TCRAP_Public/160912.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

          Monday, September 12, 2016, Vol. 19, No. 180

                            Headlines


A U S T R A L I A

UGLII CORPORATION: Court Appoints Provisional Liquidator


C H I N A

DONGBEI SPECIAL: Defaults on Another Bond


I N D I A

AROMA INDIA: CRISIL Reaffirms B- Rating on INR108MM Term Loan
BAJRANG COTSPIN: CRISIL Reaffirms B+ Rating on INR87.5MM Loan
BAREILLY HIGHWAYS: CARE Lowers Rating on INR1,350cr LT Loan to D
DAKSHINESWARI COLD: CRISIL Reaffirms B Rating on INR20.2MM Loan
DECIBELS ELECTRONICS: CRISIL Reaffirms B- Rating on INR15MM Loan

DELVIN FORMULATIONS: CRISIL Suspends B Rating on INR40MM Loan
DURG EDUCATION: CRISIL Ups Rating on INR68.1MM LT Loan to B+
EVER HEALTH: CRISIL Lowers Rating on INR46.3MM LT Loan to B-
GALAXY INFRACON: CRISIL Suspends B+ Rating on INR50MM LT Loan
GOYAL ISPAT: CRISIL Suspends 'B' Rating on INR125MM Cash Loan

GRAND MOTORS: CRISIL Lowers Rating on INR180MM Cash Loan to B+
HARITHA BIO: CRISIL Raises Rating on INR230MM LT Loan to 'B'
INDRAYANI SALES: CRISIL Cuts Rating on INR125MM Cash Loan to 'B'
INDRESHWAR SUGAR: CRISIL Reaffirms 'D' Rating on INR500MM Loan
K. M. COTEX: CRISIL Suspends B+ Rating on INR55MM Cash Loan

KAILASH STEEL: CRISIL Hikes Rating on INR45MM Loan to BB-
KAMACHI STEELS: CRISIL Suspends B+ Rating on INR170MM Cash Loan
KLENZAIDS CONTAMINATION: CRISIL Suspends INR110MM Loan Rating B+
KRIVI METALEX: CRISIL Assigns B+ Rating to INR100MM Loan
L.C. FOODS: CARE Assigns 'B+' Rating to INR19cr LT Bank Loan

LALIT POLYPLAST: CRISIL Assigns 'B+' Rating to INR60MM Cash Loan
LUXMI RICE: CRISIL Assigns 'B+' Rating to INR90MM Whse Loan
MANOJ MATHEW: CRISIL Reaffirms B+ Rating on INR50MM Loan
NILESH STEEL: CRISIL Suspends 'D' Rating on INR120MM Loan
P.C. THOMAS: CRISIL Ups Rating on INR85MM Cash Loan to B+

PENN FROZEN: CRISIL Lowers Rating on INR39.4MM Term Loan to 'B'
PRATIBHA INDUSTRIES: CRISIL Lowers Rating on INR1.08BB Loan to D
RAHAMATH CITY: CRISIL Suspends 'B' Rating on INR124.5MM LT Loan
RRP HOUSING: CRISIL Suspends B+ Rating on INR130MM LT Loan
S R COTTON: CRISIL Reaffirms 'B' Rating on INR30MM LT Loan

S. B. RESHELLERS: CRISIL Reaffirms FB+ Rating on INR100MM Loan
SAKTHI ELEGANT: CRISIL Suspends B Rating on INR160MM Cash Loan
SANVI SPINNINGMILL: CARE Assigns B+ Rating to INR34.50cr LT Loan
SATNAM RICEMILLS: CARE Reaffirms B+ Rating on INR15cr LT Loan
SHIMONA HOTELS: CRISIL Suspends B+ Rating on INR180MM Term Loan

SHIVAM OFFSET: CRISIL Reaffirms B- Rating on INR58.3MM Term Loan
SIDDHARTH FIBRE: CRISIL Suspends B+ Rating on INR116MM Cash Loan
SOKHI STEELS: CRISIL Lowers Rating on INR60MM Term Loan to 'D'
SONAI CONSTRUCTIONS: CRISIL Suspends 'B' Rating on INR120MM Loan
SREE KARPAGAMBAL: CRISIL Suspends B+ Rating on INR308.3MM Loan

SRI KRISHNA: CRISIL Reaffirms B+ Rating on INR125MM Cash Loan
TKG INDUSTRIES: CRISIL Suspends 'D' Rating on INR87.1MM Loan
TRIPLE HELIX: CRISIL Suspends B+ Rating on INR5MM Cash Loan
U.S. INFRA: CRISIL Suspends 'D' Rating on INR150MM Project Loan


N E W  Z E A L A N D

KINGFISH LODGE: Sells in Receivership Sale for NZ$2.85MM


S O U T H  K O R E A

HANJIN SHIPPING: Wins U.S. Bankruptcy Protection, Unload Ships
HANJIN SHIPPING: Korean Air Approves KRW60-Bil. Loan for Shipper


                            - - - - -


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


UGLII CORPORATION: Court Appoints Provisional Liquidator
--------------------------------------------------------
Following an application by the Australian Securities and
Investment Commission (ASIC), the Federal Court of Australia has
ordered the appointment of Ms. Robyn Erskine and Mr. Adrian
Hunter of Brooke Bird as joint and several provisional
liquidators of Uglii Corporation Limited, Traralgon Technology
Holdings Limited, Uglii Find Australia Limited, BizMio Limited,
Projects Discovery Services Pty Ltd and Global Ads System Pty Ltd
(formerly Uglii Ads System Pty Ltd).

ASIC's application for the appointment of provisional liquidators
was based on a number of concerns, including that the companies
had been involved in numerous contraventions of the corporations
legislation, were not being properly managed and were likely to
be insolvent or likely to become insolvent.

Justice Davies, having regard to ASIC's concerns, ordered the
appointment of provisional liquidators to the companies. Under
the orders made, the provisional liquidators are to provide to
the Court within 42 days a report, which includes:

   * the identification of the assets and liabilities of each of
     the companies;

   * an opinion as to the solvency of each of the companies;

   * the likely return to creditors and any other information
     necessary to enable the financial position of the companies
     to be assessed;

   * any suspected contravention of the Corporations Act 2001 by
     any of the companies or their directors/officers.

In making the orders, Justice Davies said:

"The evidence furnished by ASIC raises serious questions about
the financial viability and solvency of the companies which,
significantly for the present application, have not been answered
by Uglii Corporation. Moreover, the material before the Court
does not enable the view to be formed that the cash flow
projections are, or may be, reasonably based or that the patents
owned by Uglii Corporation do, or will have, substantial value.
The evidence strongly suggests that the companies may not be
solvent."

The Court has listed the matter for a further hearing to occur at
9:30 a.m. on Nov. 3, 2016.

Uglii Corporation Limited is an information technology
development company that is based in Traralgon, Victoria. Uglii
is an unlisted public company with approximately 2,500
shareholders.

Following ASIC's application, the companies gave an undertaking
to the Court relating to any further offer of shares.



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


DONGBEI SPECIAL: Defaults on Another Bond
-----------------------------------------
Reuters reports that Dongbei Special Steel Group Co Ltd, the
steelmaker whose default in March helped spark a sharp correction
in Chinese onshore corporate debt, said it is unable to make a
timely payment on another bond.

The firm, owned by the Liaoning provincial government, has
already defaulted on multiple bonds in 2016. According to
Reuters, the firm posted the statement warning of the missed
payment on the CNY300 million ($45.02 million) private placement
note on the website of one of China's main bond clearing houses
Sept. 7.

The three-year, 8.3 percent coupon note was due to mature on
Sept. 6, the firm said. The firm cited its inability to raise
additional cash as the reason for the default, Reuters says.

According to Reuters, the default marks the eighth for Dongbei in
2016. Its original late March default helped start a sharp sell-
off in Chinese corporate bonds in April, but recently onshore
debt has been bid up again, raising concerns among some analysts
about the potential for another pull back and prompting
intervention by the central bank to raise the cost of bond market
leverage, says Reuters.

On September 5, the firm said it was delaying the disclosure of
its interim financial information as it was in the midst of a
debt restructuring plan, Reuters reports.

Reuters notes that Dongbei's repeated defaults have been at the
centre of a number of controversies this year.

In July, investors holding around CNY2.2 billion of the notes
accused the Liaoning provincial government and the local State-
owned Assets Supervision and Administration Commission of
dereliction in their duty in dealing with Dongbei's defaults,
according to a statement obtained by Reuters IFR.

Reuters says many of China's corporate debt problems can be found
in the northeast, the home of the country's steel industry and a
region heavily dependent on legacy heavy industry as a whole.

In May, a Reuters analysis of central bank data showed that
Chinese rust-belt provinces including Liaoning saw sharply rising
dependence on high cost "shadow finance" in early 2016 as
traditional lenders pulled back.

Headquartered in Dalian, China, Dongbei Special Steel Group Co.
manufactures carbon structural, alloy, tool, stainless, and
bearing steel; and super alloy products. It offers stainless
steel bars and wire rods; bearing steel bars and wire rods; steel
products for the automotive industry.



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


AROMA INDIA: CRISIL Reaffirms B- Rating on INR108MM Term Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facility of Aroma India Private
Limited (AIPL) continue to reflect AIPL's average financial risk
profile and stretched liquidity. However, the company benefits
from the extensive experience of its promoters in the Indian-made
foreign liquor (IMFL) business.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Term Loan               108      CRISIL B-/Stable (Reaffirmed)

CRISIL had upgraded its rating on the bank facility of AIPL to
'CRISIL B-/Stable' from 'CRISIL D' August 30, 2016 on account of
track record of timely repayment of its term loan obligations.
Furthermore, liquidity profile of the company is expected to
improve with improvement in cash accruals backed by better
capacity utilisation due to high demand from its principal Pernod
Ricard.

Outlook: Stable

CRISIL believes that AIPL will benefit over the medium term from
the extensive experience of its promoters in the IMFL business.
The outlook may be revised to 'Positive' if AIPL registers
significantly higher revenue resulting in improvement in the
business and liquidity profile of the company. Conversely, the
outlook may be revised to 'Negative' in case of lower than
expected offtake by Pernod Ricard India Pvt Ltd or if the company
undertakes any large debt funded capex resulting in weakening of
AIPL's liquidity and financial profile.

AIPL was set up in 1996 by Mr. Shanti Kumar Jain and his son Mr.
Amit Kumar Jain in Guwahati (Assam). The company established an
IMFL bottling plant for Pernod Ricard India Pvt Ltd in Amingaon,
Assam, which commenced operations in 2014-15 (refers to financial
year, April 1 to March 31). The company has also been
manufacturing citronella grass oil and citronella seedling (used
in perfumes and essential oils), but on a very small scale.


BAJRANG COTSPIN: CRISIL Reaffirms B+ Rating on INR87.5MM Loan
-------------------------------------------------------------
CRISIL ratings on the long-term bank facilities of Bajrang
Cotspin continue to reflect BC's modest scale of operations in
the highly competitive cotton industry, working capital-intensive
operations, and an average financial risk profile because of a
small net worth. These rating weaknesses are partially offset by
the extensive experience of promoters, and the proximity of its
processing unit to the cotton-growing belt.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit            87.5      CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      5.0      CRISIL B+/Stable (Reaffirmed)

   Term Loan               7.5      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes BC will continue to benefit over the medium term
from the extensive experience of promoters. The outlook may be
revised to 'Positive' in case of significant and sustained
increase in revenue along with improved profitability leads to
higher-than-expected cash accruals. Conversely, the outlook may
be revised to 'Negative' if a considerable decline in accrual or
deterioration in working capital management impacts liquidity, or
if any large, debt-funded capital expenditure leads to
deterioration in the financial risk profile.

Established in 2012 and based in Gondal, Gujarat, BC, a
partnership between the Raiyani, Bhikadiya, and Babriya families,
gins and presses cotton.


BAREILLY HIGHWAYS: CARE Lowers Rating on INR1,350cr LT Loan to D
-----------------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
Bareilly Highways Project Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     1,350      CARE D Revised from
   (Senior Debt)                            CARE B+

   Long-term Bank Facilities        50      CARE D Revised from
   (Subordinate Debt)                       CARE B+

Rating Rationale

The revision in rating assigned to the bank facilities of
Bareilly Highways Project Limited factors in delays in debt
servicing by the company.

BHPL is a special purpose vehicle (SPV) promoted by Era Infra
Engineering Ltd (EIEL, rated 'CARE D') and OJSC Sibmost (Sibmost)
to undertake 4-laning of the existing 2-lane road from Km 262.0
to Km 413.2 (total project length of 156.57 km) on NH-24 from
Bareilly to Sitapur in state of Uttar Pradesh under National
Highways Development Programme (NHDP) Phase III of NHAI (rated
'CARE AAA') on Design, Build, Finance, Operate & Transfer (Toll)
basis. As per the concession agreement (CA) signed between NHAI &
BHPL in June 2010, the concession period is for 20 years
(including a construction period of 2.5 years) from the Appointed
Date (March 01, 2011). The original scheduled project completion
date (SPCD) was Aug. 28, 2013, which had been earlier revised to
December 31, 2016, by NHAI (subject to certain conditions). The
IE has further recommended extension in SCOD till June 30, 2017.
The total project cost was originally envisaged at INR1951 crore
to be funded through promoter contribution of INR296 crore, grant
of INR255 crore from NHAI, term loans of INR1,350 crore and
subordinate debt (from banks) of INR50 crore.

The total cost overrun has now been finalized and the project
cost has been revised to INR 2,601.89 crore to be funded through
promoter contribution of INR550.75 crore, grant of INR255 crore
from NHAI, term loans of INR 1,746.14 crore and subordinate debt
(from banks) of INR50 crore.


DAKSHINESWARI COLD: CRISIL Reaffirms B Rating on INR20.2MM Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Dakshineswari Cold
Storage Private Limited continue to reflect the company's weak
financial risk profile, marked by small networth and high
gearing, and its susceptibility to regulatory changes and intense
competition in the West Bengal cold storage industry. These
weaknesses are partially offset by the extensive industry
experience of the promoters.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee         0.8       CRISIL A4 (Reaffirmed)
   Cash Credit            9.0       CRISIL B/Stable (Reaffirmed)
   Pledge Loan           20.2       CRISIL B/Stable (Reaffirmed)
   Term Loan             17.5       CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes DCSPL will continue to benefit from the extensive
industry experience of its promoters in the cold storage
industry. The outlook may be revised to 'Positive' if there is
improvement in the company's net cash accruals or infusion of
capital by its promoters, leading to improvement in its financial
risk profile, particularly its liquidity. Conversely, the outlook
may be revised to 'Negative' in case of pressure on DCSPL's
liquidity on account of delays in repayment by farmers,
considerably low cash accruals, or significant debt-funded
capital expenditure.

Incorporated in 1997 as a private limited company, DCSPL provides
cold storage services to farmers and traders in Hooghly (West
Bengal), where it has a cold storage unit. DCSPL is promoted by
Mr. Manoranjan Ghosh, who looks after the day-to-day operations
of the company.


DECIBELS ELECTRONICS: CRISIL Reaffirms B- Rating on INR15MM Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Decibels Electronics
Private Limited continue to reflect a modest scale of operations
in the highly competitive electronics industry, large working
capital requirement, and a weak financial risk profile because of
a small net worth, high gearing, and low debt protection metrics.
These rating weaknesses are partially offset by the extensive
industry experience of the company's promoters.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            15       CRISIL B-/Stable (Reaffirmed)
   Letter of credit &
   Bank Guarantee         30       CRISIL A4 (Reaffirmed)
   Long Term Loan         15       CRISIL B-/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility      2.5     CRISIL B-/Stable (Reaffirmed)

Outlook: Stable
CRISIL believes DEPL 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' if there is a substantial and sustained
improvement in revenue and profitability margins, or considerable
increase in networth on the back of sizeable equity infusion. The
outlook may be revised to 'Negative' in case of a steep decline
in profitability margins, or deterioration in the company's
capital structure caused most likely by large, debt-funded
capital expenditure or a stretched working capital cycle.

DEPL was incorporated in 1995 at Hyderabad, promoted by Mr. B S
Chakravarthy and his associates, The company manufactures
electronic products.


DELVIN FORMULATIONS: CRISIL Suspends B Rating on INR40MM Loan
-------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Delvin
Formulations Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Long Term Loan           40       CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility       10       CRISIL B/Stable

The suspension of ratings is on account of non-cooperation by
DFPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, DFPL is yet to
provide adequate information to enable CRISIL to assess DFPL'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 2009 at Chennai, DFPL distributes APIs in the domestic
market. The company is promoted by Mr. J Jayaseelan and Mr.
Muthusamy Shanmugam.


DURG EDUCATION: CRISIL Ups Rating on INR68.1MM LT Loan to B+
------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities
of Durg Education and Charitable Society to 'CRISIL B+/Stable'
from 'CRISIL B/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Overdraft Facility       5        CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

   Proposed Long Term      68.1      CRISIL B+/Stable (Upgraded
   Bank Loan Facility                from 'CRISIL B/Stable')

   Term Loan               40.0      CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

The upgrade factors in improvement in the DECS' financial risk
profile and liquidity because of better match in fee receipts and
debt obligations, and increase in networth along with controlled
debt and healthy profitability. The networth increased to INR95.9
million as on March 31, 2016, from INR53.1 million as on March
31, 2014, as reserves accrued at a moderate pace. Increased
networth and controlled debt led to improvement in gearing to
0.69 time from 1.24 times. The liquidity has improved with better
matching of debt obligation with fee receipts reducing cashflow
mismatch. Liquidity will remain supported over the medium term by
adequate accrual to meet debt obligation, and maintenance of free
bank balance to withstand any exigency amid moderate debt-funded
capital expenditure plan.

The rating reflects DECS's modest scale of operations in the
competitive education sector, geographical concentration in its
revenue, and its susceptibility to changes in government
regulations. These weaknesses are partially offset by its
promoters' extensive experience in the education sector, its
healthy operating efficiency, and comfortable financial risk
profile albeit on a modest networth.
Outlook: Stable

CRISIL believes DECS will continue to benefit from its promoters'
industry experience. The outlook may be revised to 'Positive' if
the society's scale of operations increases significantly, while
profitability remains stable, leading to higher-than-expected
cash accrual. The outlook may be revised to 'Negative' in case of
deterioration in the financial risk profile, particularly
liquidity, because of delay in fee receipt or considerably large
debt-funded capex; or adverse impact of changes in government
regulations.

DECS was formed in 2002 in Durg, Chhattisgarh, by the Lunia
family and its operations are managed by Mr. Nalin Lunia. The
society operates four colleges: Chhattisgarh Agricultural
College, Chhattisgarh Agricultural Engineering College,
Chhattisgarh Nursing College, and Chhattisgarh Engineering
College.


EVER HEALTH: CRISIL Lowers Rating on INR46.3MM LT Loan to B-
------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Ever Health Life Sciences Private Limited to 'CRISIL B-
/Stable' from 'CRISIL B/Stable'.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             35       CRISIL B-/Stable (Downgraded
                                    from 'CRISIL B/Stable')

   Long Term Loan          46.3     CRISIL B-/Stable (Downgraded
                                    from 'CRISIL B/Stable')

   Proposed Cash           18.7     CRISIL B-/Stable (Downgraded
   Credit Limit                     from 'CRISIL B/Stable')

The downgrade reflects weakening of liquidity driven by
inadequate working capital limit to meet an increase in working
capital requirement due to a 24% year-on-year increase in revenue
during fiscal 2016. As the working capital limit was not enhanced
as required, the limit was highly utilised over the six months
through June 2016 with instances of overdrawing.

The rating continues to reflect a modest scale of operations, and
a below-average financial risk profile because of a modest
networth, high gearing, and low debt protection metrics. These
rating weaknesses are partially offset by the extensive
experience of the company's promoters in the bulk drugs industry.

Outlook: Stable

CRISIL believes EHLSPL will continue to benefit over the medium
term from the extensive industry experience of its promoters and
established relationship with customers and suppliers. The
outlook may be revised to 'Positive' if there is substantial and
sustained improvement in revenue and profitability margins, or a
substantial increase in networth on the back of sizeable equity
infusion. The outlook may be revised to 'Negative' if the
financial risk profile deteriorates, most likely because of a
significant increase in working capital requirement, pressure on
profitability, or larger-than-expected debt-funded capital
expenditure.

EHLSPL was incorporated in 2008, promoted by Mr. K V S Subba Raju
and Mr. Vinod Verma. Based in Vijayawada, Andhra Pradesh, it
manufactures bulk drugs.


GALAXY INFRACON: CRISIL Suspends B+ Rating on INR50MM LT Loan
-------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Galaxy
Infracon.

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

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

Galaxy Infracon belongs to the Galaxy Group established in 1989
by the Patel family based inof Surat city. The company is
developing a residential real estate project, Galaxy Aventura, at
Pal (Surat).


GOYAL ISPAT: CRISIL Suspends 'B' Rating on INR125MM Cash Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Goyal
Ispat Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            125        CRISIL B/Stable
   Letter of Credit        50        CRISIL A4
   Proposed Long Term
   Bank Loan Facility      31.8      CRISIL B/Stable

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

GIL was set up in 1992 by Mr. G D Goyal. In September 2000, it
was purchased by Mr. G L Kothari and Mr. Kewal Chand Kothari. GIL
has a thermo-mechanically treated bar manufacturing facility in
Chennai.


GRAND MOTORS: CRISIL Lowers Rating on INR180MM Cash Loan to B+
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Grand Motors Sales and Services Private Limited to 'CRISIL
B+/Stable' from 'CRISIL BB-/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             180       CRISIL B+/Stable (Downgraded
                                     from 'CRISIL BB-/Stable')

   Inventory Funding        20       CRISIL B+/Stable (Downgraded
   Facility                           from 'CRISIL BB-/Stable')

The downgrade reflects deterioration in liquidity of GMSSPL
resulting from stretch in its receivables cycle. Majority of the
company's sales in fiscal 2016 were towards Government agencies
and it has been facing delays in realizing its payments. The
company's GCAs deteriorated to 306 days with debtors outstanding
of 219 days as on March 31st 2016 from previous year's GCAs of
193 days and debtors of 119 days. This has resulted in high
reliance on bank lines to sustain its operations. CRISIL believes
that working capital management shall remain a rating sensitivity
factor over the medium term.

The rating reflects GMSSPL's established market position and the
extensive experience of its promoters in the automobile
dealership business in Kerala and their continued funding
support. These rating strengths are partially offset by the
company's below-average financial risk profile, marked by a small
net worth, moderate gearing, and weak debt protection metrics.
Also, the rating strengths are partially offset by GMSSPL's
susceptibility to intense competition in the automotive
dealership business.

Outlook: Stable

CRISIL believes that GMSSPL will continue to benefit over the
medium term from its established market position and the
promoters' extensive industry experience. The outlook may be
revised to 'Positive' if the company's scale of operations
significantly increases, while it improves its profitability,
leading to higher cash accruals. Conversely, the outlook may be
revised to 'Negative' if GMSSPL's financial risk profile,
especially its liquidity, deteriorates because of declining cash
accruals or large working capital requirements.

GMSSPL, based in Thiruvananthapuram, was incorporated in 2009 by
Mr. V Ashok. It is an authorised dealer of VE Commercial Vehicles
Ltd in Kerala. Prior to incorporating GMSSPL, Mr. V Ashok had
been dealing in Eicher vehicles under entity Grand Motor Sales
Corporation (GMSC) since 1979 which was wound up in 2009 when
GMSSPL was incorporated. It has one showroom-cum-workshop and two
workshops in Thiruvananthapuram, one showroom and one workshop in
Kollam, and two showrooms and one workshop in Tiruvalla.


HARITHA BIO: CRISIL Raises Rating on INR230MM LT Loan to 'B'
------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities
of Haritha Bio Products India Private Limited to 'CRISIL
B/Stable' from 'CRISIL B-/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             180       CRISIL B/Stable (Upgraded
                                     from 'CRISIL B-/Stable')

   Long Term Loan          230       CRISIL B/Stable (Upgraded
                                     from 'CRISIL B-/Stable')

The rating upgrade reflects CRISIL's belief that the HBPPL will
sustain its improved business risk profile over the medium term.
Improvement in the business risk profile was driven by an
increase in operating income to INR1.07 billion in fiscal 2016
from INR987.91 million in the previous fiscal. The improvement in
operating income was mainly because of healthy order flow from
its customer. The upgrade also factors in the expected
improvement in the HBPPL's liquidity on account of adequate cash
accrual to meet its debt obligations driven by sustained net
profitability margin, and funding support from promoters to meet
working capital requirement.

CRISIL's rating on the long-term bank facility of Haritha Bio
Products India Private Limited (HBPPL) continues to reflect
HBPPL's weak financial risk profile and working capital intensive
nature of operations. These rating weaknesses are partially
offset by the extensive industry experience of the promoters and
healthy relationship with its customer.
Outlook: Stable

CRISIL believes that HBPPL will benefit from the extensive
experience of its promoters in the distillery industry. The
outlook may be revised to 'Positive' if there is improvement in
the financial risk profile due to better than expected cash
accruals or significant equity infusion resulting in improvement
in its financial risk profile. Conversely, the outlook may be
revised to 'Negative' if any regulatory changes adversely impact
the company's revenues and margins or if its financial risk
profile deteriorates due to larger-than-expected debt funded
capital expenditure or lower than expected profitability.

Incorporated in 2009, HBPPL is into manufacturing of extra
neutral alcohol (ENA) and rectified spirit (RS). Based out of
Hyderabad, the company is promoted by Mr. Srinivas Kanamata Reddy
and his family members.


INDRAYANI SALES: CRISIL Cuts Rating on INR125MM Cash Loan to 'B'
----------------------------------------------------------------
CRISIL has downgraded its rating on the long term bank facility
of Indrayani Sales Private Limited to 'CRISIL B/Stable' from
'CRISIL B+/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             125       CRISIL B/Stable (Downgraded
                                     from 'CRISIL B+/Stable')

   Proposed Long Term       63       CRISIL B/Stable (Downgraded
   Bank Loan Facility                from 'CRISIL B+/Stable')

   Term Loan                12       CRISIL B/Stable (Downgraded
                                     from 'CRISIL B+/Stable')

The rating downgrade reflects the deterioration in its liquidity
profile on account of increase in incremental working capital
requirement and stretched in its receivables which has resulted
in fully utilization in bank line.

The rating continue to reflects the small scale of operation and
below-average financial risk profile marked by modest net worth,
high gearing, and weak debt protection metrics. These rating
weaknesses are partially offset by the extensive experience of
ISPL's promoters in the printer cartridge industry.

Outlook: Stable

CRISIL believes that ISPL will continue to benefit from the price
advantage it offers vis-a-vis large established players over the
medium term. The outlook may be revised to 'Positive' if the
company report significant improvement in its scale of operation
and profitability while improving in working capital management
.Conversely, the outlook may be revised to 'Negative' if ISPL's
financial risk profile, or liquidity, deteriorates, owing to any
large debt-funded capital expenditure (capex), a decline in net
cash accruals, or deterioration in its working capital cycle.

Set up in 2005 as a private limited company by Mr. Rahul Zine
Patil, ISPL manufactures printer cartridges, and supplies printer
spares. The company sells its products under the Print it brand.
Its manufacturing facility is in Patalganga (Maharashtra) and its
registered office is in Mumbai.


INDRESHWAR SUGAR: CRISIL Reaffirms 'D' Rating on INR500MM Loan
--------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Indreshwar
Sugar Mills Limited (ISML) continues to reflect instances of
delay by ISML in servicing its debt; the delays have been caused
by the company's weak liquidity driven by working-capital-
intensive operations.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Rupee Term Loan         500       CRISIL D (Reaffirmed)

The rating continues to reflect ISML's working-capital-intensive
operations and its exposure to regulatory risks in the sugar
industry. The rating also factors in its weak financial risk
profile, marked by high gearing and weak debt protection metrics.
These rating weaknesses are partially offset by the extensive
experience of its promoters in the sugar industry.

ISML was established in 2010 by Pune (Maharashtra)-based Patil
family and commenced operations in November 2011. The company
manufactures sugar, with cane-crushing capacity of 2500 tonnes
per day. It also generates power through a 12-megawatt co-
generation plant.


K. M. COTEX: CRISIL Suspends B+ Rating on INR55MM Cash Loan
-----------------------------------------------------------
CRISIL has suspended its rating on the bank facility of
K. M. Cotex Private Limited (KMCPL).

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

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

KMCPL, incorporated in 2007, is promoted by Mr. Vipin Jain and
Mr. Manoj Jain. The company gins and presses cotton and its
factory is based in Anjad (Madhya Pradesh).


KAILASH STEEL: CRISIL Hikes Rating on INR45MM Loan to BB-
---------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities
of Kailash Steel Rolling Mills (KRSM) to 'CRISIL BB-/Stable' from
'CRISIL B+/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              45       CRISIL BB-/Stable (Upgraded
                                     from 'CRISIL B+/Stable')

   Term Loan                35       CRISIL BB-/Stable (Upgraded
                                     from 'CRISIL B+/Stable')

The rating upgrade reflects improvement in business and financial
risk profile. KRSM reported growth in sales along with sustained
operating profitability despite weak demand scenario. Debt
protection metrics have also improved in fiscal 2016 and are
expected to improve further driven by repayment of term debt and
absence of significant debt-funded capital expenditure (capex) in
the near term. Annual cash accrual is expected at INR14-16
million against debt obligation of INR9.0 million a year, over
the medium term.

The rating reflects average financial risk profile marked by
moderate gearing and extensive industry experience of the
promoters along with established customer base. These rating
weaknesses are partially offset by the susceptibility to intense
competition in the iron and steel industry and to volatility in
raw material prices.
Outlook: Stable

CRISIL believes KSRM will continue to benefit over the medium
term from the extensive industry experience of its promoters and
its established customer base. The outlook may be revised to
'Positive' in case of continued growth in scale of operations
along with sustained operating margin, leading to a better
financial risk profile. The outlook may be revised to 'Negative'
in case of significant decline in revenue and operating margin,
or a stretched working capital cycle, leading to further
deterioration in the financial risk profile.

KSRM was set up in 2008 by Mr. Tilak Raj Bardeja. The firm
manufactures mild-steel flats and bars. It was operating a
rolling mill on lease till March 2013. In fiscal 2013, the firm
set up a manufacturing facility at Mandi in Gobindgarh, Punjab,
which started operations in fiscal 2014.


KAMACHI STEELS: CRISIL Suspends B+ Rating on INR170MM Cash Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Kamachi Steels Limited.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee           5       CRISIL A4
   Cash Credit            170       CRISIL B+/Stable
   Letter of Credit        60       CRISIL A4

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

KSL is a part of the Kamachi group of companies set up by Mr. G L
Kothari in 1978; the group is an integrated secondary steel
player in Chennai (Tamil Nadu). KSL, taken over from Tulsyan
Steels in 1996, manufactures mild steel ingots and thermo-
mechanically treated bars.


KLENZAIDS CONTAMINATION: CRISIL Suspends INR110MM Loan Rating B+
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Klenzaids Contamination Controls Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee         100        CRISIL A4
   Cash Credit            110        CRISIL B+/Stable
   Letter of Credit        20        CRISIL A4

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

KCCPL was set up in 1978 by Mr. Chandru Shahani. The company is
currently managed by his son, Mr. Hamish Shahani. It manufactures
clean room equipment, pharmaceutical machinery, and accessories.
It also delivers regulatory-compliant turnkey 'design-build'
projects. These include clean-room equipment, biological-chemical
containment facilities and laboratories, and micro environs and
laboratories for active ingredients and formulations; these are
used in the pharmaceutical, life-science, defence, electronics,
aerospace, food, healthcare, and cosmetic sectors. The
manufacturing facilities are at Umbergaon (South Gujarat).


KRIVI METALEX: CRISIL Assigns B+ Rating to INR100MM Loan
--------------------------------------------------------
CRISIL has reaffirmed its long-term rating on the bank facilities
of Krivi Metalex Private Limited at 'CRISIL B+/Stable' while
assigning its short-term ratings at 'CRISIL A4'.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Letter of Credit        100      CRISIL A4 (Reaffirmed)

   Letter of Credit        100      CRISIL B+/Stable (Assigned)

   Proposed Long Term       20      CRISIL B+/Stable (Reaffirmed)
   Bank Loan Facility

The ratings continue to reflect KMPL's customer concentration in
revenue, low profitability, and a modest networth. These rating
weaknesses are partially offset by healthy demand prospects in
the solar energy sector.

Outlook: Stable

CRISIL believes KMPL will continue to benefit over the medium
term from healthy demand prospects in the solar energy sector.
The outlook may be revised to 'Positive' in case of an increase
in scale of operations through a diversified customer base, along
with higher profitability, leading to sizeable cash accrual. The
outlook may be revised to 'Negative' in case of a delay in
liquidation of debtors, or adverse changes in contractual
arrangements with customers, thereby adversely affecting the
company's credit risk profile.

KMPL was incorporated in 2013, promoted by Mr. Raj Bhalala and
his mother, Ms. Rita Bhalala. The company trades in solar cells.


L.C. FOODS: CARE Assigns 'B+' Rating to INR19cr LT Bank Loan
------------------------------------------------------------
CARE assigns 'CARE B+/CARE A4' ratings to the bank facilities of
L.C. Foods Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     19.00      CARE B+ Assigned
   Short term Bank Facilities     2.00      CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of L.C. Foods Limited
are primarily constrained by small scale of operations, weak
financial risk profile marked by weak profitability margin,
leveraged capital structure, weak coverage indicators and working
capital intensive nature of operations. The ratings are further
being constrained by volatility in raw material prices &
competitive nature of industry. These rating constraints are
partially offset by support from the experienced promoters in
processing of agricultural products and growing scale of
operations.

Going forward, the ability of LCF to increase its scale of
operations while improving its profitability margins and capital
structure shall remain the key rating sensitivities. Also,
effectively managing the working capital requirements shall be
the key rating sensitivity.

Allahabad, U.P based, L.C. Foods Private Limited was originally
incorporated as a private limited company in 2003 by Mr. Shobhit
Kesarwani and with support of his father Mr. Sanjay Kesarwani. In
2006, it was reconstituted to public limited (closely held) and
the company's name changed to L.C. Foods Limited. The current
directors of the LCF constituted of Mr. Sanjay Kesarwani and
Mr. Shobhit Kesarwaniand handles the overall operations of the
company. The company is engaged in processing of wheat grains
into wheat flour (atta), refined wheat flour (maida), bran,
semolina (suji) and choker. The company has installed capacity of
47,000 quintals per month as on March 31, 2016 from its
processing unit at Allahabad, U.P. The main raw material of the
company is wheat which is procured from traders, wholesalers and
farmers located in M.P, Bihar and U.P as per the prevailing
market price. The company also procures wheat from Food
Corporation of India (FCI).

LCF sells its products to local manufacturer and traders in PAN
India through brokers and distributors. The company has a
customer's like Britannia Industries and ITC Limited food
division etc.

LCF reported a PAT of INR0.14 crore on a total operating income
of INR61.37 crore in FY16 (FY refers to period from April 1 to
March 31; based on unaudited results)as against PAT of INR0.10
crore on a total operating income of INR51.05 crore in FY15. The
company has achieved sales of INR23.85 crore inQ1FY17.


LALIT POLYPLAST: CRISIL Assigns 'B+' Rating to INR60MM Cash Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facility of Lalit Polyplast Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              60       CRISIL B+/Stable

The rating reflect a weak financial risk profile because of a
small networth and below-average capital structure, and low
operating profitability due to trading nature of operations.
These rating strengths are partially offset by the extensive
experience of the company's promoters in the polymer trading
industry and their funding support.
Outlook: Stable

CRISIL believes LPPL 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 significant
improvement in the financial risk profile, most likely through
fresh equity infusion and increase in scale of operations leading
to higher cash accrual. The outlook may be revised to 'Negative'
if liquidity weakens significantly, most likely because of a
stretched working capital cycle or lower-than-expected cash
accrual, or in case of debt-funded capital expenditure, resulting
in deterioration in the capital structure.

LPPL is a privately owned Delhi-based company incorporated in
2014. It is promoted by Mr. Lalit Kumar Jha and Ms Minu Jha. The
company trades in various polymer granules, such as polyvinyl
chloride (PVC) resins, polypropylene (PP) granules, high-density
polyethylene (HDPE) granules, low-density polyethylene (LDPE)
granules, and linear low-density polyethylene (LLDPE) granules.


LUXMI RICE: CRISIL Assigns 'B+' Rating to INR90MM Whse Loan
-----------------------------------------------------------
CRISIL has revoked the suspension of its rating on the long-term
bank facilities of Luxmi Rice Mill, and has assigned its 'CRISIL
B+/Stable' rating to the facilities. CRISIL had, on January 28,
2016, suspended the rating as the firm had not provided the
necessary information required for a rating review. It has now
shared the requisite information, enabling CRISIL to assign a
rating to its bank facilities.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              80       CRISIL B+/Stable (Assigned;
                                     Suspension Revoked)

   Term Loan                25       CRISIL B+/Stable (Assigned;
                                     Suspension Revoked)

   Warehouse Financing      90       CRISIL B+/Stable (Assigned;
                                     Suspension Revoked)

The rating reflects a below-average financial risk profile
because of high gearing, a small networth, and weak debt
protection metrics, and working capital-intensive operations. The
rating also factors in susceptibility of the operating margin to
government regulations and to volatility in raw material prices.
These rating weaknesses are partially offset by the extensive
experience of the firm's partners in the rice milling industry.
Outlook: Stable

CRISIL believes LRM will continue to benefit over the medium term
from the extensive industry experience of its partners and their
funding support. The outlook may be revised to 'Positive' in case
of substantial improvement in the financial risk profile driven
by higher-than-expected growth in revenue and hence to high cash
accrual, or capital infusion along with efficient working capital
management. The outlook may be revised to 'Negative' in case of
lower-than-anticipated cash accrual, larger-than-expected working
capital requirement, or large debt-funded capital expenditure,
further constraining liquidity.

LRM was established as a partnership firm in 1985 by Mr. Ishwar
Chand Goyal along with his brothers Mr. Rohtas Kumar Goyal and
Mr. Rampal Goyal. The firm trades in, and mills and processes,
basmati rice. Its production facility at Assandh, Haryana, has a
milling and sorting capacity of around 8 tonnes per hour, which
is utilised at around 75%.

Net profit was INR0.05 million on net sales of INR467.5 million
for fiscal 2016, as against net profit of INR0.04 million on net
sales of INR346.9 million for fiscal 2015.


MANOJ MATHEW: CRISIL Reaffirms B+ Rating on INR50MM Loan
--------------------------------------------------------
CRISIL ratings on the bank facilities of Manoj Mathew (MM; 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. 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.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          20       CRISIL A4 (Reaffirmed)
   Overdraft Facility      50       CRISIL B+/Stable (Reaffirmed)

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of Palathra Constructions (PC) and 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.


NILESH STEEL: CRISIL Suspends 'D' Rating on INR120MM Loan
---------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Nilesh
Steel and Alloys Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee         17.5       CRISIL D
   Cash Credit           100.0       CRISIL D
   Overdraft Facility    120.0       CRISIL D
   Proposed Long Term
   Bank Loan Facility     17.5       CRISIL D
   Term Loan              10.0       CRISIL D

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

In 2002, Mr. Sanjay Mantri and Mr. Nilesh Chechani incorporated
NSAPL, which manufactures mild steel ingots/billets for
consumption by Dhanlaxmi. Dhanlaxmi, incorporated in 2001 by Mr.
Mantri, manufactures thermo-mechanically-treated bars. The
group's manufacturing facility is at Jalna (Maharashtra).


P.C. THOMAS: CRISIL Ups Rating on INR85MM Cash Loan to B+
---------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facility of
P.C. Thomas & Co. to 'CRISIL B+/Stable' from 'CRISIL B/Stable',
and reaffirmed the firm's short-term bank facility at its 'CRISIL
A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          135       CRISIL A4 (Reaffirmed)
   Cash Credit              85       CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

The upgrade reflects the considerable improvement in PCTC's scale
of operations and its sustained profitability, resulting in
higher-than-expected cash accrual. The firm's operating income is
estimated at INR308 million in fiscal 2016, up 250% over the
previous fiscal, driven by timely execution of projects. Revenue
growth and stable operating margin of 11% resulted in cash
accrual of INR14 million for fiscal 2016, against CRISIL's
expectation of INR2 million. Healthy order book of INR720 million
and demonstrated execution capability will support the firm's
business risk profile over the medium term.

The ratings reflect PCTC's modest scale of operations, large
working capital requirement, and exposure to risks inherent in
its tender-based business. These weaknesses are partially offset
by the extensive experience of the firm's promoters in the civil
construction industry.

Outlook: Stable

CRISIL believes PCTC will continue to benefit from its healthy
order book and its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if significant revenue
growth along with stable profitability and steady capital
structure lead to better business and financial risk profiles.
The outlook may be revised to 'Negative' in case of significantly
low cash accrual or stretch in working capital cycle, weakening
liquidity.

PCTC was established by the late Mr. P C Thomas in 1964 as a
partnership firm in Mamangalam, Kochi. The firm undertakes civil
construction work for the Central Public Works Department and
other central government departments. Mr. Paul Thomas is its
managing director.


PENN FROZEN: CRISIL Lowers Rating on INR39.4MM Term Loan to 'B'
---------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Penn Frozen Foods Private Limited to 'CRISIL B/Stable' from
'CRISIL B+/Stable'.

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

   Proposed Long Term      15.6      CRISIL B/Stable (Downgraded
   Bank Loan Facility                 from 'CRISIL B+/Stable')

   Term Loan               39.4      CRISIL B/Stable (Downgraded
                                     from 'CRISIL B+/Stable')

The rating downgrade reflects deterioration in the business risk
profile of the company driven by lower-than-expected revenue,
estimated of INR2.9 million for fiscal 2016. This is on account
of delay in commencement of full-fledged operations of its plant.
Cash accrual was negative, leading to weakened liquidity. Cash
accrual is likely to remain tightly matched against its repayment
obligation over the medium term.

The rating continues to reflect exposure to risks related to
stabilisation, and timely ramp-up in scale, of operations. The
rating also factor in a modest scale of operations due to the
start-up phase, and a below-average financial risk profile. These
rating weaknesses are partially offset by the extensive
entrepreneurial experience of the company's promoters.
Outlook: Stable

CRISIL believes PFFPL will continue to benefit over the medium
term from its tie-up with a major customer and the extensive
entrepreneurial experience of its promoters. The outlook may be
revised to 'Positive' if the financial risk profile improves
considerably due to significant improvement in revenue and
profitability resulting in better cash accrual, or large equity
infusion. The outlook may be revised to 'Negative' in case of
delay in stabilisation and ramp up of operations, resulting in
low cash accrual and weakening the financial risk profile,
especially liquidity.

Incorporated in 2009, PFFPL processes chicken meat; operations
are managed by Mr. Rajesh Bahl. Its manufacturing facility at
Karjat, Maharashtra, has an installed capacity to process 1500
birds per hour.

PRATIBHA INDUSTRIES: CRISIL Lowers Rating on INR1.08BB Loan to D
----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Pratibha Industries Ltd (part of Pratibha group) to 'CRISIL
D/CRISIL D' from 'CRISIL BB/Negative/CRISIL A4+'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Short Term Loan         27.4      CRISIL D (Downgraded from
                                     'CRISIL A4+')
   Term Loan             1088.3      CRISIL D (Downgraded from
                                     'CRISIL BB/Negative')

The rating action is based on lenders' feedback and information
available in the public domain as PIL has not cooperated with
CRISIL in its surveillance process.

The rating downgrade reflects the recent delays by PIL in meeting
its debt obligations on account of severe liquidity crunch. The
delays have been caused by the continued pressure on the
company's financial risk profile due to its elongated working
capital cycle. Its gross current assets increased to 479 days as
on March 31, 2016, from 458 days a year earlier on account of
slow progress in its projects leading to substantial build-up of
inventory, and non-receipt of some receivables and mobilisation
advances.

The rating reflects Pratibha group's weak financial risk profile
marked by stretched working capital cycle, high gearing, and
subdued debt protection metrics. It has large working capital
requirement, and is exposed to intense competition in the
infrastructure and construction industry. CRISIL believes the
group's financial risk profile will remain under pressure in the
near term because of its sizeable working capital requirement.
However, the group benefits from the extensive experience of its
promoters in the construction industry.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of PIL and its wholly owned subsidiaries:
Prime Infrapark Pvt Ltd, Muktangan Developers Pvt Ltd, Pratibha
Holding (Singapore) Pte Ltd, and Pratibha Infra Lanka (Pvt) Ltd.
PIL is likely to retain its shareholding in the subsidiaries on
account of their strategic importance to it. All the companies
are collectively referred to as Pratibha group.
PIL, set up by Mr. Ajit Kulkarni in 1982, undertakes
infrastructure development with a focus on water supply and
environment engineering projects, and urban infrastructure
projects. In the urban infrastructure segment, it is engaged in
building and modernisation of airports and railway stations, and
construction of roads, high-rise buildings, mass housing
projects, and shopping malls. In the water supply segment, it
executes laying of water pipelines; construction of sewerage
treatment plants, water reservoirs, and water storage systems;
and tunnelling projects.

PIL, on a consolidated basis, had a profit after tax (PAT) of
INR302 million on net sales of INR44 billion in fiscal 2016,
against a PAT of INR416 million and net sales of INR31 billion in
fiscal 2015. It reported a net loss of INR310 million on net
sales of INR6.87 billion for the quarter through June 2016,
against a PAT of INR152 million on net sales of INR8.17 billion
during the corresponding period of the previous year.


RAHAMATH CITY: CRISIL Suspends 'B' Rating on INR124.5MM LT Loan
---------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Rahamath
City Developers Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term
   Bank Loan Facility     124.5      CRISIL B/Stable

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

Incorporated in 2012, RCDPL is a Villupuram (Tamil Nadu)-based
real estate development company. Its operations are managed by
managing director Mr. S Rahamathullah Baig.


RRP HOUSING: CRISIL Suspends B+ Rating on INR130MM LT Loan
----------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of RRP
Housing Pvt Ltd.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Long Term Loan          130       CRISIL B+/Stable

   Proposed Long Term
   Bank Loan Facility       70       CRISIL B+/Stable

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

Incorporated in 2010, RRP is a Chennai-based residential real
estate developer. Its operations are managed by its managing
director, Mr. N Padmanaban.


S R COTTON: CRISIL Reaffirms 'B' Rating on INR30MM LT Loan
----------------------------------------------------------
CRISIL rating on the long-term bank facilities of S R Cotton
Private Limited continue to reflect the modest financial risk
profile because of early stage of operations in an intensely
competitive industry and the susceptibility to any unfavourable
change in government policies. These rating weaknesses are
partially offset by the extensive experience of promoters in the
cotton industry.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             20       CRISIL B/Stable (Reaffirmed)
   Long Term Loan          30       CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes SRCPL will maintain the business risk profile on
the back of the promoters' extensive industry experience. The
outlook may be revised to 'Positive' if a significant increase in
the scale of operations and improvement in profitability result
in better-than-expected net cash accrual. Conversely, outlook may
be revised to 'Negative' in case of pressure on the liquidity
because of lower-than-expected cash accrual, or large, debt-
funded capital expenditure or working capital requirement.

Update
SRCPL recorded revenues of around INR110 million in 2015-16 which
was its first full year of operations. Going forward, CRISIL
believes that the revenues of the firm are expected to grow at a
moderate pace over the medium term on the back of improvement in
the scale of operations of the company.  In 2015-16, the
operating margins are expected to be moderate at around 3-4 per
cent as the cotton prices have reduced significantly. SRCPL's
working capital requirements continue to be sizeable driven by
the high inventory levels at 50 days as on March 31, 2016.
SRCPL's liquidity remains stretched marked by fully utilized bank
lines on the back of its working capital requirements. However
the liquidity is supported by no term debt obligations and
support from the promoters in the form of unsecured loans of
INR14.7 million as on 31st March 2016. SRCPL's revenue and
operating margin will remain key rating sensitivity factors
affecting the accretion to reserves and thus the liquidity and
financial profiles.

The firm's financial profile continues to be modest marked by an
aggressive capital structure and weak debt protection metrics.
The firm's working capital management, along with capital
expenditure plans and their funding thereof will remain key
rating sensitivity factors affecting the financial profile over
the medium term,

Incorporated in 2014, SRCPL is promoted by Mr. Rajesh C Jambigi
and Dr. Sunil C Jambigi, and is engaged in cotton ginning and
pressing business, with an installed capacity of 40,000 bales per
annum at Ranebennur, Karnataka.


S. B. RESHELLERS: CRISIL Reaffirms FB+ Rating on INR100MM Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities and fixed deposit
programme of S. B. Reshellers Private Limited continue to reflect
an established market position in the sugar mill roller
manufacturing and reshelling business, supported by the extensive
industry experience of its promoters and established relationship
with customers.

                        Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Bank Guarantee         47.5     CRISIL A4+ (Reaffirmed)
   Cash Credit           190.5     CRISIL BB+/Stable (Reaffirmed)
   Letter of Credit       10.0     CRISIL A4+ (Reaffirmed)
   Long Term Loan        162.0     CRISIL BB+/Stable (Reaffirmed)
   Packing Credit         50.0     CRISIL A4+ (Reaffirmed)
   Fixed Deposits        100.0     FB+/Stable (Reaffirmed)

The ratings also factor in a moderate financial risk profile
because of comfortable networth and gearing, and adequate debt
protection metrics. These strengths are partially offset by a
modest scale of operations, susceptibility to cyclicality in the
sugar industry, and large working capital requirement due to the
seasonal nature of business.

Outlook: Stable

CRISIL believes SBR 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' if significant growth in scale of
operations and profitability along with sustained improvement in
working capital management result in sizeable cash accrual. The
outlook may be revised to 'Negative' in case of further funding
support extended to affiliates, or significant weakening of the
financial risk profile most likely because of larger-than-
expected, debt-funded capital expenditure or a stretched working
capital cycle.

SBR, promoted by the Shirgaonkar family of Kolhapur, Maharashtra,
manufactures and reshells mill rollers for sugar units. The
company also manufactures cast iron and spheroidal graphite iron
castings. Its manufacturing facility is in Kolhapur. The company
also operates the Pavillion hotel in the city.


SAKTHI ELEGANT: CRISIL Suspends B Rating on INR160MM Cash Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Sakthi
Elegant Towers India Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            160        CRISIL B/Stable
   Term Loan              120        CRISIL B/Stable

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

SETIPL, established in 2005 by Mr. Rajendran, develops
residential apartments in Chennai and Coimbatore (both in Tamil
Nadu).


SANVI SPINNINGMILL: CARE Assigns B+ Rating to INR34.50cr LT Loan
----------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Sanvi Spinningmill Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     34.50      CARE B+ Assigned
   Long-term/Short-term           5.00      CARE B+/CARE A4
   Bank Facilities
   Short-term Bank Facilities     2.25      CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Sanvi Spinning
Mill Private Limited (SSM) are primarily constrained on account
of its nascent stage of operations, susceptibility of its
profitability to volatility in cotton prices along with inherent
cyclicality and high competitive intensity associated with the
cotton yarn industry.

The ratings, however, derive benefits from experience of the
promoters, strategic location in the cotton-producing region
of Gujarat along with fiscal benefits from the government. The
ability to achieve envisaged level of sales and profitability is
the key rating sensitivity.

Jamnagar-based (Gujarat) SSM was incorporated in March 2015 to
take up the business of manufacturing of cotton yarn.

SSM is promoted primarily by Mr. Rameshkumar Ranipa, Mr.
Dharmendrakumar Jotaniya, Mr. Kanjibhai Jotaniya and Mr.
Hareshkumar Ranipa who have an experience of around one decade in
various industries such as cotton ginning, tiles manufacturing
and trading and processing of agro commodities. SSM completed a
project of INR52.45 crore during April 2016 and commenced
commercial production from the same month. SSM operates with an
installed capacity of 4061 metric tonne per annum (MTPA). During
Q1FY17, SSMachieved turnover of INR14.66 crore.


SATNAM RICEMILLS: CARE Reaffirms B+ Rating on INR15cr LT Loan
-------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Satnam Ricemills.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities       15       CARE B+ Rating
                                            Suspension revoked
                                            And reaffirmed

Rating Rationale

The rating assigned to the bank facilities of Satnam Rice Mills
(SRM) continue to remain constrained by modest scale of
operations, low profitability margins, leveraged capital
structure and weak coverage indicators. The rating is further
constrained by working capital intensive nature of operations,
proprietorship nature of constitution and its presence in a
highly competitive and fragmented agro processing business.

The rating, however, continue to draw comfort from the
experienced proprietor in the agro processing industry and
proximity of its processing unit to the paddy growing areas.

Going forward, the ability of SRM to scale its operations while
improving its profitability margins and capital structure along
with efficient working capital management shall be the key rating
sensitivities.

Kaithal-based, SRM was established in 2002 as a proprietorship
firm by Mr. Sachin Mittal. The firm is engaged in milling,
processing and trading of basmati and non-basmati rice with an
installed capacity of 150 metric ton per day (MTPD). The
firm procures paddy from local grain markets through commission
agents and rice millers. The firm sells its product under the
brand name 'Kaithal King' in Northern India mainly in Haryana and
Delhi.

In FY15 (refers to the period April 1 to March 31), SRM achieved
a total operating income (TOI) of INR85.53 crore with PAT of
INR0.21 crore. Furthermore, in FY16, the firm achieved total
operating income of INR76 crore (as per the provisional results).


SHIMONA HOTELS: CRISIL Suspends B+ Rating on INR180MM Term Loan
---------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Shimona
Hotels Private Limited (SHPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan               180       CRISIL B+/Stable

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

SHPL, set up in 2008, operates a hotel, Lemon Tree Hotel Shimona
in Chennai. The operations are managed by its managing director
Mr. K Madhu.


SHIVAM OFFSET: CRISIL Reaffirms B- Rating on INR58.3MM Term Loan
----------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Shivam Offset
continues to reflect the firm's modest scale of operations in the
intensely competitive offset printing industry, and its below-
average financial risk profile because of weak capital structure
and stretched liquidity. These weaknesses are partially offset by
its promoter's extensive industry experience and funding support.

                      Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Term Loan            58.3      CRISIL B-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes SO will continue to benefit from its promoter's
extensive industry experience and funding support. The outlook
may be revised to 'Positive' if significant revenue growth and
stable profitability lead to higher-than-expected cash accrual
and better liquidity. The outlook may be revised to 'Negative' in
case of low accrual on account of decline in revenue or
profitability, or stretch in working capital cycle, or large
debt-funded capital expenditure, weakening the financial risk
profile, particularly liquidity.

SO was set up by Mr. Sanjay Thorwat as a proprietary firm in
2000. It prints textbooks for schools and colleges, and
undertakes commercial printing of files, calendars, and
pamphlets. Its printing unit is in Kolhapur, Maharashtra.


SIDDHARTH FIBRE: CRISIL Suspends B+ Rating on INR116MM Cash Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Siddharth Fibre.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit            116       CRISIL B+/Stable
   Term Loan                9       CRISIL B+/Stable

The suspension of ratings is on account of non-cooperation by SF
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SF is yet to
provide adequate information to enable CRISIL to assess SF'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 2009 by Mr. Shekhar Chand Patni and Mr. Jugal Kishore
Jain, SF gins cotton and trades in cotton seeds. The firm has
three manufacturing facilities, in Barwani (Madhya Pradesh),
Gintoor (Maharashtra), and Jathikai (Andhra Pradesh).

SF reported net profit of INR8.4 million on net sales of INR871
million for 2013-14 (refers to financial year, April 1 to
March 31), against net profit of INR3.1 million on net sales of
INR706 million for 2012-13.


SOKHI STEELS: CRISIL Lowers Rating on INR60MM Term Loan to 'D'
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Sokhi Steels Pvt. Ltd. to 'CRISIL D' from 'CRISIL B/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              50       CRISIL D (Downgraded
                                     from 'CRISIL B/Stable')

   Term Loan                60       CRISIL D (Downgraded
                                     from 'CRISIL B/Stable')

The rating downgrade reflects instances of delay in servicing
term debt; the delays were due to insufficient cash accrual on
account of large debt-funded capital expenditure for value
additions in the existing capacity.

The company also has a weak financial risk profile because of
high gearing and weak debt protection metrics. Furthermore, it
has working capital-intensive, and a modest scale of, operations
in the casting industry. However, it benefits from the extensive
industry experience of its promoters.

SSPL was incorporated in 2011, promoted by Mr. Lakhbir Singh
Sokhi, Mr. Jagbir Singh Sokhi, and Mr. Sukhbir Singh Sokhi; it
commenced operations in fiscal 2014. The company manufactures SG
iron, cast iron, and steel products.  It has a total furnace
induction capacity of about 750 tonne per annum at its plant in
Ludhiana, Punjab.


SONAI CONSTRUCTIONS: CRISIL Suspends 'B' Rating on INR120MM Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Sonai
Constructions Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          15        CRISIL A4
   Cash Credit            120        CRISIL B/Stable

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, promoted by Mr. Ramesh Ahirrao in 2000, undertakes civil
construction and specialises in execution of major irrigation
projects comprising masonry and earthen concrete dams and related
hydraulic structures. The Ahirrao family has been engaged in
civil construction for more than three decades


SREE KARPAGAMBAL: CRISIL Suspends B+ Rating on INR308.3MM Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Sree Karpagambal Mills Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            308.3      CRISIL B+/Stable
   Long Term Loan          41.7      CRISIL B+/Stable

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

Established in 1956, Sree Karpagambal Mills Limited (SKML)
manufactures polyester yarn, cotton yarn and fabric. The company
is based out of Rajapalayam (Tamil Nadu). The day to day
operations of the company is managed by Mr. A. Palaniappan.


SRI KRISHNA: CRISIL Reaffirms B+ Rating on INR125MM Cash Loan
-------------------------------------------------------------
CRISIL's rating on long-term bank facilities of Sri Krishna Agro
Industries continues to reflect modest scale of operations in the
intensely competitive rice milling industry, and the large
working capital requirement.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit            125       CRISIL B+/Stable (Reaffirmed)
   Long Term Loan          30.3     CRISIL B+/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility      24.7     CRISIL B+/Stable (Reaffirmed)

The rating also factors in susceptibility to changes in paddy
prices and government regulations, and below-average financial
risk profile, marked by modest networth, high gearing, and weak
debt protection metrics. These rating weaknesses are partially
offset by extensive experience of partners.

Outlook: Stable

CRISIL believes SKAI will continue to benefit from extensive
experience of partners. The outlook may be revised to 'Positive'
in case of substantial and sustained increase in scale of
operations and stable profitability, or substantial increase in
networth, because of sizeable equity infusion by partners. The
outlook may be revised to 'Negative' in case of a steep decline
in profitability, or significant deterioration in capital
structure, caused most likely by a stretch in working capital
cycle.

Set up in 2001 as a partnership firm by Mr. V Ramulu and his
family members, SKAI mills and processes paddy into rice, and
generates by-products such as broken rice, bran, and husk. Its
milling unit is in Nizamabad (Telangana).


TKG INDUSTRIES: CRISIL Suspends 'D' Rating on INR87.1MM Loan
------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
TKG Industries Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             20        CRISIL D
   Term Loan               87.1      CRISIL D

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

TKG, established in 2012, fabricates and galvanises various steel
structures, primarily used in power transmission towers, on a
job-work basis. The company, based in Nagpur (Maharashtra), has a
manufacturing capacity of around 2000 tonnes per month. Itis
promoted by Mr. T K Ghosh and his family.


TRIPLE HELIX: CRISIL Suspends B+ Rating on INR5MM Cash Loan
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Triple
Helix Industries.

                           Amount
   Facilities             (INR Mln)     Ratings
   ----------             ---------     -------
   Cash Credit                 5        CRISIL B+/Stable
   Export Packing Credit      30        CRISIL A4
   Foreign Bill Negotiation   10        CRISIL A4
   Letter of Credit           40        CRISIL A4
   Proposed Working
   Capital Facility            3.5      CRISIL B+/Stable

The suspension of ratings is on account of non-cooperation by THI
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, THI is yet to
provide adequate information to enable CRISIL to assess THI'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 concern by Mr. Rajkumar and Mr. Pandy in
1996, and based in Ranipet (Tamil Nadu), THI processes semi-
finished leather into finished leather, primarily for the
footwear industry.


U.S. INFRA: CRISIL Suspends 'D' Rating on INR150MM Project Loan
---------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of U.S.
Infra Housing Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Project Loan            150       CRISIL D

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

US Infra was incorporated in 2010-11 (refers to financial year,
April 1 to March 31), promoted by Mr. Umesh Udhaani; it is a part
of the Mumbai-based USR group. The company undertakes real estate
development.



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


KINGFISH LODGE: Sells in Receivership Sale for NZ$2.85MM
--------------------------------------------------------
Chloe Winter at Stuff.co.nz reports that Kingfish Lodge, a
secluded Northland luxury lodge accessible only by boat, has sold
for NZ$2.85 million.

It was once owned by the late 'Mr Asia' lawyer Eb Leary, the
report says.

According to the report, the sale was revealed in the latest
receivers report of KFL Management and Kingfish Lodge Strategic
Holdings, which racked up more than NZ$3.7 million in debt after
buying the lodge.

It was put up for sale in March after Rowan John Chapman and
Amanda-Jane Atkins, of Chapman Atkins were appointed receivers,
the report says.

Stuff.co.nz relates that the sole director of the companies,
Jeremy Elvidge, was forced to put the companies into receivership
on January 27 as the companies were unable to repay the
outstanding amounts demanded by the BNZ.

The lodge started life as the Northland Fishing Lodge in the late
1930s, but was requisitioned by the Crown after the invasion of
Pearl Harbour by the Japanese, Stuff.co.nz discloses.

It operated as a defence installation throughout World War II,
with the New Zealand Army preparing for what it believed was a
potential invasion by the Japanese.  The lodge, which is only
accessible by water and air, returned to private ownership in
1953 and was renamed Kingfish Lodge.



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


HANJIN SHIPPING: Wins U.S. Bankruptcy Protection, Unload Ships
--------------------------------------------------------------
Tiffany Kary and Steven Church at Bloomberg News report that
Hanjin Shipping Co. won court protection for its ships bound for
the U.S., allowing the company to unload four vessels without
fear of having them seized by creditors.

U.S. Bankruptcy Judge John K. Sherwood on Sept. 9 granted the
Seoul-based company protection under Chapter 15 of the Bankruptcy
Code, which shields foreign companies from lawsuits by U.S.
creditors while they reorganize in another country, Bloomberg
relates. Sherwood had given the company provisional protection on
Sept. 6. His ruling on Sept. 9 broadened that legal shield and
extended its length, Bloomberg says.

According to Bloomberg, the decision by the court in Newark, New
Jersey, will allow goods on at least four ships to come into port
in the U.S. Worldwide, an estimated $14 billion worth of goods
has been stuck on Hanjin ships, which ferry goods for companies
including Nike Inc. and Hugo Boss AG.  Bloomberg relates that
companies are seeing their cargo held up as they prepare products
for sale during the Thanksgiving and Christmas holidays.

"I want them to come and I want them to get rid of their cargo
and I want them to go," Bloomberg quotes Judge Sherwood as saying
in court.

Hanjin will be able to start unloading cargo from vessels in the
U.S. following the court order, a Hanjin Shipping spokeswoman in
Seoul said by phone, Bloomberg relays.

Bloomberg reports that South Korea's government said that while
it will take time to fully resolve the situation, it expects to
slowly start seeing some improvement. Hanjin's ships are expected
to start unloading from midnight Saturday [Sept. 10] at Long
Beach terminal, the government said in an e-mailed statement on
Sept. 10, according to Bloomberg.

Bloomberg says the U.S. relief was granted over an objection from
two terminal operators that warned of docking disasters, with one
citing the fear that Hanjin ships would be stuck in its berths,
unable to afford the fuel needed to depart.

According to Bloomberg, the shipping company petitioned the U.S.
court for protection to stop fuel providers, rail companies,
trucking companies, port pilots and others from making a grab for
assets. Bloomberg relates that the company said in court papers
that World Fuel Services got an arrest order from a California
court for one of Hanjin's vessels, and that two other firms,
Hastay Marine and Montemp Marine, applied to seize assets, citing
unpaid rent on two vessels.

Bloomberg says Samsung Electronics Co. supported the protection
for Hanjin, saying two of its ships off Long Beach were unable to
dock and unload around $38 million of its cargo, including
refrigerators.

Samsung said that to get products to market ahead of the holiday
shopping season, it might have to pay as much as $8.8 million,
chartering planes and passing along the cost to U.S. consumers,
adds Bloomberg.

                       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.


HANJIN SHIPPING: Korean Air Approves KRW60-Bil. Loan for Shipper
----------------------------------------------------------------
Reuters reports that Korean Air Lines, the biggest shareholder of
Hanjin Shipping, has approved a plan to provide a loan of
KRW60 billion ($54.16 million) to the troubled shipper.

Reuters relates that Korean Air said the support will be offered
on condition of securing Hanjin Shipping's Long Beach Terminal as
collateral.

Hanjin Group has pledged to raise a total of KRW100 billion ($90
million) in funds to help rescue cargo that is stranded at sea
following the failure of Hanjin Shipping, the world's seventh-
largest container carrier, Reuters says.

Out of the KRW100 billion, Hanjin Group Chairman Cho Yang-ho will
raise KRW40 billion from private funds next week, Reuters notes.

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.

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

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



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