TCRAP_Public/160107.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Thursday, January 7, 2016, Vol. 19, No. 4


                            Headlines


A U S T R A L I A

DICK SMITH: ACCC 'Making Enquires' Into Retailer's Collapse
DICK SMITH: Accused of Pumping Up Gift Voucher Sales
DUNBAR HIRE: First Creditors' Meeting Set For Jan. 14
OM MANGANESE: Goes Into Voluntary Administration
PEMBERTOWN ACCOUNTING: First Creditors' Meeting Set For Jan. 13

PEOPLE CONSULTING: First Creditors' Meeting Set For Jan. 14
VENTIS HQ: 50 Workers Lose Jobs Following Collapse


C H I N A

AGFEED USA: Hormel's Bid to Dismiss Suit Granted
RENHE COMMERCIAL: S&P Puts 'CCC' CCR on CreditWatch Negative


H O N G  K O N G

CHINA FISHERY: Pacific Andes to Look Into Provisional Liquidation


I N D I A

ABEINSA BUSINESS: Ind-Ra Assigns 'IND B+' Rating to INR50MM Loan
AL-SAMI COLD: CRISIL Suspends 'B' Rating on INR10MM Cash Loan
ALLIANCE EMBROIDERY: ICRA Withdraws B+/A4 Rating on INR10cr Loan
ALLIANCE OVERSEAS: CRISIL Suspends B Rating on INR70MM Loan
ANANDA RICE: CRISIL Suspends 'B' Rating on INR41.5MM Cash Loan

ANIL KUMAR: CRISIL Assigns B+ Rating to INR59MM Cash Loan
ANURON INFRASTRUCTURES: CRISIL Rates INR147MM Term Loan at 'B'
ARDHENDU MONDAL: ICRA Assigns 'B+' Rating to INR5.50cr Loan
B.D TEXTILE: Ind-Ra Assigns Long-Term Issuer Rating of 'IND BB'
BHANDARI DEEPAK: ICRA Assigns 'C' Rating to INR8.70cr Loan

BHADRASHREE STEEL: Ind-Ra Assigns 'IND BB+' LT Issuer Rating
BRAHMAPUTRA METALLICS: ICRA Suspends B- INR239.65cr Loan Rating
COASTAL CONSOLIDATED: CRISIL Reaffirms B- Rating on INR130MM Loan
CONSTRUCTION CATALYSERS: CRISIL Keeps B+ Rating on INR95M Loan
DUNLOP INDIA: High Court Appoints Official Liquidator

EDUCOMP SOLUTIONS: Lenders Mull Strategic Debt Restructuring
ERNAD CONSTRUCTIONS: CRISIL Ups Rating on INR55MM Loan to 'B'
GAJRA DIFFERENTIAL: CRISIL Suspends 'D' Rating on INR95MM Loan
GAYATRI MICRONS: CRISIL Assigns B+ Rating to INR60.8MM Term Loan
GOL OFFSHORE: CRISIL Reaffirms 'D' Rating on INR8.02BB LT Loan

GURUKRUPA COTTON: ICRA Reaffirms B Rating on INR9.50cr Loan
HANS RUBBER: Ind-Ra Assigns 'IND B' Long-Term Issuer Rating
HARSHIL TEXTILES: CRISIL Assigns B- Rating to INR40MM Cash Loan
HARVINS CONSTRUCTIONS: CRISIL Reaffirms B Rating on INR75MM Loan
JADWET RESORTS: CRISIL Reaffirms 'B' Rating on INR100MM LT Loan

K.F. MILK: CRISIL Suspends 'B' Rating on INR80MM Term Loan
K. K. HOMES: ICRA Suspends D Rating on INR10.74cr Loan
KANHAIYA LAL: CRISIL Suspends B+ Rating on INR70MM Cash Loan
KARTIKAY RESORTS: CRISIL Suspends 'D' Rating on INR73.4MM Loan
KISHORE INFRASTRUCTURES: ICRA Rates INR25cr Loan at B+/A4

KKE WASH: Ind-Ra Withdraws 'IND B-(suspended)' LT Issuer Rating
M. E. ENERGY: CRISIL Assigns B+ Rating to INR80MM Cash Loan
O.P. ASSOCIATES: CRISIL Assigns B+ Rating to INR75MM Cash Loan
P.K. FOODS: Ind-Ra Assigns 'IND B+' Long-Term Issuer Rating
RAKESH CREDITS: CRISIL Assigns 'B' Rating to INR80MM LT Loan

RAKI INDUSTRIES: CRISIL Suspends 'D' Rating on INR120MM Loan
RAYUDU LABORATORIES: ICRA Assigns 'B/A4' Rating to INR15cr Loan
SHIVSHAKTI COTEX: CRISIL Assigns B- Rating to INR80MM Cash Loan
SHREE PARAS: CRISIL Suspends B+ Rating on INR120MM Cash Loan
SHREEJEE SAREES: Ind-Ra Assigns 'IND BB' Long-Term Issuer Rating

SHRIVARDHMAN MILK: ICRA Assigns B+ Rating to INR5.75cr LT Loan
SLN TECHNOLOGIES: ICRA Ups Rating on INR4.5cr Loan to B+
SMART MOTORS: CRISIL Suspends B- Rating on INR100MM Cash Loan
SMART MOTORS: Ind-Ra Assigns 'IND B' Long-Term Issuer Rating
STALLION INVESTMENT: Ind-Ra Assigns 'IND BB' LT Issuer Rating

SUDEEP EXIM: Ind-Ra Assigns 'IND B+' Long-Term Issuer Rating
SUPRAN EXIM: CRISIL Suspends B+ Rating on INR150MM Loan
SWAMI PRAGA: CRISIL Suspends 'D' Rating on INR60MM Term Loan
TECKBOND LABORATORIES: CRISIL Suspends D Rating on INR50MM Loan
TERRA ENERGY: ICRA Lowers Rating on INR28.65cr Loan to D

TIRUPUR PANDIT: CRISIL Reaffirms B Rating on INR5MM Loan
TUNGNATH EDUCATIONAL: CRISIL Suspends D Rating on INR66.6MM Loan
VAIBHAV FITTING: CRISIL Reaffirms B- Rating on INR42.5MM Loan
VISHAL COATERS: CRISIL Suspends B+ Rating on INR75MM LT Loan
YASH LAXMI: CRISIL Assigns B+ Rating to INR163MM Cash Loan

ZAACI DIAMONDS: Ind-Ra Assigns 'IND D' Long-Term Issuer Rating


P H I L I P P I N E S

LBC DEVELOPMENT: "Business As Usual" Amid Court Order


S O U T H  K O R E A

ASIANA AIRLINES: Restructuring Faces Opposition From Workers


                            - - - - -


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


DICK SMITH: ACCC 'Making Enquires' Into Retailer's Collapse
-----------------------------------------------------------
The West Australian reports that the corporate watchdog has urged
the thousands of Dick Smith customers holding gift cards to
register as an unsecured creditors of the company, as questions
surrounding the collapse of the well-known chain remain
unanswered.

According to the report, the Australian Competition and Consumer
Commission revealed on Jan. 6 it is "making enquires" into the
"consumer issues" which left thousands with gift cards that cannot
be spent.

In a short statement, the ACCC did not go into any more detail,
referring affected customers to self-help pages on its website
such as "when a business goes bust," the report relays.

The West Australian notes that it comes as independent senator
Nick Xenophon called upon the Australian Securities and
Investments Commission to urgently investigate the collapse of the
electronics retailer.

The report says Mr Xenophon suggested a parliamentary inquiry and
queried whether ASIC was "asleep on the front porch" while the
company unravelled.

As late as its annual meeting in October, Dick Smith, which was
placed in voluntary administration on Jan. 5, was tipping a
reduced annual profit of up to AUD48 million.

Just a month later, it scrapped the guidance citing unexpectedly
poor trading, took a AUD60 million inventory writedown and
cautioned it was facing an uncertain Christmas trading period,
says The West Australian.

The West Australian adds that Senator Xenophon has also demanded
private equity firm Anchorage Capital Partners, which floated the
company for AUD520 million in 2013 shortly after buying it for
AUD94 million, support affected employees and consumers.

On Jan. 6 catalogue producer PMP claimed it is owed AUD4 million
from the electronics chain, the report discloses.

Its chief executive Peter George said he has not held talks with
Dick Smith's administrators regarding the debt or the retailer's
ongoing viability, the report adds.

                         About Dick Smith


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

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

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

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

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

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

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


DICK SMITH: Accused of Pumping Up Gift Voucher Sales
----------------------------------------------------
Yolanda Redrup at The Sydney Morning Herald reports that Dick
Smith has been accused of aggressively promoting its gift vouchers
through Coles and Woolworths supermarkets by offering an extra 10
per cent on gift cards during the Christmas period.

Those gift vouchers are now worthless, which has enraged
customers, who have voiced their complaints on Twitter and
Facebook.

Facebook user James Briggs said he was given a AUD1,200 Dick Smith
gift card from his dying grandfather.

"Now the gift card is not worth the plastic it is printed on!!!"
he wrote on Dick Smith's Facebook page.

Other social media comments have likened the move not to honour
the gift cards to "stealing".

According to the report, shoppers who bought a Dick Smith gift
voucher at Coles or Woolworths were given an extra 10 per cent on
top of the amount they paid. If they spent $100, the voucher would
have been worth AUD110 in store.

"This promotion was an initiative of Dick Smith," the report
quotes a Woolworths spokesman as saying.

SMH relates that a Coles spokesman said the gift vouchers had been
withdrawn from sale in the supermarket when Dick Smith was placed
into voluntary receivership on Jan. 5.

"Coles was not informed prior to the company entering
administration and we apologise for the inconvenience caused to
our customers," the spokesman, as cited by SMH, said.

"Coles is unable to offer refunds for gift cards as Coles has
already passed on the funds. Customers who have purchased Dick
Smith gift cards that have not been redeemed should contact the
administrators to register as creditors or for updates on any
change to the redemption of gift cards in future."

SMH adds that the Australian Competition and Consumer Commission
said it was working with state and territory fair trading agencies
and was in contact with the receiver to monitor consumer issues.
Dick Smith declined to comment, the report notes.

                         About Dick Smith


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

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

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

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

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

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

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


DUNBAR HIRE: First Creditors' Meeting Set For Jan. 14
-----------------------------------------------------
Grahame Peter Hill of Hills Corporate was appointed as
administrator of Dunbar Hire Pty Limited on Jan. 4, 2016.

A first meeting of the creditors of the Company will be held at
Courtyard Room, Bathurst RSL Club Ltd, 114 Rankin Street, in
Bathurst, on Jan. 14, 2016, at 10:30 a.m.


OM MANGANESE: Goes Into Voluntary Administration
------------------------------------------------
abc.net.au reports that a falling commodity price has pushed
Northern Territory miner OM Manganese into voluntary
administration.

As reported by ABC Rural, the company had already laid off a
number of workers, with the decision to mothball its mine at Bootu
Creek, north of Tennant Creek, according to abc.net.au.

In a statement to the ASX overnight, OM Manganese said recent
cost-cutting efforts had not been enough to prevent the company
from being placed into financial administration, the report notes.

"Management have formed the view that the project cannot continue
to operate sustainably in the current market," the statement read,
the report relays.

"It is envisaged that OM Manganese will be restructured via the
administration process, with a view to recommence trading when the
market for manganese has improved," the statement added, the
report notes.

It remains unclear just how many jobs have been lost at the mine,
with the majority of the workforce fly-in-fly-out, the report
relays.

Greg Marlows, from the Tennant Creek Chamber of Commerce, said
there were about 10 to 15 locals employed at the site, the report
discloses.

"They've been retrenched, and I don't know if any of them have got
themselves new jobs," the report quoted Mr. Marlows as saying.
"If they want to stay in the mining game, there's nothing local,
so they're going to have to go interstate or elsewhere.  We've got
15 people who aren't working, they don't have money coming in and
that's a drop in the local economy," Mr. Marlows added.

Two former workers of Bootu Creek have told ABC Rural that they
have only received part of their entitlements.


PEMBERTOWN ACCOUNTING: First Creditors' Meeting Set For Jan. 13
---------------------------------------------------------------
Cameron Shaw and David Ross of Hall Chadwick were appointed as
administrators of Pembertown Accounting Pty Ltd on Dec. 31, 2015.

A first meeting of the creditors of the Company will be held at
Hall Chadwick, Level 11, 16 St Georges Terrace, in Perth, on
Jan. 13, 2016, at 9:00 a.m.


PEOPLE CONSULTING: First Creditors' Meeting Set For Jan. 14
-----------------------------------------------------------
Richard Albarran and Brent Kijurina of Hall Chadwick were
appointed as administrators of People Consulting Pty Ltd on
Jan. 4, 2016.

A first meeting of the creditors of the Company will be held at
The Grace Hotel, Kirralaa Room, Level 2, 77 York Street, in
Sydney, on Jan. 14, 2016, at 10:00 a.m.


VENTIS HQ: 50 Workers Lose Jobs Following Collapse
--------------------------------------------------
Cliff Sanderson at Dissolve.com.au reports that 50 employees of
Ventis HQ Pty Ltd have reportedly stood down following
administration.

Dissolve.com.au relates that the business was shut down by the
administrators who are currently evaluating the possibility of
continuous trading.  The administrators are set to call for
expressions of interest, the report says.

Bradd William Morelli and Trent Andrew Devine of Jirsch Sutherland
were appointed as administrators of Ventis HQ Pty Ltd on Dec. 24,
2015.

Ventis HQ Pty Ltd is a home ventilation franchise.



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C H I N A
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AGFEED USA: Hormel's Bid to Dismiss Suit Granted
------------------------------------------------
Judge Brendan Linehan Shannon of the United States Bankruptcy
Court for the District of Delaware granted with prejudice the
motion filed by Hormel Foods Corporation to dismiss the amended
complaint filed by JLL Consultants, Inc., the Liquidating Trustee
for AgFeed Industries, Inc., and AgFeed USA LLC.

The Liquidating Trustee initiated an adversary proceeding against
Hormel to recover damages that resulted from alleged false
representations made by Hormel in connection with AFI's
pre-petition purchase of the companies that became AgFeed USA LLC
and its domestic affiliates.  The Trustee also sought to avoid a
$2.84 million note obligation issued in favor of Hormel by AgFeed
USA Entities.  The note was issued pursuant to a Termination and
Settlement agreement entered into on April 1, 2013 between Hormel
and the AgFeed USA entities.

On April 8, 2015, Hormel moved to dismiss the complaint for
failure to state a claim upon which relief can be granted pursuant
to Rule 12(b)(6) of the Federal Rules of Civil Procedure, made
applicable to adversary proceedings by Federal Rule of Bankruptcy
Procedure 7012.

Judge Shannon concluded that any claim or cause of action that
could be articulated on the facts pled in the Complaint was
released by the commercially standard release provisions contained
in the settlement agreement.

The case is In re: AgFeed USA, LLC, et al, Chapter 11, Debtors.
JLL CONSULTANTS, INC., Plaintiff, v. HORMEL FOODS CORPORATION,
Defendant, Case No. 13-11761 (BLS) Jointly Administered, Adv. No.
14-50942 (BLS) (Bankr. D. Del.).

A full-text copy of Judge Shannon's December 15, 2015 opinion is
available at http://is.gd/wLj1UYfrom Leagle.com.

JLL Consultants is represented by:

          Eric Michael Sutty, Esq.
          Rafael Xavier Zahralddin-Aravena, Esq.
          ELLIOTT GREENLEAF
          1105 Market Street, Suite 1700
          Wilmington, DE 19801
          Tel: (302)384-9400
          Fax: (302)384-9399
          Email: ems@elliottgreenleaf.com
                 rxza@elliotgreenleaf.com

Hormel Foods Corporation is represented by:

          Terri L. Combs, Esq.
          FAEGRE BAKER DANIELS LLP
          801 Grand Avenue, 33rd Floor
          Des Moines, IA 50309
          Tel: (515)248-9000
          Fax: (515)248-9010
          Email: terri.combs@faegrebd.com

            -- and --

          Stephen M. Mertz, Esq.
          FAEGRE BAKER DANIELS LLP
          2200 Wells Fargo Center
          90 S. Seventh Street
          Minneapolis, MN 55402
          Tel: (612)766-7000
          Fax: (612)766-1600
          Email: stephen.mertz@faegrebd.com

            -- and --

          Robert Charles Maddox, Esq.
          Robert J. Stearn, Jr.
          RICHARDS, LAYTON & FINGER, P.A.
          One Rodney Square, 920 North King Street
          Wilmington, DE 19801
          Tel: (302)651-7700
          Fax: (302)651-7701
          Email: maddox@rlf.com
                 stearn@rlf.com

                  About AgFeed Industries

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

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

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

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

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

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

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

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


RENHE COMMERCIAL: S&P Puts 'CCC' CCR on CreditWatch Negative
------------------------------------------------------------
Standard & Poor's Ratings Services said that it had placed its
'CCC' long-term corporate credit rating on Renhe Commercial
Holdings Co. Ltd. and the 'CCC-' issue rating on the company's
outstanding US$161.2 million 13% senior unsecured notes due 2016
on CreditWatch with negative implications.  At the same time, S&P
placed its Greater China regional scale ratings of 'cnCCC' on
Renhe and of 'cnCCC-' on the notes on CreditWatch with negative
implications.  Renhe is a China-based underground mall developer
and operator.

"The CreditWatch placement reflects our view that Renhe may fall
short of funds to repay its debt if it can't obtain waivers or
consents from its lenders," said Standard & Poor's credit analyst
Christopher Yip.

On Dec. 31, 2015, the company announced that it had breached
covenants on maintaining a minimum cash balance and on registering
the mortgage of a parcel of land with the government under its
syndicated loan.  The breach allows the lenders to potentially
accelerate the repayment of this US$250 million loan and another
Hong Kong dollar 390 million loan, and could trigger cross default
on Renhe's other debt obligations including its outstanding notes
due 2016.  As of June 30, 2015, Renhe has a cash balance of
Chinese renminbi (RMB) 817 million and reported borrowings of
about RMB6.2 billion.

S&P do not expect Renhe to have sufficient liquidity to
immediately repay its loan facilities due August 2016 and its
outstanding US$161.2 million notes due 2016 if the lenders don't
provide the required waivers and consents.  S&P continues to
assess the company's liquidity as "weak," given that its cash
balance has not improved and is below the required minimum set in
its loan covenants.

It is also uncertain if Renhe can receive additional shareholder
support or will be able to raise funds through the capital
markets, in S&P's view.  In addition, the company has limited
assets for disposal because it does not hold land use rights for
its malls.

"We aim to resolve the CreditWatch placement in three months,"
said Mr. Yip.  "The resolution will depend on Renhe's negotiation
with its lenders to resolve the breaches on its syndicated loan.
At the same time, we will review the company's ability to
establish a concrete repayment or refinancing plan."

S&P could lower the rating to selective default ('SD') if the
breaches on Renhe's syndicated loan are not remedied and the loan
becomes immediately repayable, such that the company fails to make
the payment.

S&P could also lower the rating if it believes that Renhe may be
unable to repay its outstanding notes.  This could happen if Renhe
does not present a viable plan, which may include refinancing or
asset disposal, even though the company successfully obtains
waivers or consents for the syndicated loan.

S&P could affirm the rating if it believes Renhe can resolve the
breaches and establish a credible plan for its upcoming debt
repayments.  This plan could include raising new funds through
debt or equity issuances and from asset sales.



================
H O N G  K O N G
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CHINA FISHERY: Pacific Andes to Look Into Provisional Liquidation
-----------------------------------------------------------------
businesstimes.com.sg reports the board of industrial fishing firm
Pacific Andes Resources Development has formed a committee to look
into the circumstances that led its subsidiary, China Fishery
Group, into provisional liquidation, the report notes.

The independent review committee will also engage an independent
accounting firm to conduct a forensic review of the company's
financial accounts, the report relays.

It will comprise Lieutenant-General (Rtd) Ng Jui Ping as chairman,
Bertie Cheng Shao Shiong and Chew Hai Chwee, all of whom are
independent directors of the firm, the report notes.

The report notes that this comes after the group's holding
company, Pacific Andes International Holdings, which is listed in
Hong Kong, entered into a deed with three of its bank lenders,
agreeing to engage an independent accounting firm and appointing a
chief restructuring officer, among others.

The report says that China Fishery had failed to repay a US$31
million instalment on its US$650 million club loan facility due in
November, according to a Standard & Poor's note.

Pacific Andes International Holdings said the group was exploring
the sale of China Fishery's Peruvian business, and has received
bids by two buyers at an indicative enterprise value of US$1.7
billion, the report discloses.

Trading in the firm's shares has been halted since Nov 26, and is
suspended until further notice, the report adds.

China Fishery Group Ltd is headquartered in Hong Kong and listed
in Singapore. It is engaged in the Peruvian fishmeal and fish oil
business and fishing fleet operations. China Fishery is 46.5%
effectively owned by the Pacific Andes group through Pacific Andes
International Holdings Limited (unrated), a Hong Kong-listed
integrated fish and seafood products processor. The Carlyle Group,
a global alternative asset management firm, holds an 11.1% stake
in the company.

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 1, 2015, Bloomberg News said China Fishery Group Ltd.
failed to repay a $31 million installment due earlier this month
on a $650 million loan, according to Standard & Poor's.

"As a result, one of the lenders successfully applied for
provisional liquidators, indicating that the lender is unwilling
to negotiate for further extensions or waivers," Bloomberg quotes
S&P as saying in a statement on Nov. 26. Moody's Investors Service
cut its rating by two levels to Ca on Nov. 27 as a
Hong Kong court appointed three executives from KPMG as
provisional liquidators, Bloomberg relates.  The grade indicates
the company is likely in, or very near default, the report notes.

According to Bloomberg, HSBC Holdings Plc, one of the lenders to
the loan, has filed an application to the High Court of Hong Kong
to appoint provisional liquidators to the Singapore-listed fishing
group.



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ABEINSA BUSINESS: Ind-Ra Assigns 'IND B+' Rating to INR50MM Loan
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Abeinsa Business
Development Private Limited's (Abeinsa) INR50 million fund-based
limits an 'IND B+' rating with Stable Outlook and its INR125m non-
fund-based limits an 'IND A4' rating. The agency has
simultaneously withdrawn the 'IND BBB-(SO)'/Stable and 'IND
A3(SO)' ratings on these limits. The ratings have been assigned to
the entity based on the standalone credit profile of Abeinsa.
Considering the weakened financial position of the parent Abengoa
S.A. (Fitch Ratings Ltd: Long-Term Issuer Default Rating 'RD'
(Restricted Default)), Ind-Ra expects limited support to Abeinsa
under the corporate guarantee and hence the ratings based on the
corporate guarantee have been withdrawn.

KEY RATING DRIVERS

The Abengoa group's financial position has weakened due to higher-
than-expected equity requirements for its capital intensive
projects in Brazil. The group had plans to raise EUR650m through a
rights issue. Accordingly, Abengoa had entered into an agreement
with Gonvarri Corporacion Financiera to raise EUR250m, which has
since been terminated by the latter. Following this, Abengoa
applied for the protection under the Spanish insolvency law. Given
the weakened financial position of Abengoa, Ind-Ra expects limited
support from the parent in the short term and hence the ratings
assigned reflect the standalone financial and business profiles of
Abeinsa.

The scale of operations remains substantially low. Abeinsa
witnessed 2.7% yoy growth in revenue to INR172m according to the
provisional financials for FY15, while EBITDA margins decreased to
9.8% (14.8%). The company continues to have negative net debt on
its balance sheet since FY11 and had unutilised fund- and non-
fund-based limits during the 12 months ended June 2015.

RATING SENSITIVITIES

Positive: A significant improvement in the parent's credit profile
resulting in its ability to support the subsidiary could lead to a
positive rating action.

Negative: A negative rating action could result from a substantial
decrease in the revenue or EBITDA margins of Abeinsa and/or in a
situation of stressed liquidity.

COMPANY PROFILE

Abeinsa was earlier engaged in engineering, procurement and
construction for its group companies in Asia. Since FY13, Abeinsa
has become the project management arm of the parent in South East
Asia and Middle East regions.


AL-SAMI COLD: CRISIL Suspends 'B' Rating on INR10MM Cash Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Al-Sami
Cold Storage (ACS).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit              10     CRISIL B/Stable
   Export Packing Credit    40     CRISIL A4
   Proposed Export
   Packing Credit           30     CRISIL A4

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

ACS, incorporated in 2009, processes and exports buffalo meat to
various Middle Eastern and Asian countries. The firm is promoted
by Mr. Abdul Salam and his wife, Mrs.Azimunnesa Begum.


ALLIANCE EMBROIDERY: ICRA Withdraws B+/A4 Rating on INR10cr Loan
----------------------------------------------------------------
ICRA has withdrawn the suspended the ratings of [ICRA]B+ and
[ICRA]A4 assigned to the INR10.00 crore Bank Loans Programme of
Alliance Embroidery Machine Private Limited. As per ICRA's policy
on withdrawals, ICRA can withdraw the ratings, in case the
rating(s) remain suspended for more than three years.


ALLIANCE OVERSEAS: CRISIL Suspends B Rating on INR70MM Loan
-----------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Alliance
Overseas Private Limited (AOPL).

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            70        CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility     30        CRISIL B/Stable
   Term Loan              14        CRISIL B/Stable

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

Situated in Panipat (Haryana), AOPL sells woollen and polyester
blankets. These blankets are imported from China in its raw form,
after which the company processes them. AOPL's plant has a
capacity to process 3000 blankets per day.


ANANDA RICE: CRISIL Suspends 'B' Rating on INR41.5MM Cash Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Ananda
Rice Mill (ARM).

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            41.5      CRISIL B/Stable
   Letter Of Guarantee     1.2      CRISIL A4
   Proposed Long Term
   Bank Loan Facility     32.1      CRISIL B/Stable
   Term Loan               5.2      CRISIL B/Stable

The suspension of ratings is on account of non-cooperation by ARM
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, ARM is yet to
provide adequate information to enable CRISIL to assess ARM'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 1998, ARM mills non-basmati parboiled rice. Its
manufacturing facility is located in Burdwan (West Bengal). ARM's
day-to-day operations are looked after by its managing partner,
Mr. Nurul Haque Mondal. ARM markets its product under its brand,
Ananda Gold.


ANIL KUMAR: CRISIL Assigns B+ Rating to INR59MM Cash Loan
---------------------------------------------------------
CRISIL has assigned its ratings to the 'CRISIL B+/Stable/CRISIL
A4' bank facilities of Anil Kumar Biswal (AKB).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Proposed Long Term
   Bank Loan Facility     32       CRISIL B+/Stable
   Bank Guarantee          9       CRISIL A4
   Cash Credit            59       CRISIL B+/Stable

The rating reflects AKB's small scale of operations, geographical
concentration of revenues, modest order book providing limited
medium-term revenue visibility, large working capital requirement
and below-average financial risk profile because of small
networth, high gearing, and modest debt protection metrics. These
weaknesses are partially offset by promoter's extensive experience
in the civil construction industry, the firm's established
clientele and limited exposure to receivables risk.

Outlook: Stable

CRISIL believes AKB will continue to benefit over the medium term
from its promoter's extensive industry experience and established
customer base. The outlook may be revised to 'Positive' in case of
substantial and sustained improvement in revenue and
profitability, or significant increase in networth because of
sizeable equity infusion by promoter. Conversely, the outlook may
be revised to 'Negative' in case of steep decline in
profitability, or significant deterioration in capital structure
because of large debt-funded capital expenditure or stretch in
working capital cycle.

AKB is a proprietorship firm set up in 1995 by Mr. Anil Kumar
Biswal. The firm is headquartered at Balugaon in (Odisha) and
executes civil contracts for construction and development of roads
and buildings, and civil and electrical repair work (activities
for completion or finishing of a construction). It is classified
as Class 1A contractor for the Government of Odisha.


ANURON INFRASTRUCTURES: CRISIL Rates INR147MM Term Loan at 'B'
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Anuron Infrastructures (AI).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Term Loan              147      CRISIL B/Stable

The rating reflects AI's exposure to risks related to
implementation, funding, and saleability of its residential
project, and to cyclicality inherent in the Indian real estate
industry, and geographic concentration in operations. These
weaknesses are partially offset by its promoters' extensive
experience in the real estate industry in Ahmednagar
(Maharashtra), its established brand, and stable revenue from the
hospitality business.

Outlook: Stable

CRISIL believes AI will continue to benefit over the medium term
from its promoters' extensive experience in the real estate
industry, but will remain sensitive to timeliness of inflow of
customer advances in its project. The outlook may be revised to
'Positive' in case of better-than-expected booking of units and
timely receipt of customer advances, leading to higher-than-
expected cash inflow. Conversely, the outlook may be revised to
'Negative' if liquidity weakens because of delays in receipt of
customer advances or time or cost overrun in the project, or if
the firm undertakes any other large project.

AI, set up in 2007 by Mr. Ashish Pokharna and Mr. Narendra
Firodia, is engaged in real estate development. It also operates a
hotel, IRIS, in Ahmednagar.


ARDHENDU MONDAL: ICRA Assigns 'B+' Rating to INR5.50cr Loan
-----------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B+ for the INR5.50
crore fund based facilities, and INR2.48 crore unallocated
facilities of M/s. Ardhendu Mondal. ICRA has also assigned a short
term rating of [ICRA]A4 to the INR2.02 crore non fund based
facilities of the company.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund based limits       5.50       [ICRA]B+ assigned
   Unallocated             2.48
   Non fund based limits   2.02       [ICRA]A4 assigned

The assigned ratings constrained by the modest scale of operations
with the order flow dependent on tender based contract award
system followed by the government authorities, which exposes the
company to intense competition and consequently keeps margins
under check in such contracts. The company faces significant
geographical and sectoral concentration risks as the firm caters
mainly to government entities in the state of West Bengal. The
assigned ratings also consider the working capital intensive
nature of operations, as reflected by high utilization of working
capital facilities; owing to substantial retention money with
clients, coupled with high receivables, which exert pressure on
the liquidity position of the company. The low order book position
of ~INR37 crore (0.95x of FY15 revenues) provides limited revenue
visibility, however, ICRA notes that the short durations of
projects lead to limited order book build up. ICRA also takes note
of the experience of the promoters in the civil construction
segment and the comfortable capital structure as reflected by
conservative gearing, and moderate debt protection metrics.

Incorporated in 2004 as a partnership firm, M/s Ardhendu Mondal,
is engaged primarily in the business of civil construction. The
registered office of the firm is in Burdwan, West Bengal. The
activities of the firm include earth work, river bank protection
works, bridge construction & maintenance work, road and building
construction works etc. The operational area of the firm was
earlier confined to Burdwan in West Bengal till FY13; however, the
e-tendering processes introduced in FY14, has enabled the firm to
expand its area of operations but within West Bengal.

Recent Results
The company reported a net profit of INR1.57 crore on an OI of
INR38.67 crore, as compared to a net profit of INR0.63 crore on an
OI of INR31.67 crore during FY14.


B.D TEXTILE: Ind-Ra Assigns Long-Term Issuer Rating of 'IND BB'
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned B.D Textile Mills
Pvt Ltd (BDT) a Long-Term Issuer Rating of 'IND BB'. The Outlook
is Stable. The agency has also assigned BDT's INR230m fund-based
working capital limits Long-Term 'IND BB' and Short-Term 'IND A4+'
ratings.

KEY RATING DRIVERS

The ratings reflect BDT's moderate credit profile. At FYE15 the
net financial leverage (total adjusted debt net of cash/EBITDA)
was 4.8x (FY14: 5.3x) and EBITDA interest coverage was 1.6x
(1.6x). FY15 revenue was INR1,050m (FY14: INR985m) while EBITDA
margin remained in a tight range of 4%-5% during the four years
ended FY15. Growth remained slow at a CAGR of around 6.25% over
FY12-FY15, despite the steady orders from existing customers.
Liquidity was comfortable as the fund-based working capital
facilities were utilised at an average of 85.5% during the 12
months ended November 2015.

The ratings are supported by the promoters' four-decade-long
experience in the textile manufacturing business.

RATING SENSITIVITIES

Positive: Any substantial growth in top-line with improvement in
EBITDA margin leading to sustained improvement in the credit
metrics could be positive for the rating

Negative: Any deterioration in EBITDA margin leading to sustained
deterioration in the credit metrics could be negative for the
rating

COMPANY PROFILE

Incorporated in 1988, BDT is engaged in the processing of woven
fabric. The company has a manufacturing unit in Rajasthan with an
installed capacity of mercerizing 54.7 million meters of fabric
per annum.


BHANDARI DEEPAK: ICRA Assigns 'C' Rating to INR8.70cr Loan
----------------------------------------------------------
ICRA has assigned its long term rating of [ICRA]C to the INR8.70
crore fund based bank facilities of Bhandari Deepak Industries
Private Limited. ICRA has also assigned its short term rating of
[ICRA]A4 to the INR0.30 crore non-fund based bank facilities of
the company.

                               Amount
   Facilities               (INR crore)   Ratings
   ----------               -----------   -------
   Fund-Based Facilities        8.70      [ICRA]C; assigned
   Non-Fund Based Facilities    0.30      [ICRA]A4;assigned

ICRA's ratings are constrained by BDIL's limited pricing power and
its inability to pass on increase in raw material prices to its
customers due to the high degree of fragmentation and competition
in the kraft paper industry; this has resulted in deterioration in
the company's margins and net losses over the last two years. The
ratings also factor in the company's elevated gearing due to debt
funded capital expenditure and high working capital intensity,
which has necessitated reliance on bank borrowings. The company's
thin margins coupled with scheduled debt repayments in the near
term have resulted in weak coverage indicators. The rating also
takes into account the company's weak liquidity profile as
reflected in high utilization of its working capital limits. The
ratings, however favorably factor in the long track record of the
promoters in the kraft paper business and favorable demand outlook
for kraft paper, driven by growth in end user industries.

Going forward, the ability of the company to ramp up its capacity
utilization, and improve its profitability and liquidity position,
while optimally managing its working capital cycle, will
constitute the key rating sensitivities.

Incorporated in September 1992, BDIL manufactures kraft paper from
waste paper and corrugated boxes. The company commenced commercial
production in May 1995, with an installed capacity of 10 Metric
Tonnes (MT) per day, which has undergone expansion over the years
and presently stands at 40 MT per day. The company's manufacturing
unit is located in Baddi, Himachal Pradesh and manufactures kraft
paper using waste paper, which it primarily procures from local
suppliers. The kraft paper has weight in the range of 100- 150
grams per square meter (GSM) and burst factor (BF) of 18. The
company has its presence, primarily in North India, where it sells
its products directly to customers (manufacturers of corrugated
boxes) and through dealers.

Recent Results
In 2014-15, BDIL reported a net loss of INR2.68 crore on an
operating income (OI) of INR26.28 crore, as against a net loss of
INR1.91 crore on an OI of INR24.13 crore in the previous year.


BHADRASHREE STEEL: Ind-Ra Assigns 'IND BB+' LT Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Bhadrashree Steel
& Power Limited (BSPL) a Long-Term Issuer Rating of 'IND BB+' with
a Stable Outlook. A full list of rating actions is at the end of
this commentary.

KEY RATING DRIVERS

The ratings reflect BSPL's declining profitability and weak
liquidity position. The company's EBITDA margin narrowed to 4.82%
in FY15 (FY13: 11.22%). The liquidity profile remains tight as
evident from average working capital utilisation of around 98%
during the 12 months ended November 2015. The company's credit
profile remained moderate in FY15 with interest coverage
(operating EBITDA/gross interest expense) at 2.85x and net
leverage (Total adjusted net debt/operating EBITDAR) at 3.04x.

The ratings are supported by the year-on-year improvement in the
company's overall revenue to INR1,319.07m in FY15 (FY13:
INR756.02m). The ratings also benefit from the promoter's
experience of over 20 years in the sponge iron manufacturing
business.

RATING SENSITIVITIES

Negative: A further decline in the EBITDA margins leading to a
sustained deterioration in the gross leverage will be negative for
the ratings.

Positive: Substantial improvement in profitability leading to an
overall improvement in the credit metrics will be positive for the
ratings.

COMPANY PROFILE

Incorporated in 2004, BSPL manufactures sponge iron and trades in
coal, mild steel sections and iron ore. Its manufacturing plant is
in district Kopal, in Karnataka with a total installed capacity of
60,000 tonnes per annum.

BCPL's ratings:

-- Long-Term Issuer Rating: assigned 'IND BB+'; Outlook Stable
-- INR122m fund-based facilities: assigned 'IND BB+'/Stable and
   'IND A4+'
-- INR5.10m term loan: assigned 'IND BB+'/Stable


BRAHMAPUTRA METALLICS: ICRA Suspends B- INR239.65cr Loan Rating
---------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B- assigned to
the INR44.49 crore fund based working capital bank limits and
INR239.65 crore term loans of Brahmaputra Metallics Ltd (BML).
ICRA has also suspended the short term rating of [ICRA]A4 assigned
to the INR44.86 crore non- fund based bank limits of BML. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


COASTAL CONSOLIDATED: CRISIL Reaffirms B- Rating on INR130MM Loan
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Coastal Consolidated
Structures Private Limited (CCSPL) continue to reflect its modest
scale of operations, large working capital requirement, and the
exposure to intense competition in the civil construction
industry.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee        330       CRISIL A4 (Reaffirmed)
   Cash Credit           130       CRISIL B-/Stable (Reaffirmed)

The ratings also factor in the below-average financial risk
profile, marked by a modest net worth, moderate gearing and below-
average debt protection metrics. These rating weaknesses are
partially offset by the extensive experience of the promoters in
civil construction industry.
Outlook: Stable

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

CCSPL, established in 1996 by Mr. M V Ranga Prasad and his family
members, undertakes civil works such as construction of concrete
foundations, pile caps, industrial buildings, culverts, and
reservoirs, as well as site grading, site development, and hard
rock excavation; it also undertakes marine works such as
construction of berths, pile foundation, diaphragm walls, and
breakwaters. CCSPL is headquartered in Vijayawada (Andhra
Pradesh).


CONSTRUCTION CATALYSERS: CRISIL Keeps B+ Rating on INR95M Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Construction Catalysers
Private Limited (CCPL) continue to reflect CCPL's average
financial risk profile because of modest net worth and moderate
debt protection metrics and stretched liquidity resulting from
working capital-intensive operations.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee        294.5     CRISIL A4 (Reaffirmed)

   Cash Credit            95.0     CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      5.1     CRISIL B+/Stable (Reaffirmed)

   Short Term Loan         5.4     CRISIL A4 (Reaffirmed)

The ratings also reflect the susceptibility of demand to
cyclicality in the end-user industries. These weaknesses are
mitigated by the extensive experience and technical knowledge of
promoters, healthy order book and established relations with
customers and suppliers.
Outlook: Stable

CRISIL believes CCPL will benefit over the medium term from its
promoters' extensive experience and knowhow. The outlook may be
revised to 'Positive' if liquidity is strengthened by higher-than-
expected revenue growth, stable profitability and better working
capital cycle. Conversely, the outlook may be revised to
'Negative' if liquidity weakens because of stretched working
capital cycle or decline in profitability.

Pune-based CCPL was established as a partnership firm in 1988 and
reconstituted as private-limited company in 2007. The company
erects steel structures, which entails design, fabrication and
installation. It offers several products used in the commercial
real estate industry (such as rooftops, sunshades, and facades)
available in various forms such as curtain walls, suspended
glasses, skylights, canopies, windows and doors.


DUNLOP INDIA: High Court Appoints Official Liquidator
-----------------------------------------------------
Tyrepress.com reports that after years of lockouts, plant shut
downs and operative restructuring, the Calcutta High Court has now
ordered its Official Liquidator to take possession of all assets
belonging to Dunlop India Ltd and to control all further company
transactions.

Dunlop India's representatives appeared before the High Court on
Dec. 17, 2015, at which time Justice Sanjib Banerjee confirmed the
company's wound-up status.  According to the report, Dunlop India
claimed the company had been granted a Supreme Court stay that
protected it against being wound up, however it was unable to
offer evidence of this.

Yet despite declaring Dunlop India wound up and dismissing a plan
to repay its unsecured creditors (whom it allegedly owes INR1.22
billion or GBP12.5 million) as a "ridiculous scheme" that only
exists "for the purpose of prolonging the proceedings arising out
of the order of winding-up pending in the Supreme Court," during
the session on Dec. 17, Vember Banerjee offered Dunlop India a
final chance to stave off the Official Liquidator, Tyrepress.com
relates. Should the company show "its bona fides" or willingness
to repay its debts by depositing a sum of INR500 million (GBP5.1
million) with the Official Liquidator before Dec. 22, 2015, the
court indicated that the repayment scheme may be given a chance,
the report says.

"In default of such amount being produced in court as deposit, the
application pertaining to the scheme is likely to be dismissed
without any further consideration," Banerjee warned, the report
relays.

Tyrepress.com notes that the High Court reported on Dec. 22, 2015,
that the required deposit had not been paid, and the court also
confirmed that no Supreme Court stay exists. "Accordingly, CA No.
495 of 2014 and CA No. 496 of 2014, which are the company's
applications for making payments to its unsecured creditors, are
dismissed . . . the Official Liquidator should now proceed to take
possession of all books, records, documents, assets and properties
of the company in liquidation and take control of its
transactions."

Dunlop India's parent company the Ruia Group acquired Dunlop
India, and with it the Indian market rights to the Dunlop tyre
brand name, in 2005, the report discloses. In the years that
followed the Ruia Group also acquired a number of European
automotive component manufacturers, however the company lacked the
funds to realise its plans for these firms. The company fought off
the liquidator in 2012, however this time Dunlop India appears to
have played its final card, Tyrepress.com reports.


EDUCOMP SOLUTIONS: Lenders Mull Strategic Debt Restructuring
------------------------------------------------------------
Vishwanath Nair at Livemint reports that lenders to Educomp
Solutions Ltd are mulling conversion of debt to a majority equity
holding under the strategic debt restructuring (SDR) scheme, two
bankers in the know confirmed.

"Bankers will be conducting a meeting in the second week of
January to take a final call on whether SDR needs to be invoked or
not. The company is in a delicate state and decisions need to be
made quickly," said one of the two bankers on conditions of
anonymity as these discussions are confidential, the report
relays.

On Jan. 5, CNBC-TV 18 first reported that banks may invoke SDR in
the case of Educomp, Livemint notes.

According to Livemint, the SDR option, introduced by the Reserve
Bank of India (RBI) in June, allows banks to convert part of their
debt to majority equity in a defaulting firm, allowing them to
take operational control.  The report relates that the equity can
be held by banks for a period of 18 months, without attracting
adverse asset classification on the loan account. Banks need to
change management and find a buyer for the asset within these 18
months.

According to the second banker, the corporate debt restructuring
(CDR) package, which was approved for Educomp Solutions in March
2014, is close to failure on account of non-compliance of
conditions set by the lenders under the package, Livemint relays.

One of the conditions that bankers had set as part of the CDR
package was that the company to should sell its shareholding in
subsidiary companies. These sales have failed to materialize, the
report states.

Some of Educomp's local subsidiaries include Educomp Professional
Education, Educomp Childcare and Vidyamandir Classes.

Livemint notes that the CDR package had become essential due to
the large debt the company had amassed, which could not be
serviced with its earnings. As of September quarter, the total
consolidated debt of the company was at INR3,056.99 crore.

"The company's business model could not cover for its large debt.
Moreover, banks have been waiting for long and now they want to
take things into their own hands," Livemint quotes the second
banker as saying.

In the July-September quarter, Educomp Solutions reported
consolidated net loss of INR128.61 crore as compared to net loss
of INR567.20 crore in the same quarter a year ago. The company has
reported a consolidated loss for 11 consecutive quarters, Livemint
discloses.

Citing a January 4 report by Religare Institutional Research,
Livemint says bankers have invoked SDR in 15 cases so far, where
the debt is at around INR83,100 crore.

The scheme is in no way a cure-all for Indian banks' deteriorating
asset quality and instead exacerbates the risk, Religare said in
the report.


ERNAD CONSTRUCTIONS: CRISIL Ups Rating on INR55MM Loan to 'B'
-------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facility of
Ernad Constructions Company Private Limited (Ernad) to 'CRISIL
B/Stable' from 'CRISIL B-/Stable', while reaffirming its rating on
the short-term bank facility at 'CRISIL A4'.

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

   Cash Credit            55       CRISIL B/Stable (Upgraded from
                                   'CRISIL B-/Stable')

The upgrade reflects CRISIL's belief that the company will
maintain its improved liquidity over the medium term because of
sufficient cash accrual for meeting repayment obligations. It is
expected to maintain its improved operating performance over this
period due to a moderate order book. Hence, cash accrual is
expected at around INR17 million per annum as against annual
repayment obligation of INR2 million, over the medium term.

The ratings reflect Ernad's average financial risk profile because
of a small net worth, and its large working capital requirement
due to high inventory and stretched receivables. The ratings also
factor in a modest scale of operations, susceptibility to intense
competition in the civil construction segment, and geographical
concentration in the company's revenue profile. These rating
weaknesses are partially offset by the extensive industry
experience of its promoters and a moderate order book.
Outlook: Stable

CRISIL believes Ernad will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of a significant
increase in scale of operations while profitability is maintained,
leading to better-than-expected cash accrual and hence improved
liquidity. Conversely, the outlook may be revised to 'Negative' if
the financial risk profile, particularly liquidity, deteriorates,
most likely because of larger-than-expected working capital
requirement, delays in project execution, low cash accrual, or
large, debt-funded capital expenditure.

Ernad was originally established as a proprietorship firm in 1982
by Mr. M K Ali; it was reconstituted as a private limited company
in August 2004. The founder and his family manage operations. The
company undertakes civil construction work (landscaping, and
construction of buildings and roads) primarily in Kerala.


GAJRA DIFFERENTIAL: CRISIL Suspends 'D' Rating on INR95MM Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Gajra
Differential Gears Limited (GDGL; part of the Gajra group).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         1        CRISIL D
   Cash Credit           95        CRISIL D
   Letter of Credit       5        CRISIL D
   Proposed Long Term
   Bank Loan Facility    36.1      CRISIL D
   Rupee Term Loan       30.6      CRISIL D

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

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of Elve Corporation (Elve), Gajra Gears
Pvt Ltd (GGPL), and GDGL. This is because these entities, together
referred to as the Gajra group, have common promoters, are in the
same line of business, and have significant operational and
financial linkages with each other.

The Gajra group started operations in 1950 with the formation of
Elve Corporation, which traded in diesel engines and spares. The
group set up GGPL in 1962, which manufactures automotive
transmission gears such as engine gears, gear box assemblies and
castings. The group then set up GDGL in 1991, which manufactures a
wide range of crown wheel, pinions and spider kit assemblies.
Currently, Elve is the exporting arm of the Gajra group, and
exports automotive transmission gears and differential gears
procured from GGPL and GDGL.


GAYATRI MICRONS: CRISIL Assigns B+ Rating to INR60.8MM Term Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Gayatri Microns Limited (GML).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            49.2     CRISIL B+/Stable
   Term Loan              60.8     CRISIL B+/Stable

The ratings reflect GML's modest scale of operations and exposure
to project risks. These rating weaknesses are partially offset by
the extensive experience of the company's promoters in the
industry, established relationships with clients, and above-
average debt protection metrics.
Outlook: Stable

CRISIL believes GML will continue to benefit over the medium term
from its promoters' industry experience and established
relationships with customers. The outlook may be revised to
'Positive' in case of continued healthy revenue growth while the
financial risk profile is maintained. Conversely, the outlook may
be revised to 'Negative' if a major cost or time overrun in the
company's project or large capital expenditure weakens its
financial risk profile.

GML was originally incorporated as Gayatri Microns Pvt Ltd on
February 25, 1998; the company was reconstituted as a limited
company with the current name on April 11, 2003. The company is
promoted by Mr. Rashminbhai Mohanbhai Patel and family. The
company manufactures micronised minerals and is setting up
additional facility with total capacity of 12,000 MTPA.


GOL OFFSHORE: CRISIL Reaffirms 'D' Rating on INR8.02BB LT Loan
--------------------------------------------------------------
The CRISIL rating continues to reflect instances of delay by
GOL Offshore Ltd (GOL) in servicing its debt; the delays have been
caused by weak liquidity and cash flow mismatches. The rating is
based only on publicly available information as GOL has not
cooperated with CRISIL in its surveillance process.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Letter of credit
   & Bank Guarantee     1850       CRISIL D (Reaffirmed)

   Long Term Loan       8020       CRISIL D (Reaffirmed)

   Proposed Letter of
   Credit & Bank
   Guarantee             650       CRISIL D (Reaffirmed)

   Proposed Long
   Term Bank Loan
   Facility             2980       CRISIL D (Reaffirmed)

   Short Term Loan      1500       CRISIL D (Reaffirmed)

GOL's cashflow has remained sluggish due to continuing delays in
delivery of under construction offshore supply vessels (OSVs) and
deployment of jack-up rig (being set up at an estimated cost of
about INR10 billion). These factors have adversely impacted GOL's
liquidity and debt protection metrics.  Furthermore, the company's
debt levels remained high in 2014-15. CRISIL believes that GOL's
cash flows will remain under stress due on account of slowdown in
oil exploration and production industry due to decline in oil
prices and the challenges faced by ship building industry leading
to low demand of rigs and delay in OSV deliveries respectively.

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of GOL and all its subsidiaries, as these
companies are strategically important to GOL and are controlled by
the same management.

GOL is an offshore oil field service providers in India, offering
drilling and offshore support services to oil and gas companies
for exploration and production activities. The company was formed
when the offshore division of The Great Eastern Shipping Company
Ltd (GESCL) was demerged into a separate company in October 2006.
GOL has over two decades of operational experience in the offshore
oil field services business, including the years it was the
offshore division of GESCL. GOL, as an erstwhile division of
GESCL, is India's first private-sector company to enter the
offshore business, with the purchase of an offshore support vessel
in 1983. The company entered the drilling business with its first
rig in 1987. It was also the first to own a platform supply
vessel, and pioneered the fire-fighting vessel segment with two
dedicated fire-fighting support vessels.

It has seven wholly owned subsidiaries: Deep Water Services
(India) Ltd, Deep Water Services (International) Ltd, GOL Offshore
Fujairah LLC-FZE, KEI-RSOS Maritime Ltd, GOL Ship Repairs Ltd,
Great Offshore (International) Ltd, and GOL Salvage Services. GOL
also holds a 26 per cent equity stake in a joint venture, United
Helicharters Pvt Ltd. Bharati Shipyard (BSL), along with its
subsidiaries, is the single-largest shareholder in GOL, with a
stake of around 49.7 per cent.

For 2014-15, GOL reported, on a consolidated basis, a net loss of
INR1.71 billion on net sales of INR12.08 billion, against a net
loss of INR667 million on net sales of INR11.01 billion for 2013-
14.


GURUKRUPA COTTON: ICRA Reaffirms B Rating on INR9.50cr Loan
-----------------------------------------------------------
The rating of [ICRA]B has been reaffirmed to the INR9.50 crore
fund based cash credit facility of Gurukrupa Cotton & Oil
Industries.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Cash Credit Limits     9.50        [ICRA]B reaffirmed

The rating continues to be constrained by Gurukrupa Cotton & Oil
Industries (GCI) weak financial profile as reflected by the de
growth in operating income in FY 15, adverse capital structure
along with weak debt coverage indicators and a stretched liquidity
position. The rating also takes into account the low value
additive nature of operations and intense competition on account
of the fragmented industry structure leading to thin profit
margins. The rating is further constrained by the vulnerability to
adverse fluctuations in raw material prices that are subject to
the seasonal availability of raw cotton and government regulations
on MSP and export quota. Further, GCOI being a partnership firm,
any significant withdrawals from the capital account will affect
its net worth adversely.

The rating, however, positively considers the long experience of
the partners in the cotton ginning and pressing industry and the
advantage the firm enjoys by virtue of its location in a cotton
producing region with the positive demand outlook for cotton and
cottonseed.

Incorporated in November 2007, commercial production started in
October 2008; Gurukrupa Cotton & Oil Industries is promoted by Mr.
Rajesh, Mr.Kailash, Mr.Samji and Mr. Amrutlal. It is engaged in
the cotton ginning and pressing and oil extraction from the cotton
seeds and has an installed capacity to process 4574 MTPA of cotton
bales per annum.

Recent Results
For the year ended 31st March, 2015, GCOI reported an operating
income of INR45.61 crore and profit after tax of INR0.01 crore.


HANS RUBBER: Ind-Ra Assigns 'IND B' Long-Term Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Hans Rubber &
Sports Private Limited (HRSPL) a Long-Term Issuer Rating of 'IND
B'. The Outlook is Stable.

KEY RATING DRIVERS

The ratings reflect HRSPL's small scale of operations and thus
weak credit metrics. Revenue was INR184.93m in FY15 (FY14:
INR182.58m), financial leverage (Ind-Ra adjusted debt/operating
EBITDAR) was 11.20x (12.86x) and interest coverage (operating
EBITDA/gross interest expense) was 2.08x (2.01x). The ratings are
constrained by HRSPL's long working capital cycle of 187 days in
FY15 (FY14: 175 days).

The ratings are however supported by the around four decades of
experience of HRSPL's promoters in manufacturing sports goods and
equipment. The ratings are further supported by HRSPL's
satisfactory EBITDA margins of 8.08% in FY15 (FY14: 6.79%).

The ratings factor in the company's moderate liquidity position as
evident from its 95% average cash credit utilisation during the 12
months ended November 2015.

RATING SENSITIVITIES

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

Positive: A significant improvement in the revenue leading to an
improvement in the credit metrics will be positive for the
ratings.

COMPANY PROFILE

HRSPL was incorporated in 1983 and later in 1987 took over the
proprietorship unit Hans Rubber Industries (established in 1975).
It manufactures sports goods and equipment.

HRSPL's ratings:
-- Long-Term Issuer Rating: assigned 'IND B'/Stable
-- INR58 million term loan: assigned 'IND B'/Stable
-- INR50 million fund-based limits: assigned 'IND B'/Stable/'IND
    A4'
-- INR10 million non-fund-based limits: assigned 'IND A4'


HARSHIL TEXTILES: CRISIL Assigns B- Rating to INR40MM Cash Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-term
bank facilities of Harshil Textiles.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit             40      CRISIL B-/Stable
   Proposed Long Term
   Bank Loan Facility      30      CRISIL B-/Stable

The rating reflects HT's modest scale of operations in the
intensely competitive fabric trading business, and large working
capital requirement. The rating also factors in below-average
financial risk profile because of weak capital structure and debt
protection metrics. These weaknesses are partially offset by
partners' extensive experience in the fabric trading business.
Outlook: Stable

CRISIL believes HT will continue to benefit over the medium term
from its partners' extensive industry experience. The outlook may
be revised to 'Positive' in case of sustained increase in revenue,
leading to improvement in debt protection metrics and cash
accrual. Conversely, the outlook may be revised to 'Negative' if
financial risk profile deteriorates on account of low cash accrual
or stretch in working capital cycle or capital withdrawal.

HT, set up in 2012 as a partnership firm, trades in cotton
shirting fabric. Mr. Pravin Shah, Mrs. Vandana Shah, and Mr.
Harshil Shah are partners in the firm. Mr. Harshil Shah manages
its operations. The firm is based in Mumbai.


HARVINS CONSTRUCTIONS: CRISIL Reaffirms B Rating on INR75MM Loan
----------------------------------------------------------------
CRISIL's ratings on the bank loan facilities of Harvins
Constructions Private Limited (HCPL) continue to reflect the
company's modest scale of operations in the intensely competitive
construction industry, large working capital requirement, and high
degree of geographic concentration in its order book.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         400      CRISIL A4 (Reaffirmed)
   Overdraft Facility      75      CRISIL B/Stable (Reaffirmed)

These rating weaknesses are partially offset by the extensive
industry experience of the company's promoters, and above-average
financial risk profile because of a moderate net worth and low
total outside liabilities to tangible net worth ratio.
Outlook: Stable

CRISIL believes HCPL will continue to benefit over the medium term
from its promoters' extensive industry experience. The outlook may
be revised to 'Positive' in case of a substantial and sustained
increase in scale of operations and profitability margins, or
sustained improvement in working capital management. Conversely,
the outlook may be revised to 'Negative' in case of a steep
decline in profitability margins, or significant deterioration in
the company's capital structure caused most likely because of a
stretch in its working capital cycle.

HCPL was set up in 1978 by Mr. A Raghava Reddy and his family
members. The company undertakes irrigation projects for state
governments in central and southern India. It is based in
Hyderabad.


JADWET RESORTS: CRISIL Reaffirms 'B' Rating on INR100MM LT Loan
---------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Jadwet Resorts
and Leisure Private Limited (JRLPL) continues to reflect JRLPL's
susceptibility to risks related to implementation and
stabilisation of its ongoing hotel project. This rating weakness
is partially offset by the extensive experience of JRLPL's
promoters in the hospitality industry and their funding support to
the company.

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

Outlook: Stable

CRISIL believes that Jadwet will benefit over the medium term from
its promoters' extensive industry experience and their fund
support. The outlook may be revised to 'Positive' if the company
completes its ongoing project on a timely basis and achieves
earlier than expected stabilization of operations. Conversely, the
outlook may be revised to 'Negative' in case of any significant
time or cost over-runs in the project or additional debt-funded
capital expenditure, leading to deterioration of the company's
financial risk profile.

Incorporated in 2013-14 (refers to financial year, April 1 to
March 31), JRLPL is based in Port Blair (Union Territory of
Andaman & Nicobar Islands) and is promoted by Mr. Mohamed Jadwet
and Mr. Zakir Jadwet.

The company is undertaking a project for setting up a high-end spa
resort on 9200 square metres on Vijay Nagar Beach in Havelock
(Andaman and Nicobar Islands). The project plan includes a 30-room
resort, one all-year restaurant, bar and lounge, indoor
meeting/conference space, and spa and scuba centre. The project
outlay is INR160 million.


K.F. MILK: CRISIL Suspends 'B' Rating on INR80MM Term Loan
----------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
K.F. Milk Foods Private Limited (KFM).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit             6       CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility     64       CRISIL B/Stable
   Term Loan              80       CRISIL B/Stable

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

KFM, incorporated in December 2007, promoted by Mr. Jaideep Singh,
Mr. Navdeep Singh, Mr. Samardeep Singh and Mr. Ramanjit Singh. The
company trades in raw milk and is setting up a milk processing
unit in Jalandhar, Punjab.


K. K. HOMES: ICRA Suspends D Rating on INR10.74cr Loan
------------------------------------------------------
ICRA has suspended the [ICRA]D rating assigned to the INR10.74
crore long term loans of K. K. Homes. The suspension follows
ICRA's inability to carry out a rating surveillance in the absence
of the requisite information from the firm.


KANHAIYA LAL: CRISIL Suspends B+ Rating on INR70MM Cash Loan
------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Kanhaiya
Lal Damodar Das Jewellers (KDJ).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit             70      CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility      10      CRISIL B+/Stable

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

KDJ is a partnership firm established in 2010 by Mr. Piyush
Aggarwal, Mr. Akshat Aggarwal, Mrs. Preeti Aggarwal, and Mrs.
Sulekha Aggarwal. KDJ started its operations in April 2011 by
opening a retail store at Bhelupura, Varanasi (Uttar Pradesh). The
firm retails gold and diamond-studded jewellery.


KARTIKAY RESORTS: CRISIL Suspends 'D' Rating on INR73.4MM Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Kartikay
Resorts and Hospitality Private Limited (KRHPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Term Loan              73.4     CRISIL D

The suspension of rating is on account of non-cooperation by KRHPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, KRHPL is yet to
provide adequate information to enable CRISIL to assess KRHPL'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 by Mr. Manoj Verma, KRHPL is managing two budget
hotels, Hotel Rajhans in Manali and Hotel Anchal in Kasauli (both
in Uttarakhand), on a lease basis. These hotels, with 22 rooms
each, were started in December 2008 and August 2010, respectively.
The company is setting up a hotel at Mukteshwar in Nainital.


KISHORE INFRASTRUCTURES: ICRA Rates INR25cr Loan at B+/A4
---------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B+ and a short term
rating of [ICRA]A4 to the INR25.00 Crore unallocated limits of
Kishore Infrastructures Private Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long term/Short
   term unallocated
   limits                25.00        [ICRA]B+/[ICRA]A4; Assigned

The assigned ratings are constrained by KIPL's small scale of
operations with low operating and net Profit margins. The ratings
are also constrained by the execution risk on account of
significantly higher order book vis-…-vis the current order book
position, which stood at INR246.00 crore as on August 31, 2015.
The ratings also factor in the high levels of customer
concentration risk with two clients constituting more than 70% of
the order book.

However, the assigned ratings favourable factor in the significant
experience of the promoters in executing rural electrification
works over the past decade. The ratings also draw comfort from the
low gearing levels and comfortable coverage indicators. The
assigned rating also factors in the significant increase in
operating income levels over the years since the inception of the
company.

Going forward, the ability of the company to fund projects in the
order book, while scaling up operations and maintaining healthy
margins will be the key rating sensitivities.

Kishore Infrastructures Private Limited, incorporated in 2010, is
primarily engaged in rural electrification and civil construction
works. The works mainly include survey works (feasibility study),
installation of 33 KV and 11 KV electricity lines in Uttar
Pradesh, Tamil Nadu and Maharashtra, while civil construction
works include the construction of residential and commercial
complexes under joint development agreements at various prime
localities of Hyderabad, such as Madhapur, Banjara Hills, Jubliee
Hills and Kondapur. The company has executed rural electrification
works for Nagarjuna Construction Company Limited, as a sub-
contractor under the Rajiv Gramin Vidyutikaran Yojana. In FY15,
the company has also received orders from Sri Gopikrishna
Infrastructures Private Limited (SGIPL) and Jampana Constructions
Private Limited (JCPL) for the execution of rural electrification
works at Mau and Siddharthnagar districts of Uttar Pradesh. Mr.
Kishore Raju, the managing director of the company, is also the
managing partner of Land Mark Projects, which is engaged in the
construction of commercial complexes and residential buildings.

Recent results
As per audited statements for FY15, KIPL registered PAT levels of
INR1.15 Crore on an Operating Income of INR33.25 Crore as against
PAT levels of INR0.72 Crore on an Operating Income of INR15.34
Crore in FY14.


KKE WASH: Ind-Ra Withdraws 'IND B-(suspended)' LT Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn KKE Wash Systems
Pvt Ltd's (KKE) 'IND B-(suspended)' Long-Term Issuer Rating. A
full list of rating actions is at the end of the commentary. The
rating has been withdrawn due to lack of adequate information.
Ind-Ra will no longer provide ratings or analytical coverage for
KKE. Ind-Ra suspended KKE's ratings on 3 December 2014.

KKE's ratings are as follows:

-- Long-Term Issuer Rating: 'IND B-(suspended)';
    rating withdrawn
-- INR10 million long-term loans: 'IND B-(suspended)'; rating
    withdrawn
-- INR10 million fund-based limits: 'IND B-(suspended)'; rating
    withdrawn
-- INR5 million non-fund-based limits: 'IND A4(suspended)';
    rating withdrawn


M. E. ENERGY: CRISIL Assigns B+ Rating to INR80MM Cash Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4+' ratings to
the bank facilities of M. E. Energy Private Limited (ME).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Foreign Letter of
   Credit                  15      CRISIL B+/Stable
   Bank Guarantee         100      CRISIL A4
   Cash Credit             80      CRISIL B+/Stable

The ratings reflect ME's modest scale of operations in the
engineering goods segment and its volatile profitability along
with working capital intensive operations. These rating weaknesses
are mitigated by its promoter's extensive experience in the
engineering goods industry and moderate financial risk profile
marked by moderate net worth, healthy gearing and moderate debt
protection metrics.
Outlook: Stable

CRISIL believes ME will benefit from its promoter's extensive
industry experience over the medium term. The outlook may be
revised to 'Positive' in case of significant growth in scale of
operations while maintaining profitability and if there is a
substantial and sustained improvement in working capital
management from the current levels. Conversely, the outlook may be
revised 'Negative' if the financial risk profile weakens because
of stretched working capital management or low accrual.

ME, established in 1998, and promoted by Mr. KV Kartha, designs,
manufactures and installs energy saving projects, heating and
cooling systems and equipment. The company is in Pune
(Maharashtra). In 2012, Helix Investment Company, a private equity
firm, acquired 36.36 percent stake in ME.


O.P. ASSOCIATES: CRISIL Assigns B+ Rating to INR75MM Cash Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facility of O.P. Associates Private Limited (OPAPL).

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

The rating reflects OPAPL's limited geographic diversity in
revenues and vulnerability to regulatory risks pertaining in the
liquor retail and distribution business. The ratings also reflect
below average financial risk profile marked by low net worth and
below average debt protection metrics. . These rating weaknesses
are partially offset by OPAPL's established presence in Jaunpur,
Uttar Pradesh and promoters' extensive experience in the liquor
industry.
Outlook: Stable

CRISIL believes that OPAPL will continue to benefit from its
promoters' extensive industry experience over the medium term. The
outlook may be revised to 'Positive' in case the company
significantly improves its scale of operations and profitability
leading to better than expected cash accruals, or if considerable
capital is extended by the promoters. . Conversely, the outlook
may be revised to 'Negative' if revenue declines or financial risk
profile weakens because of stretched working capital cycle or
large, debt-funded capital expenditure, pressurizing the company's
liquidity.

Incorporated in 2003, OPAPL is engaged in retailing of country
liquor, Indian Made Foreign Liquor (IMFL) and beer through 56
retail shops located in Jaunpur, Uttar Pradesh.

OPAPL's net profit and net sales stood at INR0.24 million and
INR421.4 million, respectively, for FY2014-15 (refers to financial
year, April 1 to March 31); the company reported a net profit of
INR1.0 million on net sales of INR299 million for FY2013-14.


P.K. FOODS: Ind-Ra Assigns 'IND B+' Long-Term Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned P.K. Foods a
Long-Term Issuer Rating of 'IND B+'. The Outlook is Stable. The
agency has also assigned the company's INR100.00m fund-based
working capital limits a Long-term 'IND B+' rating with Stable
Outlook and a Short-term 'IND A4' rating.

KEY RATING DRIVERS

The ratings are constrained by P.K. Foods' small scale of
operations with revenue of INR169.21m and weak credit profile as
evident by its interest coverage of 1.60x and net financial
leverage of 9.06x, all in FY15.

However, the ratings draw comfort from the firm's moderate
operating profitability with EBITDA margins of 6.23% in FY15.

The ratings are further supported by P.K. Foods' satisfactory
liquidity position as evident from the average utilisation of
35.61% of its cash credit limits during the year ended December
2015.

RATING SENSITIVITIES

Positive: Substantial growth in the top line along with increase
in profitability leading to a sustained improvement in the credit
metrics will lead to a positive rating action.

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

COMPANY PROFILE

P.K. Foods started the rice milling business in 2010 in Rajpura,
Punjab. The company procures raw material (paddy in this case)
from local dealers at market-driven prices and sells the final
product basmati rice to exporters and local customers.


RAKESH CREDITS: CRISIL Assigns 'B' Rating to INR80MM LT Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Rakesh Credits Limited (RCL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Proposed Long Term
   Bank Loan Facility     80       CRISIL B/Stable

The rating reflects RCL's small scale of operations, characterised
by geographical concentration and modest profitability. These
rating weaknesses are partially offset by the moderate
capitalisation and promoter experience in the vehicle finance
business.

Outlook: Stable

CRISIL believes RCL's operations will remain geographically
concentrated over the medium term. The outlook may be revised to
'Positive' in case RCL significantly improves its scale of
operations and profitability while maintaining capitalisation and
asset quality. Conversely, the outlook may be revised to
'Negative' if the asset quality and profitability weaken, thereby
impacting its capitalisation.

RCL is a non-deposit accepting non-banking financial company
incorporated on July 26, 1993, as a private limited company. It
was converted into limited company in January 15, 1997 and its
name was changed to Rakesh Credits Ltd from 'Rakesh Trade Credits
Private Limited'. RCL's registered office is in Chennai, but, it
operates through two branches in Palakkad and Malappuram districts
of Kerala. It provides loans for the purchase of used vehicles
such as cars, commercial vehicles, and two & three wheelers. It
had portfolio outstanding of INR54.0 million and net worth of
INR34.3 million as on September 30, 2015.

The company reported a net profit of INR0.3 million on a total
income of INR9.0 million for 2014-15 (refers to financial year,
April 1 to March 31), against a net profit of INR0.6 million on a
total income of INR8.1 million for the previous year.

For the half year ended September 30, 2015 the company reported a
profit after tax of INR0.6 million on a total income of INR4.5
million.


RAKI INDUSTRIES: CRISIL Suspends 'D' Rating on INR120MM Loan
------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Raki
Industries (RI).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            120      CRISIL D

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

RI, set up in 1969 and based in Peddapuram (Andhra Pradesh),
manufactures pesticide sprayers and agricultural implements. The
day-to-day operations of the firm are managed by Mr. Radha Krishna
and Mr. Narendra Krishna.


RAYUDU LABORATORIES: ICRA Assigns 'B/A4' Rating to INR15cr Loan
---------------------------------------------------------------
ICRA has assigned the long-term rating of [ICRA]B and short term
rating of [ICRA]A4 to INR15.00 crore unallocated limits of Rayudu
Laboratories Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Unallocated limits    15.00        [ICRA]B/[ICRA]A4 assigned

The assigned ratings are constrained by volatile operating income
over the last few years due to demand for its products (indelible
ink, indelible markers, UV Ink, etc.) during elections and
immunization programs such as pulse polio; and modest operating
margins with low net margins over the last few years. The ratings
are also constrained by significant support extended to group
companies in the form of advances; high supplier and customer
concentration risk with top four suppliers contributing to 90% of
total supplies in FY15 and top five clients contributing to 90% of
total revenues in FY15 and exposure to foreign exchange
fluctuations as exports contributes to major portion of the sales.
The ratings however positively factor in extensive experience of
promoters with more than 15 years in manufacturing of indelible
ink and other related products and established customer base with
repeat orders from existing clients like World Health
Organization(WHO), United Nations Children's Fund (UNICEF), United
Nations Development Programme (UNDP), Red cross, etc.

Going forward, ability of the company to improve its revenues and
maintaining the profitability levels while managing working
capital requirements would remain key rating sensitivities from
credit perspective.

Rayudu Laboratories Limited (RLL), incorporated in the year 1996
and is into manufacturing and exporting of indelible ink,
Indelible marker Pens, UV inks and other related products which
are used in elections and immunization programs (like pulse polio)
by various governments and organizations such as UNDP, WHO,
UNICEF, RED CROSS, etc. RLL has also developed products like black
stamp cancellation Ink and supplied to the Indian postal
department for cancellation of postal stamps. It has also
developed products like water erasable Ink & air erasable Ink for
garments and leather industry.

Recent Results
In FY2014, RLL has reported an operating income of INR6.32 crore
and net profit of INR0.16 crore as against operating income of
INR0.99 crore and net loss of INR0.65 crore during FY2013. RLL has
made estimated sales of INR6.58 crore in FY2015


SHIVSHAKTI COTEX: CRISIL Assigns B- Rating to INR80MM Cash Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the bank
facilities of Shivshakti Cotex (SSC).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            80       CRISIL B-/Stable
   Term Loan              17       CRISIL B-/Stable

The ratings reflect SSC's weak financial risk profile because of
high gearing and modest debt protection metrics. The ratings also
factor in susceptibility of operations to changes in government
policy and initiatives. These weaknesses are mitigated by the
partners' extensive experience in the cotton industry and the
favourable plant location providing easy access to high-quality
raw cotton.

Outlook: Stable

CRISIL believes SSC will benefit over the medium term from its
partners' experience and their established relations with
customers and suppliers. The outlook may be revised to 'Positive'
if significant increase in revenue and profitability leads to
sustained and significant improvement in cash accrual and capital
structure. Conversely, the outlook may be revised to 'Negative' if
financial risk profile weakens owing to a sharp decline in revenue
and profitability or stretched working capital cycle, thus
constraining liquidity.

Set up in 2012 as a partnership firm, SSC is into ginning and
pressing of raw cotton and cotton seeds. Its processing unit is in
Mehsana (Gujarat), with total installed capacity of around 300
bales per day and cotton seed capacity of around 145,000 cotton
seeds per day. The firm is promoted by Mr. Jayesh Govind Patel and
family members.


SHREE PARAS: CRISIL Suspends B+ Rating on INR120MM Cash Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Shree
Paras Nath Overseas Private Limited (SPOL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit           120       CRISIL B+/Stable
   Letter of Credit       30       CRISIL A4

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

Incorporated in November 2008 and promoted by Mr. Ashok Jain and
Mr. Jinesh Jain, SPOL trades in copper wires. It started
operations in December 2008. The company's office is in Delhi.


SHREEJEE SAREES: Ind-Ra Assigns 'IND BB' Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Shreejee Sarees
Pvt. Ltd. (Shreejee) a Long-Term Issuer Rating of 'IND BB'. The
Outlook is Stable. A full list of rating actions is at the end of
this commentary.

KEY RATING DRIVERS

The ratings reflect Shreejee's small scale of operations along
with its moderate credit profile. In FY15, revenue was INR261m
(FY14: INR234m), interest coverage was 1.3x (1.3x) and net
financial leverage was 6.1x (6.5x).

The ratings are supported by the around two decades of experience
of Shreejee's promoter in the saree trading business. The ratings
are also supported by the firm's comfortable liquidity position as
reflected in its 89.44% average utilisation of the working capital
limits over the 12 months ended November 2015.

RATING SENSITIVITIES

Positive: A sustained increase in the revenue along with an
improvement in the overall credit metrics will be positive for the
ratings.

Negative: Any deterioration in the overall credit metrics will be
negative for the ratings.

COMPANY PROFILE

Set up in 2004, Shreejee is a Kolkata-based company promoted by
Mr. Sunny Pitti, Kusum Pitti and Mr Gopal Pitti. The company is
engaged in the trading of printed sarees and ladies garments. The
company registered office is in Kolkata, West Bengal.

Shreejee's ratings:

-- Long-Term Issuer Rating: assigned 'IND BB'/Stable
-- INR90 million fund-based working capital limits: assigned at
    'IND BB'/Stable
-- Proposed INR20 million fund-based working capital limits:
    assigned at 'Provisional IND BB'/Stable


SHRIVARDHMAN MILK: ICRA Assigns B+ Rating to INR5.75cr LT Loan
--------------------------------------------------------------
ICRA has assigned its long term rating of [ICRA]B+ to the INR5.75
crore fund-based bank facilities of Shrivardhman Milk Dairy
Private Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term-fund
   based                 5.75         [ICRA]B+; Assigned

ICRA's rating is constrained on account of SMDPL's relatively
small scale of operations and high competitive intensity to which
it is exposed, due to the presence of many players on account of
low entry barriers. The rating also factors in the high regulatory
surveillance in the food processing industry and the short shelf-
life of the company's raw materials and finished products.
Further, the financial profile of the company is characterised by
a leveraged capital structure and modest coverage indicators.
However, the rating is supported by the extensive experience of
the promoters, successful diversification with launch of new
products as reflected in the healthy growth over the past few
years and the company's long standing relationships with its
customers.

Going forward, the ability of the company to scale up its
operations and improve its profitability as well as capital
structure will be the key rating sensitivities.

Incorporated in 2006, SMDPL is promoted by the Tholia family of
Jaipur, Rajasthan. The company is engaged in processing of milk,
milk products and sweets like Rasgulla, Gulab Jamun etc. SMDPL
initially did job-work for Reliance Fresh and undertook packaging
of pasteurized milk, later on it forward integrated into
manufacturing of other products like ghee, sweets etc. The
manufacturing plant of the company is located in RIICO Industrial
Area, Kaladera, Rajasthan and its products are sold under the
brand name 'Sarawagie'.

Recent Results
SMDPL registered a profit after tax (PAT) of INR0.2 crore on an
operating income (OI) of INR12.9 crore in FY14, as against a PAT
of INR0.1 crore on an OI of INR7.15 crore in the previous year. As
per its provisional financials for FY15, SMDPL reported an
operating income of INR15.5 crore.


SLN TECHNOLOGIES: ICRA Ups Rating on INR4.5cr Loan to B+
--------------------------------------------------------
ICRA has upgraded the long term rating assigned to the INR4.5
crore fund based facilities and INR1.5 crore (revised from INR2.0
crore) proposed term loan of SLN Technologies Private Limited from
[ICRA]B to [ICRA]B+. ICRA has reaffirmed the short term rating
assigned to the INR6.0 crore (enhanced from INR5.5 crore) non fund
based facilities of SLN at [ICRA]A4.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund based limits      4.5        Upgraded from [ICRA]B
                                     to [ICRA]B+

   Proposed term loan     1.5        Upgraded from [ICRA]B
                                     to [ICRA]B+

   Non fund based limits  6.0        [ICRA]A4 reaffirmed

The upgrade in the ratings factors in the company's healthy order
book position and new products in the pipeline that enhance
revenue visibility in the near to medium term. The ratings also
factor in the long standing experience of the promoters in the
electronics industry and SLN's well established clientele base
which has driven repeat orders for the company. The ratings also
take into account the favourable outlook for aerospace, defence
and nuclear segments in the near to medium term and the strong
execution track record that support growth prospects.

The ratings are, however, constrained by the company's limited
financial flexibility on account of moderate scale of operations
and vulnerability of the company's sales and profit margins to the
currency exchange rate fluctuations in the absence of any hedging
mechanism and high customer concentration risk. The ratings are
also constrained by the moderate financial position of the company
marked by high gearing and high working capital intensity,
however, the same has improved during 2014-15 supported by healthy
operating accruals.

Incorporated in 1995, SLN Technologies Private Limited is
primarily engaged in designing and manufacturing of electronic
products with specific applications in the areas of aerospace,
defence, nuclear and satellite & communication. The company's
product mix includes solid state flight data recorders, automated
test equipments, antenna control systems, trip units and other
electronic products. The company was promoted by Mr. D R
Subramanyam and Mr. M Anil Kumar who have close to 30 years of
experience in this industry. The company has long term
associations with renowned clients such as Hindustan Aeronautics
Limited, Bharat Electronics Limited, Electronics Corporation of
India Limited, Nuclear Power Corporation of India and Indira
Gandhi Centre for Atomic Research among others.

Recent Results
During 2014-15, the company reported a net profit of INR0.8 crore
on an operating income of INR14.9 crore as against a net loss of
INR0.7 crore on an operating income of INR10.5 crore during 2013-
14.


SMART MOTORS: CRISIL Suspends B- Rating on INR100MM Cash Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Smart
Motors Private Limited (SMPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         10       CRISIL A4
   Cash Credit           100       CRISIL B-/Stable
   Proposed Long Term
   Bank Loan Facility     50       CRISIL B-/Stable

The suspension of ratings is on account of non-cooperation by SMPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SMPL is yet to
provide adequate information to enable CRISIL to assess SMPL'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 2004, SMPL is an authorised dealer for M&M for its
entire range of passenger cars (PCs), construction equipment, and
light commercial vehicles, and of CSIPL's PCs in Karimganj,
Hailakandi, Cachar, and North Cachar Hills districts of Assam.
SMPL also sells spares, accessories, and provides services of M&M
and CSIPL's vehicles. SMPL obtained the dealership of M&M in 2004
and of CSIPL in 2009. Furthermore, in 2011-12 (refers to financial
year, April 1 to March 31), SMPL obtained the dealership of M&M
for construction equipments. The company's day-to-day operations
are managed by its promoter-director, Mr. Sushanta Kumar Basak.


SMART MOTORS: Ind-Ra Assigns 'IND B' Long-Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Smart Motors
Private Limited (SMPL) a Long-Term Issuer Rating of 'IND B'. The
Outlook is Stable. The agency has also assigned SMPL's INR100m
fund-based working capital limits an 'IND B' rating with Stable
Outlook.

KEY RATING DRIVERS

The ratings reflect SMPL's distributorship nature of business with
moderate operating EBITDA margins of 5.8% during FY15. Moreover,
SMPL's credit profile is weak with operating EBITDA interest
coverage of 1.2x and net financial leverage of 7.2x during FY15.
The ratings also reflect SMPL's small scale of operations, with
revenue of INR248m during FY15.

The ratings factor in SMPL's tight liquidity profile as indicated
by its almost 100% average working capital utilisation during the
six months ended November 2015.

The ratings, however, benefit from SMPL's dealership with Mahindra
& Mahindra Ltd. (M&M) and Chevrolet Sales India Pvt. Ltd. The
ratings also benefit from over 10 years of experience of the
promoters in the automobile dealership business.

RATING SENSITIVITIES

Positive: A substantial improvement in the liquidity profile along
with EBITDA interest coverage will lead to a positive rating
action.

Negative: Deterioration in the liquidity profile along with EBITDA
interest coverage will lead to a negative rating action.

COMPANY PROFILE

Assam-based SMPL was incorporated in 2004 as an authorised dealer
of M&M. SMPL obtained the dealership of Chevrolet Sales India in
2009 and M&M for construction equipment in FY12.

SMPL is a family-run business and promoted by Mr Sushanta Kumar
Basak and Mrs. Madhuparna Basak.


STALLION INVESTMENT: Ind-Ra Assigns 'IND BB' LT Issuer Rating
-------------------------------------------------------------
India Rating and Research (Ind-Ra) has assigned Stallion
Investment Private Limited (SIPL) a Long-Term Issuer Rating of
'IND BB'. The Outlook is Stable. Ind-Ra has also assigned the
company's INR47.19m long-term loans an 'IND BB' rating with a
Stable Outlook.

KEY RATING DRIVERS

The ratings reflect the risk of non-renewal of SIPL's lease
agreement and its moderate debt service coverage ratio.  The lease
agreements with Blue Draft Express Limited, Concept Communication
Limited and Concept Public Relations India Limited, which account
for 99% of the total revenue, expire in 2015, 2016 and 2018
respectively, exposing the company to renewal risk, while the debt
repayment continues till 2025. SIPL has 15 commercial and 28
residential units in a building in Fort, in Mumbai most (40) of
which are governed by the Maharashtra Rent Control Act.

The debt service coverage ratio, which remained comfortable at
1.37x till August 2016, could deteriorate to below 1.0x if all the
three lease agreements are not renewed which the management
believes is unlikely as all the three parties have expressed
interest in renewal.

The ratings are supported by the full occupancy, strong
counterparties and locational advantage. SIPL has some major
counterparties including Blue Dart Express Limited and also has
locational advantage by virtue of being located in the Fort area
of Mumbai, which is one of the business hubs.

RATING SENSITIVITIES

Negative: Failure to renew lease agreements in time leading to
uncertainty about debt-service will be negative for the ratings.

Positive: Renewal of the existing lease agreements or signing of
new agreements covering the entire duration of debt repayment
under a strong escrow mechanism will be positive for the ratings.

COMPANY PROFILE

SIPL was established in 1981. The promoters own a building called
'Queen's Mansion' in the Fort area of Mumbai which contains 15
commercial and 28 residential units.


SUDEEP EXIM: Ind-Ra Assigns 'IND B+' Long-Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Sudeep Exim
Private Limited a Long-Term Issuer Rating of 'IND B+'. The Outlook
is stable. The agency has also assigned the company's INR85.00m
fund-based working capital limits a Long-term 'IND B+' rating with
Stable Outlook and Short-term 'IND A4' rating.

KEY RATING DRIVERS

The ratings reflect Sudeep Exim's moderate scale of operations and
declining profitability. In FY15, revenue was INR959.71m (FY14:
INR562.47m) and EBITDA margins were 0.40% (1.29%). Consequently,
the company's credit metrics are weak with net leverage (total
Ind-Ra adjusted net debt/operating EBITDA) of 31.11x in FY15and
gross interest coverage (operating EBITDA/gross interest expense)
of 0.41x.

The ratings also factors in company's tight liquidity position as
evident from its around 99.20% average working capital utilisation
during the 12 months ended November 2015.

However, the ratings benefit from over four decades of experience
of Sudeep Exim's promoters in the steel trading industry.

RATING SENSITIVITIES

Positive: Substantial growth in the top line along with an
improvement in the gross interest coverage ratio could lead to a
positive rating action.

Negative: A further decline in operating profitability and/or
liquidity stress will be negative for the ratings.

COMPANY PROFILE

Sudeep Exim was established in 2006 and trades steel. The company
procures 80%-85% of its product from JSW Steel and the remaining
from local suppliers. The company operates its registered office
in New Delhi and sales offices in New Delhi and Faridabad,
Haryana.


SUPRAN EXIM: CRISIL Suspends B+ Rating on INR150MM Loan
-------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Supran
Exim Private Limited (SEPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            10       CRISIL B+/Stable
   Export Packing
   Credit                150       CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility      5       CRISIL B+/Stable

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

SEPL, an export-oriented unit, was promoted in December 2012 by
Mr. Rama Rao. The company processes and exports shrimps.


SWAMI PRAGA: CRISIL Suspends 'D' Rating on INR60MM Term Loan
------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of
Swami Praga Nand Ji Edu. Society (SPES).

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

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

SPES was setup in 2006 by Mr. Vipin Sharma with an objective to
provide education services. SPES is providing education services
through Indo-Swiss International Convent School, Satyam Institute
of Management & technology (SIMT) and Satyam College of
Polytechnic (SCP); all situated in Punjab.


TECKBOND LABORATORIES: CRISIL Suspends D Rating on INR50MM Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Teckbond Laboratories Private Limited (TLPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee          5       CRISIL D
   Cash Credit            50       CRISIL D
   Letter of Credit       20       CRISIL D
   Proposed Long Term
   Bank Loan Facility     19       CRISIL D
   Term Loan               6       CRISIL D

The suspension of ratings is on account of non-cooperation by TLPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, TLPL is yet to
provide adequate information to enable CRISIL to assess TLPL'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 2004 by Mr T Bose Babu, TLPL manufactures
intermediates used in manufacturing bulk drugs.


TERRA ENERGY: ICRA Lowers Rating on INR28.65cr Loan to D
--------------------------------------------------------
ICRA has revised the long term rating to [ICRA]D from [ICRA]BB
(negative) to INR28.65 crore term loans, INR7.00 crore fund based
facilities and INR3.35 crore proposed fund based facilities of
Terra Energy Limited. ICRA has also revised the short term rating
to [ICRA]D from [ICRA]A4 to INR11.00 crore of non fund based
facilities of TEL.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Term Loan             28.65        [ICRA]D, revised from
                                      [ICRA]BB (negative)

   Fund Based Limits      7.00        [ICRA]D, revised from
                                      [ICRA]BB (negative)

   Proposed Fund
   Based Limits           3.35        [ICRA]D, revised from
                                      [ICRA]BB (negative)

   Non Fund Based
   Limits                11.00        [ICRA]D, revised from
                                      [ICRA]A4

The rating revision factors in the delays in the debt servicing by
the company on account of losses at operating level and at net
level of the Thiru Arooran group. TEL's credit facilities are
guaranteed by parent company, Thiru Arooran Sugars Limited (TASL)
with which TEL has barter arrangement for bagasse, steam and
power; ICRA also notes that there has also been a delay in
servicing of the debt obligations by TASL. The ratings continue to
remain constrained on account of delays in realizing payments from
TANGEDCO, its principal customer for power exports which limits
the financial flexibility of the company.

Terra Energy Limited was incorporated in March 2000, following the
demerger of the cogeneration plants of TASL. It has installed
capacity of 47.1 MW. TASL is the holding company of TEL with
66.19% shareholding. These cogeneration plants are located
adjacent to the sugar plants of TASL and TEL has barter
arrangement with TASL for supply of steam and power in lieu of
bagasse. TEL exports surplus power to TANGEDCO.

Recent Results
During FY15, the consolidated entity has reported operating income
of INR540.49 crore and net loss of INR66.52 crore as against
operating income of INR485.86 crore and net loss of INR21.16 crore
during FY14.


TIRUPUR PANDIT: CRISIL Reaffirms B Rating on INR5MM Loan
--------------------------------------------------------
CRISIL's ratings on the bank facilities of Tirupur Pandit Hosiery
Mills Private Limited (TPHMPL) continues to reflect TPHMPL's
modest scale of operations, and weak financial risk profile marked
by a highly leveraged capital structure. These rating weaknesses
are partially offset by the experience of TPHMPL's promoters in
the ready-made garments (RMG) industry.

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Foreign Bill
   Discounting              60       CRISIL A4 (Reaffirmed)
   Overdraft Facility        5       CRISIL B/Stable (Reaffirmed)
   Packing Credit          185       CRISIL A4 (Reaffirmed)

Outlook: Stable

CRISIL believes that TPHMPL will continue to benefit over the
medium term from its long track record in the textile business.
The outlook may be revised to 'Positive' if the company
considerably improves its scale of operations and profitability,
resulting in improvement in its financial risk profile.
Conversely, the outlook may be revised to 'Negative' if TPHMPL
registers considerable decline in its cash accruals or in case of
deterioration in its working capital management or if it
undertakes a large debt-funded capital expenditure programme,
resulting in weakening of its financial risk profile.

TPHMPL, incorporated in 1974, manufactures RMG. Its operations are
managed by Ms. S Latha and Mr. S Jothimanikandan.

TPHMPL registered, on a provisional basis, a profit after tax
(PAT) of INR3 million on operating income of INR 423.5 million for
2014-15 (refers to financial year, April 1 to March 31), against a
PAT of INR1.6 million on operating income of INR359.0 million for
2013-14.


TUNGNATH EDUCATIONAL: CRISIL Suspends D Rating on INR66.6MM Loan
----------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Tungnath
Educational Society (TES).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Term Loan             66.6      CRISIL D

The suspension of rating is on account of non-cooperation by TES
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, TES is yet to
provide adequate information to enable CRISIL to assess TES'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 2007, and promoted by the Kiran group, SPIPL
manufactures electrical insulators from its facilities in Bhachau
(Gujarat).


VAIBHAV FITTING: CRISIL Reaffirms B- Rating on INR42.5MM Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Vaibhav Fitting India
Private Limited (VFIPL) continue to reflect the company's small
scale of operations and its weak financial risk profile because of
high gearing, a low networth, and inadequate debt protection
metrics. The ratings also factor in large working capital
requirement. These rating weaknesses are partially offset by the
extensive experience of the company's promoters in the forging
industry.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            20       CRISIL B-/Stable (Reaffirmed)

   Letter of Credit       10       CRISIL A4(Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     22.5     CRISIL B-/Stable (Reaffirmed)

   Term Loan              42.5     CRISIL B-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes VFIPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of a substantial
increase in cash accrual, largely driven by ramp-up in scale of
operations, while its working capital cycle is maintained and
financial risk profile improved. Conversely, the outlook may be
revised to 'Negative' if the financial risk profile, particularly
liquidity, deteriorates further on the back of lower cash accrual,
or if working capital requirement increases, or in case of any
large debt-funded capital expenditure.

Update
Revenue increased by around 12 percent year-on-year to INR46.6
million in 2014-15 (refers to financial year, April 1 to
March 31). Operating profitability was low at 1.2 percent in 2014-
15 vis-a-vis 1.3 percent in 2013-14; cash accrual remained
negative. CRISIL expects the company's business risk profile to
remain subdued over the medium term.

Gearing was high at around 32 times as on March 31, 2015, with the
erosion of the networth owing to continued losses. Despite a part
of unsecured loans being converted into equity and fresh equity
infusion being planned, CRISIL believes the financial risk profile
will remain weak on the back of an expected negative accretion to
reserves. Debt protection metrics were inadequate, with interest
coverage ratio at 0.1 time in 2014-15.

Working capital requirement remained large indicated by high gross
current assets of 244 days as on March 31, 2015, which, coupled
with negative cash accrual, has resulted in weak liquidity. Cash
accrual is expected to remain negative against annual repayment
obligations of INR6.0-8.4 million over the medium term. Liquidity
is, however, supported by unsecured loans extended by promoters;
the balance of these loans was around INR33 million as on March
31, 2015.

VFIPL had a net loss of INR15.2 million on net sales of INR50
million in 2014-15, as against a net loss of INR14.7 million on
net sales of INR42 million in 2013-14.

VFIPL was set up in 2008 by Mr. Suresh Sanghvi and Mr. Mukesh
Sanghvi, who have been operating in the forging business for over
eight years. The company had set up a factory to manufacture
forged fittings at Umbergaon, Gujarat, in March 2013.


VISHAL COATERS: CRISIL Suspends B+ Rating on INR75MM LT Loan
------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Vishal
Coaters Limited (VCL; a part of Vishal group).

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            25        CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility     75        CRISIL B+/Stable
   Term Loan              20        CRISIL B+/Stable

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

For arriving at the rating, CRISIL has now combined the business
and financial risk profiles of VCL and Vishal Paper Industries Pvt
Ltd (VPI). This is because the two companies, together referred to
as the Vishal group, are engaged in the same business, have common
promoters, and there are significant operational linkages between
them.

VCL and VPI manufacture WPP. They were established in 1999 and
2004, respectively, by Mr. Vidya Sagar and Mr. Krishan Mohan. VPI
was initially set up as a partnership firm but was later
reconstituted as a private limited company in 2011. The companies
are based in Patiala (Punjab). VCL and VPI have manufacturing
capacities of around 30,000 tonnes per annum (tpa) and 36,000 tpa,
respectively.


YASH LAXMI: CRISIL Assigns B+ Rating to INR163MM Cash Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Yash Laxmi Solvent Private Limited (YLSPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit           163       CRISIL B+/Stable
   Term Loan              77       CRISIL B+/Stable

The rating reflects YLSPL's exposure to stabilisation risks
because of initial stages of operations, susceptibility of
operating margins to volatility in raw material prices, and large
working capital requirement. These weaknesses are partially offset
by the company's average financial risk profile and promoters'
extensive entrepreneurial experience.
Outlook: Stable

CRISIL believes YLSPL will benefit over the medium term from
promoters' extensive entrepreneurial experience. The outlook may
be revised to 'Positive' if the company successfully stabilises
its operations and generates substantial operating income and cash
accrual, while maintaining its capital structure and having
efficient working capital management. Conversely, the outlook may
be revised to 'Negative' if revenue and cash accrual are low, or
working capital cycle is stretched, or the company undertakes a
significant debt-funded capital expenditure programme, leading to
deterioration in overall financial risk profile, particularly
liquidity.

Incorporated in 2002 and promoted by the Bihar based Agarwal
family, YLSPL extracts rice bran oil at its processing facility in
Mohania, Bihar, which has total capacity of about 300 tonnes per
day. Mr. Kamal Kumar Agarwal and Mr. Rajesh Agarwal are the
company's directors. The unit commenced commercial operations from
August 2015 onwards.


ZAACI DIAMONDS: Ind-Ra Assigns 'IND D' Long-Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Zaaci Diamonds
India Pvt Ltd (ZDIPL) a Long-Term Issuer Rating of 'IND D'

KEY RATING DRIVERS

The ratings reflect Zaaci Diamonds' tight liquidity leading to
delays in debt servicing for the twelve months ended November
2015.

RATING SENSITIVITIES

Positive: Timely debt servicing for at least three consecutive
months with a satisfactory track record of at least 90 days could
result in a positive rating action.

COMPANY PROFILE

Zaaci Diamonds is a private limited company, which was
incorporated in 2011 and commenced operations in 2012. The company
manufactures and trades in gold and diamond jewelry. Its workshop
is located in Mohali.

ZDIPL Ratings:
-- Long-Term Issuer Rating: assigned Long-term 'IND D'
-- INR 60m fund-based facilities: assigned Long - term 'IND D'
-- INR9m Term loan facilities: assigned Long- term 'IND D'



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


LBC DEVELOPMENT: "Business As Usual" Amid Court Order
-----------------------------------------------------
Doris Dumlao-Abadilla at Philippine Daily Inquirer reports that
it's "business as usual" for beleaguered courier and remittance
service firm LBC group amid a court order attaching the group's
assets in line with a PHP1.8-billion collection claim filed by the
state-owned Philippine Deposit Insurance Corp. on behalf of a
defunct banking affiliate.

The Inquirer relates that in light of the civil case involving
PDIC as receiver of LBC Development Bank, LBC Express Inc. said in
a press statement that it "would like to assure the public that
this matter is being dealt with accordingly" and that this unit
was "as always, business as usual."

"We expect that all incidental difficulties to be resolved within
the next few days," said LBC Express, which is led by the Araneta
family.

The Inquirer says that based on a disclosure posted on Jan. 4,
publicly-listed LBC Express Holdings Inc. said the Regional Trial
Court of Makati branch 143 had issued a writ of preliminary
attachment against certain parties, including its parent company
LBC Development Corp. and subsidiary LBC Express in relation to
PDIC's collection case for unpaid service fees. Other defendants
in this case are LBC Properties Inc., Juan Carlos Araneta,
Santiago Araneta, Fernando Araneta, Monica Araneta, Carlos
Araneta, Ma. Eliza Berenguer, Ofelia Cuevas, Apolonia Ilio, Joseph
Jeffrey Rodriguez and Arlan Jurado.

According to the report, the writ of preliminary attachment
directed the sheriff of the court to attach real and personal
properties of any of the defendants sufficient to satisfy the
plaintiff's claim and costs of suit, unless the defendants provide
security to satisfy any final judgment in the case.

"While it is unfortunate that LBC Express Inc. has been involved
in this case, the company, through proper legal counsel, has
thoroughly assessed the situation, and will exhaust all legal
remedies to resolve this matter as soon as possible," LBC Express,
as cited by the Inquirer, said.

In the meantime, LBC Express said it continued to exert "utmost
effort to fully attend to the needs of its customers, and ensure
regular ongoing operations."

"We are, as we have always been, focused on our customers, and we
will stop at nothing to ensure total customer satisfaction. Given
how important and integral our services are to millions of
Filipino lives, businesses, and communities both here and abroad,
we shall continue to serve with the high level of service that our
brand has been known for, for well over 60 years," the company
said, the report relays.

The Bangko Sentral ng Pilipinas ordered the closure of LBC
Development Bank in 2011, citing huge advances to LBC Express as
part of the reason why the thrift bank had become insolvent. The
PDIC, as the mandated receiver of the defunct bank, is thus now
running after such "unpaid service fees" estimated at P1.8
billion.

                           About LBC

LBC Development Bank is a 20-unit thrift bank.  Its head office
is located at 809 J. P. Rizal St., Poblacion, Makati City.  Its
19 branches are located nationwide.

As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 13, 2011, the Monetary Board placed LBC Development Bank
under receivership of the Philippine Deposit Insurance
Corporation by virtue of MB Resolution No. 1354 dated Sept. 9,
2011.

LBC Development incurred non-performing loans of PHP316.3 million
representing 27.29% of its total loan portfolio of more than
PHP1 billion as of December 2010, according to Manila Standard
Today.  The bank also had more than PHP725 million in classified
loans and other risk assets as of December last year.  Against
these high-risk loans, the bank had only PHP158.7 million in
specific provision for loan losses.  While LBC Development Bank
had nearly PHP6 billion in deposit liabilities, its net loans and
receivables amounted to less than PHP1 billion, the Manila
Standard disclosed.



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


ASIANA AIRLINES: Restructuring Faces Opposition From Workers
------------------------------------------------------------
Lee Hyo-sik at The Korea Times reports that Asiana Airlines,
headed by CEO Kim Soo-cheon, is facing opposition from unionized
workers over its sweeping restructuring measures aimed at
bolstering its worsening bottom line.

The Korea Times relates that Korea's second-largest flagship
carrier has been struggling in recent years as it has had to
reduce fares to compete with rapidly-emerging low-cost carriers
while shouldering soaring labor and other operating costs.

In a bid to prop up its deteriorating financial health, the
carrier has decided to close unprofitable routes, slash the number
of branch offices at home and abroad, and outsource some of its
operations to reduce labor costs, the report says.

However, the Asiana Airlines Labor Union, which represents cabin
crews and other employees, is criticizing management, arguing that
the company will in the end dismiss a large number of workers,
according to The Korea Times.

Since Jan. 3, union leaders have been staging a sit-in protest in
front of Asiana's main hangar at Gimpo International Airport,
western Seoul, calling on the company not to cut jobs just to save
costs, the report notes.

"Asiana's problems resulted from its parent group's failed
takeover of Daewoo Engineering & Construction and Korea Express,"
the union said. "The carrier's debt-to-equity ratio was about 200
percent before it was forced to borrow money to help finance the
acquisition of the two entities in the late 2000s. After that, the
ratio soared to 700 percent."

According to the report, unionized workers said top management,
not employees, should be held responsible for Asiana's
deteriorating financial soundness. "The carrier cannot even cover
interest payments. The CEO and senior executives, not workers,
must make sacrifices to get the company back on track."

However, management said it has no intention of downsizing the
workforce, stressing that it will take all possible steps to
improve the bottom line, The Korea Time relays.

"CEO Kim has promised that the company will not force workers to
quit," the report quotes an Asiana Airlines official as saying.
"Besides job cuts, we will do what other carriers have done to
bolster our operations."

He said the union had previously agreed to the restructuring. "We
just don't understand why unionized workers now oppose the
restructuring steps. Under any circumstances, the company will not
dismiss a single employee."

On Dec. 30, Asiana Airlines said it will close three international
routes next year, the report recalls. The route to Vladivostok
will be closed in February, followed by Yangon and Bali in March.

The Korea Times says 11 routes bound for provincial areas in Japan
and overnight flights to Southeast Asia will be transferred to the
company's second low-cost carrier, Air Seoul, which will start
operations in June.

The report says the carrier also plans to reduce its domestic
branch offices from 23 to 14 and overseas offices from 128 to 96,
while outsourcing some of its operations to reduce labor expenses.
Some workers will be reassigned to new posts, it said, adding that
it will cut the number of new recruits this year and also in 2017,
The Korea Times reports.

In the third quarter, Asiana earned KRW1.45 trillion in sales,
down 8.2 percent from a year earlier. Its operating profit fell 37
percent to KRW48.4 billion, the report discloses.

Headquartered in Osoe-Dong Kangseo-Gu, South Korea, Asiana
Airlines Incorporated -- http://www.asiana.co.kr/-- is engaged
in air transportation, engineering, construction, facilities,
electricity, ground handling, catering, communication, logo
products and e-business.  Asiana Airlines is a unit of the Kumho
Asiana Group, a South Korean conglomerate whose business
portfolio includes tire manufacturing and chemical production.



                             *********

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

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

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


                            *********


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

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

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

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

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



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