TCRAP_Public/160907.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

         Wednesday, September 7, 2016, Vol. 19, No. 177

                            Headlines


A U S T R A L I A

CAROLINE CHISHOLM: First Creditors' Meeting Set for Sept. 15
EMECO HOLDINGS: Fitch Cuts LT Issuer Default Rating to 'CC'
LANTIC WEST: First Creditors' Meeting Scheduled for Sept. 14
MENTMORE PTY: Director Banned for Maximum Five Year Period


C H I N A

CHINA SOUTH: S&P Assigns 'B-' Rating to Proposed Sr. Unsec. Notes
HYDOO INTERNATIONAL: Moody's to Retain B2 CFR on 1H 2016 Results
HYDOO INTERNATIONAL: S&P Affirms 'B' CCR, Outlook Stable
MAOYE INTERNATIONAL: S&P Affirms 'B-' CCR, Outlook Negative
SUNAC CHINA: S&P Revises Outlook to Neg. & Affirms 'B+' CCR


I N D I A

A.KISHORE: CRISIL Assigns 'B' Rating to INR120MM Overdraft Loan
ASHOKA DEVELOPERS: CRISIL Raises Rating on INR180MM Loan to 'B'
BETHEL CASHEW: CRISIL Lowers Rating on INR70MM Cash Loan to D
BHRAMARI STEELS: Ind-Ra Suspends IND BB+ Long-Term Issuer Rating
BNAZRUM AGRO: CRISIL Lowers Rating on INR170MM Loan to 'D'

EMPIRE MULTIPACK: Ind-Ra Suspends IND B+ Long-Term Issuer Rating
ENGINEMATES HEAT: Ind-Ra Suspends IND B+ Long-Term Issuer Rating
FARMICO COLD: CRISIL Reaffirms 'B' Rating on INR100MM Term Loan
FORTUNE PHARMA: CRISIL Suspends 'D' Rating on INR45.6MM Loan
FREEZE ENGINEERING: CRISIL Suspends B+ Rating on INR75MM Loan

GOLDSTONE CERAMIC: CRISIL Suspends B+ Rating on INR26.6MM Loan
KESAR PETROPRODUCTS: ICRA Rates INR10cr Unallocated Loan at B/A4
KHUSHI COTSPIN: CRISIL Assigns 'B' Rating to INR43MM Cash Loan
KJS EDUCATIONAL: CRISIL Suspends D Rating on INR255MM LT Loan
KWALITEE FABS: CRISIL Reaffirms B+ Rating on INR70MM Packing Loan

LAKSHMI NARASIMHA: ICRA Assigns B Rating to INR5.15cr LT Loan
LEMOSA TILES: ICRA Assigns 'B' Rating to INR6.0cr Term Loan
M.P. BOARD: Ind-Ra Assigns 'IND BB-' Long-Term Issuer Rating
MAHARAJA PALANISAMY: CRISIL Reaffirms B Rating on INR25MM Loan
MAHAVEER PARBOILED: ICRA Suspends B+ Rating on INR15cr Loan

MALAXMI WIND: CRISIL Lowers Rating on INR479.2MM LT Loan to 'D'
MARS THERAPEUTICS: CRISIL Lowers Rating on INR57.5MM Loan to D
MEDICAMEN BIOTECH: CRISIL Ups Rating on INR150MM Cash Loan to B
NEOGEM INDIA: ICRA Reaffirms 'D' Rating on INR15cr Loan
NORTON ALUMINIUM: CRISIL Suspends D Rating on INR80MM LT Loan

OJUS POWER: ICRA Suspends 'B' Rating on INR12.91cr Loan
PANCHDEEP COTTON: CRISIL Suspends B+ Rating on INR90MM Cash Loan
PANCHDEEP COTTON INDUSTRIES: CRISIL Suspends B+ Cash Loan Rating
PRAMODKUMAR PRAVINKUMAR: CRISIL Assigns B Rating to INR56MM Loan
RAGHU INFRA: CRISIL Puts 'D' Rating on Notice of Withdrawal

RAVINDRANATH: Ind-Ra Hikes Long-Term Issuer Rating to 'IND BB'
REFLEXIONS NARAYANI: ICRA Reaffirms 'B' Rating on INR18.83cr Loan
SAI SREE: CRISIL Suspends B+ Rating on INR35MM Cash Loan
SAVITRI WEAVING: ICRA Reaffirms B+ Rating on INR6.46cr Loan
SHREE SOMNATH: ICRA Assigns B+ Rating to INR6.0cr Term Loan

SILVER PROTEINS: CRISIL Suspends 'D' Rating on INR120MM Loan
SRI LAKSHMI: Ind-Ra Suspends 'IND BB-' Long-Term Issuer Rating
SRI SAI: CRISIL Reaffirms 'D' Rating on INR43.9MM Term Loan
SRI SOMESH: ICRA Suspends B+ Rating on INR14.75cr Loan
SRI VENKATESWARA: ICRA Reaffirms B+ Rating on INR22.05cr Loan

SRI VENKATESWARA WAREHOUSING: ICRA Rates INR7.73cr Loan at 'B'
SUNBEAM ENTERPRISES: CRISIL Reaffirms B Rating on INR35.5MM Loan
SURYA AUTOMOBILES: ICRA Reaffirms B+ Rating on INR6.0cr LT Loan
SURYABALAJI STEELS: CRISIL Suspends D Rating on INR200MM Loan
SYCON INFRA: CRISIL Assigns 'B' Rating to INR30MM Term Loan

SYSTEM 5S: CRISIL Suspends B+ Rating on INR15MM Proposed Loan
TRIVANDRUM SPECIALISTS: CRISIL Suspends B+ Rating on INR285M Loan
VIVEKANANDA SEEDS: ICRA Reaffirms 'B' Rating on INR8.4cr Loan
VNS ACCESSORIES: Ind-Ra Suspends 'IND BB' Long-Term Issuer Rating
YAMUNA BIO: CRISIL Reaffirms B+ Rating on INR42.5MM Cash Loan

* INDIA: Telcos to Weaken by Jio's Cheaper Tariffs, Fitch Says


I N D O N E S I A

MNC INVESTAMA: Moody's Lowers CFR to Caa1 & Remains on Review


N E W  Z E A L A N D

MTF TORANA: Fitch Assigns 'BB' Rating on Class E Debt


P H I L I P P I N E S

PHILWEB CORP: Places 216 Workers on 'Forced Leave'


S O U T H  K O R E A

HANJIN SHIPPING: Hyndaie in talks w/ Samsung, LG to Ship Cargo
HANJIN SHIPPING: Parent to Provide KRW100BB to Ease Cargo Chaos
POSCO ENGINEERING: Moody's Lowers Corporate Family Rating to Ba1


V I E T N A M

AN BINH: Moody's Puts B2 Deposit Rating on Review for Downgrade


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CAROLINE CHISHOLM: First Creditors' Meeting Set for Sept. 15
------------------------------------------------------------
A first meeting of the creditors in the proceedings of Caroline
Chisholm Lodge Pty Ltd and Caroline Chishom Manor Pty Ltd will be
held at 7 Victor Street, in Chatswood, New South Wales, on
Sept. 15, 2016 at 2:00 p.m.

Alan Walker and Philip Carter of PPB Advisory were appointed as
administrators of Caroline Chisholm on Sept. 5, 2016.


EMECO HOLDINGS: Fitch Cuts LT Issuer Default Rating to 'CC'
-----------------------------------------------------------
Fitch Ratings has downgraded Australia-based mining services
provider Emeco Holdings Limited's Long-Term Issuer Default Rating
to 'CC' from 'B-'/Negative Outlook. Simultaneously Fitch has
downgraded the rating on the USD282 million 9.875% senior secured
notes due in 2019 to 'C' with Recovery Rating of 'RR5', from 'B-'
with Recovery Rating of 'RR4'. The notes are issued by Emeco's
wholly owned subsidiary Emeco Pty Ltd, and guaranteed by Emeco.

The downgrade follows the company's announcement on 31 August 2016
that it planned to address its capital structure. The company has
acknowledged that its high leverage is unsustainable and is
limiting its financial flexibility. Fitch believes that the
company's capital structure review may include a restructuring or
write-down of current outstanding debt. Fitch considers such an
outcome as probable and has downgraded Emeco's Long-Term IDR to
reflect this heightened credit risk.

Fitch has lowered the Recovery Rating on the bonds to 'RR5' as the
ongoing challenges in the sector have caused us to revise down the
distressed enterprise value used in our recovery calculations. An
'RR5' Recovery Rating indicates a recovery of 11%-30% of current
principal and related interest in our calculations. "We note that
the secured US dollar bonds rank behind the company's committed
asset-backed loan of up to AUD75m." Fitch said.

KEY RATING DRIVERS

Potential Debt Restructuring: Emeco said it has appointed advisors
to "assess strategic alternatives to Emeco's capital structure".
The company also mentioned that "additional capital structure
flexibility is necessary for sustainability going forward" and
that "management is aware of the need to improve the company's
resilience to external shocks and provide the flexibility to take
advantage of opportunities in the market". Fitch interprets these
comments as implying that Emeco's plans may include an expectation
that bondholders take part in a form of debt restructuring or
write-down.

High Refinancing Risk: Fitch believes that Emeco could face
heightened refinancing risks on its US dollar bonds due March
2019, unless commodity market conditions improve substantially.
Fitch said, "We expect Emeco to continue to generate negative free
cash flows (FCF) annually over the next few years as the prolonged
weakness in global commodity markets has significantly shrunk
Emeco's operating scale. Given Emeco's high leverage, cash
generation is insufficient to meet the company's maintenance
capex. Fitch believes that miners will continue to remain cost
focused, and thus pressure on Emeco's operating cash flows will
remain for some years to come."

Liquidity May Tighten Beyond 2017: Emeco's committed undrawn
credit line expires in December 2017, and unless the company is
able to negotiate an extension, then liquidity becomes a real
concern. However Emeco's liquidity seems adequate over the next 12
months. At the end of the fiscal year to 30 June 2016 (FYE16), the
company had cash of AUD24.8 million and up to AUD26 million of
committed unutilised credit lines that can be drawn without
activating maintenance covenants. Fitch said, "These sources
appear sufficient to cover our estimate of Emeco's FY17 interest
cost of AUD37 million, and the AUD4 million of finance leases
maturing over the same period. Fitch expects Emeco to post EBITDA
of around AUD45 million to AUD50 million in FY17 (FY16: AUD48
million), which should be sufficient to cover its maintenance
capex, provided this remains similar to last year's AUD35 million.
This is before considering potential cash proceeds from asset
disposals -- Emeco has earmarked a further AUD30 mv of assets for
disposal -- or a further closing-out of the company's foreign-
currency hedges."

KEY ASSUMPTIONS

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

   -- Flat to low single-digit revenue growth in the next two
      years

   -- EBITDA margin to remain at around 25%-26%

   -- FCF to remain negative over the next few years

   -- Around 50% utilisation of its committed undrawn asset-
      backed loan until end-2017

RATING SENSITIVITIES

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

   -- Clarification of Emeco's plans to reduce debt and rebalance
      its capital structure, where such plans include a creditor
      write-down in order to achieve a more sustainable leverage
      profile

   -- A material deterioration in liquidity

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

   -- Fitch considers positive rating action unlikely before a
      formal plan to address the capital structure has been
      agreed


LANTIC WEST: First Creditors' Meeting Scheduled for Sept. 14
------------------------------------------------------------
A first meeting of the creditors in the proceedings of Lantic West
Pty Ltd will be held at the offices of SV Partners, 138 Mary
Street, in Brisbane, Queensland, on Sept. 14, 2016, at 10:30 a.m.

Terrence John Rose and David Michael Stimpson of Lantic West were
appointed as administrators of Lantic West on Sept. 2, 2016.


MENTMORE PTY: Director Banned for Maximum Five Year Period
----------------------------------------------------------
Collaroy director, Mark Frederic Byers, has been banned by
Australian Securities and Investments Commission from managing
companies for the maximum of five years for his conduct in the
management of four failed companies.

Mr. Byer's ban follows the appointment of liquidators to four
fashion apparel companies he managed: Mentmore Pty Ltd, 095 987
214 Pty Limited (formerly known as Bleach Pty Limited), 135 580
013 Pty Limited (formerly known as Ksubi Copyright Pty Ltd) and
140 672 797 Pty Limited (formerly known as Ksubi Pty Limited).

As a result of information contained in reports provided by the
liquidators of the failed companies, ASIC was concerned Mr. Byers
had failed to prevent insolvent trading by two of the companies
and failed to ensure they paid their taxes, failed to discharge
his duties as a director and had engaged in illegal 'phoenix
activity' -- an activity which involves transferring the assets of
an indebted company into a new company, while leaving the initial
company with insufficient assets to pay creditors.

ASIC Commissioner, Greg Tanzer, said 'ASIC will ensure that
directors who are involved in illegal phoenix activity and fail to
appropriately discharge their duties will be removed from the
management of companies.'

Mr. Byers has the right to seek a review of ASIC's decision by the
Administrative Appeals Tribunal.

Section 206F of the Corporations Act allows ASIC to disqualify a
person from managing corporations for up to five years if, within
a seven year period, the person was an officer of two or more
companies, and those companies were wound up and a liquidator
provides a report to ASIC about the company's inability to pay its
debts.

ASIC also maintains a public register of banned and disqualified
persons that provides information about people who have been:

  -- disqualified from involvement in the management of a
     corporation,

  -- disqualified from auditing self-managed superannuation funds
     (SMSFs), or

  -- banned from practising in the financial services of credit
     industry.

Mr. Byers' banning took effect from July 29, 2016.

The report prepared by the liquidator of Mentmore Pty Ltd was
assisted by funding from the Assetless Administration Fund.



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CHINA SOUTH: S&P Assigns 'B-' Rating to Proposed Sr. Unsec. Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its 'B-' long-term issue rating and
'cnB' long-term Greater China regional scale rating to a proposed
issue of U.S.-dollar-denominated senior unsecured notes by China
South City Holdings Ltd. (B/Negative/--; cnB+/--).  The issue
ratings are subject to S&P's review of the final issuance
documentation.

The issue rating is one notch below the long-term corporate credit
rating on CSC to reflect structural subordination risk.  CSC
intends to use the proceeds primarily to refinance its existing
debts and for general corporate purposes.

The negative outlook on the corporate credit rating on CSC
reflects S&P's view that the company's operating conditions will
remain challenging over the next 12 months amid weakness in trade-
center sales in China.  S&P expects a mild recovery in CSC's
contracted sales in the period.  The company's recurring income is
also likely to moderately increase as some of its projects mature.
S&P also anticipates that CSC will restrain its expenditure and
improve its leverage in the fiscal year ending March 31, 2017.

The rating on CSC reflects the company's high financial leverage,
substantial short-term borrowings, and weak operating performance.
The company's high cash position, diverse funding channels,
growing stable recurring incomes, and good market position in the
trade-center industry in China temper these weaknesses.


HYDOO INTERNATIONAL: Moody's to Retain B2 CFR on 1H 2016 Results
----------------------------------------------------------------
Moody's Investors Service says that Hydoo International Holding
Limited's (B2 negative) 1H 2016 results were weak with declines in
both contracted sales and revenues.

Nevertheless, the resultant weakening in its financial metrics and
liquidity position is broadly in line with expectations, and
therefore have no immediate impact on its B2 corporate family
rating, B3 senior unsecured rating and the ratings' negative
outlook.

"Hydoo's weak performance in 1H 2016 was a result of the continued
softening in demand for trade centers in low-tier cities and slow
progress in converting agreements on sales into actual contracted
sales, given China's slowing economic growth," says Kaven Tsang, a
Moody's Vice President and Senior Credit Officer.

The company's contracted sales dropped 41% year on year to
RMB1.1 billion in 1H 2016.

"The challenging operating environment in Hydoo's core markets
will likely continue to deter contracted sales in the next 12-18
months, and that situation will in turn pressure its financial
metrics and liquidity, as already reflected in its negative rating
outlook," adds Tsang.

Hydoo's 1H 2016 revenues also dropped 39% year on year to
RMB579 million due to the lower delivery of completed projects
during the period and, as mentioned, consistently weak contracted
sales.

As a result, revenue/adjusted debt fell to 67.7% as of June 2016
from 77.6% at end-2015.  Similarly, EBIT/interest dropped to 3.1x
for the 12 months to June 2016 from 4.1x in 2015.

Furthermore, the weak character of the operating environment will
continue to constrain performance, even though the planned launch
of new phases of projects in 2H 2016 could support contracted
sales and revenue in the next 6-12 months.

Moody's expects that both contracted sales and revenue will stay
between RMB2.5 and RMB3 billion for all of 2016, down respectively
from RMB3.1 billion and RMB3.2 billion in 2015.

As a result, projected revenue/adjusted debt will fall below 65%
and EBIT/interest coverage will fall to 2.0x-2.5x in the next 12-
18 months.  These ratios are weak for its B2 corporate family
rating.

The company's liquidity also weakened as a result of its
lackluster performance in contracted sales.  Its cash holding --
including restricted cash -- fell to RMB1.67 billion as of June
2016 from RMB2.12 billion as of December 2015.

Consequently, cash/short-term debt fell to 92.7% as of June 2016
from 118.8% as of December 2015.

The increase in restricted cash to RMB1.1 billion from RMB431
million also restrains its financial flexibility.

Moody's notes that Hydoo's weak contracted sales in 2015 have
rendered its USD120 million convertible bonds immediately due and
redeemable.  Of the amount, USD40 million were redeemed by
investors in January 2016.

Moody's further notes that Hydoo issued a senior note of USD60
million in August to repay another USD50 million in convertible
bonds.  Moody's estimates that cash/short-term debt will slightly
improve to around 115%-120% after this repayment.

Hydoo's ratings could be downgraded if its revenue/adjusted debt
falls consistently below 65%, EBIT/interest coverage registers
consistently below 2.0x, or its liquidity deteriorates with
cash/short-term debt consistently under 100%.

The principal methodology used in these ratings was Homebuilding
And Property Development Industry published in April 2015.

Established in 2010, Hydoo International Holding Limited is a
Chinese property developer that specializes in developing and
operating trade centers in low-tier cities.  At end-June 2016, the
company had a land bank of about 11.1 million sqm in nine
provinces and autonomous regions in China.


HYDOO INTERNATIONAL: S&P Affirms 'B' CCR, Outlook Stable
--------------------------------------------------------
S&P Global Ratings affirmed its 'B' long-term corporate credit
rating on China-based trade-center developer Hydoo International
Holding Ltd.  The outlook is stable.  At the same time, S&P
affirmed its 'cnBB-' long-term Greater China regional scale rating
on the company.  S&P also affirmed its 'B-' long-term issue rating
and 'cnB+' long-term Greater China regional scale rating on
Hydoo's outstanding senior unsecured notes.

"We affirmed the ratings on Hydoo because we expect the company to
adopt a prudent approach to project development and land
acquisition to counter the downward trend in the trade-centre
market," said S&P Global Ratings credit analyst Dennis Lee.

Hydoo's earnings for the first half of 2016 were below S&P's
expectation due to sluggish sales and lower revenue recognition.

S&P believes China's decelerating growth will continue to pressure
Hydoo and other trade-centre developers over the next two years.
Sales momentum is likely to slow down further as small and midsize
enterprises are becoming more conservative in their purchasing and
relocation decisions.  S&P estimates the company's sales in 2016
will be only RMB2.5 billion, down 22% from RMB3.2 billion in 2015.
S&P also expects contracted sales will remain low at RMB2.5
billion-RMB3 billion in the next two years because S&P sees
limited signs of recovery.

S&P believea the continuous reduction in cash proceeds from sales
will pressure Hydoo's liquidity resources.  Hydoo's cash level
reduced to RMB1.7 billion at the end of June 2016, from
RMB2.1 billion at the end of 2015. Of the cash level at the end of
June 2016, only RMB573 million was unrestricted.  S&P believes the
company's existing liquidity sources may not be able to cover all
of its short-term borrowings and operating expenses in the next 12
months, in case the company cannot refinance successfully.  S&P
has therefore revised its assessment of Hydoo's liquidity to less
than adequate from adequate.

However, S&P believes that Hydoo's liquidity risks remain
manageable because a significant part of its short-term borrowings
are project loans that have flexible repayment schedules according
to the sales and development schedule of projects.  A sizeable
amount of the company's restricted cash is pledged against such
borrowings.  Therefore banks have limited incentive to accelerate
payment.

S&P believes the partial redemption of Hydoo's convertible bond
with Pingan Real Estate (HongKong) Co. Ltd., the sole holder of
the convertible bonds, has reduced the uncertainty in payment
acceleration.  S&P anticipates Hydoo will fully redeem the
outstanding convertible bond for which Pingan currently reserves
the right to request for an early redemption.

Hydoo's prudent land acquisition strategy supports S&P's
expectation that the company will be cautious in expansion.  The
company is also slowing down its construction to cope with
sluggish sales and decelerating asset churn.  Based on S&P's
discussion with the management, it believes the company will
continue to be selective in project development and reduce
construction costs.  In S&P's base case, it expects annual
construction costs will reduce to RMB2 billion-RMB2.2 billion over
the next three years, compared with RMB2.5 billion in 2015.

Hydoo's negative operating cash flow and declining revenue
recognition will continue to reduce its financial headroom in the
current rating level, in S&P's view.  S&P estimates the company's
debt-to-EBITDA ratio will stay below 5x in the next 12 months.
However, its leverage could deteriorate to more than 5x in 2017
and 2018 if sales do not improve significantly.  At the end of
June 2016, Hydoo's rolling 12 months adjusted debt-to-EBITDA ratio
rose to 3.9x, compared with 3.6x at the end of 2015.

"The stable outlook on Hydoo reflects our expectation that the
company's sales will remain weak in the coming 12 months,
resulting in negative cash flow generation," said Mr. Lee.
"However, we anticipate that Hydoo will control its land
acquisition and construction costs, such that its debt-to-EBITDA
ratio will remain below 5x."

S&P may lower the rating if Hydoo's sales performance is weaker
than S&P's expectation or its margin declines materially, such
that its debt-to-EBITDA ratio exceeds 5x.  This could happen if
Hydoo's: (1) contracted sales are lower than S&P's base case of
RMB2.5 billion in 2016, with no signs recovery in 2017; or (2)
gross margin is lower than 40%.

Rating upside is limited in the next 12 months mainly due to
Hydoo's small operating scale and our expectation that the
company's leverage will worsen.  However, S&P may raise the rating
if Hydoo's sales execution improves drastically while the company
maintains its debt-to-EBITDA ratio consistently below 4x.


MAOYE INTERNATIONAL: S&P Affirms 'B-' CCR, Outlook Negative
-----------------------------------------------------------
S&P Global Ratings affirmed its 'B-' long-term corporate credit
rating on Maoye International Holdings Ltd.  The outlook is
negative.  S&P also affirmed its 'CCC+' long-term issue rating on
the company's senior unsecured notes.  In line with the outlook,
S&P lowered its long-term Greater China regional scale rating on
the China-based department store operator to 'cnB-' from 'cnB' and
on the notes to 'cnCCC+' from 'cnB-'.  S&P removed all the ratings
from CreditWatch, where they were placed with negative
implications on March 17, 2016.

"We affirmed the ratings because Maoye's track record of
refinancing so far this year tempers imminent refinancing risks,"
said S&P Global Ratings credit analyst Shalynn Teo.  "The company
has been able to successfully refinance its debt, in addition to
making payments for its several acquisitions in the past 12
months."

In S&P's view, Maoye has a satisfactory track record of
refinancing short-term bank loans, supported by its access to
banks and debt capital markets.  The company was able to raise
about Chinese renminbi (RMB) 8.6 billion of new borrowings for
debt repayments of about RMB4.6 billion, in addition to making
acquisition payments of about RMB2.6 billion in the first half of
2016.  Moreover, in August this year, the company fully repaid its
outstanding US$88 million syndicated loan due in November.  In
addition, S&P expects Maoye to be able to meet its interest
payments, and anticipate that the company's EBITDA interest
coverage will be 1.3x-1.8x in the next 12 months, compared with
about 1.9x in 2015.

However, S&P expects Maoye will continue to face heightened
liquidity risks in the next 12 months, reflecting the company's
substantial short-term debt maturities, low cash balance, and weak
operating performance.  As of June 30, 2016, Maoye has short-term
debt of RMB9.7 billion, which includes US$300 million
(RMB1.9 billion) senior unsecured notes due May 19, 2017, against
a cash balance of RMB1.2 billion.  In addition, S&P estimates that
Maoye still has about RMB865 million of acquisition payments due
in the next 12 months.

S&P expects any lowering of the refinancing risk and improvement
in liquidity to largely depend on Maoye's ability to issue its
planned domestic bonds and equity.  The company proposes to issue
longer-tenor corporate bonds of up to RMB9.5 billion and a
potential private equity placement of up to RMB2.3 billion for
subsidiary Maoye Commercial Co. Ltd.  Maoye also announced
potential issuance of RMB1.5 billion of short-term notes.
However, S&P believes the timing of these potential issuances is
uncertain and their success will depend on regulatory approvals
and market demand.

"In our view, Maoye's large portfolio of self-owned properties in
good locations allows it to sell some properties to reduce debt
and improve liquidity.  The company has an inventory of completed
properties and properties under development of RMB9.4 billion as
of June 30, 2016, and pre-sales of RMB410 million in the first
half of 2016.  This strength is reflected in a one-notch positive
adjustment to Maoye's stand-alone credit profile (SACP) for
comparable rating analysis.  However, we kept the company's SACP
at 'b-' due to its weak liquidity.  In addition, although we
expect the company may sell its properties to reduce debt and
improve liquidity, it has a limited track record of selling assets
and potential disposals may take longer than expected," S&P said.

"The negative outlook reflects our view that Maoye's refinancing
risk will remain high and its capital structure will largely
depend on its ability to refinance and raise new capital over the
next 12 months," said Ms. Teo.  "This is due to the company's
significant short-term debt maturities, low cash balance, and weak
cash flows and financial control.  We expect Maoye's leverage to
remain high due to its aggressive debt-funded expansion."

S&P could lower the rating if Maoye fails to improve its capital
structure or its liquidity deteriorates further.  This could
happen if: (1) Maoye fails to proactively secure refinancing with
longer tenor debt; (2) the company's property inventory reduction
is slower than S&P expects; (3) its operating cash flows are
substantially lower than S&P anticipates due to more intense
market competition or material deterioration in its operating
performance; or (4) Maoye takes on more debt-funded expansion.

S&P could revise the outlook to stable if Maoye's liquidity
position improves materially on a sustainable basis.  This could
happen if the company: (1) raises debt through banks or bond
issuances such that it materially lowers its refinancing risks;
(2) reduces its inventory on property development materially; or
(3) significantly improves operating performance and cash flow
generation for debt repayment.


SUNAC CHINA: S&P Revises Outlook to Neg. & Affirms 'B+' CCR
-----------------------------------------------------------
S&P Global Ratings revised its outlook on China-based property
developer Sunac China Holdings Ltd. to negative from stable.  At
the same time, S&P affirmed its 'B+' long-term corporate credit
rating on Sunac and our 'B' long-term issue rating on the
company's outstanding senior unsecured notes.

Following the outlook revision, S&P lowered its long-term Greater
China regional scale rating on Sunac to 'cnBB-' from 'cnBB' and
the rating on the notes to 'cnB+' from 'cnBB-'.

"We revised the outlook to negative because Sunac's financial
leverage is likely to deteriorate in 2016 owing to the company's
aggressive land acquisitions so far this year," said S&P Global
Ratings credit analyst Dennis Lee.  This is despite S&P's
expectation that Sunac's contracted sales will grow 61% to Chinese
renminbi (RMB) 110 billion.

S&P estimates that Sunac's debt-to-EBITDA ratio, including the
proportional consolidated financials of the company's joint
ventures (JVs) and associates, will deteriorate to 10x-12x in
2016, from about 8x in 2015.  In S&P's view, Sunac's strong
revenue growth and stable margin of 20%-21% (excluding fair value
re-measurement impact) will be insufficient to offset the likely
significant increase in debt for new land purchases and potential
acquisitions.  S&P expects the debt-to-EBITDA ratio to improve to
9x-10x in 2017, supported by S&P's assumption that Sunac will
maintain moderate sales growth and its pace of land acquisitions
will slow down; S&P also anticipates higher contributions from JVs
and associates.

S&P believes a "see through" view that includes the proportional
consolidated financials of Sunac's off-balance-sheet JVs and
associates better reflects the company's credit profile.  This is
because Sunac has a high proportion of sales through these
entities.  Its reported financials alone do not reflect its true
credit profile, in S&P's view.  In 2015, S&P estimates that 65%-
70% of Sunac's total contracted sales were from JVs and
associates.  S&P expects the trend to continue, given the soaring
land cost in higher-tier cities.  In addition, cooperation with
other developers could reduce investment burden and diversify
risk.  S&P understands Sunac controls the operations of most of
its JVs and associates, even if it does not have majority
shareholding in these entities.  This allows the company to ensure
efficient cash collection and smooth execution of its projects.

In the first half of 2016, Sunac generated RMB29 billion of cash
from property sales from its subsidiaries, JVs, and associates.
The amount only marginally covered its land premium payment of
RMB27.6 billion.  As of Aug. 31, 2016, the company has an
estimated RMB26.9 billion of committed but unpaid land premium, of
which RMB22.5 billion is likely to be paid in the rest of 2016.
The amount could increase if Sunac continues to acquire new land
parcels.  The substantial cash outflow for land acquisitions
underpins S&P's forecast that Sunac's total debt, including the
share portion in JVs and associates, will exceed RMB100 billion by
the end of 2016.

"We believe Sunac's newly acquired land plots could add
uncertainty to the company's profitability in the next few years
and increase execution risk, especially in cities where Sunac is
entering for the first time," said Mr. Lee.  S&P estimates that
the margins of the newly acquired projects could be lower than
Sunac's average because of soaring land price in the last 12
months.  Administrative expenses as a proportion of revenue could
rise as well because Sunac lacks the scale benefit and local
knowledge in the new markets when compared to cities such as
Tianjin, Beijing, and Shanghai, where it the company has extensive
exposure.  However, the geographic expansion could solidify
Sunac's improving market position and develop a foundation to
enlarge its operating scale in the coming years.

The negative outlook reflects S&P's view that Sunac's aggressive
land acquisitions could lead to lower margins and increased
financial leverage over the next 12 months.  This is despite the
company's strong sales performance in 2016.  S&P forecasts that
Sunac's debt-to-EBITDA ratio, including the proportional
consolidated financials of its JVs and associates, will
deteriorate to 10x-12x in 2016 from 8.0x in 2015, and moderately
improve to 9x-10x in 2017.

S&P could downgrade Sunac if the company's financial leverage does
not improve as S&P expects.  This could happen if: (1) the company
continues its aggressive debt-funded land acquisitions; (2) its
sales execution does not meet S&P's expectation of about
RMB110 billion in 2016 and RMB140 billion in 2017; or (3) the
company's margin declines substantially.

S&P could revise the outlook to stable if Sunac's financial
leverage, including the proportionally consolidated financials of
unconsolidated JVs and associates, gradually improves from 2017
onwards.



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


A.KISHORE: CRISIL Assigns 'B' Rating to INR120MM Overdraft Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating on the bank
facility of A.Kishore. The ratings reflect AK's below average
financial risk profile along with modest scale of operations and
susceptibility to intense competition from large players. These
weakness are partially offset by experience of AK's promoters in
the civil construction industry.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Overdraft Facility      120       CRISIL B/Stable

Outlook: Stable

CRISIL believes that AK will benefit over the medium term from the
experience of its promoters in civil construction industry. The
outlook may be revised to 'Positive', if AK increases its scale of
operations significantly while maintaining its operating
profitability over the medium term in a sustainable fashion there
by leading to an improvement in its financial risk profile.
Conversely, the outlook may be revised to 'Negative', if the
company undertakes any significant debt-funded capital expenditure
or if its revenues decline or if its working capital cycle
elongates or there are significant capital withdrawals leading to
deterioration in its financial profile.

Set up in 1998, A Kishor (AK) is a proprietorship firm involved in
civil construction works like construction of roads, bridges and
construction and maintenance for irrigation facilities in
Kerela. The firm is being managed by Mr. A Kishore.


ASHOKA DEVELOPERS: CRISIL Raises Rating on INR180MM Loan to 'B'
---------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank loan
facilities of Ashoka Developers and Builders Limited to 'CRISIL
B/Stable' from 'CRISIL B-/Stable', and has assigned its 'CRISIL
A4' rating to the short-term facilities.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee           5        CRISIL A4 (Assigned)

   Secured Overdraft      180        CRISIL B/Stable (Upgraded
   Facility                          from 'CRISIL B-/Stable')

   Proposed Bank
   Guarantee               15        CRISIL A4 (Assigned)

The upgrade reflects improvement in liquidity with prepayment of
INR53 million of its long term debt obligations. CRISIL believes
that the liquidity would remain adequate over the medium term with
no further maturing debt obligations and continuous fund support
from its promoters.

The upgrade also reflects its better than expected project
implementation risk in one of its residential project - 'Ashoka
Liviano'. CRISIL believes that Ashoka will continue to receive
healthy cash inflows over the medium term. With increase in
bookings for projects, customer advances will be more than
adequate to meet construction cost and interest obligations over
the medium term, leading to minimal dependence on bank debt to
fund projects.

The ratings reflect the implementation and demand risks associated
with Ashoka's on-going and upcoming projects, high degree of
geographical concentration in the company's revenue profile, and
its vulnerability to cyclicality inherent in the Indian real
estate industry. These rating weaknesses are partially offset by
the company's established regional presence in real estate
development, supported by its promoters' extensive experience.
Outlook: Stable

CRISIL believes Ashoka will continue to benefit over the medium
term from its established regional market position in real estate
development. The outlook may be revised to 'Positive' in case of
significant booking of units and receipt of customer advances for
upcoming projects, leading to better-than-expected cash inflow and
liquidity. The outlook may be revised to 'Negative' in case of
deterioration in liquidity because of lower-than-expected customer
advances or significant cost overrun in upcoming projects.

Incorporated in 1989, and promoted by Mr. Jaiveer Reddy and his
family, Ashoka develops residential and commercial property in
Hyderabad. Mr. Reddy manages the company's day-to-day operations.


BETHEL CASHEW: CRISIL Lowers Rating on INR70MM Cash Loan to D
-------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Bethel Cashew Company to 'CRISIL D' ' from 'CRISIL BB/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              70       CRISIL D (Downgraded from
                                     'CRISIL BB/Stable')

   Standby Line of Credit    6       CRISIL D (Downgraded from
                                     CRISIL BB/Stable')

The rating downgrade reflects the deterioration of the liquidity,
resulting in the overutilization of the Cash Credit facility for a
period of more than 30 days.

The rating downgrade reflects the moderate scale of operations,
exposure to intense competition in the cashew industry, and
working capital-intensive operations. However, the company
continues to benefit from the extensive experience of the
promoters.

Set up in 1995, BCC is a partnership firm that processes raw
cashew nuts and sells cashew kernels. BCC currently operates a
facility in Kollam (Kerala). The operations are managed by Mr.
Geevarghese D, one of the partners.


BHRAMARI STEELS: Ind-Ra Suspends IND BB+ Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Bhramari Steels
Pvt Ltd's '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 ratings have been migrated to the suspended category due to
lack of adequate information. Ind-Ra will no longer provide
ratings or analytical coverage for BHRA.

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

BHRA's ratings:

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

   -- INR172.5 million fund-based limits: migrated to 'IND
      BB+(suspended)' from 'IND BB+'

   -- INR11 million term loan: migrated to 'IND BB+(suspended)'
      from 'IND BB+'

   -- INR20 million non-fund-based limits: migrated to 'IND
      A4+(suspended)' from 'IND A4+'


BNAZRUM AGRO: CRISIL Lowers Rating on INR170MM Loan to 'D'
----------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of Bnazrum
Agro Exports Private Limited to 'CRISIL D/CRISIL D' from 'CRISIL
B/Stable/CRISIL A4'. The rating downgrade reflects instances of
delay by BEAPL in servicing its term debt obligations; the delays
have been caused by the company's weak liquidity on account of its
large working capital requirements.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bill Discounting        90        CRISIL D (Downgraded from
                                     'CRISIL A4')

   Long Term Loan          70        CRISIL D (Downgraded from
                                     'CRISIL B/Stable'

   Overdraft Facility      10        CRISIL D (Downgraded from
                                     'CRISIL A4')

   Packing Credit         170        CRISIL D (Downgraded from
                                     'CRISIL A4')

   Proposed Working        10        CRISIL D (Downgraded from
   Capital Facility                  'CRISIL A4')

BAEPL has a below-average financial risk profile, marked by weak
debt protection metrics, and geographical concentration in its
revenue profile. Moreover, the company is susceptible to
fluctuations in foreign exchange rates and to vagaries in the
availability of gherkins. However, BAEPL benefits from its
established market position in the gherkins processing industry.

BAEPL, incorporated in 1998 and located in Dindigul, processes and
exports gherkins. Its operations are managed by the promoter, Mr.
K S M Mohammed Saleem.


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

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

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

EMPL's ratings:

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

   -- INR42.5 million fund-based working capital limits: migrated
      to 'IND B+(suspended)'/'IND A4(suspended) from 'IND
      B+'/'IND A4'

   -- INR30.85 million term loans: migrated to 'IND
      B+(suspended)' from 'IND B+'

   -- INR22.5 million non-fund-based limits: migrated to 'IND
      B+(suspended)'/'IND A4(suspended)' from 'IND B+'/'IND A4'


ENGINEMATES HEAT: Ind-Ra Suspends IND B+ Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Enginemates Heat
Transfer Pvt. Ltd.'s (EHT) 'IND B+' Long-Term Issuer Rating to the
suspended category. The Outlook was Stable. The rating will now
appear as 'IND B+(suspended)' on the agency's website.

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

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

EHT's ratings:

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

   -- INR50 million fund-based limits: migrated to 'IND
      B+(suspended)' from 'IND B+'

   -- INR20 million non-fund-based limits: migrated to 'IND
      A4(suspended)' from 'IND A4'


FARMICO COLD: CRISIL Reaffirms 'B' Rating on INR100MM Term Loan
---------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Farmico Cold
Chain Pvt Ltd continue to reflect a weak financial risk profile
small networth, high gearing, and weak debt protection metrics.
The rating also factors in a modest scale of operations and
susceptibility to intense competition in the highly fragmented
cold storage industry. These rating weaknesses are partially
offset by the extensive industry experience of the company's
promoters, established relationship with customers, and
advantageous location of its cold storage unit.

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

Outlook: Stable

CRISIL believes WPCS will continue to benefit over the medium term
from the extensive industry experience of its promoters, though
its financial risk profile will remain weak over this period due
to large working capital requiremen and modest cash accrual. The
outlook may be revised to 'Positive' if large cash accrual and
sizeable infusion of funds strengthen the financial risk profile,
particularly capital structure. The outlook may be revised to
'Negative' if a stretched working capital cycle, any default by
customers, and declining commodity prices weaken the financial
risk profile.

Update
Liquidity remains stretched with expected cash accrual of around
INR16 million tightly matching repayment obligation of INR15
million in fiscal 2017. The company has weak financial risk
profile because of a small networth of INR48 million and high
gearing of 1.6 times, as on March 31, 2016; interest coverage and
net cash accrual to total debt ratios were 2.7 times and 0.18
time, respectively, in fiscal 2016.

Sales were INR41.8 million in fiscal 2016 against INR28.7 million
in fiscal 2015. The increase in sales was because of higher
warehouse utilization driven by increasing trading activities. The
scale of operations is expected to be sustained over the medium
term backed by an established relationship with farmers and
traders. Operating margin remained healthy at around 75% in fiscal
2016. This was because of the high-margin nature of cold storage
operations as there is no material cost involved; the margin is
expected to be sustained over the medium term.

Incorporated in 2000 and promoted by Mr. Prakash Wadhwani, WPCS
operates a cold storage unit at Nagpur, Maharashtra. The company
provides cold storage and banana-ripening facilities to various
farmers and traders.


FORTUNE PHARMA: CRISIL Suspends 'D' Rating on INR45.6MM Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Fortune
Pharma Private Limited.

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

   Funded Interest
   Term Loan                6        CRISIL D

   Term Loan               29.1      CRISIL D
   Working Capital

   Term Loan               45.6      CRISIL D

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

FPPL was incorporated in July 2005, promoted by Mr. Sudhakar Mulay
and his family members. The company manufactures active
pharmaceutical ingredients and intermediates, which have
application in the human and veterinary healthcare segments. Its
manufacturing facility is at the Shendra complex of the
Maharashtra Industrial Development Corporation (MIDC), Aurangabad
(Maharashtra).


FREEZE ENGINEERING: CRISIL Suspends B+ Rating on INR75MM Loan
-------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Freeze
Engineering Industries Pvt Ltd.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Export Packing Credit     75       CRISIL B+/Stable
   Foreign Bill Purchase     35       CRISIL B+/Stable

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

FEIPL, set up in Kollam (Kerala) in 1980 is engaged in the
processing and exports of sea fish such as cuttlefish, mackerels,
leatherjacket fish, cods, tuna and shrimps among others. The
firm's daily operations are managed by Mr. Syed Alavi.


GOLDSTONE CERAMIC: CRISIL Suspends B+ Rating on INR26.6MM Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Goldstone Ceramic Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          8.5       CRISIL A4
   Cash Credit            20         CRISIL B+/Stable
   Term Loan              26.6       CRISIL B+/Stable

The suspension of ratings is on account of non-cooperation by
GSCPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, GSCPL is yet to
provide adequate information to enable CRISIL to assess GSCPL'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, GSCPL manufactures ceramic wall tiles. Its
current directors are all Kalariya family members.


KESAR PETROPRODUCTS: ICRA Rates INR10cr Unallocated Loan at B/A4
----------------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B and a short-term
rating of [ICRA]A4 to the INR10.00-crore1 unallocated limits of
Kesar Petroproducts Ltd.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Unallocated limits       10.00       [ICRA]B/[ICRA]A4 assigned

While assigning the ratings ICRA has taken a consolidated view of
the two companies -- Kesar Petroproducts Ltd. and its related
concern, Shreyas Intermediates Ltd., given the common promoters
and the business profile. The assigned ratings are constrained by
the continuing weak financial performance and a track record of
default in servicing of debt obligations by the related concern.
ICRA also takes into consideration the susceptibility of the
profit margins to the fluctuation in prices of raw materials,
which are in turn pegged to crude oil prices, the intense peer
pressure in the industry dominated by large organised players, and
the vulnerability of the operations to the foreign exchange rate
fluctuation risk.

The ratings, however, favorably factor in the extensive experience
of the promoters and directors in the organic pigments segment,
established relationship with well reputed clients, which have
resulted in repetitive business and diverse application of the
products across various industries.

ICRA expects a healthy growth in revenues in FY2016-17 compared to
that during FY2015-16 supported by the healthy demand for the
organic pigments. The company's operating profits would remain
vulnerable to adverse movements in prices of key input materials
and to the high competitive pressure prevailing in the industry.
Going forward, the company's ability to increase its scale of
operations with improved profit margins while managing its working
capital requirements and a comfortable capital structure, and the
extent of financial support provided to the related concern, which
is currently a sick unit, will be the key rating sensitivities
from the credit perspective.

Kesar Petroproducts Ltd. is a public limited company incorporated
on January 1, 1990 for manufacturing Bisphenol-A. Due to slow
demand of the products manufactured, the company's financial
performance deteriorated and it was referred to the Board for
Industrial and Financial Reconstruction (BIFR) as a sick unit on
December 23, 2005. In January 2008, Mr. Dinesh Sharma took over
the company with the focus on manufacturing organic pigments. With
the improvement in profitability and reduction in the accumulated
losses, the net worth of KPL turned positive, which facilitated
its exit from BIFR in December 2012.

KPL at present manufactures organic pigments and the product
profile comprises copper phthalocyanine crude (CPC), Alpha Blue,
Beta Blue and Green pigments. The company's registered office and
manufacturing unit is located in the Maharashtra Industrial
Development Corporation in the district of Ratnagiri, Maharashtra.
The unit has an installed manufacturing capacity of 12000 MTPA and
is operating at ~60% utilisation levels. Shreyas Intermediates
Ltd. (SIL) is a related concern of KPL, which was set up in 1989
and also manufactures CPC crude. SIL's financial profile has
remained stressed and has defaulted in debt repayment obligations
in the past.

Recent Results:
In FY2016 the company reported a net profit of INR12.10 crore on
an operating income of INR144.05 crore.


KHUSHI COTSPIN: CRISIL Assigns 'B' Rating to INR43MM Cash Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facilities of Khushi Cotspin Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             43        CRISIL B/Stable
   Term Loan               13        CRISIL B/Stable

The rating factors in the weak financial profile marked by modest
networth and tightly matched cash accrual against debt repayment;
susceptibility of operating margin to fluctuations in cotton
prices and regulatory changes. These weaknesses are partially
offset by the extensive experience of the promoters in the
industry.

While arriving at the rating, CRISIL has consolidated the
financials of KCPL with Pramodkumar Pravinkumar Ginning and
Pressing Factory (PPG, CRISIL B/ Stable) as both the companies are
in similar line of business, managed by same promoter family and
have significant operational linkages.
Outlook: Stable

CRISIL believes the group will continue to benefit from the
experience of its promoters. The outlook may be revised to
'Positive' if increase in revenue and profitability improves cash
accrual. The outlook may be revised to 'Negative' if low cash
accrual leads to stretch in liquidity due to decline in revenue or
profitability or if a large debt-funded capital expenditure
weakens the financial risk profile.

Incorporated in 2012, KCPL is engaged in ginning of raw cotton at
its facility in Akot, Maharashtra. It also trades cotton seeds and
cotton bales.

PPG is a partnership firm engaged in the business of ginning raw
cotton and sale of cotton lint, seed and seed cake. Its unit is
also located in Akot. Both the companies are promoted by Mr.
Navinkumar Chandak and his family.


KJS EDUCATIONAL: CRISIL Suspends D Rating on INR255MM LT Loan
-------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
KJs Educational Institute.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term
   Bank Loan Facility     255        CRISIL D
   Term Loan              245        CRISIL D

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

KEI, registered as a trust in 2005, provides courses in
engineering and business administration. The trust currently
operates four colleges: Trinity College of Engineering & Research,
KJ College of Engineering & Management Research, Purandar College
of Engineering and Management Research, and Trinity Institute of
Management & Research. These colleges have the required approvals
from authorities such as the All India Council for Technical
Education, Directorate of Technical Education, and the Government
of Maharashtra, and are affiliated to the University of Pune
(Maharashtra).


KWALITEE FABS: CRISIL Reaffirms B+ Rating on INR70MM Packing Loan
-----------------------------------------------------------------
CRISIL rating on the bank facilities of Kwalitee Fabs continue to
reflect its modest scale of operations in the intensely
competitive home furnishing industry, and below-average financial
risk profile marked by high gearing. These weaknesses are
partially offset by the extensive industry experience of firm's
promoters.

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

   Proposed Working
   Capital Facility         5       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that KF will continue to benefit, over the medium
term, from its promoter's extensive industry experience. The
outlook may be revised to 'Positive' if the firm achieves
significant improvement in its scale of operations and
profitability, or benefits from substantial capital infusion by
its promoter, thereby improving its financial risk profile.
Conversely, the outlook may be revised to 'Negative' if KF
generates low cash accruals, or undertakes a large, debt-funded
capital expenditure programme, thus weakening its financial risk
profile.

Set up in 2002, Karur (Tamil Nadu)-based KF manufactures home
furnishings and home textiles. Its operations are managed by its
proprietor Mr. R A Kamaraj. KF reported a net profit of INR3.2
million on sales of INR236 million for 2015-16 (refers to
financial year, April 1 to March 31), against a net profit of
INR2.6 million on sales of INR204 million for 2014-15.


LAKSHMI NARASIMHA: ICRA Assigns B Rating to INR5.15cr LT Loan
-------------------------------------------------------------
ICRA has assigned the long term rating of [ICRA]B to the INR5.15
crore fund based limits and INR0.85 crore unallocated limits of
Lakshmi Narasimha Warehousing.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Long Term Fund
   based Limits             5.15       [ICRA]B assigned

   Long Term Un-
   allocated Limits         0.85       [ICRA]B assigned

The rating assigned is constrained by the execution risk
associated with the timely completion of the project and the high
debt funded nature of project resulting in the stretched capital
structure in the near term. The rating also factors in the off
take risk associated with the godowns, since the leasing out of
go-downs to Cotton Corporation of India (CCI)/Food Corporation of
India (FCI) is in process and is subjected to approval from NABARD
which is dependent on to LNW's ability to meet the construction
norms and regulations set by NABARD and the risk associated with
the partnership nature of the firm. However, successful leasing
out of go-downs to CCI/FCI would result in the fixed stream of
cash flows which would support debt repayments.

Going forward, successful and timely completion of the project and
the ability of the firm to get requisite approvals for leasing out
of go-downs are the key rating sensitivities.

Lakshmi Narasimha warehousing was established as a partnership
concern on 10th of October, 2015 and is mainly engaged in the
activity of construction of go-downs and leasing out. The entity
is in the process of constructing 2 go-downs with an aggregate
capacity of 16, 000 MT in Gajalpuram village, Thripuraram Mandal
of Nalgonda district with an estimated project cost of INR7.05
crore which is to be funded by term loans of INR5.15. crore and
INR1.90 crore of promoter's contribution. The expected date of
commencement of the go-down is April 01, 2017. As on 31st July
2016, the entity has completed ~70% of the project.


LEMOSA TILES: ICRA Assigns 'B' Rating to INR6.0cr Term Loan
-----------------------------------------------------------
The long-term rating of [ICRA]B has been assigned to the INR6.00
crore1 term loan facility (proposed) and the INR3.00 crore cash
credit facility (proposed) of Lemosa Tiles LLP.

                            Amount
   Facilities            (INR crore)    Ratings
   ----------            -----------    -------
   Long term fund based
   Term Loan (Proposed)      6.00       [ICRA]B assigned

   Long term fund based
   Cash Credit (Proposed)    3.00       [ICRA]B assigned

The assigned rating reflects LTL's financial profile, which is
expected to remain stretched in the near to medium term, given the
debt funded nature of the project and impending high debt
repayments. ICRA notes the risk associated with timely
commencement and stabilization of its operations. The ratings are
further constrained by the vulnerability of the firm's
profitability to the cyclicality inherent in the real estate
industry, which is the main consuming sector; and also to the
adverse fluctuations in prices of raw materials and natural gas,
which is the major cost component for the manufacturing of tiles.
The ratings, moreover, take into consideration the highly
competitive ceramic industry with a large number of established,
organised tile manufacturers as well as unorganized players in
Morbi (Gujarat), resulting in limited pricing flexibility.
The rating, however, favourably takes into account the past
experience of the promoters in the ceramic industry as well as the
favourable location of the plant, which allows easy access to raw
materials.

Established in April 2016, as a limited liability partnership,
Lemosa Tiles LLP (LTL) is setting up a glazed ceramic wall tiles
manufacturing facility at Morbi in Gujarat. The firm would
manufacture ceramic wall tiles in three sizes -- 10" X 13", 12" X
18" and 12" X 24" and intends to sell its products under the brand
name, "Lemosa". The factory unit will have an installed
manufacturing capacity of 30,000 Metric Tonnes (MT) (10,000 boxes
per day) of ceramic wall tiles per annum. The firm has 12
partners, with the key promoter being Mr. Maheshbhai Panara. The
promoters have considerable experience in the manufacturing and
marketing of ceramic tiles through their association with other
companies engaged in similar businesses. The firm is likely to
commence commercial operations from January 2017.


M.P. BOARD: Ind-Ra Assigns 'IND BB-' Long-Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned M.P. Board and
Paper Mills Private Limited a Long-Term Issuer Rating of
'IND BB-'. The Outlook is Stable.

KEY RATING DRIVERS

The ratings reflect MPBPPL's small scale of operations and
moderate credit profile. In FY16 the company reported revenue of
INR246 million (FY15:INR222 million), EBITDA interest coverage
(EBITDA/interest) of 1.8x (1.8x), net financial leverage (net
debt/EBITDA) of 3.7x (7.4x) and EBITDA margins of 9.5% (9.5%).
FY16 numbers are provisional in nature.

The company's liquidity position has been tight with the average
of maximum utilization of working capital limits being around 99%
over the 12 months ended Jun 2016.

The ratings, however, are supported by more than five decades of
experience of the company's promoters in the Kraft paper and straw
board manufacturing business.

RATING SENSITIVITIES

Positive: A substantial improvement in the company's scale of
operations along with an improvement in the credit metrics could
be positive for the ratings.

Negative: A decline in the scale of operations and deterioration
in the credit metrics could be negative for the ratings.

COMPANY PROFILE

MPBPPL was incorporated in 1962 as a partnership firm by Shri
Jagmohandas U. Kothari and Shri Ashok Kothari and is engaged in
manufacturing of Kraft Paper from recycled waste paper. The
12900MTPA manufacturing facility of the company is located at
Udaigiri Road in Vidisha (Madhya Pradesh). .

MPBPPL's ratings:

   -- Long-Term Issuer Rating: assigned 'IND BB-'/Stable

   -- INR50 million fund-based working capital limits: assigned
      'IND BB-'/Stable

   -- INR4 million non-fund-based working capital limits:
      assigned 'IND A4+'


MAHARAJA PALANISAMY: CRISIL Reaffirms B Rating on INR25MM Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Maharaja Palanisamy
Garments continue to reflect its below-average financial risk
profile, with aggressive capital structure and average debt
protection metrics. The ratings also reflect its modest scale of
operations in the highly fragmented readymade garments industry.
These weaknesses are partially offset by benefits derived from the
proprietor's extensive industry experience and his funding
support.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             10        CRISIL B/Stable (Reaffirmed)

   Foreign Bill
   Negotiation             20        CRISIL A4 (Reaffirmed)

   Letter of Credit        50        CRISIL A4 (Reaffirmed)

   Packing Credit in
   Foreign Currency       100        CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      25        CRISIL B/Stable (Reaffirmed)

   Term Loan               25        CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that MPG will continue to benefit over the medium
term, from its proprietor's extensive industry experience. The
outlook may be revised to 'Positive' in case the company
significantly improves its scale of operations, leading to large
cash accruals and better capital structure. Conversely, the
outlook may be revised to 'Negative' if the financial risk
profile, particularly liquidity, weakens because of low cash
accruals, stretched working capital cycle or any unanticipated
debt-funded capital expenditure.

Update
MPG has reported estimated operating income of INR150 Million in
Fiscal 2016. Scale of operations declined moderately by around 20%
over the previous year because of slowdown in industry demand and
fall in realization of products. Operating income is expected to
improve at a moderate level over the medium term driven by
improvement in demand and addition of new customers in revenue
profile. With the healthy capacity utilisations, profitability is
expected to sustain, leading to cash accrual of INR10-12 million
over the medium term.

Financial risk profile is below average because of subdued
networth of around INR33 million and high gearing of 2.2 times as
on March 31, 2016. Debt protection metrics were comfortable, with
interest coverage and net cash accrual to total debt ratios at 3.5
times and 0.03 time, respectively, for Fiscal 2016. Financial risk
profile is expected to improve with repayment of term loans
absence of major debt-funded capex plans over the medium term.

Liquidity is moderate with bank limit utilisation of 90% over the
3 months through March 2016. Cash accrual is expected at INR10-12
million annually against yearly debt obligation of INR7 million in
Fiscals 2017 and 2018. Liquidity is also expected to benefit from
equity or unsecured loans from promoters.

MPG, a proprietorship firm set up in December 2013 by Mr. P
Dharanidharan, manufactures and exports hosiery readymade garments
for men, women and kids. MPG, set up as an export oriented unit in
Erode (Tamil Nadu), commenced commercial operations from April
2014.


MAHAVEER PARBOILED: ICRA Suspends B+ Rating on INR15cr Loan
-----------------------------------------------------------
ICRA has suspended [ICRA]B+ rating assigned to the INR15.00 crore
fund based facilities of Mahaveer Parboiled Rice Industries
Private Limited. The suspension follows ICRA's inability to carry
out a rating surveillance in the absence of the requisite
information from the company.

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

Incorporated in 2011, Mahaveer Parboiled Rice Industries Private
Limited is promoted by Mr. Manchukonda Rama Murthy. The company is
engaged in milling of paddy to produce raw and boiled rice. The
rice milling unit is located in Nalgonda District of Andhra
Pradesh and the production capacity is 6 tonnes per hour.


MALAXMI WIND: CRISIL Lowers Rating on INR479.2MM LT Loan to 'D'
---------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
Malaxmi Wind Power to 'CRISIL D' from 'CRISIL B-/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Long Term Loan         479.2      CRISIL D (Downgraded from
                                     'CRISIL B-/Stable')

The rating reflects instances of delay by MWP in servicing its
debt because of weak liquidity.

The rating continues to reflect MWP's below-average financial risk
profile, large working capital requirement, and susceptibility to
risks inherent in the wind power generation business. However the
firm benefits from its promoter's extensive experience in the
power generation business.

MWP was set up as a proprietorship firm in 2010 by Mr. Y Harish
Chandra Prasad. The firm operates two windmills - an 8.4 megawatt
(MW) windmill in Jaisalmer (Rajasthan) and a 2.1 MW windmill in
Bellary (Karnataka). MWP has signed a 20 year PPA with JVVNL for
the Jaisalmer windmill, and with GESCOM for the Bellary windmill.


MARS THERAPEUTICS: CRISIL Lowers Rating on INR57.5MM Loan to D
--------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities
Mars Therapeutics and Chemicals Limited to 'CRISIL D/CRISIL D'
from 'CRISIL B-/Stable/CRISIL A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee           5        CRISIL D (Downgraded from
                                     'CRISIL A4')

   Cash Credit             57.5      CRISIL D (Downgraded from
                                     'CRISIL B-/Stable')

   Funded Interest          5.5      CRISIL D (Downgraded from
   Term Loan                         'CRISIL B-/Stable')

   Proposed Long Term       2.0      CRISIL D (Downgraded from
   Bank Loan Facility                'CRISIL A4')

   Working Capital         50.0      CRISIL D (Downgraded from
   Term Loan                         'CRISIL B-/Stable')

The rating downgrade is on account of delay in servicing debt; the
delay has been because of weak liquidity.

MTCL has a below-average financial risk profile marked by its
small networth, high gearing, and weak debt protection metrics.
Also, working capital requirement is large, and there is exposure
to intense competition in the pharmaceutical formulations
industry. However, the company benefits from the extensive
industry experience of its promoters.

MTCL was originally set up as a private limited company by Mr. P
Appa Rao and family in 1993; It manufactures pharmaceutical
formulations for the domestic market at its facility in
Secunderabad, Telangana.


MEDICAMEN BIOTECH: CRISIL Ups Rating on INR150MM Cash Loan to B
---------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of
Medicamen Biotech Limited to 'CRISIL B/Stable/CRISIL A4' from
'CRISIL D/CRISIL D'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee           60       CRISIL A4 (Upgraded
                                     from 'CRISIL D')

   Cash Credit             150       CRISIL B/Stable (Upgraded
                                     from 'CRISIL D')

   Letter of Credit        140       CRISIL A4 (Upgraded from
                                     'CRISIL D')

   Long Term Loan           70       CRISIL B/Stable (Upgraded
                                     from 'CRISIL D')

The upgrade reflects timely servicing of debt by the company
because of improved liquidity, driven by healthy cash accrual in
the last two quarters through June 2016 and funding support of
INR37.1 million from promoters in the first quarter of fiscal
2017.

The ratings reflect large working capital requirement, modest
scale of operations in a fragmented industry and moderate
financial risk profile. These rating weakness are partially offset
by financial support from promoters.
Outlook: Stable

CRISIL believes MBL will continue to benefit from the financial
support from promoters. The outlook may be revised to 'Positive'
in case of significant improvement in liquidity and substantial
growth in operating income with sustained margins. Conversely, the
outlook may be revised to 'Negative' in case of stretch in
liquidity, any significant decline in revenue and profits, or
large debt-funded capital expenditure.

Incorporated in 1993, MBL manufactures pharmaceutical formulations
for the overseas and domestic markets. The formulations are based
on betalactum, non-betalactum, and cephalosporin drugs. MBL is
listed on the Bombay Stock Exchange (BSE). In November 2015,
Shivalik Rasayan Ltd, another BSE-listed company, along with five
persons acting in concert (PACs), acquired the stake of 44.15% in
MBL.


NEOGEM INDIA: ICRA Reaffirms 'D' Rating on INR15cr Loan
-------------------------------------------------------
ICRA has reaffirmed the long term rating assigned to the INR15
crore fund based bank limits of Neogem India Limited at [ICRA]D.
ICRA has also reaffirmed the short term rating assigned to the
abovementioned bank limits of the company at [ICRA]D. The
reaffirmation of ratings reflects current delays in debt servicing
by the company. The company has been classified as a non
performing asset by its bankers.

                           Amount
   Facilities           (INR crore)   Ratings
   ----------           -----------   -------
   Long term/Short term
   fund based limits          15      [ICRA]D/[ICRA]D reaffirmed

Neogem India Limited was set up in Sep 1991 by Mr. Mahindra Doshi
to engage in the manufacture and export of gold and studded
jewellery. The company came out with its public issue in April
1993 to fund its jewellery manufacturing unit located in SEEPZ
Andheri, Mumbai. The unit is spread over a total space of around
7,000 square feet and the company employs around 240 employees
including the administrative staff. The company exports its
jewellery products to USA, Europe, Middle East, etc., and recently
the company has received the status as a 'Two Star Export House'.
Apart from this, the company is also engaged in trading exports
where it imports cut and polished diamonds (CPD) and rough
diamonds and exports the same to UAE, Hong Kong, Europe, etc.
either directly or through merchant exporters.


NORTON ALUMINIUM: CRISIL Suspends D Rating on INR80MM LT Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Norton
Aluminium India Pvt Ltd.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bill Purchase-
   Discounting Facility     30       CRISIL D

   Cash Credit              70       CRISIL D
   Letter of Credit         10       CRISIL D
   Proposed Long Term
   Bank Loan Facility       80       CRISIL D

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

NAIPL manufactures aluminium alloys in the form of ingots,
primarily used in the automobile and aerospace industries, from
aluminium scrap. The company was incorporated in April 2007 as a
wholly owned subsidiary of Norton Aluminium Ltd. (U.K.) (NALUK),
which also manufactures aluminium alloys and aluminium castings,
catering mainly to the automobile and aerospace industries. NAIPL
has set up an aluminium alloy manufacturing facility in Khopoli
(Maharashtra), with a capacity of 15,000 tonnes per annum.
Commercial production at the plant commenced in May 2010.


OJUS POWER: ICRA Suspends 'B' Rating on INR12.91cr Loan
-------------------------------------------------------
ICRA has suspended the rating of [ICRA]B assigned to the INR12.91
crore fund based facilities, INR1.00 crore non fund based
facilities and INR1.03 crore unallocated facilities of Ojus Power
and Technologies Private Limited.  The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of the
requisite information from the company.


PANCHDEEP COTTON: CRISIL Suspends B+ Rating on INR90MM Cash Loan
----------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Panchdeep Cotton Industries Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             90        CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility      40        CRISIL B+/Stable

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

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of Panchdeep Cotton Industries (PCI) and
its group entity, PCIPL. This is because these entities, together
referred to as the Panchdeep group, are in the same line of
business and are owned and managed by the same promoter family.
Furthermore, both the entities have common raw material
procurement arrangements, and occasional fungible cash flows and
operational linkages between them.

PCI, a partnership firm set up in 1996 by Mr. Zinabhai Patel and
Mr. Pravinbhai Patel, gins and presses raw cotton (kapas); it also
crushes cotton seed to manufacture cotton seed oil.

PCIPL was incorporated in 2007 by Mr. Zinabhai Patel, Mr.
Pravinbhai Patel, and Mr. Akashbhai Shah (non-active). PCIPL also
gins and presses raw cotton; it owns a cotton seed oil unit.


PANCHDEEP COTTON INDUSTRIES: CRISIL Suspends B+ Cash Loan Rating
----------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Panchdeep Cotton Industries.

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

   Proposed Long Term
   Bank Loan Facility      82.5      CRISIL B+/Stable

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

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of PCI and its group entity, Panchdeep
Cotton Industries Pvt Ltd. This is because these entities,
together referred to as the Panchdeep group, are in the same line
of business and are owned and managed by the same promoter family.
Furthermore, both the entities have common raw material
procurement arrangements, and occasional fungible cash flows and
operational linkages between them.

PCI, a partnership firm set up in 1996 by Mr. Zinabhai Patel and
Mr. Pravinbhai Patel, gins and presses raw cotton (kapas); it also
crushes cotton seed to manufacture cotton seed oil.
PCIPL was incorporated in 2007 by Mr. Zinabhai Patel, Mr.
Pravinbhai Patel, and Mr. Akashbhai Shah (non-active). PCIPL also
gins and presses raw cotton; it owns a cotton seed oil unit.


PRAMODKUMAR PRAVINKUMAR: CRISIL Assigns B Rating to INR56MM Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facilities of Pramodkumar Pravinkumar Ginning & Pressing Factory.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            56         CRISIL B/Stable
   Term Loan              14.5       CRISIL B/Stable

The rating factors in the weak financial profile marked by modest
networth and tightly matched cash accrual against debt repayment;
susceptibility of operating margin to fluctuations in cotton
prices and regulatory changes. These weaknesses are partially
offset by the extensive experience of the promoters in the
industry.

While arriving at the rating, CRISIL has consolidated the
financials of PPG with Khushi Cotspin Pvt Ltd (KCPL, CRISIL B/
Stable) as both the companies are in similar line of business,
managed by same promoter family and have significant operational
linkages.
Outlook: Stable

CRISIL believes the group will continue to benefit from the
experience of its promoters. The outlook may be revised to
'Positive' if increase in revenue and profitability improves cash
accrual. The outlook may be revised to 'Negative' if low cash
accrual leads to stretch in liquidity due to decline in revenue or
profitability or if a large debt-funded capital expenditure
weakens the financial risk profile.

Incorporated in 2012, KCPL is engaged in ginning of raw cotton at
its facility in Akot, Maharashtra. It also trades cotton seeds and
cotton bales.

PPG is a partnership firm engaged in the business of ginning raw
cotton and sale of cotton lint, seed and seed cake. Its unit is
also located in Akot. Both the companies are promoted by Mr.
Navinkumar Chandak and his family.


RAGHU INFRA: CRISIL Puts 'D' Rating on Notice of Withdrawal
-----------------------------------------------------------
CRISIL has placed its ratings on the bank facilities of Raghu
Infra Private Limited on 'Notice of Withdrawal' for 180 days, at
company's request. The rating will be withdrawn at the end of the
notice period, in line with CRISIL's policy on withdrawal of its
bank loan ratings.

                      Amount
   Facilities        (INR Mln)   Ratings
   ----------        ---------   -------
   Bank Guarantee       750      CRISIL D (Notice of Withdrawal)
   Cash Credit          400      CRISIL D (Notice of Withdrawal)

Set up in 1980, RIPL undertakes civil construction projects,
especially works related to irrigation and roads. The Bengaluru-
based company is promoted by Mr. K Shiva Rao and his family
members.


RAVINDRANATH: Ind-Ra Hikes Long-Term Issuer Rating to 'IND BB'
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded RAVINDRANATH's
Long-Term Issuer Rating to 'IND BB' from 'IND BB-'. The Outlook is
Stable.

KEY RATING DRIVERS

The upgrade reflects Ravindranath's significant revenue growth and
improved credit profile. The company's overall revenue stood at
INR794 million in FY16 (FY15: INR564 million). Its interest
coverage (operating EBITDA/gross interest expense) was 8.7x in
FY16 (FY15: 4.6x) and net leverage (total adjusted net
debt/operating EBITDAR) at 0.7x (1.0x).  The growth in
RAVINDRANATH's revenue and credit metrics is mainly on account of
its strong and profitable order book position. The company's order
book was INR748.95m at end-July 2016 (0.94x of FY16 revenue).
EBITDA margins remained at 6.7% in FY16 (FY15: 6.7%) due to
execution of profitable projects. FY16 numbers are provisional in
nature.

The ratings are supported by two decades of experience of
RAVINDRANATH's promoters in civil construction and its established
track record of executing contracts for the government.

The ratings, however, continue to factor in the proprietorship
form of the company and its moderate liquidity with average
utilisation of the working capital facilities being around 92.03%
during the 12 months ended July 2016.

RATING SENSITIVITIES

Positive: A substantial increase in the scale of operations along
with an improvement in the overall credit metrics could lead to a
positive rating action.

Negative: Any deterioration in the credit metrics of the company
could lead to a negative rating action.

COMPANY PROFILE

RAVINDRANATH was established in 1999 by P Ravindranath as a
proprietorship concern. It is engaged in the construction of
hostels, colleges, godowns and roads. It executes government and
semi-government orders on a tender basis. The main customers of
the firm are Rites Ltd., Hindustan Steel Works Construction Ltd.
and the government of Karnataka.

RAVINDRANATH's ratings:

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

   -- INR20 million fund-based working capital limits: upgraded
      to 'IND BB'/Stable from 'IND BB-/Stable'

   -- INR100 million non-fund-based working capital limits:
      affirmed at 'IND A4+'


REFLEXIONS NARAYANI: ICRA Reaffirms 'B' Rating on INR18.83cr Loan
-----------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B assigned to
the INR18.6 crore1 term loans and INR18.83 crore fund based
overdraft facility of Reflexions Narayani Impex Private Limited.
ICRA has also reaffirmed the short term rating of [ICRA] A4
assigned to the INR4.00 crore short term fund based bank limits of
RNIPL.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Term Loans              18.6         [ICRA]B Reaffirmed
   Overdraft Facility      18.83        [ICRA]B Reaffirmed
   Packaging Credit         2.00        [ICRA] A4 reaffirmed
   Foreign Bill Purchase    2.00        [ICRA] A4 reaffirmed

The reaffirmation of ratings take into account RNIPL's continuing
losses from core operations of leather goods export over the last
two years due to discontinuation of business with its primary
client, which accounted for over 70% of the company's operating
income (OI) up to FY2014. The ratings also take into consideration
RNIPL's weak debt coverage indicators as reflected by a low
interest cover of 1.18 times and high TD/OPBDITA of 8.86 times in
FY2016. Moreover, RNIPL's high working capital intensity of
operations has adversely impacted its liquidity position. The
ratings are also constrained by the company's large exposure to a
group entity in the form of investments and loans/advances, which
are not value accretive till now. Since the value of such
investments and loans/advances comprises around 25% of the
tangible net worth of the company as on March 31, 2016, it reduces
the company's overall business returns.

The ratings, however, draw comfort from the experience of the
management of over two decades in the leather industry and healthy
lease rentals generated by the company from the reputed tenants
supporting the overall operating income. Nonetheless, high
operating costs adversely impacted the profitability in FY2016.
Going forward the ability of the company to scale up its leather
operations and improve its profitability, while efficiently
managing its working capital requirements will remain the key
rating sensitivities.

Reflexions Narayani Impex Private Limited, incorporated in 1994
and promoted by Mr. Satyabrata Mukherjee, manufactures and exports
leather products like wallets/ purses, bags, passport holders,
luggage ware etc for both men and women. The manufacturing
facility of the company is located at Kasba Industrial Estate in
Kolkata with an installed capacity of around 8 lakh pieces per
annum. The company is a 100% export-oriented unit. Apart from the
leather business, the company has also forayed into the real-
estate business in 2007, by signing a 99-year lease agreement with
Kolkata Metropolitan Development Authority (KMDA) for a land plot
located at Rajdanga, Kolkata. The company has developed a
commercial building named Rene Tower, comprising two towers of
nine floors each, with a total saleable area of around 123000 sq
ft. The company has received completion certificate for the same
in 2015.

Recent Results
RNIPL registered a profit after tax of INR1.15 crore (provisional)
on the back of an operating income of INR22.78 crore during FY2016
(provisional) as against a profit after tax of INR5.53 crore on an
operating income of INR22.55 crore in FY2015.


SAI SREE: CRISIL Suspends B+ Rating on INR35MM Cash Loan
--------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Sai Sree Woven Sacks Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             35        CRISIL B+/Stable
   Letter of Credit        27.5      CRISIL A4
   SME Credit               2.5      CRISIL B+/Stable
   Term Loan                6        CRISIL B+/Stable

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

Incorporated in 1998, SSWSPL is engaged in manufacturing of woven
sacks and fabrics, used as a packaging material in fertilizer,
sugar, poultry and rice industry. The company is promoted and
actively managed by Mr. Narendra Babu. The company is based in
Hyderabad (Andhra Pradesh).


SAVITRI WEAVING: ICRA Reaffirms B+ Rating on INR6.46cr Loan
-----------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ assigned to
the INR6.46-crore1 term loan facility and INR0.60-crore cash
credit limit of Savitri Weaving.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Term loan               6.46       [ICRA]B+; Reaffirmed,
                                      Suspension revoked

   Cash Credit             0.60       [ICRA]B+; Reaffirmed,
                                      Suspension revoked

The reaffirmation of rating takes into account Savitri Weaving's
(SW) small scale of operations, which restrict economies of scale
and pricing power in a fragmented industry marked by high
competitive intensity. The rating continues to remain constrained
by the susceptibility of firm's profitability to adverse
fluctuations in raw material prices which may not be passed on to
the customers adequately and the vulnerability of its operations
to the cyclicality observed in the textile industry. The ratings
also continue to factor in the firm's stretched liquidity position
given the working capital intensive nature of operations,
resulting in high utilization of working capital limits. The
rating also factors in the adverse capital structure which likely
to remain under pressure on account of the ongoing capital
expenditure.

The rating, however, draws comfort from the long track record of
the firm's proprietor in the fabric processing industry and the
favorable location of SW's manufacturing facility in Surat, which
is a textile hub in Gujarat, resulting in easy access to key raw
materials and proximity to end users.

In FY2017, ICRA expects SW's operating income to grow at a healthy
pace supported by the ongoing capex which would result in an
increase in the installed capacity. Going forward, the firm's
ability to improve its scale of operations and sustain its profit
margins, while reducing its working capital requirements by
controlling the receivable position, will remain the key rating
sensitivities. Conversely, lower-than-expected profitability due
to adverse movements in raw material prices, large withdrawal by
proprietor leading to deterioration of capital structure or a
further stretch in the working capital cycle, will result in
deterioration in the financial risk profile; especially liquidity,
which could have a negative impact on the key credit metrics.

Established in January 2003, as a proprietorship firm by Mr.
Mukesh Bansal, Savitri Weaving (SW/"the firm") manufactures art
silk cloth (nylon saree material). The present processing capacity
is 10 lakh metres per annum which is expected to increase to 20
lakh metres per annum after the completion of the ongoing capex.
The firm has its manufacturing facility at Surat, which works in
two shifts of 12 hours each.

Recent Results
The firm recorded a profit before tax of INR0.49 crore on an
operating income of INR12.67 crore for the year ending March 31,
2016 (provisional) against a profit before tax of INR0.33 crore on
an operating income of INR9.43 crore as on March 31, 2015.


SHREE SOMNATH: ICRA Assigns B+ Rating to INR6.0cr Term Loan
-----------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B+ to the INR6.00
crore term loans and INR4.00 crore cash credit facility of Shree
Somnath Iron & Power Private Limited.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund Based Limit-
   Term Loans               6.00        [ICRA]B+ assigned

   Fund Based Limit-
   Cash Credit              4.00        [ICRA]B+ assigned

The assigned rating takes into account SIPL's small scale of
current operations with a limited operational track record of its
manufacturing facility, and weak financial risk profile as
reflected by high gearing and depressed level of coverage
indicators. The rating also remains exposed to high client
concentration risks with top ten customers accounting for 91% of
the total sales till July 2016 and substantial debt repayment
obligations of the company going forward, which is likely to keep
the liquidity position stretched in the initial year of
operations. ICRA also notes the cyclical nature and ongoing
weakness in the steel industry, which is likely to keep
realisation, profitability and cash flows of the company under
pressure.

The rating, however, derives comfort from the experience of the
promoters in the steel industry, and advantage of the
manufacturing unit for being located in close proximity to raw
material sources and customer base, which reduce freight costs.
In ICRA's opinion, the ability of the company to improve its scale
of operations and profitability while managing its working capital
requirements efficiently would be the key rating sensitivities,
going forward.

Shree Somnath Iron & Power Private Limited (SIPL) manufactures MS
billets with an installed capacity of 30,000 metric tonne per
annum (MTPA). SIPL has installed two induction furnaces of 10
tonnes each for manufacturing MS billets. The manufacturing
facility of the company is located in Raipur, Chhattisgarh and the
commercial operations of the unit commenced from March 12, 2016.

Recent Results
During FY2016, the company reported a net loss of INR0.17 crore on
an operating income (OI) of INR1.98 crore.


SILVER PROTEINS: CRISIL Suspends 'D' Rating on INR120MM Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Silver
Proteins Pvt Ltd (SPPL; part of the Silver Mahendra group).

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

   Packing Credit          60        CRISIL D

   Proposed Long Term
   Bank Loan Facility       2.7      CRISIL D

   Term Loan               11.3      CRISIL D

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

SPPL was incorporated in 1999 by the Damodia family of Jamnagar
(Gujarat). The company primarily sells groundnut de-oiled cakes,
filtered groundnut oil, and refined edible oils. It operates by
leasing out MOCIL's manufacturing facility in Jamnagar.


SRI LAKSHMI: Ind-Ra Suspends 'IND BB-' Long-Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Sri Lakshmi
Motors Service Pvt. Ltd.'s '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 ratings have been migrated to the suspended category due to
lack of adequate information. Ind-Ra will no longer provide
ratings or analytical coverage for SLMSPL.

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

SLMSPL's ratings:

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

   -- INR 35.00 million fund-based working capital limits:
      migrated to 'IND BB-(suspended)' from 'IND BB-'

   -- INR7.70 million long-term loan: migrated to 'IND BB-
      (suspended)' from 'IND BB-'

   -- INR 86.00 million non-fund-based working capital limits:
      migrated to 'IND A4+(suspended)' from 'IND A4+'


SRI SAI: CRISIL Reaffirms 'D' Rating on INR43.9MM Term Loan
-----------------------------------------------------------
CRISIL's rating on long-term bank facilities of Sri Sai Krishna
Educational Society continues to reflect instances of delay in
servicing the debt obligation, owing to weak liquidity.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term
   Bank Loan Facility      15.1      CRISIL D (Reaffirmed)

   Secured Overdraft
   Facility                16        CRISIL D (Reaffirmed)

   Term Loan               43.9      CRISIL D (Reaffirmed)

The society operates on a small scale, with high geographical
concentration in its revenue profile. It is also exposed to
regulatory changes and intense competition in the education
sector, but benefits from extensive experience of promoters.

SSKES, established in 2006, operates two educational institutes in
Kurnool (Andhra Pradesh) - G Pullaiah College of Engineering &
Technology and Ravindra College of Engineering for Women.


SRI SOMESH: ICRA Suspends B+ Rating on INR14.75cr Loan
------------------------------------------------------
ICRA has suspended the rating of [ICRA]B+ assigned to the INR14.75
crore fund based facilities and to INR0.25 crore unallocated
facilities of Sri Somesh Oils International Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


SRI VENKATESWARA: ICRA Reaffirms B+ Rating on INR22.05cr Loan
-------------------------------------------------------------
ICRA has reaffirmed the [ICRA]B+ long-term rating assigned to the
INR12.00 crore cash credit, INR22.05 crore (revised from INR24.57
crore) term loan and INR10.20 crore (revised from INR7.68 crore)
unallocated limits; and the [ICRA]A4 short-term rating assigned to
the INR0.75 crore Non fund based limits of Sri Venkateswara
Spintex Private Limited.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Cash Credit             12.00        [ICRA]B+ (reaffirmed)
   Term Loan               22.05        [ICRA]B+ (reaffirmed)
   Unallocated             10.20        [ICRA]B+ (reaffirmed)
   Non Fund based Limit     0.75        [ICRA]A4 (reaffirmed)

The reaffirmation of the rating factors in modest financial
profile characterized by thin net margins, high gearing of 5.36
times as on March 31, 2016 and stretched coverage indicators with
interest coverage of 1.56 times, Total Debt/OPBDITA of 6.18 times
and NCA/Debt of 5.15% for FY2016. The rating factors in
constrained liquidity position with significant repayment
obligations and high average utilization of working capital limits
over the past 12 months. The ratings also take into account the
commoditized nature of the product and the highly fragmented
nature of the industry leading to low pricing flexibility for the
company. The company is also exposed to agro climatic risks and
regulatory risk with regards to minimum support price for raw
cotton and fluctuations in cotton yarn prices.

The ratings, however, favorably factor in extensive experience of
the promoters in cotton yarn manufacturing, proximity to cotton
growing areas of Guntur and, operational support available from
its biggest shareholder Ramya Spinning Mills (P) Limited, and
interest subsidy and power subsidy from the state government
resulting in lower costs for the firm.

Going forward, the firm's ability to improve its scale of
operations, profitability, capital structure and effectively
managing its working capital requirements would be the key rating
sensitivities.

SVSPL was incorporated in 2010, and commenced its operations from
December 2011 with current installed spinning capacity of 17,280
spindles. The company is engaged in the production of cotton yarn
in lower and medium count range viz. 21s, 30s, 32s, 34s, 40s, etc.
and sells its yarn in the domestic markets of Salem, Ichalkaranji,
Kolkata, Coimbatore, etc. and exports through merchant exporters.

Recent Results
According to audited FY2016 results, the firm reported a net
profit of INR0.67 crore on a turnover of INR68.20 crores as
against a net profit of INR0.37 crore on a turnover of INR63.51
crore during FY2015.


SRI VENKATESWARA WAREHOUSING: ICRA Rates INR7.73cr Loan at 'B'
--------------------------------------------------------------
ICRA has assigned the long term rating of [ICRA]B to the INR7.73
crore1 fund based limits and INR0.27 crore unallocated limits of
Sri Venkateswara Warehousing.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Long Term Fund
   based Limits             7.73        [ICRA]B assigned

   Long Term Un-
   allocated Limits         0.27        [ICRA]B assigned

The rating assigned is constrained by the execution risk
associated with the timely completion of the project and the high
debt funded nature of project resulting in the stretched capital
structure in the near term. The rating also factors in the off
take risk associated with the godowns, since the leasing out of
go-downs to Cotton Corporation of India (CCI)/Food Corporation of
India (FCI) is in process and is subjected to approval from NABARD
which is dependent on to SVW's ability to meet the construction
norms and regulations set by NABARD and the risk associated with
the partnership nature of the firm. However, successful leasing
out of go-downs to CCI/FCI would result in the fixed stream of
cash flows which would support debt repayments.

Going forward, successful and timely completion of the project and
the ability of the firm to get requisite approvals for leasing out
of go-downs are the key rating sensitivities.

Sri Venkateswara warehousing was established as a partnership
concern on 10th of October, 2015 and is mainly engaged in the
activity of construction of go-downs and leasing out. The entity
is in the process of constructing 3 go-downs with an aggregate
capacity of 24, 000 MT in Gajalpuram village, Thripuraram Mandal
of Nalgonda district with an estimated project cost of INR10.54
crore which is to be funded by term loans of INR7.73 crore and
INR2.81 crore of promoter's contribution. The expected date of
commencement of the go-down is April 01, 2017. As on July 31,
2016, the entity has completed ~70% of the project.


SUNBEAM ENTERPRISES: CRISIL Reaffirms B Rating on INR35.5MM Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Sunbeam Enterprises
continue to reflect a modest scale of operations and a weak
financial risk profile marked by a high total outside liabilities
to tangible net worth ratio. These rating weaknesses are partially
offset by the established track record of the firm's promoters in
the steel-based products industry and a diversified product
portfolio.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bill Discounting        30        CRISIL A4 (Reaffirmed)

   Mortgage Loan
   Facility                35.5      CRISIL B/Stable (Reaffirmed)

   Packing Credit          10        CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      10        CRISIL B/Stable (Reaffirmed)

   Term Loan               10        CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes SE will continue to benefit over the medium term
from the extensive industry experience of its promoters and a
diversified product portfolio. The outlook may be revised to
'Positive' in case of significant and sustained increase in
revenue and profitability along with prudent working capital
management, or infusion of capital, resulting in an improved
financial risk profile. The outlook may be revised to 'Negative'
in case of low profitability, an increase in working capital
requirement, or large, debt-funded capital expenditure, leading to
deterioration in the financial risk profile.

SE was set up in 1994 as a partnership firm with members of the
Chabbra family as partners; operations are managed by Mr. Mahesh
Chhabra and his son Mr. Nitin Chhabra. Based in New Delhi, the
firm manufactures and exports steel-based products, such as office
furniture and healthcare aids. Its plant is in Manesar, Haryana.


SURYA AUTOMOBILES: ICRA Reaffirms B+ Rating on INR6.0cr LT Loan
---------------------------------------------------------------
ICRA has reaffirmed its long-term rating of [ICRA]B+ on the INR6-
crore fund-based bank facilities of Surya Automobiles Private
Limited.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Long-term-fund based     6.00       [ICRA]B+; Reaffirmed

ICRA's rating reaffirmation takes into account the intense
competition SAPL faces from the dealers of other OEMs like Honda
Motorcycles and Scooters, Bajaj, TVS, etc and the pressure to pass
on discounts to end customers, as witnessed in FY2016. The rating
also factors in the 6% decline in SAPL's revenues in FY2016 over
the previous year, which was in line with the expectations due to
the subdued rural demand. Further, the rating also takes into
consideration the inherent cyclicality in the automobile industry.
It also factors in the company's moderate financial profile,
marked by relatively high gearing due to large working capital
requirements. Owing to the thin profit margins in the dealership
business, the company's coverage indicators continue to remain
modest, although it marginally improved in FY2016. The rating is,
however, supported by the extensive experience of the promoters in
the two-wheeler dealership business and SAPL's established
position as an authorised dealer of Hero MotoCorp Limited (HML),
the market leader in the two-wheeler segment in India. Also, with
better monsoons, the rural demand is expected to improve in the
ongoing financial year.

Going forward, the company's ability to improve its margins on a
sustainable basis and improve its debt coverage indicators will be
the key rating sensitivities.

SAPL was incorporated by the Saneja family in 1998. Mr. Bharat
Saneja, Mr. Prithiviraj Saneja and Mr. Sumit Saneja are the
directors of the company. Apart from the HML dealership at Sri
Ganganagar, Rajasthan through SAPL, the promoters have HML
dealerships in Abohar (Punjab) and Jaipur (Rajasthan), through
other entities.

Recent Results

On a provisional basis, SAPL registered a profit after tax (PAT)
of INR0.5 crore on an operating income (OI) of INR90.8 crore in
FY2016, as against a net loss of INR0.6 crore on an OI of INR96.7
crore in the previous year.


SURYABALAJI STEELS: CRISIL Suspends D Rating on INR200MM Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Suryabalaji Steels Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            100        CRISIL D
   Letter of Credit       200        CRISIL D
   Long Term Loan          39.4      CRISIL D

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

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of SSPL and Sri Padmabalaji Steels Pvt
Ltd. This is because the two companies, together referred to as
the Padmabalaji group, are in the same line of business, and have
common promoters and fungible funds.

SPSPL was set up in 1995 by Mr. M Ravichandhiran and primarily
manufactures steel and ferro alloy castings, mild-steel (MS)
ingots, and thermo-mechanically treated (TMT) bars and roads. The
company has three manufacturing facilities, one each in Annur
(Coimbatore, Tamil Nadu), Karaikal (Puducherry), and Kanjikode
(Kerala). SSPL was set up in 2007 and manufactures only MS ingots.
SSPL has a manufacturing facility at Pudukottai (Tamil Nadu).


SYCON INFRA: CRISIL Assigns 'B' Rating to INR30MM Term Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank loan facilities of Sycon Infra Private Limited. The ratings
reflect SIPL's modest scale of operations, the customer
concentration in its order book, and its below-average financial
risk profile. These weaknesses are partially offset by its
promoters' extensive experience in the civil construction
industry.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term
   Bank Loan Facility       5        CRISIL B/Stable

   Cash Term Loan          30        CRISIL B/Stable

   Bank Guarantee          35        CRISIL A4

   Cash Credit/Overdraft
   facility                30        CRISIL B/Stable

Outlook: Stable

CRISIL believes SIPL will continue to benefit from its promoters'
extensive industry experience. The outlook may be revised to
'Positive' if there is a significant increase in revenue and
profitability resulting in higher-than-expected cash accrual. The
outlook may be revised to 'Negative' in case of significant debt-
funded capital expenditure, resulting in deterioration in capital
structure, or aggressive bids for tenders, leading to pressure on
profitability, or stretch in receivables, weakening liquidity.

SIPL, established in 2011, undertakes civil construction work for
residential and commercial projects. It is a subsidiary of Sycon
Constructions Pvt Ltd and is promoted by Mr. Kumar Nadig and Mr.
Anil Bagalwadi.


SYSTEM 5S: CRISIL Suspends B+ Rating on INR15MM Proposed Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
System 5S Pvt Ltd.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          4        CRISIL A4

   Cash Credit            12        CRISIL B+/Stable

   Proposed Bank
   Guarantee               6        CRISIL A4

   Proposed Cash
   Credit Limit            8        CRISIL B+/Stable

   Proposed Working
   Capital Facility       15        CRISIL B+/Stable

   Term Loan                5       CRISIL B+/Stable

The suspension of ratings is on account of non-cooperation by SSPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SSPL is yet to
provide adequate information to enable CRISIL to assess SSPL'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 1991 as a proprietary concern and reconstituted as a
private limited company in 2003, SSPL is a Chennai (Tamil Nadu)-
based safety equipment manufacturer.


TRIVANDRUM SPECIALISTS: CRISIL Suspends B+ Rating on INR285M Loan
-----------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of The
Trivandrum Specialists Hospital Private Limited.

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

   Cash Credit/
   Overdraft facility      40       CRISIL B+/Stable

   Proposed Long Term
   Bank Loan Facility       5       CRISIL B+/Stable

   Term Loan              285       CRISIL B+/Stable

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

TSHL was incorporated in 1987 by Mr. Bharth Chandran. In the two
years ended 2013-14 (refers to financial year, April 1 to
March 31), Ms. Seema Raghuram Shetty (wife of Mr. Bavaguthu
Raghuram Shetty, Chief Executive Officer & Managing Director of
the New Medical Centre [NMC]) acquired 98.09 per cent in TSHL from
Mr. Bharth Chandran and his family.

Under the SUT Hospital brand, TSHL runs three hospitals with 305
beds. All three are multi-speciality hospitals offering
specialities across 20 departments, including cardiology,
neurology, and gastroenterology.


VIVEKANANDA SEEDS: ICRA Reaffirms 'B' Rating on INR8.4cr Loan
-------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B assigned to
the INR8.40 crore1 (revised from INR7.20 crore) fund based limit
of Vivekananda Seeds. ICRA has also reaffirmed [ICRA]B/[ICRA]A4
assigned to the INR1.10 crore (revised from INR2.30 crore)
unallocated limits of VS. The rating suspension carried out in
July 2016 has been revoked.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Long Term Fund           8.40        [ICRA]B reaffirmed;
   Based Limits                         Suspension Revoked

   Long/Short Term          1.10        [ICRA]B/[ICRA]A4
   Unallocated Limits                   reaffirmed; Suspension
                                        Revoked

The re-affirmation of ratings take into account the small scale of
VS's operations in highly fragmented and competitive seeds
industry with both production and sales exposed to agro climatic
conditions. The ratings also take into account the seasonal nature
of the business, which is highly dependent on a single product of
paddy seeds; moderate working capital intensity of the business
due to seasonal inventory stocking and debt funded capex plans of
INR3 crore on the anvil in FY2017, which will affect the coverage
indicators during next two years. The ratings, however, favorably
takes into account more than two decades of experience of the
promoter in the industry and long established relationships of the
firm with farmers, dealers and distributors.

Going forward, increase in scale of operations with stability in
margins and improvement in financial structure will be the key
rating sensitivities.

Vivekananda Seeds is a partnership firm incorporated in the year
1992 by Mr. S. Janardhana Reddy and his family. The firm is into
the business of producing, processing, and marketing of paddy
seeds and has a processing plant in Anaparthi, East Godavari Dist.
in A.P. The firm has a capacity to process 50400 MT p.a. and deals
only with paddy seeds. The firm has a group firm by name
Vivekananda seeds and farms in Orissa which is a proprietary firm
owned by Mr. S. Janardhana Reddy which is only involved in
processing of seeds.

Recent Results

As per audited financials for FY2016, Vivekananda Seeds reported
an operating income of INR32.01 crore with PAT of INR0.16 crore as
against INR31.72 crore of operating income with PAT of INR0.15
crore in FY2015.


VNS ACCESSORIES: Ind-Ra Suspends 'IND BB' Long-Term Issuer Rating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated VNS Accessories
Pvt Ltd's 'IND BB' Long-Term Issuer Rating to the suspended
category. The Outlook was Stable. This rating will now appear as
'IND BB(suspended)' on the agency's website.

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

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

VNS's ratings:

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

   -- INR240 million fund-based limits: migrated to 'IND
      A4+(suspended)' from 'IND A4+'

YAMUNA BIO: CRISIL Reaffirms B+ Rating on INR42.5MM Cash Loan
-------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Yamuna Bio
Energy Pvt Ltd continues to reflect YBEPL's modest scale of
operations in a niche product segment, and working capital-
intensive operations. These rating weaknesses are partially offset
by the extensive experience of promoters in the biodiesel industry
and its above-average debt protection metrics.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             42.5     CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      32.5     CRISIL B+/Stable (Reaffirmed)

   Term Loan               25       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes YBEPL will benefit over the medium term from the
industry experience of its promoters, and healthy relationships
with customers and suppliers. The outlook may be revised to
'Positive' in case of significant improvement in scale of
operations and prudent working capital management leading to large
cash accrual. Conversely, the outlook may be revised to 'Negative'
in case the financial risk profile weakens because of a large
debt-funded capital expenditure, or decline in revenue and
profitability.

Set up initially as a proprietorship, Yamuna Industries was
reconstituted as a private limited company with the current name
in 2014. It is promoted by the Vadodara (Gujarat)-based Mr.
Gaurang Shah and others. The company manufactures bio-diesel.


* INDIA: Telcos to Weaken by Jio's Cheaper Tariffs, Fitch Says
--------------------------------------------------------------
The entry of Reliance Jio, part of Reliance Industries (BBB-
/Stable), into the Indian telecoms market will be credit negative
for the incumbents -- especially smaller telcos -- and should
hasten industry consolidation, says Fitch Ratings. Rising
competition will lead to downward pressure on data tariffs at a
time when capital expenditure will have to increase to support
rising data consumption as cheaper 4G handsets become available.

Fitch estimates that Jio's blended tariff rates are at least 20%-
25% cheaper than those of the incumbent telcos, given that data
charges are much lower and it does not charge at all for voice
calls or text messages. Moreover, all of Jio's services will be
free until the end of 2016 to kick-start its customer acquisition
strategy. Until December 2017, its free offerings will also
include 300 live TV stations and on-demand movies and music, along
with proprietary chat, electronic payment capability and a range
of other applications.

The incumbents are likely to respond by lowering their own tariffs
to retain customers. Fitch said, "We expect the industry blended
tariff to fall by 10%-15% in the next year. The recent rise in
data average revenue per user (ARPU) will soon start to reverse
and cannibalisation by data services will continue to reduce voice
ARPU. Jio's tariff plans may gradually push the market toward
"data-only plans", under which customers are charged only for
data, not for voice and text messages. Such a shift could be
particularly disruptive, given that most incumbents still derive
the bulk of their revenue and profit from voice and text messages.
The top-four telcos' average operating EBITDA margin is likely to
narrow by at least 200bp-250bp (2015: 35%) in the next year."

The rating headroom of Bharti Airtel (BBB-/Stable), the market
leader, is likely to narrow as Jio's high data-allocation plan
will hit its premium customer base, which accounts for most of the
profitability at its Indian mobile segment. Reliance Communication
(BB-/Stable), the fourth-largest telco, is already under pressure.
Its management has committed to repay a part of its USD6.1bn of
debt through the sale of towers and merging its mobile business
with smaller telco, Aircel Limited. If this commitment does not
result in debt reductions which bring its FFO-adjusted net
leverage below 4.5x (FY16:5.5x) on a sustained basis, then
negative rating action may result.

Jio is likely to be loss making at the EBITDA level for the first
two years. It will face large initial costs, while its subscriber
growth will be constrained by the lack of penetration of 4G-
compatible handsets. Currently fewer than 5% of Indian consumers
have such handsets. However, this is likely to change quickly, as
over 70% of new handsets are now 4G, but it is unlikely that Jio
will be able to win more than 20-30 million subscribers and 3%-4%
revenue market share over the next year.

"We reiterate our negative outlook on the Indian telco industry,
which reflects not only tougher competition, but also large
capital expenditure requirements to meet rising demand for data
and the prospect of debt-funded M&A activity. The Indian telco
industry should continue to consolidate and we expect five to six
operators to emerge from the shake-out. Unprofitable telcos, such
as Telenor and Tata, could exit, given that their businesses will
struggle to compete and they are now able to monetise their most
valuable assets -- their under-utilised spectrum," Fitch said.



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


MNC INVESTAMA: Moody's Lowers CFR to Caa1 & Remains on Review
-------------------------------------------------------------
Moody's Investors Service has downgraded the corporate family
rating of MNC Investama Tbk. (P.T.) (BHIT) to Caa1 from B3, and
the bond rating of the $365 million senior secured notes issued by
its wholly owned subsidiary Ottawa Holdings Pte. Ltd., and
guaranteed by BHIT, to Caa2 from Caa1.

The ratings remain on review for further downgrade.

Through its stake in Global Mediacom (BMTR, unrated), BHIT has a
significant stake in media operating companies PT Media Nusantara
Citra Tbk (MNC, unrated) , Indonesia's (Baa3 stable) leading free
to air (FTA) broadcast company, and PT MNC Sky Vision Tbk (Sky
Vision, unrated), Indonesia's leading pay-TV operator.

                         RATINGS RATIONALE

"The ratings downgrade reflects the lack of clarity around the
funding arrangement for the first amortization payment under Sky
Vision's $243 million term loan.  As of June 30, 2016, Sky Vision
had just IDR53.9 trillion (around $3.9 million) of cash on its
balance sheet," says Annalisa Di Chiara, a Moody's Vice President
and Senior Credit Officer.

The company had an additional IDR 39.9 trillion (around
$2.9 million) of restricted cash in an interest reserve account.

Moody's believes 25% of the principal is payable in mid-September
(based on disclosure from the management) and the remaining 75% in
November 2016.

Moody's understands from its management that Sky Vision has for
the past few months been in discussions with its lenders to secure
refinancing for its maturing term loan, but the company has yet to
announce a formal deal.

"Moody's review will continue to focus on the refinancing options
for Sky Vision's maturing loan.  The failure to satisfy the 25%
amortization payment due in September and provide a refinancing
plan for the balance of the loan could lead to a multiple-notch
downgrade," added Di Chiara.

Significant refinancing risks will persist over the next 18
months.  In addition to the Sky Vision loan, MNC has a $250
million bank loan maturing in 2017 and BHIT's $365 million senior
secured notes mature in May 2018.

The review for further downgrade reflects the imminent refinancing
risk associated with Sky Vision's loan.

The review will also assess management's BHIT's overall risk
appetite and financial policy with regard to the group's funding
strategy, importantly including refinancing plans for maturing
loans and funding alternatives for its media businesses.

The ratings could be downgraded by multiple notches if Sky Vision
fails to pay the principal or interest for the maturing $243
million bank loan.  Notably, there are cross-default provisions
contained in BHIT's bond indenture, in the event Sky Vision -- as
a restricted subsidiary -- defaults on an interest or principal
payment on debt outstanding.

Upward rating pressure is unlikely over the near term, given the
downgrade and the significant level of refinancing risk with the
next 24 months associated with the maturing bank loans at its key
operating subsidiaries and BHIT's own bond maturity in May 2018.

The principal methodology used in these ratings was Business and
Consumer Service Industry published in December 2014.

Headquartered in Jakarta, MNC Investama Tbk. (P.T.) (BHIT) is a
listed investment holding company with strategic investments in
operating companies in media, financial services, and energy and
real estate.

In addition to Media Nusantara Citra (P.T.) and MNC Sky Vision
(P.T.), BHIT's other operating companies include P.T. MNC Kapital
Indonesia Tbk and P.T. MNC Land.

The company also has portfolio investments in other private and
public companies operating in transport, infrastructure and other
industries.  BHIT is controlled by Mr. Hary Tanoesoedibjo.



====================
N E W  Z E A L A N D
====================


MTF TORANA: Fitch Assigns 'BB' Rating on Class E Debt
-----------------------------------------------------
Fitch Ratings has assigned expected ratings to MTF Torana Trust
2016's automotive-backed floating-rate notes. The issuance
consists of notes backed by automotive loan receivables originated
by Motor Trade Finance Ltd (MTF). The ratings are as follows:

   -- NZD176.4 mil. Class A notes: 'AAA(EXP)sf'; Outlook Stable

   -- NZD6.66 mil. Class B notes: 'AA(EXP)sf'; Outlook Stable

   -- NZD5.84 mil. Class C notes: 'A(EXP)sf'; Outlook Stable

   -- NZD2.66 mil. Class D notes: 'BBB(EXP)sf'; Outlook Stable

   -- NZD2.50 mil. Class E notes: 'BB(EXP)sf'; Outlook Stable

   -- NZD1.20 mil. Class F notes: 'B(EXP)sf'; Outlook Stable

   -- NZD4.74 mil. Seller notes: 'NR(EXP)sf'

The notes will be issued by Trustees Executors Limited in its
capacity as trustee of MTF Torana Trust 2016.

As at the cut-off date the total collateral pool consisted of
19,247 auto loan receivables totalling approximately NZD198m, with
an average obligor exposure of NZD10,287. The loan receivables,
originated by MTF, are amortising principal and interest loans for
both new (8.1% of the portfolio) and used (91.8%) vehicles with a
portfolio weighted-average seasoning and remaining contract term
of 7.6 and 33.6 months respectively. The collateral pool is of
similar credit quality as the previous MTF Valiant Trust 2014
(Valiant) transaction. The transaction structure replicates the
previous Valiant transaction, which includes a revolving period of
two years from closing that is contingent upon there being no stop
origination events subsisting. During the two-year period, loans
may be substituted, subject to eligibility criteria, which
includes a maximum exposure of NZD100,000, and a minimum pool
yield threshold.

KEY RATING DRIVERS

Asset Performance: Historical net-losses have been minimal due to
the alignment of interests between MTF and the originating parties
via a back-to-back loan agreement.

Yield Support Mechanism: The weighted-average (WA) yield generated
by the cash balance held in the designated account and the
receivables pool must remain above 8% during the revolving period.
This calculation is weighted by the remaining term of the
contracts to ensure yield is maintained as the pool amortises.
Fitch's cash flow analysis tested that excess was available under
all stressed scenarios tested.

Granular Portfolio Parameters: Wide-ranging parameters manage
portfolio concentrations. These include, but are not limited to,
controls on high-risk loans, contract size, geographic
distribution, single-dealer and franchisee concentration, maximum
obligor exposure and restrictions on non-standard motor vehicles.

Stop-Origination Triggers: The revolving period does expose
noteholders to additional risks with respect to a longer time-
horizon or portfolio asset-quality. The revolving period is
limited to two years from closing, unless stop-origination
triggers are met. These include the above-mentioned pool
parameters and yield support levels - along with, but not limited
to, performance-based arrears, loss and charge-off stop-
origination triggers.

Excess Spread: Once 30+ day arrears, averaged over the previous
three-month period, exceed 3.5%, half of the available excess will
be allocated to the excess spread reserve. If a stop-origination
event subsists, all the available excess will be allocated to the
excess spread reserve. If the ratings of any notes are less than
that issued at closing, any proceeds held may be used to repay
principal on the rated notes after covering income and loss
shortfalls.

EXPECTED RATING SENSITIVITIES

Increases in the frequency of defaults could produce loss levels
higher than Fitch's base case, which could result in negative
rating actions on the notes. Fitch evaluated the sensitivity of
the ratings on MTF Torana Trust 2016 to increased defaults and
decreased recovery rates over the life of the transaction. Its
analysis found that collectively, the ratings of the class A and D
notes were susceptible to downgrades under all stress levels
tested (these stresses being 10%, 25% and 50% increases in
defaults), while the class B, C, E and F notes remain susceptible
under medium (25% increase) to severe (50% increase) default
stress.

Recovery scenarios, whereby recovery rate assumptions are
decreased, showed that the ratings of the class A, B and F notes
were affected under only severe (50% decrease) scenarios, while
the class D and E notes were affected under all stress scenarios
tested (these stresses being 10%, 25% and 50% decreases in
recoveries). The class C notes were adversely impacted under
medium (25% decrease) and severe stresses (50% decrease) only.

The ratings of the class A, B, C and E notes were adversely
affected under all combined stress scenarios of 10% increase in
defaults and 10% decrease in recoveries, 25% increase in defaults
and 25% decrease in recoveries and 50% increase in defaults and
50% decrease in recoveries, while the class D and F notes were
affected under moderate and severe scenarios of a 25% increase in
defaults and 25% decrease in recoveries and a 50% increase in
defaults and 50% decrease in recoveries, respectively.



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


PHILWEB CORP: Places 216 Workers on 'Forced Leave'
--------------------------------------------------
Keith Richard D. Mariano at BusinessWorld Online reports that
Philweb Corp. has effectively suspended its employees for the
entire month, while it negotiates a new contract with the
Philippine Amusement and Gaming Corp. (PAGCOR).

In a disclosure to the Philippine Stock Exchange, the gaming
technology provider said it placed 216 employees on "forced leave"
effective Sept. 1 following the expiration of its contract to
manage the e-Games network as software provider, BusinessWorld
relates.

"During this time of the company's discussions with PAGCOR for the
renewal of the intellectual property licensing and management
agreement (IPLMA), the company will temporarily put on 'forced
leave' 216 employees for a period of one month effective on
September 1, 2016," the disclosure read, BusinessWorld relays.

According to BusinessWorld, PhilWeb wound down its business of
providing software and associated facilities for 286 e-Games or
Internet cafes exclusively for casino games on Aug. 10, after
PAGCOR refused to renew their IPLMA.

BusinessWorld relates that the state-run corporation, which
regulates the country's gaming industry, allowed the contract to
expire on President Rodrigo R. Duterte's directive to stop online
gambling operations during the first Cabinet meeting on June 30.

Controlling shareholder Roberto V. Ongpin, however, deemed the
non-renewal of the license as manifestation of the President's
campaign to "destroy" the "oligarchs that are embedded in
government" particularly referring to the businessman, relays
BusinessWorld.

BusinessWorld notes that Mr. Ongpin resigned as chairman and
director on Aug. 4, hoping that PAGCOR will renew its contract
with PhilWeb and, thus, save the business that employs around
6,000 nationwide.

The businessman then announced his divestment from PhilWeb on the
wake of the license's expiration. He initially placed his entire
53.76% stake comprising 771,749,896 shares in PhilWeb on the
auction block, BusinessWorld says.

According to BusinessWorld, Mr. Ongpin next offered to donate a
49% stake to PAGCOR and the remaining 4.7% to the Ateneo de Manila
University JVO (Jaime V. Ongpin) Scholarship Fund. The regulator
also turned down the proposal.

In a final attempt to save PhilWeb, Mr. Ongpin repackaged his
donation by earmarking proceeds from the shares for the
establishment of a nationwide network of drug rehabilitation
centers, says BusinessWorld.

PAGCOR has yet to decide on the latest proposal of Mr. Ongpin,
BusinessWorld adds.

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

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

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



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


HANJIN SHIPPING: Hyndaie in talks w/ Samsung, LG to Ship Cargo
--------------------------------------------------------------
Joyce Lee at Reuters reports that Hyundai Merchant Marine Co Ltd
is in talks with South Korean firms such as home appliance makers
Samsung and LG to carry their cargo, the chairman of South Korea's
Financial Services Commission told reporters on Sept. 5.

Samsung Electronics Co Ltd and LG Electronics Inc have been
customers of Hanjin Shipping Co Ltd, a Hanjin spokeswoman
previously told Reuters.

Shares in Hanjin Shipping slumped by the daily limit of 30% in
resumed trade on Sept. 5 as the South Korean shipping firm
struggles to contain the fallout of its collapse, Reuters
discloses.

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 filed for court receivership on Aug. 31, 2016. The filing
came after 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, Reuters reported.

A local court has ordered the shipper to submit its self-
rehabilitation plan by Nov. 25, Yonhap said.


HANJIN SHIPPING: Parent to Provide KRW100BB to Ease Cargo Chaos
---------------------------------------------------------------
Yonhap News Agency reports that Hanjin Group, the parent for the
cash-strapped shipper Hanjin Shipping Co., on Sept. 6 said it
plans to provide some KRW100 billion (US$91 million), including
KRW40 billion of group Chairman Cho Yang-ho's private assets, to
its ailing shipping affiliate to ease the deepening shipping chaos
triggered by the near collapse of the country's No. 1 container
shipping line.

Yonhap relates that the conglomerate has come under fire for
worldwide cargo disruptions caused after the world's seventh-
largest container shipping firm filed for court protection in
South Korea last week.

According to Yonhap, the conglomerate said it will provide its
stakes in overseas terminals, including the one in Long Beach,
California, as collateral. But it is not unclear whether the
assistance pledged by Hanjin Group will resolve the cargo crisis,
and the government and its creditors, led by the state-run Korea
Development Bank, will offer new financial help.

Following the news, Hanjin Shipping spiked by the daily
permissible limit of 30% to end at KRW1,390 on the Seoul bourse.
The shipper crashed by 14% on Sept. 5 out of concerns that it may
be eventually liquidated, the report says.

Of 97 Hanjin Shipping carriers available, only 36 are operating
normally, with the remaining 61 in abnormal status. Out of the 61,
47 are standing by on the high seas, while 12 are banned from
loading and unloading at ports in dozens of nations, according to
the government, Yonhap relays.

Yonhap relates that the shipper plans to seek stay orders in over
40 countries to prevent its ships from being seized by its
creditors.

On Sept. 6, the country's financial regulator slammed Hanjin Group
saying it should work hard to resolve the deepening chaos, urging
Hanjin Group chairman Cho Yang-ho and Korea Air Lines Co., the
shipper's largest shareholder, to take measures to ease the
crippled cargo flows, according to Yonhap.

Yonhap says the creditors have offered to provide fresh financial
aid to Hanjin Shipping in return for mapping out a stronger self-
rescue plan, but both sides have failed to narrow their
differences.

On Sept. 6, the ruling Saenuri Party also pressed the country's
10th-largest conglomerate to do more to keep the embattled
affiliate afloat, promising that low-rate loans will be extended
in return for collateral, the report notes.

                       About Hanjin Shipping

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 filed for court receivership on Aug. 31, 2016. The filing
came after 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, Reuters reported.

A local court has ordered the shipper to submit its self-
rehabilitation plan by Nov. 25, Yonhap said.


POSCO ENGINEERING: Moody's Lowers Corporate Family Rating to Ba1
----------------------------------------------------------------
Moody's Investors Service has downgraded POSCO Engineering &
Construction Co., Ltd.'s Baa3 issuer rating to a Ba1 corporate
family rating, and has therefore withdrawn the issuer rating.

The rating outlook is stable.

                        RATINGS RATIONALE

"The downgrade follows the large losses that POSCO E&C reported
for 1H 2016, because of the cost overruns at its steel plant in
Brazil," says Joe Morrison, a Moody's Vice President & Senior
Credit Officer.  "The company is also vulnerable to potential
liquidated damages on the same project."

"The rating action also reflects our view that profitability will
remain low over an extended period, which should keep the
company's financial leverage elevated," adds Morrison.

Based on POSCO E&C's operating loss of KRW180 billion in 1H 2016
and the potential liquidated damages, Moody's expects that POSCO
E&C will report a sizeable loss for all of 2016.

In addition, even absent the loss related to the cost overrun, its
operating margin should remain barely above 3% beyond 2016,
because of the weak and volatile profitability evident at its
major businesses.

This level of profitability does not provide a cushion against
cost-overruns or project delays, particularly in view of its
fixed-price-centered contract mix.

Moody's is also concerned that the company's revenue growth to
remain under pressure, given its sluggish new order wins in 1H
2016 and intense competition.  Its revenue decreased 24% year-on-
year to KRW3.4 trillion in 1H 2016 mainly because of lower revenue
contribution of large-scale projects.

While Moody's expects that the company will recognize revenue in
Saudi Arabia -- leveraging on its joint venture with the Saudi
Wealth Fund -- this benefit is unlikely to be significant over the
next 12-18 months.

Given its weakening earnings and revenue, adjusted debt/EBITDA
should remain high at about 6.5x in 2017 - or about 3.5x in terms
of adjusted net debt/EBITDA, in the absence of any material
deleveraging.  This level of leverage no longer supports a Baa3
rating.

The Ba1 rating reflects the company's significant scale and
segment diversity, volatile cash flow, as well as the cyclicality
and fierce competition in the construction industry.

The Ba1 rating also factors in a two-notch uplift, based on
Moody's assessment of POSCO E&C's parent POSCO's (Baa2 negative)
strong willingness and financial capability to provide financial
support, in case of need.  Moody's assumption of support reflects
POSCO E&C's strategic importance to its parent, as well as POSCO's
larger size and strong financial capacity.

The stable rating outlook incorporates Moody's expectation that
POSCO E&C's financial profile will improve in 2017 to a level
consistent with its current standalone credit profile, absent the
one-off loss in 2016.

The rating could be upgraded over time, if POSCO E&C improves its
financial profile through enhancing earnings, and/or implements
deleveraging initiatives such that adjusted debt/EBITDA stays
below 5.5x and adjusted EBITA margin exceeds 4%-5%.

On the other hand, the rating could be downgraded if there is a
continued decline in POSCO E&C's earnings, or if it undertakes
large-scale investments, such that its adjusted debt/EBITDA
exceeds 7.0x, and its adjusted EBITA margin stays below 2.5%-3% on
a consistent basis.

The principal methodology used in this rating was Construction
Industry published in November 2014.

POSCO Engineering & Construction Co., Ltd. is one of the major
construction companies in Korea.  During 2015, it was the fourth
largest construction company in Korea in terms of construction
capacity.  It is 52%-owned by POSCO, a leading steelmaker in
Korea.



=============
V I E T N A M
=============


AN BINH: Moody's Puts B2 Deposit Rating on Review for Downgrade
---------------------------------------------------------------
Moody's Investors Service has placed on review for upgrade the
long-term credit ratings of seven Vietnamese banks.

At the same time, Moody's has placed on review for upgrade the
baseline credit assessments (BCAs) and long-term counterparty risk
assessments (CRAs) of these seven banks and those of two more
banks.

The institutions affected are: An Binh Commercial Joint Stock Bank
(ABB), Asia Commercial Bank (ACB), JSC Bank for Foreign Trade of
Vietnam (Vietcombank), Military Commercial Joint Stock Bank
(Military Bank), Saigon - Hanoi Commercial Joint Stock Bank (SHB),
Saigon Thuong Tin Commercial Joint-Stock Bank (Sacombank), Vietnam
Bank for Industry and Trade (Vietinbank), Vietnam International
Bank (VIB), and Vietnam Technological and Comm'l JSB (TCB).

The rating action reflects Moody's expectation that the more
benign operating and economic environment for banks in Vietnam (B1
stable) will lead to improvements in the banks' credit profiles
and notably their asset quality and profitability metrics, while
also contributing to relative stability in their funding and
liquidity.

The improvement in the operating and economic environment for
banks has been reflected in Moody's change of Vietnam's Macro
Profile to "Weak" from "Weak-".  A Macro Profile captures the
risks related to the banks' operating and economic environment.

Despite the improvement, Moody's considers that the Vietnamese
banking system remains undercapitalized against the backdrop of
rapid credit growth and a high share of legacy problem assets
which are not always adequately disclosed on the banks' balance
sheets.  Moody's expects that these challenges will continue to
persist in the medium-term, despite some improvements.

Moody's expects to conclude the review on the Vietnamese banks
within the next 90 days.

The BCAs and long-term ratings of Bank for Investment &
Development of Vietnam, Vietnam Maritime Commercial Joint Stock
Bank, and Vietnam Prosperity Jt. Stk. Commercial Bank are not
affected by this action.

                        RATINGS RATIONALE

IMPROVED OPERATING AND ECONOMIC CONDITIONS LEAD TO A HIGHER MACRO
PROFILE

The rating action reflects Moody's expectation that the somewhat
improved operating and economic environment for banks in Vietnam
will support the banks' asset quality and profitability metrics,
while also contributing to relative stability in their funding and
liquidity profiles.

To capture the improved operating and economic conditions for
Vietnamese banks, Moody's has increased Vietnam's Macro Profile to
"Weak" from "Weak-".

According to Moody's, Vietnamese banks benefit from the country's
robust economic growth, as well as from the enhanced -- albeit
still weak -- institutional strength.

Moody's expects that Vietnam's GDP will expand by 6.0% in real
terms in both 2016 and 2017, supported by the recovery of domestic
demand and robust export performance.  The robust economic
performance is positive for Vietnamese banks because it supports
their liquidity and funding profiles, and improves the recovery
value of the banks' legacy problem assets.

Vietnam's institutional strength has improved for a third
consecutive year, reflecting a longer track record of benign
inflation, improved government effectiveness, rule of law and
control of corruption as reflected in better scores on the World
Bank's Worldwide Governance Indicators, as well as the recent
progress on economic reform.

The robust economic growth and improved business confidence
contribute to the rapid credit growth in Vietnam, raising concerns
about the quality of new bank credit.  Moody's generally views
rapid credit growth as negative for the banks' future asset
quality.  According to the World Bank, Vietnam's domestic credit
to the private sector has increased to 112% of GDP in 2015 -- a
high level for a developing country -- from 100% in 2014.

               WHAT COULD CHANGE THE RATINGS UP/DOWN

During the review process, Moody's will assess the materiality and
sustainability that the improved operating conditions in Vietnam
might have on the banks' standalone credit profiles, or BCAs.

In case improvements in solvency and liquidity metrics are viewed
as tangible and sustainable, Moody's will consider upgrading the
banks' BCAs, which in turn could lead to upgrades of their long-
term credit ratings.

Moody's notes that the possible improvements in the banks' asset
quality and profitability metrics will be considered in the
context of the banks' capital buffers, which weakened in 2015 for
most Moody's-rated banks in Vietnam because of rapid credit growth
and weak internal capital generation.

The long-term CRAs of nine banks were placed on review for upgrade
due to the upward pressure on their BCAs.

            RATIONALE BEHIND THE AFFIRMATION OF RATINGS

Moody's has affirmed the long-term deposit and issuer ratings of
Vietinbank and Vietcombank because their ratings are already
positioned at the same level as the rating and ceilings of the
government of Vietnam.  The outlook on these bank ratings is
stable.

Moreover, Moody's has affirmed the B2 foreign currency deposit
ratings of ABB, ACB, VIB and TCB because these ratings are
constrained by the B2 foreign currency deposit ceiling for
Vietnam.  The outlook's on VIB's B2 foreign currency deposit
rating was revised to stable, in line with the outlook on the
sovereign rating.

The principal methodology used in these ratings was Banks
published in January 2016.

Taking into account the announcement, the affected ratings are:

An Binh Commercial Joint Stock Bank

   -- The local currency long-term deposit rating was placed on
      review for upgrade, currently at B2
   -- The foreign currency long-term deposit rating was affirmed
      at B2, outlook remains stable
   -- The local currency and foreign currency long-term issuer
      ratings were placed on review for upgrade, currently at B2
   -- The BCA and adjusted BCA were placed on review for upgrade,
      currently at b3
   -- The long-term counterparty risk assessment was placed on
      review for upgrade, currently at B2(cr)
   -- The local currency and foreign currency short-term deposit
      ratings were affirmed at NP
   -- The local currency and foreign currency short-term issuer
      ratings were affirmed at NP
   -- The short-term counterparty risk assessment was affirmed at
      NP(cr)
   -- Outlook for the bank revised to review for upgrade from
      Stable

Headquartered in Ho Chi Minh, the bank reported total assets of
VND 64,375 billion (USD 2.9 billion) at end-December 2015.

Asia Commercial Bank

   -- The local currency long-term deposit rating was placed on
      review for upgrade, currently at B2
   -- The foreign currency long-term deposit rating was affirmed
      at B2, outlook remains stable
   -- The local currency and foreign currency long-term issuer
      ratings were placed on review for upgrade, currently at B2
   -- The BCA and adjusted BCA were placed on review for upgrade,
      currently at b3
   -- The long-term counterparty risk assessment was placed on
      review for upgrade, currently at B2(cr)
   -- The local currency and foreign currency short-term deposit
      ratings were affirmed at NP
   -- The local currency and foreign currency short-term issuer
      ratings were affirmed at NP
   -- The short-term counterparty risk assessment was affirmed at
      NP(cr)
   -- Outlook for the bank revised to review for upgrade from
      Stable

Headquartered in Ho Chi Minh, the bank reported total assets of
VND 201,457 billion (USD 9.0 billion) at end-December 2015.

JSC Bank for Foreign Trade of Vietnam

   -- The local currency long-term deposit rating was affirmed at
      B1, outlook remains stable
   -- The foreign currency long-term deposit rating was affirmed
      at B2, outlook remains stable
   -- The local currency and foreign currency long-term issuer
      ratings were affirmed at B1; outlook remains stable
   -- The BCA and adjusted BCA were placed on review for upgrade,
      currently at b2
   -- The long-term counterparty risk assessment was placed on
      review for upgrade, currently at B1(cr)
   -- The local currency and foreign currency short-term deposit
      ratings were affirmed at NP
   -- The local currency and foreign currency short-term issuer
      ratings were affirmed at NP
   -- The short-term counterparty risk assessment was affirmed at
      NP(cr)
   -- Outlook for the bank maintained at stable

Headquartered in Hanoi, the bank had total assets of VND 679,001
billion (USD31.0 billion) at end-June 2016.

Military Commercial Joint Stock Bank

   -- The local and foreign currency long-term deposit ratings
      were placed on review for upgrade, currently at B3
   -- The local currency and foreign currency long-term issuer
      ratings were placed on review for upgrade, currently at B3
   -- The BCA and adjusted BCA were placed on review for upgrade,
      currently at caa1
   -- The long-term counterparty risk assessment of B2(cr) was
      placed on review for upgrade
   -- The local currency and foreign currency short-term deposit
      ratings were affirmed at NP
   -- The local currency and foreign currency short-term issuer
      ratings were affirmed at NP
   -- The short-term counterparty risk assessment was affirmed at
      NP(cr)
   -- Outlook for the bank revised to review for upgrade from
      positive

Headquartered in Hanoi, the bank had total assets of VND 221,042
billion (USD 9.8 billion) at end-December 2015.

Saigon - Hanoi Commercial Joint Stock Bank

   -- The local and foreign currency long-term deposit ratings
      were placed on review for upgrade, currently at B3
   -- The local currency and foreign currency long-term issuer
      ratings were placed on review for upgrade, currently at B3
   -- The BCA and adjusted BCA were placed on review for upgrade,
      currently at caa1
   -- The long-term counterparty risk assessment was placed on
      review for upgrade, currently at B2(cr)
   -- The local currency and foreign currency short-term deposit
      ratings were affirmed at NP
   -- The local currency and foreign currency short-term issuer
      ratings were affirmed at NP
   -- The short-term counterparty risk assessment was affirmed at
      NP(cr)
   -- Outlook for the bank revised to review for upgrade from
      Stable

Headquartered in Hanoi, the bank had total assets of VND 204,704
billion (USD 9.1 billion) at end-December 2015.

Saigon Thuong Tin Commercial Joint-Stock Bank

   -- The local and foreign currency long-term deposit ratings
      were placed on review for upgrade, currently at B3
   -- The local currency and foreign currency long-term issuer
      ratings were placed on review for upgrade, currently at B3
   -- The BCA and adjusted BCA were placed on review for upgrade,
      currently at caa1
   -- The long-term counterparty risk assessment was placed on
      review for upgrade, currently at B2(cr)
   -- The local currency and foreign currency short-term deposit
      ratings were affirmed at NP
   -- The local currency and foreign currency short-term issuer
      ratings were affirmed at NP
   -- The short-term counterparty risk assessment was affirmed at
      NP(cr)
   -- Outlook for the bank revised to review for upgrade from
      Stable

Headquartered in Ho Chi Minh, the bank had total assets of VND
210,778 billion (USD 9.7 billion) at end-June 2015.
Vietnam Bank for Industry and Trade

   -- The local currency long-term deposit rating was affirmed at
      B1, outlook remains stable
   -- The foreign currency long-term deposit rating was affirmed
      at B2, outlook remains stable
   -- The local currency and foreign currency long-term issuer
      ratings were affirmed at B1; outlook remains stable
   -- The foreign currency senior unsecured rating was affirmed
      at B1; outlook remains stable
   -- The BCA and adjusted BCA were placed on review for upgrade,
      currently at b3
   -- The long-term counterparty risk assessment was placed on
      review for upgrade, currently at B1(cr)
   -- The local currency and foreign currency short-term deposit
      ratings were affirmed at NP
   -- The local currency and foreign currency short-term issuer
      ratings were affirmed at NP
   -- The short-term counterparty risk assessment was affirmed at
      NP(cr)
   -- Outlook for the bank maintained at stable

Headquartered in Hanoi, the bank had total assets of VND 779,483
billion (USD 34.7 billion) at end-December 2015.
Vietnam International Bank

   -- The local currency long-term deposit rating was placed on
      review for upgrade, currently at B2
   -- The foreign currency long-term deposit rating was affirmed
      at B2, outlook revised to stable from positive
   -- The local currency and foreign currency long-term issuer
      ratings were placed on review for upgrade, currently at B2
   -- The BCA and adjusted BCA were placed on review for upgrade,
      currently at b3
   -- The long-term counterparty risk assessment was placed on
      review for upgrade, currently at B2(cr)
   -- The local currency and foreign currency short-term deposit
      ratings were affirmed at NP
   -- The local currency and foreign currency short-term issuer
      ratings were affirmed at NP
   -- The short-term counterparty risk assessment was affirmed at
      NP(cr)
   -- Outlook for the bank revised to review for upgrade from
      positive

Headquartered in Hanoi, the bank had total assets of VND 84,309
billion (USD 3.8 billion) at end-December 2015.

Vietnam Technological and Comm'l JSB

   -- The local currency long-term deposit rating was placed on
      review for upgrade, currently at B2
   -- The foreign currency long-term deposit rating was affirmed
      at B2, outlook remains stable
   -- The local currency and foreign currency long-term issuer
      ratings were placed on review for upgrade, currently at B2
   -- The BCA and adjusted BCA were placed on review for upgrade,
      currently at b3
   -- The long-term counterparty risk assessment was placed on
      review for upgrade, currently at B2(cr)
   -- The local currency and foreign currency short-term deposit
      ratings were affirmed at NP
   -- The local currency and foreign currency short-term issuer
      ratings were affirmed at NP
   -- The short-term counterparty risk assessment was affirmed at
      NP(cr)
   -- Outlook for the bank revised to review for upgrade from
      Stable

Headquartered in Hanoi, the bank had total assets of VND 191,994
billion (USD 8.5 billion) at end-December 2015.



                             *********

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

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

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


                            *********


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

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

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

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

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



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