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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, August 26, 2016, Vol. 19, No. 169

                            Headlines


A U S T R A L I A

AIRPORT DOORS: First Creditors' Meeting Set for Sept. 5
ARRIUM LTD: Hearing on Suit vs. GSO, BNY Moved to October 27
FUDACHI.COM PTY: First Creditors' Meeting Set for Sept. 2
LEADER JOINERY: First Creditors' Meeting Set for Sept. 2
ROYALE (AUST): First Creditors' Meeting Set for Sept. 5


C H I N A

CHINA BAK: Incurs $2.7 Million Net Loss in Third Quarter
CHINA LESSO: Fitch Affirms 'BB+' IDR, Outlook Stable
PACTERA TECHNOLOGY: S&P Puts 'B+' CCR on CreditWatch Developing
XINYUAN REAL: S&P Rates Proposed Sr. Unsecured Notes 'B-'


H O N G  K O N G

NEXTEER AUTOMOTIVE: Moody's Says Finc'l. Results Support Ba1 CFR


I N D I A

AAKASH POLYFILMS: CRISIL Suspends B+ Rating on INR98MM Term Loan
ANUPAM HOME: CRISIL Suspends B+ Rating on INR50MM Cash Loan
BIGJO'S INFRAESTATE: CRISIL Suspends 'B' Rating on INR100MM Loan
DEWA PROJECTS: CRISIL Reaffirms 'D' Rating on INR2.87BB Loan
DHANYA STEEL: CRISIL Lowers Rating on INR130MM Cash Loan to 'D'

DHANYA TMT: CRISIL Lowers Rating on INR130MM Cash Loan to 'D'
ESES BIO-WEALTH: CRISIL Cuts Rating on INR80MM LT Loan to 'B-'
FOUZDAR CARS: CARE Assigns B+ Rating to INR5.0cr LT Bank Loan
GREENLAND PAPER: CARE Hikes Rating on INR5.89cr LT Loan to BB-
HATIMI STEELS: CRISIL Reaffirms B+ Rating on INR365MM Cash Loan

KAMDHENU FOODS: CRISIL Suspends B+ Rating on INR110MM Cash Loan
KASAVUKADA: CRISIL Reaffirms 'B' Rating on INR86MM Cash Loan
KEE PROJECTS: CRISIL Suspends 'D' Rating on INR150MM Bank Loan
KESHARI INDUSTRIES: CARE Assigns B+ Rating to INR1.86cr LT Loan
KHUSHI FOODS: CARE Lowers Rating on INR7.37cr LT Bank Loan to 'D'

KINGFISHER AIRLINES: CRISIL Cuts Rating on INR35.27BB Loan to NM
KVR DREAM: CRISIL Reaffirms B- Rating on INR47.5MM Loan to B-
LAKSHMIGRAHA ENTERPRISES: CRISIL Cuts Rating on INR250M Loan to B
LORD BUDDHA: CRISIL Assigns 'D' Rating to INR300MM Term Loan
MAHADEV YARN: CRISIL Suspends B+ Rating on INR121.2MM LT Loan

MEGHRAJ INTERNATIONAL: CARE Assigns B+ Rating to INR6.15cr Loan
MIRYALGUDA RICE: CRISIL Reaffirms B+ Rating on INR100MM Loan
MLM INFRA: CRISIL Suspends B+ Rating on INR35MM Cash Loan
NAV NIRMAN: CRISIL Lowers Rating on INR220MM Term Loan to 'D'
NORTEL NETWORKS INDIA: Court Fixes Sept. 19 Claims Bar Date

NORTHERN MOTORS: CRISIL Lowers Rating on INR55.2MM Loan to 'B'
OP MOTORS: CRISIL Suspends 'B' Rating on INR45MM LT Loan
PARAS TARP: CRISIL Suspends 'B' Rating on INR50MM LT Loan
PURANDAR PROMOTERS: CRISIL Suspends B+ Rating on INR200MM Loan
R. K. INDUSTRIES: CRISIL Suspends 'B' Rating on INR180MM Loan

S.S MEDICAL: CRISIL Suspends 'B' Rating on INR60MM Cash Loan
SABARIGIRI EXPORTS: CRISIL Suspends B+ Rating on INR75MM Loan
SR FOILS: CRISIL Assigns 'D' Rating to INR1.55BB Cash Loan
SRI KAVERI: CARE Assigns B+ Rating to INR15.90cr LT Bank Loan
SRI SATYA: CRISIL Assigns B+ Rating to INR52MM Cash Loan

SUNDALE PACKERS: CRISIL Reaffirms 'B' Rating on INR87.2MM Loan
SURYODAY COTEX: CRISIL Ups Rating on INR44.2MM LT Loan to B+
THERMAL FABRICATORS: CRISIL Reaffirms B Rating on INR14MM Loan
USHA CUBALS: CRISIL Reaffirms B- Rating on INR120MM Cash Loan
V.S. BUILDCON: CRISIL Lowers Rating on INR100MM Cash Loan to D

VBM POWER: CRISIL Reaffirms 'D' Rating on INR105.8MM Term Loan
VENKATESH ASSOCIATES: CARE Reaffirms B+ Rating on INR20cr LT Loan
WIDE ANGLE: CRISIL Assigns 'B' Rating to INR57.5MM Bank Loan


J A P A N

TOSHIBA CORP: To Sell Industrial Video Camera Business


M A C A U

STUDIO CITY: May Default on $1.41BB Loan, Warns Analyst


M O N G O L I A

MONGOLIA: Commodity Revival Can't Reverse Epic Meltdown


N E W  Z E A L A N D

DEVONPORT HERITAGE: To Vote to Liquidate Group on September 14


                            - - - - -


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AIRPORT DOORS: First Creditors' Meeting Set for Sept. 5
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Airport
Doors Pty Ltd, Airport Doors (WA) Pty Ltd, Czapp Pty Ltd and ACN
000008024, will be held at Toolern Room, Tabcorp Park, at 2 Ferris
Road, in Melton South, on Sept. 5, 2016, at 12:00 p.m.

John McInerney -- john@crouch.com.au -- of Crouch Amirbeaggi was
appointed as administrator of Airport Doors on Aug. 24, 2016.


ARRIUM LTD: Hearing on Suit vs. GSO, BNY Moved to October 27
------------------------------------------------------------
Sarah Danckert at The Sydney Morning Herald reports that receivers
to collapsed steelmaker Arrium Ltd are facing another delay after
a court pushed back to late October a legal stoush between the
failed group and US financial powerhouses GSO Capital Partners and
BNY Mellon.

According to SMH, Federal Court judge Justice Jennifer Davies will
now hear the dispute on October 27 after lawyer for the US
institutions Peter Jopling, QC, successfully argued for more time
to prepare his case after accusing lawyers for KordaMentha of
"gobbling up" time by changing their pleadings.

Lawyer for receivers Philip Crutchfield argued against a later
trial date, citing the sale process, the report says.

SMH relates that the delay comes as potential buyers circle
collapsed steelmaker Arrium's star ore-grinding business Moly-Cop,
which was put up for sale by the receivers and is expected to
fetch AUD1.5 billion. A float of Moly-Cop is also being canvassed,
while a separate sale and recapitalisation process for Arrium's
Whyalla business and related entities is also being explored.

Arrium was placed into administration on April 7 owing creditors
almost AUD4 billion. The collapse has had huge implications for
the future of Arrium's loss-making Whyalla plant, thousands of
workers and the South Australian economy.

It is hoped the sale process will be finished by the end of the
year but concerns remain that GSO and BNY Mellon could seek to
drag out the legal stoush -- a move which could frustrate the
sales process, says SMH.

SMH says the legal stoush relates to nearly AUD20 million in fees
and costs GSO Capital Partners and BNY Mellon's affiliates believe
they are owed for agreeing to provide a fresh AUD1 billion in debt
to Arrium ahead of its collapse.

According to the report, the directors of Arrium never fully
signed off on the deal but the company did utilise a US$100
million (AUD130 million) plus line of credit that was provided by
GSO and BNY Mellon's affiliates and secured by Arrium's prize
Moly-Cop business.

SMH says Arrium paid back the debt after the US financial
powerhouses filed action against Arrium's receivers in Australia.
However, according to court documents, GSO and BNY Mellon's
subsidiaries were to receive the fees of at least AUD10 million
whether the deal was completed or not, SMH relays. Costs in
arranging the deal are also in excess of AUD15 million.

SMH relates that court documents reveal it was the Australian and
Canadian arms of BNY Mellon -- one of the world's largest
financial institutions with a staggering US$28.6 trillion in
assets under custody -- were behind the GSO capitalization plan
pitched in the month ahead of Arrium's decline.

Mr. Jopling told the court evidence would be given by bankers in
New York and London, but did not name the people who would be
called, the report states.

According to SMH, it's not the first time KordaMentha and its
legal team, which includes gun lawyer Leon Zwier, have been
frustrated by the overseas lenders to Arrium.

Last month, Arrium's overseas banks baulked at signing off on a
crucial AUD50 million federal government loan that was hoped will
improve the viability of the company's loss-making Whyalla steel
plant, SMH recalls.

SMH relates that the banks eventually backed the line of credit
that was a pre-election pledge from Prime Minister Malcolm
Turnbull after receiving clarity about how the loan would be
secured.

The loan is a last-ditch attempt to improve the viability of
Arrium's Whyalla business, which employs thousands of people in
South Australia and is a big player in the state's economy, adds
SMH.

Arrium Limited (ASX:ARI) -- http://www.arrium.com/-- is an
Australia-based mining and materials company. The Company is
engaged in mining and supply of iron ore and steelmaking raw
materials; manufacture and supply of mining consumable products;
manufacture and distribution of steel products, and recycling of
ferrous and non-ferrous scrap metal. Its segments include Mining,
Mining Consumables, Steel and Recycling. Its Mining segment
exports hematite iron ore and supplies both pelletized magnetite
iron ore and hematite lump iron ore. Its Mining Consumables
segment consists of Moly-Cop grinding media business, Waratah
steel mill and Altasteel steel mill. Its Mining Consumables
segment supplies various mining consumables, such as grinding
media, wire ropes and rail wheels. Its Steel segment manufactures
billet and distributes steel and metal products, including
structural steel selections, steel plate, angels, channels,
reinforcing steel and carbon products. Its Recycling segment
supplies steelmaking raw materials.

Pursuant to orders made by the Federal Court of Australia on
April 12, 2016, Mark Mentha, Bryan Webster, Martin Madden and
Cassandra Mathews of KordaMentha have been appointed Joint and
Several Voluntary Administrators of the Company and its 93
Australian subsidiaries replacing Said Jahani, Paul Billingham,
Michael McCann and Matthew Byrnes of Grant Thornton, who were
appointed earlier in April.


FUDACHI.COM PTY: First Creditors' Meeting Set for Sept. 2
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Fudachi.Com
Pty Ltd will be held at the Mackay Goodwin
Exchange House, Suite 2, Level 8, at 10 Bridge Street, in
Sydney, on Sept. 2, 2016, at 11:00 a.m.

Domenic Calabretta of Mackay Goodwin was appointed as
administrator of Fudachi.Com Pty on Aug. 23, 2016.


LEADER JOINERY: First Creditors' Meeting Set for Sept. 2
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Leader
Joinery Pty Ltd will be held at the offices of RSM Australia
Partners, Equinox Building 4, Level 2, at 70 Kent Street, in
Deakin, on Sept. 2, 2016, at 10:00 a.m.

Frank Lo Pilato and Jonathon Colbran of RSM Australia Partners
were appointed as administrators of Leader Joinery on Aug. 23,
2016.


ROYALE (AUST): First Creditors' Meeting Set for Sept. 5
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Royale
(Aust) Pty Ltd will be held at the offices of Worrells Solvency &
Forensic Accountants, Level 15, at 114 William Street, in
Melbourne, on Sept. 5, 2016, at 10:30 a.m.

Con Kokkinos and Matthew Jess of Worrells Solvency & Forensic
Accountants were appointed as administrators of Royale (Aust) on
Aug. 24, 2016.



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CHINA BAK: Incurs $2.7 Million Net Loss in Third Quarter
--------------------------------------------------------
China Bak Battery, Inc., filed with the U.S. Securities and
Exchange Commission its quarterly report on Form 10-Q disclosing a
net loss of US$2.66 million on US$1.36 million of net revenues for
the three months ended June 30, 2016, compared to a net loss of
US$953,940 on US$2.45 million of net revenues for the three months
ended June 30, 2015.

For the nine months ended June 30, 2016, the Company reported a
net loss of US$6.70 million on US$10.06 million of net revenues
compared to net profit of US$17.50 million on US$8.59 million of
net revenues for the nine months ended June 30, 2015.

As of June 30, 2016, the Company had US$82.5 million in total
assets, US$67.4 million in total liabilities and US$15.1 million
in total shareholders' equity.

"We have financed our liquidity requirements from short-term and
long-term bank loans and bills payable under bank credit
agreements, advance from our related and unrelated parties,
investors and issuance of capital stock.

"As of June 30, 2016, we had cash and cash equivalents of $3.1
million. Our total current assets were $26.5 million and our total
current liabilities were $48.1 million, resulting in a net working
capital deficiency of $21.6 million. These factors raise
substantial doubts about our ability to continue as a going
concern.

"On June 10 and 14, 2016, we repaid the one-year short term loans
of RMB30 million and RMB50 million, respectively, obtained under
our banking facilities in June 2015. On June 14, 2016, we renewed
our banking facilities from Bank of Dandong to provide a maximum
amount of RMB130 million (approximately $19.6 million), including
three-year long-term loans and three-year revolving bank
acceptance and letters of credit bills for the period from
June 13, 2016 to June 12, 2019. The banking facilities were
guaranteed by Mr. Xianqian Li, our former CEO, Ms. Xiaoqiu Yu, the
wife of our former CEO, Shenzhen BAK, Mr. Yunfei Li, our CEO, and
Ms. Qinghui Yuan, Mr. Yunfei Li's wife. The facilities were also
secured by part of our Dalian site's prepaid land use rights,
buildings, construction in progress, machinery and equipment and
pledged deposits. Under the banking facilities, in June 2016, we
borrowed various three-year term bank loans that totaled RMB84.5
million (approximately $12.7 million), bearing fixed interest at
7.2% per annum. We also borrowed a series of short-term loans that
totaled $0.7 million arising from the matured letters of credit
from Bank of Dandong under the credit facilities. In June 2016, we
received further advances in the aggregate of $2.9 million from
Mr. Jiping Zhou and Mr. Dawei Li.
These advances were unsecured, non-interest bearing and repayable
on demand. On July 8, 2018, we received further advances of $2.7
million from Mr. Jiping Zhou. On July 28, 2016, we entered into a
securities purchase agreements with Mr. Jiping Zhou and Mr. Dawei
Li to issue and sell an aggregate of 2,206,640 shares of our
common stock, at $2.5 per share, for an aggregate consideration of
approximately $5.52 million. On August 17, 2016, we issued these
shares to the investors.

"As of June 30, 2016, we had unutilized committed banking
facilities of $4.6 million.

"The Company had a working capital deficiency, accumulated deficit
from recurring net losses incurred in prior years and current
period and short-term debt obligations as of
September 30, 2015 and June 30, 2016. These factors raise
substantial doubts about the Company's ability to continue as a
going concern."

The Company's quarterly report on Form 10-Q is available from the
SEC website at https://is.gd/24tuWZ

                         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.

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 LESSO: Fitch Affirms 'BB+' IDR, Outlook Stable
----------------------------------------------------
Fitch Ratings has affirmed China-based plastic pipes and fittings
manufacturer China Lesso Group Holdings Limited's Long-Term Issuer
Default Rating (IDR) and senior unsecured rating at 'BB+'.  The
Outlook is Stable.

The Stable Outlook reflects Fitch's expectation that profitability
of Lesso's core plastic pipes business will remain stable while
the company will maintain low leverage ratios.

                        KEY RATING DRIVERS

Stable Profitability, Low Leverage: Revenue increased by 4.0% yoy
in 1H16 while overall gross margin increased by 2.7pp to 29.8%
from 27.1% in 1H15 (25.8% in 2015) due to a fall in raw material
prices.  Fitch expects full-year 2016 gross margin to be around
27%, which is similar to that in previous years.  Lesso's
leverage, measured by funds from operation (FFO)-adjusted net
leverage, was 0.1x at end-2015 (0.3x at end-2014), which is very
low compared with credits in the 'BB' rating category.

Still Dominant in China: Lesso has maintained its leading position
in China's plastic pipes market with 15%-18% share by volume and
over 50% share in its home market of southern China at end-1H16.
Fitch expects Lesso to continue to dominate the market in southern
China while increasing its presence in other regions, such as
northern China, as the company recently completed construction of
a new production base in the north-eastern province of Shandong.

Sustained FCF Generation: Lesso has consistently recorded positive
free cash flow (FCF), driven by strong EBITDA contribution.  Lesso
was in a net cash position as of end-1H16 and Fitch expects the
company to continue to generate positive FCF in 2016 and 2017.

Municipal Projects Support Demand: Government infrastructure
construction accounts for about 70% of Lesso's total revenue and
Fitch expects increased government spending on urbanisation, water
conservancy, anti-pollution projects and construction of urban
utility tunnels as well as various urban redevelopment projects to
be the main demand driver for Lesso's products.

Geographic Concentration a Constraint: Around 60% of Lesso's
revenue in 1H16 came from southern China, one of the most
developed markets in the country.  However, this geographic
concentration presents a business risk and is a constraint on
Lesso's IDR.

                         KEY ASSUMPTIONS

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

   -- Low to mid-single-digit revenue growth between 2016 and
      2018
   -- EBITDA margin to remain at around 16%-17% between 2016 and
      2018.

                        RATING SENSITIVITIES

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

   -- EBITDA margin sustained below 15% (2015: 16.6%)
   -- FFO net leverage sustained above 1.0x
   -- Sustained negative free cash flow

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

   -- Significant increase in market share in the domestic
      plastic pipes and fittings sector and establishment of
      a strong presence outside southern China


PACTERA TECHNOLOGY: S&P Puts 'B+' CCR on CreditWatch Developing
---------------------------------------------------------------
S&P Global Ratings said that it had placed its 'B+' long-term
corporate credit rating and 'cnBB' long-term Greater China
regional scale rating on Pactera Technology International Ltd. on
CreditWatch with developing implications.

At the same time, S&P placed its 'B+' long-term issue rating and
'cnBB' Greater China regional scale rating on the US$275 million
senior unsecured notes due 2021 that the company guarantees on
CreditWatch with developing implications.  BCP (Singapore) VI
Cayman Financing Co. Ltd. issued the notes.  Pactera is a China-
based information technology (IT) outsourcing services provider.

S&P placed the ratings on Pactera on CreditWatch following a
proposal by HNA Group to acquire the company.

Pactera announced on Aug. 22, 2016, that Blackstone Group L.P. and
some other shareholders of BCP (Singapore) VI Cayman Acquisition
Co. Ltd. have entered into a share purchase agreement with HNA
EcoTech Group Co. Ltd., an affiliate of HNA Group, for the sale of
almost all the issued and outstanding shares of BCP (Singapore) VI
Cayman Acquisition to HNA EcoTech or its affiliates.  The
agreement was signed on Aug. 8, 2016.  BCP (Singapore) VI Cayman
Acquisition fully owns BCP (Singapore) VI Cayman Financing, which
owns Pactera.

S&P currently has limited information to assess the impact of the
acquisition on Pactera.  S&P expects the acquisition to be
complete by mid-2017, subject to the satisfaction of certain
closing conditions, including the receipt of all required
regulatory approvals.

"We expect Pactera to become a consolidated subsidiary of HNA
Group once the transaction is complete," said S&P Global Ratings
Leo Hu.  "HNA Group or its affiliates will replace Blackstone as
the ultimate parent of Pactera, with controlling ownership.  We
will then assess the creditworthiness of HNA Group, and Pactera's
strategic status within the group, while assessing the impact of
the transaction on Pactera's credit profile."

HNA Group is a conglomerate with businesses in aviation, property
development, leasing, tourism, logistic, IT, and other segments in
China and overseas.  HNA Group has made a number of sizable
international investments funded with both equity and debt in the
past several years.

"We are yet to receive complete information from HNA Group to
assess the group's business and financial strengths, and its group
credit profile, which would drive the rating of Pactera," said Mr.
Hu.  "We would assess how Pactera can play a strategic role within
the group, and the likelihood of it receiving group support."

S&P aims to resolve the CreditWatch within the next three months.

In resolving the CreditWatch, S&P will mainly review the
creditworthiness of HNA Group, and Pactera's group status within
the new combined entity.


XINYUAN REAL: S&P Rates Proposed Sr. Unsecured Notes 'B-'
---------------------------------------------------------
S&P Global Ratings assigned its 'B-' long-term issue rating and
'cnB' long-term Greater China regional scale rating to a proposed
issue of U.S.-dollar-denominated senior unsecured notes by Xinyuan
Real Estate Co. Ltd. (B/Negative/--; cnB+/--).  The issue ratings
are subject to S&P's review of the final issuance documentation.

The issue rating is one notch below the long-term corporate credit
rating on Xinyuan to reflect structural subordination risk.
Xinyuan intends to use the proceeds to redeem its offshore senior
notes due 2018 and refinance some of its existing borrowings.

Xinyuan's first-half performance is largely in line with S&P's
expectation.  The company's contracted sales were about Chinese
renminbi (RMB) 5 billion, representing 45% of our full-year
projection of RMB11 billion.  At the same time, Xinyuan controlled
its spending on land acquisitions at RMB2 billion in the first
seven months, compared with our full-year forecast of
RMB3 billion.  S&P anticipates that the company will continue to
replenish its land bank given that its reserves are only
sufficient for development in the next two to three years, based
on S&P's estimation.

S&P expects Xinyuan's leverage to remain high, despite a marginal
improvement during the first half of 2016 as a result of steady
sales growth and controlled debt.  S&P estimates the company's
ratio of debt to EBITDA to stay at 9x-11x in 2016 and slightly
improve to 7x-9x in 2017, compared with about 10x in 2015.

The negative outlook on the corporate credit rating reflects S&P's
view that Xinyuan's financial leverage will remain high in the
coming 12 months despite moderately improving.  Downside risks
could rise if the company's land acquisitions are more aggressive
than S&P expects, resulting in a further deterioration in leverage
from its end-2015 level.  However, the situation could improve if
Xinyuan better controls its borrowings and pace of expenditure for
expansion.



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NEXTEER AUTOMOTIVE: Moody's Says Finc'l. Results Support Ba1 CFR
----------------------------------------------------------------
Moody's Investors Service says that Nexteer Automotive Group
Limited's financial results for the six month to June 30, 2016 (1H
2016) support its Ba1 corporate family rating and senior unsecured
debt rating as well as its stable ratings outlook.

"Nexteer was able to deliver in 1H 2016 healthy revenue growth, an
improved EBITA margin, and lower debt leverage, all of which are
in line with our expectations," says Gerwin Ho, a Moody's Vice
President and Senior Analyst.

The company's revenue grew 17% year-on-year in 1H 2016 to USD1.9
billion on the back of the 22% year-on-year growth in revenue from
its electric power steering (EPS) product, and which accounted for
about 62% of total revenue. Demand for EPS remains strong in
emerging markets.

Its adjusted EBITA margin improved to about 9.1% in last 12 months
ending June 30, 2016 from 8.2% in 2015, benefitting from gross
margin expansion as a result of an improved product mix

The increase in earnings and decline in debt helped improve
Nexteer's debt/EBITDA to about 1.5x in in the last 12 months
ending June 2016 from 1.8x in 2015. This level of debt leverage
positions the company at the stronger end of the Ba1 rating.

"Looking ahead, Moody's expects Nexteer's steady operating
performance to continue in 2016 whilst seeing further expansion in
scale and progress in the reduction of concentration risk in
geography and clients," adds Ho.

Moody's expects Nexteer's annual revenue to grow by high-single
digit percentages over the next 12-18 months. This assumption is
based upon continued favorable growth in EPS revenue, supported by
strong demand for improved fuel efficiency in new auto models, and
the further penetration of EPS into developing auto markets, such
as China (Aa3 negative) and Brazil (Ba2 negative).

Moody's also expects Nexteer to improve its EBITA margin as it
expands the scale of its operations and continues with cost
improvements.

Moody's expects adjusted debt/EBITDA to improve to about 1.3x-1.5x
over the next 12-18 months.

In addition, Nexteer has made progress in reducing concentration
risk in geography and clients.

Revenue from North America declined to 66% of total revenue in 1H
2016 from 67% in 1H 2015, while revenue from China rose to 21%
from 20%.

Nexteer also reduced its revenue from General Motors Company (GM,
unsecured credit facility Baa3 positive) and its affiliates to 44%
in 1H 2016 from 49% in 1H 2015 by expanding its revenue
contribution from other customers.

The principal methodology used in these ratings was Global
Automotive Supplier Industry published in June 2016.

Headquartered in Saginaw, Michigan, and listed on the Hong Kong
Stock Exchange in October 2013, Nexteer Automotive Group Limited
manufactures steering and driveline systems. The company has
manufacturing plants across North and South America, Europe and
Asia.

On Dec. 31, 2015, Nexteer was 67.3%-owned by Pacific Century
Motors, Inc. (unrated), which is in turn 51%-owned by AVIC
Automotive Systems Holding Co., Ltd. (AVIC Auto, unrated), and 49%
owned by Beijing E-Town International Automotive Investment &
Management Co. Ltd. (unrated), which is controlled by Beijing's
municipal government.

AVIC Auto is 92.6% owned by Aviation Industry Corporation of China
(unrated), a Chinese central government owned enterprise.



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AAKASH POLYFILMS: CRISIL Suspends B+ Rating on INR98MM Term Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Aakash
Polyfilms Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             64        CRISIL B+/Stable
   Letter of Credit        40        CRISIL A4
   Term Loan               98        CRISIL B+/Stable

The suspension of ratings is on account of non-cooperation by APL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, APL is yet to
provide adequate information to enable CRISIL to assess APL'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 1994, APL, a Surat (Gujarat)-based company, is
promoted by the Tulsiani family. APL is engaged in the
manufacturing and processing of metalized and holographic films.


ANUPAM HOME: CRISIL Suspends B+ Rating on INR50MM Cash Loan
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Anupam
Home Appliances-Sirmour.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          7.5       CRISIL A4
   Cash Credit            50         CRISIL B+/Stable
   Letter of Credit        2.5       CRISIL A4

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

Set up in 1984, as a partnership firm, AHA manufactures hurricane
lantern, liquid petroleum gas (LPG) stove, kerosene-wick stove,
LPG geyser, pressure cooker, LED lamps. The group has its
manufacturing facility in Himachal Pradesh and sells its lantern
under the brand name 'Everyday'.


BIGJO'S INFRAESTATE: CRISIL Suspends 'B' Rating on INR100MM Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Bigjo's
Infraestate Limited.

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

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

Bigjosinfra was originally incorporated in 1993 in Delhi as Big
Jos Estates Ltd; the name of this company was changed to the
present one in 2008. Bigjosinfra is engaged in real estate
development for commercial and residential units. The company is
managed by Mr. Sidharth Jain and his family. Bigjosinfra has
already executed two commercial complex towers in Netaji Subhash
Place (Delhi) and is at present executing one group housing
project, Bigjos Estates, in Gannaur, Sonepat (Haryana).


DEWA PROJECTS: CRISIL Reaffirms 'D' Rating on INR2.87BB Loan
------------------------------------------------------------
CRISIL's rating on the long-term bank loan facility of Dewa
Projects Private Limited continues to reflect delays in servicing
debt, due to weak liquidity.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan               2870      CRISIL D (Reaffirmed)

The company is also exposed to risks related to the completion and
saleability of its ongoing real estate residential project, Dewa
Pier 20, in Kochi, and to cyclical demand in the Indian real
estate sector. Furthermore, implementation of the lender-approved
debt restructuring plan as well as sale of land parcel to retire
existing debt are key monitorables. However, the company benefits
from the experience of its promoters in the construction industry.

DPPL was established in April 2005, promoted by Mr. Venugopalan
Nair, a Kuwait-based non-resident Indian. The company is
constructing residential apartments at Marine Drive in Kochi. The
total project cost is expected to be over INR4.6 billion; the
project is in an early stage of construction.


DHANYA STEEL: CRISIL Lowers Rating on INR130MM Cash Loan to 'D'
---------------------------------------------------------------
CRISIL has downgraded its rating on the bank facility of Dhanya
Steel Industries Private Limited (part of the Dhanya group) to
'CRISIL D' from 'CRISIL BB-/Stable'.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             130      CRISIL D (Downgraded from
                                    'CRISIL BB-/Stable')

The rating downgrade reflects instances of delay by the Dhanya
group in servicing its debt obligations The delays have been
caused by the company's weak liquidity arising out of working
capital intensive operations and subduded market demand.

The group's business risk profile is also susceptible to intense
competition and fluctuations in raw material prices and the
group's working-capital-intensive operations. The group however
benefits from extensive experience of the Dhanya group's promoters
in the steel manufacturing business

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of DSIPL and Dhanya TMT Private Limited
(DTPL). This is because the two companies, together referred to as
the Dhanya group, are in similar lines of business and under a
common promoter group, and have significant business and financial
linkages with each other.

Established in December 2007, DSIPL manufactures ingots and
billets. The company has its manufacturing facility in Chittoor
district (Andhra Pradesh).


DHANYA TMT: CRISIL Lowers Rating on INR130MM Cash Loan to 'D'
-------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Dhanya TMT Private Limited (earlier knows as Amsteel Industries
Private Limited; part of the Dhanya group) to 'CRISIL D' from
'CRISIL BB-/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             130       CRISIL D (Downgraded from
                                     'CRISIL BB-/Stable')

The rating downgrade reflects instances of delay by the Dhanya
group in servicing its debt obligations The delays have been
caused by the company's weak liquidity arising out of working
capital intensive operations and subdued market demand.

The group's business risk profile is also susceptible to intense
competition and fluctuations in raw material prices and the
group's working-capital-intensive operations. The group however
benefits from extensive experience of the Dhanya group's promoters
in the steel manufacturing business

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of DTPL and Dhanya Steel Industries Pvt
Ltd (DSIPL). This is because the two companies, together referred
to as the Dhanya group, are in similar lines of business and under
a common promoter group, and have significant business and
financial linkages with each other.

Established in 2012, Bengaluru-based DTPL (earlier knows as
Amsteel Industries Private Limited) manufactures thermo-
mechanically treated (TMT) bars.


ESES BIO-WEALTH: CRISIL Cuts Rating on INR80MM LT Loan to 'B-'
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of ESES BIO-Wealth Private Limited to 'CRISIL B-/Stable' from
'CRISIL B/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Long Term Loan           80       CRISIL B-/Stable (Downgraded
                                     from 'CRISIL B/Stable')

   Proposed Term Loan       40       CRISIL B-/Stable (Downgraded
                                     from 'CRISIL B/Stable')

The rating downgrade reflects time and cost overruns in project
due to delay in setting up plant, which is expected to weaken
financial risk profile over the medium term.

The rating reflects ESES's susceptibility to risks related to
timely implementation and stabilization of ongoing project and to
intense competition in the flooring industry. These weaknesses are
partially offset by the extensive entrepreneurial experience of
promoters

Outlook: Stable

CRISIL believes ESES will continue to benefit over the medium term
from the extensive entrepreneurial experience of its promoters.
The outlook may be revised to 'Positive' in case of successful
commercialization and stabilization of operations at manufacturing
facility without any further cost and time overruns while
efficiently managing working capital. The outlook may be revised
to 'Negative' if further time or cost overrun in project or lower-
than-expected revenue and cash accrual adversely affects financial
risk profile

ESES is setting up a facility to manufacture floor tiles and doors
from bamboo. The unit, with capacity of 3600 tonne per annum, is
in Morigaon district, Assam, and is being built at a total cost of
INR240 million (revised from INR182 million), comprising term loan
of INR115 million (Rs 80 million disbursed), promoters'
contribution of INR122.9 million, and a soft loan of INR7.5
million from the Small Farmers' Agribusiness Consortium. Majority
of the construction is complete.


FOUZDAR CARS: CARE Assigns B+ Rating to INR5.0cr LT Bank Loan
-------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Fouzdar Cars Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities        5       CARE B+ Assigned
   Long-term/Short-term
   Bank Facilities                  2       CARE B+/CARE A4
                                            Assigned
Rating Rationale

The ratings assigned to the bank facilities of Fouzdar Cars
Private Limited are constrained primarily on account of its small
scale of operation, financial risk profile marked by thin profit
margins, leveraged capital structure, moderate debt coverage
indicators and moderate liquidity position. The ratings are also
constrained by competition faced by FCPL from other OEM into
dealership business and limited bargaining power with principal
manufacturer in a highly competitive industry.

The ratings, however, derive comfort from the experience of
promoters, authorized dealership of a reputed original equipment
manufacturer (OEM) and healthy growth in its scale of operations
since last three years period ended FY15 (refers to the period
April 1 to March 31).

The ability of FCPL to increase its scale of operations with
improvement in profitability, capital structure and its ability to
effectively manage its working capital requirements would be a key
rating sensitivity.

Hoshangabad-based (Madhya Pradesh) FCPL was incorporated in 2011
by Mr. Satyendra Fouzdar, Mr. Azad Fouzdar, Mr. Nishant Fouzdar
and Ms Neerja Fouzdar. FCPL is authorized dealer of Maruti Suzuki
India Limited. FCPL's showroom/workshop located at Hoshangabad
district of Madhya Pradesh, is spread across 45,000 Sq. Feet area,
apart from this it has 3 additional showrooms located at Harda,
Itarsi and Pipariya. The promoters of FCPL have diverse business
interests. The Fouzdar family was associated with automobile
industries since more than six decades. Initially, they had
started providing bus services through the entity, namely, Fouzdar
Bus Services. From 2000, the promoters were in the Tractor
dealership business under proprietorship concern, namely, Fouzdar
Tractor & Co. Apart from this they are also in Entertainment
industry and trading of petroleum products through other associate
entity, namely, Minakshi Cineplex and Kaling Agency.


GREENLAND PAPER: CARE Hikes Rating on INR5.89cr LT Loan to BB-
--------------------------------------------------------------
CARE revises the LT rating to 'CARE BB-' and reaffirms the ST
rating of the bank facilities of Greenland Paper Mills Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      5.89      CARE BB- Revised from
                                            CARE B+
   Short-term Bank Facilities     1.10      CARE A4 Reaffirmed

Rating Rationale

The revision in the long-term rating assigned to the bank
facilities of Greenland Paper Mills Limited (GPML) takes into
account improvement in the profit margins, capital structure and
debt coverage indicators in FY16 (Provisional, refers to the
period April 1 to March 31). The ratings also factor in the
three decade long experience of the promoters, long established
track record of GPML leading to established relationship with
suppliers and customers, stable total income and moderate
operating cycle.

The ratings, however, continue to be constrained by the relatively
small scale of operations, working capital intensive operations,
fragmented and competitive nature of industry and susceptibility
of profitability margins to volatile raw material prices.

Going forward, the ability of the company to effectively utilize
the available capacity towards increasing the scale of operations,
completion of ongoing debt-funded capex in a timely manner coupled
with prudently manage its working capital requirements would be
the key rating sensitivities.

GPML was incorporated in 1995 by Mr. A. M. Ashraf, Managing
Director, and his brother Mr. A. M. Dastageer, Director, with the
objective of manufacturing Kraft paper. The company started
implementation of manufacturing facility in 1996 and achieved
commercial production in October 1997.

Kraft papers are used by packaging industry for manufacturing
packing items. The manufacturing facility is located in
Adhichanalloor, Kollam, Kerala. GPML has an installed capacity to
manufacture 50 tons of Kraft papers per day with an actual
production capacity of 75% as on March 31, 2016. The old carton
boxes acts as a primarily raw materials which are collected from
agents. GPML produces four varieties of Kraft paper, namely, non-
virgin grade, 14 Burst Factor (BF), 16 BF, 18 BF with Grams per
Square Meter (GSM) range of 90-180. The plant runs three shifts
per day for 300 days in a year.

GPML also has 1.25-MW capacity of wind power plant in Tamil Nadu
which contributed around 2% of the total income in FY16
(Provisional).

GPML has achieved net profit (PAT) of INR0.82 crore on a total
income of INR23.06 crore in FY16 (Provisional) as compared with
net loss of INR0.16 crore on a total income of INR23.53 crore in
FY15. The company has achieved net sales of INR6.00 crore in
Q1FY17.


HATIMI STEELS: CRISIL Reaffirms B+ Rating on INR365MM Cash Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Hatimi Steels continue
to reflect its weak financial risk profile, marked by a small
networth, high total outside liabilities to tangible networth
ratio, and below-average debt protection metrics.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit            365       CRISIL B+/Stable (Reaffirmed)
   Letter of Credit       135       CRISIL A4 (Reaffirmed)

The ratings also factor in the firm's susceptibility to
cyclicality in the ship-breaking industry and to volatility in
steel scrap prices. These weaknesses are partially offset by the
extensive industry experience of Hatimi's proprietor.
Outlook: Stable

CRISIL believes Hatimi will continue to benefit from the extensive
experience of its proprietor. The outlook may be revised to
'Positive' if cash accrual increases and capital infusion leads to
improved financial risk profile. The outlook may be revised to
'Negative' if inadequate cash accrual due to fall in steel scrap
prices or capital withdrawal weakens the financial risk profile,
particularly liquidity.

Hatimi, a proprietorship concern set up in 1999 by Mr. Amit Jain,
undertakes ship-breaking projects at its yard in Alang (Gujarat).


KAMDHENU FOODS: CRISIL Suspends B+ Rating on INR110MM Cash Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Kamdhenu Foods Limited.

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

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

KFL trades in dairy products such as skimmed and whole milk
powder, butter, ghee, edible acid casein, and dairy whitener. The
company's day-to-day operations are managed by Mr. Ashok Gupta.
KFL earlier also manufactured dairy products, but discontinued
this business in 2002.


KASAVUKADA: CRISIL Reaffirms 'B' Rating on INR86MM Cash Loan
------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Kasavukada
continues to reflect its modest scale of operations in the
intensely competitive apparel retail industry and below-average
financial risk profile, marked by weak capital structure and debt
protection metrics. These weaknesses are partially offset by the
extensive experience of the promoter.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             86        CRISIL B/Stable (Reaffirmed)

   Long Term Loan          14        CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility       9.8      CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes KK will continue to benefit from the extensive
experience of its promoter. The outlook may be revised to
'Positive' if increase in scale of operations and operating margin
results in stronger cash accrual and debt protection metrics or in
case of substantial capital infusion. The outlook may be revised
to 'Negative' if large working capital requirement, low cash
accrual, or substantial debt-funded capital expenditure weakens
the financial risk profile, particularly liquidity.

Set up in 1993, KK is a sole proprietorship firm that manufactures
traditional Kerala handloom textiles and sells them through its
showrooms. Its operations are managed by Mr. Suseelan.


KEE PROJECTS: CRISIL Suspends 'D' Rating on INR150MM Bank Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Kee Projects Ltd (formerly known as Shree Conveyor Systems Private
Limited).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee         150        CRISIL D
   Cash Credit            130        CRISIL D
   Letter of Credit        20        CRISIL D
   Term Loan               31.8      CRISIL D
   Working Capital
   Demand Loan              28.2     CRISIL D

The suspension of ratings is on account of non-cooperation by KPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, KPL is yet to
provide adequate information to enable CRISIL to assess KPL'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 1991 as a private limited company by Mr. V S
Madan, KPL manufactures material handling and mineral processing
equipment, systems, and components. The company undertakes turnkey
projects which involve detailed study on designing and
engineering, manufacturing and commissioning.


KESHARI INDUSTRIES: CARE Assigns B+ Rating to INR1.86cr LT Loan
---------------------------------------------------------------
CARE assigns 'CARE B+/CARE A4' ratings to the bank facilities of
Keshari Industries Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long Term Bank Facilities      1.86      CARE B+ Assigned
   Long Term/Short Term Bank
   Facilities                     5.00      CARE B+/CARE A4
                                            Assigned

Rating Rationale

The ratings assigned to the bank facilities of Keshari Industries
Ltd is constrained by its presence in highly competitive and
fragmented industry which is exposed to fluctuations in raw
material prices, its leveraged capital structure and working
capital intensive nature of operations. The ratings also take into
account KIL's small scale of operations and short track record of
operations in manufacturing products under its own brand name.

The ratings, however, derive strength from KIL's experienced
promoters, improvement in total operating income over the past
four years and favorable textile sector policies of both Central
and State government.

KIL's ability to increase its scale of operations and improve
profitability and capital structure would be the key rating
sensitivities. Any major debt-funded capex would also be a key
credit monitorable.

KIL; promoted by Mr. Laxmi Narayan Mundhra and Mr. Gopi Kishan
Lahoti in 1992, is engaged in manufacturing and supplying shirting
fabrics of linen, polyester and cotton for men's and ladies wear.
The manufacturing facility of KIL is located in Surat, Gujarat
which consists of seven high-speed automated warping machines, 150
water-jet looms and 250 high-speed rapier looms which translates
into an installed capacity of 1.44 million meters of fabric per
month.

As per provisional FY16 (refers to period from April 1 to
March 31) results, KIL reported a total operating income of
INR8.41 crore with a PAT of INR0.14 crore as against a total
operating income of INR3.94 crore with a PAT of INR0.09 crore
in FY15 (audited).


KHUSHI FOODS: CARE Lowers Rating on INR7.37cr LT Bank Loan to 'D'
-----------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of Khushi
Foods Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      7.37      CARE D Revised from
                                            CARE BB-

Rating Rationale

The revision in the rating assigned to the bank facilities of
Khushi Foods Limited is on account of continuous overdrawing in
cash credit limit without adequate drawing power as well as delay
in repayment of term loans. Establishing a clear debt servicing
track record with an improvement in the liquidity position is the
key rating sensitivity.

KFL earlier known as Khushi Foods Pvt. Ltd. (changed from December
23, 2011) was incorporated on March 5, 2008, by Mr. Rajendra
Sharma and Mr. Jagdish Sharma. KFL's processing unit is located at
Mahua, Bhavnagar, spread over 464.51 sq.mtrs with an installed
capacity of 3,200 metric tonne per annum (MTPA). KFL is engaged in
the business of dehydrated of vegetables and processes instant
ready to cook products. KFL has developed ready-to-cook products
such as garlic magic and pizza magic which face less competition
in the market. Such products have heavy demand outside Gujarat and
pan India at large for which KFL is looking forward aggressively
to promote its products and secure business. KFL also exports its
products to various countries such as Nepal, Russia, Bulgaria and
Poland.

As per the provisional results for FY16 (refers to the period
April 1 to March 31), KFL reported profit after tax (PAT) of
INR0.25 crore on a total operating income (TOI) of INR41.45 crore
as against net profit of INR0.63 crore on a TOI of INR41.58
crore during FY15 (Audited).


KINGFISHER AIRLINES: CRISIL Cuts Rating on INR35.27BB Loan to NM
----------------------------------------------------------------
CRISIL has revised its ratings on the bank facilities of
Kingfisher Airlines Ltd to (NM) Not Meaningful from 'CRISIL
D/CRISIL D'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             8940      NM (Revised from 'CRISIL D')

   Funded Interest
   Term Loan               2260      NM (Revised from 'CRISIL D')

   Long Term Loan          5970      NM (Revised from 'CRISIL D')

   Rupee Term Loan        35270      NM (Revised from 'CRISIL D')

   Short Term Loan          390      NM (Revised from 'CRISIL D')

   Working Capital
   Term Loan               2990      NM (Revised from 'CRISIL D')

The rating revision is because KFAL's creditors (including
bankers) have filed winding up petitions against the company;
furthermore, it remains in deep financial distress following the
cessation of operations in fiscal 2013 and complete erosion of
networth.

In accordance with CRISIL's criteria, since the rated entity's
lenders have requested for liquidation of its secured assets /
securities, the outstanding ratings are rendered meaningless.

Incorporated in 2003, KFAL rendered scheduled and unscheduled
aircraft passenger and cargo services. It commenced commercial
operations in May 2005 operating a flight from Mumbai to Delhi. It
started its international operations in September 2008 by
connecting Bengaluru with London. The airline ceased operations in
fiscal 2013.


KVR DREAM: CRISIL Reaffirms B- Rating on INR47.5MM Loan to B-
-------------------------------------------------------------
CRISIL's rating on the long-term bank loan facilities of KVR Dream
Vehicles Private Limited (KVR) continues to reflect KVR's weak
financial risk profile, with small networth, high total outside
liabilities to tangible networth (TOLTNW) ratio, and subdued debt
protection metrics.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Drop Line Overdraft
   Facility                26       CRISIL B-/Stable (Reaffirmed)

   Electronic Dealer
   Financing Scheme
   (e-DFS)                 47.5     CRISIL B-/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      61.5     CRISIL B-/Stable (Reaffirmed)

The rating also factors in a modest scale of operations in the
fragmented automotive dealership industry. These rating weaknesses
are partially offset by the benefits derived from KVR's
established relationship with Tata Motors Ltd (TML, 'CRISIL
AA/Stable/CRISIL A1+') and limited exposure to debtor and
inventory risks.
Outlook: Stable

CRISIL believes KVR will continue to benefit over the medium term
from its established relationship with TML and the extensive
experience of promoters. The outlook may be revised to 'Positive'
if sustained improvement in scale of operations and profitability
results in sizeable cash accrual and better financial risk
profile. Conversely, the outlook may be revised to 'Negative' if a
further decline in scale of operations and profitability,
resulting reduced cash accrual or in case of increased pressure on
the financial risk profile, especially liquidity, because of large
working capital requirement or significant, debt-funded capital
expenditure.

Established in 2008, KVR, promoted by Mr. K P Nair and his son Mr.
Sujith Nair and based in Kannur (Kerala) is the exclusive
authorised dealer for Tata Motor's passenger cars, utility
vehicles, spares, and accessories in Kannur and Kasaragod
(Kerala).


LAKSHMIGRAHA ENTERPRISES: CRISIL Cuts Rating on INR250M Loan to B
-----------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of
Lakshmigraha Enterprises to 'CRISIL B/Stable' from 'CRISIL
B+/Stable'.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Buyer Credit Limit       15      CRISIL B/Stable (Downgraded
                                    from 'CRISIL B+/Stable')
   Cash Credit             250      CRISIL B/Stable (Downgraded
                                    from 'CRISIL B+/Stable')
   Channel Financing        50      CRISIL B/Stable (Downgraded
                                    from 'CRISIL B+/Stable')

The rating downgrade reflects CRISIL's belief that LE's financial
risk profile will remain weak over the medium term due to sizeable
working capital borrowings. The company's gearing levels has
increased to 7.0 times as on March 31, 2016 from 5.3 times a year
ago because of large working capital requirements. Consequently
the debt protection metrics has also weakened; with company's
interest coverage contracted to 1.36 times in 2015-16 from around
1.6 times in 2014-15. LE's Bank limit was fully utilized over the
12 months through July 2016 and was occasionally overdrawn. CRISIL
believes that LE's cash accruals are expected to remain modest
around INR10 - INR12 in 2016-17 and 2017-18 (refers to financial
year, April 1 to March 31), hence keeping working capital
borrowings high over the medium term.

CRISIL's ratings on the bank facilities of Lakshmigraha
Enterprises (LE) continue to reflect its below-average financial
risk profile, marked by modest net worth, high gearing, and
average debt protection metrics. The ratings also factor in its
low profitability due to its trading nature of operations. These
rating weaknesses are partially offset by the benefits that LE
derives from its promoters' extensive industry experience.
Outlook: Stable

CRISIL believes that LE will continue to benefit over the medium
term from its established position as a distributor of Reliance
Industries Ltd (RIL) in South India. The outlook may be revised to
'Positive' if the firm registers significant and sustainable
improvement in its financial risk profile, driven by improvement
in cash accruals or capital infusion. Conversely, the outlook may
be revised to 'Negative' if LE records significant decline in cash
accruals due to decline in sales or profitability or if there is
significant weakening in its capital structure on account of
larger-than-expected debt-funded working capital borrowings.

LE, set up in 1986, is a partnership firm, with Ms. R Nandini and
Ms. N Nivedita as its partners. The firm is a distributor of RIL
for its polyester fibre, including polyester-filament yarn,
polyester-stable fibre, polyester-textured yarn, and related
products. The firm is based in South India. The day-to-day
operations are managed by Ms. R Nandini and family.


LORD BUDDHA: CRISIL Assigns 'D' Rating to INR300MM Term Loan
------------------------------------------------------------
CRISIL has assigned 'CRISIL D' rating to the bank facility of Lord
Buddha Educational Society. The rating reflects delay in servicing
of principal and interest by 3-4 weeks.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan               300       CRISIL D

LBES's financial risk profile is weak, with below-average debt
protection metrics and capital structure. It is also exposed to
intense competition in the healthcare and medical education
industry. However, the society benefits from the extensive
experience of the trustees.

Set up in 2010, LBES currently runs the Raipur Institute of
Medical Sciences. It is also setting up a medical college attached
to the hospital. Operations are managed by Mr. Dalip Kumar.


MAHADEV YARN: CRISIL Suspends B+ Rating on INR121.2MM LT Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Mahadev
Yarn Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee           5        CRISIL A4
   Cash Credit            100        CRISIL B+/Stable
   Long Term Loan         121.2      CRISIL B+/Stable

The suspension of ratings is on account of non-cooperation by MYPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, MYPL is yet to
provide adequate information to enable CRISIL to assess MYPL'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 1991, MYPL is a Surat (Gujarat)-based company
promoted by the Mundra family. It manufactures polyester filament
yarns and textured yarns. MYPL's plant, located at Kharch in
Bharuch (Guajarat), has installed capacity 28 tonnes per day.


MEGHRAJ INTERNATIONAL: CARE Assigns B+ Rating to INR6.15cr Loan
---------------------------------------------------------------
CARE assigns 'CARE B+' ratings to bank facilities of Meghraj
International.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      6.15      CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Meghraj
International is primarily constrained by its small scale of
operations, declining profitability margins, elongated operating
cycle and the firm's exposure to foreign exchange fluctuation
risk. The rating is further constrained by MGI's presence in a
highly fragmented industry characterized by intense competition,
susceptibility of margins to fluctuations in raw material prices
and constitution of the entity being a partnership firm.

The rating, however, derives strength from the experienced
promoters, comfortable solvency position and favourable
location of the plant.

Going forward, the ability of the firm to increase its scale of
operations while improving its profitability margins will be
the key rating sensitivities.

Meghraj International is a partnership firm established in June,
2009 by Mr. Ramesh Jindal and Mr. Ashish Jindal, sharing profit
and loss equally. The firm is engaged in manufacturing of guar gum
and guar meal at its manufacturing facility located at Hisar,
Haryana having an installed capacity of 180,000 metric ton per
annum (MTPA) as on March 31, 2016. Guar gum has application in a
large number of industries like oil & gas drilling (helps in
enhancement of recovery), textile industry (used as a thickening
agent), paper (wet-end additive and surface sizer), explosives,
pesticides (binding and sticking agent) and pharmaceutical
(thickener and stabilizer). Guar meal, is the by-product and
pretentious feed for the cattle. MGI procures the guar seeds from
the local and nearby grain markets as well as farmers located in
Haryana.

The firm sells finished products domestically to various cattle
feed mills and also exports the same to wholesalers located
in European countries [exports constituted around 65% of the total
income in FY16 (refers to the period April 1 to March 31)]. The
process of the firm is ISO 9001:2008 and GMP+ certified for
quality and manufacturing process.

In FY16 (based on audited results, refers to the period April 1 to
March 31), MGI has achieved a total operating income of INR33.33
crore with PAT of INR0.25 crore, as against the total operating
income of INR61.15 crore with PAT of INR2.91 crore in FY15. In
Q1FY17 (Provisional), firm achieved total operating income of
INR9.52 crore.


MIRYALGUDA RICE: CRISIL Reaffirms B+ Rating on INR100MM Loan
------------------------------------------------------------
CRISIL's ratings on  bank loan facilities of Miryalguda Rice
Industries Private Limited continues to reflect exposure to
intense competition in the rice milling industry, volatility in
paddy prices and adverse changes in regulations.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee         1.7       CRISIL A4 (Reaffirmed)

   Cash Credit          100.0       CRISIL B+/Stable (Reaffirmed)

   Proposed Cash
   Credit Limit          37.5       CRISIL B+/Stable (Reaffirmed)

   SME Credit             2.5       CRISIL B+/Stable (Reaffirmed)

The ratings also factor in the below-average financial risk
profile, marked by modest networth, high total outside liabilities
to tangible networth (TOLTNW) ratio, and weak debt-protection
metrics. These rating weaknesses are partially offset by benefits
from extensive experience of promoters.
Outlook: Stable

CRISIL believes that MRIPL will continue to benefit from extensive
experience of promoters. The outlook may be revised to 'Positive'
in case of sustained growth in scale of operations and
profitability, or if sizeable equity infusion by promoters
strengthens the capital structure substantially. The outlook may
be revised to 'Negative' in case of a steep decline in
profitability or significant deterioration in capital structure,
most likely caused by a stretched working capital cycle.

MRI was set up in 1984 and acquired by Mr. Ranzith Ranga and his
family members, in 1997. The company mills and processes paddy
into rice and generates by-products such as broken rice, bran, and
husk. The rice mill is located at Nalgonda (Telangana).


MLM INFRA: CRISIL Suspends B+ Rating on INR35MM Cash Loan
---------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of MLM
Infra Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              35       CRISIL B+/Stable
   Letter Of Guarantee     195       CRISIL A4

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

MLM (earlier known as SS Super Stone Tyres Private Limited) was
incorporated in 1986 and started operations in 2013. The company
undertakes civil construction works of roads in Madhya Pradesh.
MLM is based in Delhi and promoted by Mr. Siddharth Jain.


NAV NIRMAN: CRISIL Lowers Rating on INR220MM Term Loan to 'D'
-------------------------------------------------------------
CRISIL has downgraded its rating on long-term bank facilities of
Nav Nirman Sewa Samiti to 'CRISIL D' from 'CRISIL B-/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term      53.5      CRISIL D (Downgraded from
   Bank Loan Facility                'CRISIL B-/Stable')

   Term Loan              220.0      CRISIL D (Downgraded from
                                     'CRISIL B-/Stable')

The downgrade reflects the stretched liquidity and delay in
servicing of debt obligation on term loans.

NNSS is exposed to regulatory risks governing educational
institutions and intense competition in the education sector.
Furthermore, the financial risk profile is weak on account of a
modest net worth, high gearing and subdued debt-protection
metrics. However, the society benefits from established regional
position of its institute and diversified course offerings.

NNSS was established in 2008 by Mr. Ajay Goyal (chairman) and his
relatives. The society runs the Samalkha Group of Institutions
(SGI), which offers graduate and post-graduate courses in
engineering and management. The campus is at Samalkha (Haryana).


NORTEL NETWORKS INDIA: Court Fixes Sept. 19 Claims Bar Date
-----------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware set
Sept. 19, 2016, at 4:00 p.m. (prevailing Eastern Time) as last day
for non-canadian creditors to file proofs of claim against Nortel
Networks India International Inc (NNII).

The Court also set Jan. 23, 2017, at 4:00 p.m. (prevailing Eastern
Time) as deadline for governmental units to file their claims
against NNII.

All proofs of claim must be delivery by:

a) mail

   Nortel Networks Inc. Claims Processing Center
   c/o Epiq Bankruptcy Solutions LLC
   FDR Station
   PO Box 5075
   New York, NY 10150-5075

b) hand or overnight courier

   Nortel Networks Inc. Claims Processing Center
   c/o Epiq Bankruptcy Solutions LLC
   757 Third Avenue, 3rd Floor
   New York, NY 10017

                       About Nortel Networks

Headquartered in Ontario, Canada, Nortel Networks Corporation and
its various affiliated entities provided next-generation
technologies, for both service provider and enterprise networks,
support multimedia and business-critical applications.  Nortel did
Networks Limited was the principal direct operating subsidiary of
Nortel Networks Corporation.

On Jan. 14, 2009, Nortel Networks Inc.'s ultimate corporate parent
Nortel Networks Corporation, NNI's direct corporate parent Nortel
Networks Limited and certain of their Canadian affiliates
commenced a proceeding with the Ontario Superior Court of Justice
under the Companies' Creditors Arrangement Act (Canada) seeking
relief from their creditors.  Ernst & Young was appointed to serve
as monitor and foreign representative of the Canadian Nortel
Group.  That same day, the Monitor sought recognition of the CCAA
Proceedings in U.S. Bankruptcy Court (Bankr. D. Del. Case No. 09-
10164) under Chapter 15 of the U.S. Bankruptcy Code.

That same day, NNI and certain of its affiliated U.S. entities
filed voluntary petitions for relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Del. Case No. 09-10138).

In addition, the High Court of England and Wales placed 19 of
NNI's European affiliates into administration under the control of
individuals from Ernst & Young LLP.  Other Nortel affiliates have
commenced and in the future may commence additional creditor
protection, insolvency and dissolution proceedings around the
world.

On May 28, 2009, at the request of administrators, the Commercial
Court of Versailles, France, ordered the commencement of secondary
proceedings in respect of Nortel Networks S.A.  On June 8, 2009,
Nortel Networks UK Limited filed petitions in U.S. Bankruptcy
Court for recognition of the English Proceedings as foreign main
proceedings under Chapter 15.

U.S. Bankruptcy Judge Kevin Gross presides over the Chapter 11 and
15 cases.  Mary Caloway, Esq., and Peter James Duhig, Esq., at
Buchanan Ingersoll & Rooney PC, in Wilmington, Delaware, serves as
Chapter 15 petitioner's counsel.

In the Chapter 11 case, James L. Bromley, Esq., and Howard S.
Zelbo, Esq., at Cleary Gottlieb Steen & Hamilton, LLP, in New
York, serve as the U.S. Debtors' general bankruptcy counsel; Derek
C. Abbott, Esq., at Morris Nichols Arsht & Tunnell LLP, in
Wilmington, serves as Delaware counsel.  The Chapter 11 Debtors'
other professionals are Lazard Freres & Co. LLC as financial
advisors; and Epiq Bankruptcy Solutions LLC as claims and notice
agent.

The U.S. Trustee appointed an Official Committee of Unsecured
Creditors in respect of the U.S. Debtors.

An ad hoc group of bondholders also was organized.  An Official
Committee of Retired Employees and the Official Committee of Long-
Term Disability Participants tapped Alvarez & Marsal Healthcare
Industry Group as financial advisor.  The Retiree Committee is
represented by McCarter & English LLP as Delaware counsel, and
Togut Segal & Segal serves as the Retiree Committee.  The
Committee retained Alvarez & Marsal Healthcare Industry Group as
financial advisor, and Kurtzman Carson Consultants LLC as its
communications agent.

Several entities, particularly, Nortel Government Solutions
Incorporated and Nortel Networks (CALA) Inc., have material
operations and are not part of the bankruptcy proceedings.

As of Sept. 30, 2008, Nortel Networks Corp. reported consolidated
assets of $11.6 billion and consolidated liabilities of $11.8
billion.  The Nortel Companies' U.S. businesses are primarily
conducted through Nortel Networks Inc., which is the parent of
majority of the U.S. Nortel Companies.  As of Sept. 30, 2008, NNI
had assets of about $9 billion and liabilities of $3.2 billion,
which do not include NNI's guarantee of some or all of the Nortel
Companies' about $4.2 billion of unsecured public debt.

Since the commencement of the various insolvency proceedings,
Nortel has sold its business units and other assets to various
purchasers.  Nortel has collected roughly $9 billion for
distribution to creditors.  Of the total, $4.5 billion came from
the sale of Nortel's patent portfolio to Rockstar Bidco, a
consortium consisting of Apple Inc., EMC Corporation,
Telefonaktiebolaget LM Ericsson, Microsoft Corp., Research In
Motion Limited, and Sony Corporation.  The consortium defeated a
$900 million stalking horse bid by Google Inc. at an auction.  The
deal closed in July 2011.

Nortel has filed a proposed plan of liquidation in the U.S.
Bankruptcy Court.  The Plan generally provides for full payment on
secured claims with other distributions going in accordance with
the priorities in bankruptcy law.

The trial on how to divide proceeds among creditors in the U.S.,
Canada, and Europe commenced on Sept. 22, 2014.  The question of
how to divide $7.3 billion raised in the international bankruptcy
of Nortel Networks Corp. was answered on May 12, 2015, by two
judges, one in the U.S. and one in Canada.

According to The Wall Street Journal, Justice Frank Newbould of
the Ontario Superior Court of Justice in Toronto and Judge Kevin
Gross of the U.S. Bankruptcy Court in Wilmington, Del., agreed on
the outcome: a modified pro rata split of the money.

                 About Nortel Networks India

Nortel Networks India International Inc. fka Nortel Networks RIHC
Inc. acts as a supplier of hardware and software for contracts
with certain Nortel customers in India.

The Company filed for Chapter 11 protection on July 26, 2016
(Bankr. Del. Case No. 16-117140.  Hon. Kevin Gross presides over
the Debtor's case.  James L. Bromley, Esq., and Lisa M.
Schweitzer, Esq., at Cleary Gottlieb Steen & Hamilton LLP,
represents the Debtor in their Chapter 11 case.  Tamara K. Minott,
Esq., Derek C. Abbott, Esq., Eric D. Schwartz, Esq., and Andrew R.
Remming, Esq., at Morris, Nichols, Arsht & Tunnel LLP, represents
the Debtor as its Delaware Counsel.

The Debtor estimated assets between $10 million and $50 million,
and debts of between $500 million and $1 billion.


NORTHERN MOTORS: CRISIL Lowers Rating on INR55.2MM Loan to 'B'
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Northern Motors Private Limited to 'CRISIL B/Stable' from
'CRISIL B+/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             55.2      CRISIL B/Stable (Downgraded
                                     from 'CRISIL B+/Stable')

   Overdraft Facility      26.0      CRISIL B/Stable (Downgraded
                                     from 'CRISIL B+/Stable')

   Proposed Long Term      12.8      CRISIL B/Stable (Downgraded
   Bank Loan Facility                from 'CRISIL B+/Stable')

   Term Loan               11.0      CRISIL B/Stable (Downgraded
                                     from 'CRISIL B+/Stable')

   Working Capital         45.0      CRISIL B/Stable (Downgraded
   Term Loan                         from 'CRISIL B+/Stable')

The downgrade reflects weaker-than-expected profitability margins
and cash accrual, leading to weak liquidity and interest coverage
ratio. Cash accrual was INR3.6 million in fiscal 2016 and was
insufficient to meet debt repayment obligation of INR21 million in
fiscal 2016. The pressure is expected to continue as the cash
accruals are not expected to increase significantly while
repayment obligation will remain high at INR23 million in fiscal
2017. Also, high dependence on debt to meet working capital
requirement leads to a highly leveraged capital structure; total
outside liabilities to adjusted networth (TOLANW) ratio was nearly
8 times as on March 31, 2016, while interest coverage ratio very
low at 1.1 times in fiscal 2016. Credit risk profile is however,
supported by a long track record in the automobile (auto)
dealership industry and funding support from promoters in the form
of unsecured loans

The rating continues to reflect a weak financial risk profile
because of a high TOLANW ratio and weak debt protection metrics.
The rating also factors in exposure to intense competition in the
auto dealership market. These rating weaknesses are partially
offset by an established market position in Ludhiana and
Jalandhar, both in Punjab, and established relationship with
principals, Hindustan Motors-Mitsubishi (HMM) and Hyundai Motor
India Ltd (HMIL; rated 'CRISIL A1+').
Outlook: Stable

CRISIL believes NMPL will continue to benefit over the medium term
from its established market position and long association with its
principals. The financial risk profile is expected to remain weak
owing to low profitability and cash accrual. The outlook may be
revised to 'Positive' in case of significant improvement in cash
accrual, and better liquidity and capital structure. The outlook
may be revised to 'Negative' if liquidity deteriorates, most
likely caused by low cash accrual, higher-than-expected working
capital requirement, or large, debt-funded capital expenditure.

NMPL, promoted by Mr. Rajiv Chopra, is an authorized dealer of
passenger cars of HMM and HMIL in Punjab. The company operates one
showroom for HMIL in Ludhiana and two showrooms for HMM, one each
in Jalandhar and Ludhiana. It has been a dealer in HMM cars for
six decades.


OP MOTORS: CRISIL Suspends 'B' Rating on INR45MM LT Loan
--------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
OP Motors Pvt Ltd (OPML).

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

   Inventory Funding
   Facility                30        CRISIL B/Stable

   Proposed Long Term
   Bank Loan Facility      45        CRISIL B/Stable

   Term Loan               15        CRISIL B/Stable

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

Established in 2012, OPML is a Nissan Motor India Pvt Ltd (NMPL)
dealer for passenger cars in Sri Ganganagar (Rajasthan). It is
operating one showroom and two sales offices in the district. The
company is promoted by Mr. Saurabh Bathala and his father, Mr.
Ashwani Bathala. OPML started operations in October 2013.


PARAS TARP: CRISIL Suspends 'B' Rating on INR50MM LT Loan
---------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Paras Tarp Industries.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit            18        CRISIL B/Stable
   Long Term Loan         50        CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility      2        CRISIL B/Stable

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

Established in 2014, PTI is promoted by Hirabhai Patel and family.
The firm, based in Ahmedabad, is setting up a plant to manufacture
and trading of (HDPE/PP) woven sacks and laminated tarp at its
production facilities in Ahmedabad. It is expected to commence
commercial operations in April 2015.


PURANDAR PROMOTERS: CRISIL Suspends B+ Rating on INR200MM Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Purandar Promoters and Developers Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan               200       CRISIL B+/Stable

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

Set up in 2006 PPDPL is a part of the Plam group based in Raipur.
The company is engaged in real estate development. It is currently
undertaking development of a residential project, Plam Bellagio,
in Raipur.


R. K. INDUSTRIES: CRISIL Suspends 'B' Rating on INR180MM Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
R. K. Industries - Delhi.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             180       CRISIL B/Stable

The suspension of ratings is on account of non-cooperation by RKI
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, RKI is yet to
provide adequate information to enable CRISIL to assess RKI'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 1987, RKI manufactures bulk material handling
equipment and systems such as belt conveyors, stackers, and
different types of conveyors components like rollers, idlers, and
pulleys. The firm also undertakes the projects that include
design, manufacture, supply, erection, and commissioning of bulk
material handling equipment. It has three manufacturing units-two
are in Badarpur (New Delhi) and one in Bhiwadi (Rajasthan).


S.S MEDICAL: CRISIL Suspends 'B' Rating on INR60MM Cash Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
S.S Medical Systems (India) Private Limited (SSMSIPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          20        CRISIL A4
   Cash Credit             60        CRISIL B/Stable

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

Promoted by Mr. Monish Bhandari, SSMSIPL is into the manufacturing
and assembling of medical equipment's used in hospitals,
pathologies, labs etc. The manufacturing and assembling unit of
the company is located in Bhimtal, Nainital.


SABARIGIRI EXPORTS: CRISIL Suspends B+ Rating on INR75MM Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Sabarigiri Exports.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              75       CRISIL B+/Stable

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

SGE, a proprietorship firm of Mr. Sasikesh G. S, processes and
trades in raw cashew nuts. The firm has a processing facility in
Kollam (Kerala).


SR FOILS: CRISIL Assigns 'D' Rating to INR1.55BB Cash Loan
----------------------------------------------------------
CRISIL has revoked the suspension of its ratings on the bank loan
facilities of SR Foils and Tissue Limited and has assigned its
'CRISIL D/CRISIL D' ratings to the facilities. CRISIL had, on
June 17, 2014, suspended the ratings as the company had not
provided the necessary information for a rating review. The rating
action is based on publicly available information. The rating
reflects delays by the company in servicing its debt.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            1550       CRISIL D (Assigned;
                                     Suspension Revoked)

   Letter of Credit       1200       CRISIL D (Assigned;
                                     Suspension Revoked)

   Term Loan               760       CRISIL D (Assigned;
                                     Suspension Revoked)

Incorporated in 1993, SR Foils and Tissue Limited manufactures
aluminium foils (under the Homefoil brand), cling film rolls
(Clean Wrap), and tissue paper products (Mistique). The company
has two manufacturing units, one in Bhiwadi and another in
Sotanala, both in Rajasthan.


SRI KAVERI: CARE Assigns B+ Rating to INR15.90cr LT Bank Loan
-------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Sri Kaveri
Cotton Industries.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     15.90      CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Sri Kaveri Cotton
Industries is constrained by project implementation risk, presence
in the highly competitive and regulated industry and constitution
of the entity as partnership firm. However, the rating is
underpinned by the experience of the partners and location
advantage with presence in cotton-growing belt of Telangana.
The ability of the company to complete the project without any
cost or time overrun, stabilize the operations and generate the
profit levels as envisaged are the key rating sensitivities.

SKCI (erstwhile Kaveri Cotton Industries) was established on
April 27, 2013, and reconstituted in February 2016 with addition
of three partners. SKCI was promoted by Mr. K Ramesh, his friends
and relatives/family members. The firm has proposed to set-up a
cotton ginning manufacturing unit.

After the commencement of business operations, the firm is
planning to purchase the raw cotton from the farmers and dealers
located in and around Karimnagar. The firm is planning to sell the
products like cotton bales and seeds to the cotton spinning
millers located at Tamil Nadu, Andhra Pradesh and Bangladesh.


SRI SATYA: CRISIL Assigns B+ Rating to INR52MM Cash Loan
--------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long term
bank facility of Sri Satya Bhaskara Poultry Farm.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Open Cash Credit         52       CRISIL B+/Stable

The rating reflects SSBPF's susceptibility to risks inherent in
poultry industry and to intense competition, its modest scale of
operation and weak financial risk profile marked by modest net
worth and weak debt protection metrics. These rating weakness are
partially offset by the partner's extensive industry experience
and long standing relationship with customers and suppliers.
Outlook: Stable

CRISIL believes that SSBPF will benefit from the extensive
industry experience of its partners and its established track
record in the poultry business. The outlook may be revised to
'Positive' if SSBPF increases its scale of operations and
operating profitability on a sustained basis leading to an
improvement in its financial risk profile. Conversely, the outlook
may be revised to 'Negative' if the firm's revenues or operating
profitability decline significantly or if the firm undertakes a
'larger than expected' debt funded capex thereby leading to
deterioration in its financial risk profile.

Established in 2011 as a partnership firm, Sri Satya Bhaskara
Poultry Farm (SSBPF) is involved in the production of commercial
eggs. The firm has its manufacturing unit in Hyderabad
(Telangana). The firm is promoted by Mr. Sesha Reddy and his wife
Mrs. Snehalatha.


SUNDALE PACKERS: CRISIL Reaffirms 'B' Rating on INR87.2MM Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Sundale Packers
continue to reflect SP's small scale of operations in the highly
competitive packaging industry. The ratings also factor in the
firm's below-average financial risk profile, marked by small
networth and average debt protection metrics. These weaknesses are
partially offset by the extensive experience of the promoter.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              5        CRISIL B/Stable (Reaffirmed)

   Letter of Credit        50        CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      87.2      CRISIL B/Stable (Reaffirmed)

   Term Loan                7.8      CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes SP will continue to benefit from the extensive
industry experience of its promoter. The outlook may be revised to
'Positive' if growth in revenue and profitability improves the
financial risk profile. The outlook may be revised to 'Negative'
if decline in profitability or revenue results in low cash accrual
or large debt-funded capital expenditure or stretch in working
capital cycle or capital withdrawal weakens financial risk
profile.

Established in 1998 as a proprietorship firm of Mr. S Shihas in
Kollam (Kerala), SP manufactures various packing materials such as
pallets, boxes, crates, and end caps made of wood.


SURYODAY COTEX: CRISIL Ups Rating on INR44.2MM LT Loan to B+
------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Suryoday Cotex Pvt Ltd to 'CRISIL B+/Stable' from 'CRISIL
B/Stable'.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             20       CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B/Stable')

   Proposed Long Term      44.2     CRISIL B+/Stable (Upgraded
   Bank Loan Facility               from 'CRISIL B/Stable')

   Term Loan               15.8     CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B/Stable')

The rating upgrade reflects significant improvement in revenue in
fiscal 2016 backed by successful stabilisation and ramp up of
operations. The update also factors moderate gearing, though on a
small networth base. Sales increased to INR493.8 million in fiscal
2016 from INR229.5 million in the previous fiscal. Operating
margin also improved to 2.3% from 1.7% over this period. Gearing
was 1.86 times as on March 31, 2016, against 2.3 times a year
earlier while interest coverage ratio was adequate. Networth,
however, remained small at INR28 million as on
March 31, 2016 (INR17 million a year earlier).

The rating continues to reflect working capital-intensive
operations, average financial risk profile because of moderate
gearing, and a modest, though improving scale of operations. These
rating weaknesses are partially offset by the extensive experience
of the company's promoters in the cotton ginning and pressing
industry.
Outlook: Stable

CRISIL believes SCPL will continue to benefit over the medium term
from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' in case of sustained
improvement in scale of operations and profitability, leading to
higher-than-expected cash accrual. The outlook may be revised to
'Negative' in case of a decline in cash accrual, a stretched
working capital cycle, or any large unanticipated capital
expenditure, leading to deterioration in the financial risk
profile, particularly liquidity.

Incorporated in 2013, SCPL is promoted by the Rajkot, Gujarat-
based Gida family. Its key promoter, Mr. Jaydeep Gida, has
experience of about a decade in the cotton ginning industry. The
company gins and presses cotton into cotton bales and also
extracts oil from cotton seeds.


THERMAL FABRICATORS: CRISIL Reaffirms B Rating on INR14MM Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Thermal Fabricators Pvt
Ltd continue to reflect TFPL's modest scale and working-capital-
intensive nature of operations. The ratings also factors in below
average financial risk profile of TFPL, marked by high TOLTNW and
modest net worth. These rating weaknesses are partly offset by the
extensive experience of the company's promoter in timber
processing.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             14        CRISIL B/Stable (Reaffirmed)

   Letter of Credit        55        CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility       5        CRISIL B/Stable (Reaffirmed)

   Term Loan                1        CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that TFPL will continue to benefit over the medium
term from its promoter`s extensive industry experience. The
outlook may be revised to 'Positive' if TFPL's scale of operations
or profitability improves, leading to a substantial increase in
its cash generation. Conversely, the outlook may be revised to
'Negative' in case of a further stretch in the company's working
capital cycle or large debt-funded capital expenditure, leading to
pressure on its financial risk profile.

Incorporated in 1975 and based in Thane (Maharashtra), TFPL
manufactures wooden doors, door frames, flooring, and decking. It
also processes timber and trades in imported timber. TFPL is
promoted and managed by Mr. Sanjay Deorah; its registered office
is at Thane.


USHA CUBALS: CRISIL Reaffirms B- Rating on INR120MM Cash Loan
-------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Usha Cubals
Private Limited continues to reflect a below-average financial
risk profile because of a weak capital structure and subdued debt
protection metrics, susceptibility of operating margin to
volatility in gold prices, and exposure to significant regulatory
risks. These rating weaknesses are partially offset by the
extensive experience of the company's promoters in the gold-
trading business.

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

   Long Term Loan           80      CRISIL B-/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility       80      Withdrawal

Outlook: Stable

CRISIL believes UCPL will continue to benefit over the medium term
from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' in case of higher-than-
expected cash accrual, driven by improvement in scale of
operations and profitability, leading to a better financial risk
profile. The outlook may be revised to 'Negative' in case of
deterioration in the financial risk profile, particularly
liquidity, most-likely because of a decline in revenue or
profitability, or a stretched working capital cycle.

Update
The conservative stance of management to enter into only
profitable transactions to avoid losses due to volatile gold
prices, along with a strike in March 2016 by jewellers in India,
resulted in a decline in sales to INR512 million in fiscal 2016
from INR1799 million in fiscal 2015. However, operating margin
improved to 2.5% from 1.3%, over this period. The extensive
experience of the promoters in the metal-trading business is
expected to sustain the company's business risk profile over the
medium term.

Financial risk profile remains below average with networth of
INR55 million, total outside liabilities to tangible networth
ratio 3.7 times as on March 31, 2016. Risk coverage ratio was 4.67
times and interest coverage ratio of 0.6 time in fiscal 2016.
Liquidity remains stretched as lower sales resulted in negative
cash accrual of INR8.8 million in this fiscal. However, decrease
in working capital requirement freed up funds for timely payment
of a loan instalment. Also, moderate bank limit utilization at an
average of 92% has resulted in sufficient unutilized balance to
meet monthly repayment obligation of INR0.5 million. Liquidity is
also supported by unsecured loans of INR15.6 million as on March
31, 2016, from promoters.

UCPL, set up in 2010 by Mr. S K Agarwal, trades in bullion and
copper scrap, with bullion trading contributing most of its
revenue. The company currently trades in gold jewellery.


V.S. BUILDCON: CRISIL Lowers Rating on INR100MM Cash Loan to D
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
V.S. Buildcon to 'CRISIL D' from 'CRISIL B+/Stable'.

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

The downgrade reflects delays for over 30 consecutive days in
servicing interest on cash credit facility due to stretched
liquidity.

The firm also has a small scale of operations and below-average
financial risk profile marked by high gearing. However, VSB
benefits from the extensive experience of its promoters in the
civil construction industry.

Set up in 2008 in Ghaziabad as a partnership firm by Mr. Varun
Chaudhary, his father, Mr. Subhash Chaudhary, and his wife, Ms.
Reenu Chaudhary, VSB undertakes civil construction work, mainly
road and irrigation projects, for government departments.


VBM POWER: CRISIL Reaffirms 'D' Rating on INR105.8MM Term Loan
--------------------------------------------------------------
CRISIL's rating on bank facility of VBM Power and Infrastructure
Private Limited continues to reflect instances of delay in
servicing debt, as stretched receivables weakened liquidity.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan             105.8       CRISIL D (Reaffirmed)

Though the company has a low debt-service coverage ratio, moderate
working capital requirement, and exposure to risks inherent in the
wind power generation business, the power purchase agreement (PPA)
with Tamil Nadu Generation and Distribution Corporation Ltd
(TANGEDCO), supports the business risk profile.

VBM Power was set up in 2010 by Mr. GV Pratap Reddy and
Veerabhadra Minerals Pvt Ltd. The Telangana-based company operates
two windmills of 2.1 megawatt each, in Tirunelveli district in
Tamil Nadu.


VENKATESH ASSOCIATES: CARE Reaffirms B+ Rating on INR20cr LT Loan
-----------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Venkatesh Associates.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities       20       CARE B+ Re-affirmed

Rating Rationale

The rating assigned to the bank facilities of Venkatesh Associates
continues to factor in the project execution risk with high
dependence on customer advances along with pending financial
closure and limited geographical presence of the group in the Pune
region. Furthermore, the rating is constrained by competition from
other real estate players in the region coupled with inherent
cyclicality associated with the real estate sector along with
partnership nature of constitution leading to limited financial
flexibility.

The rating continues to derive strength from experience of the
promoter group in real estate development in Pune, receipt of
approvals and clearances for the Phase I of the "Venkatesh Oxy
Evolve" project, strategic location of the project having
proximity to key areas of Pune city and marketing advantage due to
presence of the other projects executed by the group in the same
vicinity.

The ability of the entity to execute construction activities as
per the schedule supported by timely inflow of customer
receivables and sale of the inventory as envisaged are the key
rating sensitivities.

VA is a partnership firm (formed as a Special Purpose Vehicle
(SPV)) formed on Aug. 7, 2012, and belongs to Venkatesh Oxy Group.
The partners in the firm are Mr. Devidas Kadam, Mr. Kiran Pawar,
Mr. Sandip Satav, Mr. Sunil Deokar, andMr Rahul Satav and have
equal profit sharing ratio.

Venkatesh Oxy Group is a renowned name in the real estate
development in Pune and has been in real estate business since
more than a decade.

Currently, VA is developing three residential projects named
'Venkatesh Oxy Evolve', 'Venkatesh Oxy Desire' and 'Venkatesh Oxy
Primo' with a total saleable area of 5.54 lakh square feet (lsf),
situated at Wagholi (Pune). The total cost of the projects is
INR98.93 crore which is to be funded by promoter's contribution of
INR13.00 crore, term loan from bank of INR20.00 crore and customer
advance of INR65.93 crore. The entire land for all the three
projects has been acquired by entering into the joint development
agreement (JDA) with the landowners. As per the JDA, VA will hand
over total saleable area of around 1.82 lsf to the land owners and
the remaining 3.21 lsf will remain under the entity for sale. The
projects 'Venkatesh Oxy Desire' and 'Venkatesh Oxy Primo' is
expected to be complete by March, 2018 and 'Venkatesh Oxy Evolve'
is expected to be complete by February 2019.


WIDE ANGLE: CRISIL Assigns 'B' Rating to INR57.5MM Bank Loan
------------------------------------------------------------
CRISIL has revoked the suspension of its rating on the long-term
bank facilities of Wide Angle Packaging System Private Limited and
has assigned its 'CRISIL B/Stable' rating to the facilities.
CRISIL had suspended the rating on April 19, 2016, as WAPSPL had
not provided information required for a rating review. The company
has now shared the requisite information, enabling CRISIL to
assign a rating to its bank facilities.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             25        CRISIL B/Stable (Assigned;
                                      Suspension Revoked)

   Long Term Loan          17.5      CRISIL B/Stable (Assigned;
                                     Suspension Revoked)

   Proposed Fund-Based     57.5      CRISIL B/Stable (Assigned;
   Bank Limits                       Suspension Revoked)

The rating reflects the company's small scale of operations in a
highly fragmented industry, large working capital requirement, and
below-average financial risk profile because of small networth and
high gearing. These weaknesses are partially offset by the
extensive experience of its promoters in the packaging industry,
and its established customer profile.
Outlook: Stable

WAPSPL will continue to benefit from its promoters' extensive
industry experience and its established clientele. The outlook may
be revised to 'Positive' in case of sustainable increase in its
revenue and stable profitability, leading to better liquidity, and
considerable reduction in its working capital cycle. The outlook
may be revised to 'Negative' if its liquidity deteriorates because
of a substantial increase in its working capital requirement,
lower-than-expected cash accrual, or any large debt-funded capital
expenditure.

WAPSPL was incorporated in 1996 and is promoted by Mr. Ramesh
Kumar Kataruka and his family. The company manufactures packaging
materials such as cartons, printed labels, corrugated boxes,
primarily for entities in the consumer goods industry. The company
also prints posters, danglers, leaflets, brochures, playing cards,
and calendars as per customer requirements. Its unit is in
Hooghly, West Bengal.



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


TOSHIBA CORP: To Sell Industrial Video Camera Business
------------------------------------------------------
Nikkei Asian Review reports that Toshiba Corp. will sell its
industrial video camera business and unload a stake in an
engineering subsidiary in an effort to bolster capital following
an accounting scandal that has eroded the company's finances.

Nikkei says the business, which includes such medical devices as
endoscopes, will be handed over to Toshiba Medical Systems on
Oct. 1 for JPY12.7 billion ($126.4 million). It brought in sales
of about JPY4 billion in fiscal 2015.

Since agreeing in March to sell Toshiba Medical Systems to Canon,
Toshiba has been reshuffling related operations, Nikkei notes.
Toshiba Medical Systems looks to cultivate new ground in its
field.

Separately, the company has sold 9.66 million shares, or 9.9% of
the voting shares, in Toshiba Plant Systems & Services to SMBC
Nikko Securities for JPY15.7 billion, Nikkei reports. The unit
remains a consolidated subsidiary of Toshiba, which retained a
51.5% stake.

According to Nikkei, Toshiba climbed into the black on an
operating basis in the April-June quarter, thanks to personnel
cuts and a better-than-expected performance in its semiconductor
business. But the company needs to replenish its capital, as its
capital ratio remained low at the 7% level at the end of June.

                           About Toshiba

The Troubled Company Reporter-Asia Pacific, citing Reuters,
reported on July 22, 2015, that an independent investigation said
in a report dated July 21 that Toshiba Corp. overstated its
operating profit by JPY151.8 billion ($1.22 billion) over several
years in accounting irregularities involving top management.

The investigating committee said in a report filed by Toshiba to
the Tokyo Stock Exchange that Toshiba President and Chief
Executive Hisao Tanaka and his predecessor, Vice Chairman Norio
Sasaki, were aware of the overstatement of profits and delay in
reporting losses in a corporate culture that "avoided going
against superiors' wishes," according to Reuters.

The TCR-AP, citing Bloomberg News, reported on July 22, 2015,
that Toshiba Corp. President Hisao Tanaka and two other
executives quit to take responsibility for a $1.2 billion
accounting scandal that caused the maker of nuclear reactors and
household appliances to restate earnings for more than six years.

Norio Sasaki, the vice chairman, and Atsutoshi Nishida, a former
president who was serving as adviser, also resigned, the Tokyo-
based company said July 21, more than two months after announcing
it was investigating possible accounting irregularities,
according to Bloomberg.

On March 28, 2016, Moody's Japan K.K. has downgraded Toshiba
Corporation's corporate family rating and senior unsecured debt
rating to B3 from B2, and its subordinated debt rating to Caa3
from Caa2.  The rating outlook is negative. At the same time,
Moody's has affirmed Toshiba's commercial paper rating of Not
Prime.  This rating action concludes the review for downgrade
initiated on Dec. 22, 2015.

S&P Global Ratings on May 13, 2016, lowered its long-term
corporate credit and senior unsecured debt ratings on Japan-based
diversified electronics company Toshiba Corp. by one notch to 'B'
and 'BB-', respectively, and has removed the ratings from
CreditWatch.  The outlook on the long-term corporate credit
rating is negative.  S&P placed its long-term ratings on Toshiba
on CreditWatch with negative implications in December 2015 and
maintained the CreditWatch on the long-term ratings when S&P
lowered them in February 2016.  S&P has affirmed its 'B' short-
term corporate credit and commercial paper ratings on Toshiba.

Toshiba Corporation (TYO:6502) -- http://www.toshiba.co.jp/-- is
a Japan-based manufacturer involved in five business segments.
The Digital Products segment offers cellular phones, hard disc
devices, optical disc devices, liquid crystal televisions, camera
systems, digital versatile disc (DVD) players and recorders,
personal computers (PCs) and business phones, among others.  The
Electronic Device segment provides general logic integrated
circuits (ICs), optical semiconductors, power devices, large-
scale integrated (LSI) circuits for image information systems and
liquid crystal displays (LCDs), among others.  The Social
Infrastructure segment offers various generators, power
distribution systems, water and sewer systems, transportation
systems and station automation systems, among others.  The Home
Appliance segment offers refrigerators, drying machines, washing
machines, cooking utensils, cleaners and lighting equipment.  The
Others segment leases and sells real estate.



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


STUDIO CITY: May Default on $1.41BB Loan, Warns Analyst
-------------------------------------------------------
Kevin Horridge at Casino.org reports that Studio City Macau,
Lawrence Ho and James Packer's $4.5 billion integrated casino
resort on the Cotai Strip is in trouble and could default on the
$1.41 billion loan used to complete the construction of the hotel.

That's the word from rating agency Standard and Poor's Financial
Services, which this week issued a negative outlook for the
resort's bonds, off the back of a 42.5% slide in their value, the
report says.

According to Casino.org, Macau's first ever TV and movie-themed
resort opened in October 2015, with Mr. Packer's girlfriend Mariah
Carey headlining the opening night, as the likes of Robert De Nero
and Leonardo DiCaprio mingled among the crowd. It even had its own
opening night movie, The Audition, a short film directed by Martin
Scorsese and starring De Nero, DiCaprio and Brad Pitt.

Mr. Packer called it the "coolest 15 minutes ever made," but, with
an $80 million price tag, it could equally be described as the
most expensive advertisement ever made, the report relates.

But for all the glitz, Studio City was conceived in a markedly
different economic climate, before Chinese President Xi Jinping's
anti-corruption drive halted the area's success story and sent
revenues tumbling for 26 straight months, says Casino.org.

Casino.org says Studio City went big on non-gaming amenities,
positioning itself as a non-VIP gaming destination in order to woo
China's burgeoning middle class.

It has everything from television and film production facilities
to a Batman themed 4-D flight-simulator roller coaster ride and a
figure-eight Ferris wheel, but thanks to a slowing Chinese
economy, visitor numbers to Macau are falling and the hordes of
middle classes have failed to materialize.

Melco Crown owns a 60% stake in the property, while US hedge funds
Silver Point Capital and Oaktree Capital own a 40% stake,
Casino.org discloses.  According to Casino.org, Bloomberg reported
this week that Melco Crown has sought to distance itself from any
kind of rescue package for the casino.

"Studio City Casino Macau is within an entirely separate credit
group and its debt is non-recourse to Melco Crown Entertainment
Limited. [. . .] Investors should not assume that Melco Crown
Entertainment Limited will provide any financial support to Studio
City Casino Macau or that it would step in for Studio City Casino
Macau," Casino.org quotes a Melco Representative as saying.

There is speculation that that Melco is seeking to put the wind up
the hedge funds because it wants to buy them out for a good price,
and that the negative rating from Standard and Poor's will
strengthen its position, Casino.org states.

Studio City Co. Ltd. is a Macau-based gaming company.

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 17, 2016, S&P Global Ratings revised its rating outlook on
Studio City Co. Ltd. to negative from stable.  At the same time,
S&P affirmed its 'BB-' long-term corporate credit rating on the
Macau-based casino operator.  S&P also affirmed its 'B' long-term
issue rating on the senior unsecured notes that Studio City
Finance Ltd. issued. Studio City Finance's existing and future
restricted subsidiaries, including Studio City, guarantee the
notes.  In line with the outlook revision, S&P lowered its long-
term Greater China regional scale rating on Studio City to 'cnBB'
from 'cnBB+' and on the notes to 'cnB+' from 'cnBB-'.



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


MONGOLIA: Commodity Revival Can't Reverse Epic Meltdown
-------------------------------------------------------
Michael Kohn at Bloomberg News reports that the commodity super-
cycle that peaked in 2011 powered Mongolia to world-beating
growth. Then came the bust and China's recent economic slowdown
that's pushed the land of Genghis Khan into an unprecedented
economic crisis this summer, Bloomberg says.

Yet even though the commodity market finally has a pulse again
after a five-year collapse, a modest revival in prices isn't going
to be enough to rescue Mongolia's mineral-rich, $12 billion
economy, according to Bloomberg.

What worked for Mongolia in 2011 isn't working now, Bloomberg
says.  The nation, once dubbed Minegolia for sitting on what the
International Monetary Fund has estimated is $1 trillion to $3
trillion in mineral wealth, has seen its attractiveness as an
investment destination wane as global miners rein in spending,
Bloomberg notes.

On top of that, disputes with foreign investors such as Rio Tinto
Group over the development of the Oyu Tolgoi copper and gold
deposits continue to weigh on its reputation, says Bloomberg. And
the seemingly unique advantage of sitting on the doorstep of the
world's biggest buyer of commodities, China, is now looking more
like a liability given the marked slowdown in the world's second-
biggest economy.

While there's no quick fix to Mongolia's recent travails -- it has
burned through much of its foreign currency reserves and the
government has a crushing debt burden -- the country can mend
things by improving the laws, regulations and bureaucracy that
prevent it from being globally competitive, Bloomberg relates
citing industry analyst and former chief of Oyu Tolgoi LLC.

"The government doesn't have money to throw around or to subsidize
its industries, so the only thing it can do is to make sure its
policies and its administration are absolutely fine-tuned to the
world's best practice," Cameron McRae, executive chairman of Tarva
Investment & Advisory, told Bloomberg by phone.

Mongolia earlier this month declared an economic crisis after
leaders in Ulaanbaatar took to national TV to outline the
country's deteriorating debt position, cash reserves and budget
deficit, Bloomberg discloses.  Prime Minister Erdenebat
Jargaltulga has since announced an austerity program, which
includes government pay cuts and spending halts on projects.

To woo back investors, Erdenebat signaled he would establish a
council to promote foreign investment. The details of how the
council will operate have not been announced, Bloomberg notes.



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


DEVONPORT HERITAGE: To Vote to Liquidate Group on September 14
--------------------------------------------------------------
Anne Gibson at The New Zealand Herald reports that one of
Auckland's most active, successful heritage groups is planning
liquidation after a  NZ$27,000 bill from losing a battle to save
one of the city's oldest hotels.

According to the Herald, Devonport Heritage Inc is holding a
special meeting on September 14 to vote on the appointment of a
liquidator and a notice has just gone out to all members from
chairwoman Trish Deans.

The Herald relates that Margot McRae, deputy chairwoman, said that
liquidation was planned as a result of a NZ$27,000 bill for court
costs after the group's unsuccessful Environment Court attempt to
save the Masonic Tavern in 2010.

The bill was originally NZ$21,000 but interest costs had been
added taking it to NZ$27,000, she said, the Herald relays.

"We can't face going to court. We don't have any money. I've been
hounded all year," Ms. McRae, as cited by the Herald, said,
referring to contact from a credit company.  "We'd have to defend
ourselves in court and we don't have any money," she said.

The group had been operating for 24 years, the Herald notes.

"We have lifted the awareness of heritage protection and the
importance of saving our buildings. That has grown so hugely since
we started and we don't know what things we've prevented
happening. People who have wanted to demolish - they won't do it
in Devonport now. People know they would get a hell of a lot of
noise from 'those heritage people', which we've been called for
years," the report quotes Ms. McRae as saying.

Ms. Deans said the hotel was the oldest in Auckland which had been
continually used as a hotel, adds the Herald.



                             *********

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.


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

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

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

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

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



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