TCRAP_Public/160829.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 29, 2016, Vol. 19, No. 170


                            Headlines


A U S T R A L I A

DINER HOUSE: First Creditors' Meeting Set for Sept. 5
HOLISTIC DENTAL: First Creditors' Meeting Set for Sept. 7
HOME THEATRE: First Creditors' Meeting Set for Sept. 5
STORM FINANCIAL: Directors Breach Duties Under Corporation Act
URBAN GRASSHOPPERS: First Creditors' Meeting Set for Sept. 2


I N D I A

ANUPAM INDUSTRIES: ICRA Cuts Rating on INR209cr ST Loan to D
ASM TECHNOLOGIES: ICRA Lowers Long Term Rating to B+
AVYAAN ORNAMENT: CRISIL Suspends 'D' Rating on INR1-Bil. Loan
BHUJBAL CONSTRON: CRISIL Suspends 'D' Rating on INR80MM Term Loan
CASCADE SYSTEMS: ICRA Revises Rating on INR5.0cr LT Loan to B+

CHIDDARWAR CONSTRUCTION: ICRA Rates INR7cr LT Loan at 'B'
DAKE HOSPITALS: CRISIL Suspends 'D' Rating on INR112.2MM LT Loan
DASHMESH RICE: ICRA Assigns 'B' Rating to INR30MM Loan
DELUXE KNITTING: CRISIL Ups Rating on INR80MM Mortgage Loan to C
DREAM DIGITAL: ICRA Assigns B- Rating to INR3.56cr Term Loan

EXCEL: CRISIL Lowers Rating on INR48MM Mortgage Loan to B-
FLORIND SHOES: CRISIL Raises Rating on INR374MM Loan to 'B'
G K SHELTERS: CRISIL Suspends 'D' Rating on INR250MM LT Loan
G. PURUSHOTHAM: CRISIL Suspends 'B' Rating on INR50MM Loan
GB ENGINEERING: ICRA Lowers Rating on INR24cr LT Loan to 'D'

GIRIRAJ JEWELLERS: CRISIL Suspends B Rating on INR35MM Cash Loan
HAMSA MINERALS: ICRA Lowers Rating on INR6.85cr Loan to B-
HARE KRISHNA: CRISIL Suspends B+ Rating on INR127.5MM LT Loan
HIMALYA INTERNATIONAL: ICRA Rates INR136.11cr Term Loan at B-
HITECH HYDRAULICS: ICRA Ups Rating on INR3.95cr Loan to BB-

KAVUMKAL ROAD: CRISIL Assigns 'B' Rating to INR74MM Cash Loan
KOHINOOR EDUCATION: ICRA Lowers Rating on INR60cr Term Loan to D
KOHINOOR HATCHERIES: CRISIL Suspends 'B-' Rating on INR462MM Loan
MAHESH EXTRUSIONS: CRISIL Reaffirms B- Rating on INR59MM Loan
MANISHA JEWELTECH: ICRA Suspends B+ Rating on INR6cr Loan

MEENAKSHI INDUSTRIES: CRISIL Cuts Rating on INR40MM Loan to B-
METCUT TOOLINGS: CRISIL Reaffirms 'D' Rating on INR94.5MM Loan
MURLI REALTORS: CRISIL Suspends B- Rating on INR160MM Term Loan
NATIONAL CAPSULES: CRISIL Suspends 'B' Rating on INR72MM Loan
NIHAR COTSPIN: CRISIL Suspends 'B' Rating on INR50MM Term Loan

OM SAI: CRISIL Assigns 'B' Rating to INR420MM LT Loan
P L MULTIPLEX: CRISIL Suspends 'D' Rating on INR114MM Term Loan
PRABHAT CABLES: CRISIL Reaffirms B+ Rating on INR200MM Cash Loan
PRAKASH INDUSTRIAL: CRISIL Reaffirms B Rating on INR100MM Loan
PONNU FOOD: ICRA Reaffirms 'B' Rating on INR8.0cr LT Loan

R.R. DISTRIBUTORS: CRISIL Assigns B+ Rating to INR40MM Cash Loan
RADHEYA MACHINING: CRISIL Suspends B Rating on INR350MM Loan
RAMAKRISHNA TELETRONICS: ICRA Rates Unallocated Loan at B/A4
S.L.V. ENTERPRISES: CRISIL Suspends 'D' Rating on INR90MM Loan
SANGAMNER LONI: CRISIL Suspends 'D' Rating on INR140MM Term Loan

SANYA MOTORS: CRISIL Lowers Rating on INR150MM Cash Loan to B-
SANJEEVANI ASSOCIATES: CRISIL Suspends D Rating on INR70MM Loan
SHIV METTALICKS: CRISIL Assigns B+ Rating to INR120MM Cash Loan
SIYARAM GRANITO: CRISIL Suspends B+ Rating on INR267MM Term Loan
STEFINA CERAMIC: ICRA Assigns 'B' Rating to INR3cr Cash Loan

TAJ AGRO: ICRA Assigns B+ Rating to INR10cr Cash Loan
WORKSPACE METAL: ICRA Reaffirms B+ Rating on INR5.6cr Loan


J A P A N

TOSHIBA CORP: Faces JPY12-Bil. Suit Over Accounting Scandal


S O U T H  K O R E A

HANJIN SHIPPING: Likely to Enter Receivership


                            - - - - -


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


DINER HOUSE: First Creditors' Meeting Set for Sept. 5
-----------------------------------------------------
A first meeting of the creditors in the proceedings of The Diner
House Pty Ltd will be held at Veritas Advisory, Level 12, at 88
Pitt Street, in Sydney, on Sept. 5, 2016, at 11:00 a.m.

David Iannuzzi and Steve Naidenov of Veritas Advisory were
appointed as administrators of Diner House on Aug. 24, 2016.


HOLISTIC DENTAL: First Creditors' Meeting Set for Sept. 7
---------------------------------------------------------
A first meeting of the creditors in the proceedings of:

     -- Holistic Dental Brunswick Pty Ltd;
     -- Holistic Dental Holdings Pty Ltd;
     -- Holistic Dental Pty Ltd;
     -- Prabhu Family Pty Ltd; and
     -- M&BK Pty Ltd,

will be held at the Asian Pacific Serviced Offices, Suite 18-19,
at 79-83 High Street, in Kew Victoria 3101, on Sept. 7, 2016, at
10:30 a.m.

Michael Caspaney -- michael@menziesadvisory.com.au -- of Menzie
Advisory was appointed as administrator of Holistic Dental on Aug.
26, 2016.


HOME THEATRE: First Creditors' Meeting Set for Sept. 5
------------------------------------------------------
A first meeting of the creditors in the proceedings of Home
Theatre Entertainment Pty Ltd will be held at 105 Macquarie St, in
Hobart, on Sept. 5, 2016, at 10:30 a.m.

Paul Cook and Terry O'Connor of Paul Cook & Associates were
appointed as administrators of Home Theatre on Aug. 25, 2016.


STORM FINANCIAL: Directors Breach Duties Under Corporation Act
--------------------------------------------------------------
The Federal Court has found that the directors of Storm Financial,
Emmanuel and Julie Cassimatis, breached their duties as directors.
The Court also found that Storm Financial provided inappropriate
advice to certain investors.

Since around 1994, Storm Financial operated a system created by
the Cassimatises, in which what ASIC considered to be "one-size-
fits-all" investment advice was recommended to clients.  The
advice recommended that clients invest substantial amounts in
index funds, using "double gearing" (Storm Model).  This approach
involved taking out both a home loan as well as a margin loan in
order to purchase units in index funds, create a "cash dam" and
pay Storm's fees.  Once initial investments took place,
"Stormified" clients would be encouraged to take "step"
investments over time.

By the time of Storm's collapse in early 2009, approximately 3,000
of its 14,000 client based had been "Stormified".  In late 2008
and early 2009, many of Storm's clients were in negative equity
positions, sustaining significant losses.

The case that ASIC advanced against the Cassimatises centered
around a sample of investors who were advised to invest in
accordance with the Storm Model.  ASIC alleged that the advice
provided to those investors by Storm was inappropriate to their
personal circumstances, considering that each of the investors
were alleged to be over 50 years old, were retired or approaching
and planning for retirement, had little or limited income, few
assets and had little or no prospect of rebuilding their financial
position in the event of suffering significant loss.

Among other things, it was also alleged that Storm failed to
properly investigate the subject matter of the advice given to
those investors.  As such, ASIC also alleged that Storm failed to
do all things necessary to ensure that the financial services
covered by its licence were provided efficiently, honestly and
fairly.

ASIC further alleged that because the Cassimatises were
responsible for the day-to-day significant decisions in relation
to the provision of financial services to Storm's clients and
exercised a high degree of control over its systems and processes,
they had caused Storm to contravene its obligations under the
Corporations Act and did not exercise their powers as directors of
Storm with the degree of care and diligence that a reasonable
person would have exercised in that situation.

In a 217-page judgment, Justice Edelman found that:

    "Storm provided advice to certain investors, that was
inappropriate to their personal circumstances and failed to give
such consideration to the subject matter of the advice and did not
properly investigate the subject matter of the advice given.

    "A reasonable director with the responsibilities of Mr. and
Mrs. Cassimatis would have known that the Storm model was being
applied to clients such as those who fell within this class and
that its application was likely to lead to inappropriate advice.
The consequences of that inappropriate advice would be
catastrophic for Storm (the entity to whom the directors owed
their duties).  It would have been simple to take precautionary
measures to attempt to avoid the application of the Storm model to
this class of persons."

Commissioner Greg Tanzer said, "This is an important decision
which emphasises the importance of directors' duties to ensure
that they do not cause the companies that they control, to breach
the law.  The decision also highlights the significant obligation
on financial services licensees to provide financial advice that
is appropriate to the persons to whom it is given."

The matter will be listed for a further hearing at a later date to
determine what civil penalties and disqualification orders should
be imposed on the Cassimatises as a result of the breach of their
director duties.

ASIC commenced this civil penalty proceeding against the
Cassimatises in late 2010).  The trial took place between May 30
and June 30, 2016.

In May 2013, ASIC secured AUD1.1 million in compensation on behalf
of two former Storm investors, Barry and Deanna Doyle.

In September 2012, ASIC entered into a settlement agreement with
the Commonwealth Bank of Australia to make available up to AUD136
million as compensation for losses suffered on investments made
through Storm. The AUD136 million was in addition to payments of
approximately AUD132 million, and other benefits that CBA had
already provided to Storm investors under its Resolution Scheme.

In May 2013, ASIC intervened in the application for Court approval
of the settlement of the related class action brought against
Macquarie Bank in respect of Storm as it had concerns about the
fairness of the settlement arrangements.  On 12 August 2013, the
Full Federal Court agreed that the distribution of the settlement
sum was not fair and reasonable to all group members (refer
http://storm.asic.gov.au/settlements/richards-settlement/). Under
a revised settlement, Macquarie Bank agreed to pay AUD82.5 million
by way of compensation and costs.

In September 2014, ASIC entered into a settlement agreement with
the Bank of Queensland Limited to pay approximately AUD17 million
as compensation for losses suffered on investments made through
Storm.


URBAN GRASSHOPPERS: First Creditors' Meeting Set for Sept. 2
------------------------------------------------------------
A first meeting of the creditors in the proceedings of
Urban Grasshoppers Pty Ltd will be held at the offices of
Hall Chadwick Chartered Accountants, Level 10, 575 Bourke Street,
in Melbourne, on Sept. 2, 2016, at 11:00 a.m.

David Ross and Richard Albarran of Hall Chadwick Chartered
Accountants were appointed as administrators of Urban Grasshoppers
on Aug. 23, 2016.



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


ANUPAM INDUSTRIES: ICRA Cuts Rating on INR209cr ST Loan to D
-------------------------------------------------------------
ICRA has revised the long-term rating to [ICRA]D from [ICRA]BBB
(Stable) for the term loans of INR66.91 crore and also revised the
short-term rating to [ICRA]D from [ICRA]A3+ for the short-term
fund-based limits of INR108.00 crore and short-term non-fund based
limits of INR209.00 crore of Anupam Industries Limited. ICRA has
also revised the rating of long-term/short-term fund based limits
of INR0.09 crore of AIL to [ICRA]D/[ICRA]D from
[ICRA]BBB(Stable)/[ICRA]A3+.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Term loans              66.91       Revised to [ICRA]D from
                                       [ICRA]BBB (stable)

   Short-term fund        108.00       Revised to [ICRA]D from
   based limits                        ICRA]A3+

   Short-term non-fund    209.00       Revised to [ICRA]D from
   based limits                        [ICRA]A3+

   Long-term/short-term     0.09       Revised to [ICRA]D/[ICRA]D
   fund based limits                   from [ICRA]BBB (stable)/
                                       [ICRA]A3+

The revision in ratings factor in the recent delays in debt
servicing by the company, as evidenced by the instances of
devolvement of letter of credit (LC) facilities which remained
unpaid for more than thirty days, on account of stretched
liquidity emanating from delays in realization of receivables. The
receivables position of the company continues to remain stretched
on account of tight liquidity faced by the key target industries
such as steel, power, construction and port sectors.

Anupam Industries Limited was incorporated in 1973 in Anand
(Gujarat) as a proprietorship concern and was subsequently
converted into a public limited company in 1998. The company is
engaged in the manufacture and supply of a variety of cranes
(Electric Overhead Cranes, gantry cranes, and tower cranes,
amongst others), which find application in a wide range of
industries such as steel, power, construction, and port, amongst
others.


ASM TECHNOLOGIES: ICRA Lowers Long Term Rating to B+
----------------------------------------------------
ICRA has revised the long term rating of ASM Technologies Limited
from [ICRA]BBB to [ICRA]B+. ICRA has also reaffirmed the short
term rating at A3+.


AVYAAN ORNAMENT: CRISIL Suspends 'D' Rating on INR1-Bil. Loan
-------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Avyaan
Ornament Private Limited.

                            Amount
   Facilities              (INR Mln)     Ratings
   ----------              ---------     -------
   Export Packing Credit      1000       CRISIL D

The suspension of ratings is on account of non-cooperation by AOPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, AOPL is yet to
provide adequate information to enable CRISIL to assess AOPL's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information.

Set up in 2013-14, Avyaan Ornaments Private Limited (AOPL) is a
pvt. Ltd. company based out of Mumbai. AOPL is set up by promoters
of KBJ group. Key promoter is Mr. Mohit Kamboj, a third generation
entrepreneur, and is engaged in the business of manufacturing gold
ornaments such as kundan jewellery as well as necklaces,
bracelets, earrings, bangles and other type of related allied
products.


BHUJBAL CONSTRON: CRISIL Suspends 'D' Rating on INR80MM Term Loan
-----------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Bhujbal
Constron.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan                80        CRISIL D

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

Set up in April 2012, Bhujbal is implementing a residential real
estate project on the outskirts of Wai (Maharashtra). The project
comprises 108 residential units (54 units, each with one bedroom
along with a hall and kitchen [1-BHK], and 54 with 2-BHK); it is
being marketed under the name Grand County. Bhujbal is a part of
the Bhujbal group of entities promoted by Mr. Abhijit Bhujbal.


CASCADE SYSTEMS: ICRA Revises Rating on INR5.0cr LT Loan to B+
--------------------------------------------------------------
ICRA has revised the long term rating assigned to INR5.00 crore
long term fund based limits of Cascade Systems and Communication
Private Limited from [ICRA]BB- to [ICRA]B+. The short term rating
for the non fund based limits has been reaffirmed at [ICRA]A4.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Long Term-Fund           5.00      [ICRA]B+/revised from
   Based (CC)                         [ICRA]BB- (stable)

   Short Term- Non
   Fund Based (BG)          1.00      [ICRA]A4/reaffirmed

The revision of rating takes into account the significant decline
in the revenue during FY2016 and the weakened financial profile
marked by thin profitability, moderate capital structure and weak
coverage indicators. Stretched receivables, coupled with earlier
payment made to its suppliers, have resulted in significant
increase in the working capital intensity during FY2016, weakening
the liquidity profile of the company. Going forward, the liquidity
position is expected to remain stretched due to the weak accruals
and significant debt repayment obligations in the near term. The
ratings also factor in the small scale of operations of the
company which limits its bargaining power with the suppliers who
are national level distributors and the competition from other
dealers in the same brand and product space which limits its
pricing flexibility and margins.

However, the ratings positively factor in the experience of the
promoters in the IT hardware and computer peripherals distribution
business and the well-established relationship of the company with
its customers and suppliers. ICRA also takes into account the
company's diversified product portfolio ranging from printer
consumables, optical media products, and Point of Sale (POS)
devices to batteries, invertors and surveillance systems which
provides the company opportunity to cross-sell its products. The
ratings also favorably take into account the company's presence in
all the leading brands for printer consumables such as Hewlett
Packard (HP), Canon, Epson and Samsung which mitigates competition
risk to an extent. Going forward, the ability of the company to
secure funding to meet its working capital requirements and
improve its profitability would be the key rating sensitivities.

Incorporated in 2001, Cascade Systems And Communication Private
Limited is engaged in sales, distribution and after sales support
for IT hardware and computer peripherals. The company primarily
deals with printer consumables like printer cartridges, ink and
toner of leading brands like HP, Canon, Epson, Samsung, etc, point
of sale devices including billing terminals, label printers,
keyboards and cash register of TVS Electronics, optical media and
data storage devices like CDs, DVDs, Blu-Ray Discs and pen-drives
from Moser Baer, LG surveillance systems, Emerson UPS and Amaron
batteries. The company has tied up with large national
distributors like Ingram, Redington, Compuage and Savex, among
others for product sourcing. The company also has an IT division,
which undertakes driving-test automation project for the RTOs on a
turnkey basis. Although majority of its customers are wholesale
and semi-wholesale dealers, the company also deals directly with
end customers, which includes IT companies and government
departments. The company is equipped with a service team to cater
to the after sales and maintenance requirements of its end
customers. The company has a branch in Hyderabad, however,
receives majority of its revenues (~84%) from Karnataka.

Recent Results
The company reported a net profit of INR0.3 crore on an operating
income of INR55.5 crore during FY2015, as against a net profit of
INR0.3 crore on an operating income of INR51.2 crore during
FY2014. As per the FY2016 provisional financials, the company
reported a net profit of INR0.2 crore on an operating income of
INR42.8 crore.


CHIDDARWAR CONSTRUCTION: ICRA Rates INR7cr LT Loan at 'B'
---------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B to the INR7.00
crore fund-based fund based limit of Chiddarwar Construction
Company Private Limited. ICRA has also assigned a short-term
rating of [ICRA]A4 to the INR3.00 crore non-fund based limit of
CCCPL.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Long-Term Non-Fund
   Based-Cash Credit        7.00      [ICRA]B Assigned

   Short-Term Non-Fund
   Based-Bank Guarantee     3.00      [ICRA]A4 Assigned

The assigned ratings are constrained by the modest scale of
CCCPL's operations, stretched liquidity profile of the firm in FY
2014-15 and 10M FY 2015-16 as a result of elongated billing cycle
and slow execution of projects translating into high inventory
levels and highly leveraged capital structure with a gearing of
3.20 times as on March 31, 2015. The operations of the company
remain geographically concentrated in Maharashtra with projects
largely undertaken for Public Works Department, Maharashtra during
the last three years thereby exposing the firm to the economic and
geo-political risks associated with the state. The company also
witnesses intense competition by virtue of the highly fragmented
industry structure given the low complexity of work involved and
low entry barriers which exerts pressure on its margins.

The assigned ratings however, take into account the long
experience of CCCPL's promoter in the construction sector; the
company's status as a 'Class I' contractor with Public Works
Department which helps it in meeting technical criteria and the
company's customer base which comprises entirely of government
entities which limits the counter party credit risk.
ICRA expects CCCPL's revenues to improve by over 20% in FY2016-17
compared to that during FY2015-16 owing to strong order book
position of the company as on January 31, 2016. CCCPL has a
closing order book of INR66.53 crore equivalent to 2.98 times FY
2015 revenues which provides revenue visibility in the near term.
The operating profit margins of the company are expected to remain
healthy on account of high margin projects undertaken by the
company and presence of price escalation clause in most of the
contracts shielding its profitability. CCCPL's capital structure
is likely to remain leveraged over the medium term.

Chiddarwar Construction Company Private Limited was established as
a proprietorship firm in 1988 under the name Chiddarwar
Construction Company with the objective of executing civil
construction projects. It was reconstituted as a private limited
company in 2003 under the name Chiddarwar Construction Company
Private Limited. The company is primarily engaged in the
construction of roads, bridges, canals and government buildings.
The operations of the company are managed by Mr. Sanjay
Chiddarwar, who is a Civil Engineer having an experience of over
three decades in the construction industry. CCCPL is registered as
a 'Class IA' contractor with the Public Works Department in
Maharashtra, the Maharashtra. The company has its registered
office at Yavatmal in Maharashtra and branch offices at five
locations namely, Washim, Pusad, Nanded, Wani and Pandharwada in
Maharashtra.

Recent Results

CCCPL recorded a net profit of INR0.71 crore on an operating
income of INR22.28 crore for the year ending March 31, 2015 and a
net profit of INR0.72 crore on an operating income of INR20.53
crore for the period ending Jan. 31, 2016 (as per the provisional
figures disclosed by the management).


DAKE HOSPITALS: CRISIL Suspends 'D' Rating on INR112.2MM LT Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Dake
Hospitals Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Long Term Loan        112.2       CRISIL D
   Proposed Long Term
   Bank Loan Facility     27.8       CRISIL D

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

DHPL, incorporated in May 2010 and promoted by Dr. Mangesh Dake, a
trauma surgeon, and his wife Dr. Sangeeta Dake, an infertologist,
is setting up a multi-speciality hospital at Panvel (Maharashtra).


DASHMESH RICE: ICRA Assigns 'B' Rating to INR30MM Loan
------------------------------------------------------
ICRA has assigned [ICRA]B rating to INR30 crore (enhanced from
INR25 crore) fund-based bank facilities of Dashmesh Rice Mills.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund-Based Limits         30         [ICRA]B, assigned

ICRA's rating action factors in healthy growth in operating income
in FY 2016; although it was accompanied by decline in net cash
accruals and decline in interest coverage ratio. The rating
continues to factor in DRM's presence in a highly competitive
industry, its weak profitability metrics, high gearing level, and
weak debt protection indicators. The rating is also constrained by
its stretched liquidity position, as reflected by the consistently
high working capital limits utilisation, arising out of high
inventory holding period as well as risks inherent in a
partnership firm like limited ability to raise equity capital,
risk of dissolution due to death/retirement/insolvency of partners
etc.

However, the ratings favorably factor in DRM's experienced
promoters with a long track record in its involvement in the rice
milling industry.

Dashmesh Rice Mills is a partnership firm promoted by Mr. Raman
Sidana and his family members, primarily involved in milling of
basmati rice. The firm also converts semi-processed rice into
parboiled basmati rice. DRM's milling unit is based out of
Jalalabad, District in Punjab's Ferozpur, in close proximity to
the local grain market.

Recent Results
During the fiscal 2015-16, the firm reported a profit after tax
(PAT) of INR0.17 crore on an operating income of INR81.70 crore as
against a PAT of INR0.16 crore on an operating income of INR65.19
crore in 2014-15.


DELUXE KNITTING: CRISIL Ups Rating on INR80MM Mortgage Loan to C
----------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of Deluxe
Knitting Mill to 'CRISIL C/CRISIL A4' from 'CRISIL D/CRISIL D'.

                            Amount
   Facilities              (INR Mln)     Ratings
   ----------              ---------     -------
   Bill Discounting             5        CRISIL C (Upgraded
                                         from 'CRISIL D')

   Mortgage Loan Facility      80        CRISIL C (Upgraded
                                         from 'CRISIL D')

   Packing Credit              35        CRISIL A4 (Upgraded
                                         from 'CRISIL D')

The upgrade reflects timely servicing of debt because of improved
liquidity backed by funding support from promoters. While cash
accruals are likely to improve over the medium term, it would
remain barely sufficient in relation to the maturing debt
obligation, necessitating timely fund support from partners.

The ratings reflect working capital-intensive nature of operations
and susceptibility of margins to volatility in raw material
prices. These weaknesses are partially offset by the extensive
experience of the partners in the knitted garments industry.

Established as a partnership firm at Tiruppur, Tamil Nadu, in
1987, DKM exports knitted garments.


DREAM DIGITAL: ICRA Assigns B- Rating to INR3.56cr Term Loan
------------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B- to the INR3.56
crore term loan facilities and INR1.50 crore cash credit facility
of Dream Digital. ICRA has also assigned a short-term rating of
[ICRA]A4 to the INR0.12 crore non fund based facility of DD.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Long Term-Fund           5.00      [ICRA]B+/revised from
   Based (CC)                         [ICRA]BB- (stable)

   Short Term- Non
   Fund Based (BG)          1.00      [ICRA]A4/reaffirmed

The assigned ratings reflect Dream Digital (DD)'s limited track
record of operations, coupled with relatively small envisaged
scale of operations and presence in the lower end of the textile
processing value chain with operations confined only to printing
activity. The ratings also factor in the firm's weak capital
structure, marked by a modest net worth base and relatively high
external borrowings. Further, in the near term the firm's capital
structure and coverage indicators are expected to remain
stretched, given the recent debt-funded capex and the impending
debt repayments. ICRA also takes note of the firm's operations in
a highly competitive market owing to high fragmentation and low
product differentiation which limits pricing flexibility.
The ratings, however, favorably consider the vast experience of
the promoters in the fabric processing business, and benefits
accruing from being located in the textile hub of Surat, which
provides advantages in terms of proximity to suppliers and
customers.

In FY2017, ICRA expects the firm's operating income to remain
modest in its first full year of operation while it is gradually
expected to grow at a moderate year on year growth rate of 10% in
the medium term to be backed by steady order inflow from apparel
manufactures.

Going forward, the firm's ability to ramp up the scale of
operation by achieving steady order inflow by offering exclusive
print designs and thereby developing preferences among apparel
manufacturers, improving operating profitability by controlling
the input expenses in the backdrop of competitive pricing pressure
will be critical to generate sufficient cash accrual to
comfortably meet its debt obligation and hence will be the key
rating sensitivities. Conversely, lower-than-expected
profitability due to adverse movements in fabrics or ink and
chemical prices, any further weakening of capital structure due to
large withdrawal from partners or stretch in the working capital
cycle, will result in a deterioration in the financial risk
profile; especially liquidity, which could have a negative impact
on the key credit metrics.

Established in the year 2015, Dream Digital is a Gujarat-based
partnership firm promoted by Mr. Parimal Vakharia and Mr. Vinay
Patel. The firm is involved in the business of digital printing on
greige fabrics. The firm commenced its commercial production on
July 29, 2015 and has completed its first year of operation in
FY2016. It has its printing unit in GIDC, Surat which has an
installed capacity of printing 1.08 lac metres of cloth per month.

Recent Results:
DD has reported a net loss of INR0.29 crore on an operating income
of INR1.69 crore as per provisional statement for FY2016.


EXCEL: CRISIL Lowers Rating on INR48MM Mortgage Loan to B-
----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Excel to 'CRISIL B-/Stable' from 'CRISIL B+/Stable'; the rating
on the firm's short-term facility has been reaffirmed at 'CRISIL
A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              5        CRISIL B-/Stable (Downgraded
                                     from 'CRISIL B+/Stable')

   Corporate Mortgage      48        CRISIL B-/Stable (Downgraded
   Loan                              from 'CRISIL B+/Stable')

   Foreign Bill
   Discounting             75        CRISIL A4 (Reaffirmed)

   Letter of Credit         5        CRISIL A4 (Reaffirmed)

   Packing Credit          60        CRISIL A4 (Reaffirmed)

   Proposed Long Term       7        CRISIL B-/Stable (Downgraded
   Bank Loan Facility                from 'CRISIL B+/Stable')

The rating downgrade reflects expectation that Excel's business
risk profile will remain under pressure over the medium term due
to intense competition and weak demand. Operating income declined
around 58% in fiscal 2016, due to lower offtake and intense
competition from domestic and foreign players. Weakening of
operating performance has also impacted liquidity: cash accrual is
likely to be inadequate for debt servicing over the medium term.

The ratings also reflect weak financial risk profile marked by
weak debt protection metrics. The ratings also factor in modest
scale of operations in the intensely competitive ready-made
garment export business, and large working capital requirement.
These rating weaknesses are partially offset by the extensive
industry experience of the partners.
Outlook: Stable

CRISIL believes Excel will continue to benefit over the medium
term from its partners' extensive experience. The outlook may be
revised to 'Positive' if significant improvement in scale of
operations, operating profitability and working capital management
result in considerable improvement in liquidity. Conversely, the
outlook may be revised to 'Negative' if accrual declines further,
or working capital management weakens, leading to deterioration in
liquidity.

A partnership firm set up in 1989, Excel manufactures readymade
garments for men, women and children. The firm exports to USA and
Europe. Operations are managed by the managing partner, Mr K
Natarajan.


FLORIND SHOES: CRISIL Raises Rating on INR374MM Loan to 'B'
-----------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Florind Shoes Private Limited to 'CRISIL B/Stable' from 'CRISIL B-
/Stable', while reaffirming its rating on the short-term
facilities at 'CRISIL A4'.

                            Amount
   Facilities             (INR Mln)    Ratings
   ----------             ---------    -------
   Export Packing Credit     190       CRISIL B/Stable (Upgraded
                                       from 'CRISIL B-/Stable')

   Letter of credit &
   Bank Guarantee             90       CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility        374       CRISIL B/Stable (Upgraded
                                       from 'CRISIL B-/Stable')

The rating upgrade reflects improvement in FSPL's liquidity,
driven by improved scale of operations leading to higher cash
accruals and centrally factors in expectation of timely fund
support from promoter. Revenue grew 16.5% year-on-year and stood
at an estimated INR988.2 million in fiscal 2016 leading to
increase in cash accruals. The upgrade also reflects the
consistent funding support offered by promoters in the form of
unsecured loans. Timely support from promoters will remain a
rating sensitivity factor.

The ratings reflect FSPL's below-average financial risk profile,
marked by modest networth, high gearing, and below-average debt
protection metrics. This weakness is partially offset by the
extensive experience of the promoter in the leather footwear
industry and long-standing relationships with customers.
Outlook: Stable

CRISIL believes FSPL will continue to benefit from its established
customer relationships. The outlook may be revised to 'Positive'
if improvement in and profitability and working capital
management, leads to better cash accrual and liquidity. The
outlook may be revised to 'Negative' if large debt-funded capital
expenditure, or stretch in working capital cycle or delays in fund
support from the promoters weaken the financial risk profile.

FSPL, incorporated in 1978, is a formal shoe making company
located in Chennai (Tamil Nadu). It is managed by Mr Shahid
Mansoor.


G K SHELTERS: CRISIL Suspends 'D' Rating on INR250MM LT Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
G K Shelters Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Long Term Loan          250       CRISIL D

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

Set up in 2007, Bengaluru based GKSPL is engaged in real estate
development. The day-to-day operations are managed by its promoter
director Mr. K. Narasimhulu Naidu.


G. PURUSHOTHAM: CRISIL Suspends 'B' Rating on INR50MM Loan
----------------------------------------------------------
CRISIL has suspended its ratings on the bank facility of
G. Purushotham Naidu.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Working
   Capital Facility        50        CRISIL B/Stable

The suspension of ratings is on account of non-cooperation by GPN
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, GPN is yet to
provide adequate information to enable CRISIL to assess GPN's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information.

Incorporated in 2005 and based out of Bengaluru (Karnataka), GPN
is engaged in execution of civil contracts, primarily construction
of buildings. The firm is founded and managed by Mr. G.
Purushotham Naidu.


GB ENGINEERING: ICRA Lowers Rating on INR24cr LT Loan to 'D'
------------------------------------------------------------
ICRA has revised the long term rating outstanding on the INR24.00
crore fund based facilities of GB Engineering Enterprises Private
Limited from [ICRA]B- to [ICRA]D. ICRA has also revised the short
term rating on the INR19.28 crore non fund based facilities of
GBEEPL from [ICRA]A4 to [ICRA]D. ICRA has assigned ratings of
[ICRA]D/[ICRA]D to the long term/short term unallocated facility
of INR3.26 crore.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Long Term Fund
   Based Limits            24.00       [ICRA]D/Revised

   Short Term Fund
   Based Limits             5.00       [ICRA]D/Revised

   Non Fund Based
   Limits                  19.28       [ICRA]D/Revised

   Long Term/Short
   Term - Unallocated       3.26       [ICRA]D/[ICRA]D/Assigned

The rating revision takes into account the devolvement of LC which
remained unpaid for more than 30 days and over utilization of fund
based facilities. The ratings also factor in the negatively
impacted revenues precipitated by the poor market scenario in the
country as well as in international markets over the past few
fiscals for capital goods. The ratings consider the modest
financial profile of GBEEPL, which continues to be impacted by the
high working capital intensity arising from high inventory
holdings on the back of long manufacturing lead time and deferment
of off-take by customers resulting in tight liquidity position.

This has been further exacerbated by the debt servicing
obligations of ACB-GB (GBEEPL's JV Company) on behalf of
which GEEPL has extended a corporate guarantee for the bank
borrowings. Moreover, the nascent stage of operations of ACB-GB
with continued losses incurred by it since its inception, and debt
repayment obligations arising over the medium terms may
necessitate additional funding support from GBEEPL. However, the
risk has been mitigated to an extent, as ACB-GB has made
prepayment of its principal repayment obligation for FY
2016-17 by selling a vacant land.  The ratings also consider
GBEEPL's exposure to raw material price volatility as most of the
supply contracts are of fixed price in nature; and the high
utilization of fund based working capital credit facilities.

Nonetheless, the ratings favorably consider the extensive
experience of the promoters in the industry and the established
track record of GBEEPL in the boiler pressure components segment.
The company has a diversified customer base comprising reputed
boiler manufacturers from whom the company has been consistently
receiving repeat orders. In July 2016, GBEEPL had a modest order
book of ~INR39 crore, which provides visibility on revenues over
the near term.

G B Engineering Enterprises Private Limited is engaged in the
fabrication of high pressure application parts for heavy boilers,
pressure vessels, heat exchangers, etc. The company commenced
operations in 1980 as a fabricator of structural engineering parts
to Bharat Heavy Electricals Limited (BHEL), Trichy, and has
diversified into pressure parts for boilers over a period of time.
GBEEPL has an established customer base that includes various
established domestic and overseas boiler manufacturers. GBEEPL is
an ISO 9001 certified and American Society for Mechanical
Engineers (ASME) Code authorised company.

GBEEPL was established by Mr. B. Pattabhiraman and his associates,
and was re-constituted as a private limited company in 1987. In
2005-06, GBEEPL became part of the Resurgent Group of companies,
with its entire shares being transferred to the group's holding
company, Resurgent Investments Private Limited (RIPL).

During 2011-12, RIPL divested its entire stake in favor of the
original promoters of GBEEPL. GBEEPL has also formed two joint
venture companies, the details of which are given below:

Ansaldocaldaie - GB Engineering Private Limited (ACB-GB) is a
50:50 JV with Ansaldo Caldaie Boilers India Private Limited (ACB
India). This company manufactures boiler parts for orders
undertaken by ACB India. It was formed by hiving off the Pudukudy
factory of GBEEPL, for which the GBEEPL received INR40 crore in
cash and INR20 crore of equity shares in ACB-GB as consideration.
ACB-GB commenced operations from FY 2011-12 and reported net
losses of INR3.8 crore in FY 2014-15.

SBS and GB Saline Water Specialists Private Limited is a 50:50 JV
with SWS Saline Water Specialists, an Italian company. This
company provides technical and engineering solutions in the water
desalination space. It currently has limited operations and has an
authorized share capital of INR50 lakhs.

For FY 2015-16, GBEEPL provisionally reported a PAT of INR0.07
crore on an operating income of INR50.1 crore, as against a net
loss of INR-1.17 crore on an operating income of INR60.71 crore in
FY 2014-15.


GIRIRAJ JEWELLERS: CRISIL Suspends B Rating on INR35MM Cash Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Giriraj
Jewellers Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          59        CRISIL A4
   Cash Credit             35        CRISIL B/Stable
   Gold Loan                6        CRISIL B/Stable
   Packing Credit          50        CRISIL A4

The suspension of ratings is on account of non-cooperation by GJPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, GJPL is yet to
provide adequate information to enable CRISIL to assess GJPL's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key factor in its rating process as outlined in its criteria
'Information Availability - a key risk factor in credit ratings'
GJPL was set up as proprietorship firm in the year 1983 and later
incorporated as private Limited entity in 2004. The company is
engaged in exporting, retailing, and wholesaling of gold jewelry.


HAMSA MINERALS: ICRA Lowers Rating on INR6.85cr Loan to B-
----------------------------------------------------------
ICRA has revised the long term rating from [ICRA]B+ to [ICRA]B-
for the INR6.85 crore long-term fund based limits and INR2.35
crore long term/short term unallocated limits of Hamsa Minerals &
Exports. ICRA has also re-affirmed the short term rating of
[ICRA]A4 outstanding on the INR10.00 crore short-term fund based
limits and INR2.35 long term/short term unallocated limits of HME.

                        Amount
   Facilities         (INR crore)    Ratings
   ----------         -----------    -------
   Long Term Fund         6.85       [ICRA]B- revised from
   Based facilities                  [ICRA]B+ Short

   Term Fund Based
   facilities            10.00       [ICRA]A4/re-affirmed

   Long Term/Short        2.35       [ICRA]B- revised from
   Term Unallocated                  [ICRA]B+;[ICRA]A4 reaffirmed

The downward revision in the long term rating primarily takes into
account the de-growth in top-line of the company in FY 2015 and
FY2016 due to subdued demand conditions in end user markets. The
revision takes note of the stretched liquidity position of the
company and the high working capital intensity as indicated by
NWC/OI of 195% during FY2015-16 (as per provisional numbers) on
account of high creditor days and inventory holding. The firm's
financial profile remains constrained by the weak capital
structure and coverage ratios as indicated by Total debt/OPBITDA
of 43x and NCA/ Total Debt of -0.34% as on 31st March, 2016. While
a large portion of the debt is in the form of unsecured loans from
group companies, the partnership constitution of the firm subjects
it to risk of fund withdrawal. ICRA also notes the high geographic
concentration with about 80% of the revenues contributed from
sales to China, and the vulnerability of the margins to the
foreign exchange fluctuations.

The ratings, however, continue to derive comfort from the
promoters' vast experience in the domestic granite industry and
the strong business synergies derived from the group companies
that are engaged in the same line of business. The ratings also
factor in the easy accessibility of raw black granites from the
quarries owned / leased by HME and the group companies, and the
firm's forward integration to granite processing and exporting
slabs. The ability of the firm to scale up its operations, while
improving its profitability and working capital intensity will be
the key sensitivities going forward.

Incorporated in 2004, Hamsa Minerals & Exports is a partnership
firm engaged in granite quarrying and exporting dressed granite
blocks to countries such as China, Hong Kong, Taiwan and
Switzerland. Initially, the firm was into iron ore exports
business and subsequently got 100 per cent EOU (Export Oriented
Unit) certificate from Vishakhapatnam SEZ to export squared and
dressed granite blocks.

Recent Results
The firm reported net losses of INR2.06 crores on operating income
of INR17.57 crores during 2015-16 (as per provisional number) as
against net profit of INR0.001 crore on operating income of
INR19.46 crores during 2014-15.


HARE KRISHNA: CRISIL Suspends B+ Rating on INR127.5MM LT Loan
-------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Hare
Krishna Jewellery House Private Limited.

                          Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Cash Credit              52.5      CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility      127.5      CRISIL B+/Stable

The suspension of ratings is on account of non-cooperation by
HKJHPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, HKJHPL is yet to
provide adequate information to enable CRISIL to assess HKJHPL's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information.

HKJHPL is promoted by Mr. Santosh Kumar Agarwal and his son, Mr.
Chetan Agarwal. The company retails gold jewellery, diamond
jewellery, silver jewellery, and precious stones through its
showroom in Ardali Bazaar, Varanasi (Uttar Pradesh).


HIMALYA INTERNATIONAL: ICRA Rates INR136.11cr Term Loan at B-
--------------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B- and a short-term
rating of [ICRA]A4 to the INR206.0 crore bank facilities of
Himalya International Limited.

                           Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Term Loan Facilities     136.11     [ICRA]B- assigned

   Long-Term Fund Based
   Limits                    61.64     [ICRA]B- assigned

   Long-Term Non-Fund
   Based Limits               7.00     [ICRA]B- assigned

   Short-Term Non-Fund
   Based Limits               1.25     [ICRA]A4 assigned

The assigned ratings take into consideration the established
presence of HIL in the mushroom cultivation and processing
industry, along with its wide range of products in the processed
food space, which adds diversity to revenue streams. Coupled with
the healthy margins across product segments and higher
contribution from export revenues, this is expected to drive
improvement in the overall profitability metrics and cash
accruals, going forward. The ratings are, however, constrained by
the company's weak financial profile reflected in stretched
coverage indicators and significant dependence on debt for funding
working capital requirements, as evidenced in its near full
utilization of sanctioned bank limits. The ratings are further
constrained by the vulnerability of revenues to crop failure and
adverse weather conditions as witnessed in the recent past. Other
concerns include regulatory risks on account of high geographic
concentration of revenues, with the US accounting for 100% of
HIL's export revenues. ICRA also takes note of the susceptibility
of margins to volatility in raw material prices, adverse forex
movements and inventory losses due to the perishable nature of its
finished products. While the liquidity position of the company is
expected to remain stretched in the near term, its ability to
improve cash flows from operations remains crucial with debt
repayments commencing from September 2016. Given the announcement
made by HIL on the proposed asset restructuring to be completed
over the next 12-18 months, any negative implications of the same
on the capital structure as well as servicing of its existing debt
obligations will remain the key rating sensitivities.

Himalya International Limited (HIL) was promoted by Mr. Man Mohan
Malik and Mr. Sanjay Kakkar in 1992 as Himalya Cement & Calcium
Carbonate Private Limited (HCC) for manufacturing precipitated
calcium carbonate and hydrate of lime. HCC was reconstituted as a
public limited company with its current name in 1994. In 1998-99,
these operations were discontinued. Currently, HIL cultivates
mushrooms and manufactures canned mushrooms, canned soups, ready
to eat and other processed food items, cottage cheese, yoghurt,
sweets, snacks, and breaded appetizers (French Toast Sticks,
Bites, Veg Patty, Samosa). HIL has its manufacturing facility in
Sirmaur (Himachal Pradesh) and Mehsana (Gujarat).

Recent Results

As per provisional results for FY2016, HIL reported an OPBITDA of
INR16.2 crore on an Operating Income (OI) of INR116.9 crore, and
net losses of INR20.9 crore.


HITECH HYDRAULICS: ICRA Ups Rating on INR3.95cr Loan to BB-
-----------------------------------------------------------
ICRA has upgraded the long term rating to [ICRA]BB- from [ICRA]B+
to INR3.95 crore fund based limits, INR3.00 crore non fund based
limits and INR3.05 crore1 unallocated limits of Hitech Hydraulics.
The outlook on the long term rating is stable.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Fund based limits        3.95      [ICRA]BB-(stable)
                                      upgraded from [ICRA]B+

   Non fund based limits    3.00      [ICRA]BB-(stable)
                                      upgraded from [ICRA]B+

   Unallocated limits       3.05      [ICRA]BB-(stable)
                                       upgraded from [ICRA]B+

The rating upgrade takes into account the improvement in the order
book position of the company with unexecuted order book of
INR23.52 crore as on July 31, 2016 on the back of new orders
received from Advance Systems Laboratory and the firm witnessed
23% growth in operating income on the back of higher execution of
orders for DRDL to manufacture hydraulics & pneumatics components
despite decline in the operating and net margins, moreover the
gearing and coverage indicators of the firm improved in FY2016.
The rating also draws comfort from the longstanding experience of
promoters in aerospace and mechanical engineering industry;
established position of HH as a recognized vendor in the aerospace
and defense sector to reputed clientele such as Defence Research
Development Laboratory, Bharat Dynamics Limited (BDL), Defence
Research Development Organization (DRDO), Bharat Heavy Electricals
Limited, Hindustan Aeronautical Limited etc., and long standing
relationships with clients as demonstrated by repeat orders. ICRA
also notes the favorable demand outlook on the back of government
spending on defence sector and indigenization of defence
production.

However, the rating is constrained by the modest scale of
operations and high client concentration risk with the firm
deriving over 70% of revenues from DRDL (Defence Research
Development Laboratory) in FY2016. The rating also considers high
sector concentration risk with defence sector accounting for
majority of the firm's revenues and the risk associated with the
partnership nature of the business.

Going forward, the ability of the firm to improve its scale of
operations, maintain the profitability, and manage its working
capital requirements effectively will be key rating sensitivities
from credit perspective.

Hitech Hydraulics was incorporated in the year 1997 by Mr.
A.Srinivasa Rao & Mr. K.Rama Mohan Rao. The firm is involved in
the business of manufacture of various Hydraulics & Pneumatics
systems for the aerospace and defence sector. The firm has a
manufacturing unit in IE Kukatpally, Hyderabad. HH's clients
include many reputed players like Defence Research Development
Laboratory, Bharat Dynamics Limited, Bharat Electronics Limited,
Hindustan Aeronautical Limited, Brahmos Aerospace Private Limited
etc.

Recent Results
According to unaudited financials, HH has reported an operating
income of INR18.54 crore and net profit of INR1.06 crore in
FY2016, as against an operating income of INR15.04 crore and net
profit of INR0.96 crore in FY2015.


KAVUMKAL ROAD: CRISIL Assigns 'B' Rating to INR74MM Cash Loan
-------------------------------------------------------------
CRISIL has revoked the suspension of its rating on the bank
facilities of Kavumkal Road Builders and has assigned its 'CRISIL
B/Stable/ CRISIL A4' rating to KRB's bank facilities. The rating
was 'Suspended' by CRISIL vide the Rating Rationale dated December
15, 2015 since KRB had not provided necessary information required
to take the rating review. KRB has now shared the requisite
information enabling CRISIL to assign a rating on its bank
facilities.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          25.6      CRISIL A4 (Assigned;
                                     Suspension Revoked)

   Cash Credit             74.0      CRISIL B/Stable (Assigned;
                                     Suspension Revoked)

   Proposed Long Term       0.4      CRISIL B/Stable (Assigned;
   Bank Loan Facility                Suspension Revoked)

The ratings reflect KRB's small scale of operations in a
fragmented industry, and large working capital requirements. The
ratings also factor in the firm's below-average financial risk
profile marked by a modest net worth. These rating weaknesses are
partially offset by the extensive experience of KRB's promoters in
the civil construction industry, and the firm's moderate order
book.
Outlook: Stable

CRISIL believes that KRB will continue to benefit over the medium
term from its promoters' extensive experience in the civil
construction industry. The outlook may be revised to 'Positive' in
case the firm scales up its operations significantly, while it
maintains its moderate operating profitability, or improves its
working capital management. Conversely, the outlook may be revised
to 'Negative' in case KRB registers lower-than-expected revenue or
profitability, or if its working capital management deteriorates,
resulting in weakening of its liquidity.

KRB, set up in 2005, is based in Ranni (Kerala). It executes civil
contracts for Kerala Public Works Department. The daily operations
of the firm are managed by Mr. Kuriakose Sabu.


KOHINOOR EDUCATION: ICRA Lowers Rating on INR60cr Term Loan to D
----------------------------------------------------------------
ICRA has revised the long term rating assigned to the INR60.00
crore term loan of Kohinoor Education Trust from [ICRA]B- to
[ICRA]D and the short term rating assigned to INR1.00 crore non-
fund based facility from [ICRA]A4 to [ICRA]D.

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Term Loan            60.00       Revised to [ICRA]D
                                    from [ICRA]B-

   Non-fund Based        1.00       Revised to [ICRA]D
   Limits (BG)                      from [ICRA]A4

The rating revision factors in the KET's stretched liquidity
position, arising out of small scale of operations coupled with
net losses, resulting in delays in debt servicing. Furthermore,
the liquidity profile at a group level remains stretched, brought
around by slow sales of commercial projects, particularly the
large scale project in Mumbai, wherein a significant quantum of
group funds have been deployed. The startup nature of operations
of the group's recent ventures in healthcare, education and
hospitality segments has further increased the funding requirement
at a group levels.

KET was established in September 2007 as a Public Trust by the
Mumbai-based Kohinoor Group. The Group, founded in 1961 by Mr.
Manohar Joshi, is present in the education, real estate,
healthcare and hospitality sectors through various group
companies. Mr. Unmesh Joshi, who is the current chairman and
managing director of the Group, is also the managing trustee of
KET. Under KET, the Group established a management college with a
capacity of 480 students (for both years), an American School and
an Indian Certificate of Secondary Education (ICSE) school at
Kurla in Mumbai.


KOHINOOR HATCHERIES: CRISIL Suspends 'B-' Rating on INR462MM Loan
-----------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Kohinoor
Hatcheries Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             180       CRISIL B-/Stable
   Term Loan               462       CRISIL B-/Stable

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

KHPL was incorporated in 1991 by Mr. D Raghava Rao. The company is
engaged in undertaking poultry breeding and is based out of
Hyderabad, Telangana.


MAHESH EXTRUSIONS: CRISIL Reaffirms B- Rating on INR59MM Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Mahesh Extrusions
Limited reflect its below-average financial risk profile, marked
by a weak capital structure and average debt protection metrics,
and its modest scale of operations in the competitive pipes and
fittings industry. These rating weaknesses are partially offset by
the extensive industry experience of the company's promoters.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee           5       CRISIL A4 (Reaffirmed)
   Cash Credit             59       CRISIL B-/Stable (Reaffirmed)
   Letter of Credit        60.4     CRISIL A4 (Reaffirmed)
   Long Term Loan          10.7     CRISIL B-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that MEL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of a substantial
increase in the company's scale of operations and profitability,
leading to significant and sustained improvement in its cash
accruals and capital structure. Conversely, the outlook may be
revised to 'Negative' if MEL's financial risk profile,
particularly its liquidity, deteriorates, most likely due to a
decline in profitability or a stretch in its working capital
cycle.

Update
MEL recorded revenues of around Rs.560 million in 2015-16. The
revenues of the company declined from Rs.610 million in 2014-15 on
account of decline in material prices and weak economic scenario
leading to less orders. MEL's operating profitability has been
moderate at around 5.6 per cent in 2015-16. The profitability of
the company has been in the range of 5-7 per cent for the past 5
years. Going forward, CRISIL expects the profitability to be
around similar levels over the medium term. MEL's working capital
cycle remains well managed marked by Gross Current Assets of
around 106 days as on 31st March 2016 on account of low debtor and
inventory levels. MEL's liquidity remains adequate marked high
utilization of bank lines where the bank lines remain fully
utilized through the 12 months ending March 2016. MEL's business
risk profile and managing its working capital requirements will
remain key rating sensitivity factors affecting the accretion to
reserves and thus the liquidity and financial profiles.

MEL's financial profile continues to be strong marked by a modest
capital structure and moderate debt protection metrics. MEL's
gearing is comfortable at 2.08 times as on March 31, 2016 and is
expected to remain at similar over the medium term on account of
high dependence on external debt to meet its working capital
requirements. MEL's working capital management, along with capital
expenditure plans and their funding thereof will remain key rating
sensitivity factors affecting the financial profile over the
medium term.

MEL, based in Karnataka, was established in 1991 by Mr. A Prasad
Shetty and Mr. S P Y Reddy. The company manufactures polyvinyl
chloride and high-density polyethylene pipes, which are used in
the construction and agriculture industries.


MANISHA JEWELTECH: ICRA Suspends B+ Rating on INR6cr Loan
---------------------------------------------------------
ICRA has suspended its long-term rating of [ICRA]B+ assigned to
the INR6 crore bank facilities of Manisha Jeweltech Pvt Ltd. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


MEENAKSHI INDUSTRIES: CRISIL Cuts Rating on INR40MM Loan to B-
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Meenakshi Industries to 'CRISIL B-/Stable' from 'CRISIL
B/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             40        CRISIL B-/Stable (Downgraded
                                     from 'CRISIL B/Stable')

   Term Loan               34.2      CRISIL B-/Stable (Downgraded
                                     from 'CRISIL B/Stable')

The downgrade reflects the deterioration in MI's business risk
profile driven by a steep fall in turnover due to reduced demand
from Food Corporation of India (FCI), and lower capacity
utilisation resulting in negative cash accrual and stretched
liquidity. The rating also reflect MI's weak financial risk
profile because of subdued debt protection metrics, modest scale
of operations, and large working capital requirement. These
weaknesses are partially offset by the extensive experience of its
promoter in the rice industry and the need-based fund support
extended by them.
Outlook: Stable

CRISIL believes MI will continue to benefit from the extensive
experience of its promoter in the rice industry. The outlook may
be revised to 'Positive' if improvement in revenue and
profitability, or equity infusion increases networth. The outlook
may be revised to 'Negative' if large working capital requirement
lowers profitability or capital structure or low cash accrual,
weakens liquidity.

Set-up in 2012 by Ms Badavath Laxmi, Warangal (Telangana)- based
MI, is a proprietorship concern that mills and processes paddy
into rice.


METCUT TOOLINGS: CRISIL Reaffirms 'D' Rating on INR94.5MM Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Metcut Toolings Pvt Ltd
continue to reflect instances of delay by MTPL in servicing its
term debt; the delays were because of the company's weak liquidity
on account of the working capital intensive nature of its
operations.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             30        CRISIL D (Reaffirmed)

   Letter of Credit         6        CRISIL D (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      94.5      CRISIL D (Reaffirmed)

   Working Capital
   Term Loan               29        CRISIL D (Reaffirmed)

MTPL also has a small scale, and working-capital-intensive nature,
of operations, and is susceptible to slowdown in the demand from
its end-user industry and to volatility in raw material prices.
These rating strengths are partially offset by the promoter's
extensive industry experience.

Incorporated in 1989, MTPL manufactures carbide cutting tools that
are primarily used in the automotive industry. The company is
promoted by Mr. Kushal J Shetty.


MURLI REALTORS: CRISIL Suspends B- Rating on INR160MM Term Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Murli
Realtors Pvt Ltd.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan               160       CRISIL B-/Stable

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

MRPL was set up in 1995. The company owns a single building
(classified for commercial use), Manikchand Ikon, in one of Pune's
prime locations, Dhole Patil Road. The building project was
executed by the Mantri group. MRPL was taken over by the
Manikchand group (promoters of Dhariwal Industries Ltd) from the
Mantri group after the building was constructed.


NATIONAL CAPSULES: CRISIL Suspends 'B' Rating on INR72MM Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
National Capsules Pvt Ltd.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             11        CRISIL B/Stable
   Long Term Loan          72        CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility      17        CRISIL B/Stable

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

Incorporated in November 2010, NCPL manufactures empty hard
gelatin capsules. The company has its manufacturing unit at
Vidisha, near Bhopal (Madhya Pradesh); the unit commenced
operations in January 2013. NCPL is promoted by Mr. Rakesh Sharma
and his wife, Ms. Preeti Sharma.


NIHAR COTSPIN: CRISIL Suspends 'B' Rating on INR50MM Term Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Nihar
Cotspin Private Limited.

                           Amount
   Facilities             (INR Mln)    Ratings
   ----------             ---------    -------
   Inland/Import Letter        10      CRISIL A4
   of Credit
   Overdraft Facility          25      CRISIL A4
   Term Loan                   50      CRISIL B/Stable

The suspension of ratings is on account of non-cooperation by NCPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, NCPL is yet to
provide adequate information to enable CRISIL to assess NCPL's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information.

Incorporated in May 2013, NCPL is promoted by Mr. Chirag Thakkar.
The company is setting up a grey fabric manufacturing unit in
Bhiwandi (Maharashtra). NCPL also trades in grey fabric.


OM SAI: CRISIL Assigns 'B' Rating to INR420MM LT Loan
-----------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Om Sai Construction.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term
   Bank Loan Facility      420       CRISIL B/Stable

The rating reflects expected deterioration in the firm's financial
risk profile due to debt-funded capital expenditure (capex)
towards investment in renewable energy, high risks related to
project implementation, and susceptibility to cyclicality inherent
in the real estate industry. These weaknesses are partially offset
by extensive experience of its promoters and their funding support
and established brand.
Outlook: Stable

CRISIL believes OSC will continue to benefit over the medium term
from the extensive experience of its promoters. The outlook may be
revised to 'Positive' in case of timely completion of project with
a healthy Debt-Service Coverage Ratio.The outlook may be revised
to 'Negative' if longer-than-expected delay in receiving payment
from state electricity boards constrains liquidity.

Set up in September 2000 as a partnership firm Jagptap family, OSC
is a part of the Chandrarang group of companies. The firm
undertakes real estate development and Transfer of Development
Rights sales, and is currently undertaking capex to set up a 7
megawatt solar power plant in Karnataka.


P L MULTIPLEX: CRISIL Suspends 'D' Rating on INR114MM Term Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
P L Multiplex India Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan               114       CRISIL D

The suspension of ratings is on account of non-cooperation by
PLMPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, PLMPL is yet to
provide adequate information to enable CRISIL to assess PLMPL's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information.

PLMIPL owns a five-screen multiplex in Thane (Maharashtra). The
total area of the multiplex is 2448.53 square feet, with a seating
capacity of 1104 seats, and has been leased to CIPL (Cinepolis
India Private Limited). PLMIPL is a part of the Thane-based Siddhi
group, promoted by members of the Sharma and Gala families.


PRABHAT CABLES: CRISIL Reaffirms B+ Rating on INR200MM Cash Loan
----------------------------------------------------------------
CRISIL's ratings continues to reflect Prabhat Cables Private
Limited average financial risk profile marked by a moderate net
worth, high external indebtedness and moderate debt protection
metrics, and working-capital-intensive operations. These rating
weaknesses are partially offset by the benefits that PCPL derives
from its promoters' extensive experience in the cable distribution
industry and its established relationship with customers and
suppliers.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            200       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that PCPL will maintain its business risk profile
over the medium term, backed by its promoters' extensive
experience in the cable distribution industry. The outlook may be
revised to 'Positive' in case of higher than expected cash
generation or controlled working capital cycle, leading to
improvement in financial risk profile. Conversely, the outlook may
be revised to 'Negative' in case of deterioration in liquidity
profile with lower cash generation, lengthening of its working
capital cycle or larger than anticipated debt funded capital
expansion.

PCPL was set up as a partnership firm in 1958 by Mr. Praveen
Kacharia along with his friend Mr. N. H. Desai; it was later
reconstituted as a private limited company in 2010. PCPL
distributes products of Polycab Cables Pvt Ltd. (Polycab). PCPL's
product profile includes coaxial cables, polyvinyl chloride heavy
cables, and submersible cables, among others. Mr. Amrish Kacharia,
Mr. Manoj Kacharia and Mr. Rickin Kacharia look after the day-to-
day operations of the company. PCPL has its registered office at
Lohar Chawl in Mumbai, and a warehouse in Bhiwandi (both in
Maharashtra).


PRAKASH INDUSTRIAL: CRISIL Reaffirms B Rating on INR100MM Loan
--------------------------------------------------------------
CRISIL ratings on bank facilities of Prakash Industrial
Infrastructure Private Limited continues to reflect geographical
and sectoral concentration in PIIPL revenue profile, its small net
worth, and its modest scale of operations in the civil
construction industry. These rating weaknesses are partially
offset by the industry experience of the company's promoters and
their sound industry relationships.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          10        CRISIL A4 (Reaffirmed)

   Cash Credit            100        CRISIL B/Stable (Reaffirmed)

   Drop Line Overdraft
   Facility               100        CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that PIIPL will benefit from the promoter's
extensive industry experience. The outlook may be revised to
'Positive' if PIIPL scales up and diversifies its operations while
maintaining its operating margin and improving its liquidity by
selling its substantial land bank. Conversely, the outlook may be
revised to 'Negative' if the company undertakes a large debt-
funded capital expenditure programme or its working capital cycle
lengthens, thereby weakening its financial risk profile.

PIIPL was originally set up in 1975 as a partnership firm, Prakash
Constructions; the firm was reconstituted as a private limited
company with the current name in 2009. The company is promoted by
Mr. Dinesh Agrawal. It undertakes civil construction primarily for
industrial projects in the private sector. Its operations are
largely focused within Maharashtra.


PONNU FOOD: ICRA Reaffirms 'B' Rating on INR8.0cr LT Loan
---------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B to the
existing INR8.0 crore fund based facilities of Ponnu Food
Products.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Long term: Fund-
   Based facilities          8.0        [ICRA]B; reaffirmed

The rating reaffirmation continues to factor in the small scale of
operations of the firm, which coupled with low value addition in
the business and high competition in the industry has led to low
profitability and weak debt coverage indicators. Though there have
been steps taken by the firm towards diversification of the
customer base, the rating continues to be constrained by the high
customer concentration with SUPPLYCO (Kerala State Civil Supplies
Corporation, a Kerala Government undertaking) which entails risk
of order volatility and limits the bargaining power of the firm.
The rating also takes into account the working capital intensive
nature of the business, arising out of the need to maintain
substantial inventories in line with the industry trends.
ICRA, however, draws comfort from the longstanding experience of
the promoters in supplying to SUPPLYCO outlets across Kerala
coupled with wide range of product portfolio which besides helping
in supporting in customer diversification, supports the entity's
margins to an extent. Going forward the sustained growth and
effective management of working capital cycle will be critical for
improvement in the financial profile of the entity.

Ponnu Food Products was formerly established as a proprietary
concern by Ms Suja Shajilal in August 1999 at Aylara in Kollam
District of Kerala which was later converted into a partnership
firm in December 2012. The firm is engaged in the business of
manufacturing, milling, grading and packaging of various cooking
ingredients and spices. Ponnus product portfolio consists of
around 120 items, which includes rice products, wheat products,
curry powders, cereals, packaged flours, spices etc. Most of the
products are sold under Ponnus own brand "Ponnus", except for
specific orders where it sells under private label of the retail
chains. The firm procures its raw materials predominantly from
traders in Tamil Nadu and Andhra Pradesh. Ponnus majorly supplies
to around 1300 outlets of Supplyco (The Kerala State Civil
Supplies Corporation Limited, a Govt. of Kerala undertaking)
located across Kerala.

Apart from Ponnus, the partners have recently promoted other
proprietary concern Sanno food which is also in the similar line
of business of food products where it trades in food products
under the brand "Ponnus". The turnover of Sanno for the FY2016 is
INR1.2 crore.

Recent Results
For the year ended FY2016, Ponnus achieved a net profit
(provisional) of INR0.1 crore on a total operating income of
INR35.1 crore as compared to net profit of INR0.1 crore on a total
operating income of INR33.5 crore during the previous financial
year.


R.R. DISTRIBUTORS: CRISIL Assigns B+ Rating to INR40MM Cash Loan
----------------------------------------------------------------
CRISIL has revoked the suspension of its ratings on the long-term
bank facility of R.R. Distributors Private Limited (RRDPL) and has
assigned its 'CRISIL B+/Stable/CRISL A4' ratings to RRDPL's bank
facilities.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             40        CRISIL B+/Stable (Assigned;
                                     Suspension Revoked)

   Letter of Credit       22.5       CRISIL A4 (Assigned;
                                     Suspension Revoked)

   Proposed Short Term    37.5       CRISIL A4 (Assigned;
   Bank Loan Facility                 Suspension Revoked)

The rating was 'Suspended' by CRISIL vide the Rating Rationale
dated December 18, 2014 since RRDPL had not provided necessary
information required to take the rating review. RRDPL has now
shared the requisite information enabling CRISIL to assign a
rating on its bank facilities.

The ratings reflect RRDPL's modest scale of operations and its
average financial risk profile. These rating weakness are
partially offset by extensive experience of promoters in the paper
trading industry.
Outlook: Stable

CRISIL believes that RRDPL will benefit over the medium term from
its promoters' extensive experience in the paper trading industry.
The outlook may be revised to 'Positive' if the company reports
significantly higher-than-expected growth in its revenues and
earnings, while improving its debt protection metrics. Conversely,
the outlook may be revised to 'Negative' if RRDPL reports
deterioration in its financial risk profile because of
substantially lower-than-expected profitability or revenues, or
significant deterioration in its working capital cycle.
Established in 1980's as a partnership firm, R.R.Trading Co. by
the Delhi-based Gupta family. The firm was converted in 1998 to
RRDPL. RRDPL is engaged in the trading of writing and printing
(W&P) paper and paperboard. RRDPL is promoted by Mr. R.P Gupta and
his brother R.K. Gupta.


RADHEYA MACHINING: CRISIL Suspends B Rating on INR350MM Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Radheya
Machining Ltd.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            350        CRISIL B/Stable
   Rupee Term Loan        192        CRISIL B/Stable

The suspension of ratings is on account of non-cooperation by RML
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, RML is yet to
provide adequate information to enable CRISIL to assess RML's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information.

Incorporated in 2001, RML manufactures machined auto transmission
components. The company, promoted by Mr. Sanjay Joshi, Mr.
Dhananjay Bhargav, and Mr. Santosh Joshi, has two manufacturing
units at Sanaswadi near Pune (Maharashtra). RML has four group
concerns: Yashwant Forgings Pvt Ltd, Bhargav Gears, Prachay Auto
Parts Pvt Ltd, and Aagneya Heat Treatment Technologies Pvt Ltd.
These companies, in close association with RML, are involved in
forging, machining, and heat treatment of auto components.


RAMAKRISHNA TELETRONICS: ICRA Rates Unallocated Loan at B/A4
------------------------------------------------------------
ICRA has assigned the short-term rating of [ICRA]A4 to the INR6.00
crore fund-based facility of Ramakrishna Teletronics Pvt. Ltd.
ICRA has also assigned the long-term rating of [ICRA]B and short-
term rating of [ICRA]A4 to the INR4.00 crore unallocated limits of
RTPL.

                   Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Short Term-Fund
   Based (e-DFS)            6.00        [ICRA]A4 assigned

   Long Term/Short
   Term Unallocated
   limits                   4.00        [ICRA]B/[ICRA]A4 assigned

The assigned ratings are constrained by RTPL's weak financial risk
profile characterised by gearing of 4.63 times, interest coverage
ratio of 1.25 times, and NCA/Total Debt of 2.71% for FY2016 and
high working capital intensity of 35% due to high inventory
levels. The ratings also factor in low margins in electronic
retailing business coupled with stiff and increasing competition
from e-commerce players which restricts pricing flexibility, high
geographic concentration with nine out of 12 stores located in
Hyderabad, and fragmented nature of the industry leading to high
competitive intensity (resulting in pressure on the retailers to
offer discounts), thereby limiting the profitability. The ratings,
however, positively factor in steady growth in operating income
from INR112.76 crore in FY2013 to INR248.22 crore in FY2016 owing
to opening up of new stores, long experience of the promoters in
distribution and retail business of electronic goods, and
favourable demand outlook of consumer durables industry in India,
driven by a widening middle class.

Going forward, the ability of the company to manage its working
capital requirements effectively will be the key credit rating
sensitivity from credit perspective.

Ramakrishna Teletronics Pvt. Ltd. was incorporated in 2008 by Mr.
V. Raghavendra and Mr. V Ravi Kumar based in Hyderabad. RTPL is
involved in retailing and distribution of consumer durables such
as flat panels, refrigerators, washing machine, air conditioners,
and electronic appliances, mobiles through a chain of 12 retail
stores located across Hyderabad, Vizag and Rajahmundry under the
brand name "Yes Mart". The company is acting as a distributor of
Sony in Telangana region.

Recent Results
According to provisional FY2016 results, the company has reported
an operating income of INR248.22 crore with a net profit of
INR1.30 crore compared to an operating income of INR246.36 crore
with a net profit of INR1.28 crore in FY2015.


S.L.V. ENTERPRISES: CRISIL Suspends 'D' Rating on INR90MM Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of S.L.V.
Enterprises.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan                90       CRISIL D

The suspension of ratings is on account of non-cooperation by SLV
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SLV is yet to
provide adequate information to enable CRISIL to assess SLV's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information.

Set up in 2001 as a proprietorship firm by Mr. Raghavendra Achar,
SLV is involved in freight transportation services. Based out of
Bangalore, the firm is the preferred vendor for Hindustan Coca
Cola Beverages Pvt Ltd, Future Supply Chain Logistics among
others.


SANGAMNER LONI: CRISIL Suspends 'D' Rating on INR140MM Term Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Sangamner Loni Infrastructure Pvt Ltd.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term
   Bank Loan Facility      10        CRISIL D
   Term Loan              140        CRISIL D

The suspension of ratings is on account of non-cooperation by
SLIPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SLIPL is yet to
provide adequate information to enable CRISIL to assess SLIPL's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information.

SLIPL was set up in May 2002 as a special-purpose vehicle by
Rudranee Construction Company (RCC) to improve the Sangamner-Loni-
Kolhar Road (Maharashtra) on a Built-operate-transfer (BOT) basis.
Mr. Mohammed Israil Sheikh bought the toll road from the promoters
of RCC in 2006.


SANYA MOTORS: CRISIL Lowers Rating on INR150MM Cash Loan to B-
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Sanya Motors Pvt Ltd to 'CRISIL B-/Stable' from 'CRISIL
B+/Stable', while reaffirming the rating on the short-term
facility at 'CRISIL A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             150       CRISIL B-/Stable (Downgraded
                                     from 'CRISIL B+/Stable')
   Inventory Funding
   Facility                150       CRISIL A4 (Reaffirmed)

   Inventory Funding         5       CRISIL B-/Stable (Downgraded
   Facility                          from 'CRISIL B+/Stable')

   Proposed Long Term       70       CRISIL B-/Stable (Downgraded
   Bank Loan Facility                from 'CRISIL B+/Stable')

The rating downgrade reflects deterioration in the company's
business risk profile. Revenue declined by 35% year-on-year to an
estimated INR593 million in fiscal 2016. Operating performance is
expected to remain muted over the medium term, given the intense
competition in the passenger car segment and weak demand for
passenger vehicles of Tata Motors Ltd. The rating downgrade also
factors in stretched liquidity because of modest cash accrual and
fully utilised bank limit. This, coupled with a modest networth,
resulted in a below-average financial risk profile as reflected in
a weak capital structure and subdued debt protection metrics.

The ratings reflect exposure to intense competition in the
automobile dealership business and an average scale of operations.
These rating weaknesses are partially offset by the extensive
experience of the company's promoters in the automobile dealership
segment and its established association with TML.
Outlook: Stable

CRISIL believes SMPL will continue to benefit from its association
with TML and the extensive industry experience its promoters, over
the medium term. The outlook may be revised to 'Positive' in case
of significant improvement in cash accrual, resulting in a better
financial risk profile. The outlook may be revised to 'Negative'
in case of lower-than-expected cash accrual or debt-funded capital
expenditure, leading to deterioration in the financial risk
profile.

SMPL, incorporated in 2004, is promoted by Mr Sacheen Mulay. The
company, based in Aurangabad, Maharashtra, is an authorised dealer
of TML in Maharashtra. Its sales, spares, and service (3S)
facilities are based across different districts in Maharashtra,
including Aurangabad, Jalna, Waluj, Buldhana, Parbani, Hingoli,
and Beed.


SANJEEVANI ASSOCIATES: CRISIL Suspends D Rating on INR70MM Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Sanjeevani Associates.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              50       CRISIL D
   Proposed Long Term
   Bank Loan Facility       70       CRISIL D

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

Sanjeevani trades in a variety of building materials, including
cement, flooring, and bricks. It was set up as proprietorship firm
in 2009 and is owned and managed by Mr. Sunil D Madane. The firm
is part of the Baramati (Maharashtra)-based Kale group, which is
primarily engaged in real estate development. Sanjeevani's
clientele includes group entities.


SHIV METTALICKS: CRISIL Assigns B+ Rating to INR120MM Cash Loan
---------------------------------------------------------------
CRISIL has revoked the suspension of its rating on the long-term
bank facility of Shiv Mettalicks Private Limited and has assigned
its 'CRISIL B+/Stable' rating. CRISIL had suspended the rating on
March 10, 2016, as the company had not provided the necessary
information required to maintain a valid rating. SMPL has now
shared the requisite information, enabling CRISIL to assign its
rating.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             120       CRISIL B+/Stable (Assigned;
                                     Suspension Revoked)

The rating reflects the company's small scale of, working capital-
intensive, operations, moderate liquidity, and exposure to intense
competition. These weaknesses are partially offset by the
extensive experience of the promoters in the steel industry and
above-average financial risk profile.
Outlook: Stable

CRISIL believes SMPL will benefit over the medium term from the
extensive experience of its promoter. The outlook may be revised
to 'Positive' if better-than-expected cash accrual or working
capital management leads to a strong liquidity. The outlook may be
revised to 'Negative' if significantly low cash accrual, any
stretch in working capital management, or sizeable debt-funded
capital expenditure further weakens liquidity.

Incorporated in 2004, SMPL manufactures sponge iron at its
facility in Rourkela, Odisha. Operations are managed by Mr. Mahesh
Khaitan.


SIYARAM GRANITO: CRISIL Suspends B+ Rating on INR267MM Term Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Siyaram
Granito Pvt Ltd.

                          Amount
   Facilities            (INR Mln)     Ratings
   ----------            ---------     -------
   Bank Guarantee          43.5        CRISIL A4
   Cash Credit            120          CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility      14.5        CRISIL B+/Stable
   Term Loan              267          CRISIL B+/Stable

The suspension of ratings is on account of non-cooperation by SGPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SGPL is yet to
provide adequate information to enable CRISIL to assess SGPL's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information.

Incorporated in 2014, SGPL is a Morbi (Gujarat)-based company. It
is setting up a unit to manufacture vitrified floor tiles. SGPL is
likely to commence its commercial operations from August 2015. The
day-to-day operations of the company will be managed by Mr. Chirag
M Ujariya.


STEFINA CERAMIC: ICRA Assigns 'B' Rating to INR3cr Cash Loan
------------------------------------------------------------
ICRA has assigned the [ICRA]B rating to the INR8.36 crore fund
based facilities and short term rating of [ICRA]A4 to the INR1.25
crore non fund based facility of Stefina Ceramic Private Limited.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Cash Credit             3.00       [ICRA]B assigned
   Term loan               5.36       [ICRA]B assigned
   Bank Guarantee          1.25       [ICRA]A4 assigned

The assigned ratings are constrained by the company's relatively
small scale as well as limited track record of operations, coupled
with a weak financial profile characterised by leveraged capital
structure, weak coverage indicators and high working capital
intensity leading to almost full utilization of working capital
limits. The ratings are further constrained by the vulnerability
of the company's profitability to the cyclicality inherent in the
real estate industry, which is the main consuming sector; and to
the adverse fluctuations in prices of raw materials and natural
gas -- the major input costs. The ratings further take into
account the highly competitive domestic ceramic industry with the
presence of large established organised tile manufacturers as well
as unorganised players in Morbi (Gujarat), resulting in limited
pricing flexibility.

The ratings, however, positively factors in the the long
experience of the promoter in the ceramics industry and the
locational advantage enjoyed by the company by virtue of its
location in Gujarat which is a ceramic hub, leading to easy
availability of raw material.

Incorporated in 2013, Stefina Ceramic Private Limited (SCPL) makes
digitally printed ceramic wall tiles through its facility located
in Wankaner, Gujarat, with an installed capacity to manufacture
about 8,000 boxes of ceramic wall tiles per day. It commenced
production of ceramic wall tiles from July 2014.

Recent Results
For the financial year FY15, the company reported an operating
income of INR6.98 cr. and net loss of INR1.31 cr. Further during
FY2016, the company reported an operating income of INR9.96 crore
and profit before tax of INR0.62 cr. (as per provisional
financials).


TAJ AGRO: ICRA Assigns B+ Rating to INR10cr Cash Loan
-----------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B+ to the INR10.00
crore cash credit fund-based facilities of Taj Agro Industries
LLP.

                             Amount
   Facilities              (INR crore)    Ratings
   ----------              -----------    -------
   Tamilnad Merchantile
   Bank Ltd. - Cash Credit     10.00      [ICRA]B+ assigned

The assigned rating of Taj Agro LLP takes into account the modest
scale of operations due to low processing capacity utilisation,
thin profitability on account of low value additive nature of the
trading business, and limited pricing flexibility due to its
presence in a highly competitive and fragmented industry. Due to
the partnership constitution, the net worth base, which has been
modest is also vulnerable to risk of capital withdrawals. The
rating also takes into account the vulnerability of the company's
procurement functions and profitability to price risks and the
vulnerability of the business operations to the demand-supply
scenario, Government policies and performance of the domestic
agricultural sector, which is highly influenced by climatic
conditions.

The rating nevertheless, takes into account the positive demand
outlook, given the growing domestic pulse consumption as they form
an integral part of the Indian staple diet. The rating also
favourably factors in the directors' experience in the agro-
trading business and the group's presence in the same line of
business leading to an established business relationship with
suppliers and domestic customers.

Since the firm operates in the agro commodities industry there is
inherent risk to agro-climatic conditions and Government policies
which impact the supply scenario. In light of this, the company's
ability to scale up operations, optimise capacity utilisation
levels by keeping a check on the external borrowings will be
critical from the credit perspective to benefit from scale
economies by adequately absorbing the direct and borrowing costs
to improve profitability.

Established in May, 2014 and promoted by Mr. Himmatlal Chandra and
Mr. Jayesh Ganatra, Taj Agro Industries LLP, (Taj LLP or the firm)
is engaged in processing of pulses namely - red lentils, yellow
lentils, pigeon peas, crimson/red lentils. Based out of Navi
Mumbai, Taj LLP has a processing facility located in Asangaon,
Thane with an installed capacity to process 24,000 MTPA of food
grain, pulses and lentils (dal). The firm sells processed pulses
to distributors, processors, exporters across India. It is a part
of the Trimurti Group, which owns a building of ~4,000 square feet
in close proximity to the Agriculture Produce Market Committee
(APMC), Vashi (which is also the registered and administrative
office) and two godowns in APMC market.

The key partners of Taj LLP are Mr. Himmatlal Chandra and Mr.
Jayesh Ganatra who collectively look after the overall functions
of the business. Mr. Jayesh Ganatra looks after the procurements
and inventory management of the firm while Mr. Himmatlal Chandra
looks after the sales and marketing functions. The Trimurti Group
comprises five other group companies. While most of the group
companies' revenues are in the form of brokerage income, Taj Agro
Commodities Pvt. Ltd. revenues are derived from trading of pulses.

Recent results
Taj LLP recorded a net profit of INR0.19 crore on an operating
income of INR39.37 crore for the year ending March 31, 2016
(provisional).


WORKSPACE METAL: ICRA Reaffirms B+ Rating on INR5.6cr Loan
----------------------------------------------------------
ICRA has reaffirmed its long-term rating of [ICRA]B+ on the
INR11.15 crore fund-based limits and non-fund based limits of
Workspace Metal Solutions Pvt Ltd. ICRA has also reaffirmed the
[ICRA]B+ rating on the INR4.00 crore unallocated facilities of the
company.

                           Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Fund-based limits-CC      3.05       [ICRA]B+; reaffirmed
   Term Loans                5.60       [ICRA]B+; reaffirmed
   Non-fund based
   limits-BG                 2.50       [ICRA]B+; reaffirmed
   Unallocated               4.00       [ICRA]B+; reaffirmed

ICRA's rating reaffirmation continues to factor in the strengths
derived from being part of the Pyrotech Group, the operational
synergy between WMSPL and group company Pyrotech Workspace Private
Limited, which manufacture B2B industrial modular furniture.
Further, the rating continues to take into account the consistent
funding support from the promoters for smooth operations and cash
flow management in the form of equity and unsecured loans (total
infusion till FY2016 is INR18.51 crore including INR3.3 crore of
equity in FY2016).

The rating is, however, constrained by the company's continuous
cash losses; however, the company has achieved operating profits
after witnessing some ramp up in sales in FY2016 on the back of
good orders received. Despite ramp up in sales and improvement in
the operational profit, the debt coverage indicators remained
weak, though improved from previous year and the company's
liquidity position has been supported by promoter funds. It also
continues to be exposed to price fluctuation risks and competitive
pressures.

Going forward, the company's ability to revive its operating scale
with addition of new products like home furniture over a
diversified customer portfolio, improve its profitability and debt
coverage indicators will be the key rating sensitivities.

WMSPL was set up to manufacture metal-based furniture, to be used
in offices and retail spaces. The company is a part of the
Udaipur-based Pyrotech Group which has interests in manufacturing
of control panels, electronic equipment, temperature sensors and
industrial cables. Group company Pyrotech Workspace manufactures
wooden modular furniture used in offices, control room furniture
etc. With capacities in metal-based furniture, the group will have
a wider product portfolio to offer to its customers.

Recent results
WMSPL, on provisional basis reported a net loss of INR2.70 crore
on an operating income (OI) of INR7.11 crore in FY2016, as
compared to a net loss of INR3.76 crore on an OI of INR5.04 crore
in the previous year. The tangible net worth of the company stood
at INR10.09 crore as on March 31, 2016 as compared to INR8.84
crore as on March 31, 2015.



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


TOSHIBA CORP: Faces JPY12-Bil. Suit Over Accounting Scandal
-----------------------------------------------------------
Nikkei Asian Review reports that Japan Trustee Services Bank has
sued Toshiba Corp. for losses totaling nearly JPY12 billion
(US$119 million) due to an accounting scandal last year, the
electronics group said on Aug. 26.

Nikkei relates that the Japanese trust bank is demanding damages
totaling JPY11.99 billion in a lawsuit filed Aug. 9 with the Tokyo
District Court, according to Toshiba, which said it was notified
of the suit on Aug. 25.

According to the report, Toshiba said it will set aside enough
funds to cover the expected damages and will provide details
should this affect its earnings estimates.

Excluding the latest suit, Toshiba faces 11 damages claims
totaling about JPY2.78 billion by companies and individuals
related to the accounting scandal, the report adds.

                           About Toshiba

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

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

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

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

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

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

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



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


HANJIN SHIPPING: Likely to Enter Receivership
---------------------------------------------
Yonhap News Agency reports that creditors of Hanjin Shipping Co.
plan to decide whether to put the country's No.1 shipper under
receivership by Aug. 30, as a new self-rescue scheme falls short
of expectations, its main creditor said Aug. 26.

On Aug. 25, Hanjin Shipping, under growing pressure from its
creditors to secure more money to tide over a deepening cash
shortage, submitted a stronger self-rescue plan, according to
Yonhap. The new scheme includes sales of more assets and a capital
infusion by its major shareholders.

But the creditors led by state-run Korea Development Bank (KDB)
said the fresh self-restructuring measure is just shy of their
demand, the report relates.

"There are no differences between the previous self-rescue plan
and the new one," Yonhap quotes KDB as saying.

According to Yonhap, KDB said Hanjin Shipping said it would secure
KRW400 billion (US$359 million) by selling stocks to its affiliate
Korea Air Lines Co., but the stock sale would wrap up by July next
year.

Also, the shipper proposed raising another KRW100 billion by
selling assets, according to the policy lender, Yonhap relays.

According to Yonhap, Hanjin Shipping initially proposed raising
some KRW400 billion via stock sales to its affiliates, but
creditors wanted the shipping firm to jack up the figure to some
KRW700 billion.

Yonhap notes that Hanjin Shipping needs some KRW1.3 trillion over
the next 18 months to pay back debt and run its business. The
company, however, has claimed that some KRW400 billion would be
enough if it succeeds in cutting charter rates and postponing debt
repayments.

But the creditors have asked the shipper to do more to ensure its
survival, says Yonhap.

Yonhap relates that Hanjin Shipping, currently under a creditor-
led restructuring scheme, has made little progress in its
negotiations with owners of its chartered fleet to cut leasing
rates, one of the key prerequisites set out by creditors to avert
receivership.

The shipping line is also seeking to postpone the repayment of
KRW2.5 trillion borrowed to buy container ships and other vessels
by up to three years, which would help the shipper save billions
of won.

As of end-2015, the company's total debt reached KRW5.6 trillion,
the report discloses.

In 2015, Hanjin Shipping posted a net profit of KRW3 billion, a
turnaround from a net KRW423 billion loss the previous year.

As reported in the Troubled Company Reporter-Asia Pacific on
May 6, 2016, The Korea Herald said creditors of Hanjin
Shipping have agreed to offer financial assistance to the company
and initiate a corporate rehabilitation program with conditions
attached.  The Korea Herald related that seven creditor banks,
led by state-run Korea Development Bank, gave a nod to Hanjin
Shipping's proposal to restructure its debt and provide an aid
package in return for self-rescue efforts, at a meeting on May 5.
According to the Korea Herald, the conditions for bailout include
a cut in charter rates that Hanjin pays to foreign shipowners,
retaining a global alliance membership and signing an agreement
with bondholders for debt restructuring.

Korea-based Hanjin Shipping Co., Ltd. engages in the provision of
marine transportation services. The Company mainly provides four
categories of services: container service, bulk service, terminal
service and third party logistics (3PL) service.



                             *********

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

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

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


                            *********


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

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

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

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

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



                 *** End of Transmission ***