partners. The firm is involved in the processing and trading of
frozen fruits and vegetables (primarily frozen green peas) at its
two manufacturing units in Sambhal, Uttar Pradesh. The units have
a capacity to process 5400 Metric Tonnes (MT) of vegetables
annually. The firm primarily caters to the domestic market and
sells its frozen green peas under the brand name, Sahu Fresh.

Recent Results
In FY15, SKCF reported an operating income (OI) of INR20.73 crore
and a Profit after Tax (PAT) of INR0.19 crore, as compared to an
OI of INR12.71 crore and a PAT of INR0.12 crore in the previous
year.


SANDEEP LOGISTICS: CRISIL Suspends 'D' Rating on INR105MM Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Sandeep
Logistics (SAL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit             5       CRISIL D

   Proposed Long Term    105       CRISIL D
   Bank Loan Facility

   Term Loan              90       CRISIL D

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

SAL is a proprietorship firm owned and managed by Mr. Sandeep
Singh. SAL is engaged in road transportation business with a fleet
size of ~60 carrier vehicles with its corporate office at Gurgaon,
Haryana.


SEETHARAMA COTTON: CRISIL Suspends 'B' Rating on INR60MM Loan
-------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Seetharama Cotton Industries (SCI).

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            60        CRISIL B/Stable
   Long Term Loan         17.5      CRISIL B/Stable
   SME Credit              2.5      CRISIL B/Stable

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

Set up in 2008 as a partnership firm, SCI is engaged in ginning
and pressing of raw cotton and sells cotton lint and cotton seeds.
The firm was promoted by Mr. Kamishetti Prakash, Mr. Yamsani
Suresh, and their family members. SCI's ginning unit in based in
Karimnagar District (Andhra Pradesh).


SHIVALIK SHULZ: ICRA Assigns 'B+' Rating to INR7cr Cash Loan
------------------------------------------------------------
ICRA has assigned its long term rating of [ICRA]B+ to the bank
facilities of INR9.85 crore of Shivalik Shulz Pvt. Ltd.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long term fund
   based Cash
   credit limit          7.00         [ICRA]B+; assigned

   Long term fund
   based-Term Loan       2.85         [ICRA]B+; assigned

ICRA's rating takes into account the inherent business risk
associated with the yarn twisting and doubling industry owing to
intense competition and low entry barriers which impacts the
profitability of the players due to limited bargaining power. The
ICRA rating also factors in the susceptibility to the fluctuations
in the raw material cost. SSPL's low value additive nature of
business resulted in thin profitability, which in conjunction with
the high working capital intensity led to deterioration in the
capital structure with a gearing of 1.98 times as on March 31,
2015. ICRA has also taken note of the planned debt funded capital
expenditure, which is likely to keep the coverage indicators
range-bound.

ICRA's rating however favourably factors in the extensive
experience of the promoters in the yarn twisting/doubling and
trading business. SSPL is situated in Bhilwara, Rajasthan and has
locational advantage with easy access to raw material.
The company's ability to timely complete the expansion within
estimated costs and achieve adequate capacity utilisation with
efficient working capital management and liquidity will be the key
rating sensitivities.

SSPL is a privately owned company by Mr. Manoj Darak and family,
based in Bhilwara, Rajasthan. The company is engaged in the
doubling and twisting of synthetic yarns such as polyester yarn,
viscose yarn and blended yarn. SSPL also undertakes yarn trading
activities which contributes ~40% in the operating income. At
present, Shivalik Sulz has a doubling and twisting capacity of
1320MTPA and planning to expand it to 2178MTPA.


SHIVAM FOODS: CRISIL Suspends B+ Rating on INR147.5MM Cash Loan
---------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of
Shivam Foods Private Limited (SFPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit           147.5     CRISIL B+/Stable

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

SFPL promoted by Mr. Rajesh Kumar Gupta was in incorporated in
2002. SFPL operates flour mills for production of wheat products
such as maida, atta, suji, and bran.


SHRI OM: CRISIL Suspends 'B' Rating on INR30MM Packing Loan
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Shri Om
Impex (SOI). The suspension of ratings is on account of non-
cooperation by SOI with CRISIL's efforts to undertake a review of
the ratings outstanding.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Foreign Discounting
   Bill Purchase           90      CRISIL A4
   Packing Credit          30      CRISIL B/Stable

Despite repeated requests by CRISIL, SOI is yet to provide
adequate information to enable CRISIL to assess SOI'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'.

SOI was established in 2007 as a proprietorship firm by Mr. Ravi
Shah. SOI gets ready-made garments and dress materials
manufactured on a contract basis, and exports them primarily to
Hong Kong and Dubai.


SHREE VISHNU: CRISIL Suspends 'D' Rating on INR139MM Term Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Shree Vishnu Vishal Paper Mills Private Limited (SVVPMPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit             26      CRISIL D
   Proposed Long Term
   Bank Loan Facility      30      CRISIL D
   Term Loan              139      CRISIL D

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

SVVPMPL is engaged in manufacturing of Kraft paper and also
operates a captive husk based power plant. The paper mill along
with captive power plant was established by its erstwhile
promoter-director, Bihar based Modi and Bagaria family. The mill
commenced commercial operations in Sep 2012. However, within two
months the mill was closed down owing to several issues. Later,
the company was acquired by its current owner-director Mr. Amit
Prakash Kejriwal and Mr. Ashok Goenka in March 2013. The paper
mill along with captive power plant recommenced operations in May
2013. The mill is located at Aara district of state of Bihar.


SIRI SMELTERS: CRISIL Reaffirms 'D' Rating on INR85.5MM Loan
------------------------------------------------------------
CRISIL rating on the long term bank facilities of Siri Smelters
and Energy Private Limited (SSEPL) continues to reflect instances
of delays in servicing its term debt due to its weak liquidity.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit           64.5      CRISIL D (Reaffirmed)
   Term Loan             85.5      CRISIL D (Reaffirmed)

SSEPL has weak financial risk profile because of small networth,
high gearing, and weak debt protection metrics. The company is
exposed to intense competition in ferro alloys industry and it has
large working capital requirement. However, the company benefits
from its promoter's extensive experience in the ferro alloys
industry.

SSEPL was incorporated in 2011 and its day-to-day activities are
managed by its managing director, Mr. Mohan Sajja. The company
manufactured ferro alloys, and has temporarily closed down its
manufacturing activities at its plant in Bobbili (Andhra Pradesh).


SUVILAS PROPERTIES: CRISIL Cuts Rating on INR250MM Loan to 'B'
--------------------------------------------------------------
CRISIL has downgraded its rating on the long term bank facility of
Suvilas Properties Pvt. Ltd. (SPPL) to 'CRISIL B/Stable' from
CRISIL B+/Stable.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Project Loan           250      CRISIL B/Stable (Downgraded
                                    from 'CRISIL B+/Stable')

The downgrade reflects pressure on SPPL's liquidity resulting from
escalation in project cost and lower than expected booking. The
cost of construction got escalated to INR1327 million from INR815
million due change in project specification and prices of
material. This increase is funded by INR100 million of additional
term loan and balance through own funds and customer advance. The
liquidity was also under pressure due to slow execution of project
and lower than expected booking.

The rating also reflects SPPL's exposure to risks related to
completion and salability of its ongoing project and its
susceptibility to risks inherent in the real estate industry.
These rating weaknesses are partially offset by the extensive
experience of SPPL's promoters in the real estate development
business.
Outlook: Stable

CRISIL believes that SPPL will benefit over the medium term from
its promoters' experience in the real estate development business.
The outlook may be revised to 'Positive' if SPPL completes its
projects early or generates more sales from ongoing projects,
leading to substantially large cash flows. Conversely, the outlook
may be revised to 'Negative' if there are any delays in the
execution of the project or in the receipt of advances from
customers, or if it undertakes a large, debt-funded project,
impacting its financial risk profile.

SPPL is a Bengaluru (Karnataka)-based real estate Development
Company incorporated in 2012. Its day-to-day operations are
managed by the managing director Mr. Sunil Chowdary.


ULTRA READY: CRISIL Lowers Rating on INR250MM Cash Loan to B+
-------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Ultra Ready Mix Concrete Private Limited (URMC) to 'CRISIL
B+/Stable' from 'CRISIL BB-/Stable'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            250      CRISIL B+/Stable (Downgraded
                                   from 'CRISIL BB-/Stable')

   Long Term Loan         196.8    CRISIL B+/Stable (Downgraded
                                   from 'CRISIL BB-/Stable')

The downgrade factors in CRISIL's belief that URMC's liquidity
will remain constrained by sizeable maturing debt obligations,
while internal accrual continues to be low on account of a
moderate scale of operations. The downgrade also factors in a
stretch in the company's working capital cycle owing to large
inventory holdings, thereby further weakening liquidity.

The rating continues to reflect the company's modest scale of
operations, geographical concentration in the revenue profile, and
its large working capital requirements. These weaknesses are
mitigated by the benefits derived from the extensive experience of
the promoters in the ready mix concrete (RMC) industry and URMC's
longstanding relationship with clients.
Outlook: Stable

CRISIL believes URMC will continue to benefit from the extensive
experience of the promoters over the medium term. The outlook may
be revised to 'Positive' if the company scales up its operations
significantly while maintaining profitability and improving
working capital management leading to better-than-expected cash
accrual. Conversely, the outlook may be revised to 'Negative' if
URMC's financial risk profile and liquidity further deteriorate
driven by lower-than-expected cash accrual, increase in working
capital requirements, or large, debt-funded capital expenditure.

Started in 2005 and based in Coimbatore (Tamil Nadu), URMC
manufactures RMC. The operations are managed by Mr. S Sivasamy.


V. D.: CRISIL Suspends B+ Rating on INR120MM Cash Loan
------------------------------------------------------
CRISIL has suspended its rating on the bank facility of
V. D. Motors Private Limited (VMPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            120      CRISIL B+/Stable

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

VMPL was promoted by Mr. Rajendra Singh Godara and Mr. Vikas
Godara in 1998. It is an authorised dealer of M&M's passenger and
commercial vehicles. The company operates showrooms and workshops
in Ganganagar (Rajasthan); it has branch offices in Anupgarh,
Suratgarh, Bhadra, and Nohar (all in Rajasthan).


VINAYAK NIRMAN: ICRA Suspends 'B' Rating on INR15cr Loan
--------------------------------------------------------
ICRA has suspended [ICRA]B rating assigned to the INR15.00 crore
long term limits of Vinayak Nirman Private Limited. The suspension
follows ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.

Established in April 2005, VNPL is developing a commercial and a
residential real estate project Varanasi, Uttar Pradesh. The
company is a part of a group which has several entities engaged in
real estate development in Varanasi. The group has executed a
redevelopment real estate project in Mumbai as well. The group
also has interests and various other entities engaged in fabric
exports, hotels etc.


VISHNU COTTON: CRISIL Suspends 'B' Rating on INR115.5MM Cash Loan
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Vishnu Cotton Mills Limited (VCML).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit          115.5      CRISIL B/Stable

   Letter of Credit      24        CRISIL A4

   Proposed Long Term
   Bank Loan Facility   112.5      CRISIL B/Stable

   Term Loan             94.0      CRISIL B/Stable

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

'VCML, incorporated in 1994, manufactures cotton yarn. It is also
engaged in fabric dyeing. While the company manufactures yarn in
counts of 20 to 40, it majorly manufactures yarn in counts of 28
to 32.


WINTOUCH CERAMIC: CRISIL Reaffirms 'B' Rating on INR125MM Loan
--------------------------------------------------------------
CRISIL has reassigned its 'CRISIL A4' rating to the short-term
bank facility of Wintouch Ceramic (Wintouch). The rating on the
long-term facilities has been reaffirmed at 'CRISIL B/Stable'.

                         Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee          16      CRISIL A4 (Reassigned)

   Proposed Long Term
   Bank Loan Facility     125      CRISIL B/Stable (Reaffirmed)

   Term Loan               69.7    CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility       9.3    CRISIL B/Stable (Reaffirmed)

   Cash Credit             30.0    CRISIL B/Stable (Reaffirmed)

The ratings reflect the firm's nascent and modest scale of
operations in the highly competitive ceramics industry. These
rating weaknesses are partially offset by the extensive industry
experience of Wintouch's partners and proximity of its
manufacturing facilities to raw material and labour resources.
Outlook: Stable

CRISIL believes Wintouch will continue to benefit over the medium
term from its partners' extensive industry experience. The outlook
may be revised to 'Positive' in case of higher-than-expected
sales, leading to substantial cash accrual, or an improved working
capital cycle. Conversely, the outlook may be revised to
'Negative' in case of lower-than expected accrual due to reduced
order flows or profitability, or weakening of the firm's financial
risk profile, most likely because of a stretched working capital
cycle or larger-than-expected debt-funded capital expenditure.

Update
Wintouch commenced commercial operations in April 2015, and is
expected to generate modest sales of INR100-120 million in 2015-16
(refers to financial year, April 1 to March 31). Operating
profitability is expected to be moderate, at 12-13 percent, in
line with the other players in the industry. Working capital
requirement will remain moderate, with gross current assets
expected at 100-120 days over the medium term. Bank limit
utilisation averaged 55 percent over the five months through
September 2015. The financial risk profile is expected to remain
average because of subdued debt protection metrics. However,
capital structure will remain comfortable, with gearing expected
at 1.7 times over the medium term.

Wintouch is a partnership firm established in April 2014 for
manufacturing wall glazed tiles. The firm is promoted by Morbi,
Gujarat-based Mr. Arvindbhai Ravjibhai Kakasaniya, Mr.
Dharmendrabhai Karamshibhai Kakasaniya, Mr. Jaydeepbhai Bhikhabhai
Panara, and eight other partners.



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


SHARP CORP: Foxconn Offers to Buy Firm for JPY600BB
---------------------------------------------------
Tim Culpan at Bloomberg News reports that Foxconn Technology Group
has offered about JPY600 billion ($5.1 billion) to buy struggling
Japanese electronics maker Sharp Corp., according to a person
familiar with the talks, in what could mark the largest
acquisition since 2009 for the assembler of Apple Inc.'s iPhones.

A decision to accept or reject the bid is expected before the end
of January, the person said, asking not to be identified as the
discussions are private, Bloomberg relates. Chu Wen-min, a
spokesman for Foxconn's Hon Hai Precision Industry Co., declined
to comment on Jan. 21, Bloomberg says.

According to Bloomberg, the world's largest electronics contract
manufacturer offered to invest in Sharp in 2012 but discussions
foundered after they failed to agree on management control.
Bloomberg says talks were said to have been revived in the past
year after Sharp turned to government-backed Innovation Network
Corp. of Japan, or INCJ, for funding as a new round of debt
payments loomed.

Foxconn is interested in expanding its business beyond assembly of
products and logistics, by adding a wider array of components to
its offerings, Bloomberg notes. Sharp, one of the world's largest
makers of displays for smartphones and tablets, could gain more
business from Apple and other Foxconn customers like Amazon.com
Inc and Xiaomi Corp.

"There need to be core products around which Sharp can build a
market position. What those will be isn't clear, regardless of
which side they join," Bloomberg quotes Mitsushige Akino, chief
fund manager at Ichiyoshi Investment Management Co. in Tokyo, as
saying. "Outside of short-term speculators, most investors will
stay away from Sharp's shares until the final details are
settled."

The Japanese company's shares surged as much as 25 percent in
Tokyo. They closed on Jan. 21 6 percent higher, taking its market
value to about JPY218 billion, Bloomberg notes. The stock dropped
53 percent last year and 20 percent in 2014.

Sharp was saddled with total debt of JPY791.8 billion as of
Sept. 30, according to data compiled by Bloomberg. The Osaka-based
company has booked more than JPY1.1 trillion in losses over the
past four financial years as stiffer competition from South Korean
and Chinese rivals undercut its business, Bloomberg discloses.

Apart from Foxconn, it's now also pondering a competing bid from
INCJ, the Wall Street Journal reported earlier, citing
unidentified people familiar with the matter, according to
Bloomberg.

"We're talking with several companies about the structural
improvement of liquid-crystal-display business. We don't comment
on the details of individual talks," Bloomberg quotes Yoshifumi
Seki, a spokesman for Sharp, as saying.

In 2012, Foxconn had offered JPY66.9 billion for a 9.88 percent
stake in Sharp. At $5.1 billion, a full takeover of Sharp would be
the largest for Terry Gou's Foxconn group since the 2009
acquisition by display-making unit Innolux Corp. of Chi Mei
Optoelectronics Corp. for $5.3 billion plus debt, Bloomberg notes.

Based in Osaka, Japan, Sharp Corporation (TYO:6753) --
http://sharp-world.com/-- manufactures and sells electronic
telecommunication devices, electronic machines and components.

As reported in Troubled Company Reporter-Asia Pacific on
Nov. 6, 2015, Standard & Poor's Ratings Services said that it has
lowered its long-term corporate credit and debt ratings on Japan-
based electronics company Sharp Corp. to 'CCC+' from 'B-' and its
short-term corporate credit and commercial paper program ratings
on the company to 'C' from 'B'.  S&P has also lowered its long-
term corporate credit rating on overseas subsidiary Sharp
International Finance (U.K.) PLC to 'CCC+' and the rating on its
commercial paper program to 'C'.  The outlook on the long-term
corporate credit ratings on both companies is negative.



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


* NEW ZEALAND: 15,000 Real Estate Businesses Shut in 2015
---------------------------------------------------------
Matt Nippert at nzherald.co.nz reports that a record 15,000
businesses dealing with real estate ceased operations in 12
months, an exodus that has taken the industry by surprise and
raised questions about the impact of tax changes.

The turbulence in the way property assets are structured is
revealed in a Herald Insights analysis of business demographics
data released by Statistics New Zealand. The data records the
number of companies being formed and being shut down -- business
births and deaths -- in various sectors, nzherald.co.nz says.

While most industry sectors show an uptick in activity during the
2005-07 boom, then a flattening following the global financial
crisis and a slow -- perhaps stalling -- recovery since, the
sector including "property operators" shows a dramatic recent
spike in business closures, according to nzherald.co.nz.

That category includes companies which act as landlords,
commercial and residential, nzherald.co.nz notes. That even taking
into account the starting of new real estate businesses, the year
to February 2015 showed a much bigger decline than seen even in
the worst of the post-GFC doldrums, nzherald.co.nz relates.

The sector shrank by a net 3,147 enterprises in 2015, much more
than the next-biggest annual decline in the past decade -- 547 in
2010, nzherald.co.nz discloses.

According to nzherald.co.nz, Statistics NZ said the spike was
primarily due to a dramatic increase -- from 5,000 to 15,000 -- in
the number of real estate operators ceasing operations between
2014 and 2015.

nzherald.co.nz relates that Statistics NZ manger 'Ofa Ketuu said
the 2015 figures may be the result of lags due to the late filing
of annual tax returns. "This can result in fluctuations in the
enterprise deaths series for this group, particularly for more
recent years," she said.

Operators in the real estate market said the spike in enterprise
deaths was not a reflection of economic activity, nzherald.co.nz
notes.

According to the report, Andrew King, head of the Property
Federation, said there had not been a related exodus of market
participants. "It's not really my area of expertise, however I
don't think it is an indication of property investors exiting the
market," the report quotes Mr. King as saying.

nzherald.co.nz relates that Mr. King said it was possible smaller
operators were being swallowed by larger ones, but evidence of
this was anecdotal at best.

According to the report, Colleen Milne, chief executive of the
Real Estate Industry of New Zealand, said the sales part of the
sector -- which is captured by the Statistic New Zealand data --
was "active", with increasing volumes and prices. Milne said the
number of registered agents during the period in question
increased, belying the reported enterprise deaths.

nzherald.co.nz says the Statistic NZ figures pre-date the
Government's announcement, and implementation, of the "bright
line" test to tax some capital gains, ruling out this policy as an
explanation.

Iain Blakeley, a tax partner with professional services firm EY,
said he was also mystified by the spike. "I don't know what's
behind that. It doesn't seem to make sense," he said.

He was, however, able to point to a possible cause: smaller-scale
owners abandoning structures which no longer came with generous
tax advantages, notes the report.

Mr. Blakeley works mainly with larger-scale property owners, and
said structural changes there had not been widespread,
nzherald.co.nz adds.

"I haven't seen clients rushing to deregister these entities. It
could be mum and dad investors, but we don't have any visibility
over that end of the market," he said, notes the report.

The report relates that Mr. Blakeley said changes governing Loss
Attributing Qualifying Companies (LAQCs), which had allowed losses
from operating real estate investments to be deducted from
incomes, were the most likely explanation.

The changes came into full effect in March 2013, providing an
explanation for such businesses subsequently being wound down, the
report notes.



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


HYUNDAI MERCHANT: Concerns Over Liquidity Grows Deeper
------------------------------------------------------
Song Jung-a at FT.com reports that shares in Hyundai Merchant
Marine sank on Jan. 20 on growing concern about its liquidity
after a failed asset sale and credit downgrade.

FT.com relates that South Korea's second-largest shipping company
by sales plunged 17% to KRW2,315, the lowest in more than 12
years, on speculation it may be forced to seek court receivership
as it struggles to pay back debts.

According to FT.com, the liquidity crunch at the container
shipping line has worsened following a failed attempt in November
to sell its 22.4% stake in brokerage affiliate Hyundai Securities
to Japanese financial services group Orix Corp for
KRW647 billion.

With loans of KRW221 billion ($182m) maturing in April and
KRW299 billion in July, investors are questioning Hyundai's
ability to pay them back, according to FT.com. Creditors remain
reluctant to roll over debts with the world's shipping industry
still crippled by a protracted slump, the report says.

FT.com notes that the deteriorating financial condition of HMM and
bigger rival Hanjin Shipping has stoked speculation that Seoul may
orchestrate a merger, although the government and the companies
deny any such plan. HMM must submit a revised plan to improve its
balance sheet to its main creditor, Korea Development Bank, in
coming weeks, FT.com notes.

"Investors are concerned about the liquidity crunch at HMM and
they think it could be easier for Hanjin to take over HMM if the
latter goes into receivership," FT.com quotes Kim Sang-hoon,
analyst at Shinhan Investment, as saying.

FT.com says HMM and Hanjin, which handle the bulk of their
country's exports, have been hit by a year-long-drop in outbound
shipments partly due to the slowing economy in China, South
Korea's largest trading partner.

According to FT.com, Hyundai suffered an operating loss of
KRW126.9 billion in the first nine months of last year and is
unlikely to return to profit this year as shipping rates continue
to fall amid overcapacity and slowing trade globally.

The company has KRW581.4 billion in short-term debt and raised
about KRW3.58 trillion via asset sales over the past two years,
but has struggled to raise funds since a local credit rating
agency downgraded it by two notches in November, FT.com discloses.

It has sold its profitable LNG business and US container
terminals, as well as stakes in Hyundai Logistics and tour
operator Hyundai Asan, according to FT.com. But its balance sheet
remains a source of concern with its cash and cash equivalents
standing at just KRW382.3 billion against its total liabilities of
KRW6.3 trillion, FT.com notes.

South Korean shipping companies are not alone in their plight but
they have suffered from a lack of scale as they try to compete
with larger western rivals, says the report.

According to FT.com, assistance given to HMM by its sister
companies has sparked a legal battle with Schindler Elevator. The
Swiss group lost money on its large 2006 investment in Hyundai
Elevator, which incurred heavy losses through derivative contracts
aimed at preserving group chief Hyun Jeong-eun's control over HMM.
Despite the complaints Hyundai Elevator in November lent KRW130bn
to HMM, FT.com discloses.

Hyundai Merchant Marine Co., Ltd., is a Korea-based company
specializing in the provision of shipping services.  The Company
provides its services under two main segments: container and bulk.



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


VIETNAM: May Let Troubled Finance Firms Go Bankrupt
---------------------------------------------------
Biz Hub reports that the State Bank of Viet Nam (SBV) would
consider allowing some ailing financial companies and people's
credit funds to declare bankruptcy this year, according to Deputy
Governor Nguyen Phuoc Thanh.

Biz Hub relates that Thanh said the plan is to gradually inform
the market about the bankruptcy in the banking system and warn
bank owners to be much more serious in doing business.

Though there had been some distressed credit institutions in the
domestic banking system, the country had not seen any bankruptcy
issues for the past years as the central bank was concerned that
it could have a negative effect on the entire banking system, the
report says.

Biz Hub notes that under a restructuring scheme for the banking
system from 2011 to 2015, the number of commercial banks cut from
42 to 34. Besides restructuring 10 banks through mergers, the
central bank dealt with three ailing banks -- Ocean Bank, Viet Nam
Construction Bank (VNCB) and Global Petroleum Bank (GPBank)
-- by acquiring them at zero dong, according to Biz Hub.

With the acquisition, the SBV currently holds stakes in eight
banks, instead of five it held before 2011, Biz Hub discloses.
Total charter capital owned by the SBV in the eight commercial
banks by the end of last year increased 1.7 times to more than
VND113 trillion (US$5.15 billion). The figure is equal to roughly
37% of total charter capital of 34 commercial banks in Viet Nam.

According to Biz Hub, Thanh said that transparency in the banking
system has improved significantly in the past four years. Cross
ownership at banks has been put under control and liquidity of the
banking system has been secured.

However, Thanh required banks to take more drastic measures this
year to enhance their financial and governance status to meet the
rising demands.

He said that the central bank this year would also continue to
ramp up the merger and acquisition of ailing credit institutions
with priority given to those which are done voluntarily. If the
institutions did not approach voluntarily, the central bank would
intervene.


                             *********

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

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

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


                            *********


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

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

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

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

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



                 *** End of Transmission ***