TCRAP_Public/160909.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

          Friday, September 9, 2016, Vol. 19, No. 179

                            Headlines


A U S T R A L I A

ALINTA ENERGY: S&P Raises CCR to 'BB', Outlook Stable
HYLENON PTY: First Creditors' Meeting Set for Sept. 16
PLUTON RESOURCES: Receivers Put Miner Up For Sale
QLD NICKEL: Palmer Fell Out with FTI When Jet Seized, Court Told
QUATTRO HOMES: First Creditors' Meeting Scheduled for Sept. 15

SHAREMARKET COLLEGE: ASIC Cancels AFS License, Bans Managers
SYDNEY TYRE: First Creditors' Meeting Slated for Sept. 15


C H I N A

YESTAR INTERNATIONAL: Moody's Rates Proposed Sr. Notes at (P)Ba3


I N D I A

AATHI VELAN: CRISIL Reaffirms B+ Rating on INR65MM Cash Loan
ADITYA STEEL: CRISIL Lowers Rating on INR170MM Cash Loan to 'D'
ALLIED RECYCLING: CRISIL Reaffirms B+ Rating on INR250MM Loan
AMV TEL: ICRA Assigns 'B+' Rating to INR2.0cr Unallocated Loan
ARTI ROLLER: CRISIL Assigns B+ Rating to INR56.5MM Cash Loan

AVYAAN OVERSEAS: CRISIL Suspends 'D' Rating on INR375MM Loan
B.M. TRIVEDI: CRISIL Suspends 'D' Rating on INR70MM Cash Loan
BRAHMAPUTRA TELE: CRISIL Cuts Rating on INR96.2MM Loan to 'D'
CENTRO PROJECTS: CRISIL Assigns 'D' Rating to INR70MM Term Loan
ENCARTA PHARMA: ICRA Lowers Rating on INR25cr Loan to 'D'

FARMICO COLD: CRISIL Reaffirms 'B' Rating on INR80M Mortgage Loan
FREIGHTCAN GLOBAL: CRISIL Suspends B+ Rating on INR50MM Loan
G N ALTECH: ICRA Raises Rating on INR2.60cr Cash Loan to BB-
GODAVARI MEGA: CRISIL Assigns 'B' Rating to INR452.9MM Term Loan
JANTA RICE: ICRA Assigns 'B' Rating to INR2.50cr Loan

JMK JEWELS: CRISIL Assigns B+ Rating to INR100MM Cash Loan
KOTAK EXIM: CRISIL Suspends B- Rating on INR155MM Bill Purchase
M.S. KAARTHIKEYAN: CRISIL Ups Rating on INR60MM Term Loan to BB-
MSK CREATIONS: CRISIL Raises Rating on INR10MM Bill to BB-
MAHALAXMI DYES: ICRA Puts B+/A4 Rating on Notice of Withdrawal

MAHANT OVERSEAS: CRISIL Reaffirms B+ Rating on INR200MM Cash Loan
NARAYANADRI HOSPITAL: CRISIL Suspends 'B' Rating on INR120MM Loan
NAVEEN TIMBER: CRISIL Lowers Rating on INR310MM LOC to 'D'
OKARA ROADLINES: CRISIL Reaffirms 'B' Rating on INR58MM Loan
P. J. EXPORTS: CRISIL Reaffirms B- Rating on INR105MM Cash Loan

PALATHRA CONSTRUCTIONS: CRISIL Reaffirms INR120MM Loan Rating B+
PARAM AGENCY: CRISIL Suspends 'D' Rating on INR130MM Cash Loan
PREMIER ALCOBEV: CRISIL Assigns B+ Rating to INR420MM Term Loan
S.K. AGARWALLA: ICRA Suspends BB-/A4 Rating on INR20cr Loan
S.P. MANI: CRISIL Reaffirms 'B+' Rating on INR300MM Term Loan

S.T.G. CONCRETE: ICRA Suspends 'B' Rating on INR2.0cr Loan
SELFRIDGES PRIVATE: CRISIL Suspends 'B' Rating on INR85MM Loan
SHARDASHREE ISPAT: CRISIL Suspends B+ Rating on INR330MM Loan
SHRIYA CHEMICALS: CRISIL Suspends 'D' Rating on INR111MM Loan
SUN AGENCY: CRISIL Suspends 'D' Rating on INR90MM Cash Loan

SUPREME GLAZES: CRISIL Reaffirms B+ Rating on INR100MM Cash Loan
SURESH TEXTILES: CRISIL Suspends 'D' Rating on INR50MM Cash Loan
SWIM CERAMIC: CRISIL Reaffirms B+ Rating on INR48.9MM Term Loan
THUNGA HOSPITAL: CRISIL Suspends B+ Rating on INR200MM Term Loan
TIRUPATI BALAJI: CRISIL Ups Rating on INR85MM Term Loan to BB-

TIRUPATI STEEL: CRISIL Suspends 'B' Rating on INR120MM Loan
TITAN - ANTONY: CRISIL Suspends C Rating on INR22.5MM Cash Loan
VAMSADHARA COTTON: CRISIL Ups Rating on INR70MM Cash Loan to B+


J A P A N

SOFTBANK GROUP: Moody's Affirms Ba1 CFR, Outlook Stable


N E W  Z E A L A N D

* NEW ZEALAND: Plan to Regulate Insolvency Sector Welcomed


S I N G A P O R E

SWIBER HOLDINGS: Managers See 'Reasonable' Prospects to Save Firm


S O U T H  K O R E A

HANJIN SHIPPING: South Korea Court Asks Creditor for Funds


                            - - - - -


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A U S T R A L I A
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ALINTA ENERGY: S&P Raises CCR to 'BB', Outlook Stable
-----------------------------------------------------
S&P Global Ratings raised its corporate credit rating and issue
ratings on Alinta Energy Finance Pty Ltd. to 'BB' from 'BB-'.  The
recovery rating on the senior secured debt issues remains at '3'.
The outlook on the long-term rating is stable.

Alinta Energy owns and operates power plants, transmission lines,
natural gas pipelines, and energy retailing in the western as well
as eastern parts of Australia.

"The upgrade reflects our view that Alinta Energy's business risk
profile has improved following the exit and separation of the old,
coal-fired Flinders Power station and Leigh Creek coal mines
(collectively Flinders) from Alinta Energy's asset portfolio as at
June 30, 2016," said S&P Global Ratings credit analyst Meet Vora.

Despite providing some electricity market hedges, Flinders has
weighed on Alinta Energy's cash flows over the past few years.  As
such, the exit will significantly reduce the company's operational
and investment demands.

Alinta Energy now has no direct or indirect liabilities toward the
decommissioning of Flinders.  The company has agreed all
associated costs related to the decommissioning with the South
Australian government and funded them prior to separating
Flinders.

Barriers to entry remain high for its dominant Alinta West
business, which contributes 55%-60% of group EBITDA.  Near-
monopoly gas retailing business in Western Australia (market share
of about 90%) and long-term contracted generation assets provide a
reasonably strong market position.  Even so, the retail segment
can face some volume and limited price risk.  Even if S&P assumes
subdued gas volumes, EBITDA should at least see a modest growth
due to inflation-linked tariff increases allowed by the regulator.

Competition is likely to be modest.  S&P also believes that Alinta
Energy's long-term gas purchase profile, improved flexibility in
its gas portfolio, and the stable operation of its power plants
should enable it to sustain its market position in Western
Australia.  S&P do not expect competition in the mass-market gas
retailing in Western Australia over the next three to five years,
unless the introduction of market-based pricing for retail
electricity accelerates.

Supporting Alinta Energy's merchant businesses are its medium-to-
long term contracts, the majority of which are 'take or pay'.
Over the past couple of years, Alinta has renewed contracts on its
various assets, albeit with some pressure on pricing.  The
contracts' exposure to a few large iron ore mines in Western
Australia is a risk.  However, these miners are large and
significantly low-cost commodity producers.  Counterparty risk,
contract renewal risk, and possible pricing pressure will
constrain Alinta Energy's business risk profile.  Mitigating this
is the fact that over 40% of the EBITDA from merchant assets comes
from investment-grade counterparties.

Alinta Energy's East Coast retail business forms less than 10% of
EBITDA; however, it could entail high risk if Alinta Energy
doesn't sufficiently hedge the business.  Alinta Energy represents
that it will maintain its prudent risk management as it pursues
growth in east coast retailing and solar energy.  As such, S&P
expects Alinta Energy to maintain rolling hedges with minimal
exposure to spot prices.  Likewise, S&P expects the company's
growth into solar to be slow and subject to adequate returns.

Mr. Vora added: "The outlook on the long-term rating is stable,
reflecting Alinta Energy's relatively stable earnings and cash
flows from its dominant Alinta West business and reasonable length
of contract on its other major assets."

Furthermore, S&P expects Alinta Energy to maintain its cautious
and relatively conservative approach to risk management and
expansion.  S&P also expects the company's debt-to-EBITDA ratio to
remain below 4.0x over the next couple of years.

S&P could lower the ratings if deterioration in financial metrics
were to occur, such that its debt to EBITDA were to track above
5x.  This could occur primarily from aggressive shareholder
distributions or debt-funded expansion.  Significant pressure on
operating margins due to intense competition, a higher-risk
business strategy, and rapidly weakening counterparties could also
affect the rating.

Upward rating momentum is highly unlikely while the company
remains under private-equity ownership and S&P continues to expect
that the shareholders will seek to maximize returns.


HYLENON PTY: First Creditors' Meeting Set for Sept. 16
------------------------------------------------------- A first
meeting of the creditors in the proceedings of Hylenon Pty Limited
will be held at Quest Albury on Townsend, 450 Townsend Street, in
Albury, on Sept. 16, 2016, at 11:00 a.m.

Barry Wight & Bruno A Secatore of Cor Cordis Chartered Accountants
were appointed as administrators of Hylenon Pty on Sept. 6, 2016.


PLUTON RESOURCES: Receivers Put Miner Up For Sale
-------------------------------------------------
Nick Evans at The West Australian reports that Pluton Resources
has been put on the market by its receivers, ending a two-year
saga of failed recapitalizations for the debt-ridden one-time
Kimberley iron ore miner.

According to the report, receivers Pitcher Partners put the
company and its remaining assets -- headlined by its half-share in
the Cockatoo Island iron ore mine -- on the market this week, two
months after the Supreme Court scuttled a proposed deed of company
arrangement designed to rescue the failed miner.

The West Australian, citing court records, says Pluton owed at
least AUD146 million to trade and secured creditors as at
December.

The other half of Cockatoo Island is owned Pluton's one-time joint
venture partner, Wise Energy Group, which is also in receivership,
the report notes.

While Cockatoo Island produces a high-grade product, its mine sits
on the side of the island, below sea level, and requires
maintenance of a seawall to keep the waters of Yampi Bay out of
its main pit, says The West Australian.

The West Australian relates that creditors had previously been
told it costs about AUD500,000 a week to keep pumps running to
ensure the pit does not fill with sea water.

A sales notice on PCF Capital's MinesOnline.com said a remaining
mine plan supports the production of 1.7mt of direct shipping ore
over the next two years. Previous disclosures made by Pluton
indicate a new wall would be needed to ensure its long-term
future, The West Australian relays.

According to The West Australian, Pluton was one of the first
companies to cash-out its environmental bonds when the State
Government's Mining Rehabilitation Fund opened in July 2013.

Department of Mines and Petroleum records showed its mining
tenement is still subject to forfeiture action over unpaid
royalties to the State Government, The West Australian adds.

                      About Pluton Resources

Pluton Resources Limited was engaged the exploration and
production of mineral assets within Australia. The Company's
interests focused on Cockatoo Island and Irvine Island-two of the
three islands that make up the Kimberley Iron Ore Hub (KIOH) in
Yampi Sound, Western Australia, as well as four tenements in
Collier Bay. The Irvine Island Project is situated immediately
adjacent to Pluton's Cockatoo Island hematite mining operation and
is located approximately 140 kilometers north of Derby in Yampi
Sound, located off the northern Kimberley coast of Western
Australia. The Cockatoo Island operation is located approximately
140 kilometers north of Derby in Yampi Sound, located off the
northern Kimberley coast of Western Australia.

Vincent Smith and Samuel Freeman of Ernst & Young were appointed
as administrators of Pluton Resources Limited on Sept. 8, 2015.

Major shareholder and senior secured creditor General Nice
Resources subsequently appointed Pitcher Partners as receivers and
managers of the Company.


QLD NICKEL: Palmer Fell Out with FTI When Jet Seized, Court Told
----------------------------------------------------------------
Joshua Robertson at The Guardian reports that a breakdown in Clive
Palmer's relationship with administrators of his Queensland Nickel
business was evident around the time a dispute flared over a
private jet, the company's former financial chief has told the
federal court.

The Guardian relates that the court hearing by liquidators into
the collapse of Queensland Nickel was shown an email stating that
FTI Consulting's John Park had "upset Clive P on the phone this
evening" during a conversation about the administrator's seizure
of a Cessna Citation aircraft.

According to the report, Daren Wolfe, the former chief financial
officer for Queensland Nickel and its two Palmer-owned parent
companies, told the court on Sept. 6: "I think it would be fair to
say the relationship was becoming strained at that point in time."

The Guardian notes that the failure of Queensland Nickel after it
went into voluntary administration in January left almost 800
workers jobless and creditors owed AUD300 million.

The Guardian says the federal government has appointed a special
purpose liquidator to try to recover about AUD65 million it has
paid for former workers' entitlements.
According to The Guardian, Mr. Wolfe said Palmer had indicated in
discussions before Queensland Nickel entered administration in
January that he would help cover any shortfall in the company's
operating funds. But this was subsequently not done, he said.

Administrators later issued a "call notice" requesting AUD16
million from Queensland Nickel's parent companies to keep
Queensland Nickel operating, The Guardian relays.

The request, which included AUD1.2 million in wages, AUD9.4
million for ore supplies and AUD5.2 million in other purchases,
needed the approval of a joint venture committee chaired by
Palmer, The Guardian notes.

The Guardian relates that Mr. Wolfe said he had concerns about the
format of the request because it did not look like call notices
last issued when he was working at Queensland Nickel during the
1990s before it was owned by Palmer. "It wasn't a call notice, it
was a certificate," he said.

Barrister Tom Sullivan, acting for a special purpose liquidator,
pressed Mr. Wolfe on whether he had relayed his concerns to the
administrator about the request, says The Guardian.

The Guardian relates that Mr. Wolfe said he had not as he had been
shown a letter by Palmer's nephew Clive Mensink - who was sole
director of Queensland Nickel and the two parent companies as well
as a member of the joint venture operating committee with Palmer -
which was to be sent to the administrator indicating the joint
venture committee's problem with the request.

He "complied with all requests" put to him by the administrator
but was not asked about the funding request, Mr. Wolfe, as cited
by The Guardian, said.

Asked whether Queensland Nickel's parent companies were able to
pay the AUD16 million to Queensland Nickel, Mr. Wolfe replied that
the bank account of the entire Queensland Nickel group was then
under the control of administrators, The Guardian relays.

The Guardian says while the initial understanding of all involved
was that Queensland Nickel upon entering administration would
continue to manage the nickel refinery joint venture, Wolfe said
he now believed Queensland Nickel had been terminated as manager
as soon as FTI Consulting took over.

FTI Consulting was given notice of termination on March 7, the
report recalls.

While the intention was for the other joint venture companies to
continue operating the refinery after Queensland Nickel's
termination as manager, Wolfe said the challenge was the transfer
of assets and operating licences still held by the administrator.

Mr. Sullivan suggested the bigger challenge was the fact the
administrator had to dismiss the remaining 500-plus Queensland
Nickel workers because it had not funds to pay them, the report
says.

Mr. Palmer is expected to give evidence later this week, adds The
Guardian.

Queensland Nickel operates the Palmer Nickel and Cobalt Refinery
in Queensland, Australia.  Queensland Nickel directors appointed
John Park, Stefan Dopking, Kelly-Anne Trenfield and Quentin Olde
of FTI Consulting as voluntary administrators on Jan. 18, 2016.

FTI went from being administrators to liquidators at the second
creditors meeting in April, after issuing a damning report into
Queensland Nickel's finances, The Courier-Mail reported.


QUATTRO HOMES: First Creditors' Meeting Scheduled for Sept. 15
--------------------------------------------------------------
A first meeting of the creditors in the proceedings of Quattro
Homes Pty Ltd will be held at Conference Room, BGC Centre,
28 The Esplanade, in Perth, on Sept. 15, 2016, at 10:00 a.m.

Dino Travaglini and Jeremy Joseph Nipps of Cor Cordis were
appointed as administrators of Quattro Homes on Sept. 5, 2016.


SHAREMARKET COLLEGE: ASIC Cancels AFS License, Bans Managers
------------------------------------------------------------
Australian Securities and Investments Commission has cancelled the
Australian Financial Services (AFS) licence of Brisbane-based
education and training business, The Sharemarket College Pty Ltd
(AFS licence No 331635). ASIC has also banned the Responsible
Managers of The Sharemarket College, Mr. Graeme Allan Rogers and
Mrs. Jill Rogers.

The Sharemarket College failed to comply with a number of its
obligations as a financial services licensee, including:

   * making misleading or deceptive statements in relation to
     a financial product or a financial service;

   * providing personal advice to clients when they were only
     licensed to provide general advice;

   * failing to notify ASIC of significant breaches within
     10 days; and

   * failing to maintain the competence to provide financial
     services authorised under its AFS licence.

Mr. Graeme Rogers was banned from providing financial services for
a period of four years.

Mrs. Jill Rogers was banned from providing financial services for
a period of three years.

Commissioner Greg Tanzer said, 'All AFS licensees need to ensure
their culture does not drive poor conduct within their business.
ASIC will take action against licensees and individuals who fail
to comply with their obligations.'

The Sharemarket College has the right to appeal to the
Administrative Appeals Tribunal for a review of ASIC's decision.

The Sharemarket College is a Registered Training Organisation that
also held an AFS licence, offering training programs on trading in
the share market, intraday markets and exchange traded options
markets.

Responding to concerns about The Sharemarket College, ASIC shadow-
shopped this business posing as potential investors. During that
surveillance The Sharemarket College told ASIC staff about its own
success when trading on the share market and referred to a real
investment portfolio it operated with a capitalisation of
$100,000. It was claimed this portfolio was achieving returns of
60 per cent per annum and that results like this could be achieved
by enrolling in The Sharemarket College training courses.

An ASIC investigation established there was no investment
portfolio and that the claims were false and misleading. The
investigation also found that The Sharemarket College had made
similar claims about the investment portfolio and the returns
achieved to members of the public.

The AFS licence cancellation and the banning of Graeme and Jill
Rogers took effect on Aug. 30, 2016.

"Any consumers who have paid for ongoing financial services from
The Sharemarket College should seek legal advice about their
options. Should The Sharemarket College cease its business
operations and the company liquidated you may be considered a
creditor," ASIC says.


SYDNEY TYRE: First Creditors' Meeting Slated for Sept. 15
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Sydney Tyre
Company Pty Ltd will be held at Lachlan Room, Parramatta RSL Club,
Corner Macquarie and O'Connell Streets, in Parramatta, NSW, on
Sept. 15, 2016, at 3:30 p.m.

Graeme Robert Beattie and Simon John Cathro of Worrells Solvency &
Forensic Accountants were appointed as administrators of Sydney
Tyre on Sept. 5, 2016.



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YESTAR INTERNATIONAL: Moody's Rates Proposed Sr. Notes at (P)Ba3
----------------------------------------------------------------
Moody's Investors Service has assigned a provisional (P)Ba3 rating
to Yestar International Holdings Company Limited's (Ba3 stable)
proposed senior notes.

The outlook is stable.

The proceeds from the proposed note issuance will be used to
refinance and/or repay existing indebtedness, fund future capital
expenditure and acquisitions, and the remaining amount will be
applied for working capital and general corporate purposes.

The provisional status of the rating will be removed upon
completion of the bond issuance under satisfactory terms and
conditions.

RATINGS RATIONALE

"The rating of the proposed notes has not been notched down from
Yestar's corporate family rating of Ba3 because we expect the
company's level of secured and subsidiary debt will stay low
relative to its total assets over the next 12 months," says Gloria
Tsuen, a Moody's Vice President and Senior Analyst.

The proposed bond issuance, at USD200 million to USD225 million,
will increase Yestar's adjusted debt/EBITDA to 2.7x-2.9x in 2016
from 1.3x in 2015, as the company prefunds its acquisition-related
cash outlays for this year. Moody's expects leverage to decline
towards 2.5x-2.7x by 2018.

Yestar's Ba3 corporate family rating reflects its strengthening
position in the distribution of medical consumable products in
China, strong partnerships with leading global suppliers, risk-
controlled acquisition strategy, and prudent approach to financial
management.

However, the rating is also constrained by Yestar's small scale
and high level of supplier concentration, relatively short
operating history in distributing in vitro diagnostics (IVD)
products, and its high level of cash investment requirements as it
pursues growth.

The stable outlook reflects Moody's expectation that Yestar will
maintain (1) its stable relationships with its key suppliers and
customers, (2) a steady film business, while its IVD consumable
business continues to grow, (3) a prudent M&A strategy and
financial management (including prefunding of M&A and no change to
existing dividend policy), and (4) strong corporate governance.

Given the short history of Yestar's IVD business and the company's
small scale, an upgrade is unlikely in the near term.
Nevertheless, upward rating pressure could emerge if Yestar
continues to build a strong track record in M&As and execution,
grows its scale, and diversifies its key supplier relationships.

Credit metrics indicative of upward rating pressure include
adjusted debt/EBITDA below or around 2.0x, and retained cash flow
(RCF)/debt above 20% on a sustained basis.

On the other hand, downward rating pressure could emerge if
Yestar's operating performance and/or financial profile
deteriorate, due to (1) weakening key supplier relationships, (2)
a decline or significant competitive landscape change in the film
or IVD market, (3) the pursuit of a more aggressive financial
management policy or failure to maintain sound corporate
governance.

Credit metrics indicative of downward rating pressure include
adjusted debt/EBITDA above 3.0x or RCF/debt below 12%.

The principal methodology used in this rating was Distribution &
Supply Chain Services Industry published in December 2015.

Headquartered in Shanghai and listed on the Hong Kong Stock
Exchange since October 2013, Yestar International Holdings Company
Limited is the largest distributor of Fujifilm products in China
and has been transforming itself into a high-margin medical
consumables manufacturer and distributor since 2014.



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AATHI VELAN: CRISIL Reaffirms B+ Rating on INR65MM Cash Loan
------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Aathi Velan
Mills continues to reflect modest scale of operations in the
intensely competitive and highly fragmented textile industry, and
its below-average financial risk profile, marked by modest net
worth and weak debt protection metrics. These rating weaknesses
are partially offset by its promoter's extensive experience in the
textile industry.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit              65      CRISIL B+/Stable (Reaffirmed)

   Proposed Working
   Capital Facility         15      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes AVM will continue to benefit over the medium term
from its promoter's extensive experience in the textile industry.
The outlook may be revised to 'Positive' if the firm reports a
sustainable increase in its revenue and profitability, thereby
strengthening its financial risk profile. Conversely, the outlook
may be revised to 'Negative' if AVM generates lower than- expected
cash accruals or undertakes any large debt-funded capital
expenditure programme, resulting in deterioration in financial
risk profile.

Update
AVM reported operating income and profitability of around INR30.2
million and 2.7 per cent, respectively, for 2015-16 (refers to
financial year, April 1 to March 31), driven by sustained demand
and established relationship with customers . The firm's revenue
growth is expected to be remain modest over the medium term due to
absence of major capacity additions. The profitability expected to
remain at similar levels owing to  volatility in raw materials
price Firm's cash accruals are expected to remain low over the
medium term on account of stable scale of operation and low
profitability.

AVM's financial risk profile is constrained by moderate gearing of
2.0 times as on March 31, 2016. Despite equity infusion of INR3.5
million; the net worth remains small at around INR31 million as on
March 31, 2016. The firm's debt protection metrics are also weak,
with interest coverage ratio at 1.20 times for 2015-16.

The firm's liquidity is moderate. Its bank limit utilisation has
been high at an average of 93 per cent for the 12 months through
March 2016. The utilsation levels are  expected to remain weak
over the medium term owing to the firm's high reliance on its cash
credit facilities for funding its working capital requirement.
However, unsecured loan of INR6.9 million as on March 31, 2016 and
absence of term loan supports liquidity profile.

Established in 2006 as a proprietorship firm, AVM manufactures
cotton yarn. The firm is based in Coimbatore (Tamil Nadu) and is
promoted by Mr. P Gopalaswamy.


ADITYA STEEL: CRISIL Lowers Rating on INR170MM Cash Loan to 'D'
---------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities Aditya
Steel Rolling Mills Private Limited to 'CRISIL D/ CRISIL D' from
'CRISIL B/Stable/CRISIL A4'.

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

   Cash Credit            170        CRISIL D (Downgraded
                                     from 'CRISIL B/Stable')

   Term Loan               10        CRISIL D (Downgraded
                                     from 'CRISIL B/Stable')

The rating downgrade is because of an overdrawn cash credit
facility; the facility has been overdrawn for more than 30 days
owing to weak liquidity.

The rating continues to reflect ASRM's below-average financial
risk profile marked by its small net worth, high total outside
liabilities to tangible net worth ratio and weak debt protection
metrics. The company is also exposed to intense competition in the
steel trading segment. However, it benefits from the extensive
industry experience of its promoters.

ASRM was incorporated in 1994, promoted by Mr. S K Khemka and Mr.
P K Khemka. The company manufactures and trades in thermo-
mechanically treated bars and other steel intermediaries (blooms,
billets, and ingots). It is based in Vishakhapatnam, Andhra
Pradesh.


ALLIED RECYCLING: CRISIL Reaffirms B+ Rating on INR250MM Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Allied Recycling
Limited continue to reflect the company's moderate scale of
operations and below-average debt protection metrics. These
weaknesses are partially offset by the extensive experience of its
promoter in the structural steel products industry.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             250      CRISIL B+/Stable (Reaffirmed)

   Proposed Short Term
   Bank Loan Facility       20      CRISIL A4 (Reaffirmed)

   Term Loan                80      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes ARL will continue to benefit from its promoter's
extensive industry experience. The outlook may be revised to
'Positive' if there is significant improvement in operating
revenue and profitability, while working capital requirement
remains stable, leading to substantial cash accrual and better
liquidity. The outlook may be revised to 'Negative' if the
liquidity weakens on account of increase in working capital cycle,
low cash accrual, or large debt-funded capital expenditure
(capex).

Update
ARL's revenue is estimated at INR1939 million in fiscal 2016. The
operating margin declined to 3.7% in fiscal 2016 from 4.6% in
fiscal 2015 due to increased revenue from trading. The business
risk profile is expected to remain stable with revenue growth of
5-10% over the medium term, backed by the promoter's extensive
experience in the structural steel products industry. The
operating margin is expected at 3.5-4.0%.

The company's financial risk profile is expected to remain
constrained by high total outside liabilities to tangible networth
(TOLTNW) ratio and weak debt protection metrics driven by working
capital debt. As on March 31, 2016, its networth is estimated at
INR212.8 million and TOLTNW ratio at 2.49 times. The net cash
accrual to total debt and interest coverage ratios are estimated
at 0.09 time and 1.8 times, respectively, in fiscal 2016.

ARL's liquidity is constrained by high bank limit utilisation of
98% over the 12 months through July 2016. However, the company is
likely to generate healthy net cash accrual of INR30-35 million
per annum, against annual debt obligation of INR20.0-22.5 million,
over the medium term. Also, it has no capex plan. Its current
ratio is estimated at 1.17 times as on March 31, 2016, and is
expected at 1.15-1.25 times over the medium term.

ARL, set up by Mr. Vijay Kumar Abrol in 2003, manufactures billets
at its facility in Ludhiana, Punjab. While 50% of the billets are
used for manufacturing wire rods, the rest are sold. Trading in
hot-rolled (HR) and cold-rolled (CR) sheets accounts for 30% of
its revenue. Till June 2009, the company also manufactured ingots.


AMV TEL: ICRA Assigns 'B+' Rating to INR2.0cr Unallocated Loan
--------------------------------------------------------------
ICRA has assigned a short term rating of [ICRA]A4 to the INR5.00
crore enhanced short term proposed facilities of AMV Tel Private
Limited. ICRA has also assigned ratings of [ICRA]B+ and [ICRA]A4
to the INR2.00 crore (enhanced from nil) long term/short term
proposed facilities of AMV.

                              Amount
   Facilities              (INR crore)     Ratings
   ----------              -----------     -------
   Long-term-Unallocated        2.00       [ICRA]B+/Outstanding
   Short-term- Unallocated     13.00       [ICRA]A4/Assigned
   Long-term/Short-term-        2.00       [ICRA]B+/[ICRA]A4/
   Unallocated                              Assigned

ICRA also has a long-term rating outstanding of [ICRA]B+ on the
INR2.00 crore long term proposed facilities and a short-term
rating of [ICRA]A4 on the INR8.00 crore short-term proposed
facilities of AMV.

The assigned ratings take into account the long standing
experience of the promoters and management spanning over two
decades in different sectors. The ratings also factor in AMV's
product placement in the mid-range segment (medium priced
category) smart-phones, which has significant growth opportunities
in the domestic replacement handset market driven by increasing
purchasing power of consumers, and a growing middle class
population. The ratings also takes comfort from the financial
flexibility enjoyed by the company, being part of the AMV Group of
Companies, and the high net worth and connections of the group's
promoters. The ratings also take into consideration sourcing of
quality products and components from highly reputed players such
as Sony, Kingston etc., add on services to be offered; the in-
place agreements with its manufacturer & after sales service
partner.

The ratings are, however, constrained by the significant project
off-take risks given AMV's nascent stage of operations with
approvals pending from BIS authorities and working capital
facilities yet to be sanctioned by banks. The ratings also takes
into account the high competitive intensity in the Indian mobile
handset industry characterized by the presence of low cost feature
phones and numerous unorganized players, given the low entry
barriers, and AMV's limited bargaining power with its suppliers,
which results in moderate profitability. The ratings further take
into account AMV's reliance on Chinese suppliers for product
sourcing exposing the company to product quality/servicing issues
and the vulnerability of operation to Government policy primarily
with respect to changes in the duty structure; and the
inevitability to continuously adapt to the customer preferences
and technological obsolescence.

AMV Tel Private Limited, is part of the AMV Group of Companies
based out of Kochi, and was established as a Private Limited
Company in 2015. The Company is a closely held entity with Mr.
Anil Kumar Sharma holding 50% share and Mrs. Vijayta Sharma
holding 50% share. The company imports mobile phones and other
accessories like Bluetooth devices, head phones etc from Chinese
manufacturers who manufacture the devices according to the
specifications provided by AMV's research & development team. The
Company is planning to launch four models of mobile phones upfront
and other accessories by first week of October 2016 under the
brand name "ZStone".

The AMV group has footprints across diverse businesses such as
hospitality infrastructure- through management agreement with
Hyatt Group and management agreement with an international hotel
brand to develop a five star deluxe hotel in Colombo, Sri Lanka,
Construction and real estate development by developing and
constructing numerous residential & commercial spaces. The company
is also engaged into exporting of spices from India to Middle
East, Europe and other countries around the world, importing and
trading of PPR pipes & fittings/UPVC doors and windows.


ARTI ROLLER: CRISIL Assigns B+ Rating to INR56.5MM Cash Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facility of Arti Roller Flour Industries Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             56.5      CRISIL B+/Stable

The rating reflects the company's below-average financial risk
profile because of high total outside liabilities to tangible
networth ratio, and moderate scale of operations. These weaknesses
are partially offset by the extensive experience of its promoters
in the wheat processing industry.
Outlook: Stable

CRISIL believes ARF will continue to benefit from its promoters'
extensive industry experience. The outlook may be revised to
'Positive' if there is a substantial increase in its revenue and
net cash accrual, resulting in a better capital structure and
liquidity. The outlook may be revised to 'Negative' in case of a
stretch in its working capital cycle, or a fall in its
profitability, or any debt-funded capital expenditure, weakening
its financial risk profile.

ARF, incorporated in 1988, processes wheat to produce maida, suji,
atta, dalia, and bran. Its manufacturing unit is in Khanna,
Punjab, and has capacity of 350 quintal per day. The company is
promoted by Mr. D C Singla and Mr. M C Singla


AVYAAN OVERSEAS: CRISIL Suspends 'D' Rating on INR375MM Loan
------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Avyaan
Overseas Private Limited.

                              Amount
   Facilities               (INR Mln)    Ratings
   ----------               ---------    -------
   Export Packing Credit       225       CRISIL D
   Foreign Bill Discounting    375       CRISIL D

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

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


B.M. TRIVEDI: CRISIL Suspends 'D' Rating on INR70MM Cash Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
B.M. Trivedi.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee         2.5        CRISIL A4
   Cash Credit           70.0        CRISIL B+/Stable

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

BMT, formed in 2002, is a proprietorship concern of Mr. Deepak
Trivedi. It undertakes civil construction of drainage lines,
canals, roads, and buildings. BMT is registered as a Class AA
contractor with Municipal Corporation of Greater Mumbai (MCGM) and
Sadar Sarovar Narmada Nigam Ltd (SSNL), and as a Class A category
contractor with Pune Municipal Corporation (PMC).


BRAHMAPUTRA TELE: CRISIL Cuts Rating on INR96.2MM Loan to 'D'
-------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Brahmaputra Tele Productions Private Limited to 'CRISIL D' from
'CRISIL B/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             30        CRISIL D (Downgraded from
                                     'CRISIL B/Stable')

   Proposed Long Term      73.8      CRISIL D (Downgraded from
   Bank Loan Facility                'CRISIL B/Stable')

   Term Loan               96.2      CRISIL D (Downgraded from
                                     'CRISIL B/Stable')

The downgrade reflects delays by BTPPL in servicing of its term
debt obligation and the same was mainly on account of stretched
liquidity. The company generally pays the instalment of the term
loan obligation with delay of more than one month.

The rating continues to reflect BTPPL modest scale of operations,
and exposure to risks related to intense competition and regulated
nature of television broadcasting industry. The rating also
reflects BTPPL's weak financial risk profile marked by its small
net worth base. These rating weaknesses are partially offset by
the extensive experience of BTPPL's promoters in the television
broadcasting industry.

BTPPL was incorporated by the Jaiswal family in 2001 as Jaintia
Ispat Pvt Ltd in Assam. It was renamed Tsang-Po Smelter Pvt Ltd in
2003 and got its present name in 2006. BTPPL operates a 24-hour
free-to-air (FTA) satellite news channel, DY365, in Assamese. The
company launched an FTA general entertainment channel, Jonak, in
October 2014.


CENTRO PROJECTS: CRISIL Assigns 'D' Rating to INR70MM Term Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long-term bank
facility of Centro Projects and Marketing.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan               70       CRISIL D

The rating reflects instances of delay by CPM in meeting its term
debt obligations. The delays have been caused by the firm's weak
liquidity because of insufficient cash accrual on account of high
interest burden and low operating income.

CPM has a weak financial risk profile because of high gearing and
subdued debt protection metrics, and has modest scale of
operations. However, it benefits from moderate occupancy at its
mall.

CPM, set up in 2014, operates Centro Mall at Kodungallur in
Kerala. Spread over 100,000 square feet, the mall became
operational in February 2016. The firm is promoted by Mr. Basheer
and his wife Ms Haseena.


ENCARTA PHARMA: ICRA Lowers Rating on INR25cr Loan to 'D'
---------------------------------------------------------
ICRA has revised the long term rating assigned to the INR25.0
crore fund based facilities of Encarta Pharma Private Limited from
[ICRA]BB+ with stable outlook to [ICRA]D. ICRA has also revised
the short term rating assigned to the INR12.5 crore non-fund based
facilities of the company from [ICRA]A4+ to [ICRA]D and the long
term and short term ratings assigned to the INR2.5 crore proposed
facilities of the company from [ICRA]BB+(stable)/[ICRA]A4+ to
[ICRA]D/[ICRA]D.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund based limits        25.0        Revised from [ICRA]BB+
                                        (stable) to [ICRA]D

   Non-fund based           12.5        Revised from [ICRA]A4+
   limits                               to [ICRA]D

   Proposed facilities       2.5        Revised from [ICRA]BB+
                                        (stable)/[ICRA]A4+ to
                                        [ICRA]D/[ICRA]D

The revision in ratings takes into account the delays in meeting
debt obligations on a timely manner in the recent past and
decrease in the profit margins on account of weaker realisation on
the stents sold during the year, increase in business promotional
expenses and increase in prices of the traded products in the
recent years which the company has not been able to completely
pass onto the customers.

The ratings factor in the stretched liquidity position marked by
high working capital intensity, despite improvement during 2015-16
on account of lower inventory levels, owing to elongated payment
cycles from the customers, in turn, leading to high working
capital utilization and few instances of over utilization of the
sanctioned working capital limits. The ratings are, however,
supported by the long standing presence of the promoters in the
medical devices distribution business and their strong
relationship with the principals (suppliers) and the customers
that support the growth prospects. The ratings factor in the
exclusive distributorship rights that the company enjoys for
various principals and the long term contracts with the principals
that support revenue visibility in the near to medium term. The
ratings also takes into account the strengthening of the marketing
team and the company's plans to add new products (some of which
have already hit the market) in its portfolio that support the
revenue growth and profitability going forward.

Incorporated in 2001, EPPL is engaged in distribution of medical
devices, implants, equipments and biotechnology products. The
company is headquartered in Bangalore and distributes medical
devices of various renowned global companies such as Medtronic
Inc, Draeger Medical and Lifetech Scientific among others. Product
profile of the company consists of cardiac stents, balloons,
valves, pacemakers and oxygenators among others. In the recent
years, the company has been aggressively marketing some of the new
products (some of which have already hit the market and some in
the pipeline) which is expected to boost the revenue growth and
profitability going forward.

Recent results
During 2015-16, the company reported a net profit of INR2.1 crore
on an operating income of INR104.8 crore, as against a net profit
of INR2.2 crore on an operating income of INR91.1 crore during
2014-15.


FARMICO COLD: CRISIL Reaffirms 'B' Rating on INR80M Mortgage Loan
-----------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Farmico Cold
Storage Private Limited continues to reflect a modest scale of
operations in the highly fragmented and competitive cold storage
industry, and weak financial risk profile, marked by a small net
worth and high gearing. These rating weaknesses are partially
offset by the extensive industry experience of the company's
promoters, an established relationship with customers, and the
favourable location of its cold storage unit.

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Mortgage Loan
   Facility             80        CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes FCSPL will continue to benefit over the medium
term from the extensive industry experience of its promoters and
established relationship with customers. The outlook may be
revised to 'Positive' in case of significantly higher-than-
expected cash accrual and improvement in capital structure. The
outlook may be revised to 'Negative' if liquidity deteriorates due
to lengthening of working capital cycle, significant debt-funded
capital expenditure, or any delinquencies.

Update
Liquidity remains stretched, as expected cash accrual of around
Rs8 million tightly matching the repayment obligation of INR6.8
million, in fiscal 2017. Financial risk profile is weak  because
of a small networth of INR29 million and high gearing of 4.5 times
as on March 31, 2016; interest coverage and net cash accrual to
total debt ratios were 1.6 times and 0.4 time, respectively, in
fiscal 2016.

The lower crop during season resulted in flat sales growth to
INR25.1 million in fiscal 2016 against INR25.1 million in the
previous fiscal. Sales were INR12.2 million for the three months
through June 2016 and are expected at above INR30 million for
fiscal 2017. The low sales also resulted in a lower operating
margin of 65% in fiscal 2016. The margin is expected to improve
with increase in revenue over the medium term.

Incorporated in 1995, FCSPL (formerly known as Wadhwani Cold
Storage And Ice Plant Pvt Ltd) operates a cold storage unit at
Nagpur, Maharashtra. The company provides cold storage facilities
to various farmers and traders located in and around the
Agricultural Produce Market Committee market at Nagpur.


FREIGHTCAN GLOBAL: CRISIL Suspends B+ Rating on INR50MM Loan
------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Freightcan
Global Logistics Pvt Ltd.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Overdraft Facility      50        CRISIL B+/Stable

The suspension of ratings is on account of non-cooperation by
FGLPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, FGLPL is yet to
provide adequate information to enable CRISIL to assess FGLPL'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 2004 and based in Chennai (Tamil Nadu), FGLPL
provides logistics services. The company's operations are managed
by its director, Mr. Arun Nair.


G N ALTECH: ICRA Raises Rating on INR2.60cr Cash Loan to BB-
------------------------------------------------------------
ICRA has upgraded the long-term rating to [ICRA]BB- from [ICRA]B+
to the INR2.60-crore fund-based cash credit facility and term-loan
facility of INR1.27-crore of G N Altech. ICRA has reaffirmed the
short-term rating of [ICRA]A4 to the INR2.00-crore short-term non-
fund based forward purchase contract facilities of GNA. ICRA has
further assigned an [ICRA]BB-/[ICRA]A4 rating to the INR1.18-crore
unallocated limits of GNA. The outlook on the long-term rating is
"stable".

                         Amount
   Facilities          (INR crore)   Ratings
   ----------          -----------   -------
   Fund-based Limit-
   Cash Credit             2.60      [ICRA]BB- (stable); upgraded

   Fund-based Limit-
   Term Loan              1.27       [ICRA]BB- (stable); upgraded

   Non-fund Based Limit-
   Forward Purchase
   Contract                2.00      [ICRA]A4; re-affirmed

   Unallocated Limits      1.18      [ICRA]BB- (stable)/[ICRA]A4;
                                      Assigned

The rating upgrade reflects substantial growth in revenue during
FY2016 wherein the firm has registered growth of around 64.0% over
FY2015 and a compounded annual growth rate (CAGR) of around 57.0%
since FY2010. The company's financial profile has also improved
which can be reflected from the comfortable return indicators
wherein RoCE has improved from 21.0% as on March 31, 2015 to 30.5%
as on March 31, 2016 and coverage indicators also stood healthy
with NCA/Total Debt of 41.6% and interest coverage of 3.8 times
during FY2016. The capital structure of the company has also
improved with moderation in gearing to 1.8 times as on March 31,
2016 compared to 2.9 times as on March 31, 2015. The ratings also
take note of the extensive experience of the promoters in machine
component manufacturing which has helped the firm register growth
and explore new customers.

The ratings, however, remain constrained by the high customer
concentration risk as top five customers of the firm contribute to
around 87.0% of the total revenue during FY2016. Despite high
customer concentration, established relations with reputed
customers provide stability to the volume growth and counterparty
risk. ICRA also takes into account the vulnerability of the
company's profitability on account of the intense competition in
the market resulting out of low entry barriers. The ratings are
further constrained by the company's constitution, exposing the
entity to deterioration in the capital structure due to
substantial withdrawal by the partners, it being a partnership
firm. ICRA also notes the vulnerability of the firm to the
cyclicality of the prime end-user industry i.e. automobiles.
The profitability of GNA would remain vulnerable to fluctuations
in the prices of raw materials and its ability to pass on the same
to its customers in a timely manner, given the competitive
scenario pressurising the margins. ICRA expects the ability of the
firm to scale up operations by 10-15% and regain its profitability
level and improve gearing by reducing its external debt would be
the key rating sensitivities.

G N Altech (GNA) was initially established as a partnership firm
in 1991 by Mr. Natwarlal Patel with the name Natwarlal Rajivbhai &
Co. It was manufacturing aluminium alloy casting products and
pistons. However, after a partnership reconstitution in 2006 Mr.
Gaurang Patel, son of Mr. Natwarlal Patel and the present partner
of the firm, along with Mrs. Jyotsna Patel, joined the business.
In August 2008, the name of the partnership firm was also changed
from Natwarlal Rajivbhai & Co. to G N Altech. GNA changed its
business profile by venturing into casting and forging of fully
machined aluminium, ductile and grey iron casting products, which
are used as automobile parts and electrical parts. The firm has an
installed capacity of manufacturing around 3,75,000 aluminium
components and 4,25,000 cast iron components. At present the firm
has the capacity of manufacturing a product having maximum weight
of 22-25 kg.


GODAVARI MEGA: CRISIL Assigns 'B' Rating to INR452.9MM Term Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Godavari Mega Aqua Food Park Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Working
   Capital Facility       97.1       CRISIL B/Stable

   Term Loan             452.9       CRISIL B/Stable

The rating reflects GMAFPPL exposure to funding, implementation,
and demand risks associated with its ongoing project, accentuated
by risks related to early stage of implementation. The rating also
factors in susceptibility to regulatory changes and vulnerability
to fluctuations in foreign exchange rates. These rating weaknesses
are partially offset by the extensive experience of promoters in a
similar line of business.
Outlook: Stable

CRISIL believes GMAFPPL will continue to benefit over the medium
term from the extensive entrepreneurial experience of its
promoters. The outlook may be revised to 'Positive' if operations
of ongoing project stabilize, or lower-than-expected debt is
contracted. The outlook may be revised to 'Negative' if any
significant time or cost overrun or lower-than-expected demand
adversely affects liquidity.

GMAFPPL is a special purpose vehicle promoted by a cluster of nine
companies for setting up a mega food park in West Godavari
district of Andhra Pradesh. The food park will have a cold storage
facility and a processing facility for shrimp, fish, prawns, and
crabs.


JANTA RICE: ICRA Assigns 'B' Rating to INR2.50cr Loan
-----------------------------------------------------
ICRA has assigned its long term rating of [ICRA]B on the INR13.00
crore (enhanced from INR10.50 crore) facilities of Janta Rice
Mill.  ICRA has rating of [ICRA]B outstanding on the INR10.50
crore bank facilities of JRM.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Cash Credit              9.50        [ICRA]B; outstanding
   Warehousing Receipt
   Finance                  2.50        [ICRA]B; assigned

   Term Loan                1.00        [ICRA]B; outstanding

The rating reaffirmation takes into account the year on year
increase in JRM's operating income, driven by an increase in the
sale of basmati rice; however, the firm's scale of operations
continues to remain small at an absolute level. ICRA's rating
continues to be constrained by the highly competitive and low
value additive nature of the rice milling industry, which, coupled
with the firm's limited pricing power, results in thin operating
profitability. ICRA also takes note of the vulnerability of the
firm's operations to agro-climatic risks, which can affect the
pricing and availability of paddy; the firm's leveraged capital
structure with gearing of 10.56 times as on March 31, 2016 and the
highly working capital intensive nature of its operations.
However, the rating positively factors in the extensive experience
of the partners; the proximity of the mill to a major rice-growing
area, which results in easy availability of paddy, and also the
stable demand outlook for rice, given that India is a major
consumer and exporter of rice.

Going forward, the ability of the firm to increase its size and
scale while improving its margins and optimally managing its
working capital cycle will be the key rating sensitivities.

JRM is a partnership firm established in 1978. It is primarily
involved in milling of basmati and non-basmati rice to produce raw
and boiled rice. JRM's milling unit is located in Nissing,
District Karnal, Haryana, in close proximity to the local grain
market. The firm has a milling capacity of 2 tonnes/hour and a
sorting capacity of 4 tonnes/hour.

Recent Results
In FY2016, JRM reported a net profit of INR0.03 crore on an
operating income of INR33.10 crore, as against a net profit of
INR0.03 crore on an operating income of INR32.73 crore in the
previous year.


JMK JEWELS: CRISIL Assigns B+ Rating to INR100MM Cash Loan
----------------------------------------------------------
CRISIL has revoked the suspension of its rating on the long-term
bank facility of JMK Jewels Private Limited, and has assigned its
'CRISIL B+/Stable' rating to the facility. CRISIL had suspended
the rating on January 5, 2016, as JJPL had not provided the
necessary information required for a rating review. The company
has now shared the requisite information, enabling CRISIL to
assign a rating to its bank facility.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             100       CRISIL B+/Stable (Assigned;
                                     Suspension Revoked)

The rating reflects the geographical concentration in JJPL's
revenue, the company's exposure to intense competition, its weak
financial risk profile because of weak debt protection metrics,
and its large working capital requirement. These weaknesses are
partially offset by its promoters' extensive experience in the
jewellery industry, and its adequate liquidity because of nil
long-term debt obligation.
Outlook: Stable

CRISIL believes JJPL will continue to benefit from its promoters'
extensive industry experience. The outlook may be revised to
'Positive' if the company's revenue and profitability increase
significantly, or if its capital structure improves substantially
because of capital infusion. The outlook may be revised to
'Negative' in case of deterioration in its financial risk profile
on account of lower-than-expected profitability or considerably
large working capital requirement.

JJPL was set up by Mr. Ashwini Singla in 2005 with the name of
Harison Impex for exporting diamond and gold jewellery. The
company was renamed Lakshay Ornaments Pvt Ltd in 2008, and got its
current name in January 2016. It gets diamond and gold jewellery
manufactured on jobwork basis, and sells to showrooms and other
jewellers in and around Delhi.

Its profit after tax (PAT) and net sales are estimated at INR1.8
million and INR801.9 million, respectively, for fiscal 2016,
against a PAT of INR1.8 million on net sales of INR916.2 million
for fiscal 2015.


KOTAK EXIM: CRISIL Suspends B- Rating on INR155MM Bill Purchase
---------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Kotak Exim
Private Limited.

                           Amount
   Facilities             (INR Mln)     Ratings
   ----------             ---------     -------
   Foreign Bill Purchase       155      CRISIL B-/Stable

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

KEPL, incorporated in 2000, is promoted by the Kotak family. It
trades in cotton and agricultural products. It also has an
indenting division and acts as an agent for companies such as
Toshiba Corporation and NGK Insulators Ltd.


M.S. KAARTHIKEYAN: CRISIL Ups Rating on INR60MM Term Loan to BB-
----------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of M.S.
Kaarthikeyan Garments (part of the MSK group) to 'CRISIL BB-
/Stable/CRISIL A4+' from 'CRISIL B+/Stable/CRISIL A4'

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Foreign Bill
   Discounting            32.5       CRISIL A4+ (Upgraded from
                                     'CRISIL A4')

   Inland/Import           5         CRISIL A4+ (Upgraded from
   Letter of Credit                  'CRISIL A4')

   Packing Credit         60         CRISIL A4+ (Upgraded from
                                     'CRISIL A4')

   Proposed Rupee         52.5       CRISIL BB-/Stable (Upgraded
   Term Loan                         from 'CRISIL B+/Stable')

The rating upgrade reflects CRISIL's belief that MSK group will
sustain the improvement in its business risk profile over the
medium term, driven by healthy revenue growth and profitability,
supported by steady orders from established clients. The company
has registered a year-on-year revenue growth of 35 per cent and a
moderate operating profitability margin of around 7 per cent in
2015-16 (refers to financial year, April 1 to March 31); this has
resulted in healthy cash accruals of around Rs.29 million in 2015-
16.  The group's s revenue is expected to grow steadily over the
medium term supported by its healthy order book of around Rs.400
million as on March 31, 2016. The company is likely to maintain
its operating margin because of improved capacity utilisation,
leading to healthy cash accruals of around Rs.30 million per annum
over the medium term.

The rating continue to reflect the extensive experience of group's
promoters in the ready-made garments segments and its moderate
financial risk profile marked by comfortable   debt protection
metrics. These rating strengths are partially offset by the
group's working capital intensive and modest scale of operations
in the highly competitive textile industry.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of MSK and MSK Creations Pvt Ltd (MCPL).
This is because these entities, together referred to as the MSK
group, have a common management team and derive considerable
business from each other.
Outlook: Stable

CRISIL believes that the MSK group will maintain a stable business
risk profile backed by its promoter's extensive industry
experience. The outlook may be revised to 'Positive' if the group
significantly improves its scale of operations, while improving
its capital structure and profitability. Conversely, the outlook
may be revised to 'Negative' if the MSK group's liquidity
deteriorates because of large working capital requirements, low
cash accruals, or a decline in revenue or profitability.

Established in 1992 as a partnership firm, MSK manufactures and
exports ready-made garments. MCPL, set up in 2014, is also engaged
in the same line of business. The group's day-to-day operations
are managed by Mr. S Karthikeyan and family.


MSK CREATIONS: CRISIL Raises Rating on INR10MM Bill to BB-
----------------------------------------------------------
CRISIL has upgraded its ratings on bank facilities of MSK
Creations Private Limited (MCPL; part of the MSK group) to 'CRISIL
BB-/Stable/CRISIL A4+' from 'CRISIL B+/Stable/CRISIL A4.'

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Foreign Bill
   Discounting             10        CRISIL BB-/Stable (Upgraded
                                     from 'CRISIL B+/Stable')

   Packing Credit in       70        CRISIL A4+ (Upgraded from
   Foreign Currency                  'CRISIL A4')

   Proposed Long Term       5        CRISIL BB-/Stable (Upgraded
   Bank Loan Facility                from 'CRISIL B+/Stable')

The rating upgrade reflects CRISIL's expectation of sustained
improvement in the business risk profile over the medium term,
driven by healthy revenue growth and profitability, and steady
orders from established clients. Healthy revenue growth of 35%
(year-on-year) and moderate operating profit margin of around 7%,
led to healthy cash accrual of around INR29 million in fiscal
2016.  Healthy order book of around INR400 million, as on March
31, 2016, is likely to support revenue growth over the medium
term. Better capacity utilization, should help profitability
sustain and lead to healthy cash accrual of around INR30 million
per annum, over the medium term.

The ratings continue to reflect extensive experience of promoters
in the readymade garments industry and moderate financial risk
profile, marked by comfortable debt protection metrics. These
rating strengths are partially offset by modest scale and working
capital-intensive nature of operations in the highly competitive
textile industry.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of MCPL and MS Kaarthikeyan Garments
(MSK). This is because these entities, together referred to as the
MSK group, have a common management and derive considerable
business from each other.
Outlook: Stable

CRISIL believes that the MSK group will maintain a stable business
risk profile, backed by extensive experience of promoters. The
outlook may be revised to 'Positive' in case of significant
improvement in scale of operations, capital structure and
profitability. The outlook may be revised to 'Negative' if large
working capital requirement, low cash accrual, or a decline in
revenue or profitability, weakens liquidity.

Established in 1992 as a partnership firm, MSK manufactures and
exports readymade garments.

MCPL, set up in 2014, is also engaged in the same line of
business. Daily operations are managed by Mr. S Karthikeyan and
his family members.


MAHALAXMI DYES: ICRA Puts B+/A4 Rating on Notice of Withdrawal
--------------------------------------------------------------
ICRA has placed the long-term rating of [ICRA]B+ and short term
rating of [ICRA]A4 assigned to the INR20.00 crore bank facilities
of Mahalaxmi Dyes & Chemicals Limited on 'notice of withdrawal'
for one month at the request of the company. As per ICRA's policy,
the ratings will be withdrawn after one month from the date of
this withdrawal notice.


MAHANT OVERSEAS: CRISIL Reaffirms B+ Rating on INR200MM Cash Loan
-----------------------------------------------------------------
CRISIL's rating on long-term bank facilities of Mahant Overseas
continues to reflect MO's weak financial risk profile of the
group, marked by high total outside liabilities to tangible
networth ratio, weak interest coverage ratio, and working capital-
intensive nature of operations and low net profit margins. These
weaknesses are partially offset by extensive experience of
promoters in the rice industry.

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

   Export Packing Credit   120      CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility       45      CRISIL B+/Stable (Reaffirmed)

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of Sadhu Singh Gurdip Singh ('CRISIL
B+/Stable/CRISIL A4') and Mahant Overseas. This is because the two
companies, together referred as the Mahant group, have a common
management, are engaged in similar businesses, and have strong
business linkages. The analytical approach has been modified,
following the management's efforts to increase synergies between
these two firms.
Outlook: Stable

CRISIL believes the group will continue to benefit from extensive
experience of promoters. The outlook may be revised to 'Positive'
in case of a substantial increase in scale of operations resulting
in better-than-expected cash accrual, improvement in working
capital cycle and improvement in the group's capital structure.
The outlook may be revised to 'Negative' if lower-than-expected
cash accrual, or stretch in working capital cycle, weaken
financial metrics, especially liquidity.

The Mahant group mills, processes and sells basmati rice, under
the Sadhu brand, in domestic and overseas markets. The group
comprises two firms, Sadhu Singh Gurdip Singh and Mahant Overseas,
set up in 1955 and 1999 respectively by Khajinder Singh and his
family members, as partnership firm.


NARAYANADRI HOSPITAL: CRISIL Suspends 'B' Rating on INR120MM Loan
-----------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of
Narayanadri Hospital & Research Institute Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Long Term Loan          120       CRISIL B/Stable

The suspension of ratings is on account of non-cooperation by
NARAYANADRI with CRISIL's efforts to undertake a review of the
ratings outstanding. Despite repeated requests by CRISIL,
NARAYANADRI is yet to provide adequate information to enable
CRISIL to assess NARAYANADRI'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 2011, Narayanadri operates a multi-specialty
hospital in Tirupati (Andhra Pradesh). It is promoted by Mr. Dr.
K. Ramachandra, Dr. S.V. Prasad, Dr. V. Sunanda Kumar Reddy, Dr.
G. Vijayakumar, Dr. A. Soma Keerthi and their associates.


NAVEEN TIMBER: CRISIL Lowers Rating on INR310MM LOC to 'D'
----------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Naveen
Timber Pvt Ltd to 'CRISIL D/CRISIL D' from 'CRISIL
BB+/Stable/CRISIL A4+'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             100       CRISIL D (Downgraded from
                                     'CRISIL BB+/Stable')

   Import Letter of        180       CRISIL D (Downgraded from
   Credit Limit                      'CRISIL A4+')

   Standby Line of         310       CRISIL D (Downgraded from
   Credit                            'CRISIL BB+/Stable')

The downgrade reflects continuous devolvement of letter of credit
(LC) over the past three months. The cash credit facility has been
fully utilised because of weak liquidity, arising from the stretch
in working capital cycle.

The rating reflects exposure to intense competition in the timber
industry, adverse regulatory changes and fluctuations in foreign
exchange rates. It also factors in the average profitability and
interest coverage ratio. However, these weaknesses are offset by
extensive experience of promoters.

NTPL, incorporated in 2007 by promoters, Mr. Parveen Goyal and Mr.
Vishal Goyal, is engaged in trading and sawing of imported timber.


OKARA ROADLINES: CRISIL Reaffirms 'B' Rating on INR58MM Loan
------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Okara
Roadlines continues to reflect below average financial risk
profile, exposure to business cycles, and low bargaining power
with customers. These rating weaknesses are partially offset by a
diversified customer and end-user industry base and efficient
working capital management.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Overdraft Facility      58        CRISIL B/Stable (Reaffirmed)
   Term Loan               42        CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes Okara will maintain its business risk profile over
the medium term supported by an established customer base and
extensive experience of promoters in the transport and logistics
industry. The outlook may be revised to 'Positive' in case of
higher revenue and margins, or improvement in capital structure
driven by increased cash accrual or capital infusion, leading to a
better financial risk profile. The outlook may be revised to
'Negative' in case of an increase in debtors, large debt-funded
expansion, or lower margins, leading to a weak financial risk
profile.

Update
Net sales are estimated to have improved by around 13% to INR451.4
million in fiscal 2016 from INR401.2 million in fiscal 2015 due to
addition to fleet and better offtake from existing customers.
Sales should increase over the medium term backed by a diversified
customer base and extensive experience of promoters, the same will
be partially offset by highly fragmented nature of the transport
industry. Operating margin has remained at 8-9% in the past two
fiscals. The margin is expected at 8.0-8.5% over the medium term.
Low entry barriers and exposure to intense competition, along with
presence of intermediaries that provide transport contract
services, restrict the margin.

Financial risk profile is below average with weak capital
structure. Interest coverage and net cash accrual to total debt
ratios are estimated at around 2 times and 0.09 time,
respectively, for fiscal 2016. The financial risk profile is
likely to remain average over the medium term, driven by modest
cash accrual and absence of any large, debt-funded capital
expenditure (capex) plan.

Liquidity is weak, with net cash accrual (expected at INR20-25
million in in fiscal 2017) barely sufficient to meet debt
obligation (around INR19 million). However, there are no
significant debt-funded capex plans. Bank limit utilisation
averaged at 98% for the 12 months through June 2016. Operations
are efficiently managed as reflected in gross current assets of
40-45 days as on March 31, 2016, on account of well-regulated
debtors. However, suppliers are to be paid upfront for fuel or
spares with a maximum credit of 15 days, reflecting a weak
position vis-a-vis suppliers. This leads to a stretched working
capital cycle. Debtors are expected to remain well managed over
the medium term, but the low credit period offered will continue
to weaken the cash cycle. Liquidity is expected to remain weak
over the medium term

Okara was set up in 1989 and taken over by the existing management
in 2000. It is currently being managed by Mr. Wadhwa and his son,
Mr. Jigyasu Wadhwa. The Delhi-based firm provides transportation
services to various industries.


P. J. EXPORTS: CRISIL Reaffirms B- Rating on INR105MM Cash Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of P. J. Exports continues
to reflect the firm's below-average financial risk profile because
of a weak capital structure and subdued debt protection metrics,
its modest scale of operations, and large working capital
requirement. These weaknesses are partially offset by its
promoters' extensive experience in the home furnishing textile
industry.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             105       CRISIL B-/Stable
   Foreign Bill
   Discounting              40       CRISIL B-/Stable
   Letter of Credit         25       CRISIL A4
   Packing Credit           60       CRISIL B-/Stable
   Proposed Long Term
   Bank Loan Facility       10       CRISIL B-/Stable

Outlook: Stable

CRISIL believes PJE will continue to benefit from its promoters'
extensive industry experience. The outlook may be revised to
'Positive' in case of significant improvement in its revenue and
profitability resulting in increase in its cash accrual, or
capital infusion leading to better liquidity. The outlook may be
revised to 'Negative' if the financial risk profile deteriorates
because of low cash accrual or stretch in working capital cycle
leading to pressure on liquidity.

PJE, formed in 2000 by two partners Amamika Todi and Sulochana
Todi, manufactures home decor products, such as bed sheets, bed
covers, curtains, and pillow covers. It commenced operations in
2008. It is managed by Mr. Jiten Todi.


PALATHRA CONSTRUCTIONS: CRISIL Reaffirms INR120MM Loan Rating B+
----------------------------------------------------------------
CRISIL rating on the bank facility of Palathra Constructions (PC;
part of Palathra group) continues to reflect the Palathra group's
large working capital requirements and its modest scale of
operations in the fragmented civil construction industry.

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

These rating weaknesses are partially offset by the extensive
experience of the group's promoters in the civil construction
industry and its moderate financial risk profile, marked by
moderate gearing, moderate net worth and robust debt protection
metrics.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of PC and Manoj Mathew (MM), together
referred to as the Palathra group. The consolidated approach is
because both entities are in the same line of business, share a
common management, and have significant financial and operational
linkages.
Outlook: Stable

CRISIL believes that the Palathra group will continue to benefit
over the medium term from its promoters' industry experience. The
outlook may be revised to 'Positive' if the group scales up its
operations significantly while maintaining its profitability,
leading to better-than-expected cash accruals and improvement in
its liquidity. Conversely, the outlook may be revised to
'Negative' if the group reports lower-than-expected revenues or
profitability, or its working capital management further
deteriorates resulting in weak liquidity, or if it undertakes a
large debt-funded capital expenditure programme, leading to
weakening of its financial risk profile.

Set up as a partnership firm in September 2007, PC is a Kerala-
based civil contractor, engaged in carrying out road construction
projects for Kerala Public Works Department (PWD). The firm also
undertakes construction of transmission towers for telecom
operators. MM is a sole proprietorship, which is also engaged in
road construction projects for Kerala PWD. The group's day-to-day
operations are managed by Mr. Manoj Mathew and Mr. Shaji Mathew.


PARAM AGENCY: CRISIL Suspends 'D' Rating on INR130MM Cash Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Param
Agency.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            130        CRISIL D
   Proposed Long Term
   Bank Loan Facility       5        CRISIL D

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

SALPA is a proprietorship concern established by Mr. Hitesh L
Pandya in the year 2011-12 (refers to financial year, April 1 to
March 31). The concern is the sole distributor of Code Division
Multiple Access (CDMA) handsets and recharge vouchers of Reliance
Communications Ltd for Navi Mumbai (Maharashtra).


PREMIER ALCOBEV: CRISIL Assigns B+ Rating to INR420MM Term Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Premier Alcobev Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan              420        CRISIL B+/Stable
   Cash Credit             59        CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility      71        CRISIL B+/Stable

The rating reflects vulnerability of the alcohol industry to
changes in government policy, regulated nature of prices of end
product and key raw materials, demand risk for its Indian-made
foreign liquor (IMFL) products, and an average financial risk
profile. These rating weaknesses are partially offset by strong
market position in supplying extra-neutral alcohol (ENA) in
Himachal Pradesh due to low competition and working capital
intensity.
Outlook: Stable

CRISIL believes PAPL will ramp up its distillery operations and
commence operations of its bottling unit in the near term, leading
to a significant improvement in the operating performance. The
outlook will be revised to 'Positive' in case of better than
estimated operational performance, leading to higher head room
towards servicing of debt or developing its market position in the
IMFL segment. Conversely, the outlook may be revised to 'Negative'
if less than optimum level of operations leads to deterioration in
debt protection metrics or significant debt-funded capital
expenditure.

PAPL, promoted equally and jointly by Suraj Vanaspati Group
(represented by Mr. Vikas Gupta) and the Almondz group
(represented by Mr. Navjeet Singh Sobti), has set up a distillery
complex, comprising 45 kilolitres per day (KLPD) grain-based
distillery and a modern bottling plant, with a capacity of 100,000
cases per month for IMFL and country liquor in Himachal Pradesh.
It has a co-generation unit of 1.5 megawatt to meet its power
requirement. The total capital outlay was INR695.5 million,
financed by debt of INR420 million and equity contribution of
INR275.5 million. It is an eco-friendly project with zero
discharge of effluents.

PAPL commenced distillery operations from the last week of
November 2015 and is expected to commence bottling operations from
the middle of Fiscal 2017. The company is estimated to have
produced 4,363 kilo liters of Extra Neutral Alcohol (ENA) during
the five months of productions in Fiscal 2016.

For fiscal 2016, the company achieved a net profit of INR1.6
million on net sales of INR210 million on a provisional basis.


S.K. AGARWALLA: ICRA Suspends BB-/A4 Rating on INR20cr Loan
-----------------------------------------------------------
ICRA has suspended the ratings of [ICRA]BB- (Stable) and [ICRA]A4
assigned to the INR20.00 crore line of credit of M/s. S.K.
Agarwalla. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the entity.


S.P. MANI: CRISIL Reaffirms 'B+' Rating on INR300MM Term Loan
-------------------------------------------------------------
CRISIL's rating on the long-term bank facility of S.P. Mani and
Mohan Dairy India Private Limited continues to reflect SP Mani's
exposure to intense competition in the dairy industry and to risks
related to its project for setting up a milk processing unit in
Erode (Tamil Nadu).

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            70        CRISIL B+/Stable (Reaffirmed)
   Term Loan             300        CRISIL B+/Stable (Reaffirmed)

These rating weaknesses are partially offset by the extensive
experience of SP Mani's promoters in the milk processing industry.
Outlook: Stable

CRISIL believes that SP Mani will continue to benefit over the
medium term from its promoters' extensive experience in the milk
processing industry. The outlook may be revised to 'Positive' if
the company stabilises its operations earlier than expected,
resulting in large cash accruals. Conversely, the outlook may be
revised to 'Negative' if SP Mani registers significant time and
cost overruns in its project, resulting in low cash accruals. The
outlook may also be revised to 'Negative' if SP Mani undertakes a
large debt-funded capital expenditure programme, weakening its
financial risk profile.

SP Mani, incorporated in 2011, is promoted by Mr. S P Loganathan
and Mr. R Mohanasundaram. The company is setting up a milk
processing unit in Erode.


S.T.G. CONCRETE: ICRA Suspends 'B' Rating on INR2.0cr Loan
----------------------------------------------------------
ICRA has suspended the rating of [ICRA]B assigned to INR2.0 crore
cash credit facilities and to INR4.30 crore term loan facilities
of S.T.G. Concrete Products. 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.


SELFRIDGES PRIVATE: CRISIL Suspends 'B' Rating on INR85MM Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Selfridges Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          30        CRISIL A4
   Cash Credit             85        CRISIL B/Stable
   Long Term Loan          23.5      CRISIL B/Stable
   Proposed Cash
   Credit Limit             4.0      CRISIL B/Stable
   Secured Overdraft
   Facility                40.0      CRISIL B/Stable
   Working Capital
   Term Loan               27.5      CRISIL B/Stable

The suspension of ratings is on account of non-cooperation by SPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SPL is yet to
provide adequate information to enable CRISIL to assess SPL'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 as a partnership firm in 1993 and reconstituted as a
private limited company in 2003, SPL has been engaged in
distribution and retailing of consumer durables and apparel
retailing across Kerala. The company had distributorship for Sony
consumer durables in 11 district of Kerala. SPL also operates the
branded showrooms for Tanishq Diamond Jewellery and several
marquee apparel brands under franchisee agreements. The company
has exited the distribution business in June 2015 and is likely to
focus on its retail segment. The company is managed by managing
director Mr. S Giridharan and his son Mr. Sujay Giridharan.


SHARDASHREE ISPAT: CRISIL Suspends B+ Rating on INR330MM Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Shardashree Ispat Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          30        CRISIL A4
   Cash Credit             82.5      CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility       7.5      CRISIL B+/Stable
   Term Loan              330.0      CRISIL B+/Stable

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

SSIL was established in 2006 by the Maheshwari, Sarda, and Daga
families at Nagpur (Maharashtra). The company manufactures thermo-
mechanically-treated (TMT) bars largely for Tata Steel Limited and
Monnet Steel & Energy Ltd, wherein the raw material is provided by
the key principal. The promoter families have been in the steel
manufacturing industry for over 30 years.


SHRIYA CHEMICALS: CRISIL Suspends 'D' Rating on INR111MM Loan
-------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Shriya
Chemicals Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            37.5       CRISIL D
   Proposed Long Term
   Bank Loan Facility     35.8       CRISIL D
   Term Loan             111.0       CRISIL D

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

SCPL, incorporated in 1985, is currently owned and managed by Mr.
Venketraman Nadar. The company primarily undertakes contract
manufacturing of agrochemical and pharmaceutical intermediates for
its customers. Its manufacturing unit is in Ratnagiri
(Maharashtra).


SUN AGENCY: CRISIL Suspends 'D' Rating on INR90MM Cash Loan
-----------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Sun
Agency.

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

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

SA is a proprietorship concern established by Mr. Hitesh L Pandya
in the year 2011-12 (refers to financial year, April 1 to
March 31). The firm is the sole distributor of Code Division
Multiple Access (CDMA) handsets and recharge vouchers of RCL for
Navi Mumbai (Maharashtra).


SUPREME GLAZES: CRISIL Reaffirms B+ Rating on INR100MM Cash Loan
----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Supreme Glazes
Private Limited continue to reflect SGPL's large working capital
requirement, moderate financial risk profile, marked by moderate
capital structure, and its exposure to intense competition in the
fragmented ceramic glazes business. These weaknesses are partially
offset by the extensive experience of its promoters and their
continued funding support.

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

   Long Term Bank
   Facility                18.5     CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      11.5     CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes SGPL will continue to receive funding support from
its promoters and benefit from its established relationships with
customers, over the medium term. The outlook may be revised to
'Positive' if financial risk profile particularly liquidity
improves due to sustained large cash accrual on account of higher-
than-expected revenue or improved profitability. The outlook may
be revised to 'Negative' if large debt-funded capital expenditure
or stretch in receivables weakens liquidity.

Update
Revenue improved to an estimated INR740 million (net sales) in
fiscal 2016, from INR493.1 million in fiscal 2015 backed by
increased utilisation of the enhanced capacities. With enhanced
facilities, the scale of operations is expected to remain at
INR650-700 million in the medium term. The operating margin has
declined from 5.5-6.0% previously to a moderate 5.0% in fiscal
2016. This level is expected to be maintained due to intense
competition. However, working capital requirement will remain
large with high debtor days of 169 leading to high gross current
assets days of about 204 as on March 31, 2016 -- over the medium
term.

The financial risk profile remains moderate with moderate capital
structure -- with high gearing of about 2.0 time in fiscal 2016
and moderate debt protection metrics with interest cover and net
cash accrual to total debt ratio of about 2.07 times and 0.11
time, respectively. In the absence of large debt-funded capex
plans, gearing is expected to improve as only short term debts
would be availed to fund large working capital requirement. The
debt protection metrics are expected to remain at similar levels
over the medium term.

Liquidity remains moderate with the generation of moderate cash
accrual of INR20-25 million over the medium term against small
repayment obligation of about INR4.5 million; however, cash
accrual shall remain moderate to fund the incremental working
capital requirement. Also, bank lines will remain highly utilised
-- over 96.0% in the past 12 months through March 2016 -- due to
large working capital requirement. Promoter support in the form of
unsecured loans stood at INR117.2 million in fiscal 2016, however,
of this INR30 million is expected to be withdrawn over the medium
term. CRISIL has treated unsecured loans of INR80 million as
neither debt nor equity as they are expected to remain in the
business over the medium term.

SGPL, set up in 2004, manufactures glazes that are used in ceramic
tiles. It has a manufacturing unit in Nada village in Bharuch
district (Gujarat). It is promoted and managed by Mr. Kalpesh B
Patel and Mr. Jiga B Patel, and their cousins, Mr. Dashrath B
Patel and Mr. Shailesh B Patel.


SURESH TEXTILES: CRISIL Suspends 'D' Rating on INR50MM Cash Loan
----------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Suresh
Textiles.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             50        CRISIL D
   Proposed Long Term
   Bank Loan Facility      40        CRISIL D

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

ST, established in April 2003, is a sole proprietorship concern of
Mr. Vicky Ramchand Talreja. The firm trades in and manufacturing
denim wear. It is based in Ulhasnagar (Maharashtra).


SWIM CERAMIC: CRISIL Reaffirms B+ Rating on INR48.9MM Term Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Swim Ceramic continue
to reflect a modest scale of operations in the highly competitive
ceramics industry, working capital-intensive operations, and
average financial risk profile because of a leveraged capital
structure. These weaknesses are partially offset by the extensive
experience of its promoters and the proximity of its manufacturing
facilities to sources of raw material and labour.

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

   Cash Credit             30       CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      11.1     CRISIL B+/Stable (Reaffirmed)

   Term Loan               48.9     CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes Swim Ceramic will continue to benefit over the
medium term from the extensive industry experience of its
promoters. The outlook may be revised to 'Positive' if higher-
than-expected topline or margin results in higher cash accrual.
The outlook maybe revised to 'Negative' in case of a decline in
order flow or profitability leading to lower cash accrual, a
stretched working capital cycle, or large debt-funded capital
expenditure, weakening the financial risk profile, especially
liquidity.

Update
For fiscal 2016, sales are estimated at INR91 million while
operating margin remained around 13.8% against Rs.111 million and
11%, respectively, in the previous fiscal. Lower demand for wall
tiles partly impacted the topline during fiscal 2016. Revenue is
expected to grow by over 25% in the current fiscal. Operations
remained working capital intensive with gross current assets of300
days as on March 31, 2016, higher than expectation, driven by
higher stocking.

The financial risk profile has remained average; gearing and
adjusted networth are estimated at 3.0 times and Rs25.8 million,
respectively, as on March 31, 2016; also, debt protection metrics
were low with estimated interest coverage and net cash accrual to
total debt ratios at 1.2times and 0.03 time, respectively, in
fiscal 2016. Despite high bank limit utilisation and low cash
accrual, liquidity is supported by unsecured loans from promoters.

Setup in 2013, Swim Ceramic was founded by the Morbi, Gujarat-
based Viramgama family. It manufactures ceramic wall tiles at its
facilities in Morbi.


THUNGA HOSPITAL: CRISIL Suspends B+ Rating on INR200MM Term Loan
----------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Thunga
Hospital Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             20        CRISIL B+/Stable
   Term Loan              200        CRISIL B+/Stable

The suspension of ratings is on account of non-cooperation by THPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, THPL is yet to
provide adequate information to enable CRISIL to assess THPL'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 2008, THPL operates a 110-bed multi-specialty
hospital at Mira Road on the outskirts of Mumbai. The company also
owns a hospital in Boisar with capacity of 50 to 70 beds.


TIRUPATI BALAJI: CRISIL Ups Rating on INR85MM Term Loan to BB-
--------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Tirupati Balaji Agri Foods to 'CRISIL BB-/Stable' from 'CRISIL
B/Stable'.

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

   Term Loan               85        CRISIL BB-/Stable (Upgraded
                                     from 'CRISIL B/Stable')

The upgrade reflects the expected improvement in TBAF's business
and financial risk profiles because of its association with Balaji
Wafers Pvt Ltd (Balaji). TBAF makes 90-95% of its sales to Balaji,
which has resulted in healthy operating profitability of 15% and
moderate working capital requirement, reflected in gross current
assets of 30-35 daysTBAF's financial risk profile has improved
because of capital infusion by promoters and limited outstanding
debt, reflected in steep decline in gearing to 2.00-2.25 times as
on March 31, 2016, from 5 times a year earlier. Furthermore, low
bank limit utilisation of 55-60% supports the firm's liquidity.
CRISIL expects TBAF's financial risk profile to remain comfortable
because of support from promoters and reduced debt.

The rating reflects the extensive experience of TBAF's promoters
in the cold storage business through group concerns, and the
firm's established clientele. These strengths are partially offset
by its moderate financial risk profile because of high gearing and
modest networth.

Outlook: Stable

CRISIL believes TBAF will continue to benefit from its promoters'
extensive industry experience and its association with Balaji. The
outlook may be revised to 'Positive' in case of efficient
management of farmers' credit financing, significant ramp-up in
operations, and better profitability. The outlook may be revised
to 'Negative' if stretch in working capital cycle, lower-than-
expected cash accrual, or large, debt-funded capital expenditure
weakens liquidity.

TBAF, set up by Mr. Fulchand Mali and Mr. Mihir Virani in 2013 as
a partnership firm, trades in and stores potatoes at its cold
storage in Deesa, Gujarat.

In fiscal 2015, its first year of operation, the firm had a net
profit was INR31.1 million on sales of INR291.2 million.


TIRUPATI STEEL: CRISIL Suspends 'B' Rating on INR120MM Loan
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Tirupati Steel Traders (Proprietor: Mahamaya Mines Private
Limited) (TST).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee           5        CRISIL A4
   Cash Credit            120        CRISIL B/Stable

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

TST is operating as a proprietorship concern of Mahamaya Mines Pvt
Ltd (MMPL is promoted by Raipur based Mr. Anand Agrawal and his
wife Mrs. Asha Agrawal). TST was formed in 2000 and is engaged in
trading of iron and steel products. Mr. Anand Agrawal oversees the
day to day operations of the firm.


TITAN - ANTONY: CRISIL Suspends C Rating on INR22.5MM Cash Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Titan -
Antony Aviation India Private Limited (TAAIPL; part of the Titan
Antony group).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee         37.5       CRISIL A4

   Cash Credit            22.5       CRISIL C
   Import Letter of
   Credit Limit            5.0       CRISIL A4

The suspension of ratings is on account of non-cooperation by
TAAIPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, TAAIPL is yet to
provide adequate information to enable CRISIL to assess TAAIPL'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 its ratings, CRISIL has combined the business and
financial risk profile of TAAIPL and AKSMPL, together referred to
as the Titan Antony group. This is because AKSMPL is a fully owned
subsidiary of TAAIPL, which has extended corporate guarantees for
the former's bank loan facilities.

Incorporated in 2005, TAAIPL manufactures all types of aircraft
refuelling equipment and fabricates oil tanks/containers. The
company is a joint venture promoted by Antony Motors Pvt Ltd and
Titan Aviation of France. Its manufacturing facility is at Mahape
in Navi Mumbai (Maharashtra).


VAMSADHARA COTTON: CRISIL Ups Rating on INR70MM Cash Loan to B+
---------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facility of
Vamsadhara Cotton Industries to 'CRISIL B+/Stable' from 'CRISIL
B/Stable'.

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

The rating upgrade reflects improvement in the business risk
profile of the company because of stabilisation of operations; the
upgrade also factors in moderate gearing. In fiscal 2016, the
first full year of operations, revenue increased to INR363 million
from INR44 million in fiscal 2015. Operating margin was moderate
at 5.9% in fiscal 2016, and should remain stable over the medium
term aided by benefits from economies of scale. Gearing was 1.9
times as on March 31, 2016. Benefits from the extensive
entrepreneurial experience of promoters and from ramp-in scale of
operations are expected to help maintain stable credit metrics
over the medium term.

The ratings reflect a modest scale of operations, exposure to
intense competition in the cotton ginning industry, susceptibility
of profitability to volatility in cotton prices. The rating also
factors in vulnerability to regulatory changes. These rating
weaknesses are partially offset by the extensive entrepreneurial
experience of the promoters.
Outlook: Stable

CRISIL believes VCI will continue to benefit over the medium term
from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' in case of a substantial and
sustained increase in scale of operations, while profitability
margins are maintained, or a significant increase in networth,
backed by sizeable equity infusion. The outlook may be revised to
'Negative' in case of a steep decline in the operating profit
margin, large, debt-funded capital expenditure, or a stretched
working capital cycle, leading to weakening of the capital
structure.

Established in 2013, VCI is a partnership firm in Guntur, Andhra
Pradesh-based is engaged in ginning cotton. It commenced
commercial operations in November 2014.



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


SOFTBANK GROUP: Moody's Affirms Ba1 CFR, Outlook Stable
-------------------------------------------------------
Moody's Japan K.K. has affirmed SoftBank Group Corp.'s Ba1
corporate family rating and backed senior unsecured ratings.  The
rating outlook is stable.

The affirmation considers the company's announcement on Aug. 24,
2016, that it would issue at least JPY350 billion in subordinated
bonds, after its acquisition of ARM Holdings plc (unrated), to
support its liquidity for future debt repayment.

                        RATINGS RATIONALE

"While the new issuance will raise the company's headline level of
gross leverage slightly over the next 12-18 months, we expect that
the proposed issuance of subordinated bonds and additional
liquidity, will be largely used for future debt repayment," says
Motoki Yanase, a Senior Analyst/ Vice President and Lead Analyst
for SoftBank.

"Affirmation of the company's ratings recognizes that the slight
increase in leverage is sufficiently counterbalanced by the
benefits of pre-funding of future debt maturities, adds Yanase.

With the new bond issuance, Moody's expects that SoftBank's gross
leverage will slightly exceed its rating parameter of 5.5x over
the next 12-18 months.

Nonetheless, given the company's intention to use the funds to
supplement its liquidity for future debt repayment, and after
considering its surplus cash and significant unrealized gains from
investments - including from Alibaba Group Holding Limited (A1
stable) and Yahoo Japan Corporation (unrated) - Moody's believes
that SoftBank's leverage will remain manageable for its Ba1
rating.

Moody's will focus on the likelihood and the timing of an
improvement in SoftBank's gross leverage which is still high for
its current rating.  If there is an increased likelihood that
SoftBank's gross leverage will be sustained in excess of 5.5x over
a prolonged period, or its surplus liquidity is used for purposes
other than to repay debt, downward pressure on the ratings will
likely increase.

Moody's considers the proposed subordinated bonds as debt-like,
given their key features, including the limited tenor of the bonds
in comparison to typical equity-like instruments.  Although the
increase in the subordinated portion of SoftBank's capitalization
will enhance the cushion for senior debt, it will not lead to an
upgrade of its backed senior unsecured rating.

Upward ratings pressure is unlikely in the near term, given the
increase in debt resulting from the ARM transaction.
Nevertheless, upward ratings pressure could emerge over time, if
SoftBank improves its profitability and gross leverage, such that
its adjusted EBITDA margin stays above 35%, and adjusted gross
debt/EBITDA falls below 3.5x.  The company would also need to
demonstrate an excellent liquidity profile and access to the
capital markets, for its ratings to face upward pressure.

On the other hand, the ratings could be downgraded if SoftBank's
adjusted EBITDA margin remains below 30%, or if the company's
adjusted gross debt/EBITDA exceeds 5.5x on a sustained basis, in
the absence of other satisfactory mitigating factors.  Mitigating
factors could include sufficient alternative liquidity - such as
cash and liquefiable investments - that increases the company's
financial flexibility.

A significant depletion of SoftBank's liquidity -- from the
current level sufficient to finance the next 18-24 months of debt
maturity at the holding company -- or decrease in the value of its
investments could also exacerbate downward ratings pressure.

Moody's recognizes the drag on SoftBank's ratings from the very
weak financial and operating profile of Sprint Corporation (B3
stable), a majority owned subsidiary of SoftBank.  While this
factor is adequately captured in SoftBank's Ba1 ratings, the
company's ratings and outlook could come under pressure if
Sprint's performance further deteriorates.

SoftBank Group Corp. is a Japanese holding company with operations
in mobile and fixed-line telecommunications, broadband, Internet
and other businesses.  Its subsidiary, SoftBank Corp., is the
third largest mobile telecommunications operator in Japan by
number of subscribers.



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


* NEW ZEALAND: Plan to Regulate Insolvency Sector Welcomed
----------------------------------------------------------
Nona Pelletier at Radio New Zealand reports that the government
has released the first part of a review into insolvency laws,
which recommends licensing for practitioners and steps to improve
protection for creditors in voluntary liquidations.

RNZ relates that the working group's report said current
regulation fell short of ensuring creditors could have confidence
that practitioners handling corporate insolvency are qualified and
bound by an acceptable code of ethics.

It also documented several cases of dishonesty, incompetence and
failures to manage conflicts of interest by those handling
insolvencies, RNZ says.

According to RNZ, Partner John Fisk with business advisory firm
PWC and was a member of the working group, said New Zealand's
standards were lagging behind many other countries.

He said those in charge of insolvencies were handling large sums
of money in trust on behalf of creditors in difficult
circumstances, RNZ relates.

"So to have an unregulated environment where practitioners have
absolutely minimal skills to qualify for that sort of position is
something that needed to be urgently addressed," RNZ quotes Mr.
Fisk as saying.

RNZ notes that the industry body, the Restructuring Insolvency and
Turnaround Association (RITANZ), had been calling for action to
curtail the activities of rogue operators who did not necessarily
act in the best interests of creditors in insolvency matters.

"Currently in New Zealand almost anyone, including those with
criminal convictions, can operate as an insolvency specialist,"
RNZ quotes chairman Brendon Gibson as saying.  "We've long held
the view that this needs to change and this is why we implemented
our own accreditation system."

Commerce and Consumer Affairs Minister Paul Goldsmith said he was
seriously considering the report and wanted public feedback before
final decisions, RNZ relays.

The deadline for the feedback is October 7.

A second part of the review dealing with voidable transactions and
Ponzi schemes is expected later in the year, adds RNZ.


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


SWIBER HOLDINGS: Managers See 'Reasonable' Prospects to Save Firm
-----------------------------------------------------------------
Grace Leong at The Strait Times reports that the interim judicial
managers (IJMs) of Swiber Holdings said on Sept. 5 it saw
"reasonable" prospects of saving the company.

The Strait Times relates that in a report filed in the High Court
on Sept. 2, the IJMs said key stakeholders, including major
suppliers, vendors and creditors, have "expressed willingness to
work with them to support the completion of the ongoing projects".

According to The Strait Times, the report said the prospects of
saving the company hinge on the support of stakeholders and its
ability to complete some US$1.67 billion worth of secured
projects. This could lead to a better outcome for creditors than a
winding up scenario.

The Strait Times says the IJMs have also identified potential
sources of working capital of about US$284 million to be raised
for the continued operation of Swiber and its main subsidiary,
Swiber Offshore Construction.

The IJMs, led by Bob Yap, head of advisory at KPMG in Singapore,
also disclosed that they have so far received 24 expressions of
interest, including proposals from potential investors to provide
equity/debt financing, asset financing and project financing,
relates The Strait Times. No further details were given in the
IJM's report.

According to The Strait Times, the IJMs said they will evaluate
the expressions of interest together with Swiber's management.

"We are hopeful that the support of the various stakeholders for
Swiber to complete ongoing projects together with our proposed
restructuring plan, will help turn around the situation and lead
to a better outcome for all stakeholders," The Strait Times quotes
Mr. Yap as saying.

The continued operation of both companies may also "prevent the
potential crystallization of contingent liabilities of about
US$1.23 billion in a liquidation scenario," said the IJMs, The
Strait Times relays.

Oilfield services group Swiber applied in July to place itself
under judicial management, after initially filing for liquidation,
becoming the biggest Singapore company to fall victim to the
ongoing oil slump. Judicial management allows for a company to be
nursed back to health under the supervision of the Singapore
Court.

The Strait Times says the IJMs believe that under their plan,
there is a "reasonable prospect" of achieving one or more of the
three objectives of a judicial management.

These include the survival of the company, as a whole or in part,
as a going concern; the approval of a scheme of arrangement
between the companies and/or their creditors; or a more
advantageous realisation of assets would be effected than in a
winding up.

The IJM report provides the High Court with details of the
companies' cash position, information on ongoing projects and an
assessment of Swiber Holdings' and Swiber Offshore Construction's
(SOC) ability to generate value for one or more of the objectives
of judicial management, including the rehabilitation of the
companies, according to The Strait Times.

The IJMs pointed out that the Swiber Group's key strengths are in
the engineering and construction of upstream projects, and
completing projects it had already won would be a "crucial
milestone". This would be value accretive and positive for the
recovery of SOC, said the statement, The Strait Times reports.

                           About Swiber

Swiber Holdings Limited (SGX:BGK) -- http://www.swiber.com/-- is
a Singapore-based investment holding company. The Company,
through its subsidiaries, is engaged in offshore marine
engineering; vessel owning and chartering, and provision of
corporate services. The Company is an integrated offshore
construction and support services provider for shallow water oil
and gas field development. It offers a range of engineering,
procurement, installation and construction (EPIC) services,
complemented by its in-house marine support and engineering
capabilities, to support the offshore field development and
production activities of its clientele base across the Asia
Pacific, Middle East, Latin America and West Africa regions. It
operates approximately 10 construction vessels. The Company's
subsidiaries include Swiber Offshore Construction Pte. Ltd.,
Swiber Offshore Marine Pte. Ltd., Swiber Corporate Pte. Ltd.,
Resolute Offshore Pte. Ltd. and Swiber Capital Pte. Ltd.

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 2, 2016, Reuters said Swiber Holdings Ltd has applied to
place itself under judicial management instead of liquidation.
According to Reuters, Swiber shocked markets earlier this month
by filing for liquidation, as it faced hundreds of millions of
dollars in debt and a decline in orders, becoming the largest
local company to fall victim to the slump in oil prices.

Bob Yap Cheng Ghee, Tay Puay Cheng and Ong Pang Thye of KPMG
Services Pte Ltd. have been appointed as the joint and several
interim judicial managers of Swiber Holdings Limited and Swiber
Offshore Construction.



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


HANJIN SHIPPING: South Korea Court Asks Creditor for Funds
----------------------------------------------------------
Joyce Lee at Reuters reports that a South Korean court presiding
over the rehabilitation process of Hanjin Shipping Co Ltd has
asked the firm's lead creditor for fresh funds, warning the
troubled container shipper needs financial support this week to
normalize operations.

The court did not say how much it had requested from lead creditor
Korea Development Bank and government ministries, Reuters relates.

According to Reuters, Hanjin Shipping's parent firm said on
Sept. 6 it plans to raise KRW100 billion ($90 million) to fund the
unloading of billions of dollars worth of cargo aboard vessels
stranded around the world in the wake of its court receivership
filing last week.

"It is unclear when the KRW100 billion financial support package
announced by Chairman Cho Yang-ho and Hanjin Group can be executed
and this is also far short of the amount needed to normalize
Hanjin's operations," the court, as cited by Reuters, said.

About $14 billion worth of cargo is on Hanjin ships that cannot
operate normally following the firm's filing for court
receivership, according to the court, Reuters relays.

A Korea Development Bank spokesman said he is checking whether the
bank has received the court's request. He declined additional
comment.

                      About Hanjin Shipping

Hanjin Shipping Co., Ltd. is mainly engaged in the transportation
business through containerships, transportation business through
bulk carriers and terminal operation business.  The Debtor is a
stock-listed corporation with a total of 245,269,947 issued
shares (common shares, KRW 5000 per share) and paid-in capital
totaling KRW 1,226,349,735,000.  Of these shares 33.23% is owned
by Korean Air Lines Co., Ltd., 3.08% by Debtor and 0.34% by
employee shareholders' association.

The Company operates approximately 60 regular lines worldwide,
with 140 container or bulk vessels transporting over 100 million
tons of cargo per year.  It also operates 13 terminals
specialized for containers, two distribution centers and six Off
Dock Container Yards in major ports and inland areas around the
world.  The Company is a member of "CKYHE," a global shipping
conference and also a partner of "The Alliance," another global
shipping conference to be launched in April 2017.

Hanjin Shipping Co., Ltd. filed in the U.S. a voluntary petition
under Chapter 15 of the Bankruptcy Code on Sept. 2, 2016.

Hanjin Shipping listed total current liabilities of KRW6,028,543
million and total current assets of KRW6,624,326 million as of
June 30, 2016.

The Chapter 15 case is pending in the U.S. Bankruptcy Court for
the District of New Jersey (Bankr. D.N.J. Case No. 16-27041)
before Judge John K. Sherwood.

Cole Schotz P.C. serves as counsel to Tai-Soo Suk, the Chapter 15
petitioner and the duly appointed foreign representative of Hanjin
Shipping.

Hanjin Shipping sought bankruptcy protection as creditor banks
decided to deny future financing.  Due to its current financial
state, Hanjin said it is impossible for it to repay loans
totaling KRW 3.14 trillion (as of June 30, 2016) that are
maturing within one year.

As a result of the severe lack of liquidity, Hanjin applied to
the Seoul Central District Court 6th Bench of Bankruptcy Division
for the commencement of rehabilitation under the Debtor
Rehabilitation and Bankruptcy Act on Aug. 31, 2016.  On the same
day, it requested and was granted a general injunction and the
preservation of disposition of the Company's assets.  The Korean
Court's decision to commence the rehabilitation was made on
Sept. 1, 2016.  Tai-Soo Suk was appointed as the Debtor's
custodian.



                             *********

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

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

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


                            *********


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

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

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

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