TCRAP_Public/160822.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

           Monday, August 22, 2016, Vol. 19, No. 165


                            Headlines


A U S T R A L I A

MR X (AUST): First Creditors' Meeting Slated for Aug. 29
TECHNOLOGY CONSULTANCY: First Creditors' Meeting Set For Aug. 29


C H I N A

SINOSTEEL CORP: To Try Debt-to-Equity Swap to Restructure Loans


H O N G  K O N G

CHINA BAK: Delays Filing of June 30 Form 10-Q
FORTISSIMO FILMS: Files for Voluntary Bankruptcy in Netherlands


I N D I A

AIRFLOW EQUIPMENTS: Ind-Ra Suspends 'D' Long-Term Issuer Rating
AXWELL GRANITO: CRISIL Assigns B+ Rating to INR200MM Term Loan
BHIWANDI INFRASTRUCTURE: CRISIL Cuts Rating on INR3.77B Loan to D
BHUSHAN ENERGY: CARE Lowers Rating on INR1,500.88cr Loan to 'D'
BRUA HYDROWATT: Ind-Ra Affirms 'BB+' Long-Term Issuer Rating

DM CORP: CRISIL Reaffirms 'D' Rating on INR492.1MM Loan
GLORY PRODUCTS: Ind-Ra Assigns 'BB-' Long-Term Issuer Rating
HARITHA HOMES: Ind-Ra Assigns 'B+' Long-Term Issuer Rating
INGENERIE TECHNOLOGIES: Ind-Ra Suspends 'B+' Rating
JAY RAVECHI: CRISIL Reaffirms 'B' Rating on INR85MM LT Loan

JOSAN INDUSTRIES: CRISIL Reaffirms B+ Rating on INR110MM Loan
JOSAN RICE: CRISIL Reaffirms B+ Rating on INR10MM Cash Loan to B+
KTC AUTOMOBILES: CRISIL Reaffirms B- Rating on INR100MM Cash Loan
MAHALAXMI TMT: CARE Reaffirms 'B' Rating on INR619.56cr LT Loan
MAHENDRA SUBMERSIBLE: CRISIL Ups Rating on INR100MM Loan to BB-

MEENAKSHI FISHING: CRISIL Assigns 'D' Rating to INR80MM LT Loan
MYDEEN TIMBERS: CRISIL Lowers Rating on INR55MM Cash Loan to B+
NIKITA JEWELLERS: Ind-Ra Affirms 'BB' Long-Term Issuer Rating
OM CONSTRUCTION: CRISIL Ups Rating on INR150MM Term Loan to B+
OM COTTEX: CARE Downgrades Rating on INR6cr Long-Term Loan to D

PERTH CERAMIC: CRISIL Reaffirms B+ Rating on INR330MM LT Loan
PINK ROSE: Ind-Ra Suspends 'B+' Long-Term Issuer Rating
PRASHANTHI AYURVEDIC: Ind-Ra Suspends 'B' Long-Term Issuer Rating
PRIME TECHNOPLAST: Ind-Ra Suspends 'BB' Long-Term Issuer Rating
PRIYADARSHINI SAHAKARI: CRISIL Reaffirms D Rating on INR240M Loan

RPL INDUSTRIES: Ind-Ra Raises Long-Term Issuer Rating to 'BB-'
SAMBASHIVA COTTON: CRISIL Assigns 'B' Rating to INR30MM Cash Loan
SANTUKA VYAPAAR: CRISIL Cuts rating on INR80MM Cash Loan to 'C'
SHRI SHYAM: Ind-Ra Assigns 'BB' Long-Term Issuer Rating
SRI AGARWAL: Ind-Ra Raises Long-Term Issuer Rating to 'BB'

SRI LAKSHMI: Ind-Ra Assigns 'BB-' Long-Term Issuer Rating
SRI VENKATA: Ind-Ra Affirms 'BB' Long-Term Issuer Rating
SWASTIK LLOYDS: CRISIL Cuts Rating on INR40MM Cash Loan to 'D'
V. A. PRODUCTS: CARE Assigns 'B' Rating to INR1.50cr LT Loan
VARDHAMAN NAGARI: CRISIL Reaffirms B+ Rating on INR100MM Loan


I N D O N E S I A

CIKARANG LISTRINDO: S&P Raises CCR to 'BB', Outlook Stable
MODERNLAND REALTY: Fitch Assigns B Rating to Proposed Sr. Notes


J A P A N

SHARP CORP: S&P Raises CCR to 'B-', Off CreditWatch


M A L A Y S I A

PERISAI PETROLEUM: Bonds Drop to Distressed Levels


P H I L I P P I N E S

PHILWEB CORP: Ongpin Makes Final Bid to Save Company, 6K Jobs


S I N G A P O R E

GLOBAL CLOUD: Fitch Affirms 'B+' IDR; Outlook Stable
SINGAPORE: Struggling Oil Firms May Get More Government Aid


                            - - - - -


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


MR X (AUST): First Creditors' Meeting Slated for Aug. 29
--------------------------------------------------------
Ozem Kassem & Jason Tang of Cor Cordis Chartered Accountants were
appointed as administrators of MR X (AUST) Pty Limited on Aug. 17,
2016.

A first meeting of the creditors of the Company will be held at
the offices of Cor Cordis Chartered Accountants, Level 6, at 55
Clarence Street, in Sydney, on Aug. 29, 2016, at 11:00 a.m.


TECHNOLOGY CONSULTANCY: First Creditors' Meeting Set For Aug. 29
----------------------------------------------------------------
Dragan Ljubic of Tribeca Advisory Pty Limited was appointed as
administrator of Technology Consultancy Services Pty Limited on
Aug. 18, 2016.

A first meeting of the creditors of the Company will be held at
Tribeca Advisory Pty Limited, Unit 13, at 83 George Street, in
Parramatta, New South Wales, on Aug. 29, 2016, at 10:00 a.m.



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


SINOSTEEL CORP: To Try Debt-to-Equity Swap to Restructure Loans
---------------------------------------------------------------
Wendy Wu at South China Morning Post reports that SinoSteel
Corporation, weighed down by an estimated CNY100 billion (HK$117
billion) of loans, may become one of the first Chinese state-owned
steelmaker to swap part of its debt into equity, the last resort
for banks to address the long-standing debt crisis, according to
the mainland media.

The steelmaker has been struggling with bankruptcy since 2014.
Operating 72 subsidiaries, Sinosteel owed an estimated
CNY100 billion to more than 80 banks at the end of 2014, SCMP
relates that Caixin magazine.

The debt load may be cut to CNY60 billion after restructuring,
SCMP discloses citing a plan pending State Council approval.
Caixin said China's bank regulator was instructed by the State
Council to lead negotiations on the negotiations, the report
relays.

SCMP, citing the 21st Century Business Herald, says debt
restructuring plans were first submitted in March, but delayed by
the default of the Tianjin government-owned Bohai Steel Group, as
well as the Liaoning government-owned Dongbei Special Steel.

In July, angry investors voted to reject a proposal by Liaoning
government to turning 70% of the debt into equity, the report
recalls.

SCMP says debt-to-equity swaps were used during the late 1990s by
former premier Zhu Rongji, when state-run banks offloaded an
estimated CNY1.4 trillion of non-performing loans to four newly-
created state asset management companies.

Those asset management firms changed part of loans into equity,
cleaning up the bank's account books and paving the way for fresh
capital from strategic investors and public stock offers, the
report states.

Now, premier Li Keqiang is aiming to apply the same approach to
clean up the books of unprofitable state firms and clear their
debts, SCMP notes.

Sinosteel Corporation is a central state owned enterprise,
primarily in mining, trading, equipment manufacturing and
engineering, under the supervision of the State-owned Assets
Supervision and Administration Commission.



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


CHINA BAK: Delays Filing of June 30 Form 10-Q
---------------------------------------------
China Bak Battery, Inc., filed a Form 12b-25 with the U.S.
Securities and Exchange Commission notifying the delay in the
filing of its quarterly report on Form 10-Q for the period ended
June 30, 2016.

"The registrant has not finalized its financial statements for the
fiscal quarter ended June 30, 2016. As a result, the registrant is
unable to file its Form 10-Q within the prescribed time period
without unreasonable effort or expense. The registrant anticipates
that it will file the Form 10-Q within the five-day grace period
provided by Exchange Act Rule 12b-25," it states.

                       About China BAK

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

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

As of March 31, 2016, China BAK had US$67.54 million in total
assets, US$49.55 million in total liabilities and US$17.98 million
in total shareholders' equity.

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


FORTISSIMO FILMS: Files for Voluntary Bankruptcy in Netherlands
---------------------------------------------------------------
Scott Roxborough at The Hollywood Reporter reports that Fortissimo
Films, the Hong Kong- and Amsterdam-based international sales
agent, has filed for voluntary bankruptcy in the Netherlands.

The Dutch authorities have appointed an administrator to manage
the bankruptcy and further filings will follow for subsidiaries of
the group's Amsterdam-based parent company, Fortissimo Holdings,
The Hollywood Reporter relates.

Fortissimo was hit hard by a shift in the market for classic art
house cinema, with fewer buyers and lower prices for all but the
biggest indie names, The Hollywood Reporter discloses.  Many of
Fortissimo's competitors have shifted to more mainstream fare to
stay competitive, but the Dutch company, founded by Wouter
Barendrecht and Helen Loveridge in 1991, stayed true to its
cutting-edge roots, The Hollywood Reporter notes.



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


AIRFLOW EQUIPMENTS: Ind-Ra Suspends 'D' Long-Term Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Airflow
Equipments (India) Private Limited 'IND D' Long-Term Issuer Rating
to the suspended category.  The rating will now appear as 'IND
D(suspended)' on the agency's website.

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

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

Airflow's Ratings:

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

   -- INR100 mil. fund-based limits: migrated to Long-term
      'IND D(suspended)' from Long-term 'IND D'

   -- INR99.5 mil. term loan: migrated to Long-term
      'IND D(suspended)' from Long-term 'IND D'


AXWELL GRANITO: CRISIL Assigns B+ Rating to INR200MM Term Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' ratings to the bank
facilities of Axwell Granito Private Limited. The ratings reflect
the start-up phase and expected modest scale of the company's
operations in the highly competitive ceramic tiles industry. The
ratings also factor in large expected working capital requirement.
These rating weaknesses are partially offset by the extensive
industry experience of its promoters, and benefits derived from a
favourable location in Morbi, Gujarat, the hub of the ceramics
industry in India.

                              Amount
   Facilities                (INR Mln)     Ratings
   ----------                ---------     -------
   Proposed Term Loan            200       CRISIL B+/Stable
   Proposed Bank Guarantee        35       CRISIL B+/Stable
   Proposed Cash Credit Limit    100       CRISIL B+/Stable

Outlook: Stable

CRISIL believes AGPL will continue to benefit over the medium term
from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' in case of timely
stabilisation of operations, leading to substantial cash accrual.
The outlook may be revised to 'Negative' in case of low cash
accrual because of low order flow or profitability, or weakening
of financial risk profile because of substantial working capital
requirement or debt-funded capital expenditure.

AGPL, established in Morbi in 2016, is promoted by Mr. Balkrishna
Ambani, Mr. Krushnakan Ambani, Mr. Rajendrakumar Manvar, and Mr.
Jagdish Ambani. The company has been set up to manufacture double
charge and soluble salt vitrified tiles; it will commence
operations by January 2017.


BHIWANDI INFRASTRUCTURE: CRISIL Cuts Rating on INR3.77B Loan to D
-----------------------------------------------------------------
CRISIL has downgraded its rating on long-term bank loan facility
and non-convertible debentures (NCDs) of Supreme Manor Wada
Bhiwandi Infrastructure Private Limited to 'CRISIL D' from 'CRISIL
BB+/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan               3770      CRISIL D (Downgraded from
                                     'CRISIL BB+/Stable')

The rating downgrade reflects delay in interest payment on the
term loan, mainly due to weak liquidity. The project has witnessed
significant decline in traffic volume, primarily due to delay in
completion of by-pass construction and weak freight traffic
volumes.

The rating continues to reflect project implementation risk
because SMWBIPL is yet to gain access to land critical for
construction of by-pass and the consequent exposure to volatility
in traffic. However, the company benefits from the strategic
location of the project highway.

SMWBIPL has been incorporated as a special-purpose vehicle for
four-laning of 54.32 kms Manor - Wada section of SH-34, and 40.07
kms Wada - Bhiwandi section of SH-35, on a built, operate and
transfer (BOT) basis. The scope of work includes widening of the
existing 94.39 kms two-lane road stretch and its improvement,
operation and maintenance. The entire project highway is located
in the district of Thane.

The project has two toll plazas, located at Vaghote at km 38.10 on
SH-34 and Kawad at km 83.87 on SH-35. The Maharashtra State Road
Development Corporation has awarded the project to Ram
Infrastructure Ltd (RIL; associate company of Supreme
Infrastructure India Ltd) and Tapi Prestressed Products Ltd
(associate company of SIIL). Later on SIIL, through its wholly-
owned subsidiary - Supreme BOT Pvt. Ltd - acquired 49% stake in
RIL. SBPL is responsible for entire execution and funding of the
project. The project was awarded for a concession period of 28
years and 6 months, including the construction period of 24
months.

SMWBIPL reported a net loss of INR207 million on net sales of
INR323 million for fiscal 2016, against a net loss of INR125
million on net sales of INR378 million for fiscal 2015.


BHUSHAN ENERGY: CARE Lowers Rating on INR1,500.88cr Loan to 'D'
---------------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
Bhushan Energy Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities    1500.88     CARE D Revised from
                                            CARE B

   Short-term Bank Facilities    675.00     CARE D Revised from
                                            CARE A4

Rating Rationale

The revision in the ratings of Bhushan Energy Limited takes into
account the delays in the debt servicing by the company owing to
its stretched liquidity position.

Bhushan Energy Limited, incorporated on September 14, 2005, is
promoted by Mr. Brij Bhushan Singal, Mr. Neeraj Singal and their
relatives/associate companies including Bhushan Steel Ltd. The
constitution of the company was changed to public limited company
on Dec. 19, 2006. BEL has setup a 300 MW coal based power plant in
Aug 2010 to provide captive power supply to Bhushan Steel
Limited's (BSL, rated CARE D for long term bank facilities and
CARE D for short term bank facilities) integrated steel plant
located at Dhenkanal, Orissa. Currently, BSL holds 47.71%
shareholding in BEL while the rest is held by the promoters and
other promoter owned companies. BEL is also executing a coal based
thermal power project consisting of two boilers of 425 TPH each to
generate steam to produce 185 MW (Phase-II) of power. The said
project project started commercial operations from June 30, 2015.

BSL, the flagship company of the group, is one of the leading
players in steel industry with an installed capacity of 3.1
million tonnes per annum (MTPA). The company has HR steel capacity
of 4.7 MTPA and billet manufacturing capacity of 0.6 MTPA with
captive power generation capacity of 158 MW (including 110 MW
waste heat recovery based capacity in Orissa). Its manufacturing
facilities are situated in Sahibabad (UP), Khopoli (Maharashtra)
and Dhenkanal (Orissa). BSL's products primarily cater to the
demand of automobiles and white goods sectors.

During FY15 (refers to the period April 1 to March 31), BEL
reported a total operating income of INR361.32 crore with a PBILDT
and net loss of INR34.82 crore and INR177.30 crore respectively.


BRUA HYDROWATT: Ind-Ra Affirms 'BB+' Long-Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Brua Hydrowatt
Pvt Ltd's Long-Term Issuer Rating at 'IND BB+'.  The Outlook is
Stable.  The agency has also affirmed Brua's INR490 mil. term loan
at 'IND BB+' rating with a Stable Outlook.

                         KEY RATING DRIVERS

The affirmation factors in the commencement of commercial
operations of Brua's 5MW power plant in April 2016.  The company
has yet to finalize the power purchase agreement (PPA) for its
additional 4MW power plant.

The ratings reflect a delay in commercialization of the operations
at Brua's 5MW plant due to extraneous factors such as issues
related to evacuation of power which led to an increase in the
overall cost from INR793 mil. to INR954.5 mil., funded by
unsecured loans arranged by the management.

The ratings, however, continue to derive support from Brua's
associate Deepak Industries Limited, and the company's fixed
tariff PPA with Himachal Pradesh State Electricity Board.

                        RATING SENSITIVITIES

Positive: Stabilization of commercial operations at the 5MW
capacity plant and sufficient power generation along with the
finalization of a PPA for the remaining 4MW capacity could be
positive for the ratings.

Negative: Inability to stabilize the commercial operations at the
5MW capacity, or low power generation impacting the cash flows or
the cancellation of the PPA could be negative for the ratings.

                          COMPANY PROFILE

Incorporated in 2005, Brua has set up a 9MW hydro power plant (5MW
along with 4 MW extended plant) on the Brua Stream, a tributary of
Baspa River in the Kinnaur district of Himachal Pradesh.  The
company has signed a 30-year PPA with the Himachal Pradesh State
Electricity Board for the 5MW capacity.


DM CORP: CRISIL Reaffirms 'D' Rating on INR492.1MM Loan
-------------------------------------------------------
CRISIL's ratings on bank facilities of DM Corporation Private
Limited continue to reflect delays in servicing of debt
obligation. The delay has been caused due to weak liquidity driven
by non-recovery of debtors leading to inadequate cash flows for
meeting its debt obligations.

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Bank Guarantee          300        CRISIL D (Reaffirmed)
   Cash Credit              40        CRISIL D (Reaffirmed)
   Proposed Term Loan        7.9      CRISIL D (Reaffirmed)
   Term Loan               492.1      CRISIL D (Reaffirmed)
   Working Capital
   Term Loan               360.0      CRISIL D (Reaffirmed)

The ratings also reflect its small scale of operation, stretched
working capital cycle and large debt obligation constraining
liquidity. However, DMCPL benefits from the extensive experience
of its promoters in the civil construction industry.

Incorporated in 2002 as M&M Pvt Ltd (name changed in 2011), DMCPL
undertakes construction of infrastructure projects, such as
earthen dams, canals, hydroelectric projects, earth-moving
projects, industrial construction, and urban infrastructure
projects. It has its registered office located in Kolhapur and Mr.
Dilip Mohite is the managing director. The company has also set up
an 8 megawatt hydropower project at Phatakwadi near Kolhapur.


GLORY PRODUCTS: Ind-Ra Assigns 'BB-' Long-Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Glory Products
Private Limited a Long-Term Issuer Rating of 'IND BB-'.  The
Outlook is Stable.

                        KEY RATING DRIVERS

The ratings reflect GPPL's small scale of operations coupled with
its moderate financial profile.  The company's revenue stood at
INR388 mil. in FY16 as per the provisional numbers made available
by the company.  Its operating EBITDA interest coverage was 2.2x
in FY16, net leverage (total adjusted net debt/operating EBITDAR)
was 4.0x and operating EBITDA margin stood at 1.7%.  Liquidity has
been moderate with 90% average maximum utilization of the fund-
based limits over the 12 months ended May 2016.

The ratings further take into account the relatively low track
record of the company since GPPL was incorporated in 2012 and
started commercial operations in 2013.

The ratings however consider the promoters' experience of more
than three decades in coated fabrics and GI channel systems
trading along with the company's established customer base.

                         RATING SENSITIVITIES

Positive: A positive rating action may result from a substantial
increase in the scale of operations along with an improvement in
the overall credit metrics.

Negative: A negative rating action may result from deterioration
in the credit metrics of the company.

                          COMPANY PROFILE

Incorporated in 2012 by Mr. Arun Bansal and Mr. Ankit Bansal, GPPL
is engaged in the trading of rexine and manufacturing of
galvanized iron channel systems for false ceilings.  The company
has its plant in Panihati, West Bengal with a capacity to produce
250 tons of galvanized iron channels per day.

GPPL's ratings:

   -- Long-Term Issuer Rating: assigned 'IND BB-'; Outlook
      Stable

   -- INR27.50 mil. fund-based working capital limits: assigned
      'IND BB-'/Stable

   -- INR32.50 mil. non-fund based working capital limits:
      assigned 'IND A4+'


HARITHA HOMES: Ind-Ra Assigns 'B+' Long-Term Issuer Rating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned CJ's Haritha
Homes a Long-Term Issuer Rating of 'IND B+'.  The Outlook is
Stable.  The agency has also assigned CJHH's INR198.5 mil. fund-
based limits a Long-term 'IND B+' rating with a stable outlook.

                         KEY RATING DRIVERS

The ratings reflect the execution and saleability risks associated
with CJHH's five ongoing residential projects namely, Lasdon Park
(flats), Mana Meadows (villas), Sentosa Tower (flats), Richmond
Cottage (villas) and City Plaza (flats).  Out of these Lasdon Park
was completed in January 2015 while the other projects Mana
Meadows and Sentosa Tower were completed around 95.0% and 90.0%
respectively, in June 2016 and are scheduled to be completed by
4QFY17.  Richmond Cottage and City Plaza were completed around
65.0% and 15.0% in June 2016 and are scheduled to be completed by
FYE17 and FYE19 respectively.

Out of the total 230 units, it has booked 120 units up to June
2016 which is 52% of the total units.  Management contends that
the remaining unsold 47 flats (excluding City Plaza) are likely to
be sold by FYE18 and City Plaza's unsold 63 flats are likely to be
sold by FYE20 in a phased manner.

The ratings factor CJHH's moderate credit profile.  According to
the provisional financials for FY16, net leverage (total adjusted
net debt/operating EBITDA) was 6.5x (FY15: 5.4x), interest
coverage (operating EBITDA/gross interest expense) was 1.4x (1.5x)
and revenue was INR82.4 mil. (INR76.0 mil.).  The ratings also
factor in the partnership structure of the organization.

The ratings, however, are supported by the decade-long operating
experience of CJHH's managing partner with a track record of
completing 36 projects in and around Kottayam in Kerala.  Further,
as the partners have been funding around 56% of the projects
through their own funds with scant reliance on external funding,
the slower saleability risk is mitigated to some extent.

                        RATING SENSITIVITIES

Positive: A substantial sale of housing units with timely receipt
of cash flow from customers, leading to stronger cash flow, could
lead to a positive rating action.

Negative: Future developments that could stress cash flow for
timely debt service and lead to a negative rating action include:

   -- Time and/or cost overruns
   -- Substantial slowdown in sales
   -- Additional debt to fund new projects.

COMPANY PROFILE

The firm was set up in 2010.  It is engaged in real estate
development involving construction and sale of multi-unit
residential apartments.  It has a track record of five completed
projects over the six years ended FY16 in Kottayam, Kerala.
CJHH's current projects details as of June 2016 are:

  -- City Plaza: The project contains 75 flats.  Out of which the
     firm has booked 12 flats.

  -- Lasdon Park: The project contains 50 flats (7 flats given to
     owner).  Out of the reaming 43 flats available for sale, the
      firm has booked 35 flats.

  -- Mana Meadows: The project contains 48 villas.  Out of which
     the firm has booked 23 villas.

  -- Richmond Cottage: The project contains 10 villas.  Out of
     which the firm has booked 7 villas.

  -- Sentosa Towers: The project contains 54 flats.  Out of which
     the firm has booked 43 flats.


INGENERIE TECHNOLOGIES: Ind-Ra Suspends 'B+' Rating
---------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Ingenerie
Technologies Solutions Private Limited's (ITSPL) 'IND B+' Long-
Term Issuer Rating to the suspended category.  The Outlook was
Stable.  The rating will now appear as 'IND B+(suspended)' on the
agency's website.

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

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

ITSPL's ratings:

  -- Long-Term Issuer Rating: migrated to 'IND B+(suspended)'
      from 'IND B+'/Stable
  -- INR20 mil. fund-based limits: migrated to
      'IND B+(suspended)' from 'IND B+'
  -- INR60 mil. term loan: migrated to 'IND B+(suspended)' from
      'IND B+'
  -- Proposed INR65 mil. term loan: 'Provisional IND B+'; rating
     withdrawn as the company did not proceed with the instrument
      as envisaged
  -- Proposed INR20 mil. fund-based limits: 'Provisional IND B+';
     rating withdrawn as the company did not proceed with the
     instrument as envisaged
  -- Proposed INR35 mil. non-fund-based limits: 'Provisional IND
     A4'; rating withdrawn as the company did not proceed with
     the instrument as envisaged


JAY RAVECHI: CRISIL Reaffirms 'B' Rating on INR85MM LT Loan
-----------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Jay Ravechi
Chemicals Pvt. Ltd. continue to reflect its modest scale of
operations and low operating margin. These rating weaknesses are
partially offset by the extensive experience of the promoters in
the salt trading industry and their financial support to the
company.

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

   Proposed Long Term
   Bank Loan Facility      85        CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that JRCPL will maintain its credit risk profile
over the medium term on the back of its promoters' extensive
experience in the salt industry and established relationships with
customers and suppliers. The outlook may be revised to 'Positive'
if the company registers healthy sales growth along with
improvement in its operating margin. Conversely, the outlook may
be revised to 'Negative' if the company's operating margin
declines leading to weakening of its overall financial risk
profile.

Update
For the year 2015-16 (refers to April 1st to march 31st), the
company's turnover is estimated to be around INR230 million
supported by sustained albeit moderate order flow during the year.
The sales grew year on year (y-o-y) by 5 per cent reflecting
moderating growth. CRISIL expects JRCPL to grow at the pace of 5
to 10 per cent over the medium term. Over the medium term, JRCPL's
operating profitability is expected to be around 1 per cent over
the medium term. As on March 2016, the company's working capital
requirements continue to be dominated by book debts. JRCPL's
revenue profile is marked by diversified customer base. Over the
medium term debtor days are expected to range between 60 to 65
days in the medium term. Over the medium term, the operating cycle
is expected to be in the range of 160 to 170 days. With modest
accruals, its financial risk profile is expected to be constrained
by its high leverage, below average debt protection metrics.

Incorporated in 2010, JRCPL trades in raw salt. It is promoted by
Mr. Jakha Bhima Humbal and his sister-in-law Mrs. Kuvarben
Babubhai Humbal. The company's operations are confined to Gujarat
and North India.

JRCPL reported profit after tax (PAT) of INR0.1 million on sales
of INR217 million for 2014-15 (refers to financial year, April 1
to March 31) against PAT of INR1.5 million on sales of INR389
million for 2013-14.


JOSAN INDUSTRIES: CRISIL Reaffirms B+ Rating on INR110MM Loan
-------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Josan
Industries continues to reflect the group's weak financial risk
profile, marked by high total outside liabilities to tangible
networth ratio and weak debt-protection metrics, and the large
working capital requirement. The rating also factor in
susceptibility to adverse change in government regulations. These
rating weaknesses are partially offset by extensive industry
experience of promoters.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             110      CRISIL B+/Stable (Reaffirmed)
   Warehouse Financing      25      CRISIL B+/Stable (Reaffirmed)

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of Josan Rice Mills and JI. This is
because the two firms, together referred to as the Josan group,
have common promoters and management, are in the same line of
business, and have considerable operational linkages.
Outlook: Stable

CRISIL believes that the Josan group will continue to benefit from
extensive industry experience of promoters. The outlook may be
revised to 'Positive' if sustained improvement in scale of
operations and efficient working capital management lead to
higher-than-expected cash accrual and a stronger financial risk
profile. The outlook may be revised to 'Negative' if substantial
increase in working capital requirement, or decline in
profitability, further weakens the financial risk profile,
particularly liquidity.

The Josan group, promoted by the Josan family of Jalalabad
(Punjab), processes rice and deals in varieties of basmati, such
as 1121. In the non-basmati segment, it processes the PR 11
variety.

JRM, established in 1988, has a milling facility in Jalalabad,
with installed capacity of 4 tonnes per hour (tph). Operations are
managed by Mr.Hukam Chand and his nephew, Mr.Jashan Preet Josan.

JI was established in 1995. The facility, also based in Jalalabad,
has an installed milling capacity of 4 tph. Operations are managed
by three brothers of Mr. Hukam Chand - Mr. Harbhagwan Josan, Mr.
Raj Kumar Josan, and Mr. Surinder Kumar Josan.


JOSAN RICE: CRISIL Reaffirms B+ Rating on INR10MM Cash Loan to B+
-----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Josan Rice
Mills (part of the Josan group) continues to reflect the group's
weak financial risk profile, marked by high total outside
liabilities to tangible networth ratio and weak debt-protection
metrics, and the large working capital requirement. The rating
also factor in susceptibility to adverse change in government
regulations. These rating weaknesses are partially offset by
extensive industry experience of promoters.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             100      CRISIL B+/Stable (Reaffirmed)
   Warehouse Financing      20      CRISIL B+/Stable (Reaffirmed)

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of JRM and Josan Industries. This is
because the two firms, together referred to as the Josan group,
have common promoters and management, are in the same line of
business, and have considerable operational linkages.
Outlook: Stable

CRISIL believes that the Josan group will continue to benefit from
extensive industry experience of promoters. The outlook may be
revised to 'Positive' if sustained improvement in the scale of
operations and efficient working capital management lead to
higher-than-expected cash accrual and a stronger financial risk
profile. The outlook may be revised to 'Negative' if substantial
increase in working capital requirement, or decline in
profitability, further weakens the financial risk profile,
particularly liquidity.

The Josan group, promoted by the Josan family of Jalalabad
(Punjab), processes rice and deals in varieties of basmati, such
as 1121. In the non-basmati segment, it processes the PR 11
variety.

JRM, established in 1988, has a milling facility in Jalalabad,
with installed capacity of 4 tonnes per hour (tph). Operations are
managed by Mr. Hukam Chand and his nephew, Mr. Jashan Preet Josan.

JI was established in 1995. The facility, also based in Jalalabad,
has an installed milling capacity of 4 tph. Operations are managed
by three brothers of Mr. Hukam Chand - Mr. Harbhagwan Josan, Mr.
Raj Kumar Josan, and Mr. Surinder Kumar Josan.


KTC AUTOMOBILES: CRISIL Reaffirms B- Rating on INR100MM Cash Loan
-----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of KTC
Automobiles Private Limited continues to reflect a weak financial
risk profile because of average gearing and weak debt protections
metrics, and susceptibility to intense competition in the
automobile dealership segment. These weaknesses are partially
offset by an established market position as a dealer in vehicles
of Hyundai Motor India Ltd (Hyundai) in Kerala.

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

   Inventory Funding
   Facility                60       CRISIL B-/Stable (Reaffirmed)

   Long Term Loan          58.5     CRISIL B-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes KTCAPL will continue to benefit over the medium
term, from its established market position and the extensive
industry experience of its promoter. The outlook may be revised to
'Positive' in case of a substantial increase in sales volumes and
operating margin, and infusion of significant equity, resulting in
better capital structure and debt protection metrics. The outlook
may be revised to 'Negative' if market-share declines, thereby
significantly impacting revenue and profitability, or in case of
any large, debt-funded capital expenditure, further weakening the
capital structure and liquidity.

KTCAPL was originally set up in 1998 as a partnership firm; this
firm was reconstituted as a private limited company in 2004. The
company, based in Kozhikode, Kerala, is an authorised dealer for
Hyundai vehicles in Kerala.


MAHALAXMI TMT: CARE Reaffirms 'B' Rating on INR619.56cr LT Loan
---------------------------------------------------------------
CARE revokes suspension and reaffirms the ratings assigned to bank
facilities of Mahalaxmi TMT Pvt Ltd.

                               Amount
   Facilities               (INR crore)    Ratings
   ----------               -----------    -------
   Long term Bank Facilities    619.56     CARE B Suspension
                                           revoked and reaffirmed

   Short term Bank Facilities   165.82     CARE A4 Suspension
                                           revoked and reaffirmed

Rating Rationale

The ratings assigned to the bank facilities of Mahalaxmi TMT Pvt
Ltd continue to be constrained by its weak liquidity position,
delays in receipt of VAT refund, high overall gearing and
susceptibility to volatile raw material prices and fluctuations in
foreign exchange rate. The ratings continue to be underpinned by
its presence in highly competitive and inherently cyclical steel
industry.

The ratings, however, continue to derive strength from MTPL's
experienced promoter group and various incentives offered by the
Government of Maharashtra due to its 'Mega Project' status. The
ratings also take into account the corrective action plan (CAP)
approved by Joint Lender's Forum (JLF) with cut-off date as
September 30, 2015.

MTPL's ability to efficiently manage its working capital and
improve its profitability and capital structure would be the key
rating sensitivities.

MTPL, is a part of Sangam group based out of Bhilwara, Rajasthan
and is engaged in manufacturing billets and bars. The flagship
company of Sangam group, Sangam India Ltd is one of the leading
manufacturers of synthetic and blended dyed/grey spun yarn and
fabric in India.

MTPL has integrated steel manufacturing facilities located at
Wardha, Maharashtra with an installed capacity of 5,00,000 metric
tonne per annum (MTPA) for bars, 4,20,000 MTPA for billets and
87,500 MTPA for sponge iron. MTPL was a dormant company till FY10
and it commenced operation of billets and bars in April 2010 and
January 2012 respectively.

MTPL approached the bankers for corporate debt restructuring (CDR)
of its debt in October 2012 due to stressed liquidity which
bankers approved in February 2013 with cut-off date (COD) of
November 1, 2012. MTPL's debt was restructured in October 2012
based on expected improvement in overall economy and the steel
industry. However, the steel industry went into difficulties since
FY15 due to which MTPL's performance was not in line with its
expected performance considered in CDR. Thus, CAP was discussed in
the JLF with cut-off date of September 30, 2015. However; MTPL
received the final CAP letter in March 2016 and the payments made
after cut-off date are expected to be refunded by the banks as
per the terms of CAP.

For FY16 (refers to period from April 1 to March 31), MTPL
reported a total income of INR1,006.62 crore with a net loss of
INR39.71 crore as against a total income of INR1,483.20 crore with
a net loss of INR28.92 crore.


MAHENDRA SUBMERSIBLE: CRISIL Ups Rating on INR100MM Loan to BB-
---------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of
Mahendra Submersible Pumps Private Limited (part of the Mahendra
group) to 'CRISIL BB-/Stable/CRISIL A4+' from 'CRISIL
B+/Stable/CRISIL A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          1.8       CRISIL A4+ (Upgraded
                                     from 'CRISIL A4')

   Cash Credit           100.0       CRISIL BB-/Stable (Upgraded
                                     from 'CRISIL B+/Stable')

   Proposed Long Term     10.0       CRISIL BB-/Stable (Upgraded
   Bank Loan Facility                from 'CRISIL B+/Stable')

   SME Gold Card          10.0       CRISIL BB-/Stable (Upgraded
                                     from 'CRISIL B+/Stable')

   Term Loan              37.5       CRISIL BB-/Stable (Upgraded
                                     from 'CRISIL B+/Stable')

The rating upgrade reflects CRISIL's belief that the Mahendra
group's business risk profile will improve over the medium term
supported by integrated operations that would lead to better
economies of scale, and an established regional market position.
Operating income is estimated at around INR1 billion and operating
margin at around 8% in fiscal 2016. Scale of operations is
expected to increase over the medium term driven by addition of
new product lines and penetration into newer geographies.
Financial risk profile continues to be modest because of interest
coverage ratio of 1.42 times and net cash accrual to total debt
ratio of 0.04 time estimated for fiscal 2016. Absence of major
debt-funded capital expenditure (capex) plans, steady repayment of
debt, and healthy accretion to reserves are likely to support the
group's key financial metrics over the medium term.

The ratings also reflect an established market position in the
pump manufacturing industry, primarily in southern India, and
promoters' extensive industry experience. These rating strengths
are partially offset by a modest financial risk profile, and
susceptibility to volatility in raw material prices and to intense
competition in the pumps segment.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of MSPPL, Mahendra Pumps Pvt Ltd (MPPL),
and Mahee Engineering Pvt Ltd. This is because the three
companies, together referred to as the Mahendra group, operate in
similar lines of business, and have a common management team and
significant operational linkages. Earlier, CRISIL had considered
the standalone business and financial risk profiles MSPPL for
arriving at the ratings because of limited operational linkages
with the other two companies. The change in analytical approach
factors in fresh information provided by the group management
regarding operational and financial linkages and management's
intention of merging the three companies in the short term.

Outlook: Stable

CRISIL believes the Mahendra group will continue to benefit over
the medium term from the extensive industry experience of its
promoters and established brand in the southern market. The
outlook may be revised to 'Positive' in case of significant
improvement in scale of operations and profitability, leading to a
substantial increase in cash accrual and a better financial risk
profile. The outlook may be revised to 'Negative' if the financial
risk profile deteriorates, most likely driven by considerably low
cash accrual, sizeable working capital requirement, or debt-funded
capital expenditure.

The Mahendra group consisting of MSPPL, MPPL and MEPL, was set up
in 1960 as a partnership firm, which was reconstituted as a
private limited company in 2001. The group manufactures
submersible and surface pumps under its Mahendra brand. The group
also manufactures pumps for portable engines and domestic and
industrial borewells. It has integrated manufacturing facilities
(foundry and machine shop) at Puliakulam in Coimbatore, Tamil
Nadu.


MEENAKSHI FISHING: CRISIL Assigns 'D' Rating to INR80MM LT Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long-term bank
loan facilities of Meenakshi Fishing and Trading Co. The rating
reflects the firm's delay in meeting its debt obligation due to
weak liquidity because of cash flow mismatch.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term
   Bank Loan Facility      18.5      CRISIL D
   Cash Credit              1.5      CRISIL D
   Long Term Loan          80.0      CRISIL D

The firm has a small scale of operations and an asset-intensive
business. However, it benefits from the extensive experience of
its promoters in the seafood industry.

MFTC is engaged in fishing and providing ferry services in the
Andaman Islands.


MYDEEN TIMBERS: CRISIL Lowers Rating on INR55MM Cash Loan to B+
---------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Mydeen Timbers to 'CRISIL B+/Stable/CRISIL A4' from 'CRISIL BB-
/Stable/CRISIL A4+'.

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

   Letter of Credit       175        CRISIL A4 (Downgraded from
                                     'CRISIL A4+')

The rating downgrade reflects weakening of MT's business risk
profile on account of sharp decline in revenues over the past two
years coupled with elongation in working capital cycle. Revenues
declined to an estimated INR260 million in fiscal 2016 as against
INR360 million in fiscal 2014 owing to weak demand scenario. Gross
current asset (GCA) is estimated to have increased to 435 days
from 325 days during the same period. Declining revenues and
increasing working capital requirement has resulted in stretch in
the firm's liquidity marked by highly utilized bank limits.
CRISIL believes that MT's liquidity will remain constrained over
the medium term due to its working capital intensive operations.

The ratings also reflect MT's modest scale of operations in an
intensely competitive timber trading industry, and its slender
profit margin. These rating weaknesses are partially offset by the
extensive experience of the partners in the industry.
Outlook: Stable

CRISIL believes that MT's business risk profile will benefit over
the medium term from partner's long standing experience in timber
trading operations. The outlook may be revised to 'Positive' in
case of improvement in firm's scale of operations and
profitability along with efficient working capital management.
Conversely, the outlook may be revised to 'Negative' in case
decline in the firm's cash accruals or increase in its working
capital requirement result in pressure on liquidity.

Mydeen Timbers was set up in 1997, as a partnership firm by Mr.
Maghuthumeeran, Mrs. M. Diwan Beevi, Mrs. S. Sheshima Begum and
Mrs. L. Ponnammal, each holding 25 per cent ownership interest.
The firm is engaged in business of timber trading, where the firm
imports timber and sells in domestic market.


NIKITA JEWELLERS: Ind-Ra Affirms 'BB' Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Nikita Jewellers
Pvt Ltd.'s (NJPL) Long-Term Issuer Rating at 'IND BB'.  The
Outlook is Stable.  The agency has also affirmed NJPL's
INR156 mil. fund-based limits (reduced from INR198 mil.) at
'IND BB' with a Stable Outlook.

                        KEY RATING DRIVERS

The ratings continue to reflect NJPL's moderate scale of
operations along with moderate credit metrics.  According to
provisional financials for FY16, revenue stood at INR818 mil.
(FY15: INR789 mil.), interest coverage was 1.7x (1.4x) and net
financial leverage was 12.7x (8.3x).  The ratings also factor in
NJPL's operating margins which dipped to 2.9% in FY16 (FY15: 4.8%)
due to a rise in indirect expenses.

Ratings continued to benefit from the over 10-years of experience
of NJPL's promoter in the jewellery business.

                       RATING SENSITIVITIES

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

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

COMPANY PROFILE

NJPL was incorporated in 1998 and is engaged in jewellery
retailing.  The company has two showrooms in Mumbai which are
managed by Suresh D Bagrecha.


OM CONSTRUCTION: CRISIL Ups Rating on INR150MM Term Loan to B+
--------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facility of
OM Construction - Raipurto 'CRISIL B+/Stable' from 'CRISIL
B/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan               150       CRISIL B+/Stable (Upgraded
                                      from 'CRISIL B/Stable')

The upgrade reflects the decline in the firm's exposure to demand
risk, as more than 70% of the units in its project have been
booked and it has received healthy customer advances, resulting in
an improvement in its cash flow and liquidity. The firm's exposure
to implementation risk has also declined, with 70% of construction
having been completed. Incremental bookings and timely flow of
customer advances, and funding support from promoters in case of
exigency, will remain key rating sensitivity factors.

The rating reflects OC's exposure to completion risks associated
with its and susceptibility to risks and cyclicality inherent in
the real estate sector in India. These weaknesses are partially
offset by its partners' extensive industry experience and funding
support.

Outlook: Stable

CRISIL believes OC will continue to benefit from its partners'
industry experience and funding support. The outlook may be
revised to 'Positive' in case of timely completion of its project
and better-than-expected customer bookings and advances, resulting
in an improvement in its financial risk profile. The outlook may
be revised to 'Negative' in case of pressure on its liquidity due
to time or cost overrun in its project, lower-than-expected
customer advances leading to low cash inflow, or large debt-funded
expansion of its township project.

OC, established in 2005, is a partnership firm engaged in real
estate projects. The firm is building a township, Sapphire Greens,
in Raipur, Chhattisgarh. Its operations are managed by Mr.
Rajkumar Khilwani, Mr. Anchit Goyal, and Mr. O P Gupta.


OM COTTEX: CARE Downgrades Rating on INR6cr Long-Term Loan to D
---------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of Om
Cottex.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities       6        CARE D Revised from
                                            CARE B+

Rating Rationale

The revision in the rating assigned to the bank facilities of Om
Cottex is on account of continuous overdrawing in cash credit
limit without adequate drawing power.

Establishing a clear debt servicing track record with an
improvement in the liquidity position is the key rating
sensitivity.

Botad-based (Gujarat) OMC was established in 2008 as a partnership
firm. Currently, OMC is managed by six partners with unequal
profit and loss sharing agreement between them. OMC is into the
business of cotton ginning & pressing and crushing of cotton
seeds. While cotton bales are used in manufacturing of cotton
yarn, cotton seeds are further processed for extraction of edible
oil. OMC operates from its sole manufacturing facility located in
Botad (Gujarat) and has an installed capacity of 6048 metric tons
per annum (MTPA) for cotton bales, 756 MTPA for cotton seed oil &
5418 MTPA for cake as on March 31, 2016. OMC markets its products
in the states of Gujarat, Tamil Nadu and Maharashtra.

During FY16 (Provisional - refers to the period April 1 to
March 31), OMC reported a TOI of INR22.67 crore and PAT of INR0.02
crore as against TOI of INR36.13 crore and no profit NIL during
FY15 (A).


PERTH CERAMIC: CRISIL Reaffirms B+ Rating on INR330MM LT Loan
-------------------------------------------------------------
CRISIL has reaffirmed its rating on the long-term loan of Perth
Ceramic Private Limited and placed its ratings on the company's
other bank facilities on 'Notice of Withdrawal' for 180 days. The
ratings will be withdrawn at the end of the notice period. The
rating action is in line with CRISIL's policy on withdrawal of its
ratings on bank loans.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             125      CRISIL B+/Stable (Notice
                                    of Withdrawal

   Letter Of Guarantee      60      CRISIL A4 (Notice of
                                    Withdrawal)

   Long Term Loan          330      CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term       10      CRISIL B+/Stable (Notice
   Bank Loan Facility               of Withdrawal)

The ratings reflect the company's modest scale of operations in
the highly competitive ceramics industry, and its large working
capital requirement. These weaknesses are partially offset by its
promoters' extensive industry experience and the proximity of its
manufacturing facilities to raw material and labor sources. The
ratings also factor in its healthy financial risk profile because
of adequate networth, comfortable gearing, and robust debt
protection metrics.

Outlook: Stable

CRISIL believes PCPL will continue to benefit from the extensive
industry experience of its promoters. The outlook may be revised
to 'Positive' if the company's revenue increases and its
profitability remains stable, leading to larger-than-expected
accrual, or if its working capital management improves. The
outlook may be revised to 'Negative' if its operating margin
declines, or if its financial risk profile weakens on account of a
stretch in its working capital cycle or larger-than-expected,
debt-funded capital expenditure

PCPL, set up in 2014 and based in Morbi, Gujarat, manufactures
vitrified tiles. The company is promoted by Mr. Rupesh Kumar
Manganlal Kotadiya, Mr. Dilipkumar Jivrajbhai Barasara, and Mr.
Parshotam Kachrabhai Patel.


PINK ROSE: Ind-Ra Suspends 'B+' Long-Term Issuer Rating
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Pink Rose
Lingerie Pvt. Ltd's 'IND B+' Long-Term Issuer Rating to the
suspended category.  The Outlook was Stable.  The rating will now
appear as 'IND B+(suspended)' on the agency's website.

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

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

PRLPL's Ratings:

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

  -- INR85 mil. fund-based working capital limit: migrated to
      'IND B+(suspended)' from 'IND B+'

  -- INR8.68 mil. term loan: migrated to 'IND B+(suspended)' from
      'IND B+'

  -- INR120 mil. non-fund-based working capital limit: migrated
      to 'INDA4(suspended)' from 'IND A4'


PRASHANTHI AYURVEDIC: Ind-Ra Suspends 'B' Long-Term Issuer Rating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Prashanthi
Ayurvedic Centre's (PAC) 'IND B' Long-Term Issuer Rating to the
suspended category.  The Outlook was Stable.  The rating will now
appear as 'IND B(suspended)' on the agency's website.

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

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

PAC's Ratings:

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

  -- INR6 mil. fund-based limits: migrated to 'IND B(suspended)'
      from 'IND B'

  -- INR74.3 mil. term loan: migrated to 'IND B(suspended)' from
      'IND B'


PRIME TECHNOPLAST: Ind-Ra Suspends 'BB' Long-Term Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has suspended Prime
Technoplast Private Limited's Long-Term Issuer Rating of 'IND BB'
with a Stable Outlook.  The rating will now appear as 'IND
BB(suspended)' on the agency's website.

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

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

PTPL's ratings:

   -- Long Term Issuer Rating: migrated to 'IND BB(suspended)'
      from 'IND BB'/ Stable
   -- INR 270.00 mil. fund-based working capital limit: migrated
       to 'IND BB(suspended)' from 'IND BB'
   -- INR 46.50 m;il. long term loans: migrated to
      'IND BB(suspended)' from 'IND BB'
   -- INR 50.00 mil. non-fund-based working capital limit:
       migrated to 'IND A4+(suspended)' from 'IND A4+'


PRIYADARSHINI SAHAKARI: CRISIL Reaffirms D Rating on INR240M Loan
-----------------------------------------------------------------
CRISIL's ratings on bank facilities of Priyadarshini Sahakari Soot
Girni Limited continue to reflect instances of delay in servicing
of term debt obligation. The delay has been caused due to weak
liquidity of society driven by cash losses.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          40        CRISIL D (Reaffirmed)
   Cash Credit            150        CRISIL D (Reaffirmed)
   Term Loan              240        CRISIL D (Reaffirmed)

The ratings also reflect the weak financial risk profile marked by
high gearing and subdued debt protection metrics, and
susceptibility to volatility in raw material prices. These rating
weaknesses are partially offset by the extensive industry
experience of the promoters.

PSSGL was established in 1991 in Yavatmal (Maharashtra) to assist
development of the small-scale cotton yarn manufacturing industry
in the region. It was formed as a joint initiative of the
Government of Maharashtra with the local farmer members. PSSGL
manufactures cotton yarn.


RPL INDUSTRIES: Ind-Ra Raises Long-Term Issuer Rating to 'BB-'
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded RPL Industries
Limited's Long-Term Issuer Rating to 'IND BB-' from 'IND B+'.  The
Outlook is Stable.

                        KEY RATING DRIVERS

The upgrade reflects an improvement in RPL's scale of operations
and credit metrics due to increased work orders.  The company's
provisional FY16 financials (year end March) indicate net revenue
of INR389.35 mil. (FY15: INR353.79 mil.) with net financial
leverage (total Ind-Ra adjusted net debt/ operating EBITDAR) of
7.25x (6.09x,) and EBITDA interest coverage (operating
EBITDA/gross interest expenses) of 1.55x (1.46x).

The ratings factor in the company's moderate operating EBITDA
margins of 3.80% in FY16 (FY15: 4.25%); the margins declined due
to an increase in the manufacturing and administration cost.
Ind-Ra, however, expects the margins to be around 4.2% during
FY17-FY18 on account of the company's operational efficiency
leading to stabilization of the cost.

The ratings are supported by over 30 years of operating experience
of the company and its founders in the automobile industry.

The ratings, however, reflect RPL's tight liquidity profile, as
evident from full utilization of its working capital limits during
the 12 months ended July 2016.

                        RATING SENSITIVITIES

Negative: A decline in the operating margins leading to
deterioration in the overall credit metrics could be negative for
the ratings.

Positive: An improvement in the operating profitability leading to
improvement in the overall credit metrics could be positive for
the ratings.

COMPANY PROFILE

RPL was incorporated in 1982 as Radhu Pvt Ltd and its name was
changed to RPL Industries Limited in 2011.  The company
manufactures tyres for two wheelers, three wheelers, passenger
cars, utility vehicles, light commercial vehicles and farm
vehicles.  The company's plant in Ghaziabad (Uttar Pradesh) has an
annual installed capacity of 3, 00,000 tyres.

RPL's ratings:

  -- Long-Term Issuer Rating: upgraded to 'IND BB-' from
      'IND B+'; Outlook Stable

  -- INR70 mil. fund-based limits: upgraded to
      'IND BB-'/Stable/'IND A4+' from 'IND B+'/Stable/'IND A4'.

  -- INR10 mil. non-fund-based limits: upgraded to 'IND A4+' from
      'IND A4'


SAMBASHIVA COTTON: CRISIL Assigns 'B' Rating to INR30MM Cash Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Sambashiva Cotton Industries.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term
   Bank Loan Facility      22        CRISIL B/Stable
   Cash Credit             30        CRISIL B/Stable
   Long Term Loan          28        CRISIL B/Stable

The rating reflects SCI's exposure to risks related to the
implementation and stabilization of the firm's on-going project,
which involves the setting up of a cotton ginning plant in
Karimnagar (Telangana). The rating also reflects SCI's below-
average financial risk profile, marked by modest capital structure
and debt protection metrics. These rating weaknesses are partially
offset by extensive industry experience of partners in the cotton
ginning industry.

Outlook: Stable

CRISIL believes that SCI will benefit from its partner's extensive
industry experience over the medium term. The outlook may be
revised to 'Positive' if SCI generates larger-than-expected
revenues and profits, after stabilization of operations in its
ongoing cotton ginning plant. Conversely, the outlook may be
revised to 'Negative' in case of delays in the commissioning of
its project because of unforeseen events, or if its revenue or
profitability margins decline significantly, or larger-than-
expected, debt-funded capital expenditure weakens the financial
risk profile.

Established in October 2015 as a partnership firm, SCI is engaged
in the business of cotton ginning and cotton seed oil extraction.
Based in Karimnagar (Telangana), the firm is promoted and managed
by Mr. D Malla Reddy, Mr.M Srinivas and Mr. B Manohar.


SANTUKA VYAPAAR: CRISIL Cuts rating on INR80MM Cash Loan to 'C'
---------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank loan
facility of Santuka Vyapaar Private Limited to 'CRISIL C' from
'CRISIL B/Stable'.
                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              80       CRISIL C (Downgraded from
                                     'CRISIL B/Stable')

The downgrade reflects deterioration in the company's business and
financial risk profile along with stretched liquidity. SVPL is
estimated to report operating income of around INR33.5 million in
fiscal 2016, a steep 49% year-on-year decline from INR65 million
in fiscal 2015. SVPL's financial risk profile also continues to
remain weak with sub-unity interest coverage ratio at an estimated
0.56 time for fiscal 2016. The capital structure also deteriorated
with declining net worth, estimated at around INR30 million as on
March 31, 2016 against INR36.2 million as on March 31, 2015, and
total outside liabilities to tangible networth (TOLTNW) ratio at
an estimated 2.65 times as on
March 31, 2016 against 2.21 times a year earlier. The downgrade
also reflects the company's stretched liquidity, with negative
cash accrual in fiscal 2016 and continued high utilisation of its
bank lines thereby constraining the financial flexibility.

The rating reflects SVPL's small scale of operations in the
intensely competitive gold and diamond jewellery retailing
segment, and its weak financial risk profile because of high
gearing and declining net worth. These weaknesses are partially
offset by the extensive entrepreneurial experience of its
promoters, and the benefits it derives from its association with
the Maya brand of Gitanjali Group.

SVPL, based in Jagatpur, Odisha, was incorporated in 2012 by Mr.
Avinash Santuka and Mr. Sushil Kumar Santuka. The company retails
gold and diamond studded jewellery, including necklaces, earrings,
rings, bracelets, and pendants through its outlets at Cuttack and
Bhubaneshwar under a franchise agreement with Gitanjali Group.


SHRI SHYAM: Ind-Ra Assigns 'BB' Long-Term Issuer Rating
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Shri Shyam Oil
Extraction Private Limited a Long-Term Issuer Rating of 'IND BB'.
The Outlook is Stable.

                         KEY RATING DRIVERS

The ratings reflect SSOEPL's short operational track record as it
started its commercial operations in April 2015.  The ratings
further reflect the company's moderate scale of operations and
moderate credit profile.  FY16 provisional financials indicate
revenue of INR358 mil., interest coverage (operating EBITDA/gross
interest Expense) of 2.68x and net leverage (total adjusted net
debt/operating EBITDAR) of 4.46.  The company's EBITDA margins
were also moderate at 5.5% in FY16.

The ratings are constrained on account of SSOEPL's tight liquidity
profile as reflected by its average working capital utilization of
87.32% during the 12 months ended May 2016.

The ratings, however, are supported by over two decades of
experience of SSOEPL's founders in the rice milling business.

                       RATING SENSITIVITIES

Positive: An improvement in the company's scale of operations
while maintaining the credit metrics could be positive for the
ratings.

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

COMPANY PROFILE

Incorporated in 2010, SSOEPL operates a 60,000 MTPA solvent
extraction plant for the production of rice bran oil in Janjgir,
Chhattisgarh.

SSOEPLs ratings:

   -- Long-Term Issuer Rating: assigned 'IND BB'/Stable
   -- INR50 mil. fund-based facilities: assigned 'IND BB'/Stable
   -- INR40 mil. term loan: assigned 'IND BB'/Stable


SRI AGARWAL: Ind-Ra Raises Long-Term Issuer Rating to 'BB'
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Sri Agarwal
Ispat's Long-Term Issuer Rating to 'IND BB' from 'IND BB-'. The
Outlook is Stable.

                        KEY RATING DRIVERS

The upgrade reflects improvement in SAI's credit metrics.  Its
gross interest coverage (operating EBITDA/gross interest expenses)
was 1.6x in FY16 (FY15: 1.5x; FY14:1.4x) and net financial
leverage (adjusted net debt/operating EBITDAR) was 4.1x (4.2x;
6.2x).  The ratings reflect an improvement in the company's scale
of operations as indicated by its revenue of INR1,842 mil. in FY16
(FY15: INR1,721 mil.; FY14: INR1,278 mil.).  The operating margin
of the company remained moderate and improved to 3.1% in FY16 from
2.8% FY15 (FY14: 3.6%).  This was mainly due to decrease in raw
material cost.

The ratings continue to be supported by four and a half decade of
experience of the company's owners in trading of steel.  The
company acquires customers easily by being a product dealer of JSW
Steel Ltd.('IND AA-'/Negative)

The ratings, however, continue to reflect SAI's long net cash
cycle of 92 days during FY16, which increased from 57 days in FY15
(FY14: 98 days).  The ratings continue to be constrained by the
proprietorship structure of organization.  Liquidity of the
company is tight as indicated by its fund-based working capital
utilization of close to 100% for the six months ended June 2016.

                       RATING SENSITIVITIES

Positive: An improvement in the EBITDA interest coverage on a
sustained basis could lead to a positive rating action.

Negative: Any deterioration in the EBITDA interest coverage on a
sustained basis could lead to a negative rating action.

COMPANY PROFILE

SAI is a proprietorship concern which was set up by Rameshwarlal
Agarwal in 2002 in Chennai.  The company is the product
distributor for JSW Steel Ltd.  The company is into the trading
and processing of hot rolled coils and cold rolled coils, which
are used in the automobile industry.

SAI's ratings:

  -- Long-Term Issuer Rating: upgraded to 'IND BB'/Stable from
      'IND BB-'/ Stable

  -- INR410 mil. fund-based working capital limits (increased
      from INR280 mil.): upgraded to 'IND BB'/Stable from
      'IND BB-'

  -- INR20 mil. non-fund-based working capital limits: 'IND A4+';
      rating withdrawn because of repayment of the entire loan


SRI LAKSHMI: Ind-Ra Assigns 'BB-' Long-Term Issuer Rating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Sri Lakshmi
Constructions, a Long-Term Issuer Rating of 'IND BB-'.  The
Outlook is Stable.

                          KEY RATING DRIVERS

The ratings reflect SLC's moderate scale of operations and
liquidity.  Provisional (P) FY16 financials indicate revenue of
INR394.7 mil. (FY15: INR350.6 mil.).  The average peak utilization
of cash credit limits during the 12 months ended July 2016 was
around 98.5%.

The ratings also take in to account SLC's partnership structure
and its geographical concentration, as the entire order book has
orders only from one state i.e. Andhra Pradesh.

However, the ratings are supported by its strong unexecuted order
book of INR1,745.9 mil. as at the beginning of April 2016 which is
about 4.4x of FY16 revenue and provides revenue visibility for the
next two to three years.  The ratings are also supported by the
company's stable EBITDA margins, which stood at 5.4% in FY16
(FY15: 5.3%) and ranged between 5.1% and 5.7% over FY13-FY16P.
Comfortable credit metrics with EBITDA interest coverage of 3.2x
(FY15: 2.8x) and net leverage (Ind-Ra adjusted net debt/operating
EBITDAR) of 1.0x (1.8x) also benefit the ratings.  The ratings are
further supported by the partners' operating experience of around
two decades in electrical installations.

                        RATING SENSITIVITIES

Positive: A substantial increase in the scale of operations and/or
improvement in profitability leading to a sustained improvement in
the credit metrics will lead to a positive rating action.

Negative: Decline in the scale of operations and/or operating
profitability leading to deterioration in the credit metrics and
in liquidity will be negative for the ratings.

                          COMPANY PROFILE

Established in 2008, SLC is a partnership concern.  It undertakes
civil contracts and electrical installation contracts for the
government of Andhra Pradesh such as strengthening of distribution
networks and conversion of existing low voltage network into high
voltage distribution systems etc.

SLC's ratings:

   -- Long-Term Issuer Rating: assigned 'IND BB-'/Stable
   -- INR50m fund-based working capital limits: assigned
      'IND BB-'/Stable/'IND A4+'
   -- INR80 mil. non-fund-based limits: assigned 'IND A4+'


SRI VENKATA: Ind-Ra Affirms 'BB' Long-Term Issuer Rating
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Sri Venkata
Lakshmi Narasimha Spinning Mills Pvt. Ltd.'s Long-Term Issuer
Rating at 'IND BB'.  The Outlook is Stable.

                        KEY RATING DRIVERS

The affirmation reflects SVLN's continued moderate credit profile.
According to the provisional financials for FY16 the overall
revenue stood at INR435 mil. (FY15: INR375 mil.), interest
coverage (operating EBITDA/gross interest expense) at 2.2x (2.3x)
and net leverage (total adjusted net debt/operating EBITDAR) at
4.5x (3.9x).

The ratings factor in SVLN's tight liquidity as evident by its
average working capital utilization of 99% during the 12 months
ended July 2016.

The ratings, however, continue to be supported by the promoter's
operating experience of over three decades in the ginning and
spinning industry.

                      RATING SENSITIVITIES

Positive: A substantial increase in the revenue and improvement in
interest coverage could lead to a positive rating action.

Negative: Further deterioration in the liquidity position and
interest coverage would lead to a negative rating action.

COMPANY PROFILE

Incorporated in 2008, SVLN manufactures cotton yarn and has an
installed capacity of 20,400 spindles located in Chebrolu, near
Guntur (Andhra Pradesh).  SVLN sells its product in the domestic
market.

SVLN's ratings:

  -- Long-Term Issuer Rating: affirmed at 'IND BB'/Stable

  -- INR55.37 mil. long-term loans (decreased from INR92.4 mil.):
      affirmed at 'IND BB'/Stable

  -- INR144 mil. fund-based limits (increased from
      INR106.5 mil.): affirmed at 'IND BB'/Stable

  -- INR20.8 mil. non-fund-based limits (increased from
      INR21.1 mil.): affirmed at 'IND A4+'


SWASTIK LLOYDS: CRISIL Cuts Rating on INR40MM Cash Loan to 'D'
--------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Swastik Lloyds Engineering Private Limited to 'CRISIL D/CRISIL D'
from 'CRISIL B/Stable/CRISIL A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          40        CRISIL D (Downgraded from
                                     'CRISIL A4')

   Cash Credit             40        CRISIL D (Downgraded from
                                     'CRISIL B/Stable')

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

The downgrade reflects continuous over-utilisation of cash credit
facility beyond 30 days. This was due to weak liquidity, driven by
a stretched working capital cycle.

The company has a small scale, and working-capital-intensive
nature, of operations, and a weak financial risk profile because
of a small net worth and weak debt protection metrics. However, it
benefits from the extensive experience of its promoters in the
pipes industry and their funding support through unsecured loans.

SLEPL was incorporated in 1997, promoted by Mr. Mafatlal Sanghvi
and his family. The company manufactures and supplies pipe
fittings such as elbows, bends, tees, stub ends, reducers, and
caps; it also executes turnkey projects for mechanical piping. Its
manufacturing facility is in Taloja, Maharashtra, with an
installed capacity of 100 tonne per month.


V. A. PRODUCTS: CARE Assigns 'B' Rating to INR1.50cr LT Loan
------------------------------------------------------------
CARE assigns 'CARE B' and 'CARE A4' ratings to the bank facilities
of V. A. Products.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      1.50      CARE B Assigned
   Short-term Bank Facilities     4.50      CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of V. A. Products is
constrained by VAP's small scale of operations, high interest
cost, weak capital structure with low capital base, stretched
operating cycle and foreign currency risk.

The ratings, however, derive strength from VAP's experienced
partners, growth in total operating income during FY15 (refers to
the period April 1 to March 31), healthy operating profitability
and healthy operating margins. The ability of the firm to ramp up
its scale of operation, and deleveraging capital structure form
the key rating sensitivities.

Established in the year 1994, V. A. Products is a 100% export
oriented unit (EOU) engaged in manufacturing of precision machined
components such as hollow screws, spacer rings, round nuts,
bushes, bolts, alternator and starter motor, sockets, sleeves,
housings, pins and bushes. The firm's customers mainly belong to
automobile engineering, aerospace, and other allied engineering
industries. VAP has its warehouses in the U.S.A. and the U.K.; and
caters to numerous international as well as domestic clients
spread across America & Europe.

The firm reported net profit of INR0.07 crore on total operating
income of INR5.01 crore in FY15 as against net profit of INR0.03
crore on a total operating income of INR3.61 crore in FY14.


VARDHAMAN NAGARI: CRISIL Reaffirms B+ Rating on INR100MM Loan
-------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Vardhaman Nagari
Sahakari Patsanstha Limited continues to reflect geographic
concentration in revenue profile and exposure to risks inherent in
the cooperative societies sector. These weaknesses are partially
offset by the benefits that Vardhaman Nagari derives from the
extensive experience of its management.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Proposed Overdraft
   Facility                100      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes Vardhaman Nagari will continue to benefit from its
board and senior management's extensive experience in running a
co-operative society. The outlook may be revised to 'Positive' if
there is diversification in operations, or favourable changes in
regulations for cooperative societies. The outlook may be revised
to 'Negative' if capitalization level declines due to
deterioration in asset quality and earnings profile or relaxation
in risk management practices.

Vardhaman Nagari, an Aurangabad-based credit co-operative society
established in July 1993, operates through six branches located in
and around the district. It offers deposit products and lends to
commercial as well as retail borrowers with a sizeable presence in
renovation and repair loans. Operation are carried out under
current chairman, Dr Shantilal Tajmal Singi. The society had a
deposit base of INR1.3 billion and a loan book of INR961 million
as on March 31, 2016.

For fiscal 2016, Vardhaman Nagari reported a net profit of INR17
million on a total income of INR186 million, as against INR13
million and INR133 million for fiscal 2015.



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


CIKARANG LISTRINDO: S&P Raises CCR to 'BB', Outlook Stable
----------------------------------------------------------
S&P Global Ratings raised its long-term corporate credit rating on
PT Cikarang Listrindo Tbk. to 'BB' from 'BB-'. The outlook is
stable.  At the same time, S&P raised its long-term ASEAN regional
scale rating on the Indonesia-based power producer to 'axBBB-'
from 'axBB+'.  S&P also raised the long-term rating on the US$500
million senior unsecured notes issued by Listrindo Capital B.V. to
'BB' from 'BB-'.  Cikarang Listrindo guarantees the notes.

"The upgrade reflects our expectation that Cikarang Listrindo will
maintain solid cash flow adequacy through 2018 as its cash flows
stay steady and investments moderate," said S&P Global Ratings
credit analyst Xavier Jean.  "Improving cash generation ability
and proceeds from the recent IPO also enhance the headroom in the
company's balance sheet to absorb higher spending or additional
debt for potential large-scale expansion projects."

The commissioning of Cikarang Listrindo's 280 megawatt (MW) coal-
fired capacity, slated for the fourth quarter of 2016, will
support the company's profitability, margins, and operating cash
flows for the next three years.  The project is on time and on
budget. It is 86% complete as of June 30, 2016, and the funding
for its completion is available.  With coal supply agreements
signed, S&P now has better clarity on the cost benefits of the
coal-fired capacity, which Cikarang Listrindo intends to use as
base-load capacity.  S&P projects EBITDA to be a minimum
US$240 million in 2017 and US$255 million-US$265 million in 2018
because fuel costs are substantially cheaper than gas-fired
capacity.  S&P's earlier forecast was annual EBITDA of about
US$200 million.  Operating cash flows could reach US$160 million-
US$180 million annually in 2017 and 2018, about 20% more than
S&P's previous forecast.

Cikarang Listrindo's capital spending will moderate through 2018.
S&P now anticipates capital spending to reduce to a maximum of
US$50 million annually in 2017 and 2018 as the coal-fired
expansion nears completion.  That is lower than S&P's earlier
base-case assumption of about US$80 million annually.  In S&P's
view, Cikarang Listrindo is unlikely to further expand its coal-
fired capacity until it has more clarity on the timing of a
1,100MW-1,400MW generation project with General Electric Co. (GE),
a U.S.-based conglomerate.  S&P now expects Cikarang Listrindo to
broadly breakeven on a discretionary cash flow basis in 2016,
improving to about US$50 million annually in 2017 and 2018.

Positive discretionary cash flows, along with about US$170 million
in proceeds from the recent IPO, will increase cash balance, lower
net debt, and strengthen cash flow adequacy at Cikarang Listrindo
through 2018 at least.  S&P forecasts the company's ratio of funds
from operations (FFO) to debt to exceed 30% comfortably and the
ratio of debt to EBITDA to stay well below 2.5x over the period.
S&P also expects Cikarang Listrindo to manage its spending and
investments such that its cash flow adequacy stays at around those
levels for the next two to three years, even though the company
does not publicly articulate its financial policies.

Cikarang Listrindo's proposed project with GE has been a limiting
rating factor, given the project size and likely incremental debt
requirements.  Nevertheless, event risk related to this project
has reduced over the past few weeks, in S&P's view.  Construction
is unlikely to proceed before 2018 at the earliest. The project
sponsors also need to tie up funding.  S&P also understands that
the project cost is likely to be lower than it had previously
anticipated.

"Cikarang Listrindo's strengthened balance sheet can accommodate
incremental debt from the project with GE if it goes ahead in its
current cost and form," said Mr. Jean.  "Debt drawdown would
likely be gradual through 2020, so the erosion in the company's
cash flow adequacy will be slow."

Cikarang Listrindo's reported operating performance for the six
months ended June 30, 2016, was steady amid slowly recovering
power demand in the Cikarang industrial estate.  EBITDA was flat
at about US$89 million compared with the same period in 2015.
Cash balance rose to US$226.4 million after Cikarang Listrindo
received proceeds from its IPO.

The stable outlook reflects S&P's expectation that Cikarang
Listrindo will maintain steady cash flow adequacy through 2018.
It also reflects S&P's view that the company's management will
remain prudent in its spending decision, maintain moderate
leverage, and manage cash outflows such that the company's FFO-to-
debt ratio stays comfortably higher than 30% through 2018.

S&P could lower the ratings if Cikarang Listrindo's cash flow
adequacy deteriorates markedly, with a ratio of FFO to debt
approaching 20% on a sustainable basis.  This would most likely
happen if the company undertakes aggressive new investments beyond
our base case or it enhances shareholders' return aggressively,
such that discretionary cash flows are persistently negative.

Significant operational issues or unscheduled shutdowns impeding
operating cash flows for a sustained period could also lead to
downward rating pressure.  However, S&P regards this as less
likely, given the company's history of sound and stable operating
performance.

S&P views Cikarang Listrindo's moderate generation capacity and
single-site concentration, relatively narrow portfolio, and
moderate reliance on PT Perusahaan Listrik Negara (Persero) as a
power offtaker as limiting factors for a rating upside in the next
12 months.  S&P could raise the rating if the company
substantially expands and diversifies its generation capacity
while maintaining high margins and a conservative capital
structure.


MODERNLAND REALTY: Fitch Assigns B Rating to Proposed Sr. Notes
---------------------------------------------------------------
Fitch Ratings has assigned Indonesia-based PT Modernland Realty
Tbk's (Modernland, B/Negative) proposed US dollar-denominated
9.75% senior unsecured notes due in 2019 an expected rating of
'B(EXP)' with a Recovery Rating of 'RR4'.  The notes will be
issued by Modernland's wholly owned subsidiary Marquee Land Pte
Ltd and guaranteed by Modernland and certain subsidiaries.

The notes are rated at the same level as Modernland's senior
unsecured rating as they represent unconditional, unsecured and
unsubordinated obligations of the company.  The final rating on
the notes is contingent upon the receipt of final documents
conforming to information already received.

The proposed notes will be part of the same series as the existing
USD191 mil. 9.75% senior unsecured notes due in 2019, which are
also rated 'B'.  Modernland expects to use the proceeds to
refinance its outstanding USD57 mil. 11% senior unsecured notes,
which are due on Oct. 25, 2016.

The Negative Outlook on Modernland's Long-Term Issuer Default
Rating (IDR) reflects the risk that the company could breach a
number of its local-currency debt covenants in 2017, as EBITDA may
remain weak unless presales improve in the next six to 12 months.
Modernland may not be able to achieve its presales target for 2016
due to the slow domestic macroeconomic environment and its
dependence on cyclical industrial land sales, which may put a
strain on its cash collection.  The IDR was affirmed at 'B' as the
company may take measures to improve the recognition of EBITDA or
obtain waivers on covenant breaches.

                         KEY RATING DRIVERS

Weak Presales; Covenant Breach: Modernland's 1H16 presales fell
80% yoy to IDR404 bil., which accounted for around 10% of its 2016
target.  The decline was driven by slow economic growth and the
government's crackdown on tax evasion, which has left buyers
cautious.  Fitch forecasts this may lead to Modernland breaching a
number of its local-currency debt covenants in 2017, as EBITDA
declines following the weakness in presales.

The implementation of a tax amnesty in Indonesia on July 1 may
boost demand for property, although Modernland's overall credit
profile is not likely to benefit in the short term given the
potential surge in new property launches in the market once the
amnesty takes effect and Modernland's major exposure towards the
industrial segment.

Volatile Industrial Cash Flows: Modernland's exposure to
industrial land sales results in more volatile cash flows than
peers that depend on residential sales.  Nevertheless, this
remains an important contributor to Modernland's cash flows, and
the volatility is mitigated by the low development risks of the
industrial segment.

Modernland has a good 20-year track record in developing
industrial estates, and has built strong relationships with
tenants.  Its flagship Cikande industrial estate has a very low
average land cost compared with the current average selling price
(ASP) of around IDR1.5 mil. per square metre (sqm), and Modernland
has sufficient land to continue developing there for around five
years, assuming no further land acquisitions.  Fitch believes
Modernland can build on its success in Cikande and use a similar
business model for future developments in Bekasi.

Limited Residential Track Record: Fitch expects Modernland's
residential and commercial segment to account for more than 60% of
presales by 2018, driven by the Jakarta Garden City (JGC) project
and the new launches in Bekasi.  The growing proportion of
residential sales will counterbalance volatility in industrial
land sales, but Modernland's track record in developing an
integrated, large-scale residential project is still limited
relative to the other rated developers.

ASRI Land Sales Delayed: Fitch expects cash collection from land
sales to PT Alam Sutera Realty Tbk (ASRI, B+/Negative) to lag
behind management's expectation.  Fitch's rating case assumes the
majority of the proceeds that was expected to be received this
year will be delayed to 2017, mainly due to ASRI's weak presales.
Nevertheless, Modernland believes ASRI remains committed to
completing the acquisition, given the strategic location of the
land and the low acquisition price compared with the current
market price in the area.

Manageable Forex Risk: Modernland has entered into a few call-
spread options to fully hedge the principal of its USD191m bond
due 2019, covering rupiah depreciation of up to IDR15,500 per US
dollar.  The company has also entered into a similar hedging
arrangement for its USD57 mil. outstanding bond due 2016, covering
rupiah depreciation of up to IDR14,000 per US dollar.  In
addition, Fitch believes that Modernland's thick margins are
sufficient to absorb short-term currency volatility.

                          KEY ASSUMPTIONS

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

   -- Presales (excluding one-off sales) of IDR1.5 tril. and
      IDR3.6 tril. in 2016 and 2017, respectively
   -- Average ASP growth of 5%-10% year on year
   -- Land acquisition capex of IDR825 bil. and IDR743 bil. in
      2016 and 2017, respectively
   -- Majority of ASRI's land sale proceeds to be delayed to 2017

                      RATING SENSITIVITIES

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

   -- If the company fails to achieve its 2016 presales target
      and there is heightened risk it may breach covenants on its
      local-currency debt, or the company fails to negotiate
      waivers on covenant breaches

   -- Presales/ gross debt sustained at less than 40% (2016F:
      77%)

Positive: Future developments that may, individually or
collectively, lead the Outlook to be revised back to Stable
include:

   -- The company achieves its 2016 presales target and the risk
      of it breaching its local-currency debt covenants is
      reduced, or the company successfully manages to negotiate
      waivers on covenant breaches



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


SHARP CORP: S&P Raises CCR to 'B-', Off CreditWatch
---------------------------------------------------
S&P Global Ratings raised its long-term corporate credit and debt
ratings on Japan-based electronics company Sharp Corp. to 'B-'
from 'CCC+' and its short-term corporate credit and commercial
paper program ratings on the company to 'B' from 'C'.  At the same
time, S&P removed the ratings from CreditWatch.  S&P took the same
actions on overseas Sharp subsidiary Sharp International Finance
(U.K.) PLC, raising S&P's long-term corporate credit rating on the
company to 'B-' from 'CCC+' and S&P's short-term corporate credit
and commercial paper program ratings to 'B' from 'C' and removing
them from CreditWatch.  The outlook on the long-term corporate
credit ratings on the companies is positive.

The upgrades follow the completion of new share issuance through
third-party allocations to Taiwan-based Hon Hai Precision Industry
Co. Ltd. (A-/Stable/--) on Aug. 12, 2016.  The capital increase
improved Sharp's capital base significantly, but S&P believes the
company will take time to recover its business competitiveness and
cash flow generation within Hon Hai group.  Nevertheless, Sharp is
important to Hon Hai's medium- to long-term business strategy,
under which Hon Hai aims to change its business model from its
current one as an electronics manufacturing service provider.  As
a result, S&P believes Hon Hai is likely to give Sharp reasonable
support in the event it is financially weakened.  Accordingly, S&P
incorporates one notch of uplift into its corporate credit rating
on Sharp from its stand-alone credit profile (SACP), which
excludes the likelihood of extraordinary support from the parent
group, to reflect potential support from Hon Hai, whose
creditworthiness is materially higher than Sharp's.

On May 17, 2016, S&P raised its long-term corporate credit rating
on Sharp one notch to 'CCC+' to reflect clearer confirmation that
the company's creditor banks intended to maintain their supportive
stance toward the company, as borne out by updates to agreements
on Sharp's existing syndicated loans.  At the same time, S&P
continued to place its ratings on Sharp on CreditWatch with
positive implications, where S&P had placed them from negative on
March 31, 2016, to reflect the agreement between Sharp and Hon Hai
for the share allocation.

"In our opinion, Sharp is likely to mitigate volatility in the
earnings of its LCD business to some degree thanks to a higher
capacity utilization ratio as a result of active use of Hon Hai's
wider customer base on a global basis and reduced procurement
costs through Hon Hai's supply chain.  Moreover, we expect the
company to further reduce costs under the new management, somewhat
improving its profitability.  Nonetheless, Sharp's business
environment will remain difficult, in our view, mainly in the area
of its LCD business.  The market for small and midsize LCD panels
used mainly in smartphones, a focus for Sharp, is facing markedly
slowing growth.  In addition, declining prices for large LCD
panels have made that business unprofitable.  Furthermore, organic
light emitting diode (OLED) displays have rapidly expanded their
share of the market for high-definition and high value-added
displays, in which Sharp has had strengths.  Accordingly, Sharp
will not find it easy to maintain its market position and
competitiveness in the display market, in our view.  Given the
shift in demand to OLEDs, our rating analysis considers as a
positive factor the company's ability to use the boost in capital
that Hon Hai has provided to invest in OLED displays.  However,
this positive factor will be offset by challenges in mass-
production and expected fierce competition.  Overall, we assess
the company's business risk profile as vulnerable," S&P said.

The injection of capital from Hon Hai has helped Sharp exit
negative net worth, and S&P believes the company recovered its
capital base materially.  Even if Sharp somewhat improves its
production utilization rate and its profitability under Hon Hai's
management, S&PP expects the company's cash flow generation to
remain weak for some time.  Moreover, the possibility of
additional impairment losses cannot be ruled out, in S&P's view,
if demand for LCD panels for TVs and smartphones falls.
Considering these factors, S&P assess the company's financial risk
profile as highly leveraged.

"We assess Sharp's liquidity as less than adequate.  A material
decrease in short-term debt following updates to agreements on
syndicated loans and a capital increase from Hon Hai have improved
Sharp's liquidity, in our view.  As a result, we estimate Sharp's
liquidity sources over the next 12 months will be over 1.5x annual
uses.  However, the company's liquidity will continue to come
under pressure, in our view, because its funding remains
vulnerable to the attitudes of banks supporting the company.
These factors constrain our assessment of the company's liquidity
as less than adequate," S&P said.

S&P assumes these under its base-case scenario:

   -- The LCD business will continue operating losses in fiscal
      2016 (ending March 31, 2017), due to the maturing market
      for small LCD panels for smartphones as well as continued
      fierce competition and price declines;

   -- Sound profitability will continue in copiers and home
      electric appliances in non-LCD segments;

   -- Utilization of Hon Hai's supply chain, together with cost
      reductions, will boost operating profit; and

   -- Increased capital will enable JPY90 billion to
      JPY100 billion in capital investments annually, including
      for OLED displays.

S&P assumes Sharp will have these financial measurements for
fiscal 2016 under its base-case scenario:

   -- Operating profit of about JPY20 billion and an EBITDA
      margin in the 4.5%-4.9% range; and

   -- Debt to EBITDA of about 10.0x (excluding surplus cash
      adjustments), and

   -- EBITDA interest coverage of mid-4x.

S&P's assessments of Sharp's business risk and financial risk
profiles produce an SACP for the company of 'ccc+'.  Although Hon
Hai's ongoing support may bear fruit in the future, Sharp's stand-
alone creditworthiness will remain vulnerable to changes in
external environment.  Meanwhile, S&P's corporate credit rating on
Sharp incorporates one notch of uplift for support from Hon Hai,
which has higher creditworthiness than Sharp.  S&P believes Sharp
is important to Hon Hai's medium- to long-term strategy, under
which Hon Hai aims to change its business model from its current
one as an electronics manufacturing service provider.  Hon Hai is
also likely to provide support to Sharp in the event it is
financially weakened, because it has invested a record amount in
Sharp and leads its management restructuring.

S&P equalizes its rating on Sharp's senior unsecured debt with the
long-term corporate credit rating.  S&P lowers the senior
unsecured debt rating on Sharp two notches from the long-term
corporate credit rating on the basis of S&P's estimate that
priority liabilities, including secured debt, account for about
40% of Sharp's total assets.  S&P also incorporates two notches of
uplift in the senior unsecured debt rating, reflecting support
from banks.  S&P expects banks to continue to support the company,
partly depending on Hon Hai's strong creditworthiness.  If Sharp's
creditworthiness deteriorates again and the company defaults on
any of its debt, there is a possibility the company will conduct a
debt-to-equity swap (or loan waiver), as it did in March 2015.  In
such a case, the company is more likely to fulfill its obligations
to bondholders than to lender banks.

The positive outlook reflects S&P's view that Sharp is likely to
somewhat mitigate the high volatility in its earnings from its LCD
business with the use of Hon Hai's customer base and supply chain.
It also incorporates S&P's view that the company is likely to
recover its profitability with a further reduction in cost.  S&P
may consider an upgrade if support from Hon Hai and cost
reductions restore Sharp to a sustainable operating profit or help
it recover EBITDA materially and stabilize its earnings base and
if S&P believes Sharp can sustain its capital base in the longer
term.  Conversely, S&P may revise its outlook on Sharp downward to
stable if its fiscal 2016 operating performance remains weak and
mutual benefits with Hon Hai do not materialize quickly.



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


PERISAI PETROLEUM: Bonds Drop to Distressed Levels
--------------------------------------------------
Denise Wee at Bloomberg News reports that bonds of Perisai
Petroleum Teknologi Bhd have dropped to distressed levels, the
latest sign that crude's rebound this year hasn't been enough to
stave off pain in an industry beset by prices still about half
their decade average.

Bloomberg relates that Perisai Petroleum, which contracts out
drilling rigs and charters vessels for towing equipment, said on
August 18 it will start discussions with holders of its Singapore
dollar notes, without providing further details. Its SGD125
million securities due Oct. 3 have dropped 17 cents this month to
a record low 60 cents, Bloomberg discloses citing prices from DBS
Group Holdings Ltd.

According to Bloomberg, smaller Southeast Asian firms in the oil
and gas industry are struggling along with global peers after a
49% collapse in oil prices in the past two years leaves them
strapped for cash to pay off debt.  In Singapore, Swiber Holdings
Ltd. was placed under interim judicial management earlier this
month and Kris Energy Ltd. said on August 14 it is exploring asset
sales and refinancing as its debt covenants may come under stress.

Perisai had MYR36 million ($9 million) of cash and bank balances
as of March 31, according to company results, adds Bloomberg.



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


PHILWEB CORP: Ongpin Makes Final Bid to Save Company, 6K Jobs
-------------------------------------------------------------
Jenniffer Austria at Manila Standard reports that Roberto Ongpin
on August 19 asked state-run Philippine Amusement and Gaming Corp.
to use PHP20 billion worth of his shares in PhilWeb Corp. to build
a nationwide network of drug rehabilitation centers.

According to the report, Mr. Ongpin said in a letter to Pagcor
chief executive Andrea Domingo the amended proposal was his final
attempt to save PhilWeb and more than 6,000 jobs that would be
affected by the non-renewal of the company's gaming license.

"I am a firm believer in the president's drive against the drug
menace. And as he has pointed out, the elimination of drug lords
and drug pushers will not succeed unless this is complemented by
an effective drug rehabilitation program," Manila Standard quotes
Mr. Ongpin as saying.

"While one could agree that gambling is undesirable, nothing could
be more precocious than drug menace which destroys the very fabric
of our youth and our society and which admirably, the President
has chosen to be his first priority," Mr. Ongpin said.

Manila Standard relates that Mr. Ongpin said PAGCOR could choose
to accept his donated PhilWeb shares and thereafter sell the said
shares to raise the money needed to build rehabilitation centers.

Mr. Ongpin said while his stake in PhilWeb was now worth between
PHP4 billion and PHP5 billion after its share price dropped
significantly over recent weeks, his 771 million PhilWeb shares
could be worth as much as PHP20 billion under normal
circumstances, Manila Standard relays.

He said even before President Rodrigo Duterte named him as one of
the country's oligarchs that his administration wanted to destroy,
PhilWeb had already engaged in a serious study of drug
rehabilitation centers.

It identified a 2.1-hectare property near Atimonan, Quezon as an
ideal site for rehabilitation site, he said.

According to Manila Standard, Mr. Ongpin said PhilWeb also
appropriated PHP100 million per year plus up to PHP3 million per
month to maintain and sustain this rehabilitation center.

Manila Standard adds that Mr. Ongpin on August 17 offered to
donate 49% of shareholdings in PhilWeb to PAGCOR and the remaining
4.7% to Ateneo de Manila University JVO Scholarship Foundation.

PAGCOR, however, rejected Mr. Ongpin's offer citing the President
Duterte's stance against online or on-site electronic gaming, the
report says.

"This issue is not RVO or PhilWeb per se. It is the President's
and his government's opposition to on-line and on-site electronic
gaming because of the social ills and decay they foist on our
communities as they cater to the more economically vulnerable
portion of our population," Pagcor, as cited by Manila Standard,
said.

Mr. Ongpin said he was hoping that PAGCOR would finally accept his
amended proposal.

"I hope that I will be forgiven for this one last attempt. It is a
sincere attempt and no benefit whatsoever will accrue to me since
I have already committed to donate all my shares," Mr. Ongpin
said, Manila Standard reports.

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 11, 2016, Manila Standard Today said PhilWeb Corp. will have
to wind up its operations following the decision of the state-
gaming firm not to renew its license.

"Philweb contract will expire Aug. 10, 2016, Pagcor will not
renew/extend the contract. PhilWeb informed Pagcor that they are
doing their wind up operations," Manila Standard quoted
Philippine Games and Amusement Corp. assistant vice president for
corporate communications Maricar Bautista as saying in a text
message.

PhilWeb officials were scheduled to meet with PAGCOR officials
late on August 9 after Pagcor chief executive Andrea Domingo said
the government would not renew PhilWeb's license.

With the PAGCOR's decision, PhilWeb Corp., which operates and
manages electronic casinos owned by the Philippine gaming
regulator, will have to shut down operations, including 286
so-called e-games outlets, according to Manila Standard.



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


GLOBAL CLOUD: Fitch Affirms 'B+' IDR; Outlook Stable
----------------------------------------------------
Fitch Rating has affirmed Global Cloud Xchange Limited's (GCX)
Long-Term Foreign- and Local-Currency Issuer Default Ratings at
'B+'.  The Outlook is Stable.

The agency has also affirmed GCX Limited's USD350m 7% senior
secured guaranteed notes at 'BB+' and Recovery Rating of 'RR1'.
GCX Limited is a wholly owned subsidiary of GCX.  The notes are
secured by the assets and equity interests of GCX and its key
subsidiaries and are guaranteed by GCX and its key operating
subsidiaries.

                         KEY RATING DRIVERS

Low Ratings Headroom: Fitch believes GCX's FFO-adjusted net
leverage for the year ending March 31, 2017 (FY17) could
deteriorate to around 4.0x (FY16: 3.7x) due to lower cash
generation amid industry overcapacity and price erosion - the
level at which Fitch could consider negative rating action if
breached on a sustained basis.

Fitch forecasts factors in the sale of the company's US Ethernet
business, Yipes, in 2HFY17, which would improve GCX's leverage if
divested on a timely basis.  Yipes made an EBITDA loss of
USD14 mil. and had USD17 million of finance lease debt in FY16.
Fitch estimates FY17-FY18 leverage would be 0.3x-0.4x higher if
GCX fails to sell the Yipes business.

Lower Recurring Revenue: Fitch forecasts FY17 FFO will decline to
around USD50 mil. (FY16: USD52 mil.) due to lower recurring
revenue and predominately fixed cost-base.  Fitch also forecasts
flat indefeasible right of usage sales at around USD65 mil. (FY16:
USD64 mil.), of which USD25 mil. was contracted in the first half;
typically the second half is seasonally better.

Recurring revenue could decline due to price erosion and customer
churn in all business segments, but especially in managed services
and internet protocol leased circuit, due to the commoditised
nature of these segments.  GCX's FY16 recurring revenue fell to
USD362 mil. (FY15: USD391 mil.) after losing some customers to
intense competition.

Chronic Industry Oversupply: The under-sea cable industry remains
oversupplied, as bandwidth increases from commissioning of
submarine cables by "over-the-top" operators and telecommunication
companies continue to outpace demand growth.  Furthermore,
technological advancements continue to improve capacity of
existing cables.  Hence, bandwidth tariffs will continue declining
over the medium-term despite increased demand.

Minimal FCF: Fitch forecasts GCX's FY17 FCF deficit of around
USD30 mil.-35 mil., as cash flow from operations will fall short
of Fitch's assumed capex of USD30 mil.-35 mil. and dividend
payments of USD15 mil.  GCX has already paid out its dividend in
April 2016.  Capex includes maintenance expenditure of USD25 mil.
and USD5 mil.-10 mil. to expand landing stations and points of
presences. Capex could rise if management decides to expand its
under-sea cable network or invest in Indian fibre assets.

Indian Fibre Expansion: GCX plans to acquire Indian fibre assets
of USD90 mil. in FY17 in part-payment for providing access to its
sea-cable network to its parent, Reliance Communications Limited
(Rcom, BB-/Stable).  The remaining amount owing from the USD134
mil. agreement will be paid in cash.  GCX is currently waiting for
licence approval from Indian telecom authorities to start offering
fibre services in India.  Fitch has not factored in additional
EBITDA from such expansion in our forecasts.  Rcom owes GCX around
USD71 mil. as at March 2016, which will increase to approximately
USD110 mil. by FY17.  Rcom will pay for the access in cash from
FY18 onwards.

Weak Linkages with Parent: Fitch rates GCX's IDR based on its
standalone profile under its  Parent and Subsidiary Linkage
methodology, due to weak legal, operational and strategic linkages
with its parent.  GCX's cash flows are largely ringfenced within
the GCX group by restrictive dividend and asset-sale covenants in
USD350 mil. secured note documents.  However, bond documents allow
GCX to pay dividend as long as debt/EBITDA is below 3.75x (FY17
forecast: 3.2x) and cash/interest is at least 2.25x (FY17
forecast: 2.5x).

Adequate Liquidity: GCX's cash balance of USD83 mil. at end-March
2016, before paying a USD15 mil. dividend in April 2016, and
annual cash EBITDA of about USD78 mil. are sufficient to fund an
annual interest expense of USD25 mil. and capital leases of
USD15 mil.  The secured note of USD350 mil. is due in 2019.

                          KEY ASSUMPTIONS

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

   -- indefeasible right of usage sales of about USD65 mil. in
      FY17 and USD60 mil. in FY18
   -- revenue to decline by 6% in FY17 and 3% in FY18
   -- sale of the Yipes business in 2HFY17, which will provide
      savings of about USD14 mil. at the EBITDA level for a full
      year
   -- negative working capital movement of USD32 mil.-34 mil. due
      to non-payment of receivable by Rcom waiting for Indian
      fibre asset transfer
   -- annual capex of about USD30 mil.-35 mil., compared with
      management's estimate of maintenance capex of USD25 mil..

                       RATING SENSITIVITIES

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

   -- sustained negative FCF generation
   -- a deterioration in the operating environment or evidence of
      the parent accessing cash from GCX and negatively affecting
      its credit profile, with FFO-adjusted net leverage rising
      above 4.0x (FY17 forecast: 4.1x) on a sustained basis
   -- FFO interest-charge coverage falling below 3.0x on a
      sustained basis (FY17 forecast: 2.9x).

Positive: Although an upgrade is not probable in the next 12-18
months, future developments that may, individually or
collectively, lead to positive rating action include:

   -- consistent generation of positive FCF
   -- a substantial increase in scale and absolute EBITDA
      generation
   -- FFO-adjusted net leverage falling below 2.5x on a sustained
      basis.

In accordance with Fitch's policies, the issuer appealed and
provided additional information to Fitch that resulted in a rating
action different than the original rating committee outcome.


SINGAPORE: Struggling Oil Firms May Get More Government Aid
-----------------------------------------------------------
David Yong at Bloomberg News reports that Singaporean companies
struggling to meet debt obligations as oil prices slump may get
more support from the government if the economy deteriorates
further, according to global auditing firm EY.   UBS Group AG's
wealth management unit warns more defaults are possible, Bloomberg
says.

"It's possible that off-budget measures may be introduced, as the
government has done previously, to help these businesses tide over
the slowdown should economic conditions worsen," Bloomberg quotes
Chia Seng Chye, a tax partner at EY in Singapore, as saying. "The
Singapore government is already encouraging businesses to innovate
and transform against increasing headwinds."

Bloomberg says Singapore's Finance Ministry foresaw troubles from
the slide in commodity prices when it announced budget plans in
March that included a loan assistance program to help ease cash
strains at smaller businesses. The situation has since worsened,
with energy industry cutbacks leading to default at oil-services
provider Swiber Holdings Ltd. About 28% of the SGD18 billion
($13.4 billion) in corporate bonds due over the next 18 months are
from industries facing structural headwinds, UBS wrote in an Aug.
16 note to clients, Bloomberg discloses.

"In the absence of further bank support, refinancing this debt may
prove difficult, potentially leading to more defaults over the
next year," analysts Devinda Paranathanthri and Clarissa Lee
wrote, Bloomberg relays. "The bond market is currently not open to
issuers from troubled sectors such as oil and gas, industrials,
transportation, and metals and mining."

Swiber, which offers engineering and other support services to
offshore energy businesses, fell under interim judicial management
earlier this month after running out of working capital, Bloomberg
notes. Marine-services peer Ezra Holdings Ltd. is considering
bolstering its capital, while oil and gas producer KrisEnergy Ltd.
has said its debt covenants could come under stress. A measure of
bad loans in Singapore rose last year to the highest since 2009,
according to Bloomberg.

The price of brent crude oil has halved in the past two years and
was at about $50.80 a barrel on August 19 in Singapore, Bloomberg
discloses. It has rebounded about 87 percent from this year's low
of $27.10 in February.

The Ministry of Trade and Industry said smaller businesses
supporting major oil companies have experienced a downturn since
2015 and the government is engaging companies retrenching workers
to place them in adjacent industries, according to Bloomberg.

"This approach aims to help the oil and gas sector become more
competitive in the long run, especially in a new global operating
environment of lower oil prices," a ministry spokesperson said by
e-mail on Aug. 18, adds Bloomberg.



                            *********

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, Ivy B. Magdadaro, and Peter A. Chapman,
Editors.

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

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

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



                 *** End of Transmission ***