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

                      A S I A   P A C I F I C

           Tuesday, March 1, 2016, Vol. 19, No. 42


                            Headlines


A U S T R A L I A

ARISTOCRAT LEISURE: S&P Affirms 'BB' CCR; Outlook Remains Stable
CLIFFS NATURAL: Incurs $788 Million Net Loss in 2015
DICK SMITH: Flight Centre Offers Fast-tracked Job to Workers
FIRSTMAC BOND: Fitch Affirms BB Rating on AUD50.5MM Class B Notes
LONGFORDS SOUTHERN: Placed Into Voluntary Administration

MANCHESTER UNITY: S&P Revises Outlook to Stable, Affirms BB- ICR
PALAZZI ELECTRICAL: First Creditors' Meeting Set For March 10
PATERSON TRANSPORT: First Creditors' Meeting Set For March 8
SLATER AND GORDON: Posts AUD958M Loss on Massive UK Write-downs
SLATER AND GORDON: ASIC Notes Decision to Reduce Asset Values

TJJ PTY: First Creditors' Meeting Set For March 10
VALENTINES RESTAURANT: Enters Liquidation; 22 Workers Lose Jobs
WHITCON RESIDENTIAL: First Creditors' Meeting Set For March 8


C H I N A

AGFEED USA: Exec in $249M Scandal Faces Ch. 11 Fraud Claims
SAINTY MARINE: Warns Bankruptcy Process May Lead Shares Delisting
TIMES PROPERTY: Leverage Likely to Remain High, Fitch Says
YANZHOU COAL: S&P Puts 'BB' CCR on CreditWatch Negative


H O N G  K O N G

NOBLE GROUP: S&P Lowers CCR to 'BB-'; Outlook Negative


I N D I A

ANURADHA STEELS: Ind-Ra Suspends IND BB- Long-Term Issuer Rating
ASHUTOSH CHAWAL: CARE Reaffirms B+ Rating on INR8cr LT Loan
B.N. INDUSTRIES: Ind-Ra Affirms B+ Rating; Outlook Stable
BAGOOSA FOOD: CRISIL Reaffirms B- Rating on INR110MM Term Loan
BHAGAWATI ESTATE: CARE Reaffirms B+ Rating on INR4.55cr Loan

BRAR SEEDS: Ind-Ra Suspends 'IND BB-' Long-Term Issuer Rating
CAESAR IFMR: Ind-Ra Assigns BB- Rating on INR16.9MM A2 PTCs
DIVINE VIDYUT: CARE Reaffirms 'D' Rating on INR129.4cr Loan
DUKE SPONGE: Ind-Ra Suspends 'IND B' Long-Term Issuer Rating
EAST INDIA: CRISIL Cuts Rating on INR110MM Cash Loan to B+

ELDECO HOUSING: Ind-Ra Suspends 'IND B+' Long-Term Issuer Rating
FROST FALCON: CRISIL Lowers Rating on INR50MM Cash Loan to 'D'
GEOXA LOGISTICS: CARE Assigns 'B' Rating to INR6.60cr LT Loan
GEOXA STEELS: CARE Assigns B+ Rating to INR5cr LT Loan
HIND AGRO: CARE Downgrades Rating on INR260.20cr Loan to D

HIND INDUSTRIES: CARE Cuts Rating on INR46.5cr Loan to D
HMT MACHINE: CARE Reaffirms 'D' Rating on INR44.82cr LT Loan
INDUS PROJECTS: Ind-Ra Assigns BB Rating; Outlook Stable
INDUS PROJECTS PRIVATE: Ind-Ra Suspends 'IND BB' LT Issuer Rating
INTEGRATED LIVESTOCK: CARE Lowers Rating on INR15.60cr Loan to D

JAMPESWAR AGRO: CRISIL Reaffirms 'B+' Rating on INR45MM Cash Loan
JOGVICK MANUFACTURING: CARE Lowers Rating on INR23cr Loan to 'D'
JOHAL & COMPANY: CARE Lowers Rating on INR45cr LT Loan to 'D'
KAMAL INTERNATIONAL: Ind-Ra Suspends 'IND B+' Rating
KANPUR PACKAGERS: Ind-Ra Suspends IND BB Long-Term Issuer Rating

KBN GOLD: Ind-Ra Suspends 'IND B-' Long-Term Issuer Rating
KINGFISHER AIRLINES: Lenders to Move Debt Tribunal vs Mallya
KRISHNA TECHNOCHEM: CRISIL Reaffirms B Rating on INR42.5MM Loan
LALCHAND BUILDERS: CARE Reaffirms B Rating on INR14.82cr Loan
LIBRA FABRIC: Ind-Ra Assigns BB- Rating; Outlook Stable

M C KNITTING: Ind-Ra Suspends 'IND D' Long-Term Issuer Rating
MADAN'S WINE: CARE Lowers Rating on INR17cr LT Loan to 'D'
MADHUSALA DRINKS: CARE Cuts Rating on INR42cr LT Loan to 'D'
MOHIT DIAMONDS: CRISIL Lowers Rating on INR448.8MM Loan to D
NANDAN BUILDCON: CARE Cuts Rating on INR97.50cr Loan to 'B+'

NAVIN AUTOMOBILES: Ind-Ra Suspends IND B Long-Term Issuer Rating
NIRMALA POLYROPES: Ind-Ra Assigns 'IND BB+' Rating
OM PRAKASH: Ind-Ra Suspends 'IND B' Long-Term Issuer Rating
OPS INTERNATIONAL: Ind-Ra Suspends IND B Long-Term Issuer Rating
PARADIGM TUNNELING: CRISIL Assigns B+ Rating to INR30MM Loan

PRIME STEEL: CRISIL Lowers Rating on INR100MM Cash Loan to D
R.G.SHAW: CARE Lowers Rating on INR63cr LT Loan to 'D'
R.Z. MALPANI: CRISIL Reaffirms 'B' Rating on INR37.5MM LT Loan
RAJASTHAN EDUCATION: CARE Revises Rating on INR6.26cr Loan to BB-
SANDY RESORT: CRISIL Reaffirms D Rating on INR185MM Term Loan

SELVA STONE: CRISIL Assigns B- Rating to INR35.8MM Cash Loan
SHAKTI ENTERPRISES: CRISIL Assigns B- Rating to INR60MM Loan
SHREE KALKA: CARE Reaffirms 'B+' Rating on INR7.15cr LT Loan
SHREENATHJI OIL: CARE Reaffirms 'B' Rating on INR5cr LT Loan
SHUBH GRAHMETALS: CARE Reaffirms B/A4 Rating on INR8cr Loan

SIDDHESHWARI PAPER: CRISIL Reaffirms 'B' Rating on INR49.5MM Loan
SRI BALAMURUGAN: CRISIL Assigns B Rating to INR53MM Cash Loan
TULSI ROCKS: CRISIL Assigns B- Rating to INR150MM LT Loan


J A P A N

SHARP CORP: Deadline For Hon Hai Takeover Deal Extended


S I N G A P O R E

STATS CHIPPAC: S&P Affirms 'BB-' CCR; Outlook Stable


X X X X X X X X

* BOND PRICING: For the Week Feb. 22 to Feb. 26, 2016


                            - - - - -


=================
A U S T R A L I A
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ARISTOCRAT LEISURE: S&P Affirms 'BB' CCR; Outlook Remains Stable
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it has affirmed its
'BB' corporate credit and issue-level ratings on Australian-based
maker of gaming machines Aristocrat Leisure Ltd. (ALL).  The
outlook remains stable.

At the same time, S&P affirmed its 'BB' issue-level rating on the
company's syndicated loan.  S&P's recovery rating on the loan
remains at '3', indicating its expectation for moderate (50% to
60%) recovery in the event of a payment default.

"The rating affirmation reflects our view of the company's
significant market positions in Australia, New Zealand, and Asia
for its gaming-machine sales business.  ALL also has an
established and growing presence for its gaming operations in
North America, where it leases gaming machines and receives
commissions based on turnover or a daily fee," said Standard &
Poor's credit analyst Graeme Ferguson.

ALL's significant financial risk profile reflects primarily the
impact of the debt-funded acquisition of VGT in 2014.  Under S&P's
base case, it expects debt to EBITDA to decline to about 2.5x and
funds from operations (FFO) to debt to rise to about 25% in the
year ending Sept. 30, 2016.  S&P further anticipates that ALL will
be able to sustain a moderate deleveraging path based on its sound
operating cash flows over the medium term.  Accordingly, S&P
expects the company's financial flexibility at the current rating
level to increase over the next 6-12 months as its balance sheet
delevers, which should provide the group with flexibility to
pursue moderate inorganic growth or capital management activity at
the 'BB' rating level.

S&P has revised its liquidity assessment on the company to strong
from adequate based on ALL's solid liquidity sources relative to
its uses.  The revision has no effect on the issue-level ratings.
S&P views the company's liquidity profile as strong based on the
following key observations and estimates:

   -- An expectation that liquidity sources should exceed uses by
      more than 1.5x over the next 12 months and 1.0x over the
      next 24 months; and

   -- Sources to exceed uses even if EBITDA were to decline by
      30%.

Mr. Ferguson added: "The stable outlook reflects our view that
ALL's strong cash flow generation and increased profitability
following the integration of VGT should enable the group to
sustain a financial risk profile in line with expectations for the
rating."

S&P could raise the rating if ALL's cash flow generation and
financial policies enable it to deleverage materially, such that
it sustains FFO to debt of more than 30% and debt to EBITDA of
less than 2.5x.  These financial ratios take into consideration
the historically high volatility of ALL's profitability.

Although considered less likely, S&P could lower the rating if
ALL's FFO to debt falls to less than 20% or adjusted debt to
EBITDA approaches 4.0x.  This could be caused by a material
deterioration in the economic environment in the U.S. or
Australia; or by ALL undertaking further large debt-funded
acquisitions.


CLIFFS NATURAL: Incurs $788 Million Net Loss in 2015
----------------------------------------------------
Cliffs Natural Resources Inc. filed with the Securities and
Exchange Commission its annual report on Form 10-K disclosing a
net loss attributable to Cliffs common shareholders of $788
million on $2.01 billion of revenues for the year ended Dec. 31,
2015, compared to a net loss attributable to Cliffs common
shareholders of $7.27 billion on $3.37 billion of revenues for the
year ended Dec. 31, 2014.

As of Dec. 31, 2015, Cliffs had $2.13 billion in total assets,
$3.94 billion in total liabilities and a total deficit of $1.81
billion.

"We may be unable to obtain and renew permits necessary for our
operations or be required to provide additional financial
assurance, which could reduce our production, cash flows,
profitability and available liquidity.  We also could face
significant permit and approval requirements that could delay our
commencement or continuation of existing or new production
operations which, in turn, could affect materially our cash flows,
profitability and available liquidity," the Company stated in the
report.

"Our substantial level of indebtedness could limit our ability to
obtain additional financing on acceptable terms or at all for
working capital, capital expenditures and general corporate
purposes.  Our liquidity needs could vary significantly and may be
affected by general economic conditions, industry trends,
performance and many other factors not within our control.  If we
are unable to generate sufficient cash flow from operations in the
future to service our debt, we may be required to refinance all or
a portion of our existing debt.  However, we may not be able to
obtain any such new or additional debt on favorable terms or at
all."

A full-text copy of the Form 10-K is available for free at:

                        http://is.gd/Gr5qHi

                   About Cliffs Natural Resources

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

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

                          *    *     *

As reported by the TCR on Feb. 1, 2016, Standard & Poor's Ratings
Services said it lowered its corporate credit rating on
Cleveland-based iron ore producer Cliffs Natural Resources Inc. to
'CC' from 'B'.  The rating action reflects Cliffs' Jan. 27, 2016,
announcement of a private debt exchange offer for its second-lien
and senior unsecured debt.

The TCR reported on Jan. 8, 2016, that Moody's Investors Service
downgrade Cliffs Natural Resources Inc. Corporate Family Rating
and Probability of Default Rating to Caa1 and Caa1-PD from B1 and
B1-PD respectively.  The downgrade reflects the deterioration in
the company's debt protection metrics and increase in leverage as
a result of continued downward movement in iron ore prices and
weak fundamentals in the US steel industry, which are resulting in
lower shipment levels.


DICK SMITH: Flight Centre Offers Fast-tracked Job to Workers
------------------------------------------------------------
Ronelle Richards at SmartCompany reports that more than 2,000 Dick
Smith employees will be out of work in the next eight weeks, but
there is some good news: workers are being offered the opportunity
to switch to the travel industry.

According to the report, Flight Centre has contacted Dick Smith
receivers Ferrier Hodgson to offer staff an expedited application
process that will see them fast tracked to the final recruitment
stage.

There has been "strong interest" from Dick Smith employees facing
impending unemployment, according to the travel company,
SmartCompany relays.

Flight Centre's head of national recruitment, Dominique Pomario,
told SmartCompany on Feb. 29 she has around 350-400 roles open
nationally, with new roles opening up all the time.

"The sales skills are very much valuable and the fact that they
don't have travel experience is less important for our company,"
the report quotes Ms. Pomario as saying.

SmartCompany relates that Ms. Pomario said Flight Centre takes on
employees from all backgrounds, with full training provided to new
recruits so they can learn more about the travel industry.

The company decided to offer the fast-tracked application -- with
all applicants promised to be contacted within a week of lodging -
- for two reasons, Ms. Pomario told SmartCompany.

"One, given that we do have similarities in terms of those skills
sets and what's important to us, and two, it's just goodwill to
some degree," Ms. Pomario, as cited by SmartCompany, said. "It's
incredibly unfortunate to see people in the retail industry -- an
industry we're really passionate about -- fall on hardship."

"I guess that would be true if we didn't actually have jobs but we
do have a large number of jobs to be filled," Ms. Pomario said.

"The opportunity for us is to find some good people who are in a
very unfortunate opportunity.I'd say watch this space because we'd
look to hire some great people [from Dick Smith]."

Dick Smith has 301 stores remaining in Australia, with
approximately 2460 staff soon to be out of work after those stores
close their doors for the final time, SmartCompany notes.

There are 62 Dick Smith stores in New Zealand employing around 430
people. These will also cease trading in the next few weeks.

Ms. Pomario said she hopes her company's goodwill gesture will see
other businesses make similar efforts to reach out to
Dick Smith staff, adds SmartCompany.

Flight Centre will be holding information sessions for Dick Smith
employees in Melbourne, Sydney, Brisbane, Perth and Adelaide over
the next few weeks, the report notes.

                          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
an 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.


FIRSTMAC BOND: Fitch Affirms BB Rating on AUD50.5MM Class B Notes
-----------------------------------------------------------------
Fitch Ratings has affirmed 39 classes from 14 Firstmac RMBS
transactions and has also affirmed Firstmac Mortgage Funding Trust
Series 1E-2007's Class A-1 notes' currency swap obligation.  All
transactions are backed by pools of conforming Australian
residential mortgages sourced directly or by way of third-party
introducers.  The mortgages were originated in the name of nominee
companies on behalf of the trustee, FirstMac Fiduciary Services
Pty Ltd, and sold to the various trusts through FirstMac
warehouses.

                        KEY RATING DRIVERS

The affirmations reflect Fitch's view that available credit
enhancement supports the notes at their current ratings, the
agency's expectations of Australia's economic conditions, and that
the credit quality and performance of the underlying loans have
remained within expectations.

As per the APAC Residential Mortgage criteria, the default model
was only run for three transactions; FirstMac Mortgage Funding
Trust Series 1-2007, FirstMac Mortgage Funding Trust Series 2-2011
and FirstMac Mortgage Funding Trust Series 1E-2013.  The default
model was not run for the remaining transactions as a review of
pre-determined performance triggers indicates that the
transactions display stable asset performance.

In December 2015, FirstMac Mortgage Funding Trust Series 1-2007
had the highest levels of 30+ day arrears at 3%, while Firstmac
Mortgage Funding Trust No.4 Series 2-2015 had the lowest levels of
30+ day arrears at 0.1%, compared to Fitch's Dinkum RMBS Index of
0.91%.

The transactions have performed within Fitch's expectations, with
minimal levels of losses.  All transactions are covered by
mortgage insurance, with policies provided by Genworth Financial
Mortgage Insurance Pty Ltd (Insurer Financial Strength Rating:
A+/Stable), and QBE Lenders' Mortgage Insurance Limited (Insurer
Financial Strength Rating: AA-/Stable).  Since closing, across the
14 Firstmac transactions rated by Fitch, 143 loans have defaulted,
resulting in zero losses across the outstanding Fitch rated notes.
Lenders' mortgage insurance (LMI) has covered 85% of the losses,
with all losses not paid by LMI, covered by excess spread.

                        RATING SENSITIVITIES

Sequential pay-down has increased credit enhancement for the
senior notes of each transaction, with the 'AAAsf' rated notes
able to withstand many multiples of the latest reported arrears.

The ratings are not expected to be affected by any foreseeable
change in performance.  The ratings of all the Firstmac
transactions' Class A notes are independent of downgrades to the
LMI provider's ratings.

Class B notes may be downgraded if there is a significant
reduction in LMI claims paid and excess spread.  Fitch's analysis
excludes any credit to excess spread and no charge-offs have been
recorded to date on any notes.

                       DUE DILIGENCE USAGE

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

                          DATA ADEQUACY

Fitch conducted a file review of 10 sample loan files focusing on
the underwriting procedures conducted by FirstMac compared to its
credit policy at the time of underwriting.  Fitch has checked the
consistency and plausibility of the information and no material
discrepancies were noted that would impact Fitch's rating
analysis.

A comparison of the transaction's representations, warranties and
enforcement mechanisms (RW&Es) to those of typical RW&Es for this
asset class is available by accessing the reports and/or links
under Related Research below.

The full list of rating actions is.

FirstMac Bond Series 1E-2006 Trust:

  EUR30.7 mil. Class A notes (ISIN XS0250012498) affirmed at
   'AAAsf'; Outlook Stable; and
  AUD50.5 mil. Class B notes (ISIN AU300FMA9017) affirmed at
   'BBsf'; Outlook Stable.

FirstMac Mortgage Funding Trust Series 1-2007:

  AUD82.4 mil. Class A notes (ISIN AU0000FMAHA0) affirmed at
   'AAAsf'; Outlook Stable;
  AUD10.1 mil. Class AB notes (ISIN AU3FN0001889) affirmed at
   'AAAsf'; Outlook Stable; and
  AUD27.0 mil. Class B notes (ISIN AU3FN0001897) affirmed at
   'BBsf'; Outlook Stable.

FirstMac Mortgage Funding Trust Series 1E-2007:

  EUR35.1 mil. Class A1 notes (ISIN XS0305486127) affirmed at
   'AAAsf'; Outlook Stable;
  Class A-1 Currency Swap Obligation affirmed at 'AAAsf'; Outlook
   Stable;
  AUD95.9 mil. Class A2 notes (ISIN AU3FN0003026) affirmed at
   'AAAsf'; Outlook Stable; and
  AUD10.2 mil. Class B notes (ISIN AU3FN0003018) affirmed at
   'BBsf'; Outlook Stable.

FirstMac Mortgage Funding Trust Series 1-2010:

  AUD127.1 mil. Class A-3 notes (ISIN AU3FN0011441) affirmed at
   'AAAsf'; Outlook Stable; and
  AUD18.3 mil. Class AB notes (ISIN AU3FN0011458) affirmed at
   'AAAsf'; Outlook Stable.

FirstMac Mortgage Funding Trust Series 2-2011:

  AUD48.4 mil. Class A-2 notes (ISIN AU3FN0014775) affirmed at
   'AAAsf'; Outlook Stable;
  AUD87.7 mil. Class A-3 notes (ISIN AU3FN0014783) affirmed at
   'AAAsf'; Outlook Stable; and
  AUD10.7 mil. Class AB notes (ISIN AU3FN0014791) affirmed at
   'AAAsf'; Outlook Stable.

FirstMac Mortgage Funding Trust Series 1-2012:

  AUD112.9 mil. Class A-2 notes (ISIN AU3FN0016135) affirmed at
   'AAAsf'; Outlook Stable; and
  AUD11.8 mil. Class AB notes (ISIN AU3FN0016143) affirmed at
   'AAAsf'; Outlook Stable.

FirstMac Mortgage Funding Trust RMBS Series 3-2012:

  AUD112.8 mil. Class A-1 notes (ISIN AU3FN0017570) affirmed at
   'AAAsf'; Outlook Stable;
  AUD73.0 mil. Class A-2 notes (ISIN AU3CB0203313) affirmed at
   'AAAsf'; Outlook Stable; and
  AUD16.2 mil. Class AB notes (ISIN AU3FN0017588) affirmed at
   'AAAsf'; Outlook Stable.

FirstMac Mortgage Funding Trust Series 1E-2013:

  AUD89.3 mil. Class A-1 notes (ISIN AU3FN0019436) affirmed at
   'AAAsf'; Outlook Stable;
  GBP92.0 mil. Class A-2 notes (ISIN XS0942504639) affirmed at
   'AAAsf'; Outlook Stable; and
  AUD22.0 mil. Class AB notes (ISIN AU3FN0019279) affirmed at
   'AAAsf'; Outlook Stable.

FirstMac Mortgage Funding Trust Series 2E-2013:

  AUD64.5 mil. Class A-1 notes (ISIN AU3FN0020939) affirmed at
   'AAAsf'; Outlook Stable; and
  GBP85.0 mil. Class A-2 notes (ISIN XS0993136174) affirmed at
   'AAAsf'; Outlook Stable.

FirstMac Mortgage Funding Trust No.4 Series 1A-2014:

  AUD98.6 mil. Class A-1 notes (ISIN AU3FN0023453) affirmed at
   'AAAsf'; Outlook Stable;
  AUD297.5 mil. Class A-2B(A) (ISIN AU3FN0027843) notes affirmed
   at 'F1+sf';
  AUD0 mil. Class A-2R notes affirmed at 'AAAsf'; Outlook Stable;
   and
  AUD16.5 mil. Class A-3 notes (ISIN AU3FN0023461) affirmed at'
   AAAsf '; Outlook Stable.

Firstmac Mortgage Funding Trust No. 4 Series 2-2014:

  AUD147.7 mil. Class A-1 notes (ISIN AU3FN0024618) affirmed at
   'AAAsf'; Outlook Stable;
  AUD250.9 mil. Class A-2 notes (ISIN AU3FN0024626) affirmed at
   'AAAsf'; Outlook Stable; and
  AUD19.7 mil. Class A-3 notes (ISIN AU3FN0024634) affirmed at
   'AAAsf'; Outlook Stable.

Firstmac Mortgage Funding Trust No. 4 Series 3PP-2014:

  AUD426.8 mil. Class A-1 notes (ISIN AU3FN0016127) affirmed at
   'AAAsf'; Outlook Stable; and
  AUD25.1 mil. Class A-2 notes (ISIN AU3FN0016135) affirmed at
   'AAAsf'; Outlook Stable.

Firstmac Mortgage Funding Trust No. 4 Series 1-2015:

  AUD467.0 mil. Class A-1 notes (ISIN AU3FN0027405) affirmed at
   'AAAsf'; Outlook Stable;
  AUD232.2 mil. Class A-2 notes (ISIN AU3FN0027413) affirmed at
   'AAAsf'; Outlook Stable; and
  AUD38.7 mil. Class A-3 notes (ISIN AU3FN0027421) affirmed at
   'AAAsf'; Outlook Stable

Firstmac Mortgage Funding Trust No.4 Series 2-2015:

  AUD371.6 mil. Class A-1a notes (ISIN AU3FN0029427) affirmed at
   'AAAsf'; Outlook Stable;
  AUD25.0 mil. Class A-1b notes (ISIN AU3CB0233880) affirmed at
   'AAAsf'; Outlook Stable;
  AUD0.0 mil. Class A-1R notes affirmed at 'AAAsf'; Outlook
   Stable; and
  AUD23.8 mil. Class A-2 notes (ISIN AU3FN0029435) affirmed at
   'AAAsf'; Outlook Stable


LONGFORDS SOUTHERN: Placed Into Voluntary Administration
--------------------------------------------------------
Broede Carmody at SmartCompany reports that a transport company
that has been operating for more than 25 years has been placed
into voluntary administration.

SmartCompany relates that Longfords Southern Deliveries, which is
based on the south coast of New South Wales south coast, appointed
external managers on February 18.

Sean Wengel and Robert Whitton from William Buck have been
appointed as voluntary administrators, according to the report.

Longfords Southern Deliveries manages a distribution centre, which
opened in 2002, and specialises in next day deliveries for most
areas on the NSW south coast.

As many as 44 employees and sub-contractors in Nowra, Ulladulla
and Batemans Bat are affected by the administration.  However,
joint administrator Sean Wengel told SmartCompany it is "business
as usual" for everyone at Longfords.

"The administrators are continuing to trade the business whilst we
undertake an urgent review of the company's financial positions,"
SmartCompany quotes Mr. Wengel as saying. "We have been pleased
with the ongoing support from employees and customers since the
commencement of the administration. All options in relation to the
future of the business are being considered."

According to the report, Mr. Wengel said he is unable to comment
on the reasons for his appointment as the administrators'
investigation is in its early stage.

"The interests of all creditors will be taken into account during
the administration," he says.

The first creditors meeting is due to be held today, March 1 at
the Nowra Golf & Recreation Club, adds SmartCompany.


MANCHESTER UNITY: S&P Revises Outlook to Stable, Affirms BB- ICR
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it has revised its
rating outlook on Manchester Unity Friendly Society (MUFS) to
stable from positive.  At the same time, S&P affirmed the 'BB-'
financial strength and issuer credit ratings on the insurer.

"The outlook revision to stable on MUFS reflects the recent
moderation in the company's solvency ratio as a result of a
reduction in the discount rate," said Standard & Poor's credit
analyst Kelvin Bannan.  "The insurer's regulatory capital adequacy
is very sensitive to changes in the discount rate given the very
long-dated nature of its liabilities compared with its assets."

S&P's expectation is that MUFS's solvency ratio will not exceed
1.8x over the short-to-medium term, which is outside S&P's
expectations it had at the time of the revision of the outlook to
positive in April 2015 when global financial markets were expected
to be more stable than has been the case recently.

The 'BB-' ratings reflect S&P's view of the insurer's "fair"
business risk profile and "weak" financial risk profile, which
lead to an anchor of 'bb'.  The rating is one notch lower than the
anchor, reflecting S&P's view that MUFS's solvency ratio is highly
sensitive to the discount rate.

The stable outlook reflects S&P's expectation that MUFS will
actively manage its asset portfolio to support its capital
position in the scenario that a fall in the discount rate causes
the solvency ratio to breach 1.2x.  Nevertheless, S&P believes
MUFS has limited financial flexibility to respond to ongoing
pressure on its solvency ratio.  The outlook also assumes
operating losses will be maintained at manageable levels.

Mr. Bannan added: "We believe that the most likely alternative to
rating stability is a downgrade.  Should the solvency ratio
materially fall below 1.2x with no expectation of a improvement in
the short-term, we could lower the ratings."

An upgrade in the short-term is very unlikely and would require:

   -- The regulatory solvency ratio approaching or exceeding 2.0x
      with an expectation that such strength would continue over
      the medium term; and

   -- There was evidence of an underlying improvement in
      regulatory capital adequacy, either through internally
      generated capital or as a result of lower solvency
      requirements that are unrelated to increases in the
      discount rate.


PALAZZI ELECTRICAL: First Creditors' Meeting Set For March 10
-------------------------------------------------------------
Peter A. Amos of Amos Insolvency was appointed as administrator of
Palazzi Electrical & Communication Contractors Pty Limited on Feb.
29, 2016.

A first meeting of the creditors of the Company will be held at
Amos Insolvency, 25/ 185 Airds Road, in Leumeah, on March 10,
2016, at 11:00 a.m.


PATERSON TRANSPORT: First Creditors' Meeting Set For March 8
------------------------------------------------------------
Antony Resnick and Riad Tayeh of de Vries Tayeh were appointed as
administrators of Paterson Transport Services Pty Ltd on Feb. 25,
2016.

A first meeting of the creditors of the Company will be held at
Narrandera Ex-Servicemen's Club Limited, 39-45 Bolton Street, in
Narrandera, on March 8, 2016, at 11:00 a.m.


SLATER AND GORDON: Posts AUD958M Loss on Massive UK Write-downs
---------------------------------------------------------------
Thuy Ong at ABC News reports that Slater and Gordon has posted a
$958.3 million loss for the second half of 2015, hit by
underperformance and write-downs in its UK operations.

The result included a $876.4 million goodwill impairment charge,
with $814.2 million of that due to the poorer-than-anticipated
financial performance of its UK arm, attributed to its ambitious
and ill-fated $1.3 billion purchase of Quindell's professional
services arm in March 2015, according to ABC News.

ABC News relates that a goodwill impairment charge means the
reputation and brand name of the firm are now worth less than they
were estimated to be at the time of purchase.

A further $21.3 million charge was attributed to provisioning for
debtors in Australia and the UK. The company had made a net profit
of $49.3 million a year prior.

"Clearly today's results are very disappointing," the report
quotes Slater and Gordon's managing director Andrew Grech as
saying in a statement to the Australian Securities Exchange. "In
particular the decline in business performance in the UK is of
serious concern to all at Slater and Gordon and equally will be of
concern to our investors."

According to ABC News, Mr. Grech said the firm's priority for 2016
would be on reducing debt and re-establishing a sustainable
capital structure.

After writing off nearly $900 million in 'goodwill', Slater and
Gordon is relying on the goodwill of its lenders for its survival,
ABC News notes.

In November, the British Government announced it planned to limit
compensation for car accidents, causing Slater and Gordon's share
price to plummet on worries about the firm's earnings, and a class
action was flagged on behalf of burned shareholders, the report
recalls.

Slater and Gordon's share price plunged 86% in 2015, ABC News
notes. Shares in the firm slumped as much as 43% to an intraday
low of 47 cents following the profit results release on Feb. 29,
but have since recovered to be down 14% at 71 cents by 11:39 a.m.
(AEDT) on Feb. 29.


SLATER AND GORDON: ASIC Notes Decision to Reduce Asset Values
-------------------------------------------------------------
Australian Securities and Investment Commission on Feb. 29 noted
the decision by Slater and Gordon Limited (S+G) to reduce asset
values in its financial report for the half year ended Dec. 31,
2015.

ASIC also noted S+G's earlier decision to reclassify a portion of
its work in progress (WIP) and disbursement assets as non-current
in its financial report for the year ended June 30, 2015.

ASIC had made inquiries of S+G in relation to its financial report
for the year ended June 30, 2014 and had subsequently raised
questions in relation to the financial report for the year ended
June 30, 2015.

ASIC's inquiries mainly concerned the recoverable amount of
goodwill attributable to the company's Australian and UK
businesses, the recognition of fee revenue and related WIP,
provisioning against debtors and disbursement assets, and the
basis for classifying WIP and disbursement assets as current
assets.

In its financial report for the half-year ended 31 December 2015,
S+G has:

   * Impaired goodwill from the May 2015 acquisition of the
     Slater Gordon Solutions business in the UK;

   * Impaired goodwill arising from various acquisitions of
     legal services businesses in the UK and Australia;

   * Reduced the value of WIP on the adoption of accounting
     standard AASB 15 Revenue from Contracts with Customers;
     and

   * Increased its provisions against debtor and disbursement
     assets.

Further details on these matters are provided in the company's ASX
announcement and financial report.

ASIC's inquiries on revenue recognition and WIP focused on the
appropriateness of accounting policies adopted and the testing of
WIP estimates and assumptions against historical data.  Given
S+G's transition to AASB 15, ASIC has not approved or disapproved
of S+G's use of the percentage of completion basis of accounting
for fee revenue under accounting standard AASB 118 Revenue in its
previous financial reports.

ASIC has now discontinued its inquiries in relation to S+G's
financial reports for the years ended 30 June 2014 and 30 June
2015.

ASIC proactively reviews 340 financial reports of listed entities
and other public interest entities each year.  As a part of these
routine reviews, S+G's financial reports for the half year ended
Dec. 31, 2015 and subsequent reporting periods may be selected for
review in the future.

ASIC's financial reporting surveillance program continues to focus
on impairment of non-financial assets, values attributed to
financial assets, and the appropriate recognition of revenue.


TJJ PTY: First Creditors' Meeting Set For March 10
--------------------------------------------------
Kong Yao Chin and Ian Purchas of SV Partners were appointed as
administrators of TJJ Pty Ltd on
Feb. 29, 2016.

A first meeting of the creditors of the Company will be held at
SV Partners, Level 7, 151 Castlereagh Street, in Sydney, on
March 10, 2016, at 10:00 a.m.


VALENTINES RESTAURANT: Enters Liquidation; 22 Workers Lose Jobs
---------------------------------------------------------------
Cliff Sanderson at Dissolve.com.au reports that Rotorua's
Valentines Restaurant has entered liquidation reportedly leaving
22 employees without a job. Derek Ah Sam of Rodgers Reidy has been
appointed liquidator of the company on February 16.

A report from the liquidator noted that the business shut its
doors because it was not able to renegotiate a rental agreement,
Dissolve.com relates.  The performance of the company has been
dropping for some years, the report, as cited by Dissolve.com,
added.


WHITCON RESIDENTIAL: First Creditors' Meeting Set For March 8
-------------------------------------------------------------
Alan Hayes and Christian Sprowles of Hayes Advisory were appointed
as administrators of Whitcon Residential Pty Limited on Feb. 25,
2016.

A first meeting of the creditors of the Company will be held at
Hayes Advisory, Level 16, 55 Clarence Street, in Sydney, on
March 8, 2016, at 11:00 a.m.



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


AGFEED USA: Exec in $249M Scandal Faces Ch. 11 Fraud Claims
-----------------------------------------------------------
Jeff Montgomery at Bankruptcy Law360 reported that a Delaware
federal judge on Feb. 19, 2016, dismissed most counts in a
bankruptcy court action against a former AgFeed USA executive
caught up in a $249 million accounting fraud, but kept alive two
constructive fraud claims sought by a consultant for the company's
liquidation trust.  U.S. Bankruptcy Judge Brendan L. Shannon's
decision also retained two counts seeking recovery of avoidable
transfers and disallowance of claims against K. Ivan F. Gothner,
who is said to have played a pivotal role in a multi-year
accounting scandal.

                      About AgFeed Industries

AgFeed Industries, Inc., has 21 farms and five feed mills in China
producing more than 250,000 hogs annually. In the U.S., the
business included 10 sow farms in three states and two feed mills
producing more than one million hogs a year. AgFeed's revenue in
2012 was $244 million.

AgFeed and its affiliates filed voluntary petitions under Chapter
11 of the Bankruptcy Code (Bankr. D. Del. Case No. 13-11761) on
July 15, 2013, with a deal to sell most of its subsidiaries to The
Maschhoffs, LLC, for cash proceeds of $79 million, absent higher
and better offers. The Debtors estimated assets of at least $100
million and debts of at least $50 million.

Keith A. Maib signed the petition as chief restructuring officer.
Hon. Brendan Linehan Shannon presides over the case. Donald J.
Bowman, Jr., and Robert S. Brady, Esq., at Young, Conaway,
Stargatt & Taylor, serve as the Debtors' counsel. BDA Advisors
Inc. acts as the Debtors' financial advisor. The Debtors' claims
and noticing agent is BMC Group, Inc.

The U.S. Trustee has appointed a five-member official committee of
unsecured creditors to the Chapter 11 cases. The Creditors'
Committee tapped Lowenstein Sandler as lead bankruptcy counsel and
Greenberg Traurig, LLP, as co-counsel. CohnReznick LLP serves as
the Creditors' Committee's financial advisor.

An official committee of equity security holders was also
Appointed to the Chapter 11 cases. The Equity Committee tapped
Sugar Felsenthal Grais & Hammer LLP and Elliott Greenleaf as co-
counsel.

Jefferies Leveraged Credit Products and Claims Recovery Group are
represented by Lawrence J. Kotler, Esq., and Catherine B.
Heitzenrater, Esq., at Duane Morris, LLP.

AgFeed USA, LLC, et al., notified the Bankruptcy Court that the
Effective Date of the Revised Second Amended Plan of Liquidation
occurred on Nov. 10, 2014.

As reported in the Troubled Company Reporter on Nov. 7, 2014, the
Court confirmed the revised second amended plan, which was
supported by the Official Committee of Equity Security Holders.


SAINTY MARINE: Warns Bankruptcy Process May Lead Shares Delisting
-----------------------------------------------------------------
Rose Yu at The Wall Street Journal reports that a state-run
Chinese shipbuilder warned its shares may be delisted from the
domestic stock market after a local court opened bankruptcy
proceedings for the company.

The Journal says the struggles of Sainty Marine Corp., a midsize
container shipbuilder, highlight the challenges China faces in
attempting to trim back overcapacity that has become a drag on
growth. A supply-side overhaul of the Chinese economy is a focus
of government policy aimed at bolstering growth this year.

Sainty Marine, which is owned by the government of China's eastern
Jiangsu province, said Feb. 19 that a local court had requested
its major creditors convene on March 25 to work out a
restructuring plan, according to the Journal.  If the
restructuring fails, the company will be declared bankrupt by the
court, leading to its delisting from the Shenzhen Stock Exchange,
Sainty Marine said in a statement filed to the exchange, the
Journal relays.

The Journal notes that trading in shares of Sainty Marine has been
halted since early August after the company failed to repay a
series of bank loans on time. China's securities regulator has
launched an investigation into the company for alleged illegal
disclosure of information. The company said it was cooperating
with the regulator, the report states.

In December, a Bank of China Ltd. branch filed a lawsuit seeking a
bankruptcy petition for Sainty Marine so the lender could receive
payment for outstanding loans to the shipbuilder if it fails, the
Journal recalls.  A court in Nanjing, the capital of Jiangsu
province, accepted the lawsuit earlier this month, according to
the court and the shipbuilder.

It was unclear how much money Sainty Marine owed to Bank of China.
Officials from both companies declined to comment, the Journal
notes.

As of the end of September, Sainty Marine had liabilities valued
at CNY8.31 billion ($1.27 billion), larger than its
CNY7.76 billion of assets, the Journal discloses citing the
company's latest financial reports.  The company's workforce
shrank in the first nine months of last year, leaving it with 114
employees at Sept. 30 compared with 1,188 at the start of 2015.

Previous statements from Sainty Marine showed that in addition to
Bank of China, its major creditors included Industrial &
Commercial Bank of China Ltd. , the Export-Import Bank of China,
Bank of Nanjing Co. , Industrial Bank Co. and Shanghai Pudong
Development Bank Co, according to the Journal.

The Journal says Sainty Marine has forecast a net loss of
CNY4.9 billion to CNY5.8 billion for last year, widening from a
loss of CNY1.8 billion in 2014. It attributed the expected loss to
the global economic downturn and the flagging shipping market,
which led to cancellations of orders.

According to the Journal, the troubles at Sainty Marine reflect
the woes of China's shipbuilding industry, the world's largest by
gross tonnage, as a supply glut of vessels, along with the
nation's slowing growth, has eviscerated the sector.

China-based Sainty Marine Corporation Ltd. is principally engaged
in the manufacture, distribution and trading of motor ships and
non-motor ships. The Company primarily provides motor ships,
including container carriers, multi-purpose ships and heavy lift
vessels, among others; non-motor ships, including cargo carriers.
The Company is also involved in the operation of vessel leasing
business. It distributes its products in domestic and overseas
markets.


TIMES PROPERTY: Leverage Likely to Remain High, Fitch Says
----------------------------------------------------------
Fitch Ratings says China-based residential property developer
Times Property Holdings Limited's (Times Property; B+/Stable)
leverage is likely to remain high, following the increase seen in
its 2015 financial results mainly due to the company's expansion
of its product line aimed at upgraders.  The results are in line
with Fitch's expectations and support the company's rating.

Times Property has been acquiring higher-priced land parcels in
its core markets from 2015 to expand the share of upgrader
products in sales and solidify its foothold in Guangzhou and core
Tier 2 cities such as Foshan and Zhuhai.  Times Property's average
land cost in Guangzhou, Foshan and Zhuhai in 2015 was CNY5,563 per
square metre (sqm), but land cost increased to CNY13,598 per sqm
for the two land parcels it acquired in January 2016 in Foshan and
Zhuhai.  As a result, leverage, as measured by net debt/adjusted
inventory, has risen to around 48% at end-2015 from 40% at end-
June 2015.  Future acquisition of more expensive land parcels will
continue to keep leverage at higher levels.

However, Fitch does not expect the leverage to exceed 50% and
breach the level where we may consider taking negative rating
action.  The strong recovery in residential property prices and
volume in Tier 1 cities, especially Beijing, Shanghai and
Shenzhen, since 2H15 is likely to spill over to Guangzhou in the
near term.  If Times Property successfully launches its projects
in a favorable market environment, the leverage may come down.

Times Property also has ample liquidity, with total cash balance
rising to CNY8.7 bil. at end-2015 from CNY6.6 bil. at end-1H15.
This will allow Times to fund its land acquisitions partly from
existing cash, and contain the total debt increase to CNY5bn to
keep its contracted sales-to-total debt ratio above 1.0x.


YANZHOU COAL: S&P Puts 'BB' CCR on CreditWatch Negative
-------------------------------------------------------
Standard & Poor's Ratings Services placed its 'BB' long-term
corporate credit rating and 'cnBBB-' long-term Greater China
regional scale rating on Yanzhou Coal Mining Co. Ltd. on
CreditWatch with negative implications.  Yancoal is a China-based
coking coal producer.

"We put the ratings on CreditWatch because of the risk of a
prolonged period of weak coal prices, which will weaken Yancoal's
earnings, EBITDA interest coverage, and leverage," said Standard &
Poor's credit analyst Apple Lo.

S&P expects Qinghuangdao coal prices (the benchmark coal price in
China) to stay weak in 2016, with limited prospect for meaningful
recovery over the next six to 12 months.  Despite the Chinese
government's efforts to cut coal industry capacity, S&P expects
overcapacity to persist due to still-strong seaborne supply and
softening coal demand from downstream sectors in China (including
power, steel, and cement).

In addition, operating conditions in Australia remain tough.  As
such, S&P expects Yancoal Australia Ltd. to generate negative free
operating cash flows due to its relatively high production costs
and large capital expansion.  Yancoal Australia is the 78%-owned
subsidiary of Yancoal.  S&P understands that Yancoal Australia
will use part of the proceeds from a proposed nine-year US$950
million bond issuance to fund its Moolarben project.  S&P notes
that this will be a low-cost mine once the expansion is completed.
Nonetheless, the capital expenditure could result in negative free
operating cash flows for Yancoal Australia in the next two years.

Based on the assumptions, S&P forecasts Yancoal's credit metrics
will weaken, unless the company can more deeply cut operating
costs across its portfolio or significantly reduce capital
expenditure.

The weakening group credit profile (GCP) of Yancoal is also a risk
because of the deteriorating creditworthiness of the parent,
Yankuang Group.  In S&P's view, Yankuang's operations may also
suffer under the current industry downturn.  S&P could lower the
rating on Yancoal if the GCP were to weaken.

The issuance of debt at the operating subsidiary level, if
material, could increase the subordination risk for creditors of
Yancoal.

Yancoal Australia will set up a 100%-owned subsidiary to issue its
proposed bond, which is scheduled to launch before April 30, 2016,
subject to regulatory approvals.  Yancoal Australia will inject
three mines into the issuer.  In return, the proceeds will be
channeled back from the issuer to Yancoal Australia, of which
US$550 million will be used for capex and US$400 million as
general working capital.  Although the bond will be off the
balance sheet, S&P will add it back to the balance sheet because
Yancoal will regain control of the issuer if the bonds are repaid
or the bond holders exercise the put option to put back the bonds
to Yankuang Group.

S&P aims to resolve the CreditWatch when it has more information
on the final amount of bond issuance and management's cost-cutting
initiatives in response to the sluggish coal market.  S&P also
needs to assess the company's financials, operational plan, and
capex budget for 2016.



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


NOBLE GROUP: S&P Lowers CCR to 'BB-'; Outlook Negative
------------------------------------------------------
Standard & Poor's Ratings Services said that it had lowered its
long-term corporate credit rating on Noble Group Ltd. to 'BB-'
from 'BB+'.  The outlook is negative.  At the same time, S&P
lowered the long-term issue rating on Noble's outstanding senior
unsecured notes to 'B+' from 'BB'.  In addition, S&P lowered its
long-term Greater China regional scale rating on the company to
'cnBB' from 'cnBBB' and on the notes to 'cnBB-' from 'cnBB+'.  S&P
removed the corporate credit and issue ratings on Noble from
CreditWatch, where they were placed with negative implications on
Nov. 23, 2015.  Noble is a Hong Kong-based commodity trader.

"We downgraded Noble because of the company's volatile earnings
and high trade risk position, as reflected in its large marked-to-
market loss in 2015," said Standard & Poor's credit analyst Cindy
Huang.  "In our view, the loss weakens Noble's credit standing and
relationship with banks, despite the company's near-term
refinancing risk remaining manageable".

The unexpected loss highlights the limited visibility and
transparency around Noble's earnings.  In S&P's view, the
company's profitability is highly volatile, given its complex
physical contracts book and derivatives program.

Noble's trading position is higher than S&P previously anticipated
due to the unexpected asset impairment.  The company has
significant long-dated contracts that are not fully hedgeable and
the value of which relies on input assumptions that are not
market-observable.

S&P cannot rule out further asset impairments, given the depressed
commodity prices.  S&P notes that Noble's price assumptions on its
long-dated contracts are now at levels that are much more aligned
with market spot and short-term forward price.  However, the
company may not be able to adequately protect itself against
future negative developments such as further price declines or
counterparty defaults.

The company's credit standing and banking relationships have
weakened, in S&P's view.  Recent negative developments weaken the
company's position in its discussions with banks and could affect
financing terms, in S&P's view.

However, Noble's short-term liquidity risk appears manageable, in
S&P's view.  S&P understands that the company is in well-
progressed discussions with banks on refinancing its short-term
credit facility due in May 2016.

The severe downturn in commodity markets and the volatile global
financial market could also affect Noble's financial flexibility,
as demonstrated by its depressed securities prices.  S&P notes
that the company has a good record of asset recycling.  However,
further capital initiatives may be difficult in depressed market
environments.

In S&P's view, the recent negative developments are likely to
weaken Noble's operations.  In particular, the company's funding
cost may increase and its trading terms with counterparties may
become less favorable, in S&P's view.  These could result in
declining profit margin, and a lower market share or competitive
position for the company.

"The negative outlook reflects the uncertainties around the
details of Noble's refinancing," said Ms. Huang.  "In light of
difficult markets, further capital raising initiatives may be
difficult for the company."

S&P could lower the rating on Noble in the low probability but
high risk event that the company's refinancing is not completed in
the next few weeks.  S&P may also lower the rating if Noble is not
able to raise additional capital in the next 6-12 months.

In addition, the rating could also face downward pressure if
Noble's business or financial position weakens significantly as a
result of lower credit lines or higher financing costs.  An
indication of this could be a loss of market share, reduction in
trading volumes, or weaker margins.

S&P could revise the outlook to stable if Noble's liquidity
stabilizes, which could happen if the company secures renewed
credit facilities, raises additional capital, and demonstrates a
track record of stable cash flow generation.



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


ANURADHA STEELS: Ind-Ra Suspends IND BB- Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has suspended Anuradha Steels
Private Limited's (ASPL) 'IND BB-' Long-Term Issuer Rating.  The
Outlook was Stable.  This rating will now appear as
'IND BB-(suspended)' on the agency's website.

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

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

ASPL's ratings are:

   -- Long-Term Issuer Rating: migrated to 'IND BB-(suspended)'
      from 'IND BB-'/Stable
   -- INR96 mil. Long-term loan: migrated to 'IND BB-(suspended)'
      from 'IND BB-'
   -- INR40 mil. fund-based working capital limits: migrated to
      'IND BB-(suspended)' and 'IND A4+(suspended)' from
      'IND BB-' and 'IND A4+'


ASHUTOSH CHAWAL: CARE Reaffirms B+ Rating on INR8cr LT Loan
-----------------------------------------------------------
CARE reaffirms the ratings assigned to bank facilities of Ashutosh
Chawal Udyog.

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

Rating Rationale

The rating assigned to the bank facilities of Ashutosh Chawal
Udyog (ACU) continues to remain constrained on account of
weak financial risk profile marked by thin profitability margins,
highly leveraged capital structure and stressed liquidity
profile. The rating is, further, constrained on account of its
presence in a highly fragmented and regulated industry and
seasonality associated with the business.

The rating, however, continues to derive strength from the
experienced management in the industry and its established
track record of operations with proximity to raw material sources.

The ability of the firm to increase its scale up operations along-
with improvement in the profitability and capital structure
amidst growing competition are the key rating sensitivities.

Bundi (Rajasthan) based ACU was formed in 1981 as a proprietorship
concern by Mr. Chouthmal Maheshwari for carrying out the business
of trading and processing of paddy to produce rice. However, due
to death of the proprietor in February 2013, the constitution of
the firm was changed to partnership. Currently, there are four
partners in the firm viz. Mr. Vijendra Kumar Maheshwari , Mr.
Satya Narayan Jajoo, Mr. Chetanya Kumar Jajoo andMr. Narendra
Kumar Jajoo sharing profit and loss equally. Over the years, ACU
expanded its installed capacity for processing of rice by
installing new machineries and had an installed capacity of 43,800
Metric Tonne Per Annum (MTPA) as onMarch 31, 2015. Its rice mill
is located in Bundi and spread across 2623 sq. meter area. The
firm sells rice under the brand name of 'Double Katar' and 'Basant
Bahar'. Further, the firm also sells by-products of rice viz. husk
and rice bran.

During FY15 (refers to the period of March 31 to April 1), ACU has
reported a total operating income of INR36.53 crore (FY14:
INR36.47 crore) with a net profit of INR 0.22 crore (FY14: INR0.29
crore).


B.N. INDUSTRIES: Ind-Ra Affirms B+ Rating; Outlook Stable
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed B.N. Industries'
(BNI) Long-Term Issuer Rating at 'IND B+'.  The Outlook is Stable.

KEY RATING DRIVERS

The ratings reflect BNI's low revenue base and weak credit
profile.  In FY15 (year end March), revenue was INR221 mil. (FY14:
INR475 mil.), interest coverage (operating EBITDA/gross interest
expenses) was 1.1x (1.2x) and net financial leverage (total Ind-Ra
adjusted net debt/ operating EBITDAR) was 3.9x (7.0x).  The
ratings are constrained by the company's high working capital
requirements and tight liquidity, as reflected in its over 98%
utilization of the working capital borrowings during the six
months ended January 2016.

The ratings are, however, supported by over 25years of experience
of BNI's promoters in manufacturing industrial chemicals.

RATING SENSITIVITIES

Positive: A substantial improvement in the overall scale of
operations along with improvements in the overall credit metrics
will be positive for the ratings.

Negative: Deterioration in the liquidity position will lead to a
negative rating action.

COMPANY PROFILE

Incorporated in 1989, BNI is a partnership concern.  It
manufactures chemicals such as zinc oxide, zinc sulphate, copper
ingots, brass metallic/ingots and zinc powder at its facility in
Daman.  The company is promoted by Ashwani Kumar Singhal, Animesh
Singhal, Abhishek Singhal and Ritesh Singhal.

BNI's ratings:

   -- Long-Term Issuer Rating: affirmed at 'IND B+'/Stable
   -- INR65 mil. fund-based working capital limits: affirmed at
      'IND B+'/Stable/'IND A4'
   -- INR30 mil. non-fund-based working capital limits: affirmed
      at 'IND A4'


BAGOOSA FOOD: CRISIL Reaffirms B- Rating on INR110MM Term Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Bagoosa Food Products
Private Limited (BFPPL) continue to reflect BFPPL's weak financial
risk profile, because of high gearing and small networth, its
large working capital requirements, and small scale of operations.
These weaknesses are partially offset by the extensive experience
of the promoters in the ice-cream industry, and the Janta Ice
Cream group's strong brand name.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         4.3      CRISIL A4 (Reaffirmed)

   Cash Credit           30.0      CRISIL B-/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     5.7      CRISIL B-/Stable (Reaffirmed)

   Term Loan            110        CRISIL B-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes BFPPL will continue to benefit over the medium
term from the promoters' extensive experience in the ice-cream
industry. The outlook may be revised to 'Positive' if BFPPL
significantly scales up its operations and profitability leading
to increase in cash accrual while reducing the working capital
cycle. Conversely, the outlook may be revised to 'Negative' if the
scale of operations or profitability declines or if there is an
increase in working capital requirements, constraining liquidity.

Update:
In 2014-15 (refers to financial year, April 1 to March 31), sales
increased by around 24 percent year-on-year to around INR129
million due to a moderate order flow during the year. Over the
medium term, sales are expected to grow at a modest pace of 15 to
20 percent. Operating profitability improved year-on-year with
margin of around 9.30 percent in 2014-15 due to healthy off take
in capacities combined with moderation in raw material prices
during the year. Over the medium term, with increasing scale of
operation the margin to further improve and to remain in the range
of 15 to 20 percent. In 2014-15, working capital requirements were
moderately high with gross current assets (GCAs) of 195 days as on
March 31, 2015, because of high debtors of 52 days and large
inventory of 140 days. Over the medium term, the GCAs are expected
to be 175 to 195 days as working capital requirements will rise
with the expected increase in the scale of operations.
Accumulation of losses, leading to erosion of networth, resulted
in high gearing of around 9.50 times as on March 31, 2015. Over
the medium term, gearing is likely to remain high at above 5 times
due to high reliance on external debt to fund working capital
requirements coupled with small networth. Over the medium term,
the debt protection metrics are expected to remain weak, with
interest coverage ratio at 1.3 to 2.0 times and net cash accrual
to total debt ratio at 0.07 to 0.15 time due to modest
profitability as compared with debt. Liquidity will continue to be
stretched due to tightly matched accrual against term debt
repayment and limited financial flexibility. Liquidity, however,
will be supported by the partners' funding and the absence of
debt-funded capex plan.

BFPPL, incorporated in 2004, is a part of the Janta Ice Cream
group of Ahmedabad (Gujarat), which is promoted by Mr. Ramesh
Asawa and his family members. The company commenced production at
its facilities, located at Ahmedabad, in June 2012.

BFPPL reported net loss of INR18 million on sales of INR129
million for 2014-15 against net loss of INR28.9 million on sales
of INR104 million in 2013-14.


BHAGAWATI ESTATE: CARE Reaffirms B+ Rating on INR4.55cr Loan
------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Bhagawati Estate Warehouse (Ashoknagar).

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     4.55       CARE B+ Reaffirmed
   Short-term Bank Facilities    1.60       CARE A4 Reaffirmed

Rating Rationale

The ratings assigned to the bank facilities of Bhagawati Estate
Warehouse (Ashoknagar) [BEW (A)] continue to remain constrained on
account of its modest scale of operations in competitive
warehousing and agro commodity business, its constitution as a
proprietorship firm and weak financial risk profile marked by
leveraged capital structure, weak debt coverage and liquidity
indicators. The ratings also factor in decline in total operating
income(TOI), thin profitability, deterioration in debt coverage
indicators coupled with improvement in capital structure during
FY15 (refers to the period April 01 to March 31).

However, the ratings derive strength from the wide experience of
the promoter and established presence of the group in various
business segments withinMadhya Pradesh (MP).

The ability of BEW (A) to increase its scale of operations,
improvement in profitability and improvement in capital structure
along with efficient working capital management in light of the
competitive nature of the industry are the key rating
sensitivities.

Bhagawati Estate Warehouse (Ashoknagar) [BEW (A)] was formed as a
proprietorship firm in May 2011 by Mr Vikram Singh to undertake
the business of warehousing and trading of agro-commodities like
potatoes and wheat. The firm has two warehouses having an
aggregate storage capacity of 10,000 metric tonne (MT) at Ashok
Nagar in Gwalior district of Madhya Pradesh. BEW(A) commenced its
operation from December 2012.  BEW (A) has other associate
concerns namely Bhagawati Development Services Private Limited
(BDSPL -- rated CARE B+/ CARE A4) and Bhagawati Cools Private
Limited (BCPL -- rated CARE BB-/CARE A4) which are engaged
in a similar line of business and also have distributorship of
Indo Farm tractors and Mahindra and Mahindra (M&M) tractors
respectively in Madhya Pradesh. Another associate, Bhagawati
Estate Warehouse, Kolaras (BEWK- rated CARE B+/CARE A4) is a
proprietorship firm owned by Mrs Lata Singh, w/o Mr Vikram Singh,
is also engaged in warehousing and trading of agro commodities.
However, the day-to day operations are looked after by Mr Vikram
Singh.

The group incorporated Bhagawati India Motorizer Private Limited
(BIMPL- rated CARE B) in October 2013 to take up the dealership of
Mahindra & Mahindra (M&M) vehicles and servicing of auto parts in
four districts of Madhya Pradesh (MP) namely Shahdol, Mandla,
Dindori and Anuppur.

During FY15, BEW (A) reported PAT of INR0.03 crore (FY14: INR0.05
crore) on a total operating income (TOI) of Rs.2.49 crore(FY14:
INR3.68 crore). Furthermore, during 9MFY16 (Provisional), BEW (A)
achieved a TOI of Rs.1.94 crore.


BRAR SEEDS: Ind-Ra Suspends 'IND BB-' Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has suspended Brar Seeds Pvt.
Ltd. (BSPL) Long-Term Issuer Rating of 'IND BB-' with a Stable
Outlook.  The rating will now appear as 'IND BB-(suspended)' on
the agency's website.

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

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

BSPL's ratings are:

   -- Long-Term Issuer Rating: migrated to 'IND BB-(suspended)'
      from 'IND BB-'/ Stable
   -- INR60m fund based limits: migrated to 'IND BB-(suspended)'
      from 'IND BB-'
   -- INR32 mil. long-term loans: migrated to 'IND BB-
      (suspended)' from 'IND BB-'


CAESAR IFMR: Ind-Ra Assigns BB- Rating on INR16.9MM A2 PTCs
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Caesar IFMR
Capital 2016 (an ABS transaction) provisional ratings as:

   -- INR212.6 mil. Series A1 pass through certificates (PTCs):
      'Provisional IND A-(SO)'; Outlook Stable

   -- INR16.9 mil. Series A2 PTCs: 'Provisional IND BB-(SO)';
      Outlook Stable

The final ratings are contingent upon the receipt of final
documents conforming to the information already received.  The
micro finance loan pool to be assigned to the trust is originated
by Satin Creditcare Network Limited (SCNL; 'IND BBB+'/Stable).

KEY RATING DRIVERS

The provisional ratings are based on the origination, servicing,
collection and recovery expertise of SCNL, the legal and financial
structure of the transaction and the credit enhancement (CE)
provided in the transaction.  The provisional rating of Series A1
PTCs addresses the timely payment of interest on monthly payment
dates and ultimate payment of principal by the final maturity date
on Dec. 20, 2017, in accordance with the transaction
documentation.

The provisional rating of Series A2 PTCs addresses the timely
payment of interest on monthly payment dates only after the
complete redemption of Series A1 PTCs and ultimate payment of
principal by the final maturity date on Dec. 20, 2017, in
accordance with the transaction documentation.

The transaction benefits from the internal CE on account of excess
interest spread, subordination and over-collateralisation.  The
levels of overcollateralisation available to Series A1 and A2 PTCs
are 12% and 5%, respectively, of the initial pool principal
outstanding (POS).  The total excess cash flow or the internal CE
available to Series A1 and A2 PTCs is 21.82% and 13.58%,
respectively, of the initial POS.  The transaction also benefits
from the external CE of 3.00% of the initial POS in the form of
fixed deposits in the name of the originator with a lien marked in
favour of the trustee.  The collateral pool to be assigned to the
trust at par had the initial POS of INR241.56 mil., as of the pool
cut-off date of Feb. 1, 2016.

The external CE will be used in case of a shortfall in a) complete
redemption of all Series of PTCs on the final maturity date, b)
monthly interest payment to Series A1 investors and c) monthly
interest payment of Series A2 investors after the complete
redemption of Series A1 investors.

RATING SENSITIVITIES

As part of its analysis, Ind-Ra built a pool cash flow model based
on the transaction's financial structure.  The agency also
analysed historical data to determine the base values of key
variables that would influence the level of expected losses in
this transaction.  The base values of the default rate, recovery
rate, time to recovery, collection efficiency, prepayment rate and
pool yield were stressed to assess whether the level of CE was
sufficient for the current rating levels.

Ind-Ra also conducted rating sensitivity tests.  If the
assumptions of the base case default rate worsen by 30%, the
model-implied rating sensitivity suggests that the rating of the
Series A1 PTCs will be downgraded by two notches and the rating of
Series A2 PTCs will not be impacted.


DIVINE VIDYUT: CARE Reaffirms 'D' Rating on INR129.4cr Loan
-----------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Divine Vidyut Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities    129.44      CARE D Reaffirmed

Rating Rationale

The aforesaid rating to the bank facilities of Divine Vidyut
Limited (DVL) continue to factor in the past & on-going delays in
debt servicing on account of stressed liquidity position of the
company. The ability of the company to improve its liquidity
and regularize its debt servicing will be the key rating
sensitivities.

DVL, promoted by the Divine group, was incorporated on August 24,
2007, to expand the business interests of the Divine group in the
power sector. The company was promoted by Mr Akhilesh Pandey and
Mr Rajesh Pandey who have established power generating facilities
for its group companies. It is currently operating a 1X20 MW
Thermal Power plant in Kaushalgarh, Jharkhand as captive unit for
the steel plant of Divine Alloys & Power Co. Ltd (DAPCL).
Furthermore, it has also started additional Captive unit- II of 1
X 25 MW plant for the power consumption of the steel plant of
DAPCL in November 30, 2015.

The group has major interests in Iron & Steel business which is
carried under DAPCL. DAPCL, incorporated in 2004, is engaged in
the manufacturing of mild steel ingot aggregating 3,50,000 MTPA.
The manufacturing facility of the company is located at
Kaushalgarh, Jharkhand.

In FY15 (refers to the period April 1 to March 31), DVL reported a
loss of INR 3.92 crore (FY14- loss of INR 9.82 crore) on a
total operating income of INR 17.08 crore (FY14 INR 13.28 crore).


DUKE SPONGE: Ind-Ra Suspends 'IND B' Long-Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Duke Sponge &
Iron Pvt. Ltd.'s 'IND B' Long-Term Issuer Rating to the suspended
category.  The Outlook was Stable.  This rating will now appear as
'IND B(suspended)' on the agency's website.

The ratings have been migrated to the suspended category due to
lack of adequate information.  Ind-Ra will no longer provide
ratings or analytical coverage of Duke Sponge & Iron.

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

Duke Sponge & Iron's ratings:

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

   -- INR250 mil. fund-based limits:  migrated to
      'IND B(suspended)' from 'IND B' and 'IND A4(suspended)'
      from 'IND A4'

   -- INR50 mil. non-fund-based limits: migrated to
      'IND B(suspended)' from 'IND B' and 'IND A4(suspended)'
      from 'IND A4'


EAST INDIA: CRISIL Cuts Rating on INR110MM Cash Loan to B+
----------------------------------------------------------
CRISIL has downgraded its ratings on the bank loan facilities of
East India Holdings Private Limited (EIHPL) to 'CRISIL
B+/Stable/CRISIL A4' from 'CRISIL BB-/Stable/CRISIL A4+'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            110      CRISIL B+/Stable (Downgraded
                                   from 'CRISIL BB-/Stable')

   Letter of Credit        60      CRISIL A4 (Downgraded from
                                   'CRISIL A4+')

   Proposed Long Term      30      CRISIL B+/Stable (Downgraded
   Bank Loan Facility              from 'CRISIL BB-/Stable')

The downgrade reflects expected deterioration in EIHPL's business
risk profile and stretch in its working capital cycle. Revenue is
expected to decline to INR1500-1600 million in 2015-16 (refers to
financial year, April 1 to March 31) from INR2407 million in 2014-
15, and cash accrual to INR10-12 million from INR30 million. Lower
demand and prices for steel resulted in declining profitability.
However, liquidity remains comfortable, with term loan fully
repaid and moderate bank limit utilisation, averaging 82 percent,
over the 12 months through December 2015. CRISIL believes EIHPL's
business risk profile will remain constrained on account of
intense competition in the steel industry.

The ratings reflect EIHPL's modest scale of operations and
susceptibility of its profitability to volatility in raw material
prices. These weaknesses are partially offset by promoters'
extensive industry experience, and above-average financial risk
profile because of healthy capital structure and debt protection
metrics.

Outlook: Stable

EIHPL will maintain its above-average financial risk profile over
the medium term because of comfortable networth and low gearing.
The outlook may be revised to 'Positive' if increase in sales and
profitability leads to better liquidity. Conversely, the outlook
may be revised to 'Negative' in case of low net cash accrual or
stretch in working capital cycle, weakening financial risk
profile, especially liquidity.

EIHPL, incorporated in 1999 and promoted by Mr. O P Agarwal,
manufactures mild steel billets. The company has 10000 tpm of
installed capacity.


ELDECO HOUSING: Ind-Ra Suspends 'IND B+' Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Eldeco Housing
and Industries Limited's (EHIL) 'IND B+' Long-Term Issuer Rating
to the suspended category.  The Outlook was Stable.  This rating
will now appear as 'IND B+(suspended)' on the agency's website.

The ratings have been migrated to the suspended category due to
lack of adequate information.  Ind-Ra will no longer provide
ratings or analytical coverage of EHIL.

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

EHIL's ratings:

   -- Long-Term Issuer Rating: migrated to 'IND B+(suspended)'
       from 'IND B+/Stable

   -- INR29 mil. fund-based working capital limits: migrated to
      'IND B+(suspended)' from 'IND B+' and 'IND A4(suspended)'
      from 'IND A4'

   -- INR100 mil. bank guarantee: migrated to 'IND A4(suspended)'
      from 'IND A4'


FROST FALCON: CRISIL Lowers Rating on INR50MM Cash Loan to 'D'
--------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Frost
Falcon Distilleries Limited (FFDL) to 'CRISIL D/CRISIL D' from
'CRISIL BB+/Stable/CRISIL A4+'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee           5      CRISIL D (Downgraded from
                                   'CRISIL A4+')

   Cash Credit             50      CRISIL D (Downgraded from
                                   'CRISIL BB+/Stable')

   Proposed Long Term      36.1    CRISIL D (Downgraded from
   Bank Loan Facility              'CRISIL BB+/Stable')

   Term Loan               10.9    CRISIL D (Downgraded from
                                   'CRISIL BB+/Stable')

The rating downgrade reflects recent instances of delay in
servicing debt due to weak liquidity as a result of continued
losses.

FFDL also has geographical concentration in revenue profile and is
exposed to intense competition in the liquor industry in Haryana,
leading to continuous decline in income. However, the company
benefits from promoters' extensive experience.

Established in Sonipat in 1980 by Mr. O.P Katyal, FFDL
manufactures extra-neural alcohol and rectified spirits. Currently
the day to days operations are being managed by Mr. Rajesh Katyal,
son of Mr. O.P Katyal.


GEOXA LOGISTICS: CARE Assigns 'B' Rating to INR6.60cr LT Loan
-------------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of Geoxa
Logistics.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     6.60       CARE B Assigned

Rating Rationale

The rating assigned to the bank facilities of Geoxa Logistics (GL)
is primarily constrained by the high project implementation risk
given nascent stage of execution and financial closure yet to be
achieved. The rating is further constrained by the fragmented and
competitive nature of the industry and constitution of the entity
being a proprietorship concern. The rating, however, favorably
takes into account favorable location of the servicing facility,
with Ludhiana being the hub of diverse industries.

Going forward, the ability of the firm to achieve timely
completion of the project within the cost estimates and achieve
projected sales & profitability level would be the key rating
sensitivities.

GL is a proprietorship firm established in October 2015 by Mr Aman
Preet Sondhi. Mr Sondhi has a total experience of around one and
half decades in diverse industries. GL has been established with
an aim to offer logistic services (on rental basis) to
construction, infrastructure, hosiery, auto component industries,
etc, throughout India. The firm shall receive the contracts mainly
through bidding process. Geoxa Steel Private Limited (GSPL; rated
'CARE B+') and Heights International, established in 2012 and
1995, respectively, are the associate concerns of GL, which are
engaged in the business of manufacturing of stainless steel pipes
and trading of steel products, respectively.


GEOXA STEELS: CARE Assigns B+ Rating to INR5cr LT Loan
------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Geoxa
Steels Private Limited.

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

Rating Rationale
The rating assigned to the bank facilities of Geoxa Steels Private
Limited (GSPL) is constrained by the company's short track record
of operations, low profitability margins, weak solvency position
and an elongated operating cycle. The rating is further
constrained by the susceptibility of profitability margins to raw
material price fluctuations and highly fragmented & competitive
nature of the steel industry. The rating, however, derives
strength from the experienced and resourceful promoters and no
reliance on external debt, as on March 31, 2015.

Going forward, the ability of the company to profitably scale up
its operations, improve the overall solvency position and manage
the working capital requirements efficiently will remain the key
rating sensitivities.

Incorporated in 2012, GSPL is engaged in the manufacturing of hot
steel rolls at its manufacturing facility located at Ludhiana,
Punjab, with an installed capacity of 15 tonnes per day (TPD). The
products manufactured by the company are sold under the brand name
"Geoxa" to dealers and wholesalers situated in Punjab. The company
procures most of its raw material from Jindal Stainless Limited.
GSPL has an associate concern- Height International (HI), which
was established in 1995 and is engaged in the trading of steel
products.

In FY15 (refers to the period April 01 to March 31), GSPL achieved
a total operating income of INR5.79 crore with PAT of INR0.09
crore as compared with total operating income of INR0.99 crore and
net loss of INR0.13 crore in FY14 (8 months of operations). In
7MFY16 (Prov.), the company has achieved total operating income of
INR6 crore.


HIND AGRO: CARE Downgrades Rating on INR260.20cr Loan to D
----------------------------------------------------------
CARE revises ratings assigned to bank facilities of Hind Agro
Industries Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      5.83      CARE D Revised from
                                            CARE BB-

   Short-term Fund-based Bank   260.20      CARE D Revised from
   Facilities                               CARE A4

   Short-term Non-fund-based      0.50      CARE D Revised from
   Bank Facilities                          CARE A4

   Long/Short-term Bank           2.25      CARE D Revised from
   Facilities                               CARE BB-/CARE A4

Rating Rationale

The revision in the ratings of Hind Agro Industries Limited (HAIL)
takes into account the ongoing delays in the servicing of the
company's debt obligations.

Hind Agro Industries Limited (HAIL) was incorporated in the year
1994 as a 100% export oriented company having integrated abattoir
(slaughter house) cum meat processing plant for buffalo and sheep
meat. The plant is located in Aligarh, Uttar Pradesh having
capacity of 120,000 Metric Ton Per Annum (MTPA). Additionally,
the company had also set up a slaughter house in Chennai in FY12
(refers to the period April 1 to March 31).

The plant has not yet started due to pending legal and political
issues and is expected to start its operations once the issues get
resolved.

During FY15, HAIL has reported total operating income of INR730.73
crore and PAT of INR0.10 crore as against total operating income
of INR744.25 crore and PAT of INR6.45 crore during FY14.


HIND INDUSTRIES: CARE Cuts Rating on INR46.5cr Loan to D
--------------------------------------------------------
CARE revises ratings assigned to bank facilities of Hind
Industries Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     28.20      CARE D Revised from
                                            CARE BB-

   Short-term Bank Facilities    46.50      CARE D Revised from
                                            CARE A4

   Long/Short-term Bank
   Facilities                     2.25      CARE D Revised from
                                            CARE BB-/CARE A4

Rating Rationale
The revision in the ratings of Hind Industries Limited (HIL) takes
into account the ongoing delays in the servicing of the company's
debt obligations.

Hind Industries Limited (HIL) was incorporated in 1973 by Mr
Sirajuddin Qureshi who has more than 30 years of experience in the
field of food processing and marketing. HIL is engaged in
manufacturing & selling of meat products both in domestic and
foreign markets. HIL operates a meat processing plant for buffalo
and sheep meat in Sahibabad, Ghaziabad (U.P.) with total installed
capacity of 25,000 MTPA as on March 31, 2015. HIL also
manufactures and export fresh, chilled and frozen meat and meat
products.

HIL has a subsidiary, Hind Agro Industries Limited (HAIL), rated
CARE D(revised in February 2016), which has integrated abattoir
(Slaughter house) cum meat processing unit in Aligarh (U.P.). HIL
holds 70% stake in HAIL as on March 31, 2015. HIL together with
HAIL is one of the largest exporters of meat and meat products
from Northern India. Hind Group has been exporting its products
under the brand names 'EATCCO' and 'SIBACO'.

During FY15 (refers to the period April 1 to March 31), HIL has
reported total operating income of INR60.49crore and PAT of INR-
11.02 crore as against total operating income of INR157.61 crore
and PAT of INR1.37 crore during FY14. During H1FY16 (refers to the
period April 1 to June 30), HIL has reported Nil total operating
income and PAT of Rs.-12.75 crore.


HMT MACHINE: CARE Reaffirms 'D' Rating on INR44.82cr LT Loan
------------------------------------------------------------
CARE reaffirms the ratings assigned to bank facilities of HMT
Machine Tools Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     44.82      CARE D Reaffirmed
   Short term Bank Facilities    77.90      CARE A4 Reaffirmed

Rating Rationale
The ratings of the bank facilities of HMT Machine Tools Ltd
(HMTMTL) continues to be constrained by instances of delays
in servicing the interest by the company, weak financial risk
profile with continuous losses, stressed debt coverage
indicators, liquidity position and large working capital
requirements. However, the company benefits from the parentage,
experienced promoters and management team and funding support
fromGoI.

HMT Ltd (HMT) (parent of HMT Machine Tools Ltd) was incorporated
in 1953 by the Government of India (GOI) as Hindustan Machine
Tools Pvt Ltd, subsequently renamed as HMT Limited on August 31,
1978. The company was primarily engaged in manufacturing of
watches, tractors, printing machinery, metal forming presses, die
casting plastic processing machinery, CNC systems and bearings. In
1990, the company was restructured into different business groups
such as machine tools business group, industrial machinery
business group, tractor business group, consumer business group
and food processing business group. In the year 1999-2000, these
business groups were regrouped and made subsidiaries of holding
company HMT Limited. Machine tools and Industrial machinery
business group were clubbed together and renamed as HMT Machine
Tools Limited. HMT Machine Tools Limited (HMTMTL) was registered
as a company on August 09, 1999. HMTMTL is engaged in
manufacturing of turning, grinding, gear cutting, special purpose
machines, die casting machines and plastic injection molding
machines, presses and press brakes, printing machines, CNC control
systems and precision components. Its manufacturing plants are
located at Bangalore, Pinjore (Haryana), Hyderabad (Andhra
Pradesh), Ajmer, and Kalamassery (Kerala). The major end users of
the machines manufactured by HMTMTL are the auto and auto
ancillary, railways, defense, agricultural machinery, power and
industrial intermediates.

HMTMTL was declared as sick unit under the provisions of the Sick
Industrial Act 1985 in FY06 (refers to the period April 1 to
March 31) owing to large accumulated losses and complete erosion
of tangible net worth. The company was referred to the Board for
Industrial and Financial Reconstruction (BIFR) in December 2005
[Case No: 501/2006] to determine the necessary rehabilitation
measures to be adopted. BIFR has sanctioned Rehabilitation Package
for the company comprising sanctions, waivers and exemptions from
various Government agencies and banks. It sought several
concession and reliefs including the merger of the Praga Tools Ltd
Hyderabad as per the decision of GOI. Accordingly Praga Tools Ltd.
merged with HMTMTL with effect from April 2007. Over the years the
performance of the company has been far below the stipulated
performance schemes as approved by the BIFR. Hence, the company
has requested for certain revival plans from the GoI which is
under consideration with the Department of Heavy Industries.

During FY15, the company registered a total income of INR172.1
crore and incurred a net loss of INR134.9 crore. During 9MFY16,
the company has reported a total income of INR153.3 crore and
incurred a loss of INR99.17 crore.


INDUS PROJECTS: Ind-Ra Assigns BB Rating; Outlook Stable
--------------------------------------------------------
Ind-Ra Assigns Indus Projects 'IND BB'; Outlook Stable
India Ratings and Research (Ind-Ra) has assigned Indus Projects
Limited (IPL) a Long-Term Issuer Rating of 'IND BB'.  The Outlook
is Stable.

KEY RATING DRIVERS

The ratings reflect IPL's small scale of operations, moderate
credit metrics and tight liquidity position.  Its revenue was
INR981 mil. in FY15 (FY14: INR953 mil.), net leverage for FY15 was
3.1x (FY14: negative 9.2x) and interest coverage was 1.5x
(negative 0.7x).  Moreover, liquidity is tight with the fund-based
facilities being over-utilized for a week, due to interest debit
at the end of every month, over the 12-month period ended December
2015.

The ratings derive support from its promoters' over five decades
of experience in the same line of business.  The ratings are also
supported by IPL's strong order book position of INR3,625 mil.
(3.6x of FY15 revenue) and comfortable EBITDA margin of 12.3% in
FY15.

RATING SENSITIVITIES

Positive: Substantial growth in the top line and an improvement in
the profitability, leading to a sustained improvement in the
credit metrics, will lead to a positive rating action.

Negative: Any further decline the profitability, resulting in a
sustained deterioration in the credit profile, will lead to a
negative rating action.

COMPANY PROFILE

IPL was incorporated in 1950 in Mumbai.  The company fabricates
and erects medium-to-heavy capital equipment for petrochemical,
oils and gas, mineral processing and nuclear power plants.

IPL's ratings:

   -- Long-Term Issuer Rating: assigned 'IND BB'/Stable
   -- INR250 mil. fund-based working capital facility: assigned
      'IND BB'/Stable
   -- INR650 mil. non-fund based working capital facility:
      assigned 'IND A4+'


INDUS PROJECTS PRIVATE: Ind-Ra Suspends 'IND BB' LT Issuer Rating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Indus Projects
Private Limited's 'IND BB' Long-Term Issuer Rating to the
suspended category.  The Outlook was Stable.  This rating will now
appear as 'IND BB(suspended)' on the agency's website.

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

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

IPPL's ratings are:

   -- Long-Term Issuer Rating migrated to 'IND BB(suspended)'
      from 'IND BB'/Stable
   -- INR25 mil. fund-based working capital limits: migrated to
      'IND BB(suspended)' and 'IND A4+(suspended)' 'IND BB' and
      'IND A4+'
   -- INR250 mil. non-fund-based limits: migrated to
      'IND BB(suspended)' and IND A4+(suspended) from 'IND BB'
      and 'IND A4+'


INTEGRATED LIVESTOCK: CARE Lowers Rating on INR15.60cr Loan to D
----------------------------------------------------------------
CARE revises ratings assigned to bank facilities of Integrated
Livestock Village Farm Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities    15.60       CARE D Revised from
                                            CARE BB- (SO)
Rating Rationale

The revision in the rating assigned to the bank facilities of
Integrated Livestock Village Farm Private Limited (ILVFPL) takes
into consideration the irregularities in its debt servicing by the
company. The rating also factors in the downgrade of Hind Agro
Industries (HAIL) to 'CARE D' on account of on-going delays in
HAIL.

Incorporated in January 2005, ILVFPL was established by Mr
Sirajuddin Qureshi. ILVFPL is a group company of the Hind group.
The company started its operations from April 2011. ILVFPL was
established as an animal rearing farm to rear healthy disease-free
male calves and unproductive buffalos for slaughtering by its
group company (Hind Agro Industries Limited, rated 'CARE D',
revised in February 2016). Furthermore, ILVFPL is also engaged in
the trading of buffaloes to local slaughtering units around
Aligarh. ILVFPL operates at an installed capacity of rearing 8,000
animals per quarter.

During FY15 (refers to the period April 1 to March 31), ILVFPL has
reported a total operating income of Rs.51.76 crore and PAT of
INR0.04 crore as against total operating income of INR81.52 crore
and PAT of INR0.31 crore during FY14.


JAMPESWAR AGRO: CRISIL Reaffirms 'B+' Rating on INR45MM Cash Loan
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Jampeswar Agro Udyog
Private Limited (JAUPL) continue to reflect JAUPL's modest scale
of operations in the intensely competitive rice milling industry,
and small networth limiting financial flexibility. These
weaknesses are partially offset by the promoters' extensive
industry experience.

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

   Letter of Credit       2.7      CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility    27.8      CRISIL B+/Stable (Reaffirmed)

   Term Loan             37.5      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes JAUPL will benefit over the medium term from its
promoters' extensive experience. The outlook may be revised to
'Positive' if increase in scale of operations or improved
profitability strengthens financial risk profile. Conversely, the
outlook may be revised to 'Negative' if low profitability,
stretched working capital cycle, or large, debt-funded capital
expenditure weakens financial risk profile.

Incorporated in 2012, JAUPL has set up a par-boiled rice mill in
Birbhum (West Bengal). The rice mill commenced operations in
December 2013. Its operations are managed by Mr. Siddhartha Mondal
and Mr. Rabindra Nath Chowdhury.


JOGVICK MANUFACTURING: CARE Lowers Rating on INR23cr Loan to 'D'
----------------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
Jogvick Manufacturing and Trading Pvt Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     23.00      CARE D Revised from
                                            CARE BB+

   Short-term Bank Facilities     0.75      CARE D Revised from
                                            CARE A4+

Rating Rationale

The revision in the ratings to the bank facilities of Jogvick
Manufacturing & Trading Pvt Ltd (JMTPL) factors in the instances
of the on-going delay in servicing of its debt obligations on
account of the stressed liquidity position of the company. The
ability of the company to improve its liquidity and regularize its
debt servicing will be the key rating sensitivity.

JMTPL, incorporated in 1998, is promoted by Mr Sarbjit Singh Johal
and Mr Maninder Singh Johal. JMTPL is engaged into manufacturing,
marketing and sale of Indian Made Foreign Liquor (IMFL) of major
brands of United Spirits Ltd (USL) such as McDowell No.1
Celebration Rum, Director's Special Black Whisky, etc. The
company's plant is located at Asansol, Burdwan (West Bengal),
having total licensed/installed capacity of 1.83 lakh cases per
month. It commenced operations from September 2011.

During FY14 (refers to the period April 1 to March 31), JMTPL
reported PAT of INR0.60 crore (Rs.0.27 crore in FY13) on a total
operating income of INR99.94 crore (Rs.92.35 crore in FY13). In
H1FY15, JMTPL reported gross sales of INR82.32 crore.


JOHAL & COMPANY: CARE Lowers Rating on INR45cr LT Loan to 'D'
-------------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
Johal & Company (Wine Sales) Pvt Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      45        CARE D Revised from
                                            CARE BB+

Rating Rationale
The revision in the ratings to the bank facilities of Johal &
Company (Wine Sales) Pvt Ltd (JCWSPL) factors in the instances of
on-going delay in servicing of its debt obligations on account of
the stressed liquidity position of the company. The ability of the
company to improve its liquidity and regularize its debt servicing
will be the key rating sensitivity.

JCWSPL, incorporated in 1979, by Mr Joginder Singh Johal, is now
managed by his sons Mr Sarbjit Singh Johal and Mr Maninder Singh
Johal. Before 1979, the business was carried on under the name of
Johal & Co. as a partnership firm. The company is engaged in
distribution of IMFL products of United Spirits Ltd (USL) and
United Breweries Ltd (UBL). JCWSPL supplies alcohol products to
approximately 1,400 retail outlets both off & on shops in South
Bengal.

During FY14 (refers to the period April 1 to March 31), JCWSPL
reported PAT of INR4.20 crore (Rs.3.98 crore in FY13) on a
total operating income of INR281.71 crore (Rs.254.38 crore in
FY13). In 9MFY15, JCWSPL reported gross sales of INR284.97
crore.


KAMAL INTERNATIONAL: Ind-Ra Suspends 'IND B+' Rating
----------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Kamal
International's (KI) 'IND B+' Long-Term Issuer Rating to the
suspended category.  The Outlook was Stable.  This rating will now
appear as 'IND B+(suspended)' on the agency's website.  The agency
has also migrated the company's INR90.3 mil. fund-based working
capital limits to 'IND B+ (suspended)' from 'IND B+' and
'IND A4(suspended)' from 'IND A4'.

The ratings have been migrated to the suspended category due to
lack of adequate information.  Ind-Ra will no longer provide
ratings or analytical coverage of KI.

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


KANPUR PACKAGERS: Ind-Ra Suspends IND BB Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Kanpur Packagers
Private Limited's (KPPL) 'IND BB' Long-Term Issuer Rating to the
suspended category.  The Outlook was Stable.  This rating will now
appear as 'IND BB(suspended)' on the agency's website.

The ratings have been migrated to the suspended category due to
lack of adequate information.  Ind-Ra will no longer provide
ratings or analytical coverage of KPPL.

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

KPPL's ratings are:

   -- Long-Term Issuer Rating: migrated to 'IND BB(suspended)'
      from 'IND BB'/Stable
   -- INR29.4 mil. fund-based working capital limits: migrated to
      'IND BB(suspended)'/'IND A4+(suspended)' from 'IND BB'/
      'IND A4+'
   -- INR80 mil. bank loan: migrated to 'IND BB(suspended)' from
      'IND BB'


KBN GOLD: Ind-Ra Suspends 'IND B-' Long-Term Issuer Rating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated KBN Gold &
Diamond Jewellery's (KBNGDJ) 'IND B-' Long-Term Issuer Rating to
the suspended category.  The Outlook was Stable.  This rating will
now appear as 'IND B-(suspended)' on the agency's website.  The
agency has also migrated KBNGDJ's INR98.00 mil. fund-based working
capital limits to 'IND B-(suspended)'/'IND A4 (suspended)' from
'IND B-'/'IND A4'.

The ratings have been migrated to the suspended category due to
lack of adequate information.  Ind-Ra will no longer provide
ratings or analytical coverage of KBNGDJ.

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


KINGFISHER AIRLINES: Lenders to Move Debt Tribunal vs Mallya
------------------------------------------------------------
The Times of India reports that the consortium of 17 lenders to
the long grounded Kingfisher Airlines has decided to move the Debt
Recovery Tribunal (DRT) against the airline's chairman Vijay
Mallya.  TOI says the plan is to stake claim on the $75-million
(INR515crore) severance package he will be getting for quitting
United Spirits (USL) from Diageo.

"Since Mallya had given personal guarantees for the loans given to
Kingfisher, this money (which he will receive from Diageo) belongs
to us. We have decided to move to the DRT to claim that money,"
the report quotes a senior official from a public sector bank as
saying.

TOI relates that another state-run bank official said, "We are
making all out efforts to get our money back. We will use all
opportunities."

Mallya and Kingfisher Airlines owed INR7,800 crore to the
consortium of 17 lenders led by SBI which had an exposure of over
INR1,600 crore to the now defunct airline, TOI discloses. Other
lenders include PNB, BoB, Canara Bank, Bank of India, Central
Bank, Federal Bank, Uco Bank and Dena Bank.

Over 2 lakh investors stuck in KFA: In an irony of sorts, over two
lakh investors are estimated to be stuck with shares of the long-
grounded Kingfisher Airlines even as its lenders are now eyeing
the INR515-crore bounty sealed by main promoter Mallya, according
to TOI.

TOI, citing the last shareholding data disclosure till
September 2014, discloses that the airline had over 2.33 lakh
small retail investors, over 6,200 HNIs, 13 banks and other
domestic financial institutions, as also five promoter entities.

                      About Kingfisher Airlines

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

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

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

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

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

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

   Funded Interest
   Term Loan            2260       CRISIL D (Reaffirmed)


   Long Term Loan       5970       CRISIL D (Reaffirmed)

   Rupee Term Loan     35270       CRISIL D (Reaffirmed)

   Short Term Loan       390       CRISIL D (Reaffirmed)

   Working Capital
   Term Loan            2990       CRISIL D (Reaffirmed)

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


KRISHNA TECHNOCHEM: CRISIL Reaffirms B Rating on INR42.5MM Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Krishna Technochem
Private Limited (KTPL) continue to reflect KTPL's below-average
financial risk profile, marked by small networth, moderate gearing
and weak debt protection metrics, and exposure to risks related to
volatility in crude oil prices.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         2.5      CRISIL A4 (Reaffirmed)
   Cash Credit           42.5      CRISIL B/Stable (Reaffirmed)
   Letter of Credit      20        CRISIL A4 (Reaffirmed)
   Letter of Credit      20        CRISIL B/Stable (Reaffirmed)

These weaknesses are partially offset by the promoters' extensive
experience in the petrochemicals industry and established
relationships with suppliers and customers.
Outlook: Stable

CRISIL believes KTPL will benefit over the medium term from its
promoters' extensive experience and longstanding relationships
with suppliers and customers. The outlook may be revised to
'Positive' if liquidity improves because of better working capital
management or higher cash accrual driven by high profitability.
Conversely, the outlook may be revised to 'Negative' if financial
risk profile, particularly liquidity, weakens because of stretched
working capital cycle or larger-than-expected debt-funded capital
expenditure.

Incorporated in 1994, KTPL manufactures petrochemicals such as
organic composite solvent oil (OCS), crude mineral oil bottom, and
benzene. Over 80 percent of the total revenue is generated through
sales of OCS. Its manufacturing unit is in Howrah.


LALCHAND BUILDERS: CARE Reaffirms B Rating on INR14.82cr Loan
-------------------------------------------------------------
CARE reaffirms the rating assigned to the long-term bank
facilities of Lalchand Builders Pvt. Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     14.82      CARE B Reaffirmed

Rating Rationale

The rating of Lalchand Builders Pvt. Ltd. (LBPL) continues to
remain constrained by the promoter's lack of experience in the
real estate business, geographical concentration (at group level)
and intense competition in the vicinity of the proposed shopping
mall.

The rating, however, continues to draw comfort from the experience
of the promoters in the retail and hotel business, long track
record of the group, tied up lease agreement with Future Lifestyle
Fashion Ltd. (FLFL) and favorable location of the proposed
shopping mall.

Going forward, LBPL's ability to derive benefit from the mall
would be the key rating sensitivities.

LBPL, was incorporated in December 1996 by Mr Sunjoy Hans and his
family members based out of Bhubaneswar, Odisha, for the purpose
of carrying on activities related to the real estate. The
company, after remaining dormant till March 2013, started a
project to develop a mid-scale shopping mall at Vani Vihar,
Bhubaneswar (Odisha). LBPL is a subsidiary company of Lalchand
Jewellers Pvt. Ltd.

Currently, the company has completed the project of developing the
mid-scale shopping mall at a total cost of INR24.12 crore, funded
through debt of INR15.00 crore and balance INR9.12 crore through
promoters fund (at a debt equity mix of 1.64:1) in September 2015.
The mall is spread over 0.5 acre of land and shall comprise of G+3
building. The total leasable area of the project is 45,900 square
feet (lsf). The construction of the mall has been done by Sidharth
Construction and Trading Pvt. Ltd. The company has already entered
into a lease agreement with Future Lifestyle Fashion Ltd. (FLFL)
and the mall is about to start its operation from February 2016
end. The company has received all land and other clearances for
these projects.


LIBRA FABRIC: Ind-Ra Assigns BB- Rating; Outlook Stable
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Libra Fabric
Designs Private Limited (LFDPL) a Long-Term Issuer Rating of
'IND BB-'.  The Outlook is Stable.  The agency has also assigned
LFDPL's INR150.0 mil. fund-based facilities 'IND BB-'/Stable and
'IND A4+' ratings.

KEY RATING DRIVERS

The ratings reflect LFDPL's moderate scale of operations, weak
credit metrics and tight liquidity.  Revenue was INR811 mil. in
FY15 (FY14: INR798 mil.), EBITDA interest coverage was 1.41x
(1.73x) and net leverage was 5.56x (4.51x).  EBITDA margin were in
the range of 3.5%-3.6% during FY12-FY15.

Revenue is likely to increase in FY16 on increasing orders from
existing customers.  9MFY16 financials indicate revenue of INR650
mil. with stable profitability.  LFDPL has no major near-term
capex plans and this is likely to support its credit metrics.

The company's liquidity is tight with its average utilization of
the fund-based working capital limits being around 97.9% for the
12 months ended January 2016.

The ratings are supported by the promoter's over four decades of
experience in the fabric trading business.

RATING SENSITIVITIES

Positive: An increase in the scale of operations while maintaining
the profitability leading to a sustained improvement in the credit
metrics will be positive for the ratings.

Negative: A substantial decline in the profitability leading to
sustained deterioration in the credit metrics will be negative for
the ratings.

COMPANY PROFILE

LFDPL was originally established as a proprietorship concern,
Libra Apparels, in 1989, and was reconstituted as a private
limited company in 2012.  The company is engaged in fabric
trading.


M C KNITTING: Ind-Ra Suspends 'IND D' Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated M C Knitting
Mills' (MCKM) 'IND D' Long-Term Issuer Rating to the suspended
category.  The rating will now appear as 'IND D(suspended)' on the
agency's website.

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

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

MCKM's ratings are:

   -- Long-Term Issuer Rating: migrated to 'IND D(suspended)'
      from 'IND D'
   -- INR90 mil. fund-based limits: migrated to Long-Term
      'IND D(suspended)' from 'IND D'
   -- INR12.5 mil. long-term loans: migrated to Long-Term
      'IND D(suspended)' from 'IND D'


MADAN'S WINE: CARE Lowers Rating on INR17cr LT Loan to 'D'
----------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
Madan's Wine Store Pvt Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      17        CARE D Revised from
                                            CARE BB+

   Short-term Bank Facilities      2        CARE D Revised from
                                            CARE A4

Rating Rationale

The revision in the ratings to the bank facilities of Madan's Wine
Stores Pvt Ltd (MWSPL) factors in the instances of the on-going
delay in servicing of its debt obligations on account of the
stressed liquidity position of the company. The ability of the
company to improve its liquidity and regularize its debt servicing
will be the key rating sensitivity.

Madan'sWine Stores Private Limited (MWSPL), incorporated in 1999,
by Cyrus Madan & family, was taken over by the Johal Group in June
2010, under the leadership of Mr Sarbjit Singh Johal and Mr
Maninder Singh Johal. The company is engaged in distribution of
IMFL products of United Spirits Ltd (USL) and United Breweries Ltd
(UBL). MWSPL supplies alcohol products to approximately 750 retail
outlets both off & on shops in North Bengal.

During FY14 (refers to the period April 1 to March 31), MWSPL
reported PAT of INR1.93 crore (Rs.1.89 crore in FY13) on a total
operating income of INR179.91 crore (Rs.174.82 crore in FY13).In
9MFY15, MWSPL reported gross sales of INR180 crore.


MADHUSALA DRINKS: CARE Cuts Rating on INR42cr LT Loan to 'D'
------------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
Madhusala Drinks Pvt Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      42        CARE D Revised from
                                            CARE BB+

   Short-term Bank Facilities      0.25     CARE D Revised from
                                            CARE A4 +

Rating Rationale
The revision in the ratings to the bank facilities of Madhusala
Drinks Pvt Ltd (MDPL) factors in the instances of the on-going
delay in servicing of its debt obligations on account of the
stressed liquidity position of the company. The ability of the
company to improve its liquidity and regularize its debt servicing
will be the key rating sensitivity.

Madhusala Drinks Pvt Ltd (MDPL), incorporated in 1991, by Mr
Shrawan Kumar Todi and Mr Swapan Sadhan Bose. MDPL was taken over
by the Johal Group in July 2007 under the leadership of Mr Sarbjit
Singh Johal and Mr Maninder Singh Johal.  The company is engaged
into manufacturing, marketing and sale of Indian Made Foreign
Liquor (IMFL) of major brands of United Spirits Ltd (USL) such as
McDowell No.1 Celebration Rum, etc. The company's plant is located
at Budge Budge, Pujali, Kolkata, having total licensed capacity of
4 lakh cases per month. It is an ISO 9001:2000 IMFL plant. The
company is also involved in trading of IMFL products, which
accounts for roughly 38% of the total operating income in FY14
(refers to the period April 1 to March 31).

During FY14, MDPL reported PAT of INR7.24 crore (Rs.6.59 crore in
FY13) on a total operating income of INR507.10 crore (Rs.465.43
crore in FY13).In H1FY15,MDPL reported net sales of INR287.21
crore.


MOHIT DIAMONDS: CRISIL Lowers Rating on INR448.8MM Loan to D
------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Mohit Diamonds Pvt Ltd (MDPL) to 'CRISIL D/CRISIL D' from 'CRISIL
BB/Stable/CRISIL A4+'.

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Adhoc Limit            142.5      CRISIL D (Downgraded from
                                     'CRISIL A4+')

   Adhoc Limit             33.5      CRISIL D (Downgraded from
                                     'CRISIL BB/Stable')

   Post Shipment Credit   393.7      CRISIL D (Downgraded from
                                     'CRISIL A4+')

   Packing Credit          80.4      CRISIL D (Downgraded from
                                     'CRISIL BB/Stable')

   Post Shipment Credit   448.8      CRISIL D (Downgraded from
                                     'CRISIL A4+')

   Post Shipment Credit    87.1      CRISIL D (Downgraded from
                                     'CRISIL BB/Stable')

   Proposed Short Term     14.0      CRISIL D (Downgraded from
   Bank Loan Facility                'CRISIL A4+')

The rating downgrade reflects delays of over 30 consecutive days
by MDPL in servicing its packing credit and post-shipment credit
obligations. The delays have been caused by weak liquidity due to
a stretched working capital cycle.

MDPL has large working capital requirement and a modest scale of
operations in the intensely competitive diamond industry.
Moreover, its profitability margins are susceptible to volatility
in diamond prices. However, the company benefits from its
established presence in the diamond industry, supported by its
promoter's extensive industry experience and established
relationship with customers.

MDPL, set up in 1991 by Mr. Anoop Mehta, is the flagship company
of the Mohit group. The promoter family has been in the diamond
business since 1916.

MDPL is engaged in cutting and polishing of diamonds, which it
sells under the brand- 'Mohit Stars -- little things to believe
in'. It also has a jewellery division, which manufactures and
exports diamond-studded jewellery. The company derives around 85
per cent of its revenue from sale of diamonds, and the balance 15
per cent from sale of jewellery.


NANDAN BUILDCON: CARE Cuts Rating on INR97.50cr Loan to 'B+'
------------------------------------------------------------
CARE revises the LT rating and reaffirms the st rating assigned to
the bank facilities of Nandan Buildcon Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term/ Short term         111.00     CARE B+/CARE A4
   Bank Facilities                          Revised from
                                            CARE BB-/CARE A4

   Long-term Bank Facilities      97.50     CARE B+ Revised
                                            from CARE BB-

   Short-term Bank Facilities     25.00     CARE A4 Reaffirmed

Rating Rationale

The revision in the ratings assigned to the long-term bank
facilities of Nandan Buildcon Private Limited (NBPL) is on
account of slower-than-envisaged construction of the commercial
project named 'Nandan Eduraa' along with nascent stage of
execution of its project named 'Nandan Carnival' resulting in high
dependence on customer advances for the funding of both the
projects as the rental income of Nandan Eduraa has not commenced.
The ratings continue to be constrained by the aggressive
development plans vis-a-vis area developed in the past, slow
sales momentum for the Carnival project, limited prior experience
of execution of projects in the Nashik region, geographic
concentration risk and cyclical nature of the real-estate
industry.

The ratings continue to derive strength from the moderate
experience of the promoters in residential real estate
development in Pune, locational advantage of the projects with
good accessibility from the key locations of Pune, receipt
of requisite approvals for construction and debt tie-up for the
ongoing projects along with completion of Nandan Euphora project
in December, 2014.

The ability of NBPL to improve the sales momentums and receive the
customer advances as envisaged in order to execute the projects in
a timely manner are the key rating sensitivities.

NBPL, incorporated on May 16, 2008, is engaged in real estate
development. Mr Shamkant Kotkar, the promoter of the company, has
successfully completed 33 residential projects in the past five
years in Pune, Maharashtra, under proprietorship concern and joint
ventures with total saleable area admeasuring approximately 31.14
lakh square feet (lsf). The company is presently executing two
projects, one commercial project named 'Nandan Eduraa' with a
saleable area of 1.40 lsf in Pune and one township project named
'Nandan Carnival' with a total saleable area of 9.21 lsf in
Nashik.

'Nandan Eduraa' being a commercial project, the company expects to
generate rental income and does not plan to sell it. NBPL
completed the construction of the residential project named
'Nandan Euphora' with a saleable area of 1.24 lsf during the year
FY15 (refers to the April 01 to March 31).

During FY15, NBPL booked a total operating income of INR55.38
crore and a Profit after tax of INR0.97 crore against a total
operating income of INR0.33 crore and a loss of INR0.69 crore
during FY14.


NAVIN AUTOMOBILES: Ind-Ra Suspends IND B Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Navin
Automobiles' 'IND B' Long-Term Issuer Rating to the suspended
category.  The Outlook was Stable.  The rating will now appear as
'IND B(suspended)' on the agency's website.

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

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

Navin's ratings:

   -- Long Term Issuer Rating: migrated to 'IND B(suspended)'
      from 'IND B'/Stable
   -- INR50 mil. fund-based limits: migrated to
      'IND B(suspended)' from 'IND B'
   -- INR20 mil. non-fund-based limits: migrated to
      'IND A4(suspended)' 'IND A4'


NIRMALA POLYROPES: Ind-Ra Assigns 'IND BB+' Rating
--------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Nirmala Polyropes
India Private Limited (NPPL) a Long-Term Issuer Rating of 'IND
BB+'.  The Outlook is Stable.

KEY RATING DRIVERS

The ratings reflect NPPL's small scale of operations and volatile
profitability.  Revenue was INR358 mil. in FY15 (FY14: INR305
mil.), and EBITDA margins were in the range of 19%-35% over FY12-
FY15.  Ind-Ra expects the EBITDA margin to remain around 20% over
the medium term.

The ratings factor in NPPL's comfortable credit metrics with net
leverage of 1.4x during FY15 (FY14: 1.9x) and EBITDA interest
coverage of 3.3x (2.5x), and its promoters' experience of over 15
years in the manufacture of fishing nets.

RATING SENSITIVITIES

Positive: Substantial top line growth and an improvement in the
profitability, leading to a sustained improvement in the credit
metrics, will lead to a positive rating action.

Negative: Any further decline in the profitability, resulting in
sustained deterioration in NPPL's credit profile, will lead to a
negative rating action.

COMPANY PROFILE

Incorporated in 2008, NPPL manufactures fishing nets, fishing
lines and HDPE ropes.  Its installed capacity is 120tonnes/month.

NPPL's ratings:

   -- Long-Term Issuer Rating: assigned 'IND BB+'; Outlook Stable
   -- INR35 mil. fund-based facilities: assigned 'IND BB+'/Stable
   -- INR30.2 mil. non-fund-based working capital facilities:
      assigned 'IND A4+'
   -- INR75 mil. long-term loans: assigned 'IND BB+'/Stable


OM PRAKASH: Ind-Ra Suspends 'IND B' Long-Term Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Om Prakash Satish
Kumar's (OPSK) 'IND B' Long-Term Issuer Rating to the suspended
category.  The Outlook was Stable.  This rating will now appear as
'IND B(suspended)' on the agency's website.

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

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

OPSK's ratings are:

   -- Long-Term Issuer Rating: migrated to 'IND B(suspended)'
      from 'IND B'/Stable
   -- INR20.00 mil. fund-based limits: migrated to
      'IND B(suspended)'/'IND A4(suspended)' from 'IND B'/
      'IND A4'
   -- INR180.00 mil. non-fund-based limits: migrated to
      'IND B(suspended)'/'IND A4(suspended)' from 'IND B'/
      'IND A4'


OPS INTERNATIONAL: Ind-Ra Suspends IND B Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated OPS
International's 'IND B' Long-Term Issuer Rating to the suspended
category.  The Outlook was Stable.  This rating will now appear as
'IND B (suspended)' on the agency's website.

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

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

OPS' ratings are:

   -- Long-Term Issuer Rating: migrated to 'IND B (suspended)'
      from 'IND B'/Stable
   -- INR20.00 mil. fund-based limits: migrated to
      'IND B(suspended)'/'IND A4 (suspended)' from 'IND B'/
      'IND A4'
   -- INR140.00 mil. non-fund-based limits: migrated to
      'IND B (suspended)'/'IND A4 (suspended)' from 'IND B'/
      'IND A4'


PARADIGM TUNNELING: CRISIL Assigns B+ Rating to INR30MM Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Paradigm Tunneling Private Limited (PTPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Letter of Credit      30        CRISIL A4
   Bank Guarantee        80        CRISIL A4
   Cash Credit           30        CRISIL B+/Stable

The ratings reflect the modest scale of operations during the
early stage of operations, along with tender-based business,
working capital-intensive operations, and a small networth. These
rating weaknesses are partially offset by the benefits PTPL
derives from the extensive experience of promoters in the industry
and its moderate order book.

Outlook: Stable

CRISIL believes PTPL will continue to benefit over the medium term
from the promoters' extensive industry experience. The outlook may
be revised to 'Positive' in case of significant improvement in
sales and cash accrual during the early stage. Conversely, the
outlook may be revised to 'Negative' if the financial risk
profile, particularly liquidity, weakens because of lower cash
accrual, a stretch in working capital cycle, or any unanticipated
debt-funded capital expenditure.

Incorporated in 2013, PTPL commenced commercial operations in
2015-16 (refers to financial year, April 1 to March 31). It
undertakes contracts for water drainages, tunnelling, and water
pipelining projects. It is jointly promoted by Mr. Sydney
Kairanna, Mr. Vinay Shetty, and Indel Corporation Pvt Ltd.


PRIME STEEL: CRISIL Lowers Rating on INR100MM Cash Loan to D
------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
Prime Steel Junction Private Limited (PSJPL) to 'CRISIL D' from
'CRISIL B+/Stable'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            100      CRISIL D (Downgraded from
                                   'CRISIL B+/Stable')

The downgrade reflects PSJPL's continuous overdrawing in its cash
credit (CC) account, due to its weak liquidity.

PSJPL was set up in 2009 by Mr. Syed Mehtab Hussain and Mr. Syed
Israr Hussain. The company, based in Kolkata, trades in several
steel products, including mild-steel sheets, hot rolled (HR) and
cold rolled (CR) coils, angles, channels, and beams. Mr. Syed
Mehtab Hussain manages the operations.


R.G.SHAW: CARE Lowers Rating on INR63cr LT Loan to 'D'
------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
R.G.Shaw & Sons Pvt Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      63        CARE D Revised from
                                            CARE BB+

Rating Rationale
The revision in the ratings to the bank facilities of R. G. Shaw &
Sons Pvt Ltd (RGSSPL) factors in the instances of the ongoing
delay in servicing of its debt obligations on account of the
stressed liquidity position of the company. The ability of the
company to improve its liquidity and regularize its debt servicing
will be the key rating sensitivity.

RGSSPL, incorporated in 1939, is engaged in distribution of IMFL
products of United Spirits Ltd (USL) and United Breweries Ltd
(UBL). RGSSPL was taken over by the Johal group in 1993, and is
now managed by Mr Sarbjit Singh Johal and Mr Maninder Singh Johal.
RGSSPL supplies alcohol products to approximately 1,250 retail
outlets both off & on shops in and around Kolkata (ie, Kolkata,
Howrah, Hooghly, Nadia, North 24 Parganas and South 24 Parganas).

During FY14 (refers to the period April 1 to March 31), RGSSPL
reported PAT of INR5.85 crore (INR5.83 crore in FY13) on a
total operating income of INR570.03 crore (INR566.23 crore in
FY13). In 9MFY15, the company reported gross sales of


R.Z. MALPANI: CRISIL Reaffirms 'B' Rating on INR37.5MM LT Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of M/s. R.Z. Malpani (RZ)
continue to reflect, RZ's modest scale of operations in the
fragmented civil construction industry. These rating weaknesses
are partially offset by the extensive experience of the firm's
promoters in the civil construction industry and the locational
advantage for its on-going commercial real estate project.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee        62.5      CRISIL A4 (Reaffirmed)

   Cash Credit           25.0      CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility    37.5      CRISIL B/Stable (Reaffirmed)

   Rupee Term Loan       25        CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that RZ will continue to benefit over the medium
term from its promoters' extensive industry experience and its
moderate order book position. The outlook may be revised to
'Positive' in case of substantial improvement in RZ's scale of
operations and better-than-expected cash inflows and timely
customer advances. Conversely, the outlook may be revised to
'Negative' in case of deterioration in RZ's financial risk
profile, particularly liquidity, driven by slower-than-expected
bookings, or delays in receipt of customer advances, or larger-
than-expected debt-funded working capital requirements.

RZ, initially established as a proprietorship firm was
reconstituted as a partnership firm in 1983. The Latur
(Maharashtra)-based firm is a civil contractor, undertaking
building construction work for state and central government
entities across the Maharashtra state. RZ is currently developing
a build-operate-transfer shopping complex project for the Latur
Municipal Corporation apart from other civil construction
activities. The operations of the firm are managed by Mr. Rajendra
Malpani, Mr. Sarvesh Malpani and Mr. Shreyash Malpani.


RAJASTHAN EDUCATION: CARE Revises Rating on INR6.26cr Loan to BB-
-----------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of
Rajasthan Education Institute & Health Society.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     6.26       CARE BB- Revised from
                                            CARE B+

Rating Rationale

The revision in the rating of Rajasthan Education Institute &
Health Society (REIHS) takes into account improvement in enrolment
ratio in AY16 (refers to the academic year July to June) and
improvement in its solvency position.

The rating of REIHS, however, continues to remain constrained on
account of its modest scale of operations in the highly
competitive and regulated education industry and stressed
liquidity position.

The rating, however, continues to derive strength from the
experienced management, diversified revenue stream and healthy
surplus margins.

The ability to increase its scale of operations through increase
in enrolment of students, maintaining of its surplus margins
along with the better management of liquidity profile would be the
key rating sensitivities.

Dausa-based (Rajasthan) REIHS, formed by Dr C L Meena and Dr R S
Nagar, was registered as a society on Feb. 22, 2000, for imparting
education in the field of engineering, teaching, nursing and
science at Dausa. REIHS operates four colleges under its umbrella
i.e. engineering and polytechnic college, B.Ed. college, Science
college and nursing college.

REIHS offers civil engineering, computer science, electrical
engineering, electronics & communication and mechanical
engineering degree courses in its engineering college whereas
offers diploma in civil engineering and electrical
engineering courses in polytechnic college. In Science College, it
offers B.Sc. graduation course whereas in nursing college,
it offers G.N.M course.

The engineering & polytechnic college for degree courses is
affiliated from Rajasthan Technical University (RTU) and All
India Council for Technical Education (AICTE), whereas, diploma
courses are affiliated from RTU and Board of Technical Engineering
of Rajasthan (BTER). B. Ed college is affiliated from Rajasthan
University (RU) and approved by National Council for Teacher
Education (NCTE). Science college is affiliated from Rajasthan
University of Health and Science (RUHS) and GNMcollege is
affiliated fromIndian Nursing Council (INC) and RNC.

During FY15 (A; refers to the period April 1 to March 31), REIHS
has reported a total operating income of INR5.59 crore (FY14:
INR5.18 crore) and net surplus of INR0.67 crore (FY14: INR0.74
crore).


SANDY RESORT: CRISIL Reaffirms D Rating on INR185MM Term Loan
-------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Sandy Resort
Private Limited (SRPL) continues to reflect instances of delay by
SRPL in servicing its term loan, primarily due to weak demand in
hotel industry.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Secured Overdraft
   Facility                5       CRISIL D (Reaffirmed)

   Term Loan             185.7     CRISIL D (Reaffirmed)

SRPL also has a weak financial risk profile, on account of the
large, debt-funded capital expenditure, and continuous exposure to
off take risks. These rating weaknesses are partially offset by
the benefits that SRPL derives from its established marketing
network and position in franchising.

Incorporated in 1998 by the late Mr. M D Patra, SRPL operates
franchise outlets for Cafa Coffee Day, Habib hair salon, and Spark
pub in Bhubaneswar (Odisha). The company's operations are
currently overseen by the founder's son, Mr. Sanjeev Patra. SRPL
has set up a 70-room, three-star hotel in Bhubaneswar.


SELVA STONE: CRISIL Assigns B- Rating to INR35.8MM Cash Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to
the bank facilities of Selva Stone Export Limited (SSEL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Rupee Term Loan       26        CRISIL B-/Stable
   Cash Credit           35.8      CRISIL B-/Stable
   Letter of Credit      90.7      CRISIL A4

The ratings reflect SSEL's nascent stage of operations, exposure
to intense competition in the indusrty and weak liquidity marked
by high debt repayment obligations. These rating weaknesses are
partially offset by extensive industry experience of the promoters
in the granite industry.
Outlook: Stable

CRISIL believes that SSEL will continue to benefit over the medium
term from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive', if the company reports
significant and sustained improvement in its revenues and
operating profitability on a sustained basis, thereby leading to
an improvement in its liquidity. Conversely, the outlook may be
revised to 'Negative' if there is deterioration in the company's
working capital management or if its revenues and operating
profitability decline, thereby leading to further stretch in
liquidity.

Set up in 2012, SSEL is involved in the manufacturing of granite
stones and slabs. The company is promoted by Mr. G. Selvaraj along
with his son, Mr. M. Selvaraj, and his brother-in-law, Mr.
Saravanan. The company has its manufacturing unit in Krishnagiri,
Tamil Nadu.


SHAKTI ENTERPRISES: CRISIL Assigns B- Rating to INR60MM Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-term
bank facility of Shakti Enterprises -- Bangalore (SE). The rating
reflects SE's modest scale of operations and financial risk
profile because of a small net worth, and weak liquidity. These
rating weaknesses are partially offset by the benefits that SE
derives from its promoters' extensive industry experience and
established relationships with customers.

                             Amount
   Facilities              (INR Mln)    Ratings
   ----------              ---------    -------
   Corporate Mortgage Loan     60       CRISIL B-/Stable

Outlook: Stable

SE will benefit from its promoters' extensive industry experience.
The outlook may be revised to 'Positive' if there is a significant
increase in scale of operations and profitability, leading to
better business risk profile. Conversely, the outlook may be
revised to 'Negative' in case of decline in scale of operations
and profitability, lengthening of working capital cycle, or
significant debt-funded capital expenditure, leading to weakening
of financial risk profile.

Incorporated in 1983 by Mr .S Bagilthaya in Bengaluru (Karnataka),
SE is engaged in tea packaging.

SE had profit after tax (PAT) of INR2.20 million on net sales of
INR65.99 million for 2014-15 (refers to financial year, April 1 to
March 31) as against PAT of INR0.29 million on net sales of
INR47.37 million for 2013-14.


SHREE KALKA: CARE Reaffirms 'B+' Rating on INR7.15cr LT Loan
------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Shree Kalka Fibers Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     7.15       CARE B+ Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of Shree Kalka Fibers
Private Limited's (SKFPL) continues to remain constrained on
account small scale of operations with low net worth base, its
presence in the highly fragmented and competitive cotton ginning
industry, susceptibility of profit margin to fluctuations in the
cotton prices, seasonality associated with cotton availability and
regulatory risk.

The rating also factors in the decline in TOI and net loss
reported by SKFPL in FY15 (refers to the period April 1 to
March 31).

The rating, however, continues to derive strength from established
track record of group in cotton industry and moderate capital
structure.

SKFPL's ability to increase its scale of operations along with
improvement in profitability with managing volatility associated
with cotton prices along with efficient working capital management
would be the key rating sensitivities.

Incorporated in August 2007, SKFPL commenced operations in January
2013. SKFPL was promoted by Mr Shyamsunder Tayal and is engaged in
ginning and pressing of raw cotton. SKFPL's plant is located in
Georai district, Beed, Maharashtra, for processing of raw cotton
with a capacity to conduct ginning work of 160,000 quintals per
annum and pressing work of 35,000 bales per annum.

SKFPL reported a total operating income (TOI) of INR27.59 crore
and net Loss of INR0.01 crore during FY15 as against TOI of
INR41.65 crore and PAT of INR0.08 crore during FY14. As per
9.5MFY16 (provisional) results, SKFPL has registered TOI of
INR16.43 crore.


SHREENATHJI OIL: CARE Reaffirms 'B' Rating on INR5cr LT Loan
------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Shreenathji Oil Industries.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      5.00      CARE B Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of Shreenathji Oil
Industries (SOI) continues to remain constrained on account of its
financial risk profile marked by modest scale of operations, low
profitability, leveraged capital structure and weak debt coverage
indicators and moderate liquidity position. The ratings are
further constrained on account of its proprietorship nature of
constitution, susceptibility of operating margins to row-material
price fluctuation and its presence in the highly fragmented cotton
industry. The ratings take into account the increase in total
operating income (TOI) and marginal dip in profit margins during
FY15 (refers to the period April 1 to
March 31).

The ratings however, continue to derive strength from vast
experience of the proprietor and group companies engaged in a
similar line of business.

The ability of SOI to continue its rising trend in turnover and
improve its profitability and capital structure with diversified
businesses in light of competitive nature of the industry are the
key rating sensitivities.

Shreenathji Oil Industries (SOI) was established in 2002 by Mr
Shivji K Chhabhadiya at Anjar, Kutch. Till 2012 SOI was mainly
engaged into the business of extracting oil out of oil cake;
however, 2013 onwards the firm is only engaged in the trading of
cotton bales and seeds while the oil processing activity has been
completely shut down.

SOI also has two associate concerns namely Shreenathji Cotton
Industries (SCI; reaffirmed CARE BB in September, 2015) and Shree
Krishna Cotton Industries (SKCI) wherein Mr Shivji Chhabhadiya is
a partner. Both the associate concerns are engaged in the business
of cotton ginning & pressing and primarily deal in production of
cotton bales.


SHUBH GRAHMETALS: CARE Reaffirms B/A4 Rating on INR8cr Loan
-----------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Shubh Grahmetals Private Limited.

                            Amount
   Facilities            (INR crore)    Ratings
   ----------            -----------    -------
   Long-term/Short-term       8.00      CARE B/CARE A4
   Bank Facilities                      Reaffirmed

Rating Rationale

The ratings continue to remain constrained on account of short
track record of operations of Shubh Grah Metals Private
Limited (SMPL) in the highly competitive and fragmented industry
and its financial risk profile marked by decline in the
total operating income (TOI) during FY15 (refers to the period
April 1 to March 31), weak solvency position and weak
liquidity profile. The ratings, further, continue to remain
constrained on account of the susceptibility of the company's
profitability to fluctuations in the raw material prices and
foreign exchange rates.

The ratings, however, continue to draw strength from the long-
standing experience of the promoters in the diversified
line of business and moderate profitability margins.

SMPL's ability to increase its scale of operations while
maintaining profitability in light of the volatile raw material
prices and foreign exchange rate and improvement in the solvency
position as well as efficient management of working capital
shall be the key rating sensitivities.

Udaipur-based (Rajasthan) SMPL, incorporated in October 2012, was
promoted by Mr Babulal Motawat, Mr Rohit Motawat and Mr Pankaj
Kothari. SMPL was set up to primarily engage in the trading of
aluminium scrap and commenced its commercial operations from
December 2012 onwards. The company imports aluminium scrap from
Gulf countries mainly Dubai, Kuwait and Saudi Arab and sells it
all over India with sales concentrated predominantly in Gujarat,
Maharashtra, Delhi and Rajasthan. It sells scrap directly to end
users all over India.

During FY15 (refers to the period April 1 to March 31), SMPL has
reported a total operating income of INR10.59 crore (FY14:
INR21.48 crore), with PAT of INR0.32 crore (FY14: net loss of
INR0.33 crore).


SIDDHESHWARI PAPER: CRISIL Reaffirms 'B' Rating on INR49.5MM Loan
-----------------------------------------------------------------
CRISIL's rating continues to reflect Siddheshwari Paper Mill (SPM)
nascent stage and small scale of operations in the highly
competitive industrial paper industry, and its large working
capital requirements. These rating weaknesses are partially offset
by the SPM management's extensive experience in the paper
industry.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit             10      CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      20.5    CRISIL B/Stable (Reaffirmed)

   Term Loan               49.5    CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SPM will benefit over the medium term from
its management's extensive industry experience. The outlook may be
revised to 'Positive' if SPM stabilises its operations on time,
leading to large cash accruals, or improves its working capital
cycle. Conversely, the outlook may be revised to 'Negative' if the
firm's accruals are low because of reduced order flow or
profitability, or if the firm's financial risk profile weakens
because of stretch in working capital cycle or large debt-funded
capital expenditure.

Update
For the year 2014-15 (refer financial year, April 1 to March 31),
SPM is estimated to post sales of INR65 to INR75 million given
first year of operation.2016-17 being the first full year of
operation CRISIL expects healthy sales growth over the medium
term. The firm's operating profitability is expected to be around
12 to 14 per cent however operating margin will remain susceptible
to volatility in raw material prices and economic cycles. Over the
medium term, the GCA days are expected to be in the range of 120
to 140 days and the working capital requirements to rise with its
scale of operations. As on March 31, 2015, gearing was high at
2.15 times due to debt funded capex executed during the year
coupled with modest net worth. Over the medium term, the gearing
is expected to remain high at around 1.90 to 2.40 times as firm's
reliance on external debt to fund working capital requirement will
increase with increase in scale of operation coupled with low
accretion to reserve resulting into modest net worth. Over the
medium term, its debt protection metrics are expected to remain
weak with its interest coverage in the range of 1.40 to 2.00 times
and net cash accruals to total debt (NCATD) ratio in the range of
0.04 to 0.15 times due to modest profitability vs. its debt
levels. The firm's liquidity continues to be stretched due to
tightly matched accruals against term debt obligation, limited
financial flexibility, however it is supported through the
partners funding support.

SPM, set up in 2013, will manufacture kraft paper. Its production
facility is in Palanpur (Gujarat) and has capacity of 9036 tonnes
per annum. SPM's commercial operations began from April 2015.


SRI BALAMURUGAN: CRISIL Assigns B Rating to INR53MM Cash Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Sri Balamurugan Engineering Works Private
Limited (SBEW). The ratings reflect SBEW's modest scale of
operations and weak financial risk profile because of high
gearing, modest networth and debt protection metrics. These
weaknesses are mitigated by the promoter's extensive experience in
the boiler fabrication business, and established relations with
key principals.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Proposed Long Term
   Bank Loan Facility     29       CRISIL B/Stable

   Open Cash Credit       53       CRISIL B/Stable

   Bank Guarantee          5.5     CRISIL A4

   Long Term Loan         12.5     CRISIL B/Stable

Outlook: Stable

CRISIL believes SBEW will benefit over the medium term from its
promoter's extensive experience. The outlook may be revised to
'Positive' if revenue and profitability grow significantly, while
improving financial risk profile. Conversely, the outlook may be
revised to 'Negative' if revenue and margins decline or if
stretched working capital cycle weakens financial risk profile.

Established in 1977 in Tiruchirappalli (TN), SBEW is engaged in
heavy structural fabrication for boilers and promoted by Mr. S M P
Selvam.

Profit after tax (PAT) was INR0.7 million on net sales of INR137
million in 2014-15 (refers to financial year, April 1 to
March 31) against PAT of INR0.7 million on net sales of INR78
million in 2013-14.


TULSI ROCKS: CRISIL Assigns B- Rating to INR150MM LT Loan
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long term
bank facilities of Tulsi Rocks Private Limited (TRPL).

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Long Term Loan            150      CRISIL B-/Stable
   Cash Credit                20      CRISIL B-/Stable
   Export Packing Credit      30      CRISIL B-/Stable

The rating reflects the company's exposure to risks related to
stablisation of operations in its recently set up granite
processing facility in Hyderabad (Telangana). The rating also
factors in TRPL's exposure to intense competition in the granite
industry and its below-average financial risk profile marked by
high expected gearing and modest debt protection metrics. These
rating weaknesses are partially offset by the benefits derived
from the promoters' extensive industry experience.
Outlook: Stable

CRISIL believes TRPL will continue to benefit over the medium term
from its promoters' extensive industry experience. The outlook may
be revised to 'Positive' if TRPL scales up its operations, and
generates more-than-expected revenues and profitability, thereby
increasing its cash accruals and improving its capital structure.
Conversely, the outlook may be revised to 'Negative' in case of
delays in scaling up of operations resulting in lower than
expected cash accruals, or if its financial risk profile
deteriorates because of additional, debt-funded capital
expenditure.

Incorporated in 2013 and promoted by Mr. Prabhat Bhandari and his
family, TRPL is engaged in granite processing in Hyderabad
(Telangana).



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


SHARP CORP: Deadline For Hon Hai Takeover Deal Extended
-------------------------------------------------------
The Japan Times reports that the leaders of Sharp Corp. and Hon
Hai Precision Industry Co. have agreed to extend the deadline for
the Taiwanese firm's takeover deal beyond Feb. 29, sources
familiar with the matter said.

Following a meeting between Sharp President Kozo Takahashi and Hon
Hai Chairman Terry Gou in Shenzhen on Feb. 26, after the Taiwanese
firm on Feb. 25 announced a delay in signing its rescue offer, the
deadline is expected to be extended by around one to two weeks,
the sources said, according to The Japan Times.

On Feb. 25, Sharp's board decided to accept Hon Hai's takeover
bid. But hours later the company better known by its trade name
Foxconn said it needed to clarify the content of a document
disclosed at the last minute by Sharp reportedly listing about
JPY350 billion of contingent liabilities, the report relates.

Contingent liabilities are potential liabilities that may become
financial obligations depending on uncertain factors such as
lawsuit results and accounting changes, The Japan Times notes.

According to The Japan Times, Sharp, which has been hurt by stiff
foreign competition in liquid crystal displays, said in a
statement that it is in talks with Hon Hai about reaching a
definitive agreement "by confirming our managerial status,
including Sharp's contingent risks."

The Japan Times relates that Hon Hai on Feb. 26 released a
statement saying most of that content had not been provided during
the negotiations.

In a responding statement, Sharp said: "Sharp's contingent
liabilities have already been appropriately disclosed in our
securities report and quarterly report based on accounting rules,"
adding that no further disclosure is necessary, The Japan Times
relays.

The deal would be the first acquisition of a major Japanese
electronics maker by a foreign company. Hon Hai is offering JPY660
billion ($5.9 billion) to gain control of Sharp, The Japan Times
notes.

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 26, 2016, Nikkei Asian Review said Sharp Corp's board on Feb.
25 decided to accept a roughly JPY700 billion ($6.2 billion)
takeover offer from Taiwan's Hon Hai Precision Industry.

Nikkei related that the Japanese electronics maker intends to
restructure its operations under the umbrella of the Taiwanese
contract manufacturer, also known as Foxconn.   According to
Nikkei, Sharp had faced a choice between Hon Hai's
takeover bid and support from the Innovation Network Corp. of
Japan, a state-backed fund. The fund offered Sharp a
JPY300 billion injection as well as a JPY200 billion credit line.

Bloomberg News said Sharp was Japan's largest maker of liquid-
crystal displays as of fiscal 2013, when it posed a record
JPY545 billion net loss. That followed a year in which it reversed
a profit forecast to a JPY290 billion net loss, then two months
later reported a JPY380 billion deficit. Its market value had
tumbled to JPY296 billion as of Feb. 24, down from almost JPY3
trillion in 2000, Bloomberg noted.

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

The TCR-AP reported on Nov. 6, 2015, that 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.



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


STATS CHIPPAC: S&P Affirms 'BB-' CCR; Outlook Stable
----------------------------------------------------
Standard & Poor's Ratings Services said that it had affirmed its
'BB-' long-term corporate credit rating on STATS ChipPAC Ltd.  The
outlook is stable.  At the same time, S&P affirmed its 'axBB+'
long-term ASEAN regional scale rating on the company and the 'BB-'
issue rating on its outstanding notes.  STATS ChipPAC is a
Singapore-based outsourced semiconductor assembly and testing
(OSAT) service provider.

The affirmed rating reflects STAT ChipPAC's heavy exposure to the
cyclical semiconductor industry, high competition among key OSAT
players, the company's high debt leverage, and business
integration risks after China-based Jiangsu Changjiang Electronics
Technology (JCET) acquired STAT ChipPAC in October 2015.

The rating also reflects S&P's expectation that STAT ChipPAC's
financial performance will be steady over the next one to two
years backed by moderate capital expenditure and steady earnings.
S&P assess JCET group's credit profile to be similar to STATS
ChipPAC's stand-alone credit profile.

"We expect the recent slowdown in global demand for mobile phones
and personal computers to keep the OSAT industry's recovery
prospect weak over the next six to 12 months.  The industry's
excess capacity could also limit growth in outsourcing demand for
OSAT players," said Standard & Poor's credit analyst Katsuyuki
Nakai.  "In addition, competitive pressure on STATS ChipPAC is
likely to increase because of the ongoing consolidation among OSAT
players and semiconductor companies."

However, S&P believes that STATS ChipPAC will be able to maintain
its market position, together with JCET, as one of the major OSAT
companies globally.  STATS ChipPAC has good technological
capability in advanced products, in S&P's view.  S&P also expects
the integration with JCET to increase STATS ChipPAC's business
diversity by giving it better access to the fast-growing China
market.  S&P therefore anticipates that the company will maintain
steady earnings despite slowing growth and intense competition in
the OSAT segment.

STATS ChipPAC is likely to maintain moderate capital expenditure
over the next two years.  The company plans to increase spending
on advance packaging platforms such as eWLB (embedded wafer level
ball grid array) in 2016 and 2017.

S&P assess JCET's group credit profile to be similar to the stand-
alone credit profile of STATS ChipPAC, which contributes about 60%
of the group's EBITDA on a pro forma basis.  With the addition of
STATS ChipPAC, the group has become the largest Chinese OSAT
company with good technological capabilities in advanced
packaging.  S&P anticipates that JCET will continue to have
double-digit growth in revenue and a moderate financial policy in
the coming years.  However, higher debt from the acquisition of
STATS ChipPAC is likely to push up the group's ratio of debt to
EBITDA to close to 4x in 2016.  The group's credit profile will
then be more sensitive to any operating underperformance.

STATS ChipPAC's operations are integral to the overall group
strategy, in S&P's view.  S&P also believes that the commitment of
JCET's management is strong.  As a result, S&P assumes that STATS
ChipPAC is highly unlikely to be sold because it is a core entity
for JCET group companies.

"The stable outlook reflects our expectation that STATS ChipPAC's
financial performance will be stable over the next 12-18 months,
given the company's moderate capital expenditure and better
position the fast-growing China market," said Mr. Nakai.  S&P
expects the company's ratio of debt to EBITDA to remain at 3.2x-
3.5x during the period.  S&P also assumes that: (1) STATS
ChipPAC's integration with the JCET group will not hamper its
operations or result in a major loss of customers; and (2) the
JCET group's capital structure will steadily improve.

S&P may lower the rating if JCET's capital structure and earning
profile weaken as a result of significant slowdown in operating
performance or an aggressive growth strategy.  A ratio of debt to
EBITDA exceeding 4x or more volatile margins would indicate such
deterioration.  This scenario could also happen if STATS ChipPAC's
revenue and earnings further decline from 2015 levels due to
prolonged weakness in OSAT business demand, loss of a major
customer, or aggressive spending for business expansion.

The upside potential is low over the next 12 months, given the
difficult OSAT market conditions, STATS ChipPAC's business
integration risks, and JCET's limited capital structure headroom
for the rating.  S&P may raise its rating if: (1) the JCET group
maintains disciplined capital expenditures and acquisition
strategy, such that debt reduces materially and the debt-to-EBITDA
ratio falls below 3x; and (2) JCET maintains strong commitment to
STATS ChipPAC.


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


* BOND PRICING: For the Week Feb. 22 to Feb. 26, 2016
-----------------------------------------------------

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


  AUSTRALIA
  ---------

AUSDRILL FINANCE PTY      6.88    11/1/2019   USD        70.18
AUSDRILL FINANCE PTY      6.88    11/1/2019   USD        70.60
BARRICK PD AUSTRALIA      5.95   10/15/2039   USD        69.61
BARRICK PD AUSTRALIA      5.95   10/15/2039   USD        69.88
BARRICK PD AUSTRALIA      5.95   10/15/2039   USD        69.88
BOART LONGYEAR MANAG      7.00     4/1/2021   USD        39.88
BOART LONGYEAR MANAG      7.00     4/1/2021   USD        39.88
CML GROUP LTD             9.00    1/29/2020   AUD         0.99
CRATER GOLD MINING L     10.00    8/18/2017   AUD        15.00
CROWN RESORTS LTD         6.35    4/23/2075   AUD        75.50
EMECO PTY LTD             9.88    3/15/2019   USD        50.00
EMECO PTY LTD             9.88    3/15/2019   USD        49.50
FMG RESOURCES AUGUST      6.88     4/1/2022   USD        52.85
FMG RESOURCES AUGUST      6.88     4/1/2022   USD        54.43
IMF BENTHAM LTD           6.52    6/30/2019   AUD        72.00
KBL MINING LTD           12.00    2/16/2017   AUD         0.28
KEYBRIDGE CAPITAL LT      7.00    7/31/2020   AUD         0.69
LAKES OIL NL             10.00    3/31/2017   AUD         6.50
MIDWEST VANADIUM PTY     11.50    2/15/2018   USD         5.13
MIDWEST VANADIUM PTY     11.50    2/15/2018   USD         3.99
NEWCREST FINANCE PTY      5.75   11/15/2041   USD        73.36
ORIGIN ENERGY FINANC      4.00    9/16/2074   EUR        67.00
ORIGIN ENERGY FINANC      3.00     4/5/2023   EUR        73.58
STOKES LTD               10.00    6/30/2017   AUD         0.40
SUNLAND CAPITAL PTY       7.55   11/25/2020   AUD        73.88
TREASURY CORP OF VIC      0.50   11/12/2030   AUD        66.25


CHINA
-----


BANGBU CITY INVESTME      5.78    8/10/2017   CNY        56.27
CHANGCHUN CITY DEVEL      6.08     3/9/2016   CNY        40.01
CHANGCHUN CITY DEVEL      6.08     3/9/2016   CNY        36.85
CHANGSHA HIGH TECHNO      7.30   11/22/2017   CNY        71.10
CHANGSHU CITY OPERAT      8.00    1/16/2019   CNY        64.50
CHANGZHOU INVESTMENT      5.80     7/1/2016   CNY        40.34
CHANGZHOU INVESTMENT      5.80     7/1/2016   CNY        38.30
CHANGZHOU WUJIN CITY      5.42     6/9/2016   CNY        48.55
CHANGZHOU WUJIN CITY      5.42     6/9/2016   CNY        50.06
CHANGZHOU WUJIN CITY      6.22     6/8/2018   CNY        74.00
CHAOYANG CONSTRUCTIO      7.30    5/25/2019   CNY        75.00
CHONGQING HECHUAN UR      6.95     1/6/2018   CNY        72.50
CHONGQING HECHUAN UR      6.95     1/6/2018   CNY        72.14
CHONGQING JIANGJIN H      6.95     1/6/2018   CNY        72.17
CHONGQING JIANGJIN H      6.95     1/6/2018   CNY        73.40
CHONGQING NAN'AN DIS      6.29   12/24/2017   CNY        61.90
CHONGQING NAN'AN DIS      6.29   12/24/2017   CNY        61.00
CHONGQING YUXING CON      7.29    12/8/2017   CNY        72.50
DANDONG CITY DEVELOP      6.21     9/6/2017   CNY        71.00
DANYANG INVESTMENT G      6.30     6/3/2016   CNY        39.64
DATONG ECONOMIC CONS      6.50     6/1/2017   CNY        71.47
DATONG ECONOMIC CONS      6.50     6/1/2017   CNY        70.50
DRILL RIGS HOLDINGS       6.50    10/1/2017   USD        52.94
DRILL RIGS HOLDINGS       6.50    10/1/2017   USD        55.00
ERDOS DONGSHENG CITY      8.40    2/28/2018   CNY        71.45
ERDOS DONGSHENG CITY      8.40    2/28/2018   CNY        68.16
GRANDBLUE ENVIRONMEN      6.40     7/7/2016   CNY        70.21
GUILIN ECONOMIC CONS      6.90     5/9/2018   CNY        73.00
GUOAO INVESTMENT DEV      6.89   10/29/2018   CNY        68.75
HANGZHOU XIAOSHAN ST      6.90   11/22/2016   CNY        40.50
HANGZHOU XIAOSHAN ST      6.90   11/22/2016   CNY        41.26
HEBEI RONG TOU HOLDI      6.76     7/8/2021   CNY        73.61
HEILONGJIANG HECHENG      7.78   11/17/2016   CNY        39.90
HEILONGJIANG HECHENG      7.78   11/17/2016   CNY        41.20
HUAIAN CITY URBAN AS      7.15   12/21/2016   CNY        40.37
HUAIAN QINGHE NEW AR      6.79    4/29/2017   CNY        71.27
HUZHOU MUNICIPAL CON      7.02   12/21/2017   CNY        73.48
JIANGSU HUAJING ASSE      5.68    9/28/2017   CNY        50.57
JIANGSU HUAJING ASSE      5.68    9/28/2017   CNY        49.95
JINING CITY CONSTRUC      8.30   12/31/2018   CNY        64.91
KUNSHAN ENTREPRENEUR      4.70    3/30/2016   CNY        40.04
KUNSHAN ENTREPRENEUR      4.70    3/30/2016   CNY        37.69
LEQING CITY STATE OW      6.50    6/29/2019   CNY        78.00
LIAOYUAN STATE-OWNED      7.80    1/26/2017   CNY        41.13
LIAOYUAN STATE-OWNED      7.80    1/26/2017   CNY        44.69
LINAN CITY CONSTRUCT      8.15     3/9/2018   CNY        73.00
LINHAI CITY INFRASTR      7.98    11/6/2016   CNY        51.30
LINHAI CITY INFRASTR      7.98    11/6/2016   CNY        50.56
LONGHAI STATE-OWNED       8.25    12/2/2017   CNY        73.99
LUOHE CITY CONSTRUCT      6.81    3/30/2017   CNY        60.92
LUOHE CITY CONSTRUCT      6.81    3/30/2017   CNY        61.28
NANTONG STATE-OWNED       6.72   11/13/2016   CNY        40.30
NANTONG STATE-OWNED       6.72   11/13/2016   CNY        39.98
NINGBO CITY ZHENHAI       6.48    4/12/2017   CNY        70.10
NINGDE CITY STATE-OW      6.25   10/21/2017   CNY        41.01
NINGHAI COUNTY CITY       8.60   12/31/2017   CNY        74.79
NONGGONGSHANG REAL E      6.29   10/11/2017   CNY        72.24
OCEAN RIG UDW INC         7.25     4/1/2019   USD        42.00
OCEAN RIG UDW INC         7.25     4/1/2019   USD        41.00
PANJIN CONSTRUCTION       7.70   12/16/2016   CNY        40.70
PANJIN CONSTRUCTION       7.70   12/16/2016   CNY        41.01
QINGDAO CITY CONSTRU      6.19    2/16/2017   CNY        71.07
QINGDAO CITY CONSTRU      6.19    2/16/2017   CNY        70.98
QINGZHOU HONGYUAN PU      6.50    5/22/2019   CNY        38.36
QINGZHOU HONGYUAN PU      6.50    5/22/2019   CNY        40.40
QUNSHAN HUAQIAO INTE      7.98   12/30/2018   CNY        65.78
SHANDONG SHANSHUI CE      6.20    5/12/2017   CNY        50.40
SHANGHAI REAL ESTATE      6.12    5/17/2017   CNY        70.57
SHAOYANG CITY CONSTR      7.40    9/11/2018   CNY        74.02
SHENGZHOU HOTEL CO L      9.20    2/26/2016   CNY       100.30
SICHUAN DEVELOPMENT       5.40   11/10/2017   CNY        71.06
TAIZHOU CITY CONSTRU      6.90    1/25/2017   CNY        40.37
TIGER FOREST & PAPER      5.38    6/14/2017   CNY        74.72
TONGLIAO CITY INVEST      5.98     9/1/2017   CNY        68.00
TONGLIAO CITY INVEST      5.98     9/1/2017   CNY        71.38
URUMQI STATE-OWNED A      6.48    4/28/2018   CNY        74.00
WUXI COMMUNICATIONS       5.58     7/8/2016   CNY        50.17
WUXI COMMUNICATIONS       5.58     7/8/2016   CNY        50.56
WUXI HUISHAN SOFTWAR      9.00    3/19/2016   CNY        60.35
XIANGTAN JIUHUA ECON      6.93   12/16/2016   CNY        41.20
XIANGTAN JIUHUA ECON      6.93   12/16/2016   CNY        41.24
XIANGYANG CITY CONST      8.12    1/12/2019   CNY        66.06
XIANGYANG CITY CONST      8.12    1/12/2019   CNY        64.14
XIANYANG CITY CONSTR      7.90    12/9/2017   CNY        76.30
XINJIANG SHIHEZI DEV      7.50    8/29/2018   CNY        72.34
XINXIANG INVESTMENT       6.80    1/18/2018   CNY        73.20
XUZHOU XINSHENG CONS      7.48     5/8/2018   CNY        79.00
YANGZHOU ECONOMIC DE      6.10     7/7/2016   CNY        50.37
YANGZHOU ECONOMIC DE      5.80    5/12/2016   CNY        49.58
YANGZHOU ECONOMIC DE      6.10     7/7/2016   CNY        49.97
YANGZHOU URBAN CONST      5.94    7/23/2016   CNY        38.54
YANGZHOU URBAN CONST      5.94    7/23/2016   CNY        40.16
YANZHOU HUIMIN URBAN      8.50   12/28/2017   CNY        54.58
YIJINHUOLUOQI HONGTA      8.35    3/19/2019   CNY        74.60
YIJINHUOLUOQI HONGTA      8.35    3/19/2019   CNY        72.86
YINCHUAN URBAN CONST      6.28     3/9/2017   CNY        50.41
YIYANG CITY CONSTRUC      8.20   11/19/2016   CNY        41.44
YUNNAN INVESTMENT GR      5.25    8/24/2017   CNY        71.00
YUNNAN INVESTMENT GR      5.25    8/24/2017   CNY        69.82
ZHANGJIAGANG JINCHEN      6.23     1/6/2018   CNY        61.95
ZHUCHENG ECONOMIC DE      6.40    4/26/2018   CNY        61.72
ZHUCHENG ECONOMIC DE      6.40    4/26/2018   CNY        60.16
ZHUCHENG ECONOMIC DE      7.50    8/25/2018   CNY        40.72
ZIBO CITY PROPERTY C      5.45    4/27/2019   CNY        50.44
ZOUCHENG CITY ASSET       7.02    1/12/2018   CNY        41.94


INDONESIA
---------


BERAU COAL ENERGY TB      7.25    3/13/2017   USD        27.75
BERAU COAL ENERGY TB      7.25    3/13/2017   USD        25.58
GAJAH TUNGGAL TBK PT      7.75     2/6/2018   USD        59.25
GAJAH TUNGGAL TBK PT      7.75     2/6/2018   USD        59.73
INDONESIA TREASURY B      6.38    4/15/2042   IDR        72.97
PERUSAHAAN PENERBIT       6.10    2/15/2037   IDR        78.50


INDIA
-----

3I INFOTECH LTD           5.00    4/26/2017   USD        13.50
BLUE DART EXPRESS LT      9.30   11/20/2017   INR        10.15
BLUE DART EXPRESS LT      9.50   11/20/2019   INR        10.29
BLUE DART EXPRESS LT      9.40   11/20/2018   INR        10.22
COROMANDEL INTERNATI      9.00    7/23/2016   INR        15.75
GTL INFRASTRUCTURE L      4.03    11/9/2017   USD        29.75
JAIPRAKASH ASSOCIATE      5.75     9/8/2017   USD        69.56
JCT LTD                   2.50     4/8/2011   USD        33.63
JSW STEEL LTD             4.75   11/12/2019   USD        67.25
PRAKASH INDUSTRIES L      5.25    4/30/2015   USD        20.13
PYRAMID SAIMIRA THEA      1.75     7/4/2012   USD         1.00
REI AGRO LTD              5.50   11/13/2014   USD         1.68
REI AGRO LTD              5.50   11/13/2014   USD         1.68
SVOGL OIL GAS & ENER      5.00    8/17/2015   USD        19.88


JAPAN
-----

AVANSTRATE INC            5.55   10/31/2017   JPY        32.38
AVANSTRATE INC            5.55   10/31/2017   JPY        37.00
ELPIDA MEMORY INC         0.70     8/1/2016   JPY         8.25
ELPIDA MEMORY INC         0.50   10/26/2015   JPY         8.38
ELPIDA MEMORY INC         2.03    3/22/2012   JPY         8.25
ELPIDA MEMORY INC         2.29    12/7/2012   JPY         8.25
ELPIDA MEMORY INC         2.10   11/29/2012   JPY         8.25
SHARP CORP/JAPAN          1.60    9/13/2019   JPY        78.75
SHARP CORP/JAPAN          2.07    3/19/2019   JPY        85.61
TAKATA CORP               0.58    3/26/2021   JPY        71.00


KOREA
-----

2014 KODIT CREATIVE       5.00   12/25/2017   KRW        30.95
2014 KODIT CREATIVE       5.00   12/25/2017   KRW        30.95
DONGBU STEEL CO LTD       5.00     3/9/2018   KRW        95.05
DOOSAN CAPITAL SECUR     20.00    4/22/2019   KRW        40.54
KIBO ABS SPECIALTY C      5.00    1/31/2017   KRW        32.66
KIBO ABS SPECIALTY C      5.00    3/29/2018   KRW        29.91
KIBO ABS SPECIALTY C     10.00    8/22/2017   KRW        27.15
KIBO ABS SPECIALTY C     10.00     9/4/2016   KRW        39.84
KIBO ABS SPECIALTY C      5.00   12/25/2017   KRW        29.65
KIBO ABS SPECIALTY C     10.00    2/19/2017   KRW        37.53
LSMTRON DONGBANGSEON      4.53   11/22/2017   KRW        30.53
PULMUONE CO LTD           2.50     8/6/2045   KRW        67.31
SINBO SECURITIZATION      5.00    1/15/2018   KRW        30.76
SINBO SECURITIZATION      5.00    1/15/2018   KRW        30.76
SINBO SECURITIZATION      5.00    2/11/2018   KRW        30.31
SINBO SECURITIZATION      5.00    2/11/2018   KRW        30.31
SINBO SECURITIZATION      5.00    3/12/2018   KRW        30.07
SINBO SECURITIZATION      5.00    3/12/2018   KRW        30.07
SINBO SECURITIZATION      5.00    1/30/2019   KRW        27.16
SINBO SECURITIZATION      5.00    1/30/2019   KRW        27.16
SINBO SECURITIZATION      5.00   10/30/2019   KRW        19.15
SINBO SECURITIZATION      5.00    7/24/2017   KRW        31.23
SINBO SECURITIZATION      5.00    7/24/2018   KRW        29.16
SINBO SECURITIZATION      5.00    7/24/2018   KRW        29.16
SINBO SECURITIZATION      5.00    5/27/2016   KRW        42.07
SINBO SECURITIZATION      5.00    5/27/2016   KRW        42.07
SINBO SECURITIZATION      5.00     6/7/2017   KRW        23.24
SINBO SECURITIZATION      5.00     6/7/2017   KRW        23.24
SINBO SECURITIZATION      5.00     7/8/2017   KRW        32.43
SINBO SECURITIZATION      5.00     7/8/2017   KRW        32.43
SINBO SECURITIZATION      5.00    6/29/2016   KRW        38.47
SINBO SECURITIZATION      5.00    7/26/2016   KRW        36.16
SINBO SECURITIZATION      5.00    8/29/2018   KRW        28.66
SINBO SECURITIZATION      5.00    8/29/2018   KRW        28.66
SINBO SECURITIZATION      5.00    8/31/2016   KRW        35.40
SINBO SECURITIZATION      5.00    6/27/2018   KRW        29.37
SINBO SECURITIZATION      5.00    6/27/2018   KRW        29.37
SINBO SECURITIZATION      5.00    9/26/2018   KRW        28.43
SINBO SECURITIZATION      5.00    9/26/2018   KRW        28.43
SINBO SECURITIZATION      5.00    9/26/2018   KRW        28.43
SINBO SECURITIZATION      5.00    3/18/2019   KRW        26.77
SINBO SECURITIZATION      5.00    3/18/2019   KRW        26.77
SINBO SECURITIZATION      5.00    3/14/2016   KRW        57.44
SINBO SECURITIZATION      5.00    8/16/2016   KRW        34.31
SINBO SECURITIZATION      5.00    8/16/2017   KRW        32.02
SINBO SECURITIZATION      5.00    8/16/2017   KRW        32.02
SINBO SECURITIZATION      5.00   12/25/2016   KRW        33.12
SINBO SECURITIZATION      5.00    3/13/2017   KRW        33.30
SINBO SECURITIZATION      5.00    10/1/2017   KRW        31.47
SINBO SECURITIZATION      5.00    10/1/2017   KRW        31.47
SINBO SECURITIZATION      5.00    10/1/2017   KRW        31.47
SINBO SECURITIZATION      5.00    10/5/2016   KRW        35.02
SINBO SECURITIZATION      5.00    10/5/2016   KRW        33.37
SINBO SECURITIZATION      5.00   12/13/2016   KRW        34.23
SINBO SECURITIZATION      5.00   12/23/2018   KRW        27.49
SINBO SECURITIZATION      5.00   12/23/2018   KRW        27.49
SINBO SECURITIZATION      5.00   12/23/2017   KRW        29.67
SINBO SECURITIZATION      5.00    3/13/2017   KRW        33.30
SINBO SECURITIZATION      5.00    1/29/2017   KRW        33.72
SINBO SECURITIZATION      5.00    2/21/2017   KRW        33.57
SINBO SECURITIZATION      5.00    2/21/2017   KRW        33.57
SINBO SECURITIZATION      5.00    2/27/2019   KRW        26.99
SINBO SECURITIZATION      5.00    2/27/2019   KRW        26.99
SINBO SECURITIZATION      5.00    8/31/2016   KRW        35.40
SINBO SECURITIZATION      5.00    7/26/2016   KRW        36.16
TONGYANG CEMENT & EN      7.30    6/26/2015   KRW        70.00
TONGYANG CEMENT & EN      7.50    4/20/2014   KRW        70.00
TONGYANG CEMENT & EN      7.30    4/12/2015   KRW        70.00
TONGYANG CEMENT & EN      7.50    9/10/2014   KRW        70.00
TONGYANG CEMENT & EN      7.50    7/20/2014   KRW        70.00
U-BEST SECURITIZATIO      5.50   11/16/2017   KRW        31.74
WISE MOBILE SECURITI     20.00   12/14/2018   KRW        71.81


SRI LANKA
---------

SRI LANKA GOVERNMENT      5.35     3/1/2026   LKR        66.63


MALAYSIA
--------

BANDAR MALAYSIA SDN       0.35    2/20/2024   MYR        71.02
BANDAR MALAYSIA SDN       0.35   12/29/2023   MYR        71.52
BIMB HOLDINGS BHD         1.50   12/12/2023   MYR        71.94
BRIGHT FOCUS BHD          2.50    1/22/2031   MYR        68.23
BRIGHT FOCUS BHD          2.50    1/24/2030   MYR        71.10
LAND & GENERAL BHD        1.00    9/24/2018   MYR         0.22
SENAI-DESARU EXPRESS      0.50   12/31/2038   MYR        67.36
SENAI-DESARU EXPRESS      0.50   12/31/2042   MYR        73.21
SENAI-DESARU EXPRESS      0.50   12/30/2039   MYR        69.16
SENAI-DESARU EXPRESS      0.50   12/31/2040   MYR        70.50
SENAI-DESARU EXPRESS      0.50   12/30/2044   MYR        75.37
SENAI-DESARU EXPRESS      0.50   12/31/2041   MYR        71.82
SENAI-DESARU EXPRESS      0.50   12/31/2043   MYR        74.40
SENAI-DESARU EXPRESS      1.35    6/30/2028   MYR        59.50
SENAI-DESARU EXPRESS      1.35   12/29/2028   MYR        58.33
SENAI-DESARU EXPRESS      1.10    6/30/2022   MYR        73.88
SENAI-DESARU EXPRESS      1.15   12/30/2022   MYR        72.52
SENAI-DESARU EXPRESS      1.15    6/30/2023   MYR        70.95
SENAI-DESARU EXPRESS      1.15   12/29/2023   MYR        69.43
SENAI-DESARU EXPRESS      1.15    6/28/2024   MYR        67.95
SENAI-DESARU EXPRESS      1.15   12/31/2024   MYR        66.49
SENAI-DESARU EXPRESS      1.15    6/30/2025   MYR        65.08
SENAI-DESARU EXPRESS      1.35   12/31/2025   MYR        65.18
SENAI-DESARU EXPRESS      1.35    6/30/2026   MYR        63.98
SENAI-DESARU EXPRESS      1.35   12/31/2026   MYR        62.87
SENAI-DESARU EXPRESS      1.35    6/30/2027   MYR        61.73
SENAI-DESARU EXPRESS      1.35   12/31/2027   MYR        60.64
SENAI-DESARU EXPRESS      1.35    6/29/2029   MYR        57.15
SENAI-DESARU EXPRESS      1.35   12/31/2029   MYR        55.98
SENAI-DESARU EXPRESS      1.35    6/28/2030   MYR        54.79
SENAI-DESARU EXPRESS      1.35   12/31/2030   MYR        53.60
SENAI-DESARU EXPRESS      1.35    6/30/2031   MYR        52.44
UNIMECH GROUP BHD         5.00    9/18/2018   MYR         1.07


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

BAYAN TELECOMMUNICAT     13.50    7/15/2006   USD        22.75
BAYAN TELECOMMUNICAT     13.50    7/15/2006   USD        22.75


SINGAPORE
---------

AXIS OFFSHORE PTE LT      7.78    5/18/2018   USD        50.71
BAKRIE TELECOM PTE L     11.50     5/7/2015   USD         3.19
BAKRIE TELECOM PTE L     11.50     5/7/2015   USD         3.19
BERAU CAPITAL RESOUR     12.50     7/8/2015   USD        26.59
BERAU CAPITAL RESOUR     12.50     7/8/2015   USD        25.88
BLD INVESTMENTS PTE       8.63    3/23/2015   USD         7.50
BUMI CAPITAL PTE LTD     12.00   11/10/2016   USD        20.50
BUMI CAPITAL PTE LTD     12.00   11/10/2016   USD        17.49
BUMI INVESTMENT PTE      10.75    10/6/2017   USD        19.50
BUMI INVESTMENT PTE      10.75    10/6/2017   USD        17.27
ENERCOAL RESOURCES P      6.00     4/7/2018   USD        10.38
GOLIATH OFFSHORE HOL     12.00    6/11/2017   USD         8.50
INDO INFRASTRUCTURE       2.00    7/30/2010   USD         1.88
NEPTUNE ORIENT LINES      4.40    6/22/2021   SGD        71.00
ORO NEGRO DRILLING P      7.50    1/24/2019   USD        60.63
OSA GOLIATH PTE LTD      12.00    10/9/2018   USD        62.00
OTTAWA HOLDINGS PTE       5.88    5/16/2018   USD        48.20
OTTAWA HOLDINGS PTE       5.88    5/16/2018   USD        48.00
OTTO MARINE SERVICES      7.00     8/1/2016   SGD        75.00
SWIBER CAPITAL PTE L      6.50     8/2/2018   SGD        54.13
SWIBER CAPITAL PTE L      6.25   10/30/2017   SGD        64.50
SWIBER HOLDINGS LTD       7.13    4/18/2017   SGD        69.00
SWIBER HOLDINGS LTD       7.75    9/18/2017   CNY        65.63
TRIKOMSEL PTE LTD         5.25    5/10/2016   SGD        20.00
TRIKOMSEL PTE LTD         7.88     6/5/2017   SGD        20.00


THAILAND
--------

G STEEL PCL               3.00    10/4/2015   USD         3.74
MDX PCL                   4.75    9/17/2003   USD        37.75


VIETNAM
-------

DEBT AND ASSET TRADI      1.00   10/10/2025   USD        48.00
DEBT AND ASSET TRADI      1.00   10/10/2025   USD        48.75



                             *********

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

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

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


                            *********


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

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

Copyright 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 ***