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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

           Friday, March 11, 2016, Vol. 19, No. 50


                            Headlines


A U S T R A L I A

ADVANCE AVIATION: First Creditors' Meeting Set For March 21
CAMPAIGN MONITOR: S&P Lowers LT Rating to 'B-'; Outlook Stable
CIVILTEAM HR: First Creditors' Meeting Set For March 18
COCKATOO COAL: Owes Aurizon AUD450MM and Gladstone AUD20MM
FORTESCUE METALS: MOU w/ Vale to Strengthen Business, Fitch Says

PLATINUM APPLIANCE: First Creditors' Meeting Set For March 18
PRIMA BIOMED: Receives NASDAQ Bid Price Deficiency Notice
QUEENSLAND NICKEL: Remaining 550 Jobs to be Sacked Today


C H I N A

CHINA: Fighting Money Exodus, Squeezes Business
CHINA BAK: Xiangqian Li Resigns as Chairman, Dir., CEO & Pres.
CHINA SUNERGY: Fails to Regain NASDAQ Listing Compliance
MIE HOLDINGS: Fitch Keeps RWN on 'B-' IDR on Planned Stake Sale
SUNTECH AMERICA: IRS Objects to Plan Releases

SUNTECH AMERICA: Plan Confirmation Hearing Deferred


I N D I A

A. H. ALLOYS: CRISIL Assigns B+ Rating to INR50MM Cash Loan
AFTAB STEELS: CRISIL Reaffirms 'B' Rating on INR27.5MM Loan
ANRAK ALUMINIUM: CARE Reaffirms 'D' Rating on INR2,995cr Loan
ANTARCTICA PROPERTIES: ICRA Suspends D Rating on INR74.40cr Loan
AROMA REALTIES: CRISIL Lowers Rating on INR200MM LT Loan to 'D'

ASSOCIATED PIGMENTS: CRISIL Assigns B- Rating to INR570MM Loan
BAJWA GRAM: CARE Lowers Rating on INR11.12cr LT Loan to D
BHAGABATI BUILD: ICRA Assigns 'B' Rating to INR6cr Loan
BHAGWATI COTTON: CARE Reaffirms B Rating on INR8cr LT Loan
BHAGYALAXMI BRINE: CRISIL Cuts Rating on INR50MM Term Loan to D

BIRAMANE HOSTEL: CRISIL Reaffirms 'D' Rating on INR65.1MM Loan
DASHMESH RICE: CARE Lowers Rating on INR9.68cr LT Loan to D
DEWAN HOUSING: Fitch Assigns 'BB' IDR; Outlook Stable
DHARMANA MOTORS: CRISIL Assigns B Rating to INR58MM Cash Loan
GINNI HOLDINGS: ICRA Lowers Rating on INR22cr LT Loan to 'D'

HEAVY METAL: CARE Reaffirms B Rating on INR224.90cr LT Loan
ICICI BANK: Moody's Affirms (P)Ba2 Jr. Sub. MTN Program Rating
JINDAL STEEL: CRISIL Downgrades Rating on INR144.98BB Loan to D
KAYCEE INDUSTRIES: CRISIL Assigns B+ Rating to INR47.5MM Loan
LAXMANBHAI CONSTRUCTION: CRISIL Reaffirms B+ Cash Loan Rating

MEDICAMEN BIOTECH: CRISIL Cuts Rating on INR150MM Cash Loan to D
NIKKI STEELS: CARE Assigns 'B' Rating to INR12cr LT Loan
NOOR INDIA: CARE Reaffirms B Rating on INR7cr Loan
NUTEK INDIA: CRISIL Lowers Rating on INR345MM LT Loan to C
OSWAL SPINNING: CARE Lowers Rating on INR18.60cr LT Loan to D

PANTEL TECHNOLOGIES: CRISIL Suspends B Rating on INR80MM Loan
PHR INVENT: ICRA Reaffirms 'D' Rating on INR10.10cr LT Loan
PRAGANA DANWAR: CRISIL Suspends 'D' Rating on INR60MM Term Loan
PRIME ENERGY: CRISIL Suspends B- Rating on INR58MM Cash Loan
PURNA FISHERIES: CRISIL Reaffirms 'B+' Rating on INR150MM Loan

PURITA WATER: CRISIL Reaffirms B+ Rating on INR70MM LT Loan
R.K. DHABHAI: ICRA Revises Rating on INR4.41cr Loan to D
RAI INDUSTRIAL: CRISIL Suspends B- Rating on INR80MM Cash Loan
RAMAKRISHNA ELECTRONICS: CARE Rates INR6cr LT Loan at 'B'
SABAR FLEX: CARE Reaffirms B Rating on INR7.47cr LT Loan

SAVITRA TILES: CARE Assigns B+ Rating to INR8.03cr LT Loan
SHREE KRISHNA: CRISIL Lowers Rating on INR545MM Term Loan to D
SHRI LAXMI: CRISIL Suspends B+ Rating on INR73MM Cash Loan
SRI BALAJI: ICRA Assigns B- Rating to INR5cr LT Loan
T.R. CHEMICALS: CRISIL Suspends 'D' Rating on INR90MM Cash Loan

TARENDRA INFRASTRUCTURE: CARE Cuts Rating on INR100cr Loan to B
U MOTORS: ICRA Assigns 'B/A4' Rating to INR10cr LT Loan
VOHRA SOLVEX: CRISIL Assigns B Rating to INR90MM Cash Loan


I N D O N E S I A

LIPPO KARAWACI: Fitch Withdraws 'BB-(EXP)' Rating on US$ Notes


M A L A Y S I A

CLIQ ENERGY: To Shortlist Liquidator
PRIME GLOBAL: Sek Fong Wong Resigns as Secretary


N E W  Z E A L A N D

HORVATH CONSTRUCTION: Faces Liquidation Over Unpaid Taxes


P H I L I P P I N E S

RURAL BANK OF BASAY: Placed Under PDIC Receivership
* PDIC to Sell 81 Assets Via Sealed Bidding on March 17


S O U T H  K O R E A

DAEWOO SHIPBUILDING: Expects Business Turnaround This Year
DONGBU CORP: Up for Sale Again; Main Auction May Open on May 10


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


ADVANCE AVIATION: First Creditors' Meeting Set For March 21
-----------------------------------------------------------
Cameron Alexander Crichton, Graham Robert Killer and Michael
Gerard McCann of Grant Thornton were appointed as administrators
of Advance Aviation Group Pty Ltd, trading as Advance Aviation
Group Pty Ltd, on March 9, 2016.

A first meeting of the creditors of the Company will be held at
Grant Thornton Australia Ltd, Level 18, 145 Ann Street, in
Brisbane, on March 21, 2016, at 3:00 p.m.


CAMPAIGN MONITOR: S&P Lowers LT Rating to 'B-'; Outlook Stable
--------------------------------------------------------------
Standard & Poor's Ratings Services said that it has lowered its
long-term rating on Campaign Monitor Finance Pty Ltd. and the
company's term loan B debt facility to 'B-' from 'B'.  The
recovery rating on the term loan remains '4'.  The outlook on the
long-term rating is stable.

"The downgrades reflect our view that Campaign Monitor's
significant investment in its operations will materially reduce
its profitability and earnings in the year ending June 30, 2016,"
said Standard & Poor's credit analyst Paul Draffin.

S&P therefore expects the group's financial risk profile to worsen
significantly, with its debt to EBITDA increasing to the 6.5x-7x
range in fiscal 2016 (4.7x in 2015), before declining modestly in
fiscal 2017.

Campaign Monitor is investing heavily in building out its sales,
marketing, and back-office functions to support revenue growth
over the next few years.  As a result, S&P forecasts its EBITDA
margins will materially decline to the mid 30% level (65% in
2015), and EBITDA to fall for fiscal 2016.  Although this
investment will significantly worsen the group's financial risk
profile, S&P believes that the group retains good flexibility to
reduce its highly variable cost base should revenue growth be
weaker than expected over the next few years.

The ratings on Campaign Monitor reflect S&P's view of the group's
narrow product mix, small earnings base, relatively low barriers
to entry, and strong competition.  Tempering these factors are the
group's high - albeit reducing - profit margins, low capital
intensity, diverse customer base, and growing global demand for e-
mail marketing products and services.  Campaign Monitor's business
is focused primarily on its e-mail marketing software platform,
which is subject to strong and evolving competition.  Although the
company's customer base has grown rapidly over the past decade
with low customer churn, Campaign Monitor operates with limited
scale and has a narrow business focus.  In S&P's view, the group
derives some competitive advantage from its low cost offer and its
integration with advertising agencies that on-sell its product.
However, this advantage does not, in our view, provide a material
barrier to competition over the medium-to-long term.  Accordingly,
ongoing product enhancements and a broadening product range will
be important to maintaining the company's market position in the
medium to long term.

Mr. Draffin added: "The stable outlook reflects our expectation
that Campaign Monitor's revenues will continue to grow strongly in
the next two years; however margins will decline as the group
invests heavily in sales, marketing, and other support functions
across its business.  This investment is likely to cause the
company's EBITDA margins to fall to the 30%-40% level and debt to
EBITDA to be sustained above 5x."

Downward pressure on the rating could occur if material erosion in
the group's competitive position and revenues undermined S&P's
view of the sustainability of the group's capital structure or
substantially worsened the group's liquidity position.

S&P considers ratings upside to be unlikely in the near term, but
could occur if Campaign Monitor materially reduced leverage, such
that its debt-to-EBITDA was sustained below 5.0x, while
maintaining strong revenue growth and EBITDA margins well above
30%.


CIVILTEAM HR: First Creditors' Meeting Set For March 18
-------------------------------------------------------
Brendan Nixon of Stanley Morgan Accountants was appointed as
administrator of Civilteam HR Pty Ltd on March 8, 2016.

A first meeting of the creditors of the Company will be held at
United Services Club, 183 Wickham Tce, in Spring Hill, Queensland,
on March 18, 2016, at 3:15 p.m.


COCKATOO COAL: Owes Aurizon AUD450MM and Gladstone AUD20MM
----------------------------------------------------------
Campbell Gellie at Gladstone Observer reports that Wiggins Island
Coal Export Terminal owners are AUD500 million worse off after one
of the initial owners Cockatoo Coal went into administration in
November.

The Observer says Cockatoo Coal also had AUD20 million and AUD450
million owing to Gladstone Ports Corporation and Aurizon
respectively.

The three creditors look set to receive AUD25,000 through
Cockatoo's restructuring agreed on last week, the report relates.

According to the Observer, the deed of company arrangement from
part owner Boston based mining company Liberty Metals and Mining
includes a AUD6 million cash subscription and AUD100 million debt
facility.

The arrangement does not guarantee WICET, Gladstone Ports
Corporation and Aurizon will be paid out their contracts, the
report states.

The Observer relates that Cockatoo's contract with WICET from 2011
was for 3mtpa of coal while still exporting through RG Tanna Coal
Terminal.

The Observer says Cockatoo never reached that capacity with
chairman Peter Richards stating in the October 27 annual report it
remained on target to "ramp-up in output from 1mtpa to 3.5mtpa by
2017".  But a month later the coal miner had gone into
administration.

WICET chief executive officer Marcus McAuliffe would not comment
on Cockatoo Coal, the report notes.

The owners are Glencore Coal, Wesfarmers Resources, Yancoal
Australia, Aquila Resources, Northern Energy Corporation and
Caledon Resources.

PPB Advisory's Grant Dene Sparks, Stephen Longley and Martin Ford
were appointed administrators of the firm on November 16, 2015.

Cockatoo Coal produces high quality metallurgical coal that
operates a coal mine in Baralaba, Queensland.


FORTESCUE METALS: MOU w/ Vale to Strengthen Business, Fitch Says
----------------------------------------------------------------
Fitch Ratings says that Australia-based Fortescue Metals Group
Limited's (BB+/Negative) memorandum of understanding (MOU) with
Brazil's Vale S.A. (BBB/Negative) could strengthen its business
profile.

Fortescue on March 8, 2016, said it has entered into a non-binding
MOU with Vale.  The agreement proposes the formation of one or
more joint ventures (JVs) for the blending of selected volumes of
iron ore from both companies.  It also provides a framework for
the potential investment by Vale in Fortescue through an
acquisition of a minority equity stake on the market and / or
investment in current or future mining assets.

Fortescue should benefit from stronger earnings if the proposed
JVs with Vale are established, as the company says it could result
in up to 30% of its annual output being blended with Vale's high-
grade ore, creating a premium product to be sold in China.
Fortescue expects JV operations to start as soon as in six months,
provided that the MOU receives the requisite approvals from the
boards of both companies and regulatory bodies.

Fitch expects Vale could also benefit from this agreement because
Fortescue's ores, although lower in grade, have low impurities and
strong sintering capabilities.  The blend is likely to have
stronger demand than if the individual ores are sold separately.
The blend should also benefit from Fortescue's lower cost of
producing and delivering iron ore into China.  However the overall
benefit to Vale's larger earnings base is likely to be lower than
for Fortescue.

Fortescue's lower production and delivery costs for China are due
to significant improvements in its C1 cash production costs over
the last 24 months, as well as lower shipping costs because
Fortescue is located closer to China - the main market for both
companies.  However some of Fortescue's cost advantage is offset
by the higher quality of Vale's ores, which have a higher grade
and lower moisture content, and Vale's sale of value-added
products, such as iron ore pellets, which fetch premium prices.

Fitch estimates that at end-December 2015, Fortescue delivered
iron ore to China at a cost of USD30/ton after adjusting for
moisture and iron ore grade, but before accounting for interest
costs and capex.  Vale's comparable cost is around USD32/ton.
However the gap widens in favour of Fortescue if interest costs
and capex are included.


PLATINUM APPLIANCE: First Creditors' Meeting Set For March 18
-------------------------------------------------------------
Gavin Moss of Chifley Advisory Pty Ltd was appointed as
administrator of Platinum Appliance Services Pty Ltd on March 8,
2016.

A first meeting of the creditors of the Company will be held at
the Boardroom of Servcorp, Level 19, 10 Eagle Street, in Brisbane,
on March 18, 2016, at 2:00 p.m.


PRIMA BIOMED: Receives NASDAQ Bid Price Deficiency Notice
---------------------------------------------------------
Prima BioMed Ltd. has received notification from the Listing
Qualifications Department of The NASDAQ Stock Market (the "Staff")
indicating that, for the period from January 13, 2016 through
February 26, 2016, the closing bid price of the Company's American
Depositary Shares, or ADS, had not been maintained at the minimum
required closing bid price of at least US$1.00 per share as
required for continued listing on The NASDAQ Global Market
pursuant to NASDAQ Listing Rule 5450(a)(1) (the "Minimum Bid Price
Rule").

Prima has a period of 180-calendar days, or until August 29, 2016,
to regain compliance with the Minimum Bid Price Rule.  If within
any time during the 180-day period the minimum closing bid price
per share of the ADSs closes at or above US$1.00 for a minimum of
ten consecutive business days, the Staff will provide written
notification to the Company that it complies with the Minimum Bid
Price Rule and the matter will be closed.  Prima's management is
looking into various options available to the Company in order to
regain compliance and maintain its continued listing on The NASDAQ
Global Market.

Prima's ADSs will continue to trade uninterrupted on The NASDAQ
Global Market under the symbol "PBMD."  The Company's ordinary
shares which are traded on the Australian Stock Exchange ("ASX")
under the symbol "PRR" are in full compliance with ASX listing
requirements and are completely independent of the NASDAQ listing.

In the event that Prima does not regain compliance within the
above mentioned period, the Company may be eligible to receive an
additional 180-day compliance period; such additional compliance
period would be available provided that the Company meets the
continued listing requirement for market value of publicly held
shares and all other initial listing standards for The NASDAQ
Capital Market, with the exception of the minimum bid price
requirement, based on the Company's most recent public filings and
provides written notice of its intention to cure the minimum bid
price deficiency.  If it appears to the Staff that the Company
will not be able to cure the deficiency, or if the Company is not
otherwise eligible for the additional compliance period, the Staff
would provide written notification to the Company that its ADSs
are subject to delisting.

                       About Prima BioMed

Prima BioMed -- http://www.primabiomed.com.au-- is an Australia-
based biotechnology company.  The Company is engaged in research,
development and commercialization of licensed medical
biotechnology.  It is listed on the Australian Stock Exchange and
on the NASDAQ in the US.


QUEENSLAND NICKEL: Remaining 550 Jobs to be Sacked Today
--------------------------------------------------------
Matthew Killoran and Jessica Marszalek at The Courier-Mail report
that Queensland Nickel's remaining 550 workers will be sacked at
5:00 p.m. today, March 11.

According to the Courier-Mail, the future of the workers had been
under a cloud after Clive Palmer moved a surprise takeover of his
own Yabulu refinery, subbing in a new company Queensland Nickel
Sales as operator of the plant, replacing Queensland Nickel which
went into administration.

The Courier-Mail relates that despite QNS taking over the role of
operating the plant, the 550 workers have not received an offer of
employment and does not even have environmental authority to
operate.

The report says administrators FTI Consulting met with workers on
March 9 to inform them that their contracts will be terminated as
at 5:00 p.m. today.

Australian Workers Union boss Ben Swan stressed FTI was not to
blame for what had transpired, the report relays.

"They're doing what they have to because Queensland Nickel Sales
has not stepped in to do what they said they would do," the report
quotes Mr. Swan as saying.

He said the workers were unlikely to be paid redundancies or
entitlements, instead becoming creditors like the 237 workers made
redundant shortly before QN went into voluntary administration in
late January, according to the Courier-Mail.

The Courier-Mail adds that FTI said in a statement the majority of
the workers would have their employment terminated.

"Queensland Nickel Sales Pty Ltd, the newly appointed manager of
the Refinery, may offer current employees of Queensland Nickel Pty
Ltd employment but the administrators are currently unaware of the
terms or timing of those offers," the report quotes an FTI
spokesman as saying.  "The Administrators have impressed on
Queensland Nickel Sales Pty Ltd the urgency of the situation and
the need to quickly resolve the ongoing employment of staff.

"At this time the Administrators are uncertain as to the status of
future employment offers by Queensland Nickel Sales Pty Ltd.

"The terminations of employment and uncertainty regarding the new
offers is a deeply regrettable situation, although unavoidable
given the Administrators no longer have operational control of the
Refinery."

According to the report, Townsville-based MP Ewen Jones called for
certainty for the newly-sacked workers.

"The management of Queensland Nickel Sales must provide clarity to
all employees and stakeholders immediately," the report quotes Mr.
Jones as saying. "The existing employees of Queensland Nickel must
be transferred to the new company structure seamlessly."

Queensland Nickel operates the Palmer Nickel and Cobalt Refinery
in Queensland, Australia.  Queensland Nickel directors appointed
John Park, Stefan Dopking, Kelly-Anne Trenfield and Quentin Olde
of FTI Consulting as voluntary administrators on Jan. 18, 2016.



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C H I N A
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CHINA: Fighting Money Exodus, Squeezes Business
-----------------------------------------------
Wei Gu and Chuin-Wei Yap at The Wall Street Journal report that
Chinese officials are trying anew to slow a money exodus from the
country, clamping down on individuals seeking to flee the yuan and
making life tougher for companies that need to trade the currency
for dollars to do business.

The Journal says China's foreign-exchange regulator in recent
months has deployed a new system to monitor individual purchases
of foreign funds and has asked banks to reduce foreign-currency
transactions. It has summoned bankers to its offices to give
guidance and has grilled them when foreign-exchange activity
spikes, according to executives at Chinese and foreign lenders,
the Journal relays.

Banks, in turn, have increased scrutiny of foreign-currency
transactions by businesses ranging from Chinese entrepreneurs
investing abroad to companies paying overseas bills, the Journal
states.

The Journal notes that a European chemicals manufacturer recently
faced delays in Shanghai in obtaining U.S. dollars, threatening
its deadline for an overseas licensing payment. The Bank of
Tianjin is having trouble getting funds from mainland investors
for a planned Hong Kong public stock offering. A water-treatment
company struggled to withdraw $2,000 for an engineer to travel to
the U.S., according to the Journal.

"There appears to be a real crackdown on money flowing out of
China," the report quotes Jean Francois Harvey, global managing
partner at Hong Kong law firm Harvey Law Corp., whose clients have
had difficulty recently transferring money out of China for
equipment purchases and investment, as saying. "Even normal
business transactions which are ongoing are getting delayed."

According to the Journal, Mr. Harvey said a Chinese client is
having problems wiring $15 million to a Hong Kong company that for
two years has been helping it buy equipment for a South American
factory. "There's no indication that the money will go through,"
Mr. Harves, as cited by the Journal, said, "and we heard from our
client that it was due to restrictions on money transfer."

The Journal notes that the clampdown comes atop Beijing's steps
after last summer to stem outflows, from restricting cross-border
yuan business at foreign banks to cracking down on individuals who
are flouting the country's strict foreign-currency quotas.

The Journal relates that economists said tightened capital
controls are one reason China's foreign reserves fell only $28.6
billion in February, less than a third the drops of the two
previous months.

Spooked by slowing growth and a declining currency, Chinese
businesses and consumers are trying to move money abroad where its
value might hold up, according to the Journal. Last year, some
$700 billion to $1 trillion is estimated to have fled China.

That is more than the economy of Switzerland and equivalent to as
much as 10% of China's massive GDP, the Journal says. China's
foreign-currency reserves fell by a record $107.9 billion in
December from November and another $128 billion in January and
February combined, putting reserves 20% lower than their June 2014
peak.

The Journal says the outflows destabilize the currency and make
China's decelerating economy harder to guide. The government is
already wary about loosening monetary policy to stimulate growth,
as that could weaken the yuan further and send more money abroad.

Chinese regulators have said they aren't too concerned about the
outflows and that they aren't imposing new or additional capital
controls, adds the Journal. Central bank Vice Governor Yi Gang
over the weekend told reporters China's recent foreign-reserve
declines are "within our expectations," the Journal relays.  The
central bank didn't respond to inquiries on outflows; its foreign-
exchange arm said it hadn't introduced new capital controls, the
Journal notes.


CHINA BAK: Xiangqian Li Resigns as Chairman, Dir., CEO & Pres.
--------------------------------------------------------------
Mr. Xiangqian Li resigned as chairman, director, chief executive
officer, president and secretary of China Bak Battery, Inc.,
effective March 1, 2016, according to a Form 8-K report filed with
the Securities and Exchange Commission.  According to the filing,
Mr. Li's resignation was due to personal reasons and not because
of any disagreement with the Company on any matter relating to the
Company's operations, policies or practices.

On the same date, the Board of Directors of the Company appointed
Mr. Yunfei Li as chairman, chief executive officer, president and
secretary of the Company.

Mr. Yunfei Li, 49, has more than 20 years management experience in
industries of real estate development, battery and new energy.
Since May 2014, he has been vice president of the Company's
subsidiary, Dalian BAK Power Battery Co., Ltd in charge of the
company's construction of manufacturing facilities, government
relationship and development of new customers.  From May 2010 to
May 2014, Mr. Yunfei Li held management positions of various new
energy development and real estate development companies in China.
Prior to that, he was director of Construction Department,
Director of Comprehensive Management Department and Assistant to
President of Shenzhen BAK Battery Co., Ltd., a former subsidiary
of the Company, from March 2003 to May 2010.  Mr. Yunfei Li holds
a Bachelor's degree in Civil Engineering from Liao Yuan Vocational
Technical College.

Mr. Yunfei Li is entitled to receive an annual salary of RMB
144,000 (approximately $22,086) from the Company.

                        About China BAK

China BAK Battery conducted business through BAK International
Limited and its subsidiaries that produced prismatic cells,
cylindrical cells, lithium polymer cells and high power lithium
batters.  The BAK International business was foreclosed on
June 30, 2014.  Consequently, China BAK is looking to develop,
manufacture and sell energy high power lithium batteries primarily
for electric vehicles when its Dalian, China manufacturing
facilities start to operate in the first quarter of 2015.

China BAK reported net profit of US$15.87 million for the year
ended Sept. 30, 2015, compared to net profit of US$37.77 million
for the year ended Sept. 30, 2014.

As of Dec. 31, 2015, the Company had US$64.28 million in total
assets, US$44.85 million in total liabilities and US$19.42 million
in total shareholders' equity.

Crowe Horwath (HK) CPA Limited, in Hong Kong, China, issued a
"going concern" qualification on the consolidated financial
statements for the year ended Sept. 30, 2015, citing that the
Company has a working capital deficiency, accumulated deficit from
recurring net losses and significant short-term debt obligations
maturing in less than one year as of Sept. 30, 2015.  All these
factors raise substantial doubt about its ability to continue as a
going concern.


CHINA SUNERGY: Fails to Regain NASDAQ Listing Compliance
--------------------------------------------------------
China Sunergy Co., Ltd. on March 9 disclosed that it had received
a letter from the Listing Qualifications Department of the NASDAQ
Stock Market, on March 3, 2016, informing the Company that it
failed to regain compliance with the Listing Rule related to the
maintenance of minimum Market Value of Publicly Held Shares of
US$15,000,000 within a compliance period of 180 calendar days.

As previously disclosed, on September 3, 2015, NASDAQ notified the
Company that for the previous 30 consecutive trading days, the
market value of its publicly held shares had been below the
minimum $15,000,000 required for continued listing as set forth in
Listing Rule 5450(b)(3)(C).  Therefore, in accordance with
Marketplace Rule 5810(c)(3)(D), the Company was provided 180
calendar days, or until March 1, 2016, to regain compliance with
the Rule.  However, the Company has not regained compliance with
the Rule.  Accordingly, its securities will be delisted from The
Nasdaq Global Select Market.  In that regard, unless the Company
requests an appeal of this determination, trading of the Company's
American Depositary Shares will be suspended at the opening of
business on March 14, 2016, and a Form 25-NSE will be filed with
the Securities and Exchange Commission, which will remove the
Company's securities from listing and registration on the Nasdaq
Stock Market.

The Company is considering whether it will appeal NASDAQ's
determination to a Hearings Panel.  A hearing request will stay
the suspension of the Company's securities and the filing of the
Form 25-NSE pending the Panel's decision.  If the Company does not
appeal NASDAQ's determination to the Panel, the Company's
securities may be eligible to continue to be quoted on the OTC
Bulletin Board or in the "Pink Sheets."

China Sunergy Co., Ltd. -- http://www.csun-solar.com-- is a
specialized solar cell and module manufacturer.


MIE HOLDINGS: Fitch Keeps RWN on 'B-' IDR on Planned Stake Sale
---------------------------------------------------------------
Fitch Ratings is maintaining the Rating Watch Negative (RWN) on
MIE Holdings Corporation's (MIE) Long-Term Issuer Default Rating
of 'B-', its senior unsecured rating and the ratings on MIE's
USD200m notes due 2018 and USD500m notes due 2019 of 'B-' with a
Recovery Rating of 'RR4', following the company's announced
transaction to sell a controlling stake in its Kazakhstan
operations.

MIE announced an agreement on March 7, 2016, with a Malaysian-
based entity to sell a 60% equity interest in MIE's subsidiary
holding Emir-Oil which holds the company's operations in
Kazakhstan.  MIE expects to raise USD155 mil. from the stake sale
if the transaction goes ahead as planned.  The transaction is
subject to shareholder and regulatory bodies' approval.  The
longstop date is Sept. 5, 2016.

Fitch downgraded MIE's ratings to 'B-' from 'B' and maintained all
ratings on RWN on Jan. 15, 2015, due to liquidity concerns,
especially reflecting the uncertainties relating to the company's
only remaining bank credit facilities.  The status of the bank
facility remains unchanged.  The announced transaction could
significantly reduce the company's short-term liquidity concerns,
although its medium-term refinancing risks associated with the
bond maturities in 2018 and 2019 will remain.  Furthermore, unless
MIE improves its asset base and operations, following the sale of
an effective 60% stake in Emir-Oil, MIE will be left with a
smaller asset base to support its debt obligations.  The
maintenance of the RWN reflects the potential for negative rating
action if the transaction does not happen as intended, or if MIE's
liquidity situation is significantly affected prior to transaction
closure.

                         KEY RATING DRIVERS

Near-Term Liquidity Issues Persist: MIE's has not been able to
renew its only remaining bank credit facility (with a limit of
CNY540 mil.; CNY 494 mil. undrawn at June 30, 2015).  The company
has said that it continues to draw down on this facility, while
its renewal is being renegotiated.  Any cash receipts from the
proposed sale of interest in Emir-Oil for USD155 mil. is only
expected to arrive around 3Q16, provided the transaction goes
ahead.  MIE's management believes the company can benefit from
unencumbered assets such as its production-sharing contract assets
in China that could be used to secure credit facilities.

Required Deploying of Cash Proceeds: According to MIE's 2019 bond
indenture, MIE is required to deploy all of the proceeds from
asset disposals for either repayment of senior indebtedness,
asset-replacement acquisitions or non-maintenance capex.  If not
fully utilized within 360 days of receiving the money, MIE would
be obliged to make an offer to purchase the bonds, using any
unutilized receipts.  It remains unclear as to how MIE will deploy
the proceeds and what impact its decisions may have on MIE's
operating and financial profile.

Weakened Cash Flow Generation: In the immediate term, MIE's cash
flow generation is hindered by low oil prices and its limited
scale and diversification as well as the need to incur substantial
capex to maintain production.  MIE's realised oil price in 2015
was USD45.47 per barrel, and is likely to be lower for 2016.
Fitch expects a gradual recovery in oil prices as the market
reaches a balance, while the oil price is expected to remain under
pressure in 2016.  MIE has cut its capex since 2014, so we expect
production in 2016 to be similar to 2015 levels.  The company
achieved an average daily net production of 10,153 barrels of oil
equivalent per day in 2015 compared with 15,326 barrels per day in
2014.  Furthermore, MIE's total equity production level will also
decline due to the partial disposal of Emir-Oil, as Emir-Oil
accounted for around 30% of the total production in 2015.

High Debt-Servicing Obligations: MIE has an annual debt-servicing
obligation of over CNY300m arising from the interest on its US
dollar bonds (against a CNY275m adjusted EBITDA, excluding several
non-cash impairment items, reported by the company in 1H15).  As
of end-1H15, MIE had cash balances of CNY739m against total
borrowing of CNY4.8 bil.  The company also faces significant debt
maturities in the medium term when its US dollar bonds mature in
2018 and 2019, totaling USD700 million.

Ratings of US Dollar Notes: The Recovery Rating of 'RR4' on MIE's
senior unsecured notes is based on weakened (but still average)
recovery prospects for its senior unsecured creditors.  The sale
of 60% of Emir-Oil will also reduce the headroom under the
Recovery Rating of RR4.  A substantial increase in secured debt
can lead to weakening of recovery prospects for the senior
unsecured creditors, thus placing pressure on the 'RR4' Recovery
Ratings.

                           KEY ASSUMPTIONS

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

   -- Oil prices in line with Fitch's base case price deck as
      outlined in the Fitch's "Oil Price Assumption for Fitch
      Corporate Analysis Lowered Again to USD35 for 2016", dated
      Feb. 24, 2016.

   -- Working-capital conversion cycle to remain stable

                        RATING SENSITIVITIES

Fitch expects to resolve the RWN based on the company's ability to
secure and maintain adequate liquidity.

Negative: Developments that may, individually or collectively,
lead to negative rating action would include:

   -- Failure to maintain adequate liquidity.  The loss of access
      to bank credit facilities prior to completion of the Emir-
      Oil stake sale will be negative for MIE's ratings; in
      addition, negative rating action would also be taken if the
      Emir-Oil transaction is not completed as expected by the
      company, together with it failing to secure adequate credit
      facilities.

Positive: Developments that may, individually or collectively,
lead to positive rating action would include:

   -- Fitch will resolve the RWN after the Emir-Oil stake sale is
      completed based on the company's plans for the use of
      proceeds and the impact on the company's credit profile.
      However, an upgrade of the IDR is not anticipated - given
      the expected challenging operating environment which Fitch
      expects to persist for some time; the company's limited
      scale; and the refinancing risks associated with its US
      dollar bond maturities.


SUNTECH AMERICA: IRS Objects to Plan Releases
---------------------------------------------
The United States, on behalf of the Internal Revenue Service,
filed an objection to Suntech America, Inc.'s Combined Disclosure
Statement and Chapter 11 Plan of Liquidation.  IRS, which asserts
an unsecured priority and general unsecured claim for $4,354, says
it objects to the third party non-debtor limitation of liability,
injunction and release provisions set forth in Article AXII of the
Plan.  The Plan provides that creditors who vote may opt out of
third party release provisions in the Plan but most of the IRS
claims are not in a voting class.  The IRS also objects to the
Plan to the extent that it (i) fails to preserve the setoff and
recoupment rights of the United States and (ii) provides for the
retention of exclusive jurisdiction over matters involving the
IRS.

The United States is represented by:

         Charles M. Oberly, III
         United States Attorney
         Ellen W. Slights
         Assistant U.S. Attorney
         1007 Orange Street, Suite 700
         P.O. Box 2046
         Wilmington, DE

                      About Suntech America

Headquartered in San Francisco, California, Suntech America, Inc.,
aka Suntech Power, an affiliate of Wuxi, China-based Suntech Power
Holdings Corp., was the main operating subsidiary of the Suntech
Group in the Americas and its primary business purpose was acting
as an intermediary for marketing, selling and distributing Suntech
Group manufactured products.

Suntech America, Inc., and Suntech Arizona, Inc. filed for Chapter
11 bankruptcy protection (Bankr. D. Del. Case Nos. 15-10054 and
15-10056) on Jan. 12, 2015.  Judge Christopher S. Sontchi presides
over the cases.

Mark D. Collins, Esq., Paul Noble Heath, Esq., William A.
Romanowicz, Esq., Zachary I Shapiro, Esq., at Richards, Layton &
Finger, P.A., serve as the Debtors' bankruptcy counsel.  Upshot
Services LLC is the Debtors' claims and noticing agent.

The Debtors estimated their assets at between $100 million and
$500 million, and their debts at between $100 million and $500
million.


SUNTECH AMERICA: Plan Confirmation Hearing Deferred
---------------------------------------------------
Suntech America, Inc., and its affiliated debtors scheduled a Feb.
25 hearing for confirmation of their proposed plan of liquidation.

The Debtors later announced that the hearing has been adjourned,
and that they have not yet secured a hearing date for the plan.

On Nov. 17, 2015, the Debtors, with the support of the Committee,
filed the Debtors' Combined Disclosure Statement and Chapter 11
Plan of Liquidation.

On Jan. 14, 2016, the Court entered an order approving the
Solicitation Procedures Motion and authorizing the Debtors to
solicit votes on the Combined Plan and Disclosure Statement.  The
Court set a Feb. 16 deadline for ballots and objections, and a
Feb. 25 hearing to consider confirmation of the Plan.

On Feb. 5, 2016, the Debtors notified parties that the
confirmation hearing scheduled for Feb. 25 has been adjourned for
14 days to a date and time to be scheduled at the Bankruptcy
Court's convenience.  The Debtors also stated that the voting
deadline and plan objection deadline have been extended to
March 1, 2016.  The Debtors said they will send a subsequent
notice of the date and time of the confirmation hearing once a
date and time for the adjourned confirmation hearing are secured.
According to the docket and the Web site of the claims agent, the
confirmation hearing date is still to be determined.

On Feb. 19, 2016, the Debtors filed an omnibus objection to
disputed warranty-related claims solely for purposes of voting to
accept or reject the Plan.  The Debtors explained that they have
received claims on account of warranties provided by former
affiliate Wuxi Suntech Power Co., Ltd., to customers of
photovoltaic (PV) modules.  According to the Debtors, Wuxi has
agreed to honor the warranties with the same force, effect and
validity as such warranties existed prior to the sale of Wuxi to
Jiangsu Sunfeng Photovoltaic Technology Co., Ltd. in April 2014.
The Debtors have examined the disputed warranty claims and have
determined that such Claims seek recovery for amounts for which
the Debtors have no liability.

On March 4, Wuxi Suntech Power Co. Ltd., responded to the Omnibus
Objection, acknowledging that "Wuxi has agreed to reconfirm its
obligation to honor Old Wuxi's standard warranties in effect on
the day Wuxi purchased Old Wuxi's assets in the PRC with the same
force, effect and validity as such warranties existed against Old
Wuxi."  However, Wuxi objects to the Debtors' characterization
that the Disputed Warranty Claims "all relate to claims that arise
under, or are otherwise covered by, the Warranties."

As of March 9, the Court has not yet ruled on the Omnibus
Objection.

Counsel for Wuxi Suntech Power Co. Ltd.

         BUCHANAN INGERSOLL & ROONEY PC
         Peter J. Duhig
         919 North Market Street, Suite 1500
         Tel: (302) 552-4249
         Fax: (302) 552-4295
         E-mail: peter.duhig@bipc.com

              - and -

         Louis T. DeLucia
         SCHIFF HARDIN LLP
         666 Fifth Ave., 17th Floor
         New York, NY 10103
         Tel: (212) 753-5000
         Fax: (212) 753-5044
         E-mail: ldelucia@schiffhardin.com

                           *     *     *

Judge Christopher Sontchi on Feb. 17, 2016 entered an order
scheduling an omnibus hearing date of April 11, 2016.  On
Feb. 26, 2016, the Debtors announced that the omnibus hearing
scheduled on April 11 has been rescheduled at the direction of the
Court to April 27, 2016 at 1:00 p.m.

                        The Chapter 11 Plan

Suntech America, Inc., et al., filed with the U.S. Bankruptcy
Court for the District of Delaware a combined disclosure statement
and Chapter 11 plan of liquidation, which serve as the culmination
of extensive negotiations between the Debtors, the Official
Committee of Unsecured Creditors, The Solyndra Residual Trust and
Wuxi Suntech Power Co., Ltd./Suntech Power Asia Pacific.

Majority of the Debtors' assets have already been liquidated to
cash.  The Debtor has $16.3 million in cash and cash equivalents.

A plan settlement provides for the resolution of two significant
disputed claims against the Debtors (The Solyndra Residual Trust's
$1.5 billion Claim and Wuxi Suntech Power Co.'s approximate $145
million Claim).  The general unsecured claims of Solyndra and Wuxi
are allowed at $360,441,916 and these claimants have agreed to a
payment of $10,312,500 plus 60% of the total value of any
additional assets, for a 2.86% recovery.  Holders of other general
unsecured claims totaling $6 million are slated to recover 30%.
Holders of equity interests will receive the remaining cash after
distribution to holders of allowed claims have been made.

A black-lined version of the Combined Plan filed Jan. 14, 2016, is
available for free at http://bankrupt.com/misc/SUNTECHplan0114.pdf

                      About Suntech America

Headquartered in San Francisco, California, Suntech America, Inc.,
aka Suntech Power, an affiliate of Wuxi, China-based Suntech Power
Holdings Corp., was the main operating subsidiary of the Suntech
Group in the Americas and its primary business purpose was acting
as an intermediary for marketing, selling and distributing Suntech
Group manufactured products.

Suntech America, Inc., and Suntech Arizona, Inc. filed for Chapter
11 bankruptcy protection (Bankr. D. Del. Case Nos. 15-10054 and
15-10056) on Jan. 12, 2015.  Judge Christopher S. Sontchi presides
over the cases.

Mark D. Collins, Esq., Paul Noble Heath, Esq., William A.
Romanowicz, Esq., Zachary I Shapiro, Esq., at Richards, Layton &
Finger, P.A., serve as the Debtors' bankruptcy counsel.  Upshot
Services LLC is the Debtors' claims and noticing agent.

The Debtors estimated their assets at between $100 million and
$500 million, and their debts at between $100 million and $500
million.



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


A. H. ALLOYS: CRISIL Assigns B+ Rating to INR50MM Cash Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facility of A. H. Alloys (AH).

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

The rating reflects AH's small scale of operations, exposure to
intense competition in the highly fragmented steel industry, and
weak financial risk profile because of high gearing and subdued
debt protection measures. The rating also factors susceptibility
of profitability to volatility in raw material prices. These
weaknesses are partially offset by proprietor's extensive industry
experience and efficient working capital management.
Outlook: Stable

AH will continue to benefit over the medium term from its
proprietor's extensive industry experience and its established
relationships with customers and suppliers. The outlook may be
revised to 'Positive' in case of significant and sustained
improvement in revenue and profitability in turn leading to higher
net cash accruals. Conversely, the outlook may be revised to
'Negative' if financial risk profile deteriorates because of sharp
decline in profitability or revenue, or lengthening of working
capital cycle.

AH was established as a partnership firm in 2005 and was
reconstituted as a proprietorship firm of Mr. Happy Gupta in 2007.
It manufactures rounds and bars at its plant in Ludhiana and has
rolling capacity of 125 tonne per day.

On provisional basis, AH reported a book profit of INR1.3 million
on net sales of INR905.6 million for 2014-15 (refers to financial
year, April 1 to March 31), it had reported a book profit of
INR1.0 million on net sales of INR797.4 million for 2013-14.


AFTAB STEELS: CRISIL Reaffirms 'B' Rating on INR27.5MM Loan
-----------------------------------------------------------
CRISIL's ratings on the bank facilities of Aftab Steels Private
Limited (ASPL) continue to reflect ASPL's modest scale of
operations and vulnerability to fluctuations in raw material
prices. These weaknesses are mitigated by promoters' extensive
experience in the steel industry.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee        3.4       CRISIL A4 (Reaffirmed)
   Cash Credit          27.5       CRISIL B/Stable (Reaffirmed)
   Term Loan            27.0       CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes ASPL will maintain a stable credit risk profile
owing to its promoters' experience. The outlook may be revised to
'Positive' if scale of operations and profitability significantly
improve, leading to better-than-expected cash accrual while
maintaining capital structure. Conversely, the outlook may be
revised to 'Negative' if larger-than-expected capital expenditure
is undertaken or if financial risk profile, particularly liquidity
weakens.

Update
In 2014-15 (refers to financial year, April 1 to March 31), ASPL
reported sales of INR274.4 million as against CRISIL's expectation
of INR281.1 million due to decline in price of steel, thus
impacting the price of finished goods. The operations remained
moderate as reflected in gross current assets of 78 days as on
March 31, 2015. Financial risk profile remained moderate with
adequate gearing of 2.22 times as on March 31, 2015 as against
5.16 times in 2013-14. Net worth remained small at INR26 million
as on March 31, 2015 owing to modest cash accrual. Debt protection
metrics remained moderate as reflected in interest coverage ratio
of 1.7 times and net cash accrual to total debt ratio of 0.06 time
in 2014-15. Going forward, financial risk profile is expected to
improve as raw material prices stabilize. Liquidity is expected to
be barely sufficient. However, promoters are expected to infuse an
unsecured loan of INR3 million as on March 31, 2016.

ASPL, a private-limited company, was incorporated in 2013 and is
promoted by the Gujarat-based Bloch family. Mr. Firoz Bloch and
his brother, Mr. Imtiaz Bloch, are the directors. The company
manufactures stainless steel billets/ingots and rounds in Jamnagar
(Gujarat). The operations started in February 2014 with installed
capacity of 90 tons per day.


ANRAK ALUMINIUM: CARE Reaffirms 'D' Rating on INR2,995cr Loan
-------------------------------------------------------------
CARE reaffirms the rating assigned to bank facilities of
Anrak Aluminium Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     2,995      CARE D Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of Anrak Aluminium
Limited (AAL) continues to factor in delays in the debtservicing
on account of the delay in commencement of operations.

AAL was incorporated in 2007 and is promoted by Penna Group along
with Ras Al Khaimah Investment Authority (RAKIA - Investment Body
of Government of Ras Al Khaimah) to set up a 1.5 million tons per
annum (MTPA) alumina refinery along with 225 MW(3*75 MW) coal-
based co-generation power plant at Vishakhapatnam.

AAL executed bauxite supply agreement with Andhra Pradesh Mineral
Development Corporation Ltd (APMDC). As per the agreement, APMDC
shall supply bauxite from four blocks covering an area of 1162
hectares of Jerrala deposits with mineable reserves of 200 million
tons. APMDC was waiting for final approval from the Ministry of
Environment and Forestry (MoEF). The MoEF, GoIexpand through later
dated 17.08.2015, have granted 2nd stage forest clearance under
section 2 of Forest Clearance (FC) Act 1980 for diversion of
forest land in Chintapalli and Jerrla of Narsinpatnam division
Visakhapatnam district for mining lease for bauxite in favour of
APMDC. However, due to various reasons, including various
controversies over bauxite mining, the mining operations could not
be taken up. Despite completion of the project and achieving
commercial operations on March 31, 2013, AAL's operations from the
alumina refinery segment did not takeoff due to non-availability
of raw material (bauxite) from Jerrala mines. Currently, AAL is
operating 150 MW cogeneration power plants from November 2013.

During FY15 (refers to the period April 1 to March 31), AAL
reported a PAT of INR18.34 crore (net loss of INR40.65 crore in
FY14) on a total operating income of INR488.89 crore (Rs.86.11
crore in FY14).


ANTARCTICA PROPERTIES: ICRA Suspends D Rating on INR74.40cr Loan
----------------------------------------------------------------
ICRA has suspended the [ICRA] D rating assigned to the INR74.40
crore long term loans of Antarctica Properties Company Limited.
The suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company. According to its suspension policy, ICRA may suspend any
rating outstanding if in its opinion there is insufficient
information to assess such rating during the surveillance
exercise.


AROMA REALTIES: CRISIL Lowers Rating on INR200MM LT Loan to 'D'
---------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank loan
facilities of Aroma Realties Limited (ARL) to 'CRISIL D' from
'CRISIL B+/Stable'.

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Proposed Long Term       200      CRISIL D (Downgraded from
   Bank Loan Facility                'CRISIL B+/Stable')

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

The downgrade reflects instances of delay by ARL in servicing its
debt because of weak liquidity driven by poor sales in projects.

ARL is exposed to sales risks for its ongoing project, and is
vulnerable to inherent risks and cyclical demand in the real
estate sector. However, the company benefits from its promoters
experience in real estate development, and its established market
position in north-central Gujarat.

ARL, incorporated in 2008 and based in Ahmedabad, constructs
residential and commercial projects. It is owned and managed by
Mr. Mavjibhai Desai and his family.


ASSOCIATED PIGMENTS: CRISIL Assigns B- Rating to INR570MM Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-term
bank facility of Associated Pigments Limited (APL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bill Discounting      200       CRISIL B-/Stable
   Cash Credit           570       CRISIL B-/Stable

The rating reflects APL's working capital-intensive operations and
its weak financial risk profile marked by modest networth and low
debt protection metrics. These rating weaknesses are partially
offset by the extensive experience of its promoter in the metals
and mining industry and his established relationships with reputed
clientele.
Outlook: Stable

CRISIL believes APL will continue to benefit over the medium term,
backed by the promoter's extensive industry experience and his
strong relationships with reputed clientele. The outlook may be
revised to 'Positive' if the company improves its working capital
management or increases its scale of operations on a sustainable
basis while simultaneously improving its profitability margin.
Conversely, the outlook may be revised to 'Negative', if the
liquidity weakens because of stretched working capital cycle, or
if the scale of operations or profitability declines leading to
significantly low cash accrual, or any large, debt-funded capital
expenditure weakening the capital structure.

APL, promoted by the late Mr. DN Sahaya, was incorporated in 1948
for carrying on business of lead oxides, white lead, antimonial
lead, lead salts, zinc dust, and zinc oxide. Currently, the
operations are managed by Mr. Sanjiv Nandan Sahaya, the managing
director and grandson of the late Mr. DN Sahaya. APL has an
installed capacity of 48,000 tonnes per annum (tpa) of refined
lead and 18,780 tpa of lead oxide and other lead materials.


BAJWA GRAM: CARE Lowers Rating on INR11.12cr LT Loan to D
---------------------------------------------------------
CARE revises ratings assigned to bank facilities of Bajwa Gram
Udyog Samiti.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     11.12      CARE D Revised from
                                            CARE B

Rating Rationale

The revision in the rating of Bajwa Gram Udyog Samiti (BGUS) takes
into account ongoing delays in debt servicing due to stressed
liquidity position of the society.

BGUS is a society established in 1997 by Mr Mohinder Singh. The
society is engaged in processing of paddy (basmati and
non-basmati) at its manufacturing facility located at Ghogra,
Punjab, having an installed capacity of 9 metric ton per hour
(MTPH) as on March 31, 2014. BGUS procures paddy directly from
local grain markets through commission agents located
in Punjab. Furthermore, the society sells its products in the
states of Punjab, Haryana, Rajasthan and Delhi through a
network of commission agents.

BGUS reported a PAT of INR0.16 crore on a total income of INR22.12
crore in FY14 (Audited; refers to the period April 1 to March 31)
as against the PAT of INR0.12 crore on a total income of INR14.09
crore in FY13.


BHAGABATI BUILD: ICRA Assigns 'B' Rating to INR6cr Loan
-------------------------------------------------------
ICRA has assigned an [ICRA]B rating to the INR6 crore cash credit
and INR1.35 crore stand by line of credit facility of Bhagabati
Build & Constructions Private Limited. ICRA has also assigned an
[ICRA]A4 rating to the INR3 crore non fund based bank facilities
of BBCPL.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based Limit
   Cash Credit            6           [ICRA]B assigned

   Fund Based Limit
   Stand-by Line
   of Credit              1.35        [ICRA]B assigned

   Non Fund Based
   Limit - Bank
   Guarantee              3           [ICRA]A4 assigned

The assigned ratings take into account BBCPL's small scale of
operations at present, its high working capital intensity of
operations due to build up of inventory that adversely impacts
it's liquidity position and the low order book position as on
March 31, 2015 with limited revenue visibility in the near term.
The ratings also factor in the highly fragmented industry
structure, characterized by intense competition from a large
number of players besides the sectoral concentration risk arising
from contracts majorly dependent on road projects in Odisha. The
ratings, however, derive comfort from the long track record of the
promoters in the civil construction, particularly the road
construction industry, and BBCPL's status as a super class
contractor with PWD, Odisha which enables the company to bid for
large contracts in the state. In ICRA's opinion the ability of the
company to manage its working capital requirements efficiently and
procure new orders would be the key rating sensitivities going
forward.

Incorporated in 2010, BBCPL has been promoted by Mr. Bibhuti
Bhusan Routray and Mr. Bichitrananda Routray. It is engaged in
civil construction, particularly road construction, in the state
of Odisha and is a registered super class contractor with PWD,
Odisha.

Recent Results
BBCPL has reported a net profit of INR1.43 crore on an operating
income of INR38.43 crore during 2014-15 as compared to a net
profit of INR1.12 crore on an operating income of INR29.37 crore.



BHAGWATI COTTON: CARE Reaffirms B Rating on INR8cr LT Loan
----------------------------------------------------------
CARE reaffirms ratings assigned to bank facilities of Bhagwati
Cotton Industries.

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

Rating Rationale

The rating assigned to the bank facilities of Bhagwati Cotton
Industries (BCI) continues to remain constrained on account
of fluctuating total operating income (TOI), thin profit margins,
leveraged capital structure and moderate debt coverage
indicators. The rating continues to remain constrained on account
of its constitution as a partnership firm, its working
capital intensive nature of operations and vulnerability of
profits to fluctuations in raw material prices along with
government regulations for price and supply of cotton.

The rating, however, continues to derive benefits from the vast
experience of the partners in the cotton industry and location
advantage.

The ability of BCI to increase the scale of operations along with
an improvement in profit margins and capital structure while
managing its working capital requirements is the key rating
sensitivity.

BCI was started in 2004 as a partnership firm; during FY13 (refers
to the period April 1 to March 31), three partners retired and
four partners joined the firm. Currently, there are seven partners
who has unequal holding in the firm. Mr Pravin J Jiyani, Managing
Partner, is actively involved in the business and manages the
routine operations. BCI is engaged in cotton ginning and pressing
and has an installed capacity of 7,000 metric tonnes per annum
(MTPA) for cotton bales and 12,500 MTPA for cotton seeds as
onMarch 31, 2015, at its sole manufacturing facility located at
Amreli (Gujarat).

During FY15, BCI reported PAT of INR9.75 crore on a total
operating income (TOI) of INR44.90 crore as against PAT of
INR8.51 crore on a TOI of INR54.85 crore during FY14. During
10MFY16 (Provisional), BCI achieved TOI of INR23.93 crore.


BHAGYALAXMI BRINE: CRISIL Cuts Rating on INR50MM Term Loan to D
---------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Bhagyalaxmi Brine Chem Pvt. Ltd. (BBPL) to 'CRISIL D' from
'CRISIL B/Stable.

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

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

The rating downgrade reflects instances of delay by the company in
servicing its term debt; the delays have been caused by weak
liquidity with insufficient net cash accrual to meet debt
obligations and a stretched working capital cycle.

The company is in a nascent stage of operations in the highly
fragmented industrial salt industry and has a below-average
financial risk profile because of a leverage capital structure.
However, it benefits from the extensive industry experience of its
promoters and a strong relationship with customers and suppliers.

Established in 2012, BBPL manufactures industrial salt in the Nawa
region of Rajasthan. The company's capacity is currently around 25
tonnes per hour. It is managed by Mr. Prashant Agarwal and his
father Mr. Kailash Chandra Agarwal.


BIRAMANE HOSTEL: CRISIL Reaffirms 'D' Rating on INR65.1MM Loan
--------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Biramane
Hostel (BH) continues to reflect the instances of delay by BH in
servicing its term loan obligations; the delays have been caused
by weak liquidity resulting from low cash accrual along with cash
flow mismatches.

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Proposed Term Loan      34.9      CRISIL D (Reaffirmed)
   Term Loan               65.1      CRISIL D (Reaffirmed)

BH also has weak debt protection metrics and a modest scale of
operations. The association of persons (AOP), however, benefits
from its promoters' extensive experience in the education sector.

BH is an AOP of the Biramane family based in Maharashtra. The AOP
provides hostel services to boarding students of Vidya Niketan
High School & Junior College and Vidya Niketan High School at
Panchgani (Maharashtra), which is run by Biramane Education
Foundation (a group trust).


DASHMESH RICE: CARE Lowers Rating on INR9.68cr LT Loan to D
-----------------------------------------------------------
CARE revises ratings assigned to bank facilities of Dashmesh Rice
Mills.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      9.68      CARE D Revised from
                                            CARE B

Rating Rationale
The revision in the ratings of Dashmesh Rice Mills (DRM) takes
into account ongoing delays in debt servicing due to stressed
liquidity position of the firm.

Dashmesh Rice Mills (DRM), a partnership firm, was incorporated in
2003 by Mr Ranjit Singh andMr Jasbir Singh. The firm is engaged in
processing of paddy (basmati and non basmati) at its manufacturing
facility located at Ghogra, Punjab having an installed capacity of
9 metric ton per hour (MTPH) as on March 31, 2014. DRM procures
paddy directly from local grain markets through commission agents
located in Punjab. Furthermore, the firm sells its products in the
states of Punjab, Haryana, Rajasthan and Delhi through a network
of commission agents.

DRM reported a PAT of INR0.05 crore on a total income of INR20.25
crore in FY14 (Audited; refers to the period April 1 to March 31)
as against the PAT of INR0.03 crore on a total income of INR12.61
crore in FY13.


DEWAN HOUSING: Fitch Assigns 'BB' IDR; Outlook Stable
-----------------------------------------------------
Fitch Ratings has assigned India-based non-bank housing finance
company Dewan Housing Finance Corporation Limited (DHFL) Long-Term
Foreign-Currency and Local-Currency Issuer Default Ratings (IDRs)
of 'BB'.  The Outlook on both ratings is Stable.

DHFL's IDRs are underpinned by its established housing finance
business catering primarily to low- to medium-income (LMI)
customers.  The rating also reflects DHFL's well-managed asset
quality and low credit costs in line with its low loan-loss
history, despite having a customer profile that is potentially
riskier.  Margins are lower than that of its peers partly due to
the rising competition in the LMI segment as well as higher
funding costs - since wholesale funding is a common feature for
the non-banking institution.

The rating also factors in DHFL's diversification efforts beyond
its core focus towards higher-yielding and riskier segments, such
as loan against property and project loans, partly to strengthen
margins.  These exposures have yet to be tested and can pose a
risk if not managed well.  Regulations limit the exposure of non-
housing finance business to around one-fourth of the loan book for
housing finance companies (HFCs), which partly alleviates these
concerns.  The Stable Outlook highlights Fitch's view that the
rating is well-balanced at its current level.

                        KEY RATING DRIVERS

DHFL's rating reflects its successful track record in the LMI
segment in Tier 2 and 3 cities, particularly in the western and
southern parts of India.  Credit losses have been low (0.14% of
average loan book over the last four years) despite these
concentrations.  However, the share of higher-yielding non-housing
finance businesses has grown in recent years, adding risks that
are yet to be fully tested.  Non-housing finance loans comprised
around 18% of total loans at end-September 2015 and are likely to
stay at around 18%-20% of the loan book.

DHFL's net interest margin of 2.9% and return on assets of 1.6% at
end-December 2015 were lower than those of its peers.  Fitch
believes that this is not only a reflection of gradually
increasing competition in the LMI housing finance segment, but
also structural issues such as higher operating and funding costs.
The smaller loan size requires a wider customer footprint and
thus, an elevated cost structure (cost-to-income ratio was 26% at
end-December 2015).  The expansion of its non-housing finance
business and greater focus on self-employed borrowers has partly
helped to alleviate margin pressures, but the ability to maintain
overall credit costs at a low level is key for DHFL.  That said,
pre-provision profit appears adequate at this stage to absorb a
moderate increase in credit costs (credit cost/pre-provisioning
operating profit was 3.8% at end-March 2015).

In light of the above, Fitch views DHFL's core capital position
with Tier 1 capital ratio of 12.6% at end-December 2015 as
satisfactory.  It is supported by steady internal capital
generation and the ability to access equity markets (four times in
the last seven years).  DHFL's proposed plan to raise around
USD75m (Fitch expects the company to receive 25% of this amount by
March 2016) from share warrants issued to the controlling
shareholders should support capitalisation at current levels over
the next two years.  However, any significant improvement in core
capitalization from current levels will provide greater balance
against the evolving business risk and a comparatively low, albeit
improving, specific loan-loss cover of 35% as at end-December2015
(29% as at end-March 2015).

Dependence on wholesale funding is common across non-banks,
including DHFL.  Fitch views the company's liquidity profile as
satisfactory.  Although its on-balance sheet liquidity appears
tighter than peers', its liquidity position is supported by access
to unused bank credit lines and the ability to refinance a higher
proportion of its housing loan portfolio with the regulator
National Housing Bank, should there be a need.  Fitch has also
taken into account the efforts made to strengthen the group
management structure, but believes that key-man risk is on the
higher side (as is generally for promoter-driven businesses) given
that the founder and chairman is pivotal in strategic decision-
making.

                       RATING SENSITIVITIES

The rating is highly sensitive to the company's risk appetite,
which may impact asset quality and credit costs.  Fitch does not
expect DHFL's non-housing exposures to increase from current
levels, but changes to the customer or business mix that elevate
the risk profile can have a negative rating impact.  Negative
rating action could also stem from a sharp increase in non-
performing loans and credit costs.  Sustained improvement in
DHFL's profitability and capitalisation while maintaining credit
costs at low levels could be positive for DHFL's rating, though
not expected in the near term.

The rating actions are:

Dewan Housing Finance Corporation Limited

  Long-Term Foreign-Currency Issuer Default Rating assigned at
   'BB'; Outlook Stable
  Long-Term Local-Currency Issuer Default Rating assigned at
  'BB'; Outlook Stable


DHARMANA MOTORS: CRISIL Assigns B Rating to INR58MM Cash Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Dharmana Motors (DM).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            58       CRISIL B/Stable

The rating reflects the firm's low bargaining power, and exposure
to risks relating to dependency on a single principal and to
intense competition in the automobile dealership business. The
rating also factors in a weak financial risk profile because of
subdued debt protection metrics. These rating weaknesses are
partially offset by the industry experience of the firm's
promoters, an established market position, and sound risk
management policies with respect to inventory and debtors.
Outlook: Stable

CRISIL believes DM will continue to benefit over the medium term
from its promoters' extensive industry experience and established
relationship with TVS Motor Company Ltd (TVS). The outlook may be
revised to 'Positive' in case of improvement in the financial risk
profile, driven most likely by higher-than-expected cash accrual
or capital infusion along with efficient working capital
management. Conversely, the outlook may be revised to 'Negative'
in case of further pressure on the financial risk profile,
particularly liquidity, due to lower-than-anticipated cash accrual
or a substantial increase in working capital requirement.

DM, established in 2002 as a partnership firm, is an authorised
dealer and service centre for all two wheelers of TVS in
Visakhapatnam and Srikakulam. Its operations are managed by Mr.
Sasidhar Dharmana.


GINNI HOLDINGS: ICRA Lowers Rating on INR22cr LT Loan to 'D'
------------------------------------------------------------
ICRA has revised its long term rating on the INR24 crore bank
limits of Ginni Holdings from [ICRA]BB- (stable) to [ICRA]D. ICRA
has also revised its short term rating on the INR1 crore bank
limits of GHD from [ICRA]A4 to [ICRA]D.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long Term Fund
   Based limits          22.0        [ICRA]D; revised

   Short Term Non
   Fund Based limits      1.0        [ICRA]D; revised

   Unallocated            2.0        [ICRA]D; revised

ICRA's rating downgrade factors in the delays in debt servicing
due to stretched liquidity. The slowdown in the demand for GHD
jewellery products resulted in blockage of funds. Going forward,
the ability of the firm to timely service its debt will be the key
rating sensitivities.

Ginni Holdings is a manufacturer, wholesaler and trader of gold,
diamonds and silver ornaments/jewellery. Ginni Holdings has
presence largely in gold jewellery, which contributes more than
90% of revenues. Ginni Holdings is a partnership firm established
in the year 2006 and promoted by Mr. Pradeep Kumar Goel and his
family. The firm procures gold under the Metal Loan Scheme from
Bank of Nova Scotia and other domestic wholesalers. Ginni
Holdings's customers primarily consist of wholesalers and
retailers based in New Delhi area.


HEAVY METAL: CARE Reaffirms B Rating on INR224.90cr LT Loan
-----------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Heavy Metal And Tubes Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities    224.90      CARE B Reaffirmed
   Short-term Bank Facilities    12.00      CARE A4 Reaffirmed

Rating Rationale

The ratings of Heavy Metal & Tubes Limited (HMTL) continue to be
constrained on account of cash losses reported by HMTL during past
two years (ending FY15[refers to the period April 1 to March 31])
resulting in stretched liquidity and HMTL undergoing the debt
restructuring package approved by its lenders.

The ratings are further constrained by susceptibility of its
profitability to volatile raw material prices and foreign currency
exchange rate fluctuation; highly leverage capital structure, weak
debt coverage indicators and its presence in a highly competitive
and cyclical industry.

The ratings, however, continue to draw strength from vast
experience of promoters in Carbon Steel (CS) and Stainless
Steel (SS) tube business, established track record of operations
and infusion of fund by promoters and group entity to
support the operations in line with the debt restructuring package
approved by its lenders.

HMTL's ability to quickly turn around the operations of its hot
finished carbon steel (HFCS) division, manage volatility
associated with raw material price and foreign currency exchange
rate fluctuation along with improvement in its profitability and
capital structure would be the key rating sensitivities.

Incorporated in 1991, HMTL is engaged in the manufacturing of CS
and SS based seamless tubes and pipes and welded pipe. HMTL
backward integrated to manufacture HFCS pipes in FY12. HMTL's
products find application in condensers, heat exchangers, boilers,
pressure vessels, instrumentation, hydraulic and pneumatic systems
used in industries such as oil & gas refineries, steel plants,
power plants, fertilizers etc. HMTL's lenders had approved the
restructuring of its debt repayment obligations in March 2015, as
HMTL reported subdued operating performance during FY14. Post the
approval of restructuring, as per the interaction with lenders,
HMTL has adhered to all the terms and conditions specified by the
debt restructuring plan and has recapitalized the entity with
infusion in the form of shareholder's equity, preference shares
and unsecured loans.

In line with the debt restructuring package approved by its
consortium lenders, promoters have infused INR21.95 crore in
FY15 and further infused unsecured loans of around INR10.00 crore
during H1FY16.

As per the audited results for FY15, HMTL incurred a net loss of
INR37.28 crore on a total operating income (TOI) of INR282.86
crore as against a net loss of INR11.67 crore on a TOI of
INR275.43 crore in FY14.


ICICI BANK: Moody's Affirms (P)Ba2 Jr. Sub. MTN Program Rating
--------------------------------------------------------------
Moody's Investors Service has affirmed ICICI Bank Limited's local
and foreign currency deposit ratings of Baa3/P-3.

The rating for the bank's senior unsecured medium term note (MTN)
program of (P)Baa3 has also been affirmed.

In addition, Moody's has affirmed ICICI Bank's baseline credit
assessment (BCA) and adjusted BCA of baa3, as well as its
Counterparty Risk Assessment (CR Assessment) of Baa2(cr)/P-2(cr).

Moody's has also affirmed the ratings for the bank's subordinated
MTN and junior subordinate MTN program at (P)Ba1 and (P)Ba2
respectively.

The outlook on all the long-term ratings, where applicable, is
positive.

The full list of affected ratings is provided at the end of this
press release.

RATINGS RATIONALE

ICICI Bank's non-performing loans (NPL) have increased over the
last few quarters, with its gross NPL ratio standing at 4.21% at
end-2015 compared to 3.29% at end-March 2015. The increase was
particularly large in the latest quarter ending December 2015 as
the bank recognized some accounts as NPLs, in response to the
Reserve Bank of India's directives to banks operating in the
country.

Moody's expects asset quality for ICICI Bank's corporate loans
will remain under pressure, even beyond the quarter ending March
2016. The bank has a meaningful exposure to large corporates, some
of which show weak debt servicing metrics. These exposures
represent the key source of risk for the bank's asset quality.

At the same time, the bank has significant buffers to withstand a
meaningful deterioration in asset quality.

ICICI Bank has seen significant improvement in its core operating
profitability over the last few years, with its pre-provision
income (PPI)/average assets increasing to 3.18% for the fiscal
year ended 31 March 2015 (FY2015) from 1.91% at FY2009. The
increase in its core profitability was driven by structural
improvement in its funding profile, as well as higher net interest
margins and better cost-to-income ratios.

As a result, even if NPLs increase sharply, the bank can rebuild
its loan loss reserve levels over a reasonable period of time by
providing for higher credit costs. Credit costs/PPI for the bank
for the nine months to 31 December 2015 registered 28%, indicating
that the bank has the capacity to support a much higher level of
credit costs if required.

In addition, the bank exhibits strong capital levels, with a CET 1
ratio of 12.7% at end-2015. As demonstrated in the sale of its
stake in its life insurance subsidiary - completed in 2015 - the
bank can further support its capital levels by selling down some
stakes in its subsidiaries if needed.

These strong buffers have led to the bank's BCA being affirmed at
baa3, despite the pressure on its asset quality.

At the same time, ICICI Bank's BCA of baa3 is positioned at the
upper end of the scorecard range of baa3-ba2, indicating downward
pressure on its BCA.

WHAT COULD CHANGE THE RATINGS -- UP

ICICI Bank's senior unsecured debt and deposit ratings could be
upgraded if India's sovereign rating of Baa3 - with a positive
outlook - is upgraded.

WHAT COULD CHANGE THE RATINGS -- DOWN

ICICI Bank's BCA could face downward pressure if: (1) its NPL
ratio increases substantially from current levels; and/or (2) if
its core earnings fall and impacts its ability to support an
increase in credit costs.

Both the BCA and the senior unsecured debt and deposit ratings
could be downgraded if India's sovereign rating is downgraded.

ICICI Bank Limited, headquartered in Mumbai, reported total assets
of INR7.02 trillion at 31 December 2015.

Taking into account Moody's actions on ICICI Bank's ratings, the
bank's ratings are as follows:

ICICI Bank Limited:

-- Long-term local and foreign currency bank deposit ratings
    affirmed at Baa3; outlook positive

-- Short-term local and foreign currency bank deposit ratings
    affirmed at P-3

-- Senior unsecured MTN program rating affirmed at (P)Baa3

-- Subordinate MTN program rating affirmed at (P)Ba1

-- Junior subordinate MTN program rating affirmed at (P)Ba2

-- BCA and Adjusted BCA affirmed at baa3

-- CR Assessment affirmed at Baa2(cr)/P-2(cr)

ICICI Bank Limited, New York Branch:

-- Senior unsecured debt rating affirmed at Baa3; outlook
    positive

-- Senior unsecured MTN program rating affirmed at (P)Baa3

-- Subordinate MTN program rating affirmed at (P)Ba1

-- Junior subordinate MTN program rating affirmed at (P)Ba2

-- CR Assessment affirmed at Baa2(cr)/P-2(cr)

ICICI Bank Limited, Bahrain Branch:

-- Senior unsecured debt rating affirmed at Baa3; outlook
    positive

-- Senior unsecured MTN program rating affirmed at (P)Baa3

-- Subordinate MTN program rating affirmed at (P)Ba1

-- Junior subordinate debt rating affirmed at Ba2 (hyb)

-- Junior subordinate MTN program rating affirmed at (P)Ba2

-- Pref. stock non-cumulative rating affirmed at Ba3 (hyb)

-- CR Assessment affirmed at Baa2(cr)/P-2(cr)

ICICI Bank Limited, Dubai Branch

-- Senior unsecured debt rating affirmed at Baa3; outlook
    positive

-- Senior unsecured MTN program rating affirmed at (P)Baa3

-- Subordinate MTN program rating affirmed at (P)Ba1

-- Junior subordinate MTN program rating affirmed at (P)Ba2

-- CR Assessment affirmed at Baa2(cr)/P-2(cr)

ICICI Bank Limited, Hong Kong Branch

-- Deposit note/CD program rating affirmed at (P)Baa3/(P)P-3

-- Senior unsecured debt rating affirmed at Baa3; outlook
    positive

-- Senior unsecured MTN program rating affirmed at (P)Baa3

-- Subordinate MTN program rating affirmed at (P)Ba1

-- Junior subordinate MTN program rating affirmed at (P)Ba2

-- CR Assessment affirmed at Baa2(cr)/P-2(cr)

ICICI Bank Limited, Singapore Branch

-- Senior unsecured debt rating affirmed at Baa3; outlook
    positive

-- Senior unsecured MTN program rating affirmed at (P)Baa3

-- Subordinate MTN program rating affirmed at (P)Ba1

-- CR Assessment affirmed at Baa2(cr)/P-2(cr)


JINDAL STEEL: CRISIL Downgrades Rating on INR144.98BB Loan to D
---------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities and debt
programmes of Jindal Steel and Power Ltd (JSPL; part of the JSPL
group) to 'CRISIL D/CRISIL D' from 'CRISIL BB+/CRISIL A4+'; the
ratings have been removed from 'Watch with Negative Implications'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit          36000      CRISIL D (Downgraded from
                                   'CRISIL BB+'; removed from
                                   'Rating Watch with Negative
                                   Implications')

   Letter of Credit     38000      CRISIL D (Downgraded from
                                   'CRISIL A4+'; removed from
                                   'Rating Watch with Negative
                                   Implications')

   Proposed Cash         5500      CRISIL D (Downgraded from
   Credit Limit                    'CRISIL BB+'; removed from
                                   'Rating Watch with Negative
                                   Implications')

   Proposed Letter      33492.4    CRISIL D (Downgraded from
   of Credit                       'CRISIL A4+'; removed from
                                   'Rating Watch with Negative
                                   Implications')

   Proposed Long Term   43400      CRISIL D (Downgraded from
   Bank Loan Facility              'CRISIL BB+'; removed from
                                   'Rating Watch with Negative
                                   Implications')

   Proposed Short Term   2500      CRISIL D (Downgraded from
   Bank Loan Facility              'CRISIL A4+'; removed from
                                   'Rating Watch with Negative
                                   Implications')

   Term Loan           144987.6    CRISIL D (Downgraded from
                                   'CRISIL BB+'; removed from
                                   'Rating Watch with Negative
                                   Implications')

The rating downgrade reflects delays by JSPL in payment of
interest on its term loans; the delays were due to weakened
liquidity. Liquidity deteriorated significantly as the steep fall
in steel realisations coincided with high debt repayment
obligations. Pressure on liquidity intensified further due to
delays in materialisation of asset monetisation plans and
refinancing of debt.

JSPL's steel business remains vulnerable to volatility in demand
and in prices of metal, while its power business is susceptible to
demand and price volatility in the merchant market and lack of raw
material integration. The group is also exposed to risks related
to regulatory changes in the mining sector. However, it has a
healthy market position in the steel industry, value-added product
profile, and proximity to raw material sources. Successful debt
refinancing and asset monetisation will be critical for the group
and will assist in tiding over the current liquidity constraint.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of JSPL and its subsidiaries. This is
because all these entities, collectively referred to herein as the
JSPL group, have operational and financial linkages.
About the Group

The JSPL group, part of the diversified OP Jindal group, is one of
India's key steel producers, and has a presence in power
generation and mining. The group has an installed capacity of 6.75
million tonnes per annum (mtpa) of steel: 3.25 mtpa at Raigarh,
Chhattisgarh; 1.50 mtpa in Angul; and 2.00 mtpa in Oman.

Jindal Power Ltd (JPL), a subsidiary of JSPL, currently has a
total commissioned power capacity of 2800 megawatts (MW), with
another 600 MW being synchronised. Through its fully owned
subsidiary, Jindal Steel & Power (Mauritius) Ltd (JSPML), JSPL
acquired Shadeed Iron & Steel Company in Oman, which has a 1.5-
mtpa gas-based hot-briquetted iron plant; the plant is forward-
integrated to manufacture 2.0 mtpa of finished products. The
group's international operations include interests in mining
assets in resource-rich locations such as Australia, Indonesia,
Mozambique, and South Africa.

On a consolidated basis, the JSPL group had a net loss of INR12.8
billion (after accounting for exceptional expense of INR18.55
billion paid as an additional levy on the order of the Supreme
Court of India) on an operating income of INR194.0 billion for
2014-15 (refers to financial year, April 1 to March 31), against a
profit after tax (PAT) of INR18.9 billion on an operating income
of INR192.86 billion for 2013-14. The group had a net loss of
INR16.35 billion (after accounting for provision of INR2.27
billion for impairment loss of fixed assets in its overseas
subsidiary in Australia and foreign exchange variation loss of
INR1.22 billion) on an operating income of INR135.38 billion for
the nine months ended December 31, 2015. Against this, it had a
net loss of INR7.58 billion (after accounting for exceptional
expense of INR18.55 billion paid as an additional levy on the
order of the Supreme Court of India) on an operating income of
INR150.28 billion for the corresponding period of the previous
year.


KAYCEE INDUSTRIES: CRISIL Assigns B+ Rating to INR47.5MM Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' rating to the
bank facilities of Kaycee Industries (KI).

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Proposed Long Term
   Bank Loan Facility      16.3      CRISIL B+/Stable

   Inland/Import Letter
   of Credit               10.0      CRISIL A4

   Bank Guarantee           1.2      CRISIL A4

   Cash Credit              47.5     CRISIL B+/Stable

The rating reflects the firm's below-average financial risk
profile because of a small networth, an average capital structure,
and subdued debt protection metrics. The rating also factors in a
modest scale of operations, large working capital requirement, and
exposure to government restrictions relating to the lead
reclaiming industry. These rating weaknesses are partially offset
by the industry experience of the firm's partners.
Outlook: Stable

CRISIL believes KI will continue to benefit over the medium term
from its partners' extensive industry experience. The outlook may
be revised to 'Positive' in case of a substantial increase in
scale of operation and profitability, leading to higher cash
accrual. Conversely, the outlook may be revised to 'Negative' in
case of low accrual, higher-than-expected working capital
requirement, or unanticipated capital expenditure, resulting in
deterioration in the financial risk profile, especially liquidity.

KI was established in 2007 as a partnership firm by the Dave
family; it is currently managed by Mr. Tarun Dave. The firm
reclaims lead from scrap. Its facility at Saregam near Vapi,
Gujarat, has an installed capacity of smelting 360 tonnes per
month.


LAXMANBHAI CONSTRUCTION: CRISIL Reaffirms B+ Cash Loan Rating
-------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Laxmanbhai
Construction (India) Pvt Ltd (LCIPL) continues to reflect LCIPL's
susceptibility to risk related to completion and salability of the
ongoing project and cyclicality inherent in the real estate
industry. These weaknesses are partially offset by the extensive
experience of the promoters in the construction and real estate
development, and their funding support.

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

Outlook: Stable

CRISIL believes that LCIPL will benefit from the promoters'
extensive industry experience and their funding support over the
medium term. The outlook may be revised to 'Positive' in case of
better-than-expected bookings in its ongoing project, Laxcon
Plaza, and timely receipt of customer advances leading to sizeable
cash flow. Conversely, the outlook may be revised to 'Negative' in
case of fewer bookings and low realisation of advances leading to
low cash flow, constraining liquidity and the debt servicing
ability.

Update:
LCIPL had completed around 80 percent of the construction work as
on December 31, 2015; the remaining work is expected to be
completed by the first quarter of 2015-16. Funding risk has
reduced as company has completed the major portion of
construction. Till December 2015, around 45 percent of the total
saleable area had been sold. Demand is expected to pick up over
the medium term as the construction work is at an advanced stage
and since the project is situated 0.5 kilometre away from the
Nerul railway station, Navi Mumbai. However, any sharp correction
in real estate prices is expected to impact demand. The company
has comfortable average cash buffer of above 1.9 times as on
December 31, 2015. It repaid its entire term loan from HDFC Bank
amounting to INR176 million in August 2015. Against sanctioned
limit of INR125 million from the State Bank of Patiala, LCIPL has
availed INR107 million.  The company repaid INR10.5 million in
February 2016. The company has repayment obligation of INR40
million in May 2016 and INR65 million in August 2016.

LCIPL was set up in 1983 by Mr. Laxmanbhai Bhimji Raghwani and his
family members. The company is engaged in the residential real
estate business; it also undertakes civil construction for other
developers. Currently, it is executing a residential real estate
project, Laxcon Plaza, at Nerul in Navi Mumbai.


MEDICAMEN BIOTECH: CRISIL Cuts Rating on INR150MM Cash Loan to D
----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Medicamen Biotech Limited (MBL) to 'CRISIL D/ CRISIL D' from
'CRISIL BB-/Stable/CRISIL A4+'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         60       CRISIL D (Downgraded from
                                   'CRISIL A4+')

   Cash Credit           150       CRISIL D (Downgraded from
                                   'CRISIL BB-/Stable')

   Letter of Credit      140       CRISIL D (Downgraded from
                                   'CRISIL A4+')

   Long Term Loan         70       CRISIL D (Downgraded from
                                   'CRISIL BB-/Stable')

The downgrade reflects instances of delays in servicing of bank
debt obligations in the recent past on account of delays in debtor
realisations. Furthermore, the company has written off expired
inventory in its provisional results as on December 31, 2015, and
is thus likely to report inadequate cash accrual against debt
obligations in 2015-16 (refers to financial year, April 1 to March
31). Thus, timely servicing of debt will remain contingent on
infusion of unsecured loans by the directors over the medium term.

MBL has large working capital requirements and a modest scale of
operations in a fragmented industry; and a weak financial risk
profile. The company, however, has longstanding presence in the
pharmaceutical industry.

Incorporated in 1993, MBL manufactures pharmaceutical formulations
for the overseas and domestic markets. The formulations are based
on betalactum, non-betalactum, and cephalosporin drugs. MBL is
listed on the Bombay Stock Exchange (BSE). In November 2015,
Shivalik Rasayan Ltd, another BSE listed company, along with 5
persons acting in concert (PACs), acquired the promoters' entire
stake of 44.15 percent in MBL.

According to CRISIL's discussion with the new as well as the
current management, the core operational and financial team of MBL
will continue. Although the entire shareholding of Mr. BK Gupta
and family has been acquired, Mr. Ashutosh Gupta (son of Mr. BK
Gupta) will continue to be on the board of directors.


NIKKI STEELS: CARE Assigns 'B' Rating to INR12cr LT Loan
--------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of Nikki
Steels Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      12        CARE B Assigned

Rating Rationale

The rating assigned to the bank facilities of Nikki Steels Private
Limited (NSPL) is primarily constrained by its modest scale of
operations, low profitability margins, leveraged capital
structure, weak coverage indicators and working capital intensive
nature of operations. The ratings are further constrained by
cyclicality associated with the steel industry and highly
fragmented nature of industry characterized by intense
competition.

The rating constraints are partially offset by experience of the
promoters. Going forward, the ability of the company to stabilize
its scale of operations while improving the profitability margin
and capital structure along with efficient working capital
management shall be the key rating sensitivities.

NSPL, based in Ghaziabad, Uttar Pradesh, was incorporated in June
2006 by Mr Neeraj Gupta and Mr Sharad Gupta. NSPL is primarily
engaged in trading of iron and steel products such as coil, bars,
wire rods and plates. The company procures the traded product
directly from the domestic manufacturers and sells to various
construction and private infrastructure companies domestically.
In FY15 (refers to the period April 1 to March 31), NSPL has
achieved a total operating income (TOI) of INR71.31 crore with
PBILDT of INR1.95 crore, as against TOI of INR78.50 crore with
PBILDT and PAT of INR2.19 crore and INR0.13 crore, respectively,
in FY14. In 8MFY16, the company achieved TOI of INR45 crore.


NOOR INDIA: CARE Reaffirms B Rating on INR7cr Loan
--------------------------------------------------
CARE reaffirms rating assigned to bank facilities of Noor India
Buildcon Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities       7        CARE B Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of Noor India Buildcon
Private Limited (NIBPL) continues to remain constrained on account
of decrease in its total operating income (TOI) coupled with cash
losses during FY15 (refers to the period April 1 to March 31)
along with leveraged capital structure, weak debt coverage
indicators and weak liquidity indicators. The rating continues to
remain constrained on account of its presence in the highly
fragmented and competitive construction industry, working capital
intensive nature of operations, customer and geographical
concentration risk along with vulnerability of profits to
fluctuations in input prices in the absence of price escalation
cost.

The rating, however, continues to take comfort from reasonable
track record of the company and experience of promoters in the
construction industry. The rating also factors comfortable work
order book and its long term relationship with customers.

The ability of NIBPL to increase its scale of operations and
improvement in profit margins are the key rating sensitivities.
Furthermore, improvement in the capital structure, debt coverage
indicators and operating cycle will also remain crucial.

Vapi-based NIBPL was incorporated by Mr Amin Yasid Saiyed in the
year 2006. NIBPL is registered as a 'Class AA' contractor,
PublicWork Department of Gujarat (highest on a scale of AA to E2)
and secures all the contracts through open bidding process. The
company is in the business of undertaking turnkey projects
involving civil works, erection, commissioning and electrical
works of industrial buildings. NIBPL is executing the contract
works for public and private companies.

During FY15, NIBPL reported net loss of INR3.84 crore on a TOI of
INR9.30 crore as against net loss of INR3.09 crore on a TOI
of INR16.09 crore. During 10MFY16 (provisional), NIBPL has
achieved a turnover of INR22 crore.


NUTEK INDIA: CRISIL Lowers Rating on INR345MM LT Loan to C
----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Nutek India Limited (Nutek) to 'CRISIL C' from 'CRISIL B-
/Stable' and has reaffirmed its rating on Nutek's short-term bank
facilities at 'CRISIL A4'.

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Bank Guarantee         12.5       CRISIL A4 (Reaffirmed)

   Cash Credit           130.0       CRISIL C (Downgraded from
                                     'CRISIL B-/Stable')


   Letter of Credit       12.5       CRISIL A4 (Reaffirmed)

   Proposed Long Term    345.0       CRISIL C (Downgraded from
   Bank Loan Facility                'CRISIL B-/Stable')

The rating downgrade reflects weak liquidity position resulting
from continued losses from operations and stretched working
capital position. The company's revenues have declined sharply to
INR275 million during the first nine months of 2015-16 against
revenues of INR720 million during the corresponding period last
year. The decline in revenues is driven by lower demand in
domestic as well as overseas market. The company reported a loss
of INR62 million during the first nine months of 2015-16
vis-a-vis loss of INR20 million during the corresponding period
last year. The receivable cycle remains stretched with debtor days
of 855 days as of September 30, 2015. Although the company is
reported to have received new orders in fourth quarter of 2015-16,
CRISIL believes that liquidity will remain weak owing to old stuck
receivables and large incremental working capital requirements.

For arriving at the rating, CRISIL has consolidated Nutek and its
wholly subsidiaries ' NuTek (HK) Private Limited, Ketun Energy
Private Limited and NuTek Europe SRO which are engaged in the same
line of business.

The ratings reflect Nutek's weak operational performance marked by
declining revenues and Nutek's very weak liquidity because of net
losses and large working capital requirements. These rating
weaknesses are partially offset by the extensive experience of
Nutek's promoters in the telecom industry, with an established
customer base.
Nutek, established in 1993 by Mr. Inder Sharma, is a telecom
infrastructure services provider offering infrastructure rollout
solutions for both mobile and fixed telecom networks. The company
also offers services in installing and maintaining telecom network
equipment and infrastructure.

Nutek's net loss was INR42 million on net revenue of INR820
million for 2014-15, against net loss of INR303 million on net
revenue of INR1581 million for 2013-14. Net loss was INR62 million
on net revenue of INR275 million for the nine months of 2015-16.


OSWAL SPINNING: CARE Lowers Rating on INR18.60cr LT Loan to D
-------------------------------------------------------------
CARE revises ratings assigned to bank facilities of Oswal Spinning
Andweaving Mills Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     18.60      CARE D Revised from
                                            CARE C
   Short term Bank Facilities     0.88      CARE D Revised from
                                            CARE A4

Rating Rationale

The revision in the ratings of Oswal Spinning and Weaving Mills
Limited (OSWML) takes into account ongoing delays in debt
servicing due to stressed liquidity position of the company.

OSWML was promoted by late Mr Lachhman Dass Oswal and at present
the controlling interest vests in his son Mr R.P. Oswal and
grandson Mr A.K. Oswal and their associates. Initially, OSWML had
four manufacturing units, ie, vanaspati ghee, solvent extractions,
G.I. pipe units and a cotton spinning unit. Due to the non-
viability of operations of vanaspati ghee, G.I. Pipe units and
solvent extractions, these operations were suspended during the
year 1996-97, 1997-98 and 2000-01, respectively. Currently, OSWML
has an Export-Oriented Cotton Spinning Unit in Ludhiana (Punjab),
manufacturing 100% Grey Cotton Yarn in this Unit, in the count
range of NE 20 to NE 40. About 80% of the production is combed and
remaining 20% is carded. The manufacturing facility is based on
the well proven Ring Spinning Technology.

The unit was set up in 1993-94 with a capacity of 18,144 Spindles
and its capacity was increased to 26,208 Spindles in 1997-98.

OSWML reported a PAT of INR0.37 crore on a total income of
INR136.98 crore in FY14 (Audited; refers to the period
April 1 to March 31) as against the PAT of INR7.00 crore on a
total income of INR152.75 crore in FY13.


PANTEL TECHNOLOGIES: CRISIL Suspends B Rating on INR80MM Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Pantel
Technologies Private Limited (PTPL).

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            80        CRISIL B/Stable

   Letter of Credit       10        CRISIL A4
   Proposed Long Term

   Bank Loan Facility     70        CRISIL B/Stable

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

Incorporated in 2010, PTPL is engaged in marketing and
distribution of tablets and mobile phones imported from China
under its brand Penta. The company, based in Noida (UP) is
promoted by Mr. Vijender Singh and Ms. Pinky Singh.


PHR INVENT: ICRA Reaffirms 'D' Rating on INR10.10cr LT Loan
-----------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]D to the
INR10.10 Crore fund based limits of PHR Invent Educational
Society.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term Fund
   based Limits         10.10         [ICRA]D; Reaffirmed

The rating reaffirmation factors in the delays in servicing debt
servicing obligations owing to constrained cash flow position with
capital expenditure undertaken for the construction of additional
class rooms during June'15. The rating is further constrained by
the small scale of operations of the society with the entire
revenues contribution coming from the single school coupled. The
ratings also factor in the proposed capital expenditure for
construction of administration block which might put pressure on
debt servicing capability of the society going forward.

The assigned rating, however, draws comfort from vast experience
of society members and healthy enrolments since the start of
operations. ICRA also positively factors in the infrastructural
facilities provided by the society along with the DPS brand which
would help in attracting students.

Going forward, timely servicing of the debt obligations by the
society would be the key rating sensitivity.

PHR Invent Educational Society (PHRIES) was formed in November
2004 in Vijayawada (Andhra Pradesh) to establish and operates
Delhi Public School (DPS) in Vijayawada. DPS Vijayawada commenced
operations in Academic Year (AY) 2008. The school currently
imparts education from LKG to class XII as per the CBSE curriculum
and has a total of 1560 students enrolled in various classes
during AY 2015-16.

Recent results
As per audited statements for FY15, PHRIES registered PAT levels
of INR1.34 Crore on an Operating Income of INR10.96 Crore as
against PAT levels of INR2.43 Crore on an Operating Income of
INR10.96 Crore in FY14.


PRAGANA DANWAR: CRISIL Suspends 'D' Rating on INR60MM Term Loan
---------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Pragana
Danwar Food Processor Private Limited (PDFPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            8        CRISIL D
   Term Loan             60        CRISIL D

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

PDFPL, incorporated in 2011, is promoted by Mr. Nagbas Singh and
family of Rohtas (Bihar). It is operating a rice mill in Rohtas
(Bihar).


PRIME ENERGY: CRISIL Suspends B- Rating on INR58MM Cash Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Prime
Energy Private Limited (PEPL; part of the Rai group).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         40       CRISIL A4
   Cash Credit            58       CRISIL B-/Stable
   Letter of Credit      120       CRISIL A4
   Proposed Long Term
   Bank Loan Facility     22       CRISIL B-/Stable

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

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of PEPL and Rai Industrial Power Pvt Ltd
(RIPPL). This is because the two companies, together referred to
as the Rai group, are in similar lines of business and under a
common management, and have significant operational and financial
linkages with each other. Moreover, PEPL is a 72 per cent
subsidiary of RIPPL.

PEPL, incorporated in 2001, is a 72 per cent subsidiary of RIPPL.
The company is engaged in assembly and sale of diesel generator
sets which are used by various industries. RIPPL, incorporated in
1997, is engaged in trading in spare parts, and undertaking
commissioning, erection and annual maintenance contracts, and
operation and maintenance contracts, for PEPL's clients.


PURNA FISHERIES: CRISIL Reaffirms 'B+' Rating on INR150MM Loan
--------------------------------------------------------------
CRISIL's rating on the bank facilities of Purna Fisheries Private
Limited (PFPL) continues to reflect PFPL's nascent stage of
operations in the fragmented fish farming industry, weak financial
risk profile marked by low net worth, high gearing and weak debt
protection metrics and working-capital-intensive operations. These
rating weaknesses are partially offset by entrepreneurial
experience of the promoters and healthy growth prospects of the
company.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            150      CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      40      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that PFPL will continue to benefit over the medium
term from the locational advantage of the reservoir and funding
support from promoters in the form of unsecured loans. The outlook
may be revised to 'Positive' if the company reports higher than
expected revenues while improving its profitability or if there is
an improvement in the capital structure on account of infusion of
capital. Conversely, the outlook may be revised to 'Negative' in
case of lower-than-expected revenues or profitability or if the
company undertakes a large, debt funded capital expenditure
programme, resulting in deterioration in the company's financial
risk profile.

Incorporated in 2013, PFPL is promoted by Mr. Balaji Nagre. The
company undertakes fish farming activities at the Yeldari
Reservoir located on the Purna River in Parbhani (Maharashtra).
The company has its registered office located in Mumbai.


PURITA WATER: CRISIL Reaffirms B+ Rating on INR70MM LT Loan
-----------------------------------------------------------
CRISIL's ratings on the bank facilities of Purita Water Solutions
Pvt Ltd reflects Purita's modest scale of operations, large
working capital requirement, and small net worth limiting the
financial flexibility. These rating weaknesses are partially
offset by promoters' extensive experience in the water treatment
industry, and their established relations with customers.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         25       CRISIL A4 (Reaffirmed)

   Cash Credit            15       CRISIL B+/Stable (Reaffirmed)

   Inland/Import
   Letter of Credit       15       CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     70       CRISIL B+/Stable (Reaffirmed)

CRISIL had earlier upgraded its rating on the long-term bank
facilities of Purita to 'CRISIL B+/Stable' from CRISIL B/Stable'
on October 8, 2015.
Outlook: Stable

Outlook: Stable CRISIL believes that Purita will continue to
benefit from promoter's extensive industry experience. The outlook
may be revised to 'Positive' if there is a substantial and
sustained improvement in the company's revenues and profitability
margins, or there is a sustained improvement in its working
capital management. Conversely, the outlook may be revised to
'Negative' in case of a steep decline in the company's
profitability margins, or significant deterioration in its capital
structure caused most likely by a stretch in its working capital
cycle.

Purita was set up in 2005 by Mrs. Harsha Wadel, Mr. Ravindra
Wadel, Mr. Ding Li, and Mr. Koh Choong Ming. The company, based in
Mumbai, provides solutions for water disinfection and anti-fouling
treatment for industrial applications.


R.K. DHABHAI: ICRA Revises Rating on INR4.41cr Loan to D
--------------------------------------------------------
ICRA has revised its long term rating on the INR4.41 crore fund
based bank facilities of R.K. Dhabhai Minerals & Chemicals Private
Limited to [ICRA]D from [ICRA]B. ICRA has also revised its short
term rating on the INR2.21 crore non fund based bank facilities of
RKDMC to [ICRA]D from [ICRA]A4.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term-Fund        4.41         [ICRA]D; revised from
   Based Limits                       [ICRA]B

   Short Term-Non        2.21         [ICRA]D; revised from
   Fund Based Limits                  [ICRA]A4

The rating revision is driven by delays in debt servicing by
RKDMC, due to its stretched liquidity position on account of an
elongated working capital cycle due to delays in realization of
payments from its debtors and debt funded capital expenditure
incurred in 2014-15. ICRA takes note of the company's weak
financial risk profile with elevated gearing and weak coverage
indicators. The company is exposed to client concentration risk,
with two companies accounting for its entire revenues; however
ICRA takes cognizance of the long-term nature of contracts with
reputed clients. ICRA also takes note of the extensive experience
of the promoters in the industry, and the steady revenue growth
registered in the past.

Going forward, a track record of timely debt servicing driven by a
sustained improvement in its liquidity position will be the key
rating sensitivity.

Incorporated in 2007, RKDMC is engaged in performing job work like
grinding, crushing, loading and transportation of rock phosphate
for Rajasthan State Mines and Minerals Limited and Hindustan Zinc
Limited. Mr. R.K. Dhabhai and his wife Mrs. Urmila Dhabhai promote
it. Till 2013, the firm was also involved in grinding of quartz
and feldspar, which has now been discontinued. The company's two
operational units for grinding and crushing are located in
Rajasthan with a total grinding capacity of 1,08,000 metric tonnes
(MT) per annum and total crushing capacity of 2,40,000 MT per
annum.

Recent Results
The company reported, a net profit of INR0.18 crore on an
operating income of INR7.71 crore in FY2014-15, as against a net
profit of INR0.22 crore on an operating income of INR6.94 crore in
the previous year.


RAI INDUSTRIAL: CRISIL Suspends B- Rating on INR80MM Cash Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Rai
Industrial Power Private Limited (RIPPL; part of the Rai group).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee        50        CRISIL A4
   Cash Credit           80        CRISIL B-/Stable
   Letter of Credit      30        CRISIL A4
   Proposed Long Term
   Bank Loan Facility    20        CRISIL B-/Stable

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

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of RIPPL and Prime Energy Pvt Ltd (PEPL).
This is because the two companies, together referred to as the Rai
group, are in similar lines of business and under a common
management, and have significant operational and financial
linkages with each other. Moreover, PEPL is a 72 per cent
subsidiary of RIPPL.

PEPL, incorporated in 2001, is a 72 per cent subsidiary of RIPPL.
The company is engaged in assembly and sale of diesel generator
sets which are used by various industries. RIPPL, incorporated in
1997, is engaged in trading in spare parts, and undertaking
commissioning, erection and annual maintenance contracts, and
operation and maintenance contracts, for PEPL's clients.


RAMAKRISHNA ELECTRONICS: CARE Rates INR6cr LT Loan at 'B'
---------------------------------------------------------
CARE assigns 'CARE B' rating to bank facilities of Ramakrishna
Electronics Karnataka Division.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities       6        CARE B Assigned

Rating Rationale

The rating assigned to the bank facilities of Ramakrishna
Electronics-Karnataka Division (REK) is constrained by low profit
margin at the back of trading nature of business in the highly
fragmented and competitive industry, leveraged capital structure,
inherent risk associated with a partnership firm and cyclical,
seasonal and working capital intensive nature of business. The
rating is, however, underpinned by the experienced promoter having
considerable experience in trading of electronics products,
consistent growth in total operating income, authorized
distributor in seven district of Karnataka and growing demand of
consumer electronics and home appliances. The ability of the firm
to improve in its scale of operations with profitability margin
and prudent management of the working capital borrowing are the
key sensitivities.

Ramakrishna Electronics_Karnataka Division (REK), is a partnership
firm established in April, 2003 by Mr V Raghavenrdra, Mr V Ravi
Kumar, Mr K Mahnjunath, Mr M Mahesh, Mr B Shatrugna , Mrs V
Rajeshwari and Mr J Venkateshwara Ravi Prasad. The firm is engaged
in distribution and trading (wholesale) of consumer electronic
products and home appliances of Samsung in seven districts of
Karnataka (Raichur, Bellary Koppal, Hubli, Gadag, Baghalkot,
Bjiapur and Belgaum). The firm is exclusive distributor of
electronics appliance of Samsung in seven district of Karnataka.
The firm has warehouses at Hubli, Gangavathi and Belgaum.

In FY15 (refers to the period April 01 to March 31), REK has
reported a total operating income of INR39.15 crore (Rs.29.94
crore in FY14) and a PAT of INR0.13 crore (Rs.0.18 crore in FY14).


SABAR FLEX: CARE Reaffirms B Rating on INR7.47cr LT Loan
--------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Sabar Flex Industries.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     7.47       CARE B Reaffirmed
   Short term Bank Facilities    0.50       CARE A4 Reaffirmed

Rating Rationale

The ratings assigned to the bank facilities of Sabar Flex
Industries (SFI) continue to remain constrained on account of
decline in total operating income during FY15 (refers to the
period April 1 to March 31) coupled with moderate debt
coverage indicators and weak liquidity position. The ratings are
further constrained due to SFI's presence in the highly
competitive plastic manufacturing industry and vulnerability of
profitability to fluctuations in raw material prices.

The above constraints outweigh the benefits derived from
moderately comfortable profit margin coupled with moderately
comfortable capital structure and wide experience of the promoters
into manufacturing of packaging material as well as established
clientele.

The ability of SFl to increase its scale of operations with
improvement in profit margins and debt coverage indicators are
the key rating sensitivities. Furthermore, maintaining better
liquidity profile would also remain crucial going forward.

Established during March 2007, SFI is a partnership firm promoted
by Mr Udesinh A Parmar, Mr Prakash C Shah, Mr Pruthvisinh A
Parmar, Mrs Varshaben P Shah, Mr Chandrakant Patel, Mr
Himatbahadur Kunwar, Mr Ashoksinh, Mr Bankim Chaudhary, Mr
Bharatbhai Patel, Mr Vishal Patel. SFI is engaged in manufacturing
of packaging material like multilayer laminated wrappers, stand up
pouches for all type of FMCG products, cosmetic products,
automobile lubricant packaging, etc. SFI's manufacturing is
located at Himatnagar and has an installed capacity of 2300 Metric
Tonne Per Annum (MTPA) of L.D. Films and 2425 MTPA of laminated
pouch printed bags as on March 31, 2015. L.D. films are mainly
used for manufacturing of printed bags and pouches which in turn
find application as a packing material for salts, pesticides,
insecticides and other agro products.

During FY15, SFI reported TOI of INR23.32 crore and PAT of INR0.48
crore as against TOI of INR32.14 crore and PAT of INR0.80 crore
during FY14. During 10MFY16 (Provisional), SFI has achieved TOI of
INR23.20 crore.


SAVITRA TILES: CARE Assigns B+ Rating to INR8.03cr LT Loan
----------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to bank facilities of
Savitra Tiles Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     8.03       CARE B+ Assigned
   Short term Bank Facilities    1.55       CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Savitra Tiles
Private Limited (STPL) are primarily constrained on account of its
nascent stage of the operations and moderate post project
implementation risk. The ratings are also constrained on
account of susceptibility of its profit margin to volatility in
the raw material prices and presence in highly competitive
ceramic industry and fortune linked with demand from the cyclical
real estate industry.

The ratings, however take comfort from experienced promoters,
benefits derived from their engagement in trading of ceramic
products and location advantage with its presence in near to Morbi
ceramic cluster.

STPL's ability to achieve envisaged scale of operations and
profitability while maintaining moderate capital structure
would be the key rating sensitivities.

Wankaner-based (Gujarat), STPL was incorporated in April 2015 by
Mr Sachin Parikh, Mr Dipak Kathrani andMr Bharat Sarasvadia. The
promoters are engaged in trading of ceramic products and to
venture into manufacturing, STPL was setup. STPL has completed a
Greenfield project of manufacturing of digital ceramic wall tiles
with capacity of 31,500 MTPA in December, 2015. The project cost
incurred is INR13.76 crore financed by term loan of INR5.43 crore
and balance by promoters' funds. Size of finished tiles is 300mm x
600mm (i.e. 12" x 24") with thickness of 9.50mm.


SHREE KRISHNA: CRISIL Lowers Rating on INR545MM Term Loan to D
--------------------------------------------------------------
CRISIL has downgraded its rating on the long term bank facility of
Shree Krishna Buildcon Private Limited (SKBPL) to 'CRISIL D' from
'CRISIL B/Stable'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Proposed Long Term      5       CRISIL D (Downgraded from
   Bank Loan Facility              'CRISIL B/Stable')

   Term Loan             545       CRISIL D (Downgraded from
                                   'CRISIL B/Stable')

The downgrade reflects SKBPL's delays in servicing its interest
obligations for its term loan facility on account of weak
liquidity arising out of lower than expected bookings in the
commercial real estate project, Palm Mall.

SKBPL was incorporated in 2004, promoted by the Agrawal and Goyal
families of Korba. The company is developing a commercial real
estate project, Palm Mall, at Korba. The total area is 231,218
square feet and the expected cost is around INR1.07 billion. The
project is expected to be completed in 2017-18.


SHRI LAXMI: CRISIL Suspends B+ Rating on INR73MM Cash Loan
----------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Shri Laxmi
Udyog Private Limited (SLU).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            73       CRISIL B+/Stable

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

Incorporated in 1997, SLU is owned and managed by Mr. D S Sharma
and his family members. The company started operations by taking
over Shri Laxmi Udyog, owned and managed by members of the
promoter family. SLU manufactures sheet metal and steel tube part
components, such as holder motors, dampers, engine mounting
brackets, gear blanks, and frame parts for two- and four-wheelers.
The company's manufacturing unit is in Gurgaon (Haryana).


SRI BALAJI: ICRA Assigns B- Rating to INR5cr LT Loan
----------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B- to the INR5.00
crore fund based facilities of Sri Balaji Textiles.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long term- Fund
   based facilities       5.00        [ICRA]B- Assigned

The assigned ratings take into consideration the significant
experience of the promoter in the textile industry of over two
decades and long track record of operations. The ratings are
however constrained by the thin margins, with operating margin at
4.3% during FY15, on account of high competition, restricting the
Firm's pricing flexibility. The ratings are further constrained by
the working capital intensive nature of operations leading to
stretched coverage indicators as reflected in Total Debt/OPBDITA
at 4.6 times, OPBDIT/Interest charges at 1.6 times as on 31st
March 2015. The ratings also consider exposure of the Firm's
earnings to fluctuations in volatile cotton and yarn prices and
regulatory risks. However, the Firm's broad customer base
accompanied with repeat orders from existing customers lends
stability to revenues. ICRA also takes into account the Firm's
small scale of operations restricting economies of scale and the
risks of capital continuity associated with proprietorship firms.
Going forward, the key rating consideration would be the Firm's
ability to improve its profit margins while sustaining the growth
momentum.

Sri Balaji Textiles was established in the year 1994 as a
proprietorship firm and is engaged in the business of
manufacturing of Melange yarn, predominantly in the 20- 40's count
range. The Firm operates from its own factory located in
Coimbatore (Tamilnadu) and has a production capacity of 15 lakh kg
per month. The Firm procures raw materials from domestic market
and the same is spun into m‚lange yarns. The company sells its
produce in the domestic markets, primarily Tamil Nadu, to garment
manufacturers and traders. The final product is used in the
manufacturing of T-shirts. Mr. C. Rajendran is the proprietor of
the firm and has an experience of more than 20 years in the
textile industry.

Recent Results
The firm reported a net profit of INR0.20 crore on an operating
income of INR31.5 crore during 2014-15 as against a net profit of
INR0.20 crore on an operating income of INR30.3 crore during 2013-
14.


T.R. CHEMICALS: CRISIL Suspends 'D' Rating on INR90MM Cash Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of T.R.
Chemicals Limited (TRCL).

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Bank Guarantee           10       CRISIL D
   Bill Purchase-
   Discounting Facility     15       CRISIL D
   Cash Credit              90       CRISIL D
   Term Loan                21.1     CRISIL D
   Working Capital
   Term Loan                13.9     CRISIL D

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

TRCL was established as a private limited company in 1997,
promoted by Mr. Sanjeev Kapoor and Mr. Mukesh Kumar Agarwal. It
was subsequently reconstituted as a closely held limited company.
TRCL manufactures sponge iron and phenolic resins; the company's
facilities are based in  Barpali (Orissa).


TARENDRA INFRASTRUCTURE: CARE Cuts Rating on INR100cr Loan to B
---------------------------------------------------------------
CARE revises the rating assigned to NCD of Tarendra Infrastructure
Chennai Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Non-Convertible Debenture      100       CARE B Revised from
                                            CARE BB

Rating Rationale
The revision in the rating assigned to the Non-Convertible
Debenture (NCD) of Tarendra Infrastructure Chennai Private
Limited (TICPL) takes into account the delay in receipt of
necessary approvals required for its ongoing project resulting in
strained liquidity position of the company. The rating continues
to be constrained by the execution risk associated with
the project, high dependence on customer advances for execution,
saleability risk for the units and the inherent cyclicality
& intense competition associated with the real estate industry.
The rating, however, draws strength from experience of the
promoters and their established track record in the real
estate sector.

Going forward, timely commencement of the project with receipt of
requisite approvals and execution of the project within the
estimated timelines and costs would be the key rating
sensitivities.

TICPL is a special purpose vehicle (SPV) formed by the True Value
Homes (TVH) group, to develop a real estate residential project
(TVH Mannivakkam) at Mannivakkam, Chennai. The group has more than
15 years' experience in developing apartments, villas and
commercial complexes across Chennai and Coimbatore and has
developed & sold over 30 residential and commercial projects. The
proposed project of TICPL is expected to come up in Mannivakkam,
Chennai, on an area of 47 acres with a mix of row houses, villas,
multi-storey apartments and plots. The project is proposed to be
developed in various phases and the first phase comprising of plot
sales is currently in the pre-approval stage. The company is
expected to launch sale of the plots on receipt of requisite
approvals.


U MOTORS: ICRA Assigns 'B/A4' Rating to INR10cr LT Loan
-------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B and reaffirmed
short term rating of [ICRA]A4 to the INR10.00 crore fund based
facility of U Motors Private Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term/Short
   Term Fund Based      10.00         [ICRA]B/[ICRA]A4
                                       Assigned/Reaffirmed

The assigned rating takes into account the long standing
experience of the promoters in auto dealership and other
diversified businesses like real estate and auto components. The
ratings are however constrained on the small scale of operations
of the company, having commenced operations from Sep'14. Further,
the coverage indicators remain adverse as the company is still
under ramp up mode having suffered marginal losses during year
ending Mar'15. ICRA also takes note of thin operating margins and
working capital intensive nature of operations which are inherent
to an auto dealership business. Going forward, efficient working
capital management along with company's ability to achieve growth
and profitability are the key rating sensitivities.

Established in 2014, U Motors Private Limited is engaged in the
dealership of Passenger Vehicles of Tata Motors Limited (TML) in
Pune, Maharashtra. It has two showrooms and a workshop. The
company is a part of Pune based Agarwal group and is promoted by
Mr. Satish Mittal and his brother Mr. Rakesh Agarwal having
experience in diversified businesses. Mr. Satish Mittal has been
in the real estate business for the past 30 years. He has also
been involved in auto dealership business in the past whereas Mr.
Rakesh Agarwal is involved in auto-component manufacturing
business.


VOHRA SOLVEX: CRISIL Assigns B Rating to INR90MM Cash Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Vohra Solvex Private Limited (VSPL). The rating
reflects VSPL's below-average financial risk profile because of
high gearing and weak debt protection metrics, and modest scale of
operations amid intense competition. These rating weaknesses are
partially offset by the extensive experience of VSPL's promoters
in the industry and moderate working capital management.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            90       CRISIL B/Stable

Outlook: Stable

VSPL will continue to benefit from its promoters' extensive
experience in the industry and their funding support. The outlook
may be revised to 'Positive' if VSPL's financial risk profile
improves driven by higher than expected cash accrual, or infusion
of equity. Conversely, the outlook may be revised to 'Negative' in
case of low cash accrual or large working capital requirements, or
large debt-funded capital expenditure pressurising the liquidity.

Incorporated in 2003, VSPL extracts rice bran oil, de-oiled rice
bran and trades in rice bran. The company's processing facility at
Faridkot, Punjab, has a total extraction capacity of about 100
tonnes, which were utilised at 85 percent.

VSPL had net profit of INR0.05 million on sales of INR405.2
million in 2014-15 (refers to financial year, April 1 to March 31)
as against net profit of INR0.03 million on sales of INR370.1
million in 2013-14.



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


LIPPO KARAWACI: Fitch Withdraws 'BB-(EXP)' Rating on US$ Notes
--------------------------------------------------------------
Fitch Ratings has withdrawn the 'BB-(EXP)' expected rating
assigned to Indonesia-based property developer PT Lippo Karawaci
Tbk's (Lippo, BB-/Stable) proposed US dollar notes, because the
debt issue is no longer expected to proceed as previously
envisaged.

The notes were to be issued by Theta Capital Pte Ltd and
guaranteed by Lippo.  The expected rating was assigned on 18
January 2016.



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


CLIQ ENERGY: To Shortlist Liquidator
------------------------------------
The Star Online reports that CLIQ Energy Bhd will be undertaking
an evaluation process to shortlist a liquidator before it makes a
further announcement on returning monies to its entitled
shareholders.

The oil and gas-based special-purpose acquisition company (SPAC),
which has decided to liquidate the business, said it had received
"numerous proposals" from liquidators to undertake the liquidation
process, according to The Star Online.

In a filing with Bursa Malaysia yesterday, the company said it
would make another announcement once the selection of the
liquidator was made, the report notes.

The decision to liquidate the company was announced on Feb 24.

This was after the Securities Commission (SC) rejected the
company's request for a deadline extension to acquire its
qualifying asset, the report relays.

The SC had said it "would not consider an extension of time," the
report notes.

This was in reply to the company's letter to the regulator on Feb
15, seeking the extension, the report says.

CLIQ had to acquire the asset by April 9.

The SPAC said it would be resolving the process towards its
liquidation and returning monies in the trust account to entitled
shareholders according to the applicable laws and rules, the
report notes.

The report discloses that SPACs are cash shells that raise money
to make acquisitions, with the end-goal of adding value to the
newly-acquired asset and to eventually see significant returns for
shareholders.

Earlier in February, Maybank Investment Bank Bhd (Maybank IB)
withdrew from its advisory role to the company in relation to the
proposed acquisition and proposed rights issue with warrants, the
report notes.

The resignation letter from Maybank IB came after the SC had
returned CLIQ's application for its maiden acquisition, the report
says.

The SC had said it was unable to proceed with its review on CLIQ's
acquisition proposal as it had yet to receive certain information
and documents, the report adds.


PRIME GLOBAL: Sek Fong Wong Resigns as Secretary
------------------------------------------------
Sek Fong Wong resigned from her position as the secretary of Prime
Global Capital Incorporated, effective March 7, 2016, according to
a regulatory filing with the Securities and Exchange Commission.
Ms. Wong's departure was for personal reasons and not due to any
disagreement with the Company on any matter related to the
Company's operations, policies or practices, the filing stated.

In connection with Ms. Wong's resignation from her position, the
Board appointed Liong Tat Teh, the Company's chief financial
officer, to serve as the Company's secretary.

                       About Prime Global

Kuala Lumpur, Malaysia-based Prime Global Capital Group operated
in the following three business segments during fiscal year 2014:
(i) software business (the provision of IT consulting, programming
and website development services); (ii) plantation business
(including oilseeds and castor seeds business); and (iii) its real
estate business.  In the fourth quarter of fiscal 2014, the
Company discontinued its castor seeds business in China, and in
December 2014 it discontinued the software business (the provision
of IT consulting, programming and website services) in Malaysia.
As a result, the Company no longer conduct business operations in
China and anticipate winding down or otherwise selling its
interests in the following entities: Power Green Investments
Limited; Max Trend International Limited and Shenzhen Max Trend
Green Energy Co Ltd.

Prime Global Capital reported a net loss of US$1.33 million for
the year ended Dec. 31, 2014, compared to a net loss of US$2.09
million for the year ended Dec. 31, 2013.

B F Borgers CPA PC, in Lakewood, CO, issued a "going concern
qualification in its report on the consolidated financial
statements for the year ended Dec. 31, 2014, citing that the
Company's capital commitments in comparison to available cash
balances raise substantial doubt about its ability to continue as
a going concern.



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


HORVATH CONSTRUCTION: Faces Liquidation Over Unpaid Taxes
---------------------------------------------------------
Cliff Sanderson at Dissolve.com.au reports that Hawke's Bay
building company Horvath Construction is facing liquidation over
unpaid taxes.

The Inland Revenue presumed the company is insolvent and could not
pay its debts as it neglected to pay NZ$71,306.78 in income tax,
unpaid GST and PAYE superannuation as well as Kiwisaver
contributions, the report says.

Horvath Construction was established in 2002. It traded as Horvath
Homes and developed and constructed homes in Te Awa subdivision in
Napier.



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


RURAL BANK OF BASAY: Placed Under PDIC Receivership
---------------------------------------------------
The Monetary Board (MB) placed Rural Bank of Basay (Negros
Oriental), Inc. under the receivership of the Philippine Deposit
Insurance Corporation (PDIC) by virtue of MB Resolution No. 370.A
dated March 3, 2016. As Receiver, PDIC took over the bank on March
4, 2016.

Rural Bank of Basay is a single unit rural bank located at 525
South Pacific Bldg., Gov. M. Perdices St., Dumaguete City, Negros
Oriental. The Bank's President is Edith A. Vera and its Chairman
is Filemon M. Rubin.

Latest available records show that as of December 31, 2015, Rural
Bank of Basay had 83 accounts with total deposit liabilities of
PHP135,117.88, all of which are insured.

PDIC said that during the takeover, all bank records shall be
gathered, verified and validated. The state deposit insurer
assured depositors that all valid deposits shall be paid up to the
maximum deposit insurance coverage of PHP500,000.00.

Depositors with valid deposit accounts with balances of
PHP100,000.00 and below shall be eligible for early payment and
need not file deposit insurance claims, except accounts maintained
by business entities, or when they have outstanding obligations
with Rural Bank of Basay or acted as co-makers of these
obligations. Depositors have to ensure that they have complete and
updated addresses with the bank. PDIC will start mailing payments
to these depositors at their addresses recorded in the bank by the
second week of March 2016.

Depositors may update their addresses until March 10, 2016 using
the Mailing Address Update Forms to be distributed by PDIC
representatives at the bank premises.

For depositors that are required to file deposit insurance claims,
the PDIC will start claims settlement operations for these
accounts by the third week of March 2016.

The PDIC also announced that it will conduct a Depositors-
Borrowers' Forum on March 10, 2016. It enjoins all depositors to
attend the Forum to verify with PDIC representatives if they are
eligible for early payment. Those not eligible will be informed of
the requirements and procedures for filing deposit insurance
claims. The time and venue of the Forum will be posted in the
bank's premises and announced in the PDIC website,
www.pdic.gov.ph. Likewise, the schedule of the claims settlement
operations, as well as the requirements and procedures for filing
claims will be announced through notices to be posted in the bank
premises, other public places and the PDIC website.

For more information, depositors may communicate with PDIC Public
Assistance personnel stationed at the bank premises. They may also
call the PDIC Toll Free Hotline at 1-800-1-888-PDIC (7342), the
PDIC Public Assistance Hotlines at (02) 841-4630 to (02) 841-4631,
or send their e-mail to pad@pdic.gov.ph.


* PDIC to Sell 81 Assets Via Sealed Bidding on March 17
-------------------------------------------------------
The Philippine Deposit Insurance Corporation (PDIC) will dispose
on an "as-is, where-is" basis a total of 81 real properties
acquired by the Corporation and owned by closed banks through
sealed bidding on March 17, 2016. Interested buyers may submit
their bids to the Real and Other Properties Acquired (ROPA)
Disposal Committee Secretariat at the Penthouse, SSS Building,
6782 Ayala Avenue, cor. V.A. Rufino St., Makati City from
9:00 a.m. to 2:00 p.m. Bids will be opened at 2:00 p.m.

Up for bidding are real properties located in Batangas, Cavite,
Cebu, Laguna, Misamis Oriental, Northern Samar, Pangasinan and
Quezon with combined minimum disposal price of PHP241.97 million.

Bidders are advised to bring proper identification document (ID)
with photo and to register at least one hour prior to the deadline
of submission of bids. Bid documents such as Bid Forms, Conditions
of Bid, and standard format of the Special Power of Attorney and
Secretary's Certificate may be downloaded free of charge from the
PDIC website, www.pdic.gov.ph.

Prospective buyers are also advised to physically inspect the
properties they are interested in, examine and verify the titles
and other documents, and determine any unpaid taxes, fees and/or
expenses before submitting their bids.

Each bid should be accompanied by a bond/deposit equivalent to at
least 10% of the submitted bid, in cash or Manager's or Cashier's
Check, or a combination thereof, issued by a universal or
reputable commercial bank and payable to PDIC. The winning bidder
should pay the balance of the bid no later than March 30, 2016.

The expeditious conversion and resolution of assets is among the
objectives outlined in PDIC's strategic directions. PDIC, as
liquidator of closed banks, conducts various asset-disposal
initiatives such as biddings, auctions and negotiated sale.
Proceeds from the sale of closed banks' properties are used to
increase the chances of recovery of uninsured depositors and
creditors of their trapped funds while gains from the sale of
corporate assets are added to the Deposit Insurance Fund, PDIC's
main fund source for payment of valid deposit insurance claims.

For more information on the real properties and on the sealed
bidding, interested parties may get in touch with the ROPA
Disposal Committee Secretariat at telephone number (02) 841-4000
local 4747 or 4748.



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


DAEWOO SHIPBUILDING: Expects Business Turnaround This Year
----------------------------------------------------------
Yonhap News Agency reports that Daewoo Shipbuilding & Marine
Engineering Co., a troubled shipyard, is expecting its business to
turn around this year following last year's record loss, as it has
fully reflected potential losses and its efforts to cut costs, its
chief said on March 10.

Yonhap relates that the shipyard suffered a record KRW5.1 trillion
in losses last year due to increased costs from a delay in the
construction of offshore facilities and order cancellations amid a
prolonged slump in the global shipbuilding sector.

Net losses came at KRW5.13 trillion last year, shifting from the
previous year's profit of KRW33 billion, Yonhap discloses citing a
company's regulatory filing.

"We are controlling losses related to offshore plants, and
additional losses and uncertainties have been removed to some
degree," Daewoo Shipbuilding president Jung Sung-leep told
reporters, Yonhap relays.

Daewoo Shipbuilding expects to log an operating income of some
KRW500 billion this year, and targets orders worth $10.8 billion
this year. As of end-December, its order backlog totaled
$45 billion, according to the shipyard.

Yonhap relates that Chung said the shipyard would not seek any
"drastic" cuts in workforce, but acknowledged the need to reduce
workers.

He said the shipyard had shown stellar performances when the
number of its workers hovers around 30,000. Currently, Daewoo
Shipbuilding employs some 42,000, the report notes.

According to Yonhap, the shipbuilder is seeking to sell
KRW590 billion worth of new stocks this year following last year's
KRW410 billion.

In December, its shareholders approved a proposal to increase the
ceiling of new stock issuance, the latest in a series of steps to
improve its shaky financial status, Yonhap recalls.

In November, its creditors, led by state-run Korea Development
Bank, decided to provide KRW4.2 trillion worth of financial aid to
the shipbuilder, says Yonhap.

In return, Daewoo Shipbuilding is seeking to cut costs and sell
some affiliates and its headquarters office building in Seoul,
saving KRW1.85 trillion in cash, according to Yonhap.

Headquartered in Seoul, South Korea, Daewoo Shipbuilding &
Marine Engineering Co. -- http://www.dsme.co.kr/-- is engaged in
building ships and offshore structures.  Its product portfolio
includes commercial ships, such as liquefied natural gas (LNG)
carriers, oil tankers, containerships, liquefied petroleum gas
(LPG) carriers, pure car carriers; offshore structures, such as
FPSO vessels, drilling rigs, drillships and fixed platforms, and
naval vessels, including submarines, destroyers, rescue ships and
patrol boats.


DONGBU CORP: Up for Sale Again; Main Auction May Open on May 10
---------------------------------------------------------------
Chun Gyung-woon at Pulse News reports that Dongbu Corp., a
troubled construction company of South Korea under court
receivership, is put back on sale after its first sale attempt
fell through last year.

Pulse News relates that Samil PricewaterhouseCoopers (the Korean
member firm of PwC) and Hyundai Securities Co., sales advisors of
the ailing construction company, opened a public tender for Dongbu
Corp. on March 7, saying they aim to sell the company by raising
funds through new share or corporate bond issuance.

According to the report, the sale advisors will receive a letter
of intent from potential bidders by April 6, with a plan to open
the main auction on May 10 following preliminary due diligence.
The sell-off is expected to be completed in the first half of this
year.

Dongbu Corp. was first put up for sale last year with Pine Tree
Investment and Management Co. and Samra Midas Group taking parts
in the bidding race, the report notes. Pulse News says Pine Tree
Investment and Management, a leading manager of non-performing
loans, was selected as the preferred bidder, but the deal with
Dongbu Corp. creditors fell through. Failure in attempt to sell
Dongbu Express, the logistics arm of Dongbu Group in which Dongbu
Corp. invested KRW50 billion ($41.5 million), was believed to have
led to the setback, according to Pulse News.

Pulse News notes that Dongbu Corp. creditors have changed sales
advisors from a consortium led by NH Investment Securities Co. to
Samil PricewaterhouseCoopers and Hyundai Securities for their
second attempt to sell the construction company. Dongbu Corp.
recorded KRW27.1 billion in operating loss on a consolidated basis
last year, significantly narrowing losses from a year ago, Pulse
News discloses.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 2, 2015, Yonhap News said Dongbu Corporation, a financially
troubled construction arm of South Korea's 18th-largest
conglomerate Dongbu Group, said on Dec. 31, 2014, it has filed for
court receivership.

The builder has accumulated debts totaling KRW137 billion
(US$125.9 million) due to mature by the end of 2016, with retail
investors accounting for KRW23 billion, Yonhap disclosed.



                             *********

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



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