TCRAP_Public/160901.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

          Thursday, September 1, 2016, Vol. 19, No. 173

                            Headlines


A U S T R A L I A

CONSCIOUS FOODS: First Creditors' Meeting Set for Sept. 8
FORTESCUE METALS: Fitch Affirms 'BB+' LT Issuer Default Rating
NCIG HOLDINGS: S&P Assigns 'B' Rating on Subordinated Debt
OM MANGANESE: Contractors to Receive Partial Debt Payout
ROB HOPPMANN: First Creditors' Meeting Set for Sept. 7

SINO-EXCEL ENERGY: First Creditors' Meeting Set for Sept. 9


C H I N A

CHINA AUTOMATION: S&P Lowers CCR to 'CCC', Outlook Negative
GREENLAND HOLDING: Fitch Assigns 'BB+' Rating to Senior Notes
MODERN LAND: Fitch Hikes LT Issuer Default Ratings to 'B+'
RKI OVERSEAS: S&P Assigns BB- Rating to Proposed Sr. Unsec. Notes
YESTAR INTERNATIONAL: Fitch Assigns BB- LT Issuer Default Rating


H O N G  K O N G

HUA HAN: Fitch Cuts Long-Term Issuer Default Rating to 'B+'


I N D I A

AJAY PAPERR: CRISIL Suspends 'D' Rating on INR80MM Cash Loan
AMPS ENGINEERING: CRISIL Assigns B Rating to INR40MM Cash Loan
ANIIRUDH CIVIL: CRISIL Suspends 'D' Rating on INR30MM Cash Loan
ASIP PRIVATE: CRISIL Suspends 'D' Rating on INR930MM Bank Loan
ATMIKA PAPER: CRISIL Suspends B+ Rating on INR50MM LT Loan

AYSHA APPARELS: CRISIL Suspends D Rating on INR75MM Cash Loan
BAFNA HOSPITAL: CRISIL Suspends 'D' Rating on INR480MM Term Loan
BALAJI INTERNATIONAL: ICRA Suspends 'B+' Rating on INR2cr Loan
BALAJI MEDICAL: CRISIL Suspends B Rating on INR65MM Cash Loan
BLISS INDASI: CRISIL Suspends B+ Rating on INR45.6MM LT Loan

CHEER SAGAR: Ind-Ra Suspends 'IND BB' Long-Term Issuer Rating
DASHMESH AGR: ICRA Reaffirms 'B' Rating on INR26cr Loan
DEO TRADERS: CRISIL Suspends B+ Rating on INR60MM Cash Loan
DHAULAGIREE POLYOLEFINS: CRISIL Suspends B+ Rating on LT Loan
DHEEPTI SPICES: CRISIL Suspends 'B' Rating on INR80MM LT Loan

ERAM MOTORS: CRISIL Reaffirms 'B' Rating on INR240MM Cash Loan
GAJANAN TUBES: CRISIL Assigns 'B+' Rating to INR90MM Cash Loan
GURUKRUPA COTGIN: CRISIL Suspends B+ Rating on INR18.5MM Loan
HARISONS STEEL: CRISIL Suspends 'D' Rating on INR210MM Cash Loan
HITECH FORMULATIONS: CRISIL Assigns B- Rating to INR67MM Loan

JUNAID ENTERPRISES: CRISIL Suspends B Rating on INR20MM Cash Loan
K P L STEEL: CRISIL Suspends 'D' Rating on INR77.5MM LT Loan
KABRA PLASTICS: CRISIL Suspends 'B' Rating on INR489.3MM Loan
KAIZEN INDUSTRIES: CRISIL Suspends B+ Rating on INR45MM Loan
KANAK PULP: CRISIL Suspends B+ Rating on INR50MM Term Loan

KANHA GRAIN: ICRA Reaffirms B+ Rating on INR5.0cr Cash Loan
KARTIKA ISPAT: CRISIL Suspends 'D' Rating on INR120MM Cash Loan
KEMS SERVICES: ICRA Suspends 'B' Rating on INR2.5cr Cash Loan
LOVATO CERAMIC: ICRA Reaffirms B+ Rating on INR5cr Cash Loan
M-STAR HOTELS: CRISIL Suspends 'D' Rating on INR90MM Term Loan

MATESWARI MINERALS: ICRA Suspends B+ Rating on INR8cr Loan
MUSKAN OVERSEAS: ICRA Suspends 'B' Rating on INR1cr Loan
PATNI BUILDERS: ICRA Suspends B+ Rating on INR10cr Bank Loan
PERIYAR CEMENTS: CRISIL Suspends 'D' Rating on INR43MM LT Loan
POONAM DRUMS: CRISIL Suspends 'D' Rating on INR260MM Cash Loan

PRAGATEJ BUILDERS: ICRA Cuts Rating on INR20cr LT Loan to 'D'
PRAPALSHA AGROS: ICRA Reaffirms B+ Rating on INR10cr Cash Loan
PRASANTHI CASHEW: CRISIL Upgrades Rating on INR300MM Loan to B+
PROTEX CERAMIC: CRISIL Suspends B+ Rating on INR42.5MM LT Loan
R R OOMERBHOY: CRISIL Suspends 'D' Rating on INR123.3MM Cash Loan

RENGANAYAGI VARATHARAJ: CRISIL Rates INR200MM LT Loan at B-
RIALTO EXIM: CRISIL Suspends B- Rating on INR420MM Gold Loan
RPM ENGINEERS: CRISIL Suspends B+ Rating on INR60.3MM Bank Loan
S. A. CONSTRUCTIONS: CRISIL Suspends 'B' Rating on INR70MM Loan
SATYAMEV COT: CRISIL Suspends 'B' Rating on INR60MM Cash Loan

SHRI SHANTI: Ind-Ra Hikes Long-Term Issuer Rating to 'IND BB-'
SOMALATA AYURVEDA: CRISIL Suspends B Rating on INR50MM LT Loan
SRI BALAJI: CRISIL Suspends 'D' Rating on INR86.9MM LT Loan
SRI KRISHNA: CRISIL Suspends 'B' Rating on INR40MM Cash Loan
SRI NAGA: CRISIL Suspends B- Rating on INR46.8MM Term Loan

SRI RAM: ICRA Suspends B+ Rating on INR9.60cr Loan
STEEL PROVIDERS: CRISIL Assigns 'B' Rating to INR50MM Cash Loan
SUNIL & COMPANY: ICRA Assigns B- Rating to INR7.50cr Cash Loan
TM TYRES: CRISIL Suspends 'D' Rating on INR200MM Term Loan
TRIKOOT IRON: ICRA Suspends 'D' Rating on INR31.79cr Loan

UNECHA ASSOCIATES: CRISIL Suspends 'D' Rating on INR87.5MM Loan
V.N.M.A.D. FIRM: CRISIL Reaffirms B+ Rating on INR90MM Loan
VINTAGE DISTILLERS: CRISIL Suspends B+ Rating on INR120MM Loan


I N D O N E S I A

INDONESIA: Economic Rebound to Spur Industrial-Land Demand
MITRA PINASTHIKA: Fitch Affirms 'BB-' IDR, Outlook Stable


J A P A N

SOFTBANK GROUP: S&P Affirms 'BB+' CCR, Outlook Remains Stable


P H I L I P P I N E S

EXPRESS SAVINGS: Arraignment in LWUA Case Reset to October 5


S I N G A P O R E

* SINGAPORE: No. of Firms Being Wound Up at Par With 2015 figure


S O U T H  K O R E A

HANJIN SHIPPING: To File for Court Receivership
HANJIN SHIPPING: Government Wants Hyundai to Buy Healthy Assets


S R I  L A N K A

SRI LANKA: Fitch Affirms 'B+' Insurer Financial Strength Rating


                            - - - - -


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


CONSCIOUS FOODS: First Creditors' Meeting Set for Sept. 8
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Conscious
Foods Pty Ltd will be held at the offices of Dye & Co. Pty Ltd,
165 Camberwell Road, Hawthorn East 3123, on Sept. 8, 2016, at
10:00 a.m.

Shane Leslie Deane and Nicholas Giasoumi of Dye & Co. Pty Ltd
were appointed as administrators of Conscious Foods on Aug. 30,
2016.


FORTESCUE METALS: Fitch Affirms 'BB+' LT Issuer Default Rating
--------------------------------------------------------------
Fitch Ratings has affirmed Australia-based iron-ore miner
Fortescue Metals Group Limited's Long-Term Issuer Default Rating
(LT IDR) at 'BB+' and revised the Outlook to Stable from
Negative. The agency has also upgraded the long-term senior
unsecured rating and the rating on the outstanding USD478m senior
unsecured notes due in 2022 to 'BB+' from 'BB'.

KEY RATING DRIVERS

Strong Cost Reduction Progress: The revision of the Outlook on
Fortescue's 'BB+' LT IDR to Stable from Negative reflects its
demonstrated ability to reduce production costs amid persistently
low iron-ore prices. Fortescue is now one of the lowest-cost
iron-ore suppliers to Asia (mainly to China). The company reduced
its cash production costs (C1 costs, which include the cost of
mining and processing) to USD15.4/wet metric tonne (wmt) in the
financial year ending 30 June 2016 (FY16). This is a 43%
improvement over the USD27.1/wmt in FY15. C1 costs are now 65%
lower than the USD44/wmt reported in FY13 - the point at which
the company's new low-cost mines were commissioned. Fortescue's
cost of mining, processing and transporting iron-ore to customers
stood at USD21.4/dry metric tonne (dmt) at end-FY16, compared
with Fitch's 2016 and 2017 mid-cycle iron-ore assumption of
USD45/dmt for the benchmark iron-ore price for ore with 62% iron
content shipped to China.

Reducing Secured Debt: The upgrade of Fortescue's senior
unsecured ratings reflects the improvement in the company's
secured-debt/EBITDA of 2.0x at end-FY16, from 3.0x at end-FY15.
Fitch considers the quantum of secured debt above the 2.0x to
2.5x range relative to EBITDA is where recovery prospect for
unsecured credits are impaired. Fitch's assessment of the
improvement in recovery prospects for unsecured notes is
reinforced by Fortescue's continued focus on the early repayment
of its 2019 secured credit facility.

Strong Deleveraging Momentum: Fortescue has demonstrated its
commitment to deleveraging by its strengthening free cash flow
(FCF, as measured by operating cash flow after capex and
dividends). The company repaid USD2.9bn of debt in FY16 and a
total of USD6bn since FY13. Fitch said, "We expect Fortescue's
FFO-adjusted net leverage to remain less than 3x over the next
few years (end-FY16: 1.7x), supported by its strong operating
profitability, with EBITDA per tonne of around USD14/dmt and
limited incremental capex. These estimates are based on Fitch's
expectation that the benchmark iron-ore price will average at
USD45/dmt over the same period. Fortescue's gross gearing ratio
of 45% is close to its initial target of 40%, as guided at the
start of its deleveraging focus in FY14."

Further Cost Improvements Challenging: Fitch said, "We currently
expect the company's C1 costs to average around USD13/wmt in
FY17, which is at the upper-end of its guidance. This is because
we recognise that factors beyond Fortescue's control, such as
crude oil prices and the Australian dollar exchange rate, which
have a significant effect on its cost structure, may make further
cost improvements challenging."

Lower Iron-Ore Prices: Fitch has lowered its long-term
expectations for the benchmark iron-ore price to USD45/dmt in
2018 and thereafter, from USD50/dmt previously, and maintained
expectations at USD45/dmt for 2016 and 2017. The lower long-term
prices are based on our expectations that the global iron-ore
market is likely to remain well-supplied, with new capacity
continuing to be added amid persistent weak demand. The
displacement of higher-cost iron-ore supply is also taking longer
than expected, with high-cost miners sustaining operations for
longer.

Comfortable Liquidity, Debt Structure: Fortescue had USD1.58bn
cash on hand at end-FY16, with no significant debt maturities
until 2019, when the balance USD3.7bn of its secured credit
facility falls due. The company's total debt of USD6.7bn does not
include maintenance covenants and can be repaid early at
Fortescue's option without penalty. This provides the company
with flexibility to reshape its capital structure, which is
supported by its strengthened credit profile.

KEY ASSUMPTIONS

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

   -- benchmark iron-ore price to average USD45/dmt in FY17 and
      over the longer term

   -- C1 costs to improve to around USD13/wmt in FY17 and
      thereafter

   -- maintenance capex to average around USD2/wmt per annum in
      FY17 and FY18

   -- FCF to average between USD500m and USD700m per annum
      through FY18

RATING SENSITIVITIES

Positive: Future developments that could lead to positive rating
actions include:

   -- absence of secured debt in Fortescue's capital structure

   -- maintaining FFO-adjusted net leverage at less than 2.5x

   -- sustaining EBITDA per dmt at USD15 or higher

   -- maintaining neutral FCF on average.

Negative: Future developments that could lead to negative rating
actions include:

   -- FFO-adjusted net leverage sustained at higher than 3.0x

   -- EBITDA per dmt sustained at less than USD10

FULL LIST OF RATING ACTIONS

Fortescue Metals Group Limited

   -- Long-Term Issuer Default Rating: Affirmed at 'BB+'; Outlook
      revised to Stable from Negative

   -- Long-term rating on senior unsecured debt: upgraded to
      'BB+' from 'BB'

   -- Long-term rating on senior secured debt: affirmed at 'BBB-

FMG Resources (August 2006) Pty Ltd

   -- Senior unsecured notes due in 2022: upgraded to 'BB+' from
      'BB'

   -- Senior secured notes due in 2022: affirmed at 'BBB-'

   -- Senior secured credit facility due in 2019: affirmed at
      'BBB-'


NCIG HOLDINGS: S&P Assigns 'B' Rating on Subordinated Debt
----------------------------------------------------------
S&P Global Ratings assigned its 'BBB-' issue ratings to Newcastle
Coal Infrastructure Group Pty Ltd. (NCIG)'s senior debt and 'B'
ratings to the subordinated debt issued by NCIG Holdings Pty Ltd.
The outlook on the issue ratings is stable.

"The ratings on NCIG's debt reflect our view of the terminal's
relatively simple and straightforward operations and maintenance
task, and strong ship-or-pay contracts with its shippers that
mutually own the terminal," said S&P Global Ratings credit
analyst James Hoskins.  "The contracts further limit operational
risk because shippers are required to pay even if no coal is
shipped."

NCIG has US$2.38 billion of senior secured debt outstanding,
including both 'A class' and 'S class' debt.  S&P has rated only
the 'A class' senior and junior debt. NCIG Holdings Pty Ltd.,
NCIG's immediate parent, has also issued US$296.3 million and
A$269.3 million of subordinated debt, including both 'A class'
and 'S class' debt that it has lent to NCIG.  NCIG's senior debt
benefits from fixed and floating charges over all of the
company's assets.  Subordinated debt is unsecured other than
security granted over dedicated subordinated accounts.

The multi-user terminal has a design capacity of 66 million tons
per annum (mtpa) and is fully contracted under 10-year, evergreen
ship-or-pay contracts.  The majority of its shippers mutually own
NCIG, which holds a long-term lease on the site that expires in
2053.  The port commenced operations in July 2010 and achieved
design capacity in 2013.

S&P assumes a certain level of market risk, which it assess to be
low, despite the contractual framework and existing ship-or-pay
contracts insulating the project from most volume fluctuations.
S&P considers demand for port capacity out of Newcastle is likely
to continue, given S&P's forecast of coal production in the
Hunter Valley and long-term global coal demand.

S&P believes NCIG's ability to pass through increased costs to
shippers is limited given current margins in the coal mining
sector.  As a result, if a shipper defaults or does not repay its
share of the senior and subordinated debt as required, S&P
expects that NCIG could, among its other initiatives, offer lower
tariffs than contracted, in order to ensure the remaining
shippers don't cease their operations.  The lower tariffs would
reduce NCIG's revenue.  In S&P's view, this is a long-term risk
linked to the continued competitiveness of the Hunter Valley coal
basin.

Given NCIG's fully amortizing structure, S&P makes no adjustments
for its debt structure.  No covenants exist that could affect the
amortization profile.  If NCIG were to reduce the rate of
amortization to cut shippers' overall costs, S&P could then lower
the ratings if it assessed that the overall debt structure had
weakened.

S&P views the overall transaction structure as negative for the
rating.  The project incorporates fixed and floating security
over all its assets, typical restrictions on activities, as well
as appropriate cash flow covenants.  Furthermore, S&P views the
structure as sufficiently robust for it to be de-linked from its
parents; that is, S&P believes a bankruptcy of any of its
shareholders would not affect the project.  However, S&P views
its structural protection as fair due to the absence of a
dedicated, senior debt service reserve account.

S&P's overall assessment of the structure results in a one-notch
downward adjustment of the ratings on both the senior and
subordinated debt.  Partly tempering this impact is the strong
credit support package NCIG holds.  NCIG would have recourse to
letters of credit provided by shippers covering 12 months of
revenue if a cash flow interruption were to occur due to
nonpayment by that shipper.

NCIG has bank accounts with the Australia and New Zealand Banking
Group Ltd. (ANZ).  In addition, it has interest rate and cross
currency swaps with ANZ, the Commonwealth Bank of Australia
(CBA), Sumitomo Mitsui Banking Group, and National Australia Bank
Ltd. Letters of credit provided by financial institutions rated
at least 'A' back shippers' obligations under the ship-or-pay
contracts.  While all these counterparty agreements lack
compliant replacement language, the ratings on these institutions
are comfortably above the project ratings and do not currently
constrain the issue ratings.

Mr. Hoskins added: "The stable outlook reflects our view that the
terminal will operate at a contracted capacity of 66 mtpa for the
foreseeable future.  In addition, we consider NCIG would continue
managing the ship-or-pay contracts such that it generates stable
cash flows and makes timely cash calls to cover unbudgeted
costs."

The rating would come under pressure if contracted volumes were
to drop or if the fundamental competitiveness of the Hunter
Valley such as continuing demand for the region's thermal coal,
were to materially decline, reducing shippers' ability to absorb
increased shipping costs.  Downward rating momentum could also
occur if S&P considers that shippers can't be easily replaced or
if the project were to materially alter the amortization profile
of the senior debt.  In addition, S&P could lower the ratings if
NCIG fails to appropriately manage its refinance exposure and
refinance its bullet maturities well ahead of time.

Given the current weak conditions affecting the coal sector, an
upgrade is unlikely over the next 12 months.  A higher rating
could result from a sustainable increase of coal prices producing
higher margins for the mines in the region.  This strengthening
in coal industry conditions may increase S&P's expected maximum
toll charge for NCIG.


OM MANGANESE: Contractors to Receive Partial Debt Payout
--------------------------------------------------------
Carl Curtain at ABC Rural reports that the creditors of Bootu
Creek mine, operated by OM Manganese, will receive just part of
what is owed to them, according to the company's administrator.

However, the administrators have confirmed all 140 former
employees have been paid out in full, valued at AUD4.5 million.

The Bootu Creek mine went into administration in January with
debts of around AUD300 million, most of which was owed to parent
company OM Holdings.

According to ABC Rural, James Thackray from administrator HQ
Advisory said although the mine's contractors and other creditors
would have to settle for less than what was owed to them, it's
been the best possible outcome.

"The creditors are accepting 15 cents of the dollar," the report
quotes Mr. Thackray as saying.  "OM Holdings, which was owed
about AUD240 million, is not participating in that process but
they'll take the company back and have to secure funding to take
the mine forward."

HQ Advisory was forced to sell 185,000 tonnes of stockpiled ore
earlier this year, exported via four shipments out of Darwin
Port, to cover what debts it could, ABC Rural says.

ABC Rural relates that Mr. Thackray said a deed of company
arrangement was effectuated and terminated, which would allow OM
Holdings to resume control of the OM Manganese.

He said there was a real possibility of the mine re-opening in
2016, the report notes.

"The management team at OM Holdings have been working for a
number of months to make that happen . . . but it really will be
determined by three things one is the funding, working capital
funding, which is considerable," the report quotes Mr. Thackray
as saying.  "There will need to be various approvals by the
Department of Mines and Energy in the Territory in relation to
the mine management plan and the mine closure plan.

"Bearing in mind that this mine collapsed in 2015 when the
manganese price fell by more than 50 per cent, that will be the
greatest driver as to timing and to the likelihood of this all
happening."

The NT Department of Mines and Energy holds an environmental bond
for the mine of around AUD9.75 million, ABC Rural notes.

OM (Manganese) Ltd is a wholly owned by OM Holdings Limited with
its core operating business activities being exploration and
mining of manganese at the Bootu Creek Project.


ROB HOPPMANN: First Creditors' Meeting Set for Sept. 7
------------------------------------------------------
A first meeting of the creditors in the proceedings of Rob
Hoppmann Mining Pty Ltd will be held at Level 8/490 Upper Edward
Street, in Spring Hill, Queensland, on Sept. 7, 2016, at 2:00
p.m.

Brendan Joseph Nixon of SM Stanley Morgan Solvency Accountants
was appointed as administrators of Rob Hoppmann on Aug. 30, 2016.


SINO-EXCEL ENERGY: First Creditors' Meeting Set for Sept. 9
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of
Sino-Excel Energy Limited will be held at the offices of
J P Downey & Co, Level 1, 22 William Street, in Melbourne, on
Sept. 9, 2016, at 11:00 a.m.

James Patrick Downey of J P Downey & Co was appointed as
administrator of Sino-Excel Energy on Aug. 30, 2016.



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C H I N A
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CHINA AUTOMATION: S&P Lowers CCR to 'CCC', Outlook Negative
-----------------------------------------------------------
S&P Global Ratings lowered its long-term corporate credit rating
on China Automation Group Ltd. (CAG) to 'CCC' from 'B-'.  The
outlook is negative.  At the same time, S&P lowered its long-term
issue rating on the US$30 million 8.75% senior unsecured notes
due 2018 issued by Tri-Control Automation Co. Ltd. to 'CCC' from
'B-'.  CAG unconditionally and irrevocably guarantees the notes.
In addition, S&P lowered its long-term Greater China regional
scale ratings on CAG and the notes to 'cnCCC' from 'cnB-'.

"We downgraded CAG because we believe the company faces
heightened refinancing and liquidity risk over the next 12 months
due to its large short-term debt maturities," said S&P Global
Ratings credit analyst Stanley Chan.  "This is mainly due to
CAG's deteriorating operating cash flows and an unexpected delay
in its refinancing plan."

In S&P's view, CAG's business and profitability will be under
material pressure without any sign of recovery in the coming 12
months.  S&P expects customer orders to remain weak and the price
war among industry peers to intensify.

S&P believes CAG's refinancing and liquidity risks may escalate
sharply if its refinancing plan is delayed further or changes.
The company had originally planned to issue Chinese renminbi
(RMB) 200 million in onshore bonds by the end of August 2016.
However, the planned issuance has been postponed to September
2016.  As of Aug. 30, 2016, the company's weighted average debt
maturity profile is significantly less than two years.

CAG's interest and debt serving capacity is likely to deteriorate
due to weak operating cash flows and profitability.  S&P
estimates that the company's leverage, as measured by the debt-
to-EBITDA ratio, and EBITDA interest coverage will turn negative
in the coming 12 months.  S&P expects the negative operating cash
flows and ongoing interest expenses to erode the company's cash
balance, which is already quite low.  S&P also anticipates that
CAG's gross debt will increase in the coming 12 months.

On Aug, 26, 2016, Araco Investment Ltd. and CAG jointly extended
the privatization offer period to acquire all of CAG's issued
shares and to cancel all its outstanding options to Sept. 9,
2016. In S&P's view, any further delay in the privatization
process may also cause uncertainties, including an unexpected
disruption to CAG's business or even its credit standing in the
capital markets.

S&P assesses CAG's liquidity as weak because it expects the
company's sources of liquidity to be materially deficient
compared to its uses over the next 12 months.

The negative outlook reflects S&P's view that CAG faces
heightened refinancing and liquidity risk over the next 12 months
due to its large short-term maturities of financial obligations.

"Any weakening in the company's banking relationship or standing
in the capital markets will reduce its capability to roll over
its short-term borrowings," said Mr. Chan.

S&P may lower the ratings by one or more notches if CAG's
refinancing plan is materially delayed or its liquidity position
deteriorates.  This could happen if: (1) CAG continues to make
losses with no signs of a turnaround or its operating cash
outflows are substantially higher than S&P estimates due to
difficult operating conditions; or (2) the company's banking
relationships weaken such that it faces difficulty in rolling
over its short-term borrowings or secure new borrowings.

S&P could revise the outlook to stable if CAG improves its
liquidity position substantially.  This could happen if the
company refinances its short-term borrowings with longer-tenor
debt or significantly improves its operating cash flows, such
that sources of liquidity exceed uses of liquidity by more than
1.0x.


GREENLAND HOLDING: Fitch Assigns 'BB+' Rating to Senior Notes
-------------------------------------------------------------
Fitch Ratings has assigned China-based property developer
Greenland Holding Group Company Limited's (Greenland;
BB+/Negative) proposed US dollar senior notes a 'BB+(EXP)'
expected rating.

The notes will be issued by its wholly owned subsidiary Greenland
Global Investment Limited under its USD3bn medium-term note
programme. Proceeds from the note issue will be used for
Greenland's overseas expansion.

The notes are guaranteed by Greenland in accordance with China's
Foreign Exchange Administration Rules.

The notes are rated at the same level as Greenland's senior
unsecured rating because they constitute direct, unsubordinated
and senior unsecured obligations of the company. The final rating
on the US dollar notes is contingent on the receipt of final
documents conforming to information already received.

KEY RATING DRIVERS

Deteriorating Financial Metrics: Greenland's leverage rose to 74%
at end-June 2016 from 66% at end-2015 and 62% at end-2014 due to
subdued cash collection to support the fast expansion in its
property development and other businesses. This level of leverage
is comparable with Fitch-rated China homebuilders rated in the
'B' category. Fitch said, "We believe Greenland's leverage may
stay in the high-50% range even after receiving payment in 2017
for the bulk of its uncollected sale proceeds. This is because it
had relied on supplier credit for its inventory build-up and this
may reverse in 2017 upon project completion. Greenland's
operating efficiency, as measured by total contracted sales/total
debt, remained at 1.0x in last twelve months ended 1H16 after
decreasing from 1.3x in 2014 due to higher debt."

Slow Sales Collection: Fitch estimates that Greenland's cash
collection rate in 1H16 improved to 73% from 59% in 2015 thanks
to management's efforts to increase residential sales
contribution, but still lagged the industry average of high 80%.
This is mainly because almost 40% of its contracted sales are
from commercial properties, where cash collection is much slower
than that of residential property sales and exposes Greenland to
payment delays from small and medium enterprises, which have been
hit harder by China's slower economic growth and the downturn in
the commodity market.

Residential property developers typically collect the full sales
amount within three months of sales, but commercial property
developers collect a proportion of the sales in the first year,
which can be low depending on negotiations, and have to wait
until delivery - usually three to five years after sales - to
collect the balance. Greenland's cash collection rate for
residential properties improved from below 80% in 2015 to over
90% in 1H16, but that for commercial properties remained below
45% in 1H16.

Deleveraging Hinges on 2017 Collection: Greenland's high leverage
is mitigated by the sizeable off-balance-sheet uncollected sales
proceeds from both residential and commercial property sales,
which exceeded its annual sales at end-2015. Sales from
commercial properties surged in 2014 and 2015, and management
expects cash collection to significantly improve in 2017 when
these projects are delivered. Leverage is likely to trend down
towards 60% if the expected collection materialises.

Non-Property Businesses Drive Leverage: Fitch believes
Greenland's non-property businesses are still immature and need
to be funded with cash flow from the company's property business.
Greenland has made extensive investments in the financial
institutions, consumer goods and infrastructure industries in
2015, which contributed to the increase in Greenland's leverage.
In addition, Greenland's smaller equity placement in 2016 means
it may need to fund a CNY10bn investment in the financial
institutions business via internal cash or external debt, which
will increase leverage further.

Benefits of Large Scale: Greenland is one of the biggest property
developers in China by contracted sales. Greenland had contracted
sales of CNY111bn in 1H16, up 34% from a year earlier. The
company's property development business is well diversified over
40 cities in China and overseas. Greenland's management says it
intends to sustain a property contracted sales of over CNY200bn
in the next few years.

Diversified Funding Channels: Greenland has enhanced its onshore
funding channels after gaining a listing on the Shanghai stock
exchange in July 2015 by injecting assets into a listed company.
Greenland plans to place out shares in this listed entity,
although in August 2016 it further reduced the amount to be
raised to CNY11bn from CNY15.7bn, after halving the size of the
placement in May 2016. The completion of the placement remains
uncertain, given the more stringent approval process in the
onshore market.

Greenland in March 2016 also announced it is exploring injecting
its hotel assets into a hospitality REIT that may be listed on
the Singapore Exchange. In early 2016, Greenland completed a
CNY10bn domestic bond issuance to augment its funding needs and
reduce its borrowing costs. The company also established offshore
funding channels through its 59%-owned subsidiary Greenland Hong
Kong Holdings Limited.

Rating Uplift for Parental Support: Greenland has a moderately
strong linkage with the Shanghai government. It will continue to
be one of the major contributors to Shanghai's tax revenue and
remain the largest Shanghai-based property company. Fitch
believes the Shanghai State-owned Assets Supervision and
Administration Commission, which owns 46% of Greenland, will
continue to be the company's biggest shareholder and exert
significant influence on Greenland's ability to acquire quality
sites for development; even though its stake is likely to fall
after the company's planned share placement in 2016.

KEY ASSUMPTIONS

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

   -- Contracted sales to remain flat in 2016-2018.

   -- Sales of commercial property to form 60% of total sales and
      residential sales will make up the remainder in 2016-2018

   -- Land premium of around CNY60bn-65bn in 2016-2018, or around
      35% of current year contracted sales. Assume cash is paid
      out in the same year as incurred.

   -- CNY11bn to be raised via share placement in 2016.

RATING SENSITIVITIES

Positive: The Outlook for the standalone ratings may be revised
to Stable if the negative guidelines are not met in the next 12
months.

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

   -- Net debt/adjusted inventory sustained above 60% (Fitch
      estimate for 1H16:74%)

   -- Property EBITDA margin sustained below 15% (Fitch estimate
      for 1H16: 19%)

   -- Contracted sales/total debt sustained below 1x (Fitch
      estimate for last 12 months to June 2016: 1.3x)

   -- Evidence of weakening support from parent

In arriving at debt ratios for the property segment, Fitch
allocates a part of the company's debt to its non-property
business to maintain the latter's net working capital/net debt
ratio at 1.5x and the rest of the debt to the more profitable
property business.


MODERN LAND: Fitch Hikes LT Issuer Default Ratings to 'B+'
----------------------------------------------------------
Fitch Ratings has upgraded Modern Land (China) Co., Limited's
Long-Term Foreign- and Local-Currency Issuer Default Ratings
(IDRs) to 'B+' from 'B'. The Outlook is Stable. Fitch has also
upgraded Modern Land's senior unsecured rating and the ratings on
all outstanding bonds to 'B+' from 'B', with Recovery Rating at
'RR4'.

The upgrade is supported by Fitch's view that Modern Land can
sustain attributable contracted sales of above CNY10 billion from
2016. This is supported by its land replenishment strategy of
maintaining quality land reserves in Tier 1 and 2 cities
equivalent to two to three years of sales. Maintaining a low land
reserve lowers the asset carry burden and allows Modern Land to
maintain a lower leverage than its peers.

The company's strong liquidity and its lower funding costs also
support the rating. Modern Land's rating is mainly constrained by
its small scale as well as possible earnings fluctuations
resulting from volatile conditions of the land market.

KEY RATING DRIVERS

Fast Expansion, Larger Scale: Modern Land's reported contracted
sales increased by more than 70% yoy to CNY7.5 billion in 1H16.
Fitch expects the company to achieve its CNY15 billion reported
contracted sales target for the full year based on Modern Land's
project pipeline in 2H16. Fitch expects Modern Land's
attributable contracted sales to increase in the double digits
each year in the next two years to stay above CNY10 billion,
supported by more than CNY40 billion of attributable saleable
resources, by Fitch's estimate.

Improving but Small Land Bank: Modern Land's land bank has
strengthened after it extended coverage to more Tier 1 and 2
cities since 2014. Although Xiantao and Dongdaihe, two Tier 4
cities in China, continue to account for 45% of Modern Land's
attributable land bank by area; Tier 1 cities like Beijing and
Shanghai, and Tier 2 cities like Hefei, Changsha, and Suzhou
account for more than 60% of Modern Land's existing saleable
resources.

However, Modern Land's land bank remains small and is the main
obstacle to expansion. Its attributable available-for-sale land
bank was merely 2.4 million square metres (sqm) in gross floor
area (GFA) at end-June 2016, compared with attributable sales GFA
of 625,000 sqm in 1H16. The land bank is enough for less than two
years of sales.

Modern Land is tapping new land acquisition channels to boost its
land reserves, including seeking more M&A deals, collaborating
with governments on green housing, and cooperating with asset
management firms. Fitch will not consider further positive rating
action until the company is able to sustain a larger land bank.

Margin to Recover: Modern Land's gross profit margin (GPM)
dropped to only 19% in 1H16, mainly due to the low-margin
projects and social housing projects delivered in Beijing,
Nanchang and Changsha. Fitch expects Modern Land's 2H16 GPM to
revert to 20%. Future project GPMs are also likely to remain at
between 20% and 25%.

Low Leverage, Disciplined Financial Policy: Modern Land's
leverage continued to be controlled and comparable with 'B+'-
rated peers in 1H16. Leverage rose to 26% in 1H16 from 22% in
2014, driven by increased pressure to replenish quality land bank
and the shift towards higher-tier cities. Fitch expects Modern
Land's leverage to remain below 40% until the company materially
increases its land reserves relative to its sales.

Sufficient Liquidity, Lower Funding Cost: Modern Land's liquidity
remains healthy with total cash of CNY5.7 billion, compared with
short-term debt of CNY3.5 billion as of end-June 2016. Modern
Land managed to significantly lower its funding cost to 8.4% in
1H16 from 10.5% in 2015, after the completion of a CNY1 billion
five-year onshore bond issuance in 1H16 at a 6.4% coupon rate.
Fitch expects the lower borrowing cost to partially offset a
lower GPM level and strengthen Modern Land's credit profile.

KEY ASSUMPTIONS

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

   -- Attributable contracted sales of CNY10 billion in 2016,
      CNY12 billion in 2017, CNY15 billion in 2018 and CNY18
      billion in 2019

   -- New land investment to maintain land bank at two years'
      worth of gross contracted sales

   -- Average selling price to increase around 10% each year to
      reflect the higher cost of recently acquired land

   -- Construction cost per square meter of around CNY3,000-4,000
      in 2016-2019

RATING SENSITIVITIES

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

   -- Attributable contracted sales sustained above CNY20bn

   -- Net debt/adjusted inventory sustained below 30% (1H16:
      25.9%)

   -- Land bank sufficient for three years of development

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

   -- Land bank insufficient for two years of development

   -- Attributable contracted sales decline below CNY10 billion

   -- EBITDA margin sustained below 20% (1H16: 13.5% including
      capitalised interest)

   -- Net debt/adjusted inventory sustained above 40%

FULL LIST OF RATING ACTIONS

   -- Long-Term Foreign-Currency and Local-Currency IDR upgraded
      to 'B+' from 'B'; Outlook Stable

   -- Senior unsecured rating upgraded to 'B+' from 'B', Recovery
      Rating at 'RR4'

   -- CNY1.1 billion 11% senior notes due 2017 upgraded to 'B+'
      from 'B', Recovery Rating at 'RR4'

   -- USD150 million 13.875% senior notes due 2018 upgraded to
      'B+' from 'B', Recovery Rating at 'RR4'

   -- USD125 million 12.75% senior notes due 2019 upgraded to
      'B+' from 'B', Recovery Rating at 'RR4'

RKI OVERSEAS: S&P Assigns BB- Rating to Proposed Sr. Unsec. Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its 'BB-' long-term issue rating and
'cnBB+' long-term Greater China regional scale rating to a
proposed issue of U.S. dollar-denominated senior unsecured notes
by RKI Overseas Finance 2016 (B) Ltd. Road King Infrastructure
Ltd. (Road King: BB-/Stable/--; cnBB+/--) guarantees the notes.
The issue rating is subject to S&P's review of the final issuance
documentation.

The issue rating is the same as the corporate credit rating on
Road King.  The China-based property developer and toll-road
operator intends to use the net proceeds to refinance its
existing debt, including US$350 million notes due September 2017.

S&P expects Road King's debt maturity profile to strengthen
following its recent refinancing exercises, which include
issuance of three-year guaranteed senior notes of US$450 million
for refinancing earlier in July.  As of June 30, 2016, the
company had Hong Kong dollar 8.8 billion of debt due within one
year, which accounted for 58% of its reported debt at the time.

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


YESTAR INTERNATIONAL: Fitch Assigns BB- LT Issuer Default Rating
----------------------------------------------------------------
Fitch Ratings has assigned Yestar International Holdings Company
Limited (Yestar) a Long-Term Issuer Default Rating (IDR) of 'BB-'
and senior unsecured rating of 'BB-'. The Outlook is Stable.

Yestar's ratings reflects the company's high exposure to China's
rapidly growing in vitro diagnostics (IVD) market, an established
partnership with IVD industry leader Roche Diagnostics, a strong
foothold in IVD distribution across important eastern China
markets, stable profit contribution from its mature imaging
business with Fujifilm, and low FFO net leverage and strong free
cash flow (FCF) generation compared with other 'BB-' peers.

The Stable Outlook reflects Fitch's expectation that Yestar's
profitability in its IVD and imaging businesses will remain
stable and it will maintain low leverage ratios.

KEY RATING DRIVERS

Steadily Growing IVD Business: Yestar entered the IVD market in
China in 2014 and has acquired two IVD distributors that have
established partnerships with IVD leader Roche Diagnostics. The
distributors also have long-term relationships with hospitals,
stable profitability, and a strong market position in
distributing Roche-branded IVD products across eastern China.
China's IVD market is expanding rapidly due to strong demand, and
faces low cyclicality. Fitch expects IVD to account for around
80% of Yestar's total EBIT in 2016 and will be the company's main
growth driver.

Imaging Business Stable: Fitch expects profit contribution from
Yestar's business of distributing imaging equipment to remain
stable in the near term despite limited top-line growth. The
imaging segment is a mature business with firm customer base,
established distribution networks and minimal capex requirements.
Fitch believes that Yestar's imaging business will provide stable
cash flows that support its rating.

Increased Working Capital Demand: Fitch expects Yestar's working
capital requirements to increase significantly as IVD takes up a
larger part of Yestar's business. Yestar's accounts receivable
days for local hospitals stretch from four to six months while
accounts payable days to supplier Roche Diagnostics is
significantly shorter. In comparison, Yestar's credit terms with
imaging products supplier Fujifilm are much more lenient than the
credit terms Yestar offers to its imaging customers.

Execution and Integration Risks: Yestar has been operating its
newly acquired IVD business for less than two years, and has yet
to complete the progressive acquisition of 100% of each of the
IVD distributors. Execution and integration risks, such as
preserving its existing customer base and being able to obtain
new customers, remain significant, but Fitch believes that
Yestar's successful track record in running its imaging
distribution business, the high cost of switching IVD systems for
hospitals, and Roche's strong brand name in IVD, will reduce the
likelihood of Yestar failing to maintain the existing business
model.

Strong Financial Profile: Yestar has previously consistently been
in a net cash position due to strong cash flow from the imaging
distribution business and low operating leverage. Fitch expects
Yestar's FFO net leverage to peak at 2.3x in 2018 as it gradually
completes the acquisitions of the stakes it does not already own
in the IVD distributors. The company is likely to deleverage in
2019, assuming no further M&A or equity injections.

Growth through M&A: Fitch expects Yestar to continue to grow
through M&A, but it remains to be seen whether the company will
continue to employ a consistent and prudent M&A strategy while
maintaining a strong balance sheet.

KEY ASSUMPTIONS

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

   -- EBITDA margin to remain around 16%-17% between 2016 and
      2018

   -- Acquisition of remaining 30% stake in IVD distributor
      Jiangsu Uno in 2H17

   -- Acquisition of remaining 30% stake in IVD distributor
      Anbaida in 2H18

RATING SENSITIVITIES

Positive: Future developments that may lead to a positive rating
action include:

   -- Significant increase in operating scale, brand partners and
      geographic diversification while keeping FFO net leverage
      below 2.5x on a sustained basis

Negative: Future developments may lead to a negative rating
action include:

   -- FFO net leverage above 2.5x on a sustained basis

   -- EBITDA margin below 15% on a sustained basis

   -- Sustained material decline in revenue growth of existing
      distributors



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


HUA HAN: Fitch Cuts Long-Term Issuer Default Rating to 'B+'
-----------------------------------------------------------
Fitch Ratings has downgraded Hua Han Health Industry Holdings
Limited's Long-Term Foreign-Currency Issuer Default Rating (IDR),
its senior unsecured rating, and the rating on its USD150 million
senior notes due 2019 to 'B+' from 'BB-'. The rating remains on
Rating Watch Negative (RWN), where it was placed on 16 August
2016. The recovery ratings for the senior unsecured rating and
the rating of its USD150m senior notes are 'RR4'.

The weakness in Hua Han's internal controls constrains its
ratings to the 'B' category and Fitch believes uncertainty about
its financial statements will only be adequately addressed after
it publishes its audited results for the financial year ended
June 2016 (FY16).

KEY RATING DRIVERS

Internal Control Weakness: The downgrade reflects the weakness of
Hua Han's internal controls, which was evident in the company's
delays in responding to allegations that it had inflated its
revenue and cash balance. Furthermore, Fitch believes Hua Han's
explanation of the CNY405 million prepayment to its supplier,
Guizhou Shunzhi Trade Co., Ltd. (Guizhou Shunzhi) points to
weakness in its equipment procurement process, which is more
consistent with companies rated at the 'B' category.

Hua Han did not clearly explain what its business relationship
with Guizhou Shunzhi is. The company also did not clarify why a
small general equipment trading vendor was always chosen for
rather complex equipment procurement and why payments for the
equipment were made years in advance without a transparent
process for when the equipment manufacturers were paid.

Audited Reports to Provide Clarity: Hua Han is required to
publish its audited financial statements by Sept. 30, 2016, the
deadline for Hong Kong-listed companies with fiscal years ended
June 30, 2016. An unqualified audited report released in a timely
manner should address most of the issues raised in the report by
Hong Kong-based Emerson Analytics Co. Ltd. about the company's
revenue and asset fair value.

KEY ASSUMPTIONS

Fitch's key assumptions within the rating case for Hua Han
include:

   -- Capex to be HKD800 million in FY16, HKD2 billion in FY17,
      HKD1.5 billion in FY18

   -- 10% annual growth for hospital revenue under supply chain
      management business

   -- Stable gross margins for pharmaceutical sales and supply
      chain management

   -- Revenue from new bio-technical products to be HKD350
      million-HKD550 million in FY17-FY19

RATING SENSITIVITIES

Fitch expects to resolve the RWN after Hua Han publishes its
audited reports on or before Sept. 30, 2016. The RWN will likely
be removed and the ratings affirmed at current levels in the
event of an unqualified auditor opinion.

Any material restatement of Hua Han's historical financial
statements, delays in the announcement of its audited FY16
results, or the auditors giving a qualified opinion to the
audited reports may result in further negative rating action.



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


AJAY PAPERR: CRISIL Suspends 'D' Rating on INR80MM Cash Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Ajay Paperr Mills.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             80        CRISIL D
   Letter of Credit        20        CRISIL D

The suspension of ratings is on account of non-cooperation by APM
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, APM is yet to
provide adequate information to enable CRISIL to assess APM'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 2010, APM manufactures kraft paper. Based out of
Pollachi in Tamil Nadu, the firm is promoted by Mr. Palaniappan.


AMPS ENGINEERING: CRISIL Assigns B Rating to INR40MM Cash Loan
--------------------------------------------------------------
CRISIL has revoked the suspension of its ratings on the bank
facilities of Amps Engineering and Equipments Private Limited and
assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
facilities. CRISIL had suspended the ratings on June 30, 2016, as
AMPS had not provided information required to maintain valid
ratings. The company has now shared the requisite information,
enabling CRISIL to assign ratings to its bank facilities.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          50        CRISIL A4 (Assigned;
                                      Suspension Revoked)

   Cash Credit             40        CRISIL B/Stable (Assigned;
                                     Suspension Revoked)

   Proposed Long Term       4.2      CRISIL B/Stable (Assigned;
   Bank Loan Facility                Suspension Revoked)

The ratings reflect the company's large working capital
requirement, subdued financial risk profile and susceptibility to
cyclicality in its end-user industry. These weaknesses are
partially offset by its promoters' extensive experience in the
bulk material handling industry, its established relationships
with customers and suppliers, and its pricing power because of
the superior quality of its products.
Outlook: Stable

CRISIL believes AMPS will continue to benefit from its promoters'
extensive industry experience. The outlook may be revised to
'Positive' in case of better-than-expected revenue or
profitability, and improvement in working capital cycle. The
outlook may be revised to 'Negative' if the company's financial
risk profile, particularly liquidity and capital structure,
deteriorates due to stretch in working capital cycle or large,
debt-funded capital expenditure.

AMPS, incorporated in 2004, manufactures bulk material handling
equipment, and undertakes turnkey projects that include design,
manufacture, supply, and erection of bulk material handling
equipment.


ANIIRUDH CIVIL: CRISIL Suspends 'D' Rating on INR30MM Cash Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Aniirudh Civil Engineers and Contractors Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee         2      CRISIL D
   Cash Credit           30      CRISIL D
   Term Loan             18      CRISIL D

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

ACECPL, incorporated in 2011, is engaged in jetty construction
and stone crushing activities. Its day-to-day operations are
managed by Mr. Vivek Kawde and his son Mr. Aditya Kawde. The
promoters have been engaged in the civil construction business
since 1998 through group entity Aniirudh Enterprises (rated
'CRISIL D').


ASIP PRIVATE: CRISIL Suspends 'D' Rating on INR930MM Bank Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of ASIP
Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee        930         CRISIL D
   Cash Credit           610.1       CRISIL D
   Funded Interest
   Term Loan             194.7       CRISIL D
   Proposed Long Term
   Bank Loan Facility    286.6       CRISIL D
   Term Loan             134         CRISIL D
   Working Capital
   Term Loan             394.6       CRISIL D

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

ASIP was set up in 2000 as a partnership firm by Mr. Y S Rajesh
Reddy and his family members. The firm was reconstituted as a
private limited company in 2005. The company undertakes civil
construction activities such as construction of roads, canals and
dams, and buildings.


ATMIKA PAPER: CRISIL Suspends B+ Rating on INR50MM LT Loan
----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Atmika
Paper Mills Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             40        CRISIL B+/Stable
   Long Term Loan          50        CRISIL B+/Stable

The suspension of ratings is on account of non-cooperation by
APMPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, APMPL is yet to
provide adequate information to enable CRISIL to assess APMPL'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 the year 2011, APMPL is engaged in manufacturing
of Kraft paper. Promoted by Mr. G.R.S.Reddy and his family, the
company has it manufacturing facility at Chikatimani Palli in
Ananthpur (Andhra Pradesh).


AYSHA APPARELS: CRISIL Suspends D Rating on INR75MM Cash Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Aysha
Apparels.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             75        CRISIL D
   Letter of Credit        50        CRISIL D
   Proposed Long Term
   Bank Loan Facility       1.1      CRISIL D
   Term Loan                4.0      CRISIL D

The suspension of ratings is on account of non-cooperation by
Aysha with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, Aysha is yet to
provide adequate information to enable CRISIL to assess Aysha'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 May 2009 by Mr. A. Abdul Rahiman, the Kochi (Kerala)-
based Aysha manufactures and sells ladies' night wear under the
brand, Bombay Beauty, in Kerala and Tamil Nadu. The operations
are managed by the promoter, Mr. Rahiman.


BAFNA HOSPITAL: CRISIL Suspends 'D' Rating on INR480MM Term Loan
----------------------------------------------------------------
RISIL has suspended its rating on the bank facility of Bafna
Hospital and Orthopaedic Research Centre Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan               480       CRISIL D

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

Bafna was incorporated in Indore (Madhya Pradesh) in 1999. The
company runs a 30-bed hospital for orthopaedic and trauma cases


BALAJI INTERNATIONAL: ICRA Suspends 'B+' Rating on INR2cr Loan
--------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA] B+ assigned to
the INR2.00 crore fund based limits and the short term rating of
[ICRA]A4 assigned to INR8.00 crore fund based limits of M/s
Balaji International. The suspension follows ICRA's inability to
carry out a rating surveillance in the absence of the requisite
information from the company.


BALAJI MEDICAL: CRISIL Suspends B Rating on INR65MM Cash Loan
-------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Balaji
Medical Agencies.
                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             65        CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility       5        CRISIL B/Stable

The suspension of ratings is on account of non-cooperation by BMA
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, BMA is yet to
provide adequate information to enable CRISIL to assess BMA'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 1974, Thrissur (Kerala)-based BMA is a whole sale
dealer of pharmaceutical drugs. The firm's day-to-day operations
are managed by Mr. Sreeram and Mr. Viswanathan.


BLISS INDASI: CRISIL Suspends B+ Rating on INR45.6MM LT Loan
------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Bliss Indasi Life Science Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            25         CRISIL B+/Stable
   Long Term Loan         45.6       CRISIL B+/Stable

The suspension of ratings is on account of non-cooperation by
BILPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, BILPL is yet to
provide adequate information to enable CRISIL to assess BILPL'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 2012, BILPL manufactures anti-malarial
injectables, mainly marketed in African countries. The company is
held by BGPL, Mr. Ravindra Kumar Singh and Mr. Hasmukhbhai Patel.
BILPL's manufacturing facility is located in Bhimpore (Daman and
Diu), with capacity of 12.48 million vials per annum.


CHEER SAGAR: Ind-Ra Suspends 'IND BB' Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Cheer Sagar
Exports' 'IND BB' Long-Term Issuer Rating to the suspended
category. The Outlook was Stable. The rating will now appear as
'IND BB(suspended)' on the agency's website. The agency has also
migrated the ratings on CSE's INR96m fund-based limit to 'IND
BB(suspended)'/'IND A4+(suspended)' from 'IND BB'/'IND A4+'.

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

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


DASHMESH AGR: ICRA Reaffirms 'B' Rating on INR26cr Loan
-------------------------------------------------------
ICRA has re-affirmed the rating of [ICRA]B for INR26-crore
(enhanced from INR25.00 crore) fund-based bank facilities of
Dashmesh Agro Industries.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund-based Limits        26          [ICRA]B (re-affirmed)

The rating action factors in DAI's presence in a highly
competitive rice milling industry, its moderate scale of
operations, weak profitability metrics, high gearing level and
consequently weak debt protection indicators. The rating is also
constrained by its stretched liquidity position as reflected by
consistently high working capital limits utilization arising out
of high inventory holding period. Besides, there are risks
inherent in a partnership firm like limited ability to raise
equity capital, risk of dissolution etc. However, the ratings
favorably factor in DAI's experienced promoters with long track
record in the rice-milling industry and proximity to major rice
growing area.

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

Recent Results

During the financial year 2015-16, the firm reported a Profit
after Tax (PAT) of INR0.17 crore on an operating income of
INR80.82 crore against PAT of INR0.22 crore on an operating
income of INR73.62 crore in 2014-15.


DEO TRADERS: CRISIL Suspends B+ Rating on INR60MM Cash Loan
-----------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Deo
Traders.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             60        CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility      20        CRISIL B+/Stable

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

DT is a distributor of Steel Authorities of India Ltd and other
manufacturers for hot-rolled (HR)/cold-rolled (CR) coils and
sheets, and thermo-mechanically treated (TMT) bars etc. in Bokaro
(Jharkhand). The firm's daily operations are managed by its
proprietor Mr. Dhuruv Narayan.


DHAULAGIREE POLYOLEFINS: CRISIL Suspends B+ Rating on LT Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Dhaulagiree Polyolefins Private Limited.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit            14        CRISIL B+/Stable
   Letter of Credit       20        CRISIL A4
   Proposed Long Term
   Bank Loan Facility     23.5      CRISIL B+/Stable
   Term Loan               2.5      CRISIL B+/Stable

The suspension of ratings is on account of non-cooperation by
DPPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, DPPL is yet to
provide adequate information to enable CRISIL to assess DPPL'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 1981 and promoted by the Kolkata-based Garodia
family, DPPL manufactures PP and HDPE woven bags and fabrics,
which are used for packaging in various industries such as
cement, fertilizer, food, textiles, and others. The company's
daily operations are being managed by Mr. Mishri Lal Garodia and
Mr. Saurabh Garodia.


DHEEPTI SPICES: CRISIL Suspends 'B' Rating on INR80MM LT Loan
-------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Dheepti
Spices.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             35        CRISIL B/Stable
   Foreign Letter of
   Credit                   5        CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility      80        CRISIL B/Stable

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

Setup in 2006, DS, is a proprietorship firm that is primarily
engaged in processing of kaspa peas. The day to day operations of
the firm are managed by Mr. Amarnath Jeyaraj.


ERAM MOTORS: CRISIL Reaffirms 'B' Rating on INR240MM Cash Loan
--------------------------------------------------------------
CRISIL's rating on the bank facilities of Eram Motors Private
Limited continues to reflect Eram's average financial risk
profile, marked by high Total outside Liabilities to Tangible Net
Worth (TOL/TNW) ratio and weak debt protection metrics. The
ratings also reflect company's susceptibility to economic
slowdowns and to intense competition in the automobile (auto)
dealership segment. These rating weaknesses are partially offset
by the extensive industry experience of Eram's promoters.

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Bank Guarantee           90       CRISIL A4 (Reaffirmed)
   Cash Credit             240       CRISIL B/Stable (Reaffirmed)
   Proposed Term Loan      150       CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that Eram will continue to benefit over the
medium term from the extensive industry experience of its
promoters. The outlook may be revised to 'Positive' if the
company improves its cash accruals, driven by an increase in its
scale of operations and profitability leading to improved
liquidity. Conversely, the outlook may be revised to 'Negative'
if Eram's revenue or operating profitability declines, or there
is a larger than expected debt funded capex, or there are delays
in receipt of funding support from its promoters, leading to
deterioration in its financial risk profile

Eram, incorporated in 2009, is an authorized dealer for passenger
vehicles of Mahindra & Mahindra Ltd in Kerala. The company
operates 17 showrooms in Kerala. Eram, a part of the Eram group,
is promoted by Dr. Sideek Ahmed, who has over 25 years of
experience across various verticals.


GAJANAN TUBES: CRISIL Assigns 'B+' Rating to INR90MM Cash Loan
--------------------------------------------------------------
CRISIL has assigned rating of 'CRISIL B+/Stable' to the bank
facilities of Gajanan Tubes.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             90        CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility      30        CRISIL B+/Stable

The rating reflects susceptibility of the firm's operating
performance to intense competition in the pipes & tubes trading
industry. The rating also factors in GT's below-average financial
risk profile marked by weak capital structure and debt protection
metrics. These rating weaknesses are partially offset by
extensive experience of the promoters in the pipes & tubes
trading industry backed by diverse clientele and established
customer relationship.
Outlook: Stable

CRISIL believes that GT will continue to benefit over the medium
term from its continued support from promoters. The outlook may
be revised to 'Positive' in case of significant improvement in
profitability, scale of operation and substantial capital
infusion leading to improvement in financial risk profile.
Conversely, the outlook may be revised to 'Negative' in case of
deterioration in the company's financial risk profile, most
likely because of larger-than-expected working capital
requirements.

Formed in 2004 as a partnership firm by Mr. Rajendra Dalmia,
Gajanan Tubes (GT) is engaged in trading of steel tubes
especially Electric Resistance Welded tubes. The firm is an
authorized distributor of Jindal Pipes Limited.


GURUKRUPA COTGIN: CRISIL Suspends B+ Rating on INR18.5MM Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Gurukrupa Cotgin Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             40        CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility      11.5      CRISIL B+/Stable
   Term Loan               18.5      CRISIL B+/Stable

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

GCPL undertakes ginning and pressing of raw cotton. Set up in
2008, the company has 24 ginning machines and one pressing
machine. It is managed by Mr. Vishal Vajani and his family.


HARISONS STEEL: CRISIL Suspends 'D' Rating on INR210MM Cash Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Harisons Steel Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             210       CRISIL D
   Letter of Credit         50       CRISIL D
   Proposed Cash
   Credit Limit             40       CRISIL D

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

HSL was originally incorporated in November 1999 in Mumbai as
Harisons Steel Pvt Ltd, promoted by Mr. Daulat Fulwadhya and his
brother, Mr. Ashok Fulwadhya. HSPL was reconstituted as a public
limited company with the current name in April 2011. It
manufactures stainless steel billets at its unit in Wada
(Maharashtra).


HITECH FORMULATIONS: CRISIL Assigns B- Rating to INR67MM Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' ratings to the bank
facilities of Hitech Formulations Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan               67        CRISIL B-/Stable
   Cash Credit             10        CRISIL B-/Stable
   Proposed Long Term
   Bank Loan Facility       8        CRISIL B-/Stable

The ratings reflect the nascent stage of operation in a
fragmented and competitive industry, and exposure to
implementation risk on ongoing capex. These weakness are
partially offset by promoter's extensive experience in the
pharmaceutical industry.
Outlook: Stable

CRISIL believes the HFPL will continue to benefit over the medium
term from the promoters' extensive industry experience. The
outlook may be revised to 'Positive' if timely stabilization of
the on-going capex and efficient working capital management
enhance revenue and profitability. Conversely, the outlook may be
revised to 'Negative' if decline in revenue and profitability,
increase in working capital requirement, delays in completion of
ongoing project, or any large capital expenditure weakens
financial risk profile.

HFPL, was incorporated in 2009 and engaged in manufacturing of
protein powder and food supplements. Its day to day activity is
look by its Director Mr. Dharmender Singh Gulati.


JUNAID ENTERPRISES: CRISIL Suspends B Rating on INR20MM Cash Loan
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Junaid
Enterprises.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          18        CRISIL A4
   Cash Credit             20        CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility      10        CRISIL B/Stable
   Proposed Short Term
   Bank Loan Facility      52        CRISIL A4

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

JE was set up in 2000. The firm operates in the civil
construction segment, and constructs buildings for the
government. The firm is based in Ranchi (Jharkhand). The daily
operations are being managed by Mr. Akbar Ali and Mr. Agsar Ali.


K P L STEEL: CRISIL Suspends 'D' Rating on INR77.5MM LT Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
K P L Steel Private Limited.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee         27.5      CRISIL D
   Cash Credit            45        CRISIL D
   Long Term Loan         77.5      CRISIL D

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

Established in 2012 and promoted by Mr. Vinod Kumar, Mr. Krishna
Kumar, and Mr. Jawahar Kumar, KPL is setting up a plant in
Madurai (Tamil Nadu) to manufacture black winding wires and
electroplated thinner and thick gauge wires. The plant was to
commence commercial operations in December 2015.


KABRA PLASTICS: CRISIL Suspends 'B' Rating on INR489.3MM Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Kabra
Plastics Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          2.2       CRISIL A4
   Cash Credit           200         CRISIL B/Stable
   Inland/Import
   Letter of Credit       40         CRISIL A4
   Term Loan             489.3       CRISIL B/Stable

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

KPL was incorporated in 1995 and is promoted by Mr. Binod Kumar
Kabra. Mr. Kabra has been associated with the packaging industry
since 1978. KPL manufactures plain and metalised BOPP and cast
polypropylene films.


KAIZEN INDUSTRIES: CRISIL Suspends B+ Rating on INR45MM Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Kaizen
Industries.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          15        CRISIL A4
   Cash Credit             45        CRISIL B+/Stable
   Letter of Credit        10        CRISIL A4

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

Kaizen Industries, set up in 2004 by Kolkata-based Mr. Samik De
and Mr. Suarajit Dutta, manufactures pre-fabricated steel
structures for buildings and shelters, and polyvinyl chloride
compound granules for Bharat Sanchar Nigam Ltd.


KANAK PULP: CRISIL Suspends B+ Rating on INR50MM Term Loan
----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Kanak
Pulp and Paper Mills Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             45        CRISIL B+/Stable
   Proposed Cash
   Credit Limit             5        CRISIL B+/Stable
   Term Loan               50        CRISIL B+/Stable

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

Kanak is a Raipur based company incorporated in 2009. The company
began commercial operations in February 2012. The company is
owned and managed by the Patel family, and is engaged in
manufacturing of kraft paper which is used in the packaging
industry.


KANHA GRAIN: ICRA Reaffirms B+ Rating on INR5.0cr Cash Loan
-----------------------------------------------------------
ICRA has reaffirmed the [ICRA]B+ rating of the INR5.00 crore cash
credit limits, INR1.24 crore term loan, INR0.80 crore proposed
term loans (revised from Nil) and INR1.96 crore unallocated
limits (revised from INR2.76 crore) of Kanha Grain Process. ICRA
has also reaffirmed the [ICRA]A4 rating of the INR3.00 crore non
fund based bank facilities of KGP. The above unallocated limits
of INR1.96 crore have also been rated at [ICRA]A4 on the short
term scale. Earlier, the ratings were suspended in the month of
July, 2016 in the absence of the requisite information from the
company, which currently stands revoked.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Cash Credit              5.00        [ICRA]B+ Reaffirmed
                                        (suspension revoked)

   Term Loans               1.24        [ICRA]B+ Reaffirmed
                                        (suspension revoked)

   Term Loans (Proposed)    0.80        [ICRA]B+ Reaffirmed
                                        (suspension revoked)

   Non Fund Based           3.00        [ICRA]A4 Reaffirmed
                                        (suspension revoked)

   Unallocated              1.96        [ICRA] B+/[ICRA] A4
                                        Reaffirmed (suspension
                                        revoked)

Rating Rationale
The reaffirmation of ratings take into account KGP's small scale
of current operations, notwithstanding the growth in its turnover
during the last three financial years and its weak financial
profile as reflected by low net profitability, low absolute
tangible net worth and depressed debt coverage indicators. The
ratings are constrained by the risks inherent in an agro-based
business like rice milling, including vulnerability towards the
changes in Government policies and raw material supply risks as
the level of harvest and quality of paddy depend on agro-climatic
conditions. The ratings also consider a low entry barrier
prevailing in a highly-fragmented rice milling industry, which
intensifies competition and restricts pricing flexibility. ICRA
also takes note of the risks associated with the entity's status
as a partnership firm including the risk of capital withdrawal by
the partners.

The ratings, however, derive comfort from the significant
experience of the partners in the rice milling industry,
locational advantage of KGP's plant as it is situated in close
proximity to raw material sources (leading to easy availability
as well as low landed cost of input material) and stable demand
outlook of rice, which forms an important part of the staple
Indian diet.

Kanha Grain Process was set up in 2006 as a partnership concern
by the Agrawal family based out of Raipur, Chhattisgarh. The
entity is involved in milling of raw rice and parboiled rice and
has an installed milling capacity of 14,400 metric tonne per
annum (MTPA). The major part of the paddy milling operations
undertaken by the entity has been in the form of custom milling
operations for the Government. Other than milling of paddy, the
entity also processes rice and broken rice procured from the
manufacturers at the sortex machines installed by them.

Recent Results
Kanha Grain Process reported profit before tax (PBT) of INR0.09
crore during FY2016 on an operating income of INR27.52 crore
(provisional results) as compared to profit before tax of INR0.08
crore on an operating income of INR20.17 crore during FY2015.


KARTIKA ISPAT: CRISIL Suspends 'D' Rating on INR120MM Cash Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Kartika Ispat Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          11        CRISIL D
   Cash Credit            120        CRISIL D
   Term Loan               10.4      CRISIL D

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

KIPL was incorporated in December 2010 by the Arya family of
Malegaon (Maharashtra). The company manufactures mild-steel
ingots at its plant in Malegaon.


KEMS SERVICES: ICRA Suspends 'B' Rating on INR2.5cr Cash Loan
-------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B assigned to
the INR2.50 crore cash credit and INR5.00 crore bank guarantee
facilities of Kems Services Private Limited. ICRA has also
suspended the long term rating of [ICRA]B and the short term
rating of [ICRA]A4 assigned to the INR2.50 crore untied limits of
KSPL. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.


LOVATO CERAMIC: ICRA Reaffirms B+ Rating on INR5cr Cash Loan
------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ to the
INR7.71 crore1 (enhanced from INR4.60 crore) fund based
facilities of Lovato Ceramic Private Limited. ICRA has also
reaffirmed the short term rating of [ICRA]A4 to the INR1.60 crore
(enhanced from INR0.80 crore) non-fund based facilities of LCPL.
The ratings suspension carried out in May 2016 has been revoked.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Cash Credit              5.00        [ICRA]B+ reaffirmed;
                                        suspension revoked

   Term Loan                2.71        [ICRA]B+ reaffirmed;
                                        suspension revoked

   Bank Guarantee           1.60        [ICRA]A4 reaffirmed;
                                        suspension revoked

The reaffirmation of ratings take into account the company's
modest scale of operations, disadvantages resulting from its
single product portfolio of ceramic wall tiles and the highly
competitive business environment given the fragmented nature of
the tiles industry which has resulted in moderate profitability
levels. The ratings also continue to take into account the
vulnerability of LCPL's profitability to the cyclicality
associated with the real estate industry as well as to volatility
in the prices of raw materials and fuel costs.

The ratings, however, continue to take comfort from the
longstanding experience of the promoters in the ceramic industry
and the competitive advantage of the company in raw material
procurement over other tile manufacturers on account of its
favourable location in Morbi (Gujarat).

Incorporated in June 2009, Lovato Ceramic Private Limited (LCPL)
commenced commercial production of ceramic wall tiles in February
2010. Its plant is located at Morbi in Rajkot district of
Gujarat. LCPL is managed by Mr. Dharmendra Patel and his brother
Mr. Jaydeep Patel. The company currently manufactures wall tiles
of sizes 12"x12", 12"x18" and 12"x24" and has established
'Lovato' brand for selling its product.


M-STAR HOTELS: CRISIL Suspends 'D' Rating on INR90MM Term Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of M-Star
Hotels Palakkad Private Limited.

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

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

MSHPL is setting up a five-star hotel near the Kanjikode
industrial zone in Kerala. It is a 100 per cent subsidiary of M-
Star Hotels Pvt Ltd. MSHPL's day-to-day operations is being
managed by Mr. P. Balakrishnan.


MATESWARI MINERALS: ICRA Suspends B+ Rating on INR8cr Loan
----------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B+ on INR8.0
crore bank lines of Mateswari Minerals. The suspension follows
ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.


MUSKAN OVERSEAS: ICRA Suspends 'B' Rating on INR1cr Loan
--------------------------------------------------------
ICRA has suspended the long term rating of [ICRA] B assigned to
the INR1.00 crore fund based limits of M/s Muskan Overseas
Private Limited. ICRA has also suspended the short term rating of
[ICRA]A4 assigned to the INR17.00 crore fund based limits,
INR11.50 crore non fund based limits and INR0.50 crore
unallocated limits of M/s Muskan Overseas Private Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


PATNI BUILDERS: ICRA Suspends B+ Rating on INR10cr Bank Loan
------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA] B+ on INR10.0
crore bank lines of Patni Builders Private Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


PERIYAR CEMENTS: CRISIL Suspends 'D' Rating on INR43MM LT Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Periyar Cements Private Limited.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit            10        CRISIL D
   Long Term Loan         43        CRISIL D

The suspension of ratings is on account of non-cooperation by
PCPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, PCPL is yet to
provide adequate information to enable CRISIL to assess PCPL'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 2010 and promoted by Mr. Staisan Davis, PCPL
manufactures cement and sand. The company commercial operations
commenced in October 2012.


POONAM DRUMS: CRISIL Suspends 'D' Rating on INR260MM Cash Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Poonam
Drums and Containers Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            260        CRISIL D
   Inland/Import
   Letter of Credit        30        CRISIL D

The suspension of ratings is on account of non-cooperation by
PDCPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, PDCPL is yet to
provide adequate information to enable CRISIL to assess PDCPL'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 1983, PDCPL is engaged in manufacturing of drums,
containers, tins and cans. The company was acquired and owned by
the Chaudhary family in 1994. The company is based out of Mumbai
and has manufacturing units in Khalapur (Maharshtra) and in
Mohali (Punjab).


PRAGATEJ BUILDERS: ICRA Cuts Rating on INR20cr LT Loan to 'D'
-------------------------------------------------------------
ICRA has revised the long-term rating assigned to the INR20.001
crore term loan facility of Pragatej Builders and Developers
Private Limited to [ICRA]D from [ICRA]B.

                           Amount
   Facilities            (INR crore)      Ratings
   ----------            -----------      -------
   Long-term Fund-based      20.00        Revised to [ICRA]D
   Limit-Term loan                         from [ICRA]B

The rating revision takes into account the irregularity in
interest servicing on term loan over the last few months owing to
stressed liquidity position of the company in the absence of any
bookings received in its ongoing project - Vishnuchandra Sky till
date. ICRA notes that PBDPL faces stiff competition from other
completed and ongoing projects in the vicinity of the project
given the limited track record of the company, which further
exacerbates the sales risk. The rating also takes into account
the residual execution risks associated with the ongoing real
estate project.

Established in 1996, Pragatej Builders & Developers Private
Limited (PBDPL) is a wholly promoter group owned organization
engaged in the execution of slum rehabilitation projects. The
company is managed by Mr. Rajeshwar Vishnu Kharat and Mr. Ramesh
Vishnu Kharat who have previously undertaken a slum
rehabilitation project at Dharavi under PBDPL's group concern
Prathamesh Construction Co. The other group concerns of the
company - Apex Developers and Prerna Housing Developers are
engaged in the execution of redevelopment and rehabilitation
projects respectively. The company is currently engaged in the
construction of its first project 'Vishnuchandra Sky' at Wadala,
Mumbai.


PRAPALSHA AGROS: ICRA Reaffirms B+ Rating on INR10cr Cash Loan
--------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ to INR10.00
crore cash credit facility of Prapalsha Agros Limited.

                         Amount
   Facilities           (INR crore)      Ratings
   ----------           -----------      -------
   Cash Credit facility     10.00        [ICRA]B+ reaffirmed

The rating reaffirmation continues to take into account the
entity's modest scale of operations and weak financial profile
characterized by low profitability margins inherent in tobacco
trading business, high gearing and weak coverage indicators. The
rating is also constrained by the highly working capital
intensive nature of the business on account of high inventory due
to seasonality associated with tobacco production and
susceptibility of tobacco to agro climatic and regulatory risks
affecting its availability. ICRA also notes the risks associated
with the partnership nature of the firm. However, the rating of
the firm continues to derive comfort from the long-standing
experience of the promoter in tobacco industry and established
relationships of the firm with various cigarette manufacturing
companies and tobacco exporters.

Going forward, the firm's ability to improve its scale of
operations, margins, gearing and effectively manage its working
capital requirements are key rating sensitivities from the credit
perspective.

Prapalsha Agros Limited was incorporated in November 1998 as a
partnership firm. At present, the firm has 3 active directors
namely Mrs. M. Swarna Kumari, Mr. G. P .Srinivasa Rao and Mr. B.
Jaya Paul. The unit is registered with the Tobacco Board of India
as a tobacco dealer and exporter and can participate in the
auctions conducted by the Board. The company is involved in
trading of tobacco leaves, primarily Virginia Flue Cured (VFC)
and Virginia Air Cured (VAC). The firm is situated in Guntur,
Andhra Pradesh.

Recent Results
PAL has reported an operating income of INR25.79 crore and profit
before depreciation and tax of INR0.50 crore in unaudited FY2016
as against an operating income of INR25.36 crore and net profit
of INR0.18 crore in FY2015.


PRASANTHI CASHEW: CRISIL Upgrades Rating on INR300MM Loan to B+
---------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facility of
Prasanthi Cashew Private Limited to 'CRISIL B+/Stable' from
'CRISIL B/Stable', and reaffirmed its 'CRISIL A4' rating on the
company's short-term bank facility.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bill Discounting        40       CRISIL A4 (Reaffirmed)

   Packing Credit         300       CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B/Stable')

The upgrade reflects the improvement in PCPL's liquidity on
account of increase in cash accrual and continued financial
support from its promoter. While revenue declined to INR595
million in fiscal 2016 from INR708 million in fiscal 2015,
operating profitability improved marginally to 6.2%, leading to
increase in cash accrual to INR20 million. Furthermore, unsecured
loans of INR55 million from the promoter supported the company's
liquidity in fiscal 2016. Consequently, its average bank line
utilisation reduced to 90% from 98% in the previous fiscal.
Despite proposed debt-funded capital expenditure, PCPL's cash
accrual is likely to be sufficient to meet its debt obligation,
over the medium term. CRISIL believes PCPL's financial risk
profile, especially liquidity, will improve, supported by steady
cash generation and need-based funds from its promoter.

The ratings reflect PCPL's below-average financial risk profile
because of modest networth and high gearing, and its large
working capital requirement. These weaknesses are partially
offset by its promoter's extensive experience and its established
market position in processing and exporting cashew kernels.
Outlook: Stable

CRISIL believes PCPL will continue to benefit from its promoter's
industry experience. The outlook may be revised to 'Positive' if
the company's financial risk profile improves because of
significant increase in cash accrual and better working capital
management. The outlook may be revised to 'Negative' in case of
deterioration in working capital management, or a significant
decline in cash accrual because of lower revenue or operating
profitability, weakening the liquidity.

PCPL, established by Mr. Mohan Chandra Nair in 1996 in Kerala,
processes and exports cashew kernels.


PROTEX CERAMIC: CRISIL Suspends B+ Rating on INR42.5MM LT Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Protex
Ceramic Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            10         CRISIL B+/Stable
   Long Term Loan         42.5       CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility      2.5       CRISIL B+/Stable

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

Established in 2014, PCPL is based in Rajkot (Gujarat). The firm
manufactures sanitary ware at its unit in Wankaner. It began
commercial operations from January-2015.


R R OOMERBHOY: CRISIL Suspends 'D' Rating on INR123.3MM Cash Loan
-----------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
R R Oomerbhoy Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            123.3      CRISIL D
   Term Loan               16.7      CRISIL D

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

RRO was incorporated in 1992 by Mr. Rashid Oomerbhoy, his son Mr.
Riyad Oomerbhoy and his daughter, Ms. Roohi Oomerbhoy. RRO
refines edible oils and trades in international pasta and cheese
brands.


RENGANAYAGI VARATHARAJ: CRISIL Rates INR200MM LT Loan at B-
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-
term bank facility of Renganayagi Varatharaj College of
Engineering.

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

The rating reflects RVCE's weak capital structure, and the
limited cushion between its expected accrual and debt obligation.
These weaknesses are partially offset by its promoters' extensive
entrepreneurial experience and their funding support.
Outlook: Stable

CRISIL believes RVCE will benefit from its promoters' extensive
entrepreneurial experience. The outlook may be revised to
'Positive' in case of increase in occupancy, fee income, and
profitability, and efficient cash flow management for timely debt
servicing. The outlook may be revised to 'Negative' in case of
lower-than-expected cash flow or larger-than expected debt-funded
capital expenditure, weakening liquidity.

RVCE is an engineering college in Sivakasi, Tamil Nadu, under the
KRTA Varatharaj Educational Trust. The college is affiliated to
Anna University of Technology, Tirunalevi, and accredited to All-
India Council for Technical Education. The college is managed by
chairman Mr. V Kesavan, secretary Mr. V Ragavan, and
correspondent, Ms Brindha J Ragavan.


RIALTO EXIM: CRISIL Suspends B- Rating on INR420MM Gold Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Rialto
Exim Pvt Ltd.


                           Amount
   Facilities            (INR Mln)     Ratings
   ----------            ---------     -------
   Cash Credit              250        CRISIL B-/Stable
   Gold Loan                420        CRISIL B-/Stable
   Post Shipment Credit     240        CRISIL A4
   Proposed Long Term
   Bank Loan Facility        90        CRISIL B-/Stable

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

REPL, incorporated in August 2010 by Mr. Suchit Patel, is engaged
in trading of gold bullion and gold jewellery. It also
manufactures jewellery for the export market at its unit in Surat
Special Economic Zone (Gujarat). The other promoters of REPL are
Mrs. Manisha Patel (mother of Mr. Suchit Patel) and Mrs. Varsha
Patel (sister-in-law of Mr. Suchit Patel). The company's
registered office is in Mumbai.


RPM ENGINEERS: CRISIL Suspends B+ Rating on INR60.3MM Bank Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
RPM Engineers India Limited.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee        60.3       CRISIL A4
   Cash Credit           21         CRISIL B+/Stable
   Standby Line of
   Credit                 2         CRISIL B+/Stable
   Term Loan              6.7       CRISIL B+/Stable

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

RPM was incorporated in 1997 to take over the business of the
sole proprietorship concern, RPM Engineers, which was set up in
1975. RPM manufactures dairy equipment and food processing
machinery. The company is managed by Mr. M Ram Prasad and wife,
Ms. R Raji. RPM's manufacturing facilities are in Guindy (Tamil
Nadu).


S. A. CONSTRUCTIONS: CRISIL Suspends 'B' Rating on INR70MM Loan
---------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of S. A.
Constructions.

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

The suspension of ratings is on account of non-cooperation by SAC
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SAC is yet to
provide adequate information to enable CRISIL to assess SAC'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 2010 and based out of Ernakulam (Kerala), SAC is
engaged in execution of civil contracts, primarily construction
of roads for various government entities in Kerala. The firm is
founded and managed by Mr. Agi Abraham.


SATYAMEV COT: CRISIL Suspends 'B' Rating on INR60MM Cash Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Satyamev Cot Fibers Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            60         CRISIL B/Stable
   Term Loan              22.9       CRISIL B/Stable

The suspension of ratings is on account of non-cooperation by
SCFPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SCFPL is yet to
provide adequate information to enable CRISIL to assess SCFPL'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 2012, SCFPL gins and presses raw cotton at its
facilities in Anjad (Madhya Pradesh). The company's day-to-day
operations are managed by Mr. Ishwar Patidar.


SHRI SHANTI: Ind-Ra Hikes Long-Term Issuer Rating to 'IND BB-'
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Shri Shanti
Solvex Private Limited's Long-Term Issuer Rating to 'IND BB-'
from 'IND B+'. The Outlook is Stable.

KEY RATING DRIVERS

The rating upgrade reflects the stabilisation of SSSPL's
operations in its first full year of operations. According to the
provisional figures of FY16 the revenue was INR849.5 million
(FY15: INR65.8 million). The liquidity is also moderate as
reflected by around 66.7% average working capital use during the
12 months ended July 2016.

The ratings also reflect the company's weak credit profile with
gross interest coverage (operating EBITDA/gross interest
expenses) of 1.2x in FY16 (FY15: 1.1x), net financial leverage
(total adjusted net debt/ operating EBITDA) of 6.2x (89.6x) and
EBITDA margin of 2.5% (1.2%).

The ratings also factor in the promoter's operating experience of
over 10-years in solvent extraction.

RATING SENSITIVITIES

Positive: Improvement in the scale of operations along with
improvement in the credit metrics will lead to a positive rating
action.

Negative: Decline in profitability leading to stressed liquidity
and credit metrics may lead to a negative rating action.

COMPANY PROFILE

SSSPL was incorporated during August 2013 to operate a solvent
extraction plant in Morena, Madhya Pradesh. The trial production
started in March 2015 and the final commercial operations started
in April 2015.

SSSPL's ratings:

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

   -- INR61.94 million (reduced from INR75.0 million) term loans:
      upgraded to 'IND BB-'from 'IND B+'; Outlook Stable

   -- INR100.0 million fund-based working capital limits:
      upgraded to 'IND BB-'from 'IND B+'; Outlook Stable


SOMALATA AYURVEDA: CRISIL Suspends B Rating on INR50MM LT Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Somalata
Ayurveda (India) Private Limited.

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

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

SAIPL, incorporated in 2013-14 (refers to financial year, April 1
to March 31) and based in Puttaparthi (Andhra Pradesh), markets
and sells organic ayurvedic products. It is a 100 per cent export
oriented company.


SRI BALAJI: CRISIL Suspends 'D' Rating on INR86.9MM LT Loan
-----------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Sri
Balaji Poultry Farm.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Long Term Loan         86.9       CRISIL D
   Open Cash Credit       40         CRISIL D
   Proposed Long Term
   Bank Loan Facility     43.1       CRISIL D

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

Sri Balaji was established in 2008 as a proprietorship concern by
Mr. L.Kumar Goud. The firm is engaged in the production of
commercial eggs.


SRI KRISHNA: CRISIL Suspends 'B' Rating on INR40MM Cash Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Sri Krishna Jewellers.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             30        CRISIL B/Stable
   Proposed Cash
   Credit Limit            40        CRISIL B/Stable
   Proposed Term Loan      20        CRISIL B/Stable

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

SKJ, based in Tamil Nadu, was established by Mr. Soorappa
Chettiyar's family in 2006. The company is a wholesale dealer in
gold jewellery.


SRI NAGA: CRISIL Suspends B- Rating on INR46.8MM Term Loan
----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Sri Naga Nanthana Mills Ltd.

                       Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          1.5      CRISIL A4
   Cash Credit            10        CRISIL B-/Stable
   Proposed Long Term
   Bank Loan Facility     32.3      CRISIL B-/Stable
   Term Loan               9.4      CRISIL B-/Stable
   Working Capital
   Term Loan              46.8      CRISIL B-/Stable

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

SNNML was set up in 1983 as a private limited company in
Virudhanagar (Tamil Nadu), and was reconstituted as a closely
held limited company in 1997. It manufactures cotton yarn and
polyester yarn, and its operations are managed by director Mr.
Veerachamy.


SRI RAM: ICRA Suspends B+ Rating on INR9.60cr Loan
--------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B+ assigned to
the INR9.60 crore fund based limits of M/s Sri Ram Food
Industries. ICRA has also suspended the short term rating of
[ICRA]A4 assigned to the INR2.40 crore non fund based limits of
M/s Sri Ram Food Industries. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of
the requisite information from the company.


STEEL PROVIDERS: CRISIL Assigns 'B' Rating to INR50MM Cash Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of Steel Providers.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Cash
   Credit Limit            35        CRISIL B/Stable
   Bank Guarantee          15        CRISIL A4
   Cash Credit             50        CRISIL B/Stable

The ratings reflect a weak financial risk profile because of a
high total outside liabilities to tangible networth ratio, and
weak liquidity and interest coverage ratio. The ratings also
factor in a small scale of operations with low margins and large
working capital requirement. These rating weaknesses are
partially offset by the extensive experience of the firm's
promoters in the steel products trading industry.
Outlook: Stable

CRISIL believes SP will continue to benefit over the medium term
from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' if there is improvement in
the financial risk profile, particularly liquidity, on the back
of better working capital management and cash accrual. The
outlook may be revised to 'Negative' in case of a stretched
working capital cycle or unanticipated debt-funded capital
expenditure, leading to pressure on liquidity.

Set up in 2014 as a partnership firm by Mr. Harsh Kumar and Mr.
Rakesh Negi, SP trades in steel products including hot rolled and
cold rolled steel coils and plates, and thermo-mechanically
treated (TMT) bars. The firm is based in Loha Mandi, Ghaziabad,
Uttar Pradesh.


SUNIL & COMPANY: ICRA Assigns B- Rating to INR7.50cr Cash Loan
--------------------------------------------------------------
ICRA has assigned its long-term rating of [ICRA]B- to the INR9.50
crore bank limits of Sunil & Company.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Cash Credit             7.50        [ICRA]B- (assigned)
   Channel Funding         2.00        [ICRA]B-(assigned)

ICRA's assigned rating takes into account the continuous decline
in the operating income of the firm from INR76.81 crore in FY2014
to INR54.55 crore in FY2015, driven by sluggish demand of TML's
passenger cars. ICRA notes the stretched liquidity position of
the firm due to a considerably high inventory holding period.
While assigning the rating, ICRA also factors in the thin
profitability in the dealership business, high gearing ratio of
2.13 times as on March 31, 2015, weak coverage indicators with
interest coverage of 1.44 times in FY2015 and the stiff
competition from other dealers and manufacturers of passenger
vehicles. However, the rating derives comfort from long
experience of the promoter group in the automobile dealership
business with promoters also involved in other businesses namely
oil mill and manufacturing of blasting machines and trading of
abrasive blasting media by virtue of their association with other
Group companies.

Going forward, the ability of the firm to scale up in a
profitable manner and effectively manage its working capital
requirements will be the key rating sensitivities.

Incorporated in the year 1984, Sunil & Company is a partnership
firm of Mr. Tribhuwan Raj Bhandari, Mr. Sudeep Raj Bhandari and
Mr. Trideep Raj Bhandari. The firm was engaged in dyeing,
printing, processing and trading of cloth as well as in the
dealership of passenger cars for Tata Motors Limited (TML).
However, the firm discontinued its textile processing business in
2012 and is now solely engaged in the dealership of TML passenger
cars. The firm has been assigned the territories of Jodhpur,
Barmer, Jalore, Pali and Jaisalmer in Rajasthan.

Recent Results
As per the audited financials of FY2015, Sunil & Company reported
a net profit of INR0.01 crore on an operating income of INR54.55
crore, as against a net profit of INR0.46 crore on an operating
income of INR76.81 crore in the previous year.


TM TYRES: CRISIL Suspends 'D' Rating on INR200MM Term Loan
----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
TM Tyres Limited.

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Cash Credit             120        CRISIL D
   Funded Interest
   Term Loan                29.1      CRISIL D
   Letter of Credit        100.0      CRISIL D
   Proposed Long Term
   Bank Loan Facility       72.7      CRISIL D
   Term Loan                88.2      CRISIL D
   Working Capital
   Term Loan               200.0      CRISIL D

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

TM Tyres (formerly, TM Tyres Pvt Ltd) was incorporated in 1996,
promoted by Mr. Ashok Kumar Agarwal and his family members. The
company manufactures inner rubber tubes (butyl tubes) for vehicle
tyres. It also manufactures butyl curing bags, envelopes, flaps,
and rubber compounds. The company is based in Hyderabad.


TRIKOOT IRON: ICRA Suspends 'D' Rating on INR31.79cr Loan
---------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]D assigned to
the INR31.79 crore fund based limits of M/s Trikoot Iron & Steel
Castings Limited. ICRA has also suspended the short term rating
of [ICRA]D assigned to the INR6.00 crore non fund based limits of
M/s Trikoot Iron & Steel Castings Limited. The suspension follows
ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.


UNECHA ASSOCIATES: CRISIL Suspends 'D' Rating on INR87.5MM Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Unecha
Associates.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Long Term Loan          87.5      CRISIL D
   Proposed Long Term
   Bank Loan Facility      62.5      CRISIL D

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

UA was established in 1993 as a proprietorship concern by Mr.
Jagdish Unecha. The firm has been in real estate development in
Pune for over two decades, having developed over 0.30 million
square feet (sq ft) of real estate across 35 projects. The firm
has three ongoing projects in Pune with a total construction area
of about 0.13 million sq ft.


V.N.M.A.D. FIRM: CRISIL Reaffirms B+ Rating on INR90MM Loan
-----------------------------------------------------------
CRISIL's rating on the long-term bank facility of V.N.M.A.D. Firm
continues to reflect VNMAD's modest scale of operations in the
intensely competitive pulse processing and trading industry. The
rating also factors in below-average financial risk profile, with
modest networth and weak debt protection metrics.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            90        CRISIL B+/Stable (Reaffirmed)

These weaknesses are mitigated by established relationship with
customers and suppliers, and extensive industry experience of
promoters.
Outlook: Stable

CRISIL believes VNMAD will continue to benefit, over the medium
term, from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if healthy growth in revenue
and profitability lead to improved cash accrual and interest
coverage. Conversely, the outlook may be revised to 'Negative' if
low revenue and profitability, or any large capital expenditure
programme weakens financial risk profile.

Established in 1995, VNMAD is a partnership firm trading in and
processing pulses such as masoor dal, toor dal, yellow peas, and
chick peas. Its operations are managed by Mr. D R Balamurugan.


VINTAGE DISTILLERS: CRISIL Suspends B+ Rating on INR120MM Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Vintage
Distillers Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             80        CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility      50        CRISIL B+/Stable
   Term Loan              120        CRISIL B+/Stable

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

VDL, incorporated in 1988, is promoted by the Jain family. VDL
manufactures country liquor and sells under the 'Dholamaru' and
'Lovelyline' brands. Its manufacturing facility is at Alwar
(Rajasthan).



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


INDONESIA: Economic Rebound to Spur Industrial-Land Demand
----------------------------------------------------------
Fitch Ratings expects demand for industrial land in Indonesia to
recover in the next 12 months - from a 14% slump in sales volume
in 2015 - amid increased economic activity and improved consumer
sentiment since 2Q16. Nevertheless, short-term risks remain,
especially with regards to the success of the tax amnesty
programme, and whether the government's planned infrastructure
investments would continue.

Industrial land sales improved in 2Q16 after a weak start to the
year, due to robust investment inflow and increased confidence in
the economy. The consolidated industrial land sales volume of PT
Kawasan Industri Jababeka Tbk (B+/A(idn)/Stable), PT Modernland
Realty Tbk (B/Negative), PT Bekasi Fajar Industrial Estate Tbk
(unrated), and PT Surya Semesta Internusa Tbk (unrated) had risen
35% yoy in 2Q16 with land sales totalling 24 hectares (ha). The
consolidated presales value of the four companies had also
improved in the period, with presales having risen 46% yoy to
IDR595bn (approximately USD44m). Growth in value exceeded that of
volume as average selling prices (ASP) rose 8% yoy to
IDR2.5m/square metres (sq m) in 2Q16.

Fitch believes the recent improvement was due to a combination of
robust investment inflow and improving confidence towards the
economy. Total 1H16 foreign and domestic investment realisation
rose by 15% yoy to IDR298trn, according to the Indonesia
Investment Coordinating Board (BKPM), and accounted for 50.1% of
the 2016 target (1H15: 47.6% of 2015 target). Economic activities
also improved, as indicated by overall traffic volume growth in
Indonesia's major toll roads having increased 5% yoy in 1H16,
after falling to 2%-3% yoy in 2013-2015.

Accelerated infrastructure expansion by the Ministry of Housing
and Public Works in 1H16 also helped improve economic sentiment;
the Ministry had met 27% of its annual target during the period,
compared with only 16% of its target during the same period in
2015.

Fitch believes steady progress on the government's infrastructure
spending and the successful implementation of the tax amnesty
programme may boost investor sentiments and, in turn, benefit
industrial-land sales.


MITRA PINASTHIKA: Fitch Affirms 'BB-' IDR, Outlook Stable
---------------------------------------------------------
Fitch Ratings has affirmed PT Mitra Pinasthika Mustika Tbk's
(MPM) Long-Term Issuer Default Rating at 'BB-' with a Stable
Outlook. The agency has also affirmed the motorcycle
distributor's senior unsecured rating at 'BB-' and its USD200
million 6.75% senior notes due 2019 issued by MPM Global Pte. Ltd
at 'BB-'.

                          KEY RATING DRIVERS

Adequate Financial Profile: MPM's sales and profitability
continue to be under pressure, but its credit metrics remain
consistent with the rating.  Net debt/EBITDA excluding financial
services was 2.3x in 1H16, below the 2.5x level at which Fitch
would consider negative rating action.  Profitability
deteriorated in 1H16 with operating EBITDA margin excluding
financial services narrowing to 7.1% from 8.2% in 1H15.  This was
driven by continued losses in the new-car distribution business,
and lower contribution from the higher margin car rental
business.

MPM reduced the fleet of its rental business to 14,334 units at
end-1H16 from 15,255 units at end-2014, particularly from the
under-performing mining segment, and became more selective about
its customers.  Cash flows will be supported by the recovery in
economy and low capex in the next few years.

Weak Asset Quality: Asset quality at MPM's main financial
services subsidiary, PT Mitra Pinasthika Mustika Finance (MPM
Finance, A-(idn)/Stable), remained weak, with the NPL ratio at
3.2% at end June-2016.  Higher provisioning expenses (partly due
to the introduction of automatic write-off provisioning for cars
in January 2016) reduced profitability for MPM Finance, which
provides car and motorcycle financing.

Capital Injection in Subsidiary Unlikely: MPM is unlikely to
inject capital into MPM Finance because the subsidiary received a
large capital injection from new shareholder, Japan-based
financing company JACCS, in 2014 that the company has yet to
deploy.  MPM Finance's debt/equity was 2.0x at end-June 2016.
Fitch assumes MPM Finance's debt will be serviced by cash flows
from the repayment of financing receivables, and that MPM Finance
is able to raise funds independently.

Market Leadership: MPM's rating reflects its market leadership in
the motorcycle distribution and oil lubricant segment.  MPM has
the master distributorship for Honda motorcycles, Indonesia's
leading motorcycle brand, in East Nusa Tenggara and East Java.
Fitch believes MPM will continue to benefit from its good
relationship with Astra Honda Motor (AHM).  Fitch believes that
motorcycles are likely to remain the most popular mode of
transportation in Indonesia, and that Honda will continue to be
the leading motorcycle brand in Indonesia in the medium term.

Long-Term Contracts, Scalable Capex: Most of MPM's car rental
business is derived from corporate customers with average rental
terms of more than two years, which provides visibility for cash
flows.  About 46% of the company's 2016 capex budget is for car
purchases for its rental business.  Fitch believes the risk
related to this expansion is manageable, considering the
scalability of capex and management's prudent strategy of
acquiring cars after receiving orders.

Healthy Liquidity, USD Bond Hedged: Excluding financial services,
MPM had cash of IDR1,030 bil. and unutilized credit facilities of
IDR662 bil., compared with IDR478 bil. of revolving bank loans
and IDR247 bil. of debt, which are due in 2016 and 2017.  MPM has
hedged its USD200 mil. bonds, which should mitigate forex risks
as its revenue is mainly denominated in Indonesian rupiah.

KEY ASSUMPTIONS

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

   -- Sales (excluding financial services) growth of 12% in 2016
      and about 7%-10% annually in 2017-2019
   -- EBITDA margin (excluding financial services) of around
      6%-7%
   -- Capex of around IDR700bn-800bn a year in 2016-2018
   -- No capital injection to financial services subsidiaries

                      RATING SENSITIVITIES

Positive: No positive rating action is expected in the next 24
months, unless there is significant increase in scale without any
deterioration in its financial profile.

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

   -- Increase in net debt/EBITDA excluding finance subsidiaries
      to more than 2.5x on a sustained basis
   -- Significant deterioration in the performance of the
      financial services subsidiaries



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


SOFTBANK GROUP: S&P Affirms 'BB+' CCR, Outlook Remains Stable
-------------------------------------------------------------
S&P Global Ratings said it has affirmed its 'BB+' long-term
corporate credit and senior unsecured ratings on SoftBank Group
Corp. following the company's announcement that it plans to
publicly issue subordinated hybrid bonds in September 2016.  The
rating affirmation reflects S&P's view that a recovery of the
company's key financial ratios as a result of the issuance of
hybrid bonds, which S&P assess as having intermediate equity
content, will be marginal and the ratios will still be
commensurate with S&P's current ratings on SoftBank.  The outlook
on the long-term corporate credit rating remains stable.

SoftBank will acquire leading U.K.-based semiconductor designer
ARM Holdings PLC (ARM) for about JPY3.3 trillion, with the
acquisition scheduled to close on Sept. 5, 2016.  SoftBank will
finance most of the huge deal with proceeds from sales of
investment assets, which will somewhat ease the burden on its
financial standing from the acquisition.  Accordingly, S&P
affirmed its ratings on the company on July 20, 2016.  SoftBank
will raise a maximum of about JPY980 billion (the amount issuable
under the current shelf registration) through the hybrid bonds,
which S&P assess as having intermediate equity content.  S&P
believes the issuance will cause the company's key financial
ratios to recover to an extent, because S&P regards half of the
issue amount as debt and the other half as equity.  However, even
after S&P incorporates the effect of the hybrid issuance into its
ratio calculations, S&P estimates the ratio of debt to EBITDA
(post-ARM acquisition, adjusted and consolidated, excluding
captive finance operations) to be about 4.4x, which is still
commensurate with S&P's current rating, from a pre-issuance ratio
of about 4.6x.

The hybrid bonds' characteristics -- the company's option to
defer interest payments at its discretion, sufficient permanence,
and subordination in liquidation or bankruptcy proceedings --
meet S&P's standards for intermediate equity content of hybrid
capital instruments.  SoftBank will issue the hybrid bonds in
three tranches.  While series 1 and 3 will come due in 25 years
and series 2 in 27 years, the interest rate applicable to the
hybrid bonds will increase by 10 basis points (bps) in 2021 (year
5) for series 1 and 3 and in 2023 (year 7) for series 2.  The
interest rate will increase an additional 20 bps in 2036 (year
20) for series 1 and 3 and in 2038 (year 22) for series 2.
Because S&P considers the cumulative 30-bp step-up for the bonds
as material under its criteria, S&P believes the step-up provides
an incentive for SoftBank to call the bonds on the respective
second step-up dates.

Consequently, S&P will consider the second step-up dates
(cumulative 30-bp step-up) as the effective maturity dates
because the issuer has not included intent-based replacement
provisions that meet S&P's criteria.  S&P will reclassify the
equity content as minimal when the remaining period to effective
maturity for these hybrid bonds shortens to less than 15 years --
in 5 years for series 1 and 3 and in seven years for series 2 --
as long as the long-term corporate credit rating on SoftBank is
in the 'BB' rating category.

"We believe SoftBank adequately positions its hybrid bonds as a
form of loss-absorbing capital over the long term.  The company
has expressed its intent to replace the bonds with hybrid
securities with equivalent or higher equity content if it redeems
the hybrid bonds before they mature, unless certain conditions
hold true, including that the redemption does not result in the
deterioration of the company's key financial ratios.  In
addition, SoftBank has a track record of controlling its
financial standing under stress, in our view, despite its very
aggressive growth and financial strategies.  For example, the
company has sold material equity holdings to pursue growth
opportunities, including for the ARM acquisition, or to weather
financial difficulties.  Considering these factors, we currently
believe the company's financial policy and its intent to
refinance meet our assessment of intermediate equity content.  We
assess the hybrid bonds as having intermediate equity content up
to September 2021 (year five) for series 1 and 3 and up to
September 2023 (year seven) for series 2, as long as the company
sustains its financial policy and its intention to refinance and
our long-term corporate credit rating remains in the 'BB' rating
category," S&P said.

The outlook remains stable.  S&P believes the strain on the
company's finances from the ARM acquisition will be eased,
because the company is financing most of the acquisition through
investment asset sales and it plans to issue the hybrid bonds.
S&P would downgrade SoftBank if its debt to EBITDA sustainably
exceeded 5x.  This could result from another large acquisition or
aggressive investments in pursuit of growth; or steeper-than-
expected weakening of U.S. subsidiary Sprint's free operating
cash flow (FOCF).  A downgrade is also likely if competition in
the Japanese market intensifies significantly, materially eroding
the group's consolidated profitability.

S&P thinks an upgrade is unlikely in the near term, given the
addition of ARM's highly volatile semiconductor business to
SoftBank's business mix; Sprint's gradually improving but still-
weak operating performance; and SoftBank's strong appetite for
growth.  Nonetheless, S&P would consider raising its rating on
SoftBank if it improved its financial standing materially and
sustainably while significantly reducing the group's (including
Sprint's) debt.  For instance, an upgrade would be contingent on
debt to EBITDA decreasing to below 4x on a sustainable basis even
after incorporating the possibility of more acquisitions or
investments for growth.



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


EXPRESS SAVINGS: Arraignment in LWUA Case Reset to October 5
------------------------------------------------------------
Marc Jayson Cayabyab at INQUIRER.net reports that Senator Sherwin
Gatchalian and his family attended their scheduled arraignment on
August 15 as the clan faces criminal charges of graft,
malversation and violation of bank manual for the anomalous
buyout of the family's insolvent bank.

Gatchalian sat behind his father, so-called "Plastics King"
William Gatchalian, mother Dee Hu Gatchalian and sibling Weslie
Gatchalian during their arraignment at the Sandiganbayan Fourth
Division, according to INQUIRER.net.

INQUIRER.net relates that the court deferred the arraignment
pending its resolution of Gatchalian's motion for judicial
determination of probable cause, where he maintained his
innocence in the anomalous 2009 buyout by the Local Water
Utilities Administration (LWUA) of his family's insolvent bank
Express Savings Bank Inc. (Esbi).

The court reset the arraignment on Oct. 5, the report notes.

In an interview after the hearing, the neophyte senator said he
is confident he and his family would beat the criminal charges
filed against them, INQUIRER.net relates.

According to INQUIRER.net, Senator Gatchalian said in his 15
years as representative of the family's turf Valenzuela City, he
had led the fight against and had never been involved in
corruption.

INQUIRER.net relates that Senator Gatchalian said the worth of
ESBI shares he sold to LWUA was only PHP2,514.82.

"Actually, sa humble experience ko in 15 years sa Valenzuela
nilalabanan namin ang korupsiyon. Hindi ako kinasuhan in any
corruption sa Valenzuela. And now, for PHP2,500, nakasuhan tayo.
So confident naman ako na malalampasan naman natin ito (Actually,
in my humble experience of 15 years in Valenzuela, I fought
against corruption. I wasn't charged with any corruption in
Valenzuela. And now, for PHP2,500, we were charged. So I'm
confident we could beat these criminal charges)," INQUIRER.net
quotes Senator Gatchalian as saying.

Former LWUA chair and now Surigao Del Sur Rep. Prospero Pichay
Jr. in an interview criticized the Ombudsman for targeting him in
this case, according to INQUIRER.net relates.

"It seems like the favorite of the Ombudsman even if you know
there is really no case. They're just filing cases left and
right. Obviously it's politically motivated, it's political
persecution," the report quotes Mr. Pichay as saying.

In his motion to dismiss the case for lack of probable cause,
Senator Gatchalian said he could not be charged with graft and
malversation because he did not receive unwarranted benefits from
LWUA following the sale of his shares ESBI to LWUA, adds
INQUIRER.net.

Express Savings Bank was a four-unit thrift bank based in Laguna,
Philippines.  It engaged in the business of granting loans,
receiving deposits and paying interest on such deposits.

The Bangko Sentral ng Pilipinas (BSP) ordered the closure of
Express Savings Bank in July 2011.



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


* SINGAPORE: No. of Firms Being Wound Up at Par With 2015 figure
----------------------------------------------------------------
Rennie Whang at The Straits Times reports that the number of
firms in Singapore being wound up after encountering financial
trouble is set to be on a par with last year's number, which was
the highest in 11 years.

These figures may even understate the levels of distress as such
a formal procedure is always the last resort, industry observers
note, The Straits Times says.

More companies seem to be going under, and the number of these
cases could creep up to higher levels than during the global
financial crisis, said Mr. Chua Beng Chye, partner in the
restructuring and insolvency practice at Rajah & Tann, according
to The Straits Times.

"What we are seeing now is a confluence of factors from various
sectors leading up to a perfect storm - including escalating
costs, record low oil prices, dampened property market and a
slowing Chinese economy," the report quotes Mr. Chua as saying.

A total of 118 court winding-up petitions were filed in the first
half of this year, compared with 129 in the same period last
year, the report discloses citing Ministry of Law figures.

And a total of 85 firms were actually wound up in the first half,
compared with 97 previously, the report notes.

In all, 255 court winding-up petitions were filed last year,
while 189 firms were wound up. Both were the highest figures
since 2004, The Straits Times discloses.

According to the report, the continuing high figures come as no
surprise amid a slowdown in economic growth. The Singapore
economy grew 2% last year, the slowest pace since the global
financial crisis, and is tipped to grow just 1 to 2% this year,
noted UOB economist Francis Tan, the report relays.

Six applications for judicial management -- a less drastic step,
leaving open the chance of regrouping -- were filed in the first
half of this year, compared with five in the same period last
year, The Straits Times discloses.

Five of these orders were granted, up from four previously,
according to figures from the Supreme Court, adds The Straits
Times.



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


HANJIN SHIPPING: To File for Court Receivership
-----------------------------------------------
Joyce Lee and Se Young Lee at Reuters report that Hanjin Shipping
Co Ltd said on August 31 it would seek court receivership after
losing the support of its banks, as ports from China to Spain
denied access to its vessels and a rival eyed some of the South
Korean container liner's assets.

Reuters relates that banks led by state-run Korea Development
Bank (KDB) withdrew backing for the world's seventh-largest
container carrier on August 30, saying a funding plan by its
parent group was inadequate to tackle debt that stood at KRW5.6
trillion ($5 billion) at the end of 2015.

After Hanjin applies for receivership, the court will decide
whether it should remain alive as a going concern or be
dissolved, a Seoul Central District Court judge told Reuters on
August 31, declining to be named.

That process usually takes one or two months but is expected to
be accelerated in Hanjin's case, the judge said, Reuters relays.

A bankruptcy for Hanjin Shipping would be the largest ever for a
container shipper in terms of capacity, according to consultancy
Alphaline, exceeding the 1986 collapse of United States Lines,
says Reuters.

According to Reuters, South Korea's ailing shipbuilders and
shipping firms, which for decades were engines of its export-
driven economy, are in the midst of a wrenching restructuring,
and KDB's decision not to continue keeping Hanjin Shipping afloat
shows the government is taking a tougher stance with troubled
corporate groups.

"The government will swiftly push forth corporate restructuring
following the rule that companies must figure out how to survive
and find competitiveness on their own while taking
responsibility," Reuters quotes Finance Minister Yoo Il-ho as
saying.

Hyundai Merchant Marine Co Ltd, the country's second-largest
shipping line, will look to acquire its rival's healthy assets,
including profit-making vessels, overseas business networks and
key personnel, South Korea's Financial Services Commission said,
Reuters reports.

A Hyundai Merchant Marine spokesman told Reuters nothing had been
decided on potential acquisition of Hanjin assets and that the
firm will hold talks with KDB.  Hyundai Merchant Marine is also
in the process of a voluntary debt restructuring, Reuters notes.

South Korea's oceans ministry estimates a two- to three-month
delay in the shipping of some Korean goods that were to be
transported by Hanjin Shipping, and plans to announce in
September cargo-handling measures which could include Hyundai
Merchant Marine taking over some routes, a ministry spokesman
said on August 31, according to Reuters.

Reuters notes that KDB's move to pull the plug was already having
an impact on Hanjin's operations.

Ports including those in Shanghai and Xiamen in China, Valencia,
Spain, and Savannah in the U.S. state of Georgia had blocked
access to Hanjin ships on concerns they would not be able to pay
fees, a company spokeswoman told Reuters.

Another vessel, the Hanjin Rome, was seized in Singapore late on
Monday by a creditor, according to court information obtained by
Reuters.

According to Reuters, Shinhan Investment said in a report on
August 31 that Hanjin would have difficulty operating even if a
rehabilitation process is initiated, as the company would face
lawsuits from creditors and clients, the cancellation of ship
leases and attempts by creditors to size Hanjin's vessels.

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.


HANJIN SHIPPING: Government Wants Hyundai to Buy Healthy Assets
---------------------------------------------------------------
In-Soo Nam at The Wall Street Journal reports that the South
Korean government wants Hyundai Merchant Marine Co. buy healthy
assets from troubled Hanjin Shipping Co., which is teetering on
the verge of bankruptcy after its creditors said they would no
longer provide financial support.

"The government will actively look for ways for Hyundai to take
over ships, business networks and its workforce if Hanjin files
for receivership," the Journal quotes Jeong Eun-bo, vice chairman
of the Financial Services Commission, as saying on August 31.

The Journal relates that Mr. Jeong said a merger of the two isn't
desirable because that would require Hyundai to take over
Hanjin's bad debt.

According to the Journal, Hyundai said it will discuss the matter
with the government and its main creditor, state-run Korea
Development Bank.

The government move comes a day after creditors of Hanjin, the
country's largest container operator, said they would no longer
give it financial support, pushing the company closer to
bankruptcy.

The Journal says Hanjin and its domestic rival, Hyundai Merchant
Marine, handle the bulk of South Korea's exports and have been
unprofitable for several years, amassing debt as global shippers
grapple with excess capacity and falling prices.

Hanjin, a unit of the conglomerate that controls Korean Air Lines
Co., has been under a creditor-led debt restructuring program
since May, the Journal notes.

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.



================
S R I  L A N K A
================


SRI LANKA: Fitch Affirms 'B+' Insurer Financial Strength Rating
---------------------------------------------------------------
Fitch Ratings has affirmed Sri Lanka Insurance Corporation
Limited's (SLIC) Insurer Financial Strength (IFS) rating at 'B+'
with a Negative Outlook. The agency has also affirmed the
National IFS rating and National Long-Term Rating at 'AA(lka)'
with a Stable Outlook.

KEY RATING DRIVERS

SLIC's IFS rating is capped by Sri Lanka's Long-Term Local-
Currency Issuer Default Rating (IDR) and the Negative Outlook
reflects Fitch's Negative Outlook on Sri Lanka's IDR. Fitch
downgraded SLIC's IFS rating on 2 March 2016 following the
downgrade of Sri Lanka's Long-Term Local-Currency IDR to 'B+'
from 'BB-' and the assignment of a Negative Outlook.

SLIC's ratings reflect its established franchise and market
position in Sri Lanka, 99.9%-state ownership and importance to
the government as the largest state-owned insurer. Offsetting
these strengths are significant investments in non-core
subsidiaries and a high equity exposure, which weighs on its
risk-based capital.

SLIC's total gross written premiums (GWP) increased by 14% in
1H16, following a 19% increase in 2015. The non-life business's
combined ratio deteriorated to 108% (2015: 94%) due to higher
claims stemming from a severe tropical storm in May 2016 that
caused flooding and landslides in several parts of the country.
Gross claims rose 63% to LKR5.5bn (1H15: LKR3.4bn), but net
claims rose by only 32% due to recoveries from reinsurance.

SLIC has the highest market share in the non-life business (20%
in 2015) and the second-highest share in life (19% in 2015) as
measured by GWP. The company's asset-base of LKR167bn at end-2015
accounted for 36% of the insurance sector's assets. The company
is currently operating as a composite business and is awaiting a
government decision on separating its life and non-life
businesses.

SLIC's dividend payout increased to 58% in 2015 due to higher
dividend expectations from the government. Profits before tax in
the life segment declined to LKR1.8bn in 2015, from LKR2.5bn in
2014, as investment income fell due to low interest-rates and
poor equity returns. Fitch expects rising interest-rates to
improve investment income in 2016.

SLIC has significant investments in non-core subsidiaries, made
in line with government policy, which are negative for its
rating. However, the government plans to dispose of some of these
non-core investments. Asset and liability mismatches also expose
the company to high-interest-rate risk from its life business,
due to limited market availability of long-term investments.

SLIC's regulatory risk-based capital ratio for life was 419% at
end-March 2016 and 200% for non-life. These ratios exceed the
regulatory required minimum of 120% for each business and compare
well against peers. Fitch expects SLIC to maintain these ratios
above 200% in the medium to long term.

RATING SENSITIVITIES

A downgrade of Sri Lanka's Long-Term Local-Currency IDR will lead
to a downgrade of SLIC's Insurer Financial Strength rating.

SLIC's National Ratings may be upgraded if it maintains its large
market share, keeps its combined ratio well below 95% and
significantly reduces its non-core investments.

The company's National Ratings and IFS may be downgraded if there
is:

   -- significant weakening in SLIC's market position

   -- deterioration in the non-life combined ratio to above 100%
      on a sustained basis

   -- weakening in SLIC's importance to the government, increased
      state pressure for higher dividend payouts or a significant
      increase in non-core investments.



                             *********

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

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

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


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

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

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

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

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



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