TCRAP_Public/160805.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

            Friday, August 5, 2016, Vol. 19, No. 154

                            Headlines


A U S T R A L I A

I.E.S. LAVERTON: First Creditors' Meeting Set For Aug. 15
KOPEX AUSTRALIA: First Creditors' Meeting Set For Aug. 11
MIH CONTACTING: First Creditors' Meeting Set For Aug. 11
RELIANCE RAIL: Moody's Hikes Senior Secured Debt Ratings to Ba2
SAHARA LOGISTICS: First Creditors' Meeting Slated For Aug. 11


C H I N A

FOSUN INTERNATIONAL: Moody's Ba3 CFR Unaffected by Acquisition
ROAD KING: Moody's Rates RKI's Proposed US$ Bond Issuance 'B1'
ROAD KING: S&P Assigns 'BB-' Rating to RKI's USD-Denom. Notes
SUNWIN STEVIA: RBSM Raises Going Concern Doubt on Losses


H O N G  K O N G

CHINA CITY: Builder Default Shakes Faith in $72BB Bond Enhancers


I N D I A

AMIT POLYPIPES: ICRA Reaffirms B Rating on INR6.61cr LT Loan
APCO AUTOMOBILES: CRISIL Reaffirms B Rating on INR150MM Loan
ARTEMIS AUTO: CRISIL Suspends 'B' Rating on INR60MM Cash Loan
BHARAT CATTLEFEED: CRISIL Suspends B+ Rating on INR40MM LT Loan
BHARAT SCRAP: ICRA Suspends 'B' Rating on INR2.50cr LT Loan

BHAVIN STEEL: ICRA Withdraws B+ Rating on INR8.0cr Loan
CYBERMOTION TECHNOLOGIES: ICRA Suspends B/A4 Bank Loan Rating
DHARANI TEXTILES: CRISIL Suspends 'D' Rating on INR224.7MM Loan
DHARTI SPINNING: ICRA Ups Rating on INR33.05cr Term Loan to BB-
DILIGENT PINKCITY: ICRA Suspends B+ Rating on INR104.8cr Loan

DWARKESH ALLOYS: ICRA Suspends B+ Rating on INR23cr Loan
ENVIROX PROTECTION: CRISIL Assigns 'C' Rating to INR100MM Loan
GOMATHA COTTON: ICRA Assigns 'B' Rating to INR10cr LT Loan
GOPSONS PRINTERS: CRISIL Suspends B+ Rating on INR187.9MM Loan
GRAFFITI CLOTHING: CRISIL Suspends B+ Rating on INR105MM Loan

GREENKO INVESTMENT: Fitch Rates Proposed US$ Notes 'B+(EXP)'
GVNS TOLLWAY: Ind-Ra Cuts Loans Rating to 'IND BB'
HUFORT HEALTHCARE: ICRA Suspends 'B' Rating on INR2.0cr Loan
INTEGRATED INVESTMENTS: CRISIL Reaffirms B+ INR248.5M Loan Rating
J. S. R. M. FOODS: CRISIL Assigns B+ Rating to INR70MM Cash Loan

JOSEPH VELUPUZHAKKAL: CRISIL Rates INR50MM Cash Loan at B-
KAMAKHYA TRADERS: ICRA Assigns 'B' Rating to INR6.0cr Loan
KANHA GRAIN: ICRA Suspends B+/A4 Rating on INR12cr Loan
KLAUS WAREN: CRISIL Reaffirms 'D' Rating on INR200MM Cash Loan
KU INDUSTRIES: CRISIL Suspends 'D' Rating on INR97.9MM Term Loan

LEKH RAJ: ICRA Suspends B+ Rating on INR45cr Bank Loan
LUCKNOW HEALTHCITY: CRISIL Assigns B+ Rating to INR95MM Loan
MAGNUM VENTURES: ICRA Suspends 'D' Rating on INR309.81cr Loan
MAHAVIR RICE: ICRA Suspends B+ Rating on INR2.0cr LT Loan
MANTRI SOLAR: Weak Financial Strength Cues ICRA SP 3D Grading

MRS EDUCATIONAL: CRISIL Suspends 'D' Rating on INR150MM Term Loan
NAGARAJ AND COMPANY: CRISIL Suspends B- Rating on INR30MM Loan
NOUVEAUX INDUSTRIES: CRISIL Rates INR55MM Cash Loan at B+
NU-WAY HEATRANSFER: CRISIL Assigns B+ Rating to INR30MM LT Loan
PRAGATI GLASS: ICRA Reaffirms 'D' Rating on INR17.50cr LT Loan

RACHANA LIFE: CRISIL Reaffirms B+ Rating on INR300MM Term Loan
RAJESH GEMS: ICRA Suspends D Rating on INR75cr Fund Based Loan
RAJESH HOUSING: CRISIL Reaffirms B+(SO) Rating on INR1.4BB NCD
SANKRANTHI RAW: CRISIL Ups Rating on INR77MM Cash Loan to B+
SANTOSH STARCH: ICRA Upgrades Rating on INR10cr Loan to B+

SANTOSHI LEATHER: CRISIL Suspends 'B' Rating on INR55MM Loan
SHINDE DEVELOPERS: CRISIL Suspends D Rating on INR450MM Loan
SHREE BALAJI: ICRA Lowers Rating on INR7.0cr LT Loan to B+
SHRI BALAJI: CRISIL Suspends B+ Rating on INR97.5MM Cash Loan
SHRI RAM: CRISIL Reaffirms 'B' Rating on INR125MM Cash Loan

SONAL ADHESIVES: ICRA Suspends 'D' Rating on INR11cr Cash Loan
SONY FIREWORKS: CRISIL Suspends B+ Rating on INR62.5MM Cash Loan
SREE HANUMAN: CRISIL Cuts Rating on INR50MM Bank Loan to 'D'
SRI LAKSHMI: CRISIL Reaffirms B+ Rating on INR80MM Cash Loan
SUJAN INDUSTRIES: CRISIL Suspends 'D' Rating on INR140MM Loan

SUPREME MOBILES: CRISIL Assigns B+ Rating to INR85MM Cash Loan
T.K. TRADERS: CRISIL Assigns 'B' Rating to INR15MM Cash Loan
TARINI AGRO: CRISIL Assigns B+ Rating to INR42.1MM Term Loan
USHDEV INTERNATIONAL: Ind-Ra Cuts LT Issuer Rating to 'IND D'
V.M. BAKERY: ICRA Assigns 'B' Rating to INR7.20cr Loan

VADERA TRADELINK: ICRA Reaffirms B+ Rating on INR12cr LT Loan
VAISHNAVI RICE: ICRA Reaffirms B+ Rating on INR19.81cr LT Loan
VEERMAN ENTERPRISES: CRISIL Suspends 'B' Rating on INR50MM Loan
VINAYAGA FIREWORKS: CRISIL Suspends B+ Rating on INR70MM Loan
VINAYAGA INDUSTRIES: CRISIL Suspends B+ Rating on INR55MM Loan

YADAV SOLVEX: CRISIL Assigns 'B' Rating to INR71.5MM Term Loan


I N D O N E S I A

LIPPO KARAWACI: Moody's Says Refinancing Extends Debt Maturities


J A P A N

DTC FIVE: S&P Affirms BB+ Rating on Class D Notes
MITSUBISHI MOTORS: S&P Maintains BB- CCR on CreditWatch Negative
MITSUI O.S.K.: Moody's Confirms Ba1 Corporate Family Rating

* JAPAN: Solar Power Bankruptcies to Hit Record in 2016


M A L A Y S I A

1MALAYSIA: Mahathir Hits Out at Singapore Over 1MDB Inaction


P H I L I P P I N E S

PRUDENTIALIFE PLANS: High Court Denies Bid to Stop Liquidation


S O U T H  K O R E A

HYUNDAI MERCHANT: Off to Fresh Start as KDB Subsidiary


                            - - - - -


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


I.E.S. LAVERTON: First Creditors' Meeting Set For Aug. 15
---------------------------------------------------------
Travis Pullen of TJP Advisory was appointed as administrator of
I.E.S. Laverton Pty Ltd on Aug. 3, 2016.

A first meeting of the creditors of the Company will be held at
Suite 3, Level 3, 299 Toorak Road, in South Yarra, Victoria, on
Aug. 15, 2016, at 11:45 a.m.


KOPEX AUSTRALIA: First Creditors' Meeting Set For Aug. 11
---------------------------------------------------------
Chad Rapsey and Mitchell Griffiths of Rapsey Griffiths Insolvency
& Advisory were appointed as administrators of Kopex Australia
Pty Limited on Aug. 1, 2016.

A first meeting of the creditors of the Company will be held at
Rapsey Griffiths Insolvency & Advisory, Level 5, 55-57 Hunter
Street, in Newcastle, on Aug. 11, 2016, at 3:00 p.m.


MIH CONTACTING: First Creditors' Meeting Set For Aug. 11
--------------------------------------------------------
David Iannuzzi & Steve Naidenov of Veritas Advisory were
appointed as administrators of MIH Contacting Pty Ltd on July 29,
2016.

A first meeting of the creditors of the Company will be held at
Level 12, 88 Pitt Street, in Sydney, on Aug. 11, 2016, at 10:30
a.m.


RELIANCE RAIL: Moody's Hikes Senior Secured Debt Ratings to Ba2
---------------------------------------------------------------
Moody's Investors Service has upgraded Reliance Rail Finance Pty
Ltd's (RRF) senior secured debt ratings and senior secured bank
credit facility ratings to Ba2 from Ba3. Moody's has also
upgraded RRF's subordinated debt rating to B1 from B2.

The ratings outlook is stable.

RRF is the funding vehicle for Reliance Rail Pty Ltd (unrated).
Reliance Rail manufactured 78 trains for Sydney Trains (unrated)
and will carry out maintenance work for Sydney Trains until 2044,
as part of the Waratah trains public private partnership (PPP)
project.

Reliance Rail's maintenance obligations have been subcontracted
to a subsidiary of ASX-listed Downer EDI Limited (unrated).
Sydney Train's obligations are backed by the State of New South
Wales (New South Wales Treasury Corporation, Aaa stable).

RATINGS RATIONALE

"The ratings upgrade reflects our expectation that Reliance Rail
will continue to build on its solid reliability and abatement
performance over the remaining term of the project, with
abatements remaining below budgeted level," says Spencer Ng, a
Moody's Vice President and Senior Analyst.

Moody's points out that the reliability of Reliance Rail's train
fleet has improved over the past 12 months. In particular, the
fleet's average distance travelled between incidents - a key
contractual measure of reliability - increased to over 50,000
kilometers from around 45,000 kilometers the year before. Such
results compare favorably to the effective contract minimum
requirement of 10,000 kilometers.

Reliance Rail's train fleet has been the most reliable across
Sydney Train's network.

"Such performance highlights the effectiveness of Reliance Rail
and its contractor's maintenance practices, as well as its
ability to rectify unexpected operational issues with the trains
during the project term," adds Ng.

Moody's considers Reliance Rail's operating phase obligations as
complex for a PPP, a factor that increases the likelihood of the
project experiencing revenue abatements from delays and/or
cancellation of train services. However, Moody's expects such
abatements to be manageable for the project, based on the
improving trend in the project's operating track record and its
contractual right to pass through the majority of abatements to
its subcontractor.

The ratings also consider Reliance Rail's availability-based
revenue stream from the State of New South Wales, which is
independent of actual fleet patronage.

However, the rating is constrained by Reliance Rail's exposure to
refinancing risk associated with the maturity of its AUD1.15
billion of senior secured bank facilities and bonds in FY2018 and
FY2019. The principle sources of refinancing risk are 1) the
project's exposure to increases in interest costs as the low-cost
debt raised in 2006 is refinanced at materially higher prevailing
rates, and 2) availability of debt sources to refinance the
maturing debt.

The project's ability to reduce debt - part of its refinancing
plan - partially depends on capital injections from the State of
New South Wales, which is subject to conditions.

In the absence of substantial progress on refinancing, RRF's
ratings are unlikely to be further upgraded.

RRF's ratings could experience downward pressure if: 1) the
operating performance of the fleet deteriorates substantially
from current levels, or 2) Moody's believes that refinancing risk
is increasing, which could arise from a material deterioration in
capital market conditions.

Reliance Rail Finance Pty Ltd is the funding vehicle for the
Reliance Rail Group, which is in turn the consortium appointed in
2006 by Sydney Trains Pty Ltd to deliver the rolling stock public
private partnership project in New South Wales.


SAHARA LOGISTICS: First Creditors' Meeting Slated For Aug. 11
-------------------------------------------------------------
Anne-Marie Barley of WRA Insolvency was appointed as
administrator of Sahara Logistics Pty Ltd on July 29, 2016.

A first meeting of the creditors of the Company will be held at
WRA Insolvency, 185 Kelvin Grove Road, in Kelvin Grove,
Queensland, on Aug. 11, 2016, at 11:00 a.m.




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


FOSUN INTERNATIONAL: Moody's Ba3 CFR Unaffected by Acquisition
--------------------------------------------------------------
Moody's Investors Service says that the proposed acquisition of
Gland Pharma Limited (unrated) as well as a stake in Banco
Comercial Portugues, S.A. (BCP, B1/bank deposit rating, stable)
by companies related to Fosun International Limited will not
immediately affect Fosun's Ba3 corporate family rating or the
stable outlook on the rating.

Shanghai Fosun Pharmaceutical (Group) Co., Ltd (unrated), a
company which was 39.91% owned by Fosun as of 30 June 2016,
announced on July 28, 2016 that it planned to acquire an 86.08%
stake in Gland Pharma Limited for around US$1.26 billion.

Fosun Industrial Holdings Limited (unrated), a wholly-owned
subsidiary of Fosun, announced that it delivered to BCP a letter
on 29 July 2016 containing a proposal by Fosun Industrial or its
affiliates to invest in BCP through a capital increase, which
will bring Fosun Industrial's shareholding to around 16.7% in BCP
at a maximum cost of EUR236 million.

Fosun Industrial is also considering increasing its stake in BCP
through secondary market acquisitions or future capital increases
in the bank, with the aim of potentially increasing Fosun's
shareholding to 20%-30% of BCP.

The proposed transactions are subject to various conditions
precedent being fulfilled or waived, including receipt of certain
regulatory approvals.

"The two acquisitions are in businesses that form part of Fosun
Group's core operations," says Lina Choi, A Moody's Vice
President and Senior Credit Officer and the International Lead
Analyst for Fosun.

Choi explains that if the acquisition of Gland Pharma goes ahead,
it will add injectables to Fosun's product range and expand its
global pharmaceutical footprint.

As for the stake in BCP, the acquisition will further strengthen
Fosun's integrated finance/wealth business, as BCP becomes the
comprehensive financial service platform for Fosun to extend its
business in Europe and Africa.

Moody's points out that Fosun's investment in BCP will enhance
the bank's capital position. On the other hand, the investment
exposes Fosun to credit contagion risk and asset value impairment
risk if BCP's asset quality deteriorates.

"Fosun can manage the acquisition costs without any material
impact on its credit metrics," says Kai Hu, a Moody's Senior Vice
President and the Local Market Analyst for Fosun.

Moody's estimates that the total consideration for the two
acquisitions will be equivalent to around 5.6% of the value of
Fosun's total investment portfolio at end-2015.

Moody's expects that Fosun will have the ability to arrange
adequate funding -- including debt and equity -- to fund the
acquisition costs.

If the acquisition of Gland Pharma is approximately 60% funded by
debt, Fosun's adjusted debt/EBITDA on a consolidated basis would
rise to 5.2x from 5.0x at end-2015. Such a level would fall
within the parameters of its Ba3 rating.

Moody's expects that Fosun will continue its business strategy of
selective acquisitions and reduce its debt leverage through asset
disposals. Such practices will help the company maintain a credit
profile consistent with its Ba3 rating.

Fosun Group was founded in 1992. Fosun International Limited
(Fosun), the holding company of Fosun Group, is headquartered in
Shanghai and listed on the Hong Kong Stock Exchange in 2007.

Fosun is an investment holding company with principal businesses
in integrated finance/wealth and industrial operations. The
integrated finance/wealth business is represented by four major
segments: 1) insurance, 2) investment, 3) wealth management, and
4) internet finance. Its industrial operations involve five key
segments: 1) health, 2) happiness, 3) steel, 4) property
development and sales and 5) resources.

At Jan. 21, 2016, Fosun was 71.48% beneficiary-owned by chairman
and co-founder, Mr. Guo Guangchang, and the company's two co-
founders, Liang Xinjun and Wang Qunbin.


ROAD KING: Moody's Rates RKI's Proposed US$ Bond Issuance 'B1'
--------------------------------------------------------------
Moody's Investors Service has assigned a B1 senior unsecured
rating to the proposed US$ bond to be issued by RKI Overseas
Finance 2016 (A) Limited and guaranteed by Road King
Infrastructure Limited (B1 stable) and some of its subsidiaries.

The outlook on the rating is stable.

Proceeds from the proposed US$ bond are mainly intended to
refinance Road King's existing debt.

RATINGS RATIONALE

"The proposed bonds will extend Road King's debt maturity
profile," says Dylan Yeo, a Moody's Analyst.

"And, the US$ notes, together with Road King's upcoming RMB2.5
billion onshore bond issuance, will alleviate the company's
short-term refinancing needs," adds Yeo.

Moody's expects that proceeds from the proposed bond issuance
will be used to repay outstanding debt, including the RMB2.2
billion notes due in December 2016. The planned issuance will
have limited impact on Road King's credit metrics.

Moody's notes that Road King's property segment recorded a 77%
year-on-year increase in contracted sales to RMB9.1 billion
during the six months between January and June 2016, which
bolstered the company's cash flow and liquidity position.

Road King's B1 corporate family rating reflects its track record
in property development and the company's cautious approach to
land acquisitions and financial management. As a result, the
company has maintained adequate liquidity throughout the cycles.

Another strength is the stable cash flow from its toll road
investments and stable debt leverage.

On the other hand, the rating is constrained by the company's
small scale and the geographic concentration of its land bank.

The outlook on Road King's corporate family rating is stable,
reflecting Moody's expectation that Road King will continue to
maintain prudent financial management, while growing its property
development and toll road businesses; thereby preserving stable
credit metrics and an adequate liquidity position.

Upward rating pressure could emerge if Road King: (1) grows in
scale without sacrificing its profit margins; (2) grows its toll
road dividends and improves interest coverage through recurring
income, such that its interest coverage exceeds 0.5x-0.6x on a
sustained basis; (3) maintains stable credit metrics; in
particular, an EBIT/interest above 3.0x, and revenue-to-debt of
80% or more; and (4) holds adequate liquidity, with cash/short-
term debt above 1.0x on a sustained basis.

On the other hand, Road King's rating could face downgrade
pressure if: (1) the company's liquidity position deteriorates
due to weaker sales, aggressive land acquisitions, or delays in
its refinancing plans; (2) dividends from its toll roads fall,
such that interest coverage from recurring income falls below
0.35x; or (3) the operating performance of its property segment
deteriorates, such that its gross margin falls below 20% on a
sustained basis.

Credit metrics indicating downgrade pressure include a
homebuilding EBIT/interest below 2.5x or revenue/debt below 65%
on a sustained basis.

Road King Infrastructure Limited is a Hong Kong-listed company
that: (1) invests in toll road projects comprising eight major
expressways and highways across five provinces in China: Anhui,
Hebei, Hunan, Jiangsu and Shanxi; and (2) demonstrates a property
development portfolio with a land bank of 5.4 million square
meters at 31 December 2015 across the eight provinces and
municipalities of Beijing, Shanghai, Tianjin, Henan, Hebei,
Shandong, Jiangsu and Guangdong.


ROAD KING: S&P Assigns 'BB-' Rating to RKI's USD-Denom. Notes
-------------------------------------------------------------
S&P Global Ratings assigned its 'BB-' long-term issue rating to a
proposed issue of U.S. dollar-denominated senior unsecured notes
by RKI Overseas Finance 2016 (A) Ltd.  At the same time, S&P
assigned its 'cnBB+' long-term Greater China regional scale
rating to the notes, which are guaranteed by Road King
Infrastructure Ltd. (BB-/Stable/--; cnBB+/--).  The ratings are
subject to S&P's review of the final issuance documentation.

The issue rating is the same as the corporate credit rating on
Road King.  The China-based property developer and toll road
operator intends to use the net proceeds to refinance its
existing debts.

The rating on Road King reflects S&P's view of the company's
moderate operating scale, weak market position, and volatile
financial performance in property development.  These weaknesses
are tempered by the stable cash flow from its toll road business,
which S&P estimates will contribute around Chinese renminbi (RMB)
500 million in 2016.  Road King has maintained good sales growth
so far this year, partly thanks to supportive credit policy in
China.  In the first six months of 2016, the company achieved
RMB9.1 billion in contracted sales, 77% higher than the same
period in 2015.

In S&P's view, Road King maintains prudent financial management.
The company scaled back land acquisitions in 2015 and only
acquired three land parcels for a total of Hong Kong dollar
3.4 billion.  S&P expects revenue to recover by 5%-10% in 2016 as
sales increase, while the margins should remain largely stable.
Overall, S&P forecasts the company's debt-to-EBITDA ratio to
remain at 4.0x-4.5x for the next two years.

The stable outlook on Road King reflects S&P's expectation that
the company is likely to moderately increase its property sales
and maintain a largely stable profit margin over the next 12
months.  S&P also expects cash flows from the company's toll-road
business to remain stable and solid, which partly offsets the
high capital spending on property construction.


SUNWIN STEVIA: RBSM Raises Going Concern Doubt on Losses
--------------------------------------------------------
Sunwin Stevia International, Inc., reported a net loss of
$4.80 million on $9.32 million of revenues for the fiscal year
ended April 30, 2016, compared with a net loss of $4.52 million
on $11.43 million of revenues in 2015.

RBSM LLP notes that the Company has incurred recurring losses and
generated a significant accumulated deficit. These raises
substantial doubt about the Company's ability to continue as a
going concern.

The Company's balance sheet at April 30, 2016, showed $27.97
million in total assets, $10.40 million in total liabilities and
stockholders' equity of $17.57 million.

A copy of the Form 10-K filed with the U.S. Securities and
Exchange Commission is available at http://bit.ly/2aDa7XS
Shandong, China-based Sunwin Stevia International, Inc., a Nevada
corporation, sells stevioside, a natural sweetener, as well as
herbs used in traditional Chinese medicines and veterinary
products. Substantially all of the Company's operations are
located in the People's Republic of China.



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


CHINA CITY: Builder Default Shakes Faith in $72BB Bond Enhancers
----------------------------------------------------------------
Lianting Tu and Molly Wei at Bloomberg News report that the faith
that international investors have put in some credit sweeteners
on Chinese debt is being tested with the latest default from one
of the nation's builders.

According to Bloomberg, China City Construction International
Co., whose recent shareholder change triggered early redemption
of its debt, failed to make full payment due June 20 on its 5.35
percent CNY2.5 billion ($377 million) Dim Sum notes with an
original 2017 maturity, people familiar with the matter said last
month. Its parent China City Construction Holding Group Co.
provided a so-called keepwell deed, which is a commitment to
maintain the issuer's solvency while stopping short of
guaranteeing payments, Bloomberg relates.

Concerns are mounting about the creditworthiness of Chinese
companies as the nation grapples with the world's biggest
corporate debt loads and a slowing economy, the report says.
According to Bloomberg, local corporate defaults have jumped in
the past two years and even overseas securities from the
country's borrowers have lost money, including the first default
by a Chinese developer on dollar notes last year. That comes amid
$11.5 billion of Chinese securities sold with keepwell agreements
this year, bringing the total outstanding amount to $71.6
billion, according to data compiled by Bloomberg.

"China City Construction's default reveals the problems with
unique credit enhancement structures such as keepwells,"
Bloomberg quotes Ivan Chung, head of Greater China credit
research at Moody's Investors Service in Hong Kong, as saying.
"It dealt a blow to the faith investors have in such credit
enhancements."

The management of China City Construction cited cross-border fund
remittance issues for the default, people familiar with the
matter said in July, Bloomberg relays.

Given that the Dim Sum notes are not guaranteed by the onshore
parent, offshore bondholders can't sue the parent in a domestic
Chinese court the same way the onshore creditors can, Bloomberg
discloses citing a Moody's report dated July 28.

"We have had reservations about keepwell agreements because we
are not sure if and how onshore courts will accept or deal with
lawsuits on non-payment," the report quotes Mr. Chung as saying.

Bloomberg relates that the legal validity of keepwell deeds,
which are essentially gentlemen's agreements, is untested because
no such notes had defaulted before, said Anthony Leung, credit
analyst at Nomura Holdings Inc. in Hong Kong. "The China City
Construction default will be a test case in terms of how the
restructuring will play out."

Without a direct onshore guarantee, issuers are limited from
transferring funds offshore to repay debts any time they want,
according to Standard Chartered Plc, Bloomberg relays.

"The complication this time is about the still restrictive
capital account in China," Bloomberg quotes Becky Liu, Hong Kong-
based senior rates strategist at the bank, as saying. "Even if
issuers have the willingness to pay, the current regulatory
framework might not allow the money transfer under the keepwell
structure."

                        About China City

Based in Hong Kong, China City Construction Group Holdings
Limited (HKG:0711), formerly Chun Wo Development Holdings
Limited, is an investment holding company. The Company, together
with its subsidiaries, operates in five segments: construction
work segment, which engages in the provision of civil
engineering, electrical and mechanical engineering, and
foundation and building construction work; property development
segment, which engages in the sale of properties; property
investment segment, which engages in the leasing of properties;
professional services, which engages in the provision of security
and property management services, and other activities segment,
which engages in the other activities such as trading of
securities.



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I N D I A
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AMIT POLYPIPES: ICRA Reaffirms B Rating on INR6.61cr LT Loan
------------------------------------------------------------
ICRA has reaffirmed its long-term rating on the INR3.95 crore1
fund based limits and unallocated limits of Amit Polypipes
Private Limited at [ICRA]B, and has also reaffirmed its short
term rating on the INR3.00 crore non-fund based limits of the
company at [ICRA]A4. ICRA has also assigned its long term rating
of [ICRA]B to the company's additional fund based limit of
INR2.66 crore and short term rating of [ICRA]A4 to the company's
additional non fund based limit of INR1.00 crore.

                        Amount
   Facilities         (INR crore)   Ratings
   ----------         -----------   -------
   Fund Based Limits-
   Long Term              6.61      [ICRA]B; assigned/reaffirmed

   Non Fund Based
   Limits- Short Term     4.00      [ICRA]A4; assigned/reaffirmed

ICRA's ratings continue to take into account APPL's modest scale
of operations, and the highly fragmented and competitive industry
it operates in. The ratings also take into account the company's
high dependence on orders from Bharat Sanchar Nigam Limited
(BSNL). This client concentration has rendered the company's
revenues vulnerable to subdued order inflows, due to slower than
expected progress of the BharatNet project. The ratings also take
into account the modest credit profile of the company, with below
average coverage indicators. ICRA's ratings also factor in the
susceptibility of the company's profitability to raw material
price fluctuations, given the large quantum of fixed price nature
of orders, which continue to dampen the margins of the company.
ICRA nevertheless takes into account the promoter's experience,
of more than two decades, in the pipes industry, and the
favorable future demand prospects for High-Density Poly Ethylene
(HDPE) pipes for telecom.

Going forward, APPL's ability to register sustained revenue
growth, along with a sustained improvement in profitability will
be the key rating sensitivities.

APPL, established in 1987, manufactures permanently lubricated
HDPE pipes, which are used for electrical and communication
applications, such as casing for optical fibers. The company's
main customer for such applications is BSNL. The company has an
installed capacity for manufacturing 2500kms of HDPE pipes per
month in its manufacturing units located in Jaipur, Rajasthan. As
the tenders floated by BSNL had reduced in FY2012, the company
ventured into manufacturing and supply of drip and sprinkler
irrigation pipes.

Recent Results
APPL, on a provisional basis, reported a net profit of INR0.07
crore on an operating income of INR11.78 crore for FY2016, as
compared to a net profit of INR0.04 crore on an operating income
of INR9.73 crore for the previous year.


APCO AUTOMOBILES: CRISIL Reaffirms B Rating on INR150MM Loan
------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Apco
Automobiles Private Limited (AAPL) continues to reflect the
company's below-average financial risk profile marked by high
total outside liabilities to tangible net worth and subdued dent
protection metrics, and its exposure to intense industry
competition.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             100       CRISIL B/Stable (Reaffirmed)

   Inventory Funding
   Facility                150       CRISIL B/Stable (Reaffirmed)

These rating weaknesses are partially offset by AAPL's
established position in North Kerala aided by extensive industry
experience of the promoters.
Outlook: Stable

CRISIL believes AAPL will continue to benefit over the medium
term from its established position in the automobile dealership
market for Tata Motors Ltd (TML) in North Kerala and promoters'
extensive experience. The outlook may be revised to 'Positive' if
substantial improvement in volume and operating margin or
significant equity infusion results in better capital structure
and debt protection metrics. The outlook may be revised to
'Negative' if increased working capital borrowing, large, debt-
funded capital expenditure, or lower-than-expected cash accrual
further weakens financial risk profile.

Incorporated in 2007 in Calicut, Kerala, and promoted by Mr. AP
Abdul Kareem and his five brothers, AAPL is an authorised dealer
for TML's small commercial vehicles in five districts of Kerala.
The company also sells Light and Intermediate commercial
vehicles.


ARTEMIS AUTO: CRISIL Suspends 'B' Rating on INR60MM Cash Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Artemis Auto India Private Limited (AIPL).

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Bank Guarantee          30         CRISIL A4
   Cash Credit             60         CRISIL B/Stable
   Long Term Loan          16         CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility      14         CRISIL B/Stable

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

AIPL was set up in 2010 by Mr B Umamaheswari as a private limited
company. The company runs dealership of VAIL cars. The company
operated two showrooms, with one each in Coimbatore and Chennai
(both in Tamil Nadu).


BHARAT CATTLEFEED: CRISIL Suspends B+ Rating on INR40MM LT Loan
---------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Bharat
Cattlefeed Industries (BCI).

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

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

BCI was established in the year 1999. The firm is engaged into
manufacturing of cattle feed products. The firm is a
proprietorship firm and is promoted by Mr. Sunil Shah.


BHARAT SCRAP: ICRA Suspends 'B' Rating on INR2.50cr LT Loan
-----------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B assigned to
the INR2.501 crore fund based bank facilities of Bharat Scrap.
ICRA has also suspended the short term rating of [ICRA]A4
assigned to the INR5.00 crore non fund based bank facilities of
BS. The ratings were suspended due to lack of cooperation by the
client to provide any further information.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund- Based Limits
   Long Term                2.50        [ICRA]B; Suspended

   Non Fund- Based
   Limits- Short Term       5.00        [ICRA]A4; Suspended

Bharat Scrap, based in Indore, Madhya Pradesh, was incorporated
in 1991 and started operations in 1995 as a partnership concern.
Currently, the firm is managed by two partners, Mr. Ajay Khurana
and his brother Mr. Vijay Khurana. It is engaged in the trading
of iron and steel scrap, mainly to local steel rolling mills.


BHAVIN STEEL: ICRA Withdraws B+ Rating on INR8.0cr Loan
-------------------------------------------------------
ICRA has withdrawn the long term rating of [ICRA]B+ assigned to
the INR8.00 crore fund-based facilities of Bhavin Steel Private
Limited. These ratings were earlier put on notice of withdrawal
in June 2016 and since the notice period has elapsed, the rating
stands withdrawn. The withdrawal is at the request of the
Company.

Incorporated in 2007, Bhavin Steel Private Limited (BSPL) is
engaged in the business of trading of TMT bars, structural steel
and cement. BSPL purchases steel from medium-sized manufacturers
in Maharashtra and sells them to real estate developers and
contractors in Mumbai and its nearby areas. Mr. Dharmendra Shah
and Mr. Bhavin Shah are the key directors of the company who look
after overall operations of the company.


CYBERMOTION TECHNOLOGIES: ICRA Suspends B/A4 Bank Loan Rating
-------------------------------------------------------------
ICRA has suspended the [ICRA]B/[ICRA]A4 ratings assigned to INR10
crore bank facilities of Cybermotion Technologies Private
Limited. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.

According to its suspension policy, ICRA may suspend any rating
outstanding if in its opinion there is insufficient information
to assess such rating during the surveillance exercise.


DHARANI TEXTILES: CRISIL Suspends 'D' Rating on INR224.7MM Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facility of Dharani
Textiles Pvt Ltd (DTPL; part of the Mehala group).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee         17.7       CRISIL D
   Cash Credit           214.8       CRISIL D
   Funded Interest
   Term Loan             106.2       CRISIL D
   Letter of Credit       37.0       CRISIL D
   Term Loan             224.7       CRISIL D
   Working Capital
   Term Loan             210.0       CRISIL D

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

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of DTPL and Mehala Carona Textiles
Private Limited (MCT). This is because MCT and DTPL, together
referred to as the Mehala group, are in the same line of
business, have close operational and financial linkages,
including fungible cash flows, and are under a common management.

MCT was set up in 1994 by Mr. R Doraisamy in Tirupur (Tamil
Nadu). The company manufactures hosiery yarn.


DHARTI SPINNING: ICRA Ups Rating on INR33.05cr Term Loan to BB-
---------------------------------------------------------------
ICRA has upgraded the long-term rating from [ICRA]B+  to
[ICRA]BB-(stable) for INR33.05-crore term loan facility and
INR5.00-crore cash credit facility of Dharti Spinning Mills
Private Limited (DSMPL). ICRA has also reaffirmed ratings of
[ICRA]A4  to INR2.06-crore Bank Guarantee of Dharti Spinning
Mills Private Limited. The outlook on the long-term rating is
'Stable'.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Term Loan Limit         33.05      Revised from [ICRA]B+
                                      to [ICRA]BB-(stable)

  Cash Credit Limit         5.00      Revised from [ICRA]B+
                                      to [ICRA]BB-(stable)

  Bank Guarantee            2.06      [ICRA]A4 reaffirmed

The rating revision reflects the stabilisation of operations as
per the expected parameter since the previous rating exercise,
which was the first year of operation for DSMPL. The rating also
favourably takes into account various fiscal benefits in terms of
interest subsidy and subsidised power tariffs and refund of VAT,
which may result in relatively comfortable margins. The rating
further takes into account the locational advantage enjoyed by
DSMPL due to the presence of a large number of cotton ginners in
the vicinity of the company, giving it easy access to ginned
cotton.

The rating continues to factor in the highly competitive business
environment, given the fragmented nature of the cotton industry,
thus limiting the company's ability to fully pass on the increase
in raw material prices and vulnerability of profitability to
unexpected movement in cotton prices, which are in turn subject
to seasonality and crop harvest. ICRA further notes the debt-
funded capital expenditure undertaken by the company and the high
working capital intensity of operations, which is expected to
keep the capital structure and credit metrics stretched in the
near term.

Going forward, the company's ability to achieve the desired sales
volumes, coupled with the expected profitability in the highly
competitive scenario and generate sufficient cash accruals to
ensure timely debt servicing will remain the key rating
sensitivities.

Dharti Spinning Mill Private Limited (DSMPL) was incorporated in
November 2012 by Mr. Amitkumar Bhalodiya along with other
directors. The company spins cotton yarn and has an installed
capacity of manufacturing 3315 MTPA of 30s and 32s combed hosiery
yarn by utilising 16416 spindles. As per discussions with the
management, the company commenced commercial production from June
2014.

Recent Results
For the year ended March 31, 2016, the company has reported an
operating income of INR72.24 crore with profit after tax of
INR1.24 crore as per audited results.


DILIGENT PINKCITY: ICRA Suspends B+ Rating on INR104.8cr Loan
-------------------------------------------------------------
ICRA has suspended the [ICRA]B+ rating assigned to the INR104.80
crore long term fund based facilities and [ICRA]A4 rating
assigned to INR12.80 crore of non fund based facilities of
Diligent Pinkcity Center Private Limited. The suspension follows
ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.

                           Amount
   Facilities            (INR crore)     Ratings
   ----------            -----------     -------
   Fund Based Limits        104.80       [ICRA]B+ suspended
   Non Fund Based Limits     12.80       [ICRA]A4 suspended

According to its suspension policy, ICRA may suspend any rating
outstanding if in its opinion there is insufficient information
to assess such rating during the surveillance exercise.


DWARKESH ALLOYS: ICRA Suspends B+ Rating on INR23cr Loan
--------------------------------------------------------
ICRA has suspended [ICRA]B+ rating assigned to the INR23 Crores
fund based facilities of Dwarkesh Alloys Private Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


ENVIROX PROTECTION: CRISIL Assigns 'C' Rating to INR100MM Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL C/CRISIL A4' ratings to the bank
facilities Envirox Protection Company Private Limited (EPCPL).
The rating reflects weak liquidity, arising out of stretched
receivables and sustained losses over the 4 years ended March
2016.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Inland/Import
   Letter of Credit        50        CRISIL A4
   Bank Guarantee         200        CRISIL A4
   Cash Credit            100        CRISIL C

EPCPL has modest scale of operations and has weak financial risk
profile marked by small net worth and weak interest coverage
ratio. However, it benefits from its promoter's extensive
industry experience.

EPCPL was incorporated in 2007 by Mr. Nakul Jagjivan and Mr.
Nayan Jagjivan. The company is engaged in undertaking turnkey
projects in the area of Water Treatment, Waste Water / Effluent
Treatment, Sewage Treatment Plants for government.


GOMATHA COTTON: ICRA Assigns 'B' Rating to INR10cr LT Loan
----------------------------------------------------------
ICRA has assigned long-term rating of [ICRA]B to the INR10.00
Crore long-term fund based facilities of Gomatha Cotton
Industries.

                               Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   LT- Fund based Facilities      10.00     [ICRA]B (assigned)

The assigned rating is constrained by the project implementation
risk associated with ginning mill construction with commercial
operations expected to start from October 2016; highly
competitive cotton ginning business given the fragmented nature
of industry structure owing to low entry barriers and the
vulnerability of firm's profitability to raw material prices,
which are subject to seasonality, crop harvest and regulatory
risk. The ratings also consider the risks arising from
partnership nature of the firm including capital withdrawals.
However the rating takes comfort from the prior experience of
partners in the cotton industry and locational advantages the
firm enjoys due to proximity to cotton growing areas of
Telangana.

The ability to implement the project without any time & cost
overruns and ability to ramp up operations will remain key rating
sensitivities.

Gomatha Cotton Industries (GCI) is a partnership firm set up in
April 2016 by Mr Gunda Srinivas and Mr Gourishetty Srinivas along
with 13 other partners. The firm is planning to set up cotton
ginning and pressing unit in Husnabad, Karimnagar with 44 ginning
machines for producing cotton bales. The partners of the firm
have prior experience in the cotton ginning industry and have
planned to set up their own ginning unit. The INR9.51 Crore
project will be funded by INR5 Crore partner's capital and INR4
Crore term loans.


GOPSONS PRINTERS: CRISIL Suspends B+ Rating on INR187.9MM Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Gopsons Printers Pvt. Ltd. (GPPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee         100        CRISIL A4
   Cash Credit             80        CRISIL B+/Stable
   Corporate Loan         135        CRISIL B+/Stable
   Packing Credit          50        CRISIL A4
   Term Loan              187.9      CRISIL B+/Stable

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

GPPL is a printing and publishing house providing type-setting,
pre-press, printing and post-press services majorly in security
printing. The Company's plants are in Noida (Uttar Pradesh) and
Mumbai (Maharashtra). GPPL was formed in 2012, promoted by Mr.
Anil Goel and has started its operations in from 2014-15.


GRAFFITI CLOTHING: CRISIL Suspends B+ Rating on INR105MM Loan
-------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Graffiti
Clothing (GC).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             105       CRISIL B+/Stable

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

GC was established in 2001 by Mr. Aftabh Kareem as a sole
proprietorship concern in Kochi. The firm manufactures ready-made
garments, mostly ethnic wear, for women, men, and children; it
sells these garments through its own retail stores.


GREENKO INVESTMENT: Fitch Rates Proposed US$ Notes 'B+(EXP)'
------------------------------------------------------------
Fitch Ratings has assigned Greenko Investment Company's (GIL)
proposed US dollar senior notes an expected rating of 'B+(EXP)',
with Recovery Rating of 'RR4'. The notes are guaranteed by
Greenko Energy Holdings (GEH, B+/Stable).

GIL is a subsidiary of GEH, which is involved in hydro and wind
power generation in India. GEH has about 1GW of operational
capacity and another 1GW under construction and development. GIL
plans to use the proceeds from the proposed notes to refinance
existing debt at operating entities within a restricted group of
companies that is defined in the indenture to the proposed note
issue. The operating entities plan to issue secured Indian rupee-
denominated bonds to GIL as part of this debt refinancing.

KEY RATING DRIVERS
Guarantee Supports the Rating: The expected rating assigned to
the proposed notes reflect the guarantee from GEH, which is the
ultimate holding company of the group's assets, including those
included in the restricted group of companies backing the
proposed notes to be issued by GIL. This is because assets in the
GIL-restricted group have a very short operating history or are
near completion, and the forecast credit metrics for the
restricted group in the next 12 to 18 months will be weaker than
that appropriate for a 'B+' rating.

Structural Enhancements to Notes: Similar to the group's US$550m
notes issued by Greenko Dutch B.V. (GBV) in 2014, the proposed
notes benefit from a number of structural enhancements created
through the notes indenture. These enhancements provide
additional protection to note holders via restrictions and
limitations on use of cash and investments at the restricted
group level. Furthermore, note holders benefit from access to
cash generation and assets of the restricted group through the
rupee-denominated notes, via which the proceeds of the US dollar
notes would be on-lent to the asset owners of the restricted
group. The rupee-denominated notes would have a first charge on
all assets, except accounts receivables, of the restricted group.

Indirectly, the note holders also benefit from the absence of any
prior-ranking debt in the restricted group, aside from a working
capital debt facility of a maximum of US$30m, which is secured
against accounts receivable. The proposed notes will not benefit
from an interest reserve account, unlike the GBV transaction,
which benefits from a reserve account funded to cover a semi-
annual coupon payment. GEH's guarantee also benefits note holders
as the assets of the restricted group are not effectively owned
by GIL.

Diversified Operations, Unseasoned Portfolio: The restricted
group had an operating capacity of 297MW as at March 2016, with
another 106MW of hydro capacity expected to commence operations
by August 2016. The assets of the restricted group are
diversified by type and location, which mitigates risks from
adverse wind patterns or monsoon conditions. The wind assets are
spread across three states in India, though wind patterns across
larger geographic areas tend to be correlated. The company
operates a 23MW glacier-fed hydro power plant in Uttarakhand and
is constructing two others in Sikkim (96MW glacier-fed) and
Karnataka (10MW monsoon-fed). The limited maturity of the
restricted group's assets - they have been in operation for only
5-15 months - remains a credit weakness, although the company has
conducted detailed wind studies for its projects.

Price Certainty, but Volume Risks: Long-term power purchase
agreements (PPAs) for all of the restricted group's operating
wind and hydro assets, with tenors of 25-35 years in case of
contracts with state utilities and 10-13 years for direct sales,
support the credit profile of the restricted group. Although the
long-term PPAs provide protection from price risk, production
volume will vary with wind and hydro patterns despite the
diversification of the assets.

Weak Counterparty Profile: The weak credit profiles of the
restricted group's customers constrain the rating. The state-
owned utilities of Rajasthan and Andhra Pradesh have weaker
financial profiles than those of Uttarakhand and Sikkim, with all
four collectively off-taking about 64% of the total capacity.
Further, GIL has also diversified its customers to include
private companies - mostly across IT business parks in Karnataka.
The spread of customers, with no single customer accounting for
more than 30% of its total capacity, mitigates the counterparty
risks. GIL has the ability to terminate PPAs if payments are
delayed, which may give it the ability to switch customers.
However, this still exposes the restricted group to temporary
loss of revenues and working capital pressures while it
negotiates new agreements.

Financial Performance to Improve: Fitch said, "We expect the GIL-
restricted group's financial performance to benefit from improved
operating conditions as the impact of El Nino on wind patterns
and monsoons subsides, as existing assets chalk up a full year of
operations and assets under construction come into operation. The
agency expects financial leverage (as measured by total adjusted
debt/operating EBITDA) of the restricted group to improve to
around 5x by the end of the financial year 31 March 2018 (FY18),
compared with 6.7x in FY17E, and EBITDA interest coverage to
improve to between 1.5x to 2.0x. We expect more assets to be
added to the restricted group under GIL over time, subject to
terms and conditions in the bond indenture, including debt to
EBITDA incurrence tests."

Forex Risks Hedged: The restricted group's earnings are in Indian
rupees, but the notes are denominated in US dollars, giving rise
to foreign-exchange risk. However, GIL plans to hedge the entire
principal and semi-annual coupon payments of its proposed US
dollar notes.

GEH's Credit Profile: Fitch said, "GEH will place 403MW of assets
under the GIL-restricted group and another 623MW are placed under
the GBV-restricted group. GEH will continue to have some
operational assets outside of the two restricted groups, but its
credit risk profile is elevated by construction risks as well as
structural subordination of cash flows of operational assets with
prior ranking debt, such as those at the two restricted groups.
However, asset construction and execution risks in our view are
mitigated by group's established track record and the low
construction risks associated with wind- and solar power
projects, which comprise about 90% of projects under
construction.

"Furthermore, the placement of some operational assets under GEH,
dividends from restricted groups (subject to compliance with
covenants), together with demonstrated financial support from
strong shareholders place GEH's overall credit risk profile at
'B+'. Fitch expects GEH's consolidated financial leverage, as
measured by debt to EBITDA, to also remain around 5x in the
medium term, based on our expected investment assumptions for the
group."

GEH Shareholder Profile Beneficial: Fitch said, "We believe the
credit risk profile of GEH has improved following the acquisition
by GIC, Singapore's sovereign wealth fund, of a majority stake in
GEH in November 2015. GIC's involvement and support has been
demonstrated through new equity infusions to GEH in 2016 of
US$80m, and the addition of Abu Dhabi Investment Authority (ADIA)
as a minority shareholder in GEH via a US$150 million investment.
We expect GIC will continue to drive tighter risk management
practices and financial policies at GEH, while improving
transparency and governance. The company has also tightened its
forex risk management policies under GIC. Overall, we also view
that refinancing risks associated with the company's bullet debt
maturities relating to the US$550m bonds issued by GBV and the
proposed bonds have reduced."

KEY ASSUMPTIONS
Fitch's key assumptions within the rating case for GIL include:
-- The plant load factors for the wind power projects are in
    line with the P75 estimates (25% probability that the
    projects will not meet the estimates) in the medium to long
    term
-- Profitability in line with past trends
-- Addition of operating assets and dividend payments by the
    restricted group of companies as allowed by the conditions in
    the bond indenture

RATING SENSITIVITIES
For rated notes to be issued by GIL
Negative: Future developments that may, individually or
collectively, lead to negative rating action include:
-- A weakening of GEH's credit profile

Positive: Future developments that may, individually or
collectively, lead to positive rating action include:
-- Positive rating action is unlikely in the next 18 to 24
    months given GEH's credit profile

For GEH
Negative: Future developments that may, individually or
collectively, lead to negative rating action include:
-- Any changes to shareholding that adversely affect the
    company's overall risk profile, including its liquidity and
    refinancing, risk management policies or growth risk appetite
-- Weakening in operational or financial performance of its
    assets and/or aggressive investments that are not
    sufficiently supported by equity, which lead to debt to
    EBITDA being sustained over 5x and EBITDA interest coverage
    sustained significantly below 2x.

Positive: Future developments that may, individually or
collectively, lead to positive rating action include:
-- No positive rating action is expected in the next 18-24
    months because of the expected capex, capital structure and
    credit metrics


GVNS TOLLWAY: Ind-Ra Cuts Loans Rating to 'IND BB'
--------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded GVNS Tollway
Private Ltd's (GTPL) INR360 million (outstanding INR334.93
million) senior project bank loans to 'IND BB' from 'IND BBB-'.
The Outlook is Stable.

KEY RATING DRIVERS

The downgrade reflects the shortfall in GTPL's FY16 toll
revenues, against Ind-Ra's base case estimates, resulting in the
deterioration of its coverage ratios. Toll income remained
stagnant in FY16. However, the project's cash flows are being
supported by non-toll revenues as well. While the red herring
prospectus of GVR Infra Projects Limited filed with the regulator
in September 2015 indicated some delays in GTPL's debt service
for FY15, the lender has certified and confirmed that there have
been no delays in debt service since April 2014. Management has
stated that the mention of a delay is erroneous and due to
oversight.

There are several cement companies located near the project road
and GTPL's management attributes the underperformance in traffic
to the slump in the cement industry. Moreover, toll revenue grew
by only 1.3% in FY16 as against a drop of 6% in FY15.

The rating reflects the project's moderate operational history of
5 years, with a 5.7% CAGR for toll revenue over FY12 (INR3.38m) -
FY16 (INR4.21 million). The project stretch is an important river
bridge connecting two industrial towns (Miryalaguda and Kodada)
that have no alternative connecting routes. So far, all toll rate
increases have been effected on time. A debt service reserve of
INR10.56 million (in the form of a fixed deposit in a bank)
provides comfort to the agency.

Principal amortisation commenced in March 2013 and ends in
December 2023. The amortisation is slated to take place in 44
quarterly instalments. The project is exposed to a variable
interest rate, which is currently at 10.75%.

RATING SENSITIVITIES

Positive: Toll collection exceeding the agency's base case
expectations on a sustained basis may result in a rating upgrade.

Negative: Significant revenue underperformance, and/or lack of
sponsor support in that case, may result in a rating downgrade.

COMPANY PROFILE

GTPL is a special purpose vehicle; it has secured a 15-year
concession from the government of Andhra Pradesh to design,
finance, build, operate and transfer a two-lane, 600m bridge on
the Miryalaguda-Kodada Andhra Pradesh state highway in February
2009. The project is sponsored by GVR Infra Project limited.


HUFORT HEALTHCARE: ICRA Suspends 'B' Rating on INR2.0cr Loan
------------------------------------------------------------
ICRA has suspended the long-term rating of [ICRA]B assigned to
the INR2.00 crore fund based limits and short-term rating of
[ICRA]A4 assigned to the INR10.00 crore non-fund based limits of
Hufort Healthcare Private Limited (HHPL). The suspension follows
ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.

Hufort Healthcare Private Limited (HHPL) was started in 2004 by
Mr. Giridhar Kasat. The Kasat family is the promoter of Haresh
Group of companies with interests in pharmaceuticals and
petrochemicals trading, and logistics businesses. Mr. Giridhar
Kasat separated from the Haresh group to form HHPL. Currently,
the company is engaged in trading of Active Pharmaceutical
Ingredients (APIs). The company also has limited presence in
formulations business, wherein it outsources the manufacturing of
drugs to third party manufacturers and markets them under its own
registered brands in India.


INTEGRATED INVESTMENTS: CRISIL Reaffirms B+ INR248.5M Loan Rating
-----------------------------------------------------------------
CRISIL's ratings on the long-term bank facilities of Integrated
Investments (II) continue to reflect firm's small scale of
operation and strained liquidity, marked by tightly matched cash
accruals against annual debt-servicing obligations.  These rating
weaknesses are partially offset by the extensive experience of
the promoters in real estate leasing and their funding support,
and the revenue visibility that II derives from its long-term
lease contracts.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Long Term Bank
   Facility                50       CRISIL B+/Stable (Reaffirmed)

   Term Loan              248.5     CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility       1.5     CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that II will continue to benefit from the assured
lease rentals and from the funding support of the promoters
whenever necessary. The outlook may be revised to 'Positive' if
sizeable capital infusions strengthen the firm's financial
flexibility. Conversely, the outlook may be revised to 'Negative'
in case of discontinuation of funding support from the promoters,
unexpected terminations of lease contracts or natural calamities
negatively affecting cash flows.

II, promoted by Mr. Shantakumar Malagi, constructs and leases
property. The firm's G+4 property, Bowring Towers, situated at
Shivaji Nagar, Bengaluru has a super-built-up area of 60,000
square feet.


J. S. R. M. FOODS: CRISIL Assigns B+ Rating to INR70MM Cash Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of J. S. R. M. Foods (JSRMF).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan               15        CRISIL B+/Stable
   Cash Credit             70        CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility       5        CRISIL B+/Stable

The rating reflects JSRMF's modest scale of operations in the
highly fragmented rice industry and susceptibility to adverse
government regulations and raw material price volatility. These
rating weaknesses are partially offset by the extensive industry
experience and funding support of promoters.
Outlook: Stable

CRISIL believes JSRMF will benefit over the medium term from the
extensive industry experience of its promoters. The outlook may
be revised to 'Positive' if scale of operations and profitability
improve, resulting in sizeable cash accrual. Conversely, the
outlook may be revised to 'Negative' if a decline in operating
margin or stretch in working capital cycle or any large, debt-
funded capital expenditure weakens liquidity.

Established in 2012, JSRMF is a proprietary concern of Mr Abhinav
Agrawal. It trades in agro commodities, and mills and processes
paddy into rice, rice bran and broken rice. Its rice mill is
located in Gondia (Maharashtra) and has an installed capacity of
160 tonne per day.


JOSEPH VELUPUZHAKKAL: CRISIL Rates INR50MM Cash Loan at B-
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to
the bank facilities of Joseph Velupuzhakkal (JV).

                            Amount
   Facilities              (INR Mln)     Ratings
   ----------              ---------     -------
   Proposed Cash Credit
   Bills Discounting Limit      45       CRISIL B-/Stable
   Bank Guarantee                5       CRISIL A4
   Cash Credit                  50       CRISIL B-/Stable

The ratings reflect below-average financial risk profile, because
of weak debt protection metrics and modest networth. The ratings
also reflect modest scale of operations in the highly fragmented
civil construction industry. These rating weaknesses are
mitigated by the extensive experience of the proprietor in the
civil construction industry.
Outlook: Stable

CRISIL believes JV will benefit from the extensive experience of
its proprietor over the medium term. The outlook maybe revised to
'Positive' in case of significant improvement in scale of
operations and profitability leading to better-than-expected cash
accrual along with efficient working capital management.
Conversely, the outlook maybe revised to 'Negative' if low cash
accrual or huge working capital requirement or large debt-funded
capital expenditure constrains liquidity.

JV, incorporated in 1985, is a civil contractor and undertakes
roads and irrigation projects in Kannur for the various
departments of Kerala and Karnataka state governments. The firm's
proprietor is Mr. Joseph Velupuzhakkal who manages the operations
along with his sons.


KAMAKHYA TRADERS: ICRA Assigns 'B' Rating to INR6.0cr Loan
----------------------------------------------------------
ICRA has assigned its long-term rating of [ICRA]B to the INR7.0
crore fund based facilities of Kamakhya Traders.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund Based-Cash
   Credit Limit              6.0        [ICRA]B; assigned

   Unallocated               1.0        [ICRA]B; assigned

The assigned ratings take into account the long standing
experience of the promoters of more than a decade in the coal
trading business, the strong customer relations maintained by the
firm with the agents as well as the stable but weak operating
margins given the trading nature of business. The rating is
however constrained by the modest scale of operations which have
seen a decline in volumetric sales over the past three years on
account of limited geographic reach; firm has been catering to
parts of Uttar Pradesh with major concentration in Gorakhpur. The
ratings also factor in the substantial working capital cycle
marked by stretched liquidity position (NWC/OI standing at 27% in
FY2015) and the weak coverage indicators (NCA/TD of 2.4% and
interest coverage of 1.5 times in FY2015).


KANHA GRAIN: ICRA Suspends B+/A4 Rating on INR12cr Loan
-------------------------------------------------------
ICRA has suspended the [ICRA]B+/[ICRA]A4 ratings assigned to the
INR12.00 crore of fund based and non-fund based limits of Kanha
Grain Process. The suspension follows ICRA's inability to carry
out a rating surveillance in the absence of the requisite
information from the entity.


KLAUS WAREN: CRISIL Reaffirms 'D' Rating on INR200MM Cash Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Klaus Waren Fixtures
Private Limited (KWFPL) continue to reflect instances of delays
by KWFPL in servicing its term debt; the delays have been caused
by KWFPL's weak liquidity because of its large working capital
requirements.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            200        CRISIL D (Reaffirmed)

   Letter of Credit        30        CRISIL D (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      20        CRISIL D (Reaffirmed)

   Term Loan               15.2      CRISIL D (Reaffirmed)

KWFPL has a below-average financial risk profile, marked by high
gearing and weak debt protection metrics, modest scale of
operations, and large working capital requirements. However, the
company benefits from its promoters' extensive experience in the
bathroom fittings industry.

KWFPL based in Mumbai was promoted by Dr. N M Shah and his
family. It is engaged in manufacturing of bathroom fittings made
of brass and is marketed under the brand name of 'Aquel'. The
company has its unit based in Bhuj (Gujarat).


KU INDUSTRIES: CRISIL Suspends 'D' Rating on INR97.9MM Term Loan
----------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
KU Industries Private Limited (KU).

                           Amount
   Facilities            (INR Mln)     Ratings
   ----------            ---------     -------
   Export Packing Credit      3.7      CRISIL D
   Term Loan                 97.9      CRISIL D

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

KU, set up in 2004, manufactures castings and sub-assemblies used
in the valve and pump industry. The company's unit near
Coimbatore (Tamil Nadu); it also has a small machining capacity
to manufacture valve sub-assemblies. The company derives almost
its entire revenues from exports, mainly to Germany and the US.


LEKH RAJ: ICRA Suspends B+ Rating on INR45cr Bank Loan
------------------------------------------------------
ICRA has suspended [ICRA]B+ rating assigned to the INR45 Crores
fund based facilities of Lekh Raj and Sons. The suspension
follows ICRA's inability to carry out a rating surveillance in
the absence of the requisite information from the company.


LUCKNOW HEALTHCITY: CRISIL Assigns B+ Rating to INR95MM Loan
------------------------------------------------------------
CRISIL has revoked the suspension of its rating on the bank
facility of Lucknow Healthcity Trauma Centre and Superspeciality
Hospital Private Limited (LHPL) and has assigned its 'CRISIL
B+/Stable' rating to the long-term bank facility. The rating had
been suspended by CRISIL on August 21, 2015, as LHPL had not
provided the necessary information for a rating view. LHPL has
now shared the requisite information.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan                95       CRISIL B+/Stable (Assigned;
                                     Suspension Revoked)

The rating reflects LHPL's small scale of operations due to
limited capacity and exposure to    geographic concentration in
revenue profile. These weaknesses are partially offset by the
extensive experience of its promoter's in the healthcare industry
alongwith revenue sharing model with the top management and head
of the departments.
Outlook: Stable

CRISIL believes that LHPL will continue to benefit over the
medium term from its promoters' extensive experience in the
healthcare industry. The outlook may be revised to 'Positive' if
the company maintains its occupancy rate and generates more-than-
expected net cash accruals, while maintaining its capital
structure. Conversely, the outlook may be revised to 'Negative'
in case LHPL reports deterioration in its capital structure or in
case of significant drop in occupancy which adversely impacts its
financial risk profile.

Lucknow Healthcity Trauma Centre and Superspeciality Hospital Pvt
Ltd (LHPL) incorporated in 2012 as a private limited company,
promoted by a set of medical professionals led by Dr. Sandeep
Kapoor and Dr. Sandeep Garg. LHPL operates a 100 bed speciality
hospital at Lucknow (Uttar Pradesh). LHPL provide primarily
surgical care to the patients across orthopaedics, cardiology,
urology, gastroenterology, internal medicine, intensive care,
medicine, neurology and other emergency services.


MAGNUM VENTURES: ICRA Suspends 'D' Rating on INR309.81cr Loan
-------------------------------------------------------------
ICRA has suspended [ICRA]D ratings assigned to the INR309.81
Crores fund based facilities of Magnum Ventures Limited The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the cooperation from the company


MAHAVIR RICE: ICRA Suspends B+ Rating on INR2.0cr LT Loan
---------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B+ assigned to
the INR2.00 crore fund based bank facilities of Mahavir Rice
Mills. ICRA has also suspended the short term rating of [ICRA]A4
assigned to the INR12.00 crore fund based bank facilities of MRM.
The ratings were suspended due to lack of cooperation by the
client to provide any further information.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund-Based Limits
   Long Term               2.00         [ICRA]B+; Suspended

   Fund-Based Limits
   Short Term             12.00        [ICRA]A4; Suspended

Incorporated in 1984, MRM was promoted by Mr. Parveen Kumar, Mr.
Naresh Kumar and Mr. Rakesh Kumar. The firm is involved in
milling, sorting, and grading of basmati and super fine rice in
India and abroad. The partners of the firm are well experienced
and have past experience in a similar line of businesses. The
partners have set up another firm, namely B.D. Overseas, which is
engaged in a similar line of business. MRM's plant is located in
Taraori, Haryana and has a milling capacity of 4 Metric Tonnes
per Hour (MTPH) and a sorting capacity of 4 MTPH.


MANTRI SOLAR: Weak Financial Strength Cues ICRA SP 3D Grading
-------------------------------------------------------------
ICRA has assigned 'SP 3D' grading to Mantri Solar, which
indicates 'Moderate Performance Capability' and 'Weak Financial
Strength' of the channel partner to undertake on grid solar
projects.  The grading is valid for a period of two years from
July 25' 2016 after which it will be kept under surveillance.

GRADING DRIVERS

Strengths
* Experienced promoter with established technical competence in
execution of solar power projects.
* Improved operating margins post venture into subcontracting
business in FY2015.
* Satisfactory feedback from bankers, customers and suppliers.

Risk Factors
* Stretched financial risk profile characterized by high working
capital intensity and moderately high gearing.
* Stretched receivables given the delay in payments from some
government establishments although counterparty risks remain
minimal.
* Ability to execute large-scale solar projects and scale up
operations in the solar business remains to be seen.
* High competitive pressures from large number of
organized/unorganized players.

SI RELATED BUSINESS PERFORMANCE CAPABILITY - MODERATE

* Promoter Track Record: Mr.Mantri has more than ten years of
experience in the solar PV space. Prior to establishing Mantri
Solar in Latur in 2006, the promoter operated an electrical works
shop in Ambejogai, District Beed wherein they undertook repair of
solar products along with electrical appliances. The promoter is
assisted by his father, Mr.Jagannath Mantri in the day to day
operations.

* Technical competence and adequacy of manpower: The firm has
been involved in solar project execution for various government
entities in Maharashtra. The promoters, given their long
experience in the field of solar power projects have the ability
to execute the solar projects in the given timeframe further
providing the maintenance services. They are ably supported by an
experienced team.

* Quality of suppliers and tie up: The firm mainly requires
solar panels, batteries, inverters, LED street lights, poles and
fabricated material for execution of solar projects. The firm
obtains solar panels from reputed panel manufacturers like
Akshaya Solar, Waari Solar, Aditya Solar. Major raw material is
procured from outside Maharashtra given the low VAT rates
prevalent in other states as compared to Maharashtra. Tubular
batteries are procured from Hyderabad, Gujarat and Madhya Pradesh
while LED street lights are procured from Nagpur and Pune. The
firm has been associated with the suppliers since long time. The
firm, however, does not have tie up with any of the suppliers.

* Customer and O&M Network: The firm currently executes projects
majorly obtained from AVI Appliances Private Limited. These
projects, namely installation of solar street lights, solar power
pack are executed for various gram panchayats in the state of
Maharashtra. Further, the firm supplies solar product to some
distributors in the state of Maharashtra. The firm provides
warranty of five years for all the solar products installed.
Furthermore, the firm provides operations and maintenance
facilities to its customers who have not reported any issues
relating to O&M in the past. Quality deliverables, timely
execution and prompt after sales service in the past have led to
satisfactory feedback from customer.

Financial Strength - Weak

Revenues

* The firm has reported operating income of INR0.97 crore in
   FY2015 and Rs.1.21 crore in FY2016 (provisional).

Return on Capital Employed (RoCE)

* 18% during FY2015 and 16% in FY2016 (provisional).

Total Outside Liabilities / Tangible Net worth
* 2.56 times during FY2015 and 2.16 times in FY2016
   (provisional).

Interest Coverage Ratio
* 2.75 times during FY2015 and 3.07 times in FY2016
   (provisional).

Net-Worth
* The firm's networth is Rs.0.64 crore as on March 31, 2015 and
   Rs.0.79 crore in (provisional).

Current Ratio
* 1.23 times during FY2015 and 1.29 times in FY2016
  (provisional).

Relationship with bankers
* Good

Overall financial strength of the firm is weak particularly given
its net worth position. The firm faces liquidity pressure on
account of stretched receivables. Further, the company had
limited cash accruals in the past fiscals.


MRS EDUCATIONAL: CRISIL Suspends 'D' Rating on INR150MM Term Loan
-----------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
MRS Educational Trust (MRS).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term
   Bank Loan Facility      10        CRISIL D
   Term Loan              150        CRISIL D

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

MRS was established in July 2011 by Swami Sadanand Ji Maharaj,
Mr. Kamal Kumar Gupta, Ms. Madhu Gupta, Mr. Yash Gupta, and Mr.
Ketan Gupta. It commenced operations of its international school,
Redbridge International Academy, at Bengaluru in 2013-14; which
was the first academic year.


NAGARAJ AND COMPANY: CRISIL Suspends B- Rating on INR30MM Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Nagaraj and Company Private Limited (NCPL).


                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             30        CRISIL B-/Stable
   Letter of Credit        22.5      CRISIL A4
   Proposed Long Term
   Bank Loan Facility      27.5      CRISIL B-/Stable

The suspension of ratings is on account of non-cooperation by
NCPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, NCPL is yet to
provide adequate information to enable CRISIL to assess NCPL'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 1993, NCPL is enagaged in the offset printing
business. The company is currently managed by Mr.Nagaraj (MD).


NOUVEAUX INDUSTRIES: CRISIL Rates INR55MM Cash Loan at B+
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of Nouveaux Industries Private Limited
(NIPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             55        CRISIL B+/Stable
   Long Term Loan          17        CRISIL B+/Stable

The rating reflects modest scale of operations and moderate
profitability in the intensely competitive steel wire
manufacturing segment, and working capital intensity in
operations. The rating also factors in below-average financial
risk profile. These rating weaknesses are partially offset by the
promoters' funding support and extensive experience in the wire
manufacturing segment.
Outlook: Stable

CRISIL believes NIPL will continue benefit from the extensive
experience of its promoters. The outlook may be revised to
'Positive' if ramp-up in scale of operations and operating margin
leads to healthier-than-expected cash accrual and stronger
financial risk profile. Conversely the outlook may be revised to
'Negative' if fall in revenue or margins, or stretch in working
capital cycle weakens debt protection metrics.

NIPL was set up in 1992 in Kanagayam, Tamil Nadu. The company
manufactures welding wires for use in industries such as
automobile, infrastructure, power equipment, railways and mining.
The manufacturing and packaging facilities are at Kanagayam.
Operations are handled by Mr. Venkatachalapathy

Revenue was estimated at INR246 million in fiscal 2016. Net
profit and revenue was INR0.5 million and INR197 million in
fiscal 2015 as against INR0.1 million and INR136 million,
respectively, in fiscal 2014.


NU-WAY HEATRANSFER: CRISIL Assigns B+ Rating to INR30MM LT Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Nu-Way Heatransfer Private Limited
(NHTPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term
   Bank Loan Facility      30        CRISIL B+/Stable
   Cash Credit             25        CRISIL B+/Stable
   Bank Guarantee          10        CRISIL A4
   Bill Discounting        15        CRISIL B+/Stable

The ratings reflect the company's modest scale of operations, and
its below-average financial risk profile because of small
networth, high gearing, and subdued debt protection metrics.
These weakness are partially offset by the extensive experience
of its promoters.
Outlook: Stable

CRISIL believes NHTPL will continue to benefit from the extensive
industry experience of its promoters. The outlook may be revised
to 'Positive' if its revenue and profitability improve, or if its
networth increases substantially because of sizeable equity
infusion. The outlook may be revised to 'Negative' if the revenue
or profitability decline, or if the company's capital structure
weakens because of large, debt-funded capital expenditure or
stretch in its working capital cycle.

NHTPL, incorporated in 2005, manufactures air cooled heat
exchangers, and finned tubes used in heat exchangers in heavy
engineering industrial units. The company is promoted by Mr E V
Prasad and Mr K Kannan.


PRAGATI GLASS: ICRA Reaffirms 'D' Rating on INR17.50cr LT Loan
--------------------------------------------------------------
ICRA has reaffirmed long term rating of [ICRA]D  for the INR4.00
crore (reduced from INR7.86 crore) term loans and INR17.50 fund
based facilities of Pragati Glass Private Limited. ICRA has also
reaffirmed short term rating of [ICRA]D  for the INR4.00 crore
non fund based bank limits of Pragati Glass.

                          Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Long Term-Term Loans     4.00        [ICRA]D Reaffirmed


   Long Term- Fund Based
   (CC)                    17.50        [ICRA]D Reaffirmed

   Short Term- Non Fund
   Based (LC/BG)            4.00        [ICRA]D Reaffirmed

The reaffirmation of ratings reflect continued delays in debt
servicing by the company. The company's liquidity profile has
been impacted on account of noteworthy advances to group company
in FY2016, stretched receivables and notable repayment
obligations. The receivable days remain stretched at 101 days as
on March 31, 2016 with a significant proportion of them being
more than six months old. Further, capital intensive nature of
the industry requiring periodical replacement of furnace has also
contributed to stretched liquidity.

ICRA however notes the long experience of the promoters' in the
glass packaging industry, especially in the cosmetics and
perfumery segment. Profitability is relatively better in the
value-added cosmetics and perfumery segment than the other
segments in the glass packaging industry. With the closure of one
of its furnace in October 2014 post reduction in Administered
Price Mechanism (APM) gas quota for the packaging glass industry,
the company has increased its focus on the premium end within the
perfumery and cosmetics segment in addition to focusing more on
the customized orders rather than standardized orders. This
entails not only higher margins but also lower inventory
reflected in reduced inventory levels as on March 31, 2016. Going
forward, timely servicing of its debt obligations shall remain a
key rating sensitivity.

Pragati Glass Private Limited (Pragati Glass) was incorporated in
1982 by Mr Dinesh Gupta to engage in the manufacturing of glass
tableware and bottles. The company caters primarily to the
cosmetics and perfumes industry with small presence in foods &
beverages industry. Almost 60% of the company's sales are to the
exports market while balance being towards the domestic market.
Around 15-20% of its exports sales are deemed exports to SEZs.
The company has its manufacturing facility located at Kosamba,
Gujarat.

Pragati Glass has a subsidiary in Oman, Pragati Glass Gulf LLC
set up in April 2009, where it has a 55% stake with 15% held by
another Indian partner and balance being held by a local partner.
It was set up to take advantage of the lower input cost, mainly
gas, a primary input for manufacturing. The company is mainly
into the mass food & beverages segment and also caters partly
(30%) to the cosmetics and perfumes industry.

P G Glass Private Limited, a group company, undertook a
Greenfield project to build glass tableware and bottling
manufacturing facility at Kosamba, Surat. The scheduled
commercial operations which were to commence from March 2011 were
delayed to September 2010 on account of defective machinery which
could not be repaired. PG Glass became in-operational from
September 2012 onwards.

Recent results:
As per the provisional financials, for FY2016, the company has
recorded an operating income of INR128.3 crore and posted a PAT
of INR7.9 crore.


RACHANA LIFE: CRISIL Reaffirms B+ Rating on INR300MM Term Loan
--------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Rachana Life
Spaces (RLS) continues to reflect the firm's exposure to demand
and implementation risks related to ongoing project, and to
cyclicality inherent in the Indian real estate industry. These
weaknesses are partially offset by extensive experience of
promoters in Pune's real estate and locational advantage of
ongoing project.

                      Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Term Loan             300      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes RLS will benefit over the medium term from the
strong track record of its promoters. The outlook may be revised
to 'Positive' if sizeable booking and customer advances result in
high cash inflow. The outlook may be revised to 'Negative' if
time and cost overruns in, or lower-than-expected sales from,
project; or significant support to group companies further
weakens liquidity.

Set up in 2010 as a partnership firm by Pune-based Mr. Vinay
Kalbhor and Mr. Nitin Bhanagay, RLS is currently undertaking
second phase of residential project, Bella Casa, on the Pune-
Mumbai bypass highway.


RAJESH GEMS: ICRA Suspends D Rating on INR75cr Fund Based Loan
--------------------------------------------------------------
ICRA has suspended [ICRA]D ratings assigned to the INR75 Crores
fund based facilities of Rajesh Gems and Jewels Private Limited.
The suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the cooperation from the company.


RAJESH HOUSING: CRISIL Reaffirms B+(SO) Rating on INR1.4BB NCD
--------------------------------------------------------------
CRISIL's rating on the non-convertible debentures (NCDs) of
Rajesh Housing Private Limited (RHPL) continues to reflect
exposure to project implementation risk, given the nascent stage
of the company's project, high dependence on customer advances
for project funding, and exposure to cyclicality inherent in the
real estate sector. These rating weaknesses are partially offset
by flexible terms of the NCD issue, favourable location of the
project in Mumbai ensuring sound demand prospects, and the
extensive experience of the promoters in the real estate
development industry.

                        Amount
   Facilities          (INR Bln)     Ratings
   ----------          ---------     -------
   Non Convertible         1.4       CRISIL B+(SO)/Stable
   Debentures                        (Reaffirmed)

The project is exposed to implementation risks given its nascent
stage. Requisite approvals for commencement of construction are
awaited and they are likely to be received in fiscal 2017. The
project is expected to be executed in phases, but given its
initial stage, it is exposed to risks related to time and cost
overruns. Although the proven track record of the promoters will
help in project implementation, any delay will remain a key
rating sensitivity factor.

RHPL largely depends on customer advances for funding the
construction of its projects. Around 70% of the current total
project cost will be funded through customer advances.
Furthermore, it is susceptible to the cyclicality inherent in the
real estate sector, resulting in volatility in realisations and
saleability and hence in fluctuations in cash inflow. Any delay
in project execution will impact the flow of customer advances
and hence the project's cash flow, and expose the company to
refinancing risk on maturity of the NCDs.

The company has flexible terms with the investor for the NCD
issue. The instruments have a tenure of 42 months, with no fixed
interest payment or principal repayment obligation during the
tenure. They only have redemption premium equivalent to a fixed
internal rate of return.

The project is located in the central suburbs of Mumbai, giving
it good connectivity by rail as well as road. This is expected to
support saleability, given the sound demand prospects.
Furthermore, the promoters have an experience of over 50 years in
the real estate industry, and have delivered over 3 million
square foot (sq ft) of residential and commercial projects in
Mumbai since 1997.
Outlook: Stable

CRISIL believes RHPL will continue to benefit over the medium
term from the flexible terms of the NCDs and established track
record of its promoters in real estate development. The outlook
may be revised to 'Positive' in case of better-than-expected
progress in project construction and sales, leading to sustained
improvement in cash flow. The outlook may be revised to
'Negative' in case of lower-than-expected project progress or
sales, adversely impacting cash flow and exposing the company to
refinancing risk, or if the company contracts substantial debt
for funding the project.

Incorporated in 2015, RHPL is a part of the Rajesh Lifespaces
group. RHPL is developing a residential-cum-commercial project in
Vikhroli, Mumbai, with total saleable area of 1.04 million sq ft.

The Rajesh group is a real estate developer based in Mumbai,
promoted by Mr Raghavji Patel. The companies in the group have
been engaged in the business of real estate construction and
development for over 50 years. The group is currently managed by
the third-generation of the family, Mr Priyal Patel and Mr Pratik
Patel.

The Rajesh group has a long track record in real estate
development, with over 3 million sq ft of developed and delivered
projects since 1997; 93 per cent of these are residential
development and the remaining commercial development, all in
Mumbai. Furthermore, the group has about 5 million sq ft of area
under development across various projects as on  date.


SANKRANTHI RAW: CRISIL Ups Rating on INR77MM Cash Loan to B+
------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities
of Sankranthi Raw and Boiled Rice Mill (SRBRM) to 'CRISIL
B+/Stable' from 'CRISIL B/Stable', and assigned its 'CRISIL A4'
rating to the firm's short-term bank facility.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             77        CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

   Foreign Letter of        8        CRISIL A4 (Reassigned)
   Credit

   Long Term Loan          25        CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

The upgrade reflects the improvement in SRBRM's business risk
profile with stabilisation of operations at its newly set-up
facilities, and healthy turnover of Rs 309 million and
comfortable operating margin of 4.9% in fiscal 2016. The margin
will sustain over the medium term, because of ramp-up of
operations and economies of scale. SRBRM will also continue to
benefit from its management's extensive entrepreneurial
experience.

The ratings reflect SRBRM's limited track record of operations,
and its susceptibility to regulatory changes, volatility in raw
material prices, and extent of rainfall. These weaknesses are
partially offset by the healthy prospects for the rice processing
industry and the extensive entrepreneurial experience of the
firm's promoters.
Outlook: Stable

CRISIL believes SRBRM will benefit over the medium term from the
healthy prospects for the rice processing industry. The outlook
may be revised to 'Positive' if there is a substantial increase
in its revenue and profitability, or improvement in its financial
risk profile because of better-than-expected cash accrual or
capital infusion. The outlook may be revised to 'Negative' in
case of deterioration in the firm's liquidity, driven by a
decline in its profitability or stretch in its working capital
cycle or large, debt-funded capital expenditure.

SRBRM, set up in 2001 and based in Nellore, Andhra Pradesh, mills
rice. The firm was acquired by Mr Venkataraman Naidu and his wife
in June 2014.


SANTOSH STARCH: ICRA Upgrades Rating on INR10cr Loan to B+
----------------------------------------------------------
The long term rating has been upgraded to [ICRA]B+ from [ICRA]B
to the INR3.66 crore (reduced from INR5.00 crore) term loan and
INR10.00 crore cash credit facility of Santosh Starch Products
Limited. Further, the short-term rating of [ICRA]A4  has been
reaffirmed to the INR9.00 crore short term fund based and non
fund based (sublimit of cash credit) facilities of SSPL.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Term Loan             3.66       Upgraded to [ICRA]B+
                                    from [ICRA]B

   Cash Credit          10.00       Upgraded to [ICRA]B+
                                    from [ICRA]B

   EPC/FUBP/FOBP         5.00       [ICRA]A4 reaffirmed

   Letter of Credit      2.00       [ICRA]A4 reaffirmed

   Foreign Bills
   Discounting           2.00       [ICRA]A4 reaffirmed

The ratings upgrade takes into account the healthy revenue growth
of 93% during FY 2016 supported by increase in volume sales
following capacity addition as well as increased off-take from
customers and improvement in profitability margins which has led
to improvement debt coverage indicators. The ratings also draw
comfort from the long-standing experience of the promoters in of
more than six decades in starch and agro based industry as well
as existing reputed clientele base of the company including
established players in the paper industry.

The ratings, however, continue to remain constrained by exposure
of the company to inherent risks in an agro based industry, given
the dependence on availability and pricing of maize and to the
strong competitive pressures from established players and other
small manufacturers. The ratings further remain constrained by
the relatively small scale of operations as well as financial
risk profile of the company as reflected by high gearing levels,
moderate debt coverage indicators and high working capital
intensity of operations.

Santosh Starch Products Limited (SSPL), incorporated in 1983, is
promoted by Santosh Group. The company, till the first half of FY
2013, was engaged in the trading of maize starch and other starch
by products. SSPL has set up a facility for manufacturing of
specialty starch and starch derivatives at Ahmedabad, Gujarat
with the manufacturing operations commenced from December 2013.
Out of the total eight processing lines, two have been installed
in FY2013, two in FY2015 and the remaining four in FY2016. The
existing installed capacity of eight lines is 28,800 Metric
Tonnes Per Annum (MTPA). The promoters of SSPL have an extensive
experience spanning six decades in starch and agro based industry
by virtue of their association with the group concern, Santosh
Limited.

Recent Results
For year ended on March 31, 2015, SSPL has reported an operating
income of INR18.51 crore and a profit after tax of INR0.39 crore
as against an operating income of INR8.75 crore and profit after
tax of INR0.36 crore for the year ended March 31, 2014. Further,
for the year ended March 31, 2016, the company has reported an
operating income of INR35.75 crore and profit after tax of
INR0.84 crore.


SANTOSHI LEATHER: CRISIL Suspends 'B' Rating on INR55MM Loan
------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Santoshi
Leather Works (SLW).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Foreign Bill Purchase    55        CRISIL B/Stable

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

SLW is a proprietorship concern based in Kolkata. The firm is
managed by Mr. S K Ghosh, who has been in the leather industry
for the past 27 years. The firm manufactures and exports
industrial leather gloves and garments.



SHINDE DEVELOPERS: CRISIL Suspends D Rating on INR450MM Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Shinde Developers Private Limited (SDPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee         450        CRISIL D
   Cash Credit            150        CRISIL D
   Term Loan               61.6      CRISIL D
   Working Capital
   Demand Loan             50        CRISIL D

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

SDPL was established in 1997 by Mr. Sunil Shinde. The company
undertakes civil construction activities such as irrigation
projects, road development, highway maintenance, and storm water
drainage for the Government of Maharashtra as well as private
players in Maharashtra. The company also provides logistic
services.


SHREE BALAJI: ICRA Lowers Rating on INR7.0cr LT Loan to B+
----------------------------------------------------------
ICRA has revised the long term rating assigned to INR7.00 crore
long term fund based limits, INR0.41 crore term loan and INR0.49
crore long term/short term unallocated limits of Shree Balaji
Wirenetting Industries India Private Limited from [ICRA]BB-
(pronounced ICRA double B minus) to [ICRA]B+. The short term
rating for the long term/ short term unallocated limits has been
reaffirmed at [ICRA]A4.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Long Term-Fund          7.00       [ICRA]B+/revised
   Based (OD)                         from [ICRA]BB- (stable)

   Long Term-Fund          0.41       [ICRA]B+/revised
   Based (TL)                         from [ICRA]BB- (stable)

   Long Term/Short         0.49       [ICRA]B+/revised from
   Term-Unallocated                   [ICRA]BB-(stable);
                                      [ICRA]A4/reaffirmed

The revision of rating takes into account the weakening of the
profitability and coverage indicators following the recent debt
funded capital expenditure. Weakening of the operating margins
due to increase in input prices and low realisations, coupled
with higher interest and depreciation expenses, resulted in a net
loss of INR5.0 lakh for the company in 2014-15. With the debt
levels remaining high and the capacity utilisation being low at
around 54%, the margins are expected to remain strained during
2015-16. The liquidity profile is also expected to remain
stretched due to the weak accruals and increased working capital
requirements. The ratings also factor in the high competitive
intensity which limits SBW's pricing flexibility and the low
value addition nature of business which restricts the company's
profitability. However, the ratings positively factor in the
experience of the promoters in the industry and the established
relationship of the company with its customers, which lends
stability to its revenues. Going forward, the ability of the
company to improve its capacity utilisation by ramping up its
production volumes and improve its profitability and coverage
indicators would be the key rating sensitivities.

SBW is a small scale company engaged in the manufacture of welded
meshes which find their application in fencing, construction,
pottery, etc. Incorporated in July 2006, the company started its
operations in January 2008. The product profile of the company
includes Mild Steel (MS) Welded Mesh, Stainless Steel (SS) Welded
Mesh, Galvanized Iron (GI) Welded Mesh, GI Wires and HB Wires.
SBW is managed by the promoter Mr. Inder Chand and his wife Ms.
Saroja Devi, who have more than three decades of experience iron
and steel trading business. The company has an installed capacity
to manufacture 11500 tons of welded mesh per annum and is
currently running at 54% capacity utilization.

Recent Results
The company reported a net loss of INR5.0 lakh on an operating
income of INR25.9 crore during 2014-15, as against a net profit
of INR0.2 crore on an operating income of INR23.8 crore during
2013-14.


SHRI BALAJI: CRISIL Suspends B+ Rating on INR97.5MM Cash Loan
-------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Shri Balaji Rohilkhand Rice Mills Private Limited (SBRPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit           97.5        CRISIL B+/Stable
   Long Term Loan         5.0        CRISIL B+/Stable

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

SBRPL, incorporated in 2011, is promoted by Mr. Rachin Gupta and
Ms. Seema Gupta. The Bareilly (Uttar Pradesh)-based company is
engaged in milling and processing of paddy into rice, rice bran,
broken rice and husk. Mr. Rachin Gupta manages its day-to-day
operations.


SHRI RAM: CRISIL Reaffirms 'B' Rating on INR125MM Cash Loan
-----------------------------------------------------------
CRISIL's ratings on the bank facilities of Shri Ram Rice Unit
(SRU) continue to reflect a below-average financial risk profile
because of a small net worth, high gearing, and below-average
debt protection metrics. The ratings also factor in
susceptibility to erratic rainfall, and working capital-intensive
nature of operations. These rating weaknesses are partially
offset by the extensive experience of the promoters in the rice
processing industry, and benefits expected from the healthy
growth prospects for the industry.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            125        CRISIL B/Stable (Reaffirmed)

   Packing Credit         240        CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      35        CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes SRU will continue to benefit over the medium term
from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' if cash accrual improves due
to substantial increase in scale of operations, or in case of
significant improvement in the capital structure. The outlook may
be revised to 'Negative' if liquidity weakens due to lower-than-
anticipated cash accrual or higher-than-expected working capital
requirement, or in case of substantial debt-funded capital
expenditure (capex).

Update
Net sales, on a provisional basis, were INR1257.4 million in
fiscal 2016 against INR1845.6 million in fiscal 2015, a decline
of around 30% primarily due to weak economic conditions in global
markets for trading in basmati rice. CRISIL believes net sales
will remain moderate over the medium term. Operating margin was
3.9% in fiscal 2016, better than historical levels of 3.0-3.5%.
The margin has remained low because of processing and trading
nature of operations. The margin is likely to remain at a similar
level over the medium term.

Working capital requirement has remained high as reflected in
estimated gross current assets of more than 140 days as on March
31, 2016; debtors and inventory remained at around 60 days and 88
days, respectively. Against this, limited trade credit from
suppliers is available, as reflected in payables at 2-30 days in
the four years ended March 31, 2016, leading to high reliance on
bank borrowing. Operations are expected to remain working capital
intensive over the medium term.

The financial risk profile is below-average because of a high
total outside liabilities to tangible net worth ratio of more
than 8 times as on March 31, 2016, on account of large working
capital requirement. However, the ratio is expected to reduce
marginally over the medium term driven by funding support from
the promoters. The financial risk profile is likely to remain
weak over this period.

On a provisional basis, profit after tax (PAT) was INR6.3 million
on net sales of INR1257.4 million for fiscal 2016, against a PAT
of INR10.2 million on net sales of INR1845.6 million for fiscal
2015.
Established in 1991, SRU is a partnership firm promoted by Mr.
Sadhu Ram, Mr. Ravinder Kumar, Mr. Parmod Kumar, Mr. Vijay Kumar,
and Mr. Sanjay Kumar. The firm mills and processes rice, both
basmati and non-basmati varieties. It has a processing unit at
Taraori, Punjab.


SONAL ADHESIVES: ICRA Suspends 'D' Rating on INR11cr Cash Loan
--------------------------------------------------------------
ICRA has suspended [ICRA]D rating assigned to the INR11.00 crore
cash credit and INR4.30 crore term loan facility of Sonal
Adhesives Limited. ICRA has also suspended a rating of [ICRA]D
assigned to the INR12.20 crore short term non fund based facility
of SAL. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.


SONY FIREWORKS: CRISIL Suspends B+ Rating on INR62.5MM Cash Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Sony
Fireworks Private Limited (SFPL; part of the Sony Fireworks
group).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee         0.3        CRISIL A4
   Cash Credit           62.5        CRISIL B+/Stable
   Letter of Credit       1.5        CRISIL A4
   Long Term Loan         1.7        CRISIL B+/Stable

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

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of SFPL, Sqny Fireworks (SF), Sony Pyro
International (SPI), Micky Paper Caps Works(MPCW), Vinayaga
Fireworks (VF), and Vinayaga Fireworks Industries (VFI).
Previously, CRISIL had combined the business and financial risk
profiles of SFPL, VF, and VFI. This is because all these five
entities, together referred to as the Sony Fireworks group, have
strong operational and financial linkages, and are under the same
management.

SFPL, incorporated in 1991 and based in Sivakasi (Tamil Nadu), is
promoted by Mr. P Karvannan and Mr. P Ganesan. The company
manufactures and distributes fireworks. VF, SF, SPI, MPCW and VFI
were established as partnership firms and are engaged in the same
business.


SREE HANUMAN: CRISIL Cuts Rating on INR50MM Bank Loan to 'D'
------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Sree Hanuman Infra Pvt Ltd (SHIPL; formerly, Sri Hanuman
Constructions) to 'CRISIL D/CRISIL D' from 'CRISIL
B+/Stable/CRISIL A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          50        CRISIL D (Downgraded
                                     from 'CRISIL A4')

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

   Overdraft Facility      10        CRISIL D (Downgraded
                                     from 'CRISIL B+/Stable')

   Proposed Long Term      40        CRISIL D (Downgraded
   Bank Loan Facility                from 'CRISIL B+/Stable')

The rating downgrade reflects overdrawn cash credit limit for
more than 30 days. This has been caused by stretched liquidity

The company has a modest scale of operations in the fragmented
civil construction industry, working capital-intensive operations
and customer concentration in revenue profile. Furthermore, it
has a weak financial risk profile because of below-average debt
protection metrics. However, the company benefits from the
extensive industry experience of its promoter.

Incorporated in 2005, SHIPL is promoted by Mr. Chavali
Ramanjaneyulu and his family. The firm undertakes civil
construction works such as construction of roads and railway
tunnels.


SRI LAKSHMI: CRISIL Reaffirms B+ Rating on INR80MM Cash Loan
------------------------------------------------------------
CRISIL rating on the long-term bank facility of Sri Lakshmi Rice
Industries (SLRI) continues to reflect SLRI's below-average
financial risk profile, marked by modest net worth, high gearing
and below average debt protection metrics.

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

The rating also factors in the firms working-capital-intensive
operations, susceptibility of the firm's operating margin to
adverse regulatory changes and volatility in raw material prices
in the rice industry. These rating weaknesses are partially
offset by the extensive experience of SLRI's promoters in the
rice business.
Outlook: Stable

CRISIL believes SLRI will continue to benefit over the medium
term from the industry experience of promoter. The outlook may be
revised to 'Positive' in case of an increase in revenue and
significant improvement in profitability, while improving its
capital structure. Conversely, the outlook may be revised to
'Negative' if a larger-than-expected, debt-funded capital
expenditure, sharp decline in sales volumes and profitability, or
a considerable stretch in working capital cycle, leads to
deterioration in the financial risk profile, especially
liquidity.

Established in 2002, SLRI, based in Nellore (Andhra Pradesh),
mills rice. The firm is promoted by Mr VV Sesha Reddy.


SUJAN INDUSTRIES: CRISIL Suspends 'D' Rating on INR140MM Loan
-------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Sujan
Industries - Bangalore (SI).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          30        CRISIL D
   Cash Credit            140        CRISIL D

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

SI was established in Bengaluru in 2008. The firm manufactures
precision-turned components, and is part of the Sujan group. SI
is managed by Mr. B S Padmanabhachar.


SUPREME MOBILES: CRISIL Assigns B+ Rating to INR85MM Cash Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of Supreme Mobiles Private Limited (SMPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             85        CRISIL B+/Stable
   Long Term Loan          30        CRISIL B+/Stable

The rating reflects exposure to intense competition in the
automobile dealership industry and an average financial risk
profile because of below-average debt protection metrics. These
rating weaknesses are partially offset by the extensive industry
experience of the company's promoters, established relationship
with its principal, Mahindra & Mahindra Ltd (M&M; rated 'CRISIL
AAA/Stable/CRISIL A1+'), and low debtor and inventory risks.
Outlook: Stable

CRISIL believes SMPL will continue to benefit over the medium
term from the extensive industry experience of its promoters and
established relationship with M&M. The outlook may be revised to
'Positive' in case of substantial improvement in capital
structure, debt protection metrics, and liquidity, driven by an
increase in sales and operating margin, or significant equity
infusion. The outlook may be revised to 'Negative' if sluggish
demand results in a significant decline in sales and
profitability and leads to a pile up of inventory, or in case of
large, debt-funded capital expenditure, weakening the financial
risk profile, especially liquidity.

SMPL, incorporated in 1981 and promoted by Mr Ram Bhagat Gupta,
Mr Sanjay Gupta, and Ms Sunita Gupta, is an automotive dealer for
M&M. The company currently has four showrooms and three service
centres in Haryana.


T.K. TRADERS: CRISIL Assigns 'B' Rating to INR15MM Cash Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of T.K. Traders (TK). The ratings reflect
modest scale and working capital intensity in operations, and
susceptibility to intense competition in the cement industry.
These rating weaknesses are partially offset by the proprietor's
extensive experience.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             15        CRISIL B/Stable
   Letter of Credit        45        CRISIL A4

Outlook: Stable

CRISIL believes TK will continue to benefit from the proprietor's
extensive experience. The outlook may be revised to 'Positive' if
higher-than-expected cash accrual considerably strengthens
financial risk profile. Conversely, the outlook may be revised to
'Negative' if low cash accrual, or deterioration in working
capital management weakens the financial risk profile.

Set up in 2010, TK trades in cement. The proprietorship firm is
promoted by Mr. Godwin Xavier.

On a provisional basis, TK's profit before tax (PBT) was Rs 3.49
million on revenue of Rs 149.1 million for fiscal 2016, against
PBT of Rs 1.18 million on revenue of Rs 35.87 million for fiscal
2015.


TARINI AGRO: CRISIL Assigns B+ Rating to INR42.1MM Term Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating on the long-
term bank facilities of Tarini Agro Foodprocess Private Limited
(TAFPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit           27.8        CRISIL B+/Stable
   Term Loan             42.1        CRISIL B+/Stable

The rating reflects small scale of operations in a highly
fragmented industry and exposure to intense industry competition
and to volatility in input prices. The rating also factors in the
company's weak financial risk profile marked by small net worth
and high gearing. These weaknesses are mitigated by the extensive
experience of TAFPL's promoters in the packaged food industry.
Outlook: Stable

CRISIL believes TAFPL will benefit over the medium term from its
promoters' extensive industry experience. The outlook may be
revised to 'Positive' in case of significant ramp up in scale of
operations along with sustained improvement in profitability
while maintaining the capital structure. Conversely, the outlook
may be revised to 'Negative' if liquidity weakens because of
stretched working capital cycle, or if scale of operations or
profitability declines, leading to considerably low cash accrual,
or any large, debt-funded capital expenditure weakens the capital
structure.

TAFDPL was incorporated in 2008 is an Odisha based company. It is
promoted by Mr. Pratap Kumar Sahoo and his wife of Mrs. Sasmita
Sahoo. TAFDPL is engaged in the manufacturing of corn flakes,
gram flour (besan powder) and potato chips. The company commenced
its commercial operation in 2013.


USHDEV INTERNATIONAL: Ind-Ra Cuts LT Issuer Rating to 'IND D'
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Ushdev
International Ltd.'s (UIL) Long-Term Issuer Rating and long-term
bank loans to 'IND D' from 'IND BBB+'. The Outlook was Negative.
The agency has also downgraded UIL's short-term bank loans to
'IND D' from 'IND A2'.

KEY RATING DRIVERS

The downgrade reflects UIL's ongoing delays in debt servicing.
However, the company has not shared the details with Ind-Ra. The
delays in debt servicing have mainly been on account of the
delays in receivable collections. As of 31 March 2016, about 10%
of the debtors outstanding aged more than 180 days. Customer
concentration has increased with the revenue from the top three
customers accounting for about 38% of the total revenue in FY16
(FY15: 30%).

RATING SENSITIVITIES

Positive: Timely debt servicing for at least three consecutive
months could lead to a positive rating action.

COMPANY PROFILE

Founded in 1994, UIL is a metal trading company which mainly
trades nickel, ferrous flat products and long products.

UIL's ratings:
-- Long-Term Issuer Rating: downgraded to 'IND D' from 'IND
    BBB+'/Negative
-- INR500 million term loans: downgraded to Long-term 'IND D'
    from 'IND BBB+'/Negative
-- INR4,500 million fund-based working capital limits:
    downgraded to Long-term 'IND D from 'IND BBB+'/Negative
-- INR20 billion non-fund based working capital limits:
    downgraded to Short-term 'IND D' from 'IND A2'
-- INR500 million fund-based working capital limits: downgraded
    to Long-term 'IND D' from 'IND BBB+'/Negative
-- Proposed INR2,000 million  term loan: downgraded to Long-term
    'Provisional IND D' from 'Provisional IND BBB+'/Negative


V.M. BAKERY: ICRA Assigns 'B' Rating to INR7.20cr Loan
------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B to INR7.20 crore
fund based facilities of V.M. Bakery Products Private Limited.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund based limits        7.20        [ICRA]B assigned

The assigned rating is constrained by VMBPPL's nascent stage of
operations with the company commencing commercial production from
April 2016; presence in a highly competitive domestic bakery
market which is marked by a few dominant players and numerous
regional players; and vulnerability of profitability to
fluctuations in raw material prices that are likely to keep
margins under check. The rating is further constrained by
VMBPPL's limited geographical presence mainly in Andhra Pradesh.
ICRA also notes that VMBPPL is planning to venture into new
geographies and products that would entail higher brand building
and distribution expenses, which would limit its operating
profitability in the short term. The rating, however, positively
factors in the decade long experience of the promoters in the
bakery industry; agreements with major retail giants in Andhra
Pradesh for selling its products; and the favourable demand
outlook of bakery products in India.

Going forward, the ability of the company to increase its scale
of operations by achieving sufficient capacity utilisation, and
generate adequate cash accruals for term loan repayments would be
the key rating sensitivities from a credit perspective.

Incorporated in 2012, V.M. Bakery Products Private Limited is
engaged in manufacturing bakery products such as biscuits, rusks,
bread, buns, cakes and cookies. The company's manufacturing
facility is located at Vijayawada, Andhra Pradesh. VMBPPL started
its commercial operations from April 2016, and has been selling
its products under the brand name "Just Breads". The company is
promoted by Mr. Vinay Chalasani and Mr. Manish Chalasani, who
have a decade-long experience in the bakery business.


VADERA TRADELINK: ICRA Reaffirms B+ Rating on INR12cr LT Loan
-------------------------------------------------------------
ICRA has reaffirmed its long term rating of [ICRA]B+  for the
enhanced fund based bank limits of INR12.00 crore and assigned a
short term rating of [ICRA]B+/A4 for the non fund based bank
limits of INR5.00 crore of Vadera Tradelink Private Limited.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Long term-fund
   based limits            12.00      [ICRA]B+; Reaffirmed

   Long and Short
   Term- non fund
   based limits             5.00      [ICRA]B+/A4; Assigned

ICRA ratings factor in the extensive experience of the promoters,
of over three decades, in the construction and trading industry,
and their established relationships with customers and suppliers.
The ratings also favourably factor in the improved diversity in
the company's revenue streams with its entry into the
construction sector, as well as the healthy growth in its
operating income in FY2016, supported by growth in all the
segments. The company has successfully commissioned its cold
storage facility at Barmer, Rajasthan in March 2016.

The ratings are however constrained by the low operating
profitability in the trading business that contributed to around
70% of the company's revenues and its exposure to fluctuations in
prices of agri-commodities, and intense competitive pressures.
ICRA however notes that the company's revenues from the
construction segment contributed to around 20% of its operating
income, and have also supported its operating profit margins in
FY2016. Nevertheless, the company's coverage indicators are
modest with low interest coverage and elevated Total
Debt/OPBDITA1. Further, blockage of funds in working capital
during FY2016 has resulted in negative cash flows.

Going forward, the ability of the company to improve its margins
and increase its scale of operations, while maintaining
comfortable liquidity will be the key rating sensitivities. Any
large debt funded capital expenditure will also be a key
monitorable.

VTPL was incorporated by Mr. Bhoor Chand Jain and family (Vadera
Family) in 2008. The company commenced operations in 2011 in
Barmer, Rajasthan. The company is currently engaged in diverse
businesses including manufacturing of plastic packaging, PET2
containers, HDPE pipe fittings and corrugated box manufacturing.
The company is also engaged in the trading of food grains,
plastic goods and building materials. The company also executes
civil construction work for the State Government of Rajasthan.

Recent Results
In FY2015, VTPL reported an operating income (OI) of INR60.91
crore and profit after tax (PAT) of INR0.47 crore, as against an
OI of INR30.26 crore and PAT of INR0.16 crore in the previous
year.
On provisional basis, VTPL registered an OI of Rs.48.71 crore and
PAT of INR0.27 crore during nine months of FY2016.


VAISHNAVI RICE: ICRA Reaffirms B+ Rating on INR19.81cr LT Loan
--------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+  assigned to
the INR19.81 crore (revised from INR23.39 crore) fund-based
limits of Vaishnavi Rice Industries and reaffirmed the short-term
rating of [ICRA]A4  assigned to the INR3.00 crore non-fund based
limits of VRI. ICRA has also reaffirmed the long-term rating of
[ICRA]B+ and short-term rating of [ICRA]A4 assigned to INR2.19-
crore (revised from INR1.61 crore) unallocated limits of VRI.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Long Term Fund-
   based limits            19.81        [ICRA]B+ reaffirmed

   Short Term Non-
   fund Based limits        3.00        [ICRA]A4 reaffirmed

   Long Term/Short          2.19        [ICRA]B+/[ICRA]A4
   Term Unallocated                     reaffirmed
   limits

The reaffirmation of ratings continues to be constrained by VRI's
weak financial risk profile characterised by low profitability
and stretched coverage indicators with interest coverage ratio of
1.76 times, NCA-to-Total Debt of 8% and high gearing of 2.73
times as on March 31, 2016 and dip in revenues from INR56.33
crore in FY2015 to INR39.35 crore in FY2016 on account of lower
export demand and realisations. The ratings also consider the
intensely competitive nature of the rice industry amid several
small-scale players and susceptibility to agro-climatic risks,
which impact the availability of paddy in adverse weather
conditions. The ratings however draw comfort from the experience
of the promoters in the rice industry, presence of the firm in a
major rice growing area, resulting in easy availability of paddy,
and favourable demand prospects of rice with India being the
second-largest producer and consumer of rice.

Going forward, the firm's ability to improve revenue and managing
its working capital requirements effectively will be the key
credit-rating sensitivities.

Vaishnavi Rice Industries (VRI) was established as a partnership
firm in 2012 by Mr. Mallidi Venkata Krishna Reddy and other
family members and is involved in the milling of paddy for
production of non-basmati rice products (raw rice and boiled
rice). The firm is located in the East Godavari District of
Andhra Pradesh and has an installed capacity of 10 tonnes per
hour. The firm commenced commercial operations in November, 2013.

Recent Results
According to provisional FY2016 results, the firm has reported a
turnover of INR39.35 crore with a net profit of INR0.43 crore.
During FY2015, it recorded a turnover of INR56.33 crore with a
net profit of INR0.61 crore.


VEERMAN ENTERPRISES: CRISIL Suspends 'B' Rating on INR50MM Loan
---------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Veerman
Enterprises (Veerman).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             50        CRISIL B/Stable
   Electronic Dealer
   Financing Scheme
   (e-DFS)                 50        CRISIL B/Stable
   Long Term Loan          20        CRISIL B/Stable

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

Veerman is a franchisee of Tanishq Boutique at Budharaja in
Sambalpur (Odisha) with a gold jewellery showroom covering 3000
square feet. The firm, promoted by Mr. Manjit Singh and his son
Mr. Navpreet Singh, belongs to the Indera group, which has
business interests in jewellery, automotive dealership, and
garment retail.


VINAYAGA FIREWORKS: CRISIL Suspends B+ Rating on INR70MM Loan
-------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Vinayaga
Fireworks (VF; part of the Sony Fireworks group).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              70       CRISIL B+/Stable

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

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of Sony Fireworks Private Limited (SFPL),
Sqny Fireworks (SF), Sony Pyro International (SPI), Micky Paper
Caps Works(MPCW), VF, and Vinayaga Fireworks Industries (VFI).
Previously, CRISIL had combined the business and financial risk
profiles of SFPL, VF, and VFI. This is because all these five
entities, together referred to as the Sony Fireworks group, have
strong operational and financial linkages, and are under the same
management.

SFPL, incorporated in 1991 and based in Sivakasi (Tamil Nadu), is
promoted by Mr. P Karvannan and Mr. P Ganesan. The company
manufactures and distributes fireworks. VF, SF, SPI, MPCW and VFI
were established as partnership firms and are engaged in the same
business.


VINAYAGA INDUSTRIES: CRISIL Suspends B+ Rating on INR55MM Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Vinayaga
Fireworks Industries (VFI; part of the Sony Fireworks group). The
suspension of rating is on account of non-cooperation by VFI with
CRISIL's efforts to undertake a review of the ratings
outstanding.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              55       CRISIL B+/Stable

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

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of Sony Fireworks Private Limited (SFPL),
Sqny Fireworks (SF), Sony Pyro International (SPI), Micky Paper
Caps Works(MPCW), Vinayaga Fireworks (VF), and VFI. Previously,
CRISIL had combined the business and financial risk profiles of
SFPL, VF, and VFI. This is because all these five entities,
together referred to as the Sony Fireworks group, have strong
operational and financial linkages, and are under the same
management.

SFPL, incorporated in 1991 and based in Sivakasi (Tamil Nadu), is
promoted by Mr. P Karvannan and Mr. P Ganesan. The company
manufactures and distributes fireworks. VF, SF, SPI, MPCW and VFI
were established as partnership firms and are engaged in the same
business.


YADAV SOLVEX: CRISIL Assigns 'B' Rating to INR71.5MM Term Loan
---------------------------------------------------------------
CRISIL has revoked the suspension of its rating on the bank
facilities of Yadav Solvex Pvt. Ltd. (YSPL) and assigned its
'CRISIL B/Stable' rating to the facilities. CRISIL had, on April
29, 2016, suspended the ratings as YSPL had not provided the
necessary information required for a rating review. The company
has now shared the requisite information, enabling CRISIL to
assign the rating.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             50        CRISIL B/Stable (Assigned;
                                     Suspension Revoked)

   Term Loan               71.5      CRISIL B/Stable (Assigned;
                                     Suspension Revoked)

The rating reflects weak financial risk profile, because of small
net worth and subpar debt protection metrics. The rating also
factors in small scale of operations in the highly fragmented
rice industry, and susceptibility to volatile raw material
prices. These weaknesses are partially offset by extensive
experience and funding support of the promoters.
Outlook: Stable

CRISIL believes YSPL will benefit over the medium term from the
promoters' extensive experience. The outlook may be revised to
'Positive' if sizeable cash accrual and efficient working capital
management considerably strengthen key credit metrics.
Conversely, the outlook may be revised to 'Negative' if low cash
accrual, or large working capital requirement, or capital
expenditure weakens liquidity.

YSPL was incorporated in 2003 by Mr. Bhagwan Singh and his
family. The firm processes basmati rice at its plant at Muktsar
in Punjab. YSPL has a total milling and sorting capacity of 4.5
tonne per hour each.



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


LIPPO KARAWACI: Moody's Says Refinancing Extends Debt Maturities
----------------------------------------------------------------
Moody's Investors Service says that Lippo Karawaci Tbk (P.T.)'s
(Ba3 stable) announcement of a tap bond offering on its existing
$150 million notes due 2022 to raise funds for the call
redemption of its $250 million notes due 2019 but have been
callable since May 2016 is credit positive.

"However, Lippo Karawaci's credit profile is weak for its rating
level," says Jacintha Poh, a Moody's Vice President and Senior
Analyst.

"The maintenance of the Ba3 corporate family rating and stable
outlook is based on our expectation that the company will
complete its planned asset sales and will increase its marketing
sales, leading to an increase in revenue and EBITDA for 2016,
which in turn will improve its financial metrics to within our
rating parameters," adds Poh.

Poh was speaking on Moody's just-released report "Lippo Karawaci
Tbk (P.T.) -- Refinancing Extends Debt Maturities, but Business
Plan Execution and Deleveraging Are Key to Maintaining Ratings."

Moody's points out that the tap bond offering will extend Lippo
Karawaci's debt maturity profile and allow the Indonesian
property developer to avoid the 2018-19 refinancing wall when
approximately $3.3 billion of debt matures for Moody's-rated
Indonesian high-yield companies.

Moody's expects Lippo Karawaci's financial metrics to improve by
end-2016, supported by the company's planned assets sales of
IDR1.7 trillion to its REITs -- Lippo Malls Indonesia Retail
Trust (LMIRT, Baa3 stable) and First Healthcare REIT (unrated) --
and its launch of new residential property projects during the
remainder of 2016. Moody's notes that the new projects -- which
will target mass-market buyers -- should be well-received and
will likely result in Lippo Karawaci achieving marketing sales of
IDR3.5 trillion in 2016.

The company's adjusted debt/EBITDA will improve to below 4.0x in
2016 and 2017 from 4.6x in 2015, and its homebuilding
EBIT/interest expense should improve to around 2.6x from 1.8x in
2015.

Lippo Karawaci's diversified business profile allows for its
strong and resilient recurring revenue to mitigate the effects of
its volatile and lumpy development revenue, thereby supporting
its Ba3 ratings.

Moody's expects that Lippo Karawaci's recurring revenue will
continue to make-up 55%-60% of its total revenue and to increase
around 30% year-on-year in 2016, driven by the company's
healthcare business, demand for which is strong.

Moody's therefore expects that the company will keep its
unadjusted recurring EBITDA to cash interest expense at about
1.6x, and adjusted recurring EBITDA to adjusted interest expense
at around 0.8x.

A ratings upgrade is unlikely, because Lippo Karawaci is
positioned at the low end of its Ba3 rating level. Over the
longer term, Moody's could upgrade the rating if the company
continues to increase its revenue while maintaining gross margins
in excess of 35% and solid liquidity in the form of cash balances
and committed facilities. Credit metrics that would support an
upgrade include adjusted debt/EBITDA of less than 3.0x and
adjusted homebuilding EBIT/interest coverage of above 4.5x on a
sustained basis.

On the other hand, the rating could face downward pressure if:
(1) the company fails to implement its business plans and, as a
result, its proportion of recurring revenue falls below 40% of
total revenue; and (2) its operations and credit quality weaken
amid a deterioration in the property market.

Adjusted debt/EBITDA above 4.0x and adjusted homebuilding
EBIT/interest expense below 2.5x on a sustained basis would cause
Moody's to consider changing the outlook to negative or
downgrading the rating.

Lippo Karawaci Tbk (P.T.) is one of the largest property
developers in Indonesia, with a sizable land bank of around 1,330
hectares as of 31 December 2015. It owns and/or manages -- either
directly or via its real estate investment trusts -- 43 malls, 20
hospitals and eight hotels. Lippo Karawaci owns a 33% stake in
First Healthcare REIT (unrated) and a 29% stake in LMIRT.



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


DTC FIVE: S&P Affirms BB+ Rating on Class D Notes
-------------------------------------------------
S&P Global Ratings said it has raised its ratings on classes A to
C and affirmed its rating on class D issued under the DTC Five
Funding Ltd. (DTC5) transaction.  Class E has already been fully
redeemed.

The rating actions reflect these:

  -- The construction company Daito Trust Construction Co. Ltd.
     entered into a master lease agreement with each borrower of
     the apartment construction loans underlying the transaction.
     The borrowers continue to repay principal and pay interest
     on the loans using the stable income from the master leases.
     As a result, the delinquency and default rates of the pool
     of loans underlying the transaction have been extremely low
     since closing.

  -- The vacancy rates of the collateral properties have remained
     stable, even though the age of each property exceeds ten
     years.

  -- For the loans currently outstanding, S&P assumes a
     foreclosure frequency of about 4% and projected losses (net
     loss ratio after accounting for recoveries from defaulted
     loans) of about 1% under  base-case scenario, and a
     foreclosure frequency of about 33% and projected losses of
     about 12% under S&P's 'AA+' stress scenario.  In calculating
     foreclosure frequency, S&P did not take into account the
     stabilizing effect on income from the master lease
     contracts.

  -- The transaction employs a unique waterfall such that, if
     credit enhancement levels for the notes reach a
     predetermined level for each class, collections after
     deducting payments such as interest on the notes are used to
     make principal repayments for the junior notes, in addition
     to repayments for most senior notes.  As a result, the
     credit enhancement levels for the classes except for the
     most junior rated notes are maintained at the respective
     predetermined levels.  In other words, accumulation of
     credit enhancement is limited for the senior rated classes,
     unlike transactions that employ a typical sequential payment
     structure.

  -- S&P's criteria for rating Japanese residential mortgage-
     backed securities (RMBS) establish a credit support floor
     for apartment loans for each rating category to ensure
     credit stability in case of defaults on large loans.
     Considering the possibility that some loans will be fully
     prepaid in the future, S&P assumes the concentration in
     large loans increases and the credit support floor for each
     rating category rises to some extent as the transaction
     ages.

  -- The credit quality of the pool is gradually improving,
     reflecting progress in principal redemption for each loan.
     Based on the assumptions in S&P's stress scenarios, it z
     believes current credit support for classes A to C is
     sufficient to cover various risks, such as credit risk,
     under stress scenarios consistent with the respective raised
     ratings.

  -- Current credit support for class D is sufficient to cover
     various risks, such as credit risk, under a stress scenario
     consistent with the current rating.

The DTC5 transaction is backed by a pool of apartment
construction loans that Lehman Brothers Commercial Mortgage K.K.
originated. The loans were extended to finance the construction
costs and miscellaneous expenses of newly constructed rental
apartment buildings that Daito Trust Construction built.  Updated
loan-by-loan data for the transaction are provided.

RATINGS RAISED

DTC Five Funding Ltd.
JPY20.795 billion pass-through notes due March 2037

Class   To         From       Initial issue amount
A       AA+ (sf)   AA (sf)    JPY16.83 bil.
B       AA (sf)    AA- (sf)   JPY0.84 bil.
C       A+ (sf)    A (sf)     JPY0.84 bil.

Nonrated class F notes (initial issue amount: about JPY0.725
bil.) were also issued under this transaction.

RATING AFFIRMED
DTC Five Funding Ltd.
Class   Rating     Initial issue amount
D       BB+ (sf)   JPY0.84 bil.


MITSUBISHI MOTORS: S&P Maintains BB- CCR on CreditWatch Negative
----------------------------------------------------------------
S&P Global Ratings said it has maintained its 'BB-' long-term
corporate credit rating on Japan-based automaker Mitsubishi
Motors Corp. on CreditWatch with negative implications based on
its view that the company's business operations and performance
will remain under downward pressure because of its fuel-
consumption data falsification.  S&P placed the rating on
CreditWatch on April 22, 2016, when the company revealed it has
falsified fuel-consumption test data.  S&P kept the rating on
CreditWatch when it lowered it two notches on May 16, 2016, to
reflect S&P's view of serious deficiencies in the company's risk
management regime and internal governance.

The company's 2016 April-June quarter results, announced July 27,
2016, included JPY4.6 billion of consolidated operating profit,
down 75% year on year.  Overseas, where the company generates 90%
of its sales, it made a profit, supported by strong sales in
North America. In the domestic market, however, the company made
a loss, affected by suspension of production and sales of four
models of mini-vehicles as a result of data falsification as well
as higher costs for measures to improve product quality.  In
these circumstances, the company's EBITDA margin is likely to
fall to about 5% in fiscal 2016, from about 8%-9% in the last
several fiscal years, in our view.  Given the company's declining
competitiveness in the Japanese market and a rise in the yen, S&P
believes Mitsubishi Motors' profitability is unlikely to recover
rapidly or materially.  These factors lead S&P to lower its
assessment of the company's business risk profile to weak from
fair.

S&P has maintained its assessment of the company's financial risk
profile as modest because the company maintains a low debt
balance and sufficient cash and deposits at hand.  S&P's
assessment also incorporates Mitsubishi Motors' strong ties to
financial institutions.  But at the same time S&P cannot rule out
the possibility that utilization rates at domestic factories will
remain low for a prolonged period or that unit sales will
decrease in major Southeast Asian and other overseas markets.
S&P may lower S&P's assessment of the company's financial risk
profile if S&P sees a higher likelihood of its operating cash
flow and free cash flow decreasing further, potentially as a
result of increased compensation payments and other expenses
related to data falsification or a delay in an alliance with, or
a capital injection by, Nissan.

S&P intends to resolve the CreditWatch within three months, after
examining the progress of a capital and business alliance with
Nissan, trends in auto sales in Japan and abroad, and forecasts
for operating results, working capital, and operating cash flow
for fiscal 2016.  S&P may consider a downgrade if it forms a
stronger view that the company's profitability and free cash flow
will deteriorate materially or it will face a significant problem
with liquidity.  This would happen if weakened brand recognition
and social credibility were to lower the company's
competitiveness in its main Southeast Asian market, materially
decreasing unit sales; if expenses related to the data
falsification exceed S&P's assumptions; or if the alliance with
Nissan Motor does not progress as planned.

The third-party committee report released Aug. 2, 2016, included
no finding verifying the involvement of top management in the
data falsification.  Accordingly, S&P sees no need to further
lower its assessment of Mitsubishi Motor's companywide risk
management and internal governance at this point.  However, S&P
will examine company efforts to prevent a recurrence of such an
incident as a part of our analysis in the process of removing the
rating from CreditWatch.


MITSUI O.S.K.: Moody's Confirms Ba1 Corporate Family Rating
-----------------------------------------------------------
Moody's Japan K.K. confirmed Mitsui O.S.K. Lines, Ltd.'s (MOL)
corporate family rating of Ba1. The outlook is negative.

This action concludes the review for possible downgrade initiated
on May 6, 2016.

RATINGS RATIONALE

"The confirmation of MOL's rating primarily reflects our view
that, given time, the company will be able to right-size its cost
structure and improve earnings such that leverage will come down
from its very high levels," said Mariko Semetko, a Moody's Vice
President and Senior Analyst. "The Ba1 rating reflects, in spite
of MOL's pressured financial profile, the sizable global scale
necessary to manage through the current adverse global
conditions, as well as the flexibility provided by its generally
unencumbered balance sheet," adds Semetko.

The negative outlook indicates that the company's weak credit
metrics provide very little, if any, cushion. "We expect that
debt/EBITDA will exceed 9x this year," added Semetko. MOL will
need to materially increase profitability and cash flow and
reduce leverage over the coming 18 months in order to maintain
its rating.

The container ship segment is the largest driver of the company's
low earnings. In its 29 July earnings release, the company
lowered its earnings guidance for the year ending 31 March 2017.
It now expects ordinary profit of JPY 10 billion, half of what it
had expected three months ago, predominantly because it expects
the losses in its container ship segment will widen to JPY 40.5
billion. In April the company had projected the segment will
report losses of JPY 32.0 billion this year. The company
attributes the decline to lower-than-expected freight rates,
caused by persistent excess capacity, and the increase in bunker
fuel prices. This will mark the 6th consecutive year for the
segment to report ordinary losses. Significant excess supply
globally has kept rates low for container shipping companies. Any
increase in bunker fuel prices above and beyond what the company
now expects ($261/metric ton on average for the fiscal year
ending 31 March 2017) will further pressure the segment's
profitability.

MOL's Ba1 rating reflects the company's very high debt leverage
and continued low earnings caused by persistent industrywide
overcapacity that limits the company's ability to raise freight
rates. The company's consistently weak financial metrics
including persistently high leverage (as measured by debt/EBITDA)
are partially offset by its well-established presence among the
Japanese shipping companies, its limited refinancing risk, and
its large scale.

An upgrade for MOL is unlikely in the near term given the current
challenging market conditions and while the company's leverage
remains high for its rating.

MOL's rating could come under pressure if there are any signs
that profitability will not turn around, if leverage does not
commence to decrease, or if liquidity erodes for any reason. More
particularly, further downward rating pressure is likely should
the company's key financial metrics remain at levels
inappropriate for the current rating. In particular financial
leverage as measured by debt/EBITDA remaining materially above 7x
or (FFO + interest expense)/interest expense remaining below 4.5x
without a reasonable expectation that these metrics will revert
within the outlook horizon, normally 12 to 18 months, would be
likely to lead to immediate pressure.

Mitsui O.S.K. Lines, Ltd., headquartered in Tokyo, is one of the
world's largest shipping companies by fleet size with about 900
vessels including spot-chartered ships and vessels owned through
joint ventures. The company is a shipping conglomerate with its
diversified operations covering all shipping segments:
containerships, dry bulkers, car carriers, tankers and LNG
carriers. MOL reported revenues of about JPY1.7 trillion for the
fiscal year ended 31 March 2016.


* JAPAN: Solar Power Bankruptcies to Hit Record in 2016
-------------------------------------------------------
Reuters reports that bankruptcies of companies involved in solar
power generation are paced to hit a record in 2016 as a falling
government subsidy squeezes profits and discourages new entrants
into the sector, a research firm said.

Reuters relates that there were 31 bankruptcies at companies
dealing with solar power generation for the six months through
June, a 24% jump from the same period a year ago, according to
Tokyo Shoko Research, which specializes in bankruptcy data.

That's on pace to break a record, although slowing from a
near-50% increase in 2015 to 54 solar power-related bankruptcies
from 28 in the previous year, Reuters says. In 2013 there were
also 28 bankruptcies.

According to Reuters, Japan's solar industry growth accelerated
in 2012 when utilities were ordered to buy a portion of their
electricity from renewable power plants to help meet a shortfall
in supply after the country shutdown all its nuclear reactors
following the meltdown at the Fukushima nuclear power plant.

Reuters says the government had offered a 20-year subsidy to
developers of new renewable energy plants, called a "feed-in-
tariff" (FIT) but that value has fallen every year, squeezing
solar power's profitability. This year the feed-in price has been
almost halved from the initial 40 yen per kilowatt-hour.

"There were a series of new entries of solar power-related
companies, which included sales of systems and construction
works, when the subsidy was introduced," Reuters quotes Tokyo
Shoko Research as saying in a statement.  "But weaker companies
started disappearing as FIT fell and competition increased."

Japan's solar power generation capacity was expected to be about
7.2 gigawatt (GW) in the year to March 31, 2016, based on the
number of panels sold, down from 9.2 GW in the previous fiscal
year, Reuters discloses citing latest data from the Japan
Photovoltaic Energy Association (JPEA).

"This year is going to be tough for the industry," the report
quotes Masaaki Kameda, secretary general at JPEA, as saying.

Solar power generation in Japan will start increasing again from
around 2020 due to falling facility costs, Kameda said, Reuters
reports.



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


1MALAYSIA: Mahathir Hits Out at Singapore Over 1MDB Inaction
------------------------------------------------------------
The Financial Times reports that Mahathir Mohamad has attacked
Singapore's handling of alleged money-laundering linked to
Malaysian state investment fund 1MDB.

In an interview with the Financial Times, Malaysia's influential
former prime minister accused Singapore of failing to target the
protagonists in what is alleged to be a global scheme to siphon
off more than $3.5 billion from the fund.

"Notice that the government of Singapore is very reluctant to
pinpoint the people involved in this corruption," the FT quotes
Mr Mahathir as saying. "It affects Singapore's reputation as a
financial centre. It is not doing the right thing. The people who
accepted the bribes are not the people who are laundering the
money."

According to the FT, the scandal around 1MDB has echoed through
the world's financial system, highlighting apparent failings in
money-laundering controls at global banks.

The FT relates that Singapore's regulator has vowed to carry out
more intrusive inspections of banks and is creating a dedicated
money-laundering unit, after taking the rare step of ordering the
closure of a Swiss bank's branch in the city-state earlier this
year.

According to the report, Singapore authorities said last month
that the country was playing an active role in global
investigations into 1MDB-linked fund flows, and that they had
charged two people in Singapore with related offences.

The FT says authorities in the city-state said they have seized
about SGD120 million (US$89 million) of assets belonging to Jho
Low, a Malaysian financier alleged by US prosecutors to have
played a central role in the operations of 1MDB, and his family.
Mr Low has previously denied any wrongdoing.

"Appropriate actions will be taken against those who have broken
Singapore's laws," the report quotes a spokesperson for the
Singapore attorney-general as saying. "As investigations are
still ongoing, we are not able to comment any further."

Last month the US Department of Justice exposed details of
transactions in a bid to recover assets it said had been
purchased with stolen Malaysian funds, the FT recalls. These
range from property in London and New York to Van Gogh paintings
and the rights to proceeds from the film The Wolf of Wall Street.

The report notes that the DoJ case was the first time Najib
Razak, prime minister, had been officially tied to the 1MDB
scandal. Although not mentioned by name, the description of
"Malaysia Official 1" in court documents matches his biography
and job description, the FT discloses.

The US intervention has given succour to domestic critics of Mr
Najib, who set up 1MDB and chaired its advisory board. Mr Najib
denies any wrongdoing, the FT says.

According to the FT, Mr Mahathir, Mr Najib's former mentor, is
seeking to capitalise on the prime minister's discomfort by
launching a political party that aims to be a rallying point for
disaffected members of the ruling United Malays National
Organisation, which has dominated Malaysian politics for decades.

"It is quite obvious that the party that is being led by Najib is
being used by Najib to cover up," Mr Mahathir, as cited by the
FT, said. "The FBI and DoJ have exposed the wrongdoing."

The FT adds that Mr Mahathir said the primary goal of his new
party was "to get rid of Najib". "For that purpose it will work
together with other opposition parties, on this issue alone."

The move is the latest twist in a transformation in Malaysian
politics that has seen leaders who were once bitter rivals
brought together in opposition to Mr Najib. However, Mr Najib has
eliminated threats from within his own party and contained any
electoral damage, the FT reports.

                             About 1MDB

Kuala Lumpur-based 1Malaysia Development Bhd (1MDB) operates as a
government agency. The Company offers financial assistance,
analysis, and advice through investors, corporations, and
consultants to startups and growth companies. 1MDB focuses on
investments with strategic value and high multiplier effects on
the economy, particularly in energy, real estate, tourism, and
agribusiness.

As reported in the Troubled Company Reporter-Asia Pacific on
July 23, 2015, Reuters said Singapore Police Force has frozen two
bank accounts to help with an investigation in to Malaysia's
troubled state-owned investment fund 1Malaysia Development Bhd
(1MDB), which is being probed by authorities in Malaysia for
financial mismanagement and graft.  Reuters said the freezing of
the Singapore bank accounts follows a similar move in Malaysia
where a task force investigating 1MDB said earlier in July that
it had frozen half a dozen bank accounts following a media report
that nearly $700 million had been transferred to an account of
Malaysia's Prime Minister Najib Razak.

The Wall Street Journal reported on July 3, 2015, that
investigators looking into 1MDB had traced close to US$700
million of deposits moving through Falcon Bank in Singapore into
personal bank accounts in Malaysia belonging to Najib.

The TCR-AP, citing Bloomberg News, reported on Nov. 26, 2015,
that 1MDB agreed to sell its power assets to China General
Nuclear Power Corp. for MYR9.83 billion ($2.3 billion) as the
state investment company moved one step closer to winding down
operations after its mounting debt raised investor concern.

Bloomberg related that the company faced cash-flow problems after
a planned initial public offering of Edra faced delays amid
unfavorable market conditions, President Arul Kanda said Oct. 31,
2015.  The listing plan was later canceled as the company opted
for a sale of the assets, Bloomberg noted.

The TCR-AP, citing The Wall Street Journal, reported on April 27,
2016, that the company defaulted on a $1.75 billion bond issue,
triggering cross defaults on two other Islamic notes totaling
MYR7.4 billion ($1.9 billion).

Asian Nikkei Review reported last month that Malaysia has
replaced the board of 1Malaysia Development Berhad with treasury
officials, paving the way for the dissolution of the troubled
state investment fund.



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


PRUDENTIALIFE PLANS: High Court Denies Bid to Stop Liquidation
--------------------------------------------------------------
ABS-CBN News reports that the Supreme Court has denied a petition
to stop the liquidation of shuttered pre-need firm Prudentialife
Plans Inc., the Insurance Commission (IC) said on Aug. 3.

Regulators are in the process of converting non-liquid trust fund
assets of Prudentialife into cash, which will be distributed to
its plan holders, IC Commissioner Emmanuel Dooc said in a
statement, ABS-CBN News relates.

Prudentialife was placed under receivership in 2012 after it
failed to pay its plan holders, the report discloses.

Some 60,000 of 300,000 plan holders were to receive a portion of
their money from an initial liquidation in 2013, according to
ABS-CBN News.

Prudentialife Plans Inc. -- http://www.prudentialife.com/-- is
a pre-need company.  The company offers life, pension and
education plans.  It has diversified into financial services,
non-life insurance, memorialization, real estate and travel and
leisure.

In September 2012, Prudentialife Plans Inc. was placed in
receivership by the Insurance Commission, which says the
continuance of the business would be "hazardous to its present
and future planholders."

"The Insurance Commission has decided that the conservatorship of
PPI be now terminated. We find that the only remaining option
under the law is to declare PPI under receivership," Insurance
Commissioner Emmanuel Dooc said in a directive dated Sept. 19,
2012.

"Since there is no clear intention on the part of the
stockholders of PPI to infuse additional capital or to submit
infusion plan to cure the company's huge financial deficiencies,
it is now very clear that PPI will remain insolvent.

"The Insurance Commission hereby orders PPI to desist from
transacting further business," the regulator said.

The commission said PPI's proposal for rehabilitating the
company, as well as proposals filed by a group of planholders
known as the Batiles Group and a pre-need company called Loyola
Plans Consolidated Inc., were "not exhaustive enough."



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


HYUNDAI MERCHANT: Off to Fresh Start as KDB Subsidiary
------------------------------------------------------

The Korea Herald reports that Korea's second-largest shipper
Hyundai Merchant Marine will be off to a fresh start as a
subsidiary of the Korea Development Bank, ending the 40-year-long
ties with conglomerate Hyundai Group after struggling the
restructuring plan.

Having the largest shareholder change from Hyundai Group to the
state-run policy bank, the shipper will list the new stocks
today, August 5, after wrapping up the months-long restructuring
plans, according to the Korea Herald.

Last month, Hyundai Group lost control over the shipper as the
shareholders approved the seven-to-one reduction of capital owned
by group chairwoman Hyun Jeong-eun and affiliates, the Korea
Herald recalls.

Since March, the company strived to fulfill the conditions
requested by the creditors to normalize the business. The KDB and
other creditors had promised debt-to-equity swap if the shipper
meets all the conditions, the report relates.

This includes changing the charter cost, rescheduling the debt
rate and joining the 2M alliance -- the vessel sharing
partnership founded by Maersk and MSC -- from April next year,
says the Korea Herald.

Founded in 1976 with only three deserted oil tankers, Hyundai
Merchant Marine quickly expanded under late Hyundai Group founder
Jung Ju-yung's leadership, growing to be the world's No. 8
shipper in the late 1990s.

The Korea Herald relates that the company, however, was struck
with the plummeting shipping cost from the 2008 financial crisis,
suffering long-term business challenges, which led to the large-
scale restructuring plan.

To better normalize the business, the creditors are currently
looking for a new leader, with several figures mentioned,
according to sources, the Korea Herald says.

Possible candidates include Incheon Port Authority CEO Yoo Chang-
keun, a shipping expert who once worked at Hyundai Merchant
Marine as a high-ranking official, and former Hyundai Merchant
Marine CEO Noh Jeong-ik, who served as the shipper's head from
2002 to 2008, the report discloses.

Some, however, reportedly expressed opposition to the Yoo and Noh
as they cannot stay free from the accountability for the
shipper's financial crisis, the Korea Herald states. The
creditors also reportedly ruled out figures involved with the
company's crisis.

The Korea Herald says speculation has also grown that a foreign
expert might also be likely, with Ron Widdows being considered.

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



                             *********

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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