TCRAP_Public/160914.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

         Wednesday, September 14, 2016, Vol. 19, No. 182

                            Headlines


A U S T R A L I A

KBL MINING: First Creditors' Meeting Set for Sept. 20
P & W ENGINEERING: First Creditors' Meeting Set for Sept. 21
RENEWABLE ENERGY: First Creditors' Meeting Slated for Sept. 21


C H I N A

AVIATION INDUSTRIAL: Moody's Keeps Ba1 Rating Over Poly Deal
GREENLAND HOLDING: Fitch Assigns 'BB+' to US$300MM Senior Notes
HYDOO INT'L: $60MM Notes Add-on No Impact on Fitch 'B-' Rating
HYDOO INT'L: Moody's Retains B2 CFR on Tap Bond Offering
POWERLONG REAL: Moody's Assigns B3 Rating to Proposed USD Bond

* CHINA: Debt Defaults Prompt Call For Creditor Committees


I N D I A

A R C INDIA: CRISIL Raises Rating on INR60MM Cash Loan to B+
AAYUR TECHNOLOGY: CRISIL Assigns B+ Rating to INR55MM Cash Loan
ASTORIA AGRO: CRISIL Suspends 'D' Rating on INR250MM Term Loan
BHAWNA HOUSING: CRISIL Reaffirms 'B' Rating on INR125MM Term Loan
CLEAN AIR: CRISIL Suspends 'D' Rating on INR75MM LT Loan

COASTAL ENERGEN: ICRA Assigns 'D' Rating to INR825cr Cash Loan
COSMO FERRITES: CRISIL Raises Rating on INR65MM Cash Loan to BB-
GRAH AVAS: ICRA Suspends 'B' Rating on INR10.23cr Bank Loan
ICED DESSERTS: ICRA Cuts Rating on INR10cr LT Loan to 'D'
IFMR CAPITAL: ICRA Ups Rating on INR10.02cr PTCs to BB(SO)

K. L. MECHANICAL: ICRA Withdraws B+ Rating on INR8.2cr Term Loan
KANISHKA CARBONS: CRISIL Suspends 'C' Rating on INR45MM Loan
KRISHNA INDUSTRIES: CRISIL Suspends 'D' Rating on INR100MM Loan
KSM MILLS: CRISIL Suspends B+ Rating on INR39.2MM LT Loan
LIVINGSTONES JEWELLERY: ICRA Reaffirms B Rating on INR12.5cr Loan

MONICA GARMENTS: ICRA Withdraws 'B' Rating on INR.52cr Loan
MUTKIRI SPINNING: CRISIL Suspends 'B' Rating on INR70MM Loan
NAMRATA PROMOTERS: CRISIL Suspends B+ Rating on INR100MM Loan
RAM WAREHOUSING: CRISIL Suspends B+ Rating on INR65MM Term Loan
SANJAR PHARMA: CRISIL Assigns 'B' Rating to INR90MM LT Loan

SARAF FAB: ICRA Places B+/A4 Rating on Notice of Withdrawal
SGS MARINE: CRISIL Reaffirms B+ Rating on INR50MM Cash Loan
SHANKESHWARA FOOD: CRISIL Assigns B+ Rating to INR160MM Loan
SHREE KRISHNA: ICRA Raises Rating on INR48cr LT Loan to BB-
SHREE NAVKAR: ICRA Reaffirms B+ Rating on INR10cr Fund Based Loan

SHREE SACHIDANAND: ICRA Reaffirms 'B' Rating on INR5.0cr Loan
SHREEJI AUTOWORLD: ICRA Suspends C Rating on INR10cr Loan
SILVER STONE: CRISIL Reaffirms B+ Rating on INR47.5MM Term Loan
SRI PADMA: ICRA Reaffirms B+ Rating on INR11.50cr Bank Loan
SWASTIK AAHAR: ICRA Suspends 'B' Rating on INR6.0cr Bank Loan

UNIQUE ENGINEERS: Weak Financial Strength Cues ICRA SP4D Grading
T. KANAGARAJ: CRISIL Reaffirms 'B' Rating on INR50MM Cash Loan
VISHAKHA IRRIGATION: CRISIL Reaffirms B+ Rating on INR180MM Loan
VIZAG EXPORTS: CRISIL Reaffirms B- Rating on INR75MM LT Loan
WARM GEARS: ICRA Suspends 'D' Rating on INR29.48cr Bank Loan


N E W  Z E A L A N D

MO TATOU: Placed Into liquidation; Owes NZ$882,000


S I N G A P O R E

SWIBER HOLDINGS: SGX Goes After Firm in Potential Rule Breach


S O U T H  K O R E A

HANJIN SHIPPING: Fall is Lehman Moment for Shipping
HANJIN SHIPPING: Samsung Seeks Court Order to Remove Goods
HANJIN SHIPPING: Secures $36 Million to Help Unload Cargo
HANJIN SHIPPING: To Pay Handlers to Unload U.S.-Bound Ships
LEO MOTORS: Amends 58.96 Million Shares Resale Prospectus

LEO MOTORS: Equity Ownership in LGM Down to 81.8%


                            - - - - -


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


KBL MINING: First Creditors' Meeting Set for Sept. 20
-----------------------------------------------------
A first meeting of the creditors in the proceedings of KBL Mining
Limited will be held at Room Wilarra Marra Level 2, The Grace
Hotel, 77 York Street, NSW 2000; and The Railway Hotel, 46 Molong
Street, in Condobolin, 2877, on Sept. 20, 2016, at 10:30 a.m.

Matthew Woods and Stephen Vaughan of KPMG were appointed as
administrators of KBL Mining on Sept. 8, 2016.


P & W ENGINEERING: First Creditors' Meeting Set for Sept. 21
------------------------------------------------------------
A first meeting of the creditors in the proceedings of P & W
Engineering Services Pty Ltd will be held at the offices of
Ferrier Hodgson, Level 28, 108 St Georges Terrace, in Perth on
Sept. 21, 2016, at 10:00 a.m.

Martin Jones, Dermott McVeigh and Wayne Rushton of Ferrier
Hodgson were appointed as administrators of P & W Engineering on
Sept. 9, 2016.


RENEWABLE ENERGY: First Creditors' Meeting Slated for Sept. 21
--------------------------------------------------------------
A first meeting of the creditors in the proceedings of Renewable
Energy Applications WA Pty Ltd will be held at Level 8/490 Upper
Edward Street, in Spring Hill, Queensland, on Sept. 21, 2016, at
2:00 p.m.

Brendan Joseph Nixon and Leon Lee of SM Stanley Morgan Solvency
Accountants were appointed as administrators of Renewable Energy
on Sept. 9, 2016.



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


AVIATION INDUSTRIAL: Moody's Keeps Ba1 Rating Over Poly Deal
------------------------------------------------------------
Moody's Investors Service says that the proposed cooperation
between Aviation Industrial Corporation of China (AVIC, unrated)
and China Poly Group Corporation (Poly, unrated) in their real
estate related business is credit positive for AVIC International
Holding Corporation (AVIC International, Ba1 negative), because
it would help reduce its leverage.

However, the proposed cooperation has no immediate impact on AVIC
International's Ba1 rating.

On Sept. 6, 2016, AVIC and Poly announced that they had reached a
preliminary intention for cooperation, whereby Poly would acquire
AVIC's real estate development business and assets.  Details of
the proposed transaction, including the size, the target assets,
and the consideration, have yet to be determined.

Moody's estimates that most of AVIC's real estate development
related business resides in AVIC International.  Based on AVIC
International's 2015 annual report, Moody's estimates that the
real estate development related business accounted for more than
15% of revenue and 25% of its gross profit of AVIC International
in 2015.  This part of the business has been one of the primary
drivers for AVIC International's rising leverage, and its
performance has been volatile historically.

As such, although the disposal of the real estate related
business would reduce AVIC International's business diversity, it
would also allow it to focus on its core businesses while
deleveraging its balance sheet.

Moody's will continue to monitor the deal's progress and evaluate
the impact on AVIC International's credit profile once more
details become available.

The principal methodology used in this rating was Business and
Consumer Service Industry published in December 2014.

AVIC International Holding Corporation is 62.52% owned by its
parent, Aviation Industrial Corporation of China (AVIC).

AVIC International is the group's largest subsidiary by revenue
and profit contribution, and serves as the key platform for the
parent's international aviation businesses.

AVIC International also operates most of AVIC Group's non-
aviation related businesses, including property, commodity
trading, construction, retail, consumer products, high-tech
electronics, and resource development.  It generated revenue of
RMB138 billion for the 12 months ended June 30, 2016.

AVIC is wholly owned by China's central government.  It
aggregates China's aviation industry and is the sole producer of
military aircraft and other aviation products for China's army.
It also manufactures civil airplanes and owns a diversified
portfolio of non-aviation-related businesses.  AVIC's generated
revenue of RMB392 billion for the 12 months ended June 30, 2016.


GREENLAND HOLDING: Fitch Assigns 'BB+' to US$300MM Senior Notes
---------------------------------------------------------------
Fitch Ratings has assigned China-based property developer
Greenland Holding Group Company Limited's (Greenland;
BB+/Negative) USD300 million 3.5% senior notes due 2019 a 'BB+'
final rating.

The notes will be issued by its wholly owned subsidiary Greenland
Global Investment Limited under its USD3billion medium-term note
programme. Proceeds from the note issue will be used for
Greenland's overseas expansion.

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

The notes are rated at the same level as Greenland's senior
unsecured rating because they constitute direct, unsubordinated
and senior unsecured obligations of the company. The final rating
is in line with the expected rating assigned on 29 August 2016.

KEY RATING DRIVERS

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

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

Residential property developers typically collect the full sales
amount within three months of sales, but commercial property
developers collect a proportion of the sales in the first year -
which can be low subject to negotiation, and have to wait until
delivery - usually three to five years after sales - to collect
the balance. Greenland's cash collection rate for residential
properties improved from below 80% in 2015 to over 90% in 1H16,
but that for commercial properties remained below 45% in 1H16.
Deleveraging Hinges on 2017 Collection: Greenland's high leverage
is mitigated by the sizeable off-balance-sheet uncollected sales
proceeds from both residential and commercial property sales,
which exceeded its annual sales at end-2015. Sales from
commercial properties surged in 2014 and 2015, and management
expects cash collection to significantly improve in 2017 when
these projects are delivered. Leverage is likely to trend down
towards 60% if the expected collection materializes.

Non-Property Businesses Drive Leverage: Fitch believes
Greenland's non-property businesses are still immature and need
to be funded with cash flow from the company's property business.
Greenland has made extensive investments in the financial
institutions, consumer goods and infrastructure industries in
2015, which contributed to the increase in Greenland's leverage.
In addition, Greenland's smaller equity placement in 2016 means
it may need to fund a CNY10 billion investment in the financial
institutions business via internal cash or external debt, which
will increase leverage further.

Benefits of Large Scale: Greenland is one of the biggest property
developers in China by contracted sales. Greenland had contracted
sales of CNY111 billion in 1H16, up 34% from a year earlier. The
company's property development business is well diversified over
40 cities in China and overseas. Greenland's management says it
intends to sustain a property contracted sales of over CNY200
billion in the next few years.

Diversified Funding Channels: Greenland has enhanced its onshore
funding channels after gaining a listing on the Shanghai stock
exchange in July 2015 by injecting assets into a listed company.
Greenland plans to place out shares in this listed entity,
although in August 2016 it further reduced the amount to be
raised to CNY11 billion from CNY15.7 billion, after halving the
size of the placement in May 2016. The completion of the
placement remains uncertain, given the more stringent approval
process in the onshore market.

Greenland in March 2016 also announced it is exploring injecting
its hotel assets into a hospitality REIT that may be listed on
the Singapore Exchange. In early 2016, Greenland completed a
CNY10billion domestic bond issuance to augment its funding needs
and reduce its borrowing costs. The company also established
offshore funding channels through its 59%-owned subsidiary
Greenland Hong Kong Holdings Limited.

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

KEY ASSUMPTIONS

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

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

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

   -- Land premium of around CNY60billion-65billion in 2016-2018,
      or around 35% of current year contracted sales. Assume cash
      is paid out in the same year as incurred.

   -- CNY11 billion to be raised via share placement in 2016.

RATING SENSITIVITIES

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

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

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

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

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

   -- Evidence of weakening support from parent

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


HYDOO INT'L: $60MM Notes Add-on No Impact on Fitch 'B-' Rating
--------------------------------------------------------------
Fitch Ratings says Hydoo International Holding Limited's (Hydoo:
B-/Stable) proposed issuance of an additional USD60 million of
its 13.75% senior notes due 2018 will not affect the existing
'B-' rating and Recovery Rating of 'RR4' on the bond.

The proposed and existing bonds are rated at the same level as
Hydoo's senior unsecured rating as they represent direct,
unconditional, unsecured and unsubordinated obligations of the
company. Hydoo's ratings are constrained by its weak performance
as a result of the difficult operating environment for the trade
centre industry. Hydoo's ratings are supported by its large land
bank that allows it to keep leverage under 50%.

Sales from Hydoo's trade and logistics business have further
weakened due to SMEs scaling down new investments, slower
relocation demand, local government delays in completing
transport networks and lower investor appetite for commercial
properties. Contracted sales fell 41% yoy and 11% from the
preceding six months to CNY1.1 billion in 1H16. Residential
property sales increased to CNY294 million in 1H16 from CNY30
million in 1H15, but the contribution to sales remained small.
Fitch expects contracted sales to slow to CNY2.5 billion-CNY3
billion in 2016 as there is no sign of a recovery in trade centre
sales.

Hydoo's trade centres are mainly in Tier 3 and Tier 4 cities
spread across 10-12 cities to tap relocation and urbanisation
demand. Fitch believes sales are more volatile in these cities
than in more developed cities, and demand may reach saturation
faster due to the smaller populations and GDP in these economies.
Sales for the subsequent phases of Hydoo's large-scale integrated
trade centre projects (those that are 400,000 square metres or
larger) would hinge on continued urbanization, which may slow
because of greater market uncertainty.

Hydoo's liquidity is tight with unrestricted cash balances of
CNY794 million at end-1H16, which covers only 44% of short-term
debt of CNY1,195 million plus the USD80 million outstanding
convertible bond with Pingan Real Estate Capital Limited with
early redemption starting January 2016. Hydoo's recent offshore
refinancing activities to repay the convertible bond have
relieved the short-term liquidity pressure. However, Hydoo's
liquidity will remain tight, as banks are becoming more stringent
on new facilities and Hydoo has no big onshore entity to access
to the onshore bond market.

Hydoo's leverage deteriorated quickly to 39% at end-1H16 from 25%
at end-2015 and a net cash position at end-2014 because of slower
sales, continued capex and increasing restricted cash pledged for
bills payables. Fitch expects Hydoo to keep leverage under 50% in
the next two years after considering Hydoo's plan to reduce its
construction pace and land acquisitions. Hydoo's large land bank
of 11 million sqm available for future development gives it
flexibility in cutting land purchases.


HYDOO INT'L: Moody's Retains B2 CFR on Tap Bond Offering
--------------------------------------------------------
Moody's Investors Service says that Hydoo International Holding
Limited's B2 corporate family rating and B3 senior unsecured
rating are unaffected by the company's announcement of a tap bond
offering on its existing USD100 million senior notes due December
15, 2018.

The rating outlook remains negative.

"The tap issuance will support Hydoo's liquidity profile and will
not otherwise materially affect its credit metrics, as it will
use the proceeds mainly to refinance its existing convertible
notes," says Kaven Tsang, a Moody's Vice President and Senior
Credit Officer.

Moody's expects that following the tap bond issuance, adjusted
EBIT/interest will remain around 2.0x-2.5x and revenue/adjusted
debt below 65% over the next 12-18 months.  Such levels are weak
for the company's ratings, as reflected in the negative rating
outlook.

Hydoo's B2 corporate family rating continues to reflect its track
record of developing trade centers in low-tier Chinese cities and
its high profit margins.

But the rating is constrained by its weak sales performance as a
result of the continued softening in demand for trade centers in
low-tier cities and its slow progress in converting sales
agreements into actual contracted sales, given China's (Aa3
negative) slowing economic growth.

The company's liquidity position weakened in 1H 2016 as a result
of its lackluster contracted sales performance.  Its cash/short-
term debt ratio declined to 92.7% as of June 2016 from 118.8% as
of December 2015.

However, Moody's estimates that its cash/short-term debt will
improve to around 140% after the completion of the proposed tap
issuance and the company's previous issuance of USD60 million
senior notes to fully repay its convertible bonds.

The B3 senior unsecured rating of the proposed tap bond is one
notch below Hydoo's B2 corporate family rating due to structural
and legal subordination.

Its secured and subsidiary debt/total assets was around 17% as of
end-June 2016.  However, Moody's expects the ratio to stay in
excess of 20% in the coming 12-18 months, because the company
will continue to draw on onshore and/or secured bank loans to
fund its construction and expansion.

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

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


POWERLONG REAL: Moody's Assigns B3 Rating to Proposed USD Bond
--------------------------------------------------------------
Moody's Investors Service has assigned a B3 senior unsecured
rating to the proposed USD bond to be issued by Powerlong Real
Estate Holdings Limited and guaranteed by some of the company's
subsidiaries.

The outlook is positive.

The proceeds from the proposed USD bond are mainly intended to
refinance Powerlong's existing debt.

                       RATINGS RATIONALE

"The proposed bonds will improve Powerlong's debt maturity and
liquidity profile and will have a limited impact on its credit
metrics, as the proceeds will be used to repay existing debt,"
says Anthony Lee, a Moody's Analyst.

Moody's expects Powerlong's credit metrics to slightly improve by
end-2016 due to a further increase in revenue recognition.
Moody's estimates that revenue/debt will improve to around 50% in
the next 12 months and EBIT interest will increase to 2.7x-2.9x.

At the same time, interest coverage from recurring income will
rise further to about 0.8x-1.0x in the next 12 months with the
full-year contribution of the new malls in 2015 and the
commencement of four other malls in Q4 2016.

Powerlong's B2 corporate family rating (CFR) reflects its (1)
track record of developing and selling commercial and residential
properties; (2) ability to generate non-development revenue,
which improves the stability of its debt servicing; and (3)
expansion into higher-tier cities where demand for its properties
is more favorable.

However, its credit profile is constrained by execution risk, the
high level of capital demand associated with its business
strategy, and high debt leverage, as measured by revenue/debt.

The positive outlook on Powerlong's B2 CFR and B3 senior
unsecured bond ratings reflects the improving trend in the
company's credit profile, stemming in turn from strengthened
sales execution, lower borrowing costs, and growth of non-
development revenue.

The ratings could be upgraded if Powerlong: (1) achieves stable
sales growth in line with its targets and executes its strategy
to increase its exposure to higher-tier cities; (2) improves its
financial flexibility and liquidity position; and (3)
demonstrates a material increase in its non-development revenue.

Credit metrics that could trigger an upgrade include: (1)
adjusted EBIT/interest above 2.25x; (2) gross recurring
income/interest above 1.0x; and (3) revenue/debt above 55% on a
sustained basis.

The ratings outlook could return to stable if: (1) Powerlong
shows weaker-than-expected sales or revenue growth, cash
collection rates, or profit margins; (2) its non-development
revenue/interest falls below 0.7x-0.8x; (3) it shows a decline in
balance-sheet liquidity; or (4) it steps up its land
acquisitions.

Other credit metrics that could change the outlook to stable
include: (1) adjusted EBIT/interest below 2.0x; or (2)
revenue/debt below 45%.

The principal methodology used in this rating was Homebuilding
And Property Development Industry published in April 2015.

Powerlong Real Estate Holdings Limited is a Chinese developer
focused on building large-scale integrated residential and
commercial properties in China.

As of June 30, 2016, it had a development land bank of around 8.1
million square meters in gross floor area in nine provinces and
26 commercial properties in operation.

The company listed on the Hong Kong Exchange in October 2009.
The Hoi family, the founders, hold the majority stake.


* CHINA: Debt Defaults Prompt Call For Creditor Committees
----------------------------------------------------------
Dong Tongjian at Caixin Online reports that amid mounting
corporate debts and defaults, China's banking regulator has
stepped into the fray, urging banks that are creditors of heavily
indebted companies to coordinate their actions and negotiate
together.

According to Caixin, the China Banking Regulatory Commission
(CBRC) issued a notice on Sept. 9 that told banks to set up
creditor committees not only to protect their rights but also,
when possible, to help companies struggling to repay their debts
to get back on their feet. Although the notice was aimed at
banks, other financial institutions approved by the CBRC can also
participate, the report says.

A committee, which should be "temporary," "consultative" and
"self-regulating," should be made up of at least three creditor
banks and should conduct negotiations with a company on behalf of
the banks to work out a debt restructuring plan, the regulator,
as cited by Caixin, said. The plan could involve lengthening the
maturity of loans and organizing syndicated loans for the company
if it requests new funding and can make a sound case for the
money, Caixin relays citing CBRC's notice posted on its website.

Caixin relates that CBRC said bank creditors should use the
committee to coordinate their positions over the company's
existing debt and refrain from cutting off access to loans or
demanding early repayment at will.

According to the report, the notice has triggered concerns among
some analysts, who said that the regulator is trying to shield
state-owned "zombie companies" that have built up massive debts
from being shut down or declared bankrupt. But the CBRC notice
made it clear that a company wanting to restructure its debts
should have a workout plan that is in step with the country's
general economic policies and that its products and services
should have "good prospects," Caixin relays.

Caixin adds that the regulator stated that a major decision on
debt restructuring should be approved not only by the creditors
who together hold at least two-thirds of the debt, but also by
half of the creditors on the committee. However, it does not
specify what would happen if creditors reach a deadlock and
cannot agree.

Ad hoc creditors' committees are increasingly being used to try
to speed up the process of working out debt restructuring as
slowing economic growth puts more companies in financial
difficulty, says Caixin.



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I N D I A
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A R C INDIA: CRISIL Raises Rating on INR60MM Cash Loan to B+
------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities
of A R C India Petroleum Private Limited to 'CRISIL B+/Stable'
from 'CRISIL B/Stable', and reaffirmed its 'CRISIL A4' rating on
the company's short-term facilities.


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

   Letter of credit &
   Bank Guarantee          15        CRISIL A4 (Reaffirmed)

   Proposed Long Term      50        CRISIL B+/Stable (Upgraded
   Bank Loan Facility                from 'CRISIL B/Stable')

The upgrade reflects the improvement in ARCPL's business risk
profile, driven by stabilization of its operations with increase
in revenue and improvement in profitability. ARCPL's revenue
increased 122% year-on-year to INR46.0 million in fiscal 2016,
and is expected to rise 200% in fiscal 2017. The company had
achieved revenue of INR50.8 million till August 11, 2016, in
fiscal 2017. Its operating profit margin surged from 16.6% in
fiscal 2015 to 69.2% in fiscal 2016.

The ratings reflect ARCPL's modest scale of operations, and
below-average financial risk profile because of small net worth,
high gearing, and subdued debt protection metrics. These
weaknesses are partially offset by its promoters' extensive
industry experience and its strategic location.
Outlook: Stable

CRISIL believes ARCPL will continue to benefit from its strategic
location and its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if there is a substantial
and sustained improvement in the company's revenue, while its
profitability remains stable, or if its capital structure
improves considerably. The outlook may be revised to 'Negative'
in case of a steep decline in its profitability, or significant
deterioration in its capital structure because of large debt-
funded capital expenditure or a stretch in its working capital
cycle.

ARCPL, based in Secunderabad, Telangana, is in the oil
reclamation business. The company is promoted by Mr. G Krishna
Chaitanya Varma and his family. Its manufacturing facility is in
Tuni, Andhra Pradesh. The company started commercial operations
in October 2014.


AAYUR TECHNOLOGY: CRISIL Assigns B+ Rating to INR55MM Cash Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' rating to
the bank facilities of Aayur Technology Solutions Private
Limited.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Working Capital
   Demand Loan             10       CRISIL B+/Stable
   Bank Guarantee          35       CRISIL A4
   Cash Credit             55       CRISIL B+/Stable

The ratings reflect AT's modest scale of operations and its
working capital intensive operations marked by high receivables.
These strengths are partially offset by the extensive experience
of the promoters in the rugged equipment manufacturing segment.
Outlook: Stable

CRISIL believes that AT will benefit from the extensive industry
experience of its promoters over the medium term. The outlook may
be revised to "Positive" in case of a significant growth in
revenues while sustaining its operating profitability resulting
in higher than expected cash accruals. Consequently the outlook
may be revised to "Negative" in case of a decline in
revenues/profitability or in case of an elongation in its working
capital cycle resulting in weakening of its financial risk
profile.

Incorporated in 2006, Aayur Technology Solutions Private Limited
(AT) is a company based out Bangalore and is engaged in the
manufacture of electro-mechanical products for the defense
department. The company is being managed by Mr.S.D.Shenoy and his
cousin Mr. Kiran K Jothi. The company's products include Rugged
display units, UPS, Storage boards etc.


ASTORIA AGRO: CRISIL Suspends 'D' Rating on INR250MM Term Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Astoria
Agro and Allied Industries Private Limited.

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

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

Astoria Agro (formerly, Astoria Jewellery Pvt Ltd) was promoted
by Mr. Pramod Goenka in April 2010. The company operates a sugar
production plant with 2500 tonne crushing per day capacity that
it acquired in an auction from Maharashtra State Co-op Bank Ltd.
The plant is located in Nandurbar (Maharashtra) and was earlier
owned by Pushpadanteshwar Sahakari Sakhar Karkhana Ltd.


BHAWNA HOUSING: CRISIL Reaffirms 'B' Rating on INR125MM Term Loan
-----------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Bhawna Housing
Private Limited continues to reflect the geographical
concentration in BHPL's operations and the company's exposure to
risks and cyclicality inherent in the real estate sector in
India. These rating weaknesses are partially offset by the
benefits that BHPL derives from its promoters' industry
experience.

                      Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Term Loan            125       CRISIL B/Stable (Reaffirmed)

CRISIL believes that going forward timely receipts from
customers, Liquidity management and return of loans and advances
from group companies will remain key rating factors for BHPL.
Outlook: Stable

CRISIL believes that BHPL will continue to benefit over the
medium term from its promoters' extensive experience in the
residential real estate industry. The outlook may be revised to
'Positive' in case of significant improvement in the company's
business and financial risk profiles, backed by substantial net
cash accruals, most likely because of significantly high sales
realisations. The outlook may be revised to 'Negative' in case of
low demand or profitability for the unsold inventory leading to
low net cash accruals.

BHPL was set up by Mr. Bhagat Singh Baghel and his brother Mr.
Hirday Singh Baghel in 2002. The company undertakes construction
and development activity in and around Agra (Uttar Pradesh).


CLEAN AIR: CRISIL Suspends 'D' Rating on INR75MM LT Loan
--------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Clean
Air Projects India Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          15        CRISIL D
   Cash Credit             60        CRISIL D
   Proposed Long Term
   Bank Loan Facility      75        CRISIL D

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

Clean Air was incorporated in 1996, promoted by Mr. Ravindra
Badge. The company provides HVAC and clean room solutions on a
turnkey basis primarily for pharmaceutical companies. Its
fabrication unit is in Aurangabad (Maharashtra) and its
registered office in Mumbai.


COASTAL ENERGEN: ICRA Assigns 'D' Rating to INR825cr Cash Loan
--------------------------------------------------------------
ICRA has assigned the long-term rating of [ICRA]D to the
INR825.00-crore fund-based facilities of Coastal Energen Private
Limited. ICRA has also assigned the short-term rating of [ICRA]D
to the INR208.00-crore non-fund based facilities of CEPL. ICRA
has [ICRA]D assigned  rating outstanding to the existing
INR6296.00-crore fund-based facilities of CEPL.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Term Loans             6296.00       [ICRA]D; outstanding
   Cash Credit             825.00       [ICRA]D; assigned
   Non-fund Based Limits   208.00       [ICRA]D; assigned

The assigned rating factors in the continued delays in debt-
servicing by the company, owing to significant delays in receipt
of payments for power sales made to the Tamil Nadu Generation and
Distribution Corporation Limited (TANGEDCO) from the first 600 MW
unit of its imported coal-based power project and delay in tie-up
of the long-term power purchase agreement (PPA) for the second
600 MW unit of the project. While the plant load factor for unit-
1 has remained low, ICRA, however, notes that the plant
availability factor for unit-1 has remained satisfactory,
allowing the company to bill capacity charges to TANGEDCO as per
the terms of the long-term PPA. CEPL's cost competitiveness would
remain exposed to fluctuations in international coal prices,
given the dependence on imported coal and the structure of the
Coal Supply Agreement (CSA), which permits price fluctuations to
be passed to CEPL for around 80% of the supply as per CERC
escalation index.

Nonetheless, ICRA takes note of the limited fuel risk with the
CSA in place with the Coal & Oil Company DMCC (C&O) and also the
presence of the back-to-back contracts of C&O with the Indonesian
mining companies for the same. Further, commencement of
operations of unit-1 (600 MW) in December, 2014 coupled with
long-term PPA in place for the entire capacity of unit-1 with
TANGEDCO is a source of comfort. ICRA also notes that unit-2 of
600 MW has commenced operations in January, 2016.

Going forward, the ability of the company to service the debt
obligations in a timely manner, along with securing long-term PPA
for unit-2 and achieving satisfactory operational parameters,
will be the key rating sensitivities.

Coastal Energen Private Limited is a special purpose vehicle
(SPV) promoted by Mr. Ahmed Buhari (promoter of the Coal & Oil
Group) for the development of a 1200-MW imported coal-based
thermal power plant at Tuticorin in Tamil Nadu. The Coal & Oil
Group is a Dubai-based energy conglomerate which operates as an
integrated fuel solution provider with interests in coal trading,
technical consultancy for fuel sourcing, handling, shipping,
logistics etc. The flagship company of the group is Coal & Oil
Company DMCC (C&O). In India, the Group operates through Coastal
Energy Private Limited. CEPL, together with C&O, supplies
approximately 9 million tonnes of coal to various customers in
India. Coal is generally procured by C&O through short-term
purchase agreements with major coal suppliers like Anglo Coal,
Xstrata, BHP Billiton and through long-term supply arrangements
with mines in Australia/Indonesia.

The total revised project cost for CEPL of INR7870.00 crore
(increased from earlier INR6822.89 crore) is funded through
debt/equity ratio of 80:20. Unit-1 of 600 MW has commenced
operations from December, 2014 and unit-2 from January, 2016.


COSMO FERRITES: CRISIL Raises Rating on INR65MM Cash Loan to BB-
----------------------------------------------------------------
CRISIL has upgraded its ratings on bank facilities of Cosmo
Ferrites Limited to 'CRISIL BB-/Stable/CRISILA4+' from 'CRISIL
B+/Stable/CRISIL A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee           5        CRISIL A4+ (Upgraded from
                                     'CRISIL A4')

   Cash Credit             65        CRISIL BB-/Stable (Upgraded
                                     from 'CRISIL B+/Stable')

   Export Packing Credit   50        CRISIL A4+ (Upgraded from
                                     'CRISIL A4')

   Letter of Credit        80        CRISIL A4+ (Upgraded from
                                     'CRISIL A4')

   Proposed Bank            5        CRISIL A4+ (Upgraded from
   Guarantee                         'CRISIL A4')

   Proposed Cash           75        CRISIL BB-/Stable (Upgraded
   Credit Limit                      from 'CRISIL B+/Stable')

   Proposed Term Loan      70.3      CRISIL BB-/Stable (Upgraded
                                     from 'CRISIL B+/Stable')

   Standby Line of         10.0      CRISIL BB-/Stable (Upgraded
   Credit                            from 'CRISIL B+/Stable')

The rating upgrade reflects improvement in the business risk
profile and liquidity, driven by higher-than-expected growth in
revenue, ramp-up of the coil division and potential benefits from
commercialization of light emitting diodes (LED) lamps and
lighting effects.

CFL's revenue growth has been driven by increase in its domestic
sales of ferrites and commercialization of coil division in
October, 2015. Revenue is expected to grow around 20 percent over
the medium term on account of increased offtake from ferrites
segment on account of benefits likely to accrue from forward
integration, ramp up of coil division and expected
commercialization of LED unit. The upgrade factors in CFL's
improved profitability on account of various de-bottlenecking
measures undertaken. The rating upgrade also reflects CRISIL's
belief that CFL will continue to increase its revenues at an
above-average rate, while maintaining moderate profitability,
supported by its ongoing capex plan. CFL has established a strong
customer base, majority of these customers are distributors for
OEMs of transformers, CFLs, mobile phones, wireless chargers, and
inductive heaters. The company's liquidity has improved with
increase in cash accruals, which are adequate to service its
maturing term debt obligations over the next two years and need
based support from promoters with incremental infusion of
unsecured loans amounting INR9.5 million in quarter 2 of fiscal
2017. Enhancement in the company's cash credit limit also
supports the improvement in its liquidity. Working capital cycle
is moderate with gross current assets estimated to be around 135-
140 days over the medium term. Also, despite CFL's ongoing debt-
funded capital expenditure (capex) of INR70 million for 2016-17,
its financial risk profile is expected to remain moderate.

The ratings reflect CFL's established position in the soft-
ferrite industry, and moderate financial risk profile. These
rating strengths are partially offset by implementation-related
risks (including time and cost overruns) associated with its new
capital expenditure project for setting up light emitting diode
(LED) unit, its limited scale of operations, and modest net
worth.

Outlook: Stable

CRISIL believes that CFL will continue to benefit from its
established position in the soft ferrites industry and healthy
client relationships. The outlook may be revised to 'Positive,'
in case of timely stabilisation of operations at the upcoming
capacity, and higher-than-expected cash accrual, which will
ensure timely servicing of debt obligation , over the medium
term. The outlook may be revised to 'Negative' if the company
faces significant time or cost overrun in the ongoing project, or
if any large, debt-funded capex, weakens the financial risk
profile, especially liquidity.

CFL was set up by Mr. Ashok Jaipuria in 1986. He is also the
founder-promoter of Cosmo Films Ltd and manufactures bi-axially-
oriented polypropylene films. CFL manufactures soft ferrites and
coils, at its facility near Shimla and caters to a wide customer
base, comprising distributors for OEMs of transformers, compact
fluorescent lights, mobile phones, wireless chargers, and
inductive heaters.

In fiscal 2016, profit after tax (PAT) was INR0.03 million on
turnover of INR594.6 million, vis-a-vis PAT of INR(16.8) million
on turnover of INR540.9 million in fiscal 2015. For the three
months ended June 30, 2016, on a provisional basis, PAT was
INR(0.7) million on turnover of INR163.7 million vis-a-vis PAT of
INR(1.7) million on turnover of INR141 million, for the
corresponding period, a year ago.


GRAH AVAS: ICRA Suspends 'B' Rating on INR10.23cr Bank Loan
-----------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B and short term
rating [ICRA] A4 on INR10.23 crore bank lines of Grah Avas Vikas
Private Limited. The suspension follows ICRA's inability to carry
out a rating surveillance in the absence of the requisite
information from the company.


ICED DESSERTS: ICRA Cuts Rating on INR10cr LT Loan to 'D'
---------------------------------------------------------
ICRA has revised the rating assigned to the INR15.00 crore
(Enhanced from INR10.00 crore) long term fund based limits of
Iced Desserts & Food Parlours (India) Private Limited from
[ICRA]BB- to [ICRA]D.

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long term, fund       15.00      Revised from [ICRA]BB-/Stable
   based limits-                    to [ICRA]D for INR10.00 crore
   Term loan                        bank limits and assigned
                                    [ICRA]D to INR5.00 crore
                                    enhanced limits

The rating revision takes into account the overutilization in the
working capital limits for more than 30 days during July 2016 to
August 2016 period on account of change in business model from
distributorship of UBL to commission agency of UBL resulting into
cash flow mismatch. ICRA takes note of low accruals, leveraged
capital structure and stretched coverage indicators of the
company while also recognizing the vulnerability of the business
to government regulations which have a direct impact bearing on
the demand. ICRA also takes note of long standing experience of
the promoters of more than three decades in the liquor trading
and allied businesses and established relations of the promoters
with the UB Group. In September 2016, the outstanding working
capital limits will be converted into term loan as the nature of
business of the company has changed from super distributorship to
commission agency business. Going forward, servicing of debt
obligations in timely manner and improvement in the financial
profile will remain key rating sensitivity factors for the
company.

ICED was established in 1994 and is a part of the N. R. Group of
Companies promoted by Mr. Neeraj Rawal. The company was engaged
in Super Distributorship of Kingfisher beer brand of UBL for
entire Maharashtra except Mumbai. The company has two warehouses
situated in Aurangabad and Ambarnath having capacity of 50,000
and 80,000 cases respectively. With effect from April 1, 2016,
ICED have be appointed as a Commission Agent by United Breweries
Ltd which is change from earlier role as Super distributors for
the region of Maharashtra except Greater Mumbai. Hence since this
change there would be no sales and purchases in their books of
account and they would get only commission income once a month.


IFMR CAPITAL: ICRA Ups Rating on INR10.02cr PTCs to BB(SO)
----------------------------------------------------------
ICRA has upgraded the ratings of PTCs (Pass Through Certificates)
backed by a Multi-Originator micro loan pool. The rating upgrade
reflects the good collection performance on the underlying pool
so far, and enhanced credit enhancement cover for the rated
instruments over the shorter residual tenure. The summary of the
rating actions taken by ICRA is given below.

Transaction Name: IFMR Capital Mosec Glaucus 2015
Originators: Disha Fusion Intrepid Light Pahal Saija

             Initial Amt   O/s after Jul-16
Instrument    (INR. Cr)    Payout (INR Cr)     Rating Action
----------   -----------   ----------------    -------------
PTC Series A1    66.87            7.23         Upgraded from
                                               [ICRA]BBB(SO) to
                                               [ICRA]A+(SO)

PTC Series A2    10.02           10.02         Upgraded from
                                               [ICRA]B-(SO) to
                                               [ICRA]BB(SO)

The selected pool underlying this transaction comprised of
unsecured micro loans, with moderate initial tenure of contracts,
moderate initial seasoning and no overdues. Moreover, the pool is
comprised of Group Loans only. The instruments in the above-
mentioned transaction are backed by a pool of micro loan
receivables originated by multiple originators; the originators
in case of each of these transactions are as shown in table 1
above.

Every month, only the interest payment is scheduled to be paid to
PTC A1. The principal repayment is expected to be paid to PTC A1
on each payout date but is due and payable only on the Final
Maturity Date (Ultimate principal payment structure). The
scheduled cashflows to PTC A2 will comprise repayment of
principal which is expected on each payout date but is due and
payable only on the Final Maturity Date (Ultimate principal
payment structure). Any repayment to PTC A2 will be made only
after all PTC A1 Payouts have been fully made and PTC A1 has
matured. After PTC A1 Payouts are fully met, all collections will
be passed on to PTC A2, first by way of amortization of PTC A2
principal amount (till the principal balance falls to INR10,000),
and later by way of yield. On the last payment date, PTC A2 would
be paid the residual interest (such that the target yields is
achieved) and payment of INR10,000 towards PTC A2 principal,
together.


K. L. MECHANICAL: ICRA Withdraws B+ Rating on INR8.2cr Term Loan
----------------------------------------------------------------
ICRA has withdrawn the [ICRA]B+ rating assigned to the INR8.20
crore term loan facility of K. L. Mechanical Works Private
Limited, on a request from the company.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund Based Limit-
   Term Loan                8.20        [ICRA]B+ withdrawn

   Fund Based Limit-        3.75        [ICRA]B+ put on notice
   Cash Credit                          of withdrawal

   Non Fund Based Limit-    0.50        [ICRA]A4 put on notice
   Bank Guarantee                       of withdrawal

There is no amount outstanding against the rated instrument. ICRA
has placed the [ICRA]B+ rating assigned to the INR3.75 crore cash
credit facility and short term rating of [ICRA]A4 assigned to the
INR0.50 crore non fund based limits of K. L. Mechanical Works
Private Limited on notice of withdrawal for 30 days at the
request of the company as the facility has been fully repaid. As
per ICRA's policy, the ratings will be withdrawn after 30 days
from the date of this withdrawal notice.


KANISHKA CARBONS: CRISIL Suspends 'C' Rating on INR45MM Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Kanishka Carbons Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee           1        CRISIL A4
   Cash Credit-Book Debt   30        CRISIL C
   Cash Credit-Stock       45        CRISIL C
   Letter of Credit         4        CRISIL A4

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

KCPL, incorporated in 1990, manufactures CPC and carbon electrode
paste in different specifications. The company's day-to-day
operations are managed by its promoter-directors, Mr. Binod
Hesariya and his son Mr. Kanishka Hesariya.


KRISHNA INDUSTRIES: CRISIL Suspends 'D' Rating on INR100MM Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Krishna Industries (Bhavnagar).

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             100      CRISIL D
   Letter of Credit         10      CRISIL D
   Proposed Long Term
   Bank Loan Facility       10      CRISIL D
   Term Loan                19      CRISIL D

The suspension of ratings is on account of non-cooperation by KI
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, KI is yet to
provide adequate information to enable CRISIL to assess KI'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 2005, KI is a partnership firm owned and managed by
members of the Sharma family. The firm manufactures copper and
aluminum wire. Its manufacturing facility is in Bhavnagar
(Gujarat).


KSM MILLS: CRISIL Suspends B+ Rating on INR39.2MM LT Loan
---------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of KSM
Mills.

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

   Proposed Long Term
   Bank Loan Facility      39.2      CRISIL B+/Stable

   Rupee Term Loan         15.8      CRISIL B+/Stable

The suspension of ratings is on account of non-cooperation by KSM
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, KSM is yet to
provide adequate information to enable CRISIL to assess KSM'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 October 2011, KSM is engaged in the activity of
bleaching of fabric and is based out of Tirupur (Tamil Nadu).


LIVINGSTONES JEWELLERY: ICRA Reaffirms B Rating on INR12.5cr Loan
-----------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B for the
INR14.50 crore bank facilities of Livingstones Jewellery Private
Limited.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Long Term, Fund
   Based Limits             12.50       [ICRA]B; reaffirmed
   Unallocated               2.00       [ICRA]B; reaffirmed

The rating reaffirmation takes into account the promoters'
experience and operating track record of more than three decades
in the gems and jewellery business and the presence of the
Livingstones group across the various segments of the value chain
making it an integrated player in the gems and jewellery segment.
The rating is, however, constrained by the muted growth in
revenues of the company during the last three fiscals on account
of the intense competition and demand slowdown in the gems and
jewellery industry and its subdued financial profile on account
of modest profitability margins and weak debt coverage
indicators. The rating also factors in the company's continued
exposure to high client concentration risks as well as currency
fluctuations as majority of the revenues are generated through
exports, though this risk is mitigated to a certain extent by
natural hedge from imports.

The firm's operating profits remain vulnerable to adverse
movements in prices of rough diamonds. The ability to scale up
its operations as well as improve profitability, while managing
its working capital intensity would remain the key rating
sensitivities, going forward.

Livingstones Jewellery Private Limited was incorporated in 1989
by Mr. Sandip Kothari and Mr. Pankaj Kothari. The company is
engaged in the manufacturing and selling of diamond studded gold
jewellery. LJPL, part of Livingstones group, is a closely held
entity with 100% ownership of the promoter family, who are
actively involved in its day-to-day operations.

The Livingstones group has more than three decades of experience
in the Gems and Jewellery business and has over the years grown
into a vertically integrated business establishment ranging from
diamond manufacturing to jewellery retail. LJPL has its
manufacturing facility in SEEPZ, Mumbai.

Recent Results
For the financial year ending March 2016, LJPL reported an
operating income of INR27.50 crore and a net profit of INR0.06
crore as compared to an operating income of INR27.42 crore and a
net profit of INR0.27 crore in the previous year.


MONICA GARMENTS: ICRA Withdraws 'B' Rating on INR.52cr Loan
-----------------------------------------------------------
ICRA has withdrawn the [ICRA]B rating on the INR0.52 crore bank
lines of Monica Garments and has placed the [ICRA]A4 rating on
the INR6.41 crore bank lines of the company on a notice of
withdrawal for one month at the request of the company . As per
ICRA's policy, the ratings put on notice of withdrawal will be
withdrawn after one month from the date of this withdrawal
notice.


MUTKIRI SPINNING: CRISIL Suspends 'B' Rating on INR70MM Loan
------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Mutkiri
Spinning Mill Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             70        CRISIL B/Stable
   Term Loan               30        CRISIL B/Stable

The suspension of ratings is on account of non-cooperation by
MSMPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, MSMPL is yet to
provide adequate information to enable CRISIL to assess MSMPL'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 1996, MSMPL is promoted by Mr. Balaji Mutkiri
along with his brother Mr. Arun R. Mutkiri.  The company is
engaged in ginning of raw cotton (kapas), spinning of blended
cotton yarn and cotton seed crushing.


NAMRATA PROMOTERS: CRISIL Suspends B+ Rating on INR100MM Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Namrata Promoters and Builders.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            100        CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility      75        CRISIL B+/Stable

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

NPB, established in 1994, is part of the Pune-based Namrata
group. The group was set up in 1987 by Mr. Deepak Shah and his
brother, Mr. Shailesh Shah. The Namrata group has executed
numerous residential and commercial projects in Pune over the
past 25 years. NPB is currently executing Eco City, a 320-flat
residential project in Talegaon (Maharashtra).


RAM WAREHOUSING: CRISIL Suspends B+ Rating on INR65MM Term Loan
---------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Ram
Warehousing.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term
   Bank Loan Facility      35        CRISIL B+/Stable
   Term Loan               65        CRISIL B+/Stable

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

Set up in 2013, RW is a partnership firm promoted by Mr. Aman
Mittal and his brother, Mr. Rajan Mittal. The firm has
constructed a warehouse with a storage capacity of 30,000 tonnes
of agricultural products in Gurdaspur (Punjab). RW signed a 10-
year offtake agreement with its affiliate, GOL, for warehouse
which is expected to commence operations in Jan 2015.


SANJAR PHARMA: CRISIL Assigns 'B' Rating to INR90MM LT Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Sanjar Pharma LLP.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             20        CRISIL B/Stable
   Long Term Loan          90        CRISIL B/Stable

The rating reflects SPLL's exposure to risks related to its
initial stage of operations, its expected modest scale of
operations in the highly competitive pharmaceuticals industry,
and subdued financial risk profile because of debt-funded project
and expected large working capital requirement. These weaknesses
are partially offset by its favourable location in Himatnagar,
Gujarat, and its promoters' committed fund support.
Outlook: Stable

CRISIL believes SPLL will benefit over the medium term from its
proximity to the pharmaceuticals hub in Gujarat. The outlook may
be revised to 'Positive' if operations stabilise on time, leading
to expected increase in sales and cash accrual. The outlook may
be revised to 'Negative' in case of low accrual because of delay
in ramp-up of operations, low profitability, or large working
capital requirement, weakening the financial risk profile and
liquidity.

SPLL is setting up a unit to manufacture low-value pharmaceutical
products in Himatnagar. The firm is promoted by Mr. Modasiya
Mohammad Moin Khalil Ahmed and his family members, who have been
in the automobile dealership business in Himatnagar. SPLL will
have installed capacity of 300,000 pharma units per day. It is
likely to commence commercial production in September 2016.


SARAF FAB: ICRA Places B+/A4 Rating on Notice of Withdrawal
-----------------------------------------------------------
ICRA has placed the [ICRA]B+ and [ICRA]A4 rating on the INR10.0
crore bank lines of Saraf Fab Trade Private Limited on a notice
of withdrawal for one month at the request of the company. As per
ICRA's policy, the ratings will be withdrawn after one month from
the date of this withdrawal notice


SGS MARINE: CRISIL Reaffirms B+ Rating on INR50MM Cash Loan
-----------------------------------------------------------
CRISIL's ratings on the bank facilities of SGS Marine
Habitability Private Limited continue to reflect the company's
modest scale of operations, large working capital requirement,
and small networth limiting its financial flexibility. These
weaknesses are partially offset by its promoters' extensive
experience in the marine accommodation products industry, and its
established customer relationships.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             50       CRISIL B+/Stable (Reaffirmed)

   Letter of Credit        25       CRISIL A4 (Reaffirmed)

   Long Term Loan           1.6     CRISIL B+/Stable (Reaffirmed)

   Proposed Fund-Based
   Bank Limits             23.4     CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes SGS will continue to benefit from its promoters'
extensive industry experience. The outlook may be revised to
'Positive' if there is a substantial and sustained increase in
the company's revenue and profitability, or a steady improvement
in its working capital management. The outlook may be revised to
'Negative' if the profitability declines or capital structure
deteriorates because of large debt-funded capital expenditure or
increase in working capital requirement.

SGS, incorporated in 2012 and based in Visakhapatnam, Andhra
Pradesh, assembles marine accommodation products, including
gallery, scullery, living space, cabinets, and furniture, on
turnkey basis. The company is promoted by Mr Ghanshyam Sharma, Mr
Shyam Sundar Sharma, and Mr Jagdish Prasad Tamadiyat.


SHANKESHWARA FOOD: CRISIL Assigns B+ Rating to INR160MM Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of Shankeshwara Food Product Private
Limited.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Term Loan              52.2      CRISIL B+/Stable
   Cash Credit           160.0      CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility     87.8      CRISIL B+/Stable

The rating reflects exposure to intense competition and volatile
raw material prices in highly fragmented wheat flour industry.
The rating also factors in a below-average financial risk profile
because of weak debt protection metrics. These rating weaknesses
are partially offset by the promoter's extensive experience in
the agro-based business.
Outlook: Stable

CRISIL believes SFPPL will continue to benefit over the medium
term from the extensive industry experience of its promoter. The
outlook may be revised to 'Positive' in case of more-than-
expected increase in scale of operations and improvement in
profitability leading to an improvement in liquidity. The outlook
may be revised to 'Negative' in case of low net cash accrual or
large debt-funded capital expenditure.

SFPPL was incorporated in 2007, promoted by Mr. Rajesh Jain. The
company manufactures maida, wheat flour, sooji and other wheat
products.


SHREE KRISHNA: ICRA Raises Rating on INR48cr LT Loan to BB-
-----------------------------------------------------------
ICRA has upgraded the long term rating to [ICRA]BB- from [ICRA]D
for INR48.00 crore fund-based bank facilities of Shree Krishna
Paper Mills & Industries Limited. Also, ICRA has upgraded the
long term rating for INR5.00 crore Cumulative Redeemable
Preference Shares to [ICRA]BB- from [ICRA]D. ICRA has also
upgraded the short term rating for INR14.00 crore non fund-based
bank facilities of SKPMIL to [ICRA]A4 from [ICRA]D.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Long Term Fund-         48.00      [ICRA]BB- (Stable)
   Based Facilities                   (Upgraded)

   Cumulative Redeemable    5.00      [ICRA]BB- (Stable)
   Preference Share                   (Upgraded)

   Short Term Non Fund-
   Based Facilities        14.00      [ICRA]A4 (Upgraded)

The rating upgrade takes into account regularization of debt
servicing supported by sizeable funds (Rs. 16.78 crore) received
from excise department against a pending refund. SKPMIL has
utilized these funds received in the month of June 2016 towards
debt reduction, wherein utilization of working capital limits has
been cut down and majority of pending term debt liability has
been prepaid with only partial amount (~Rs. 2 crore) pending
against last term loan installment due in March 2016.

While ICRA is cognizant of sizeable repayment (Rs. 5 crore) of
cumulative redeemable preference shares (CRPS) due in March 2017,
the modest cash accruals of INR5-6 crore from the core business
coupled with cushion in utilization of working capital limits are
expected to support the repayment of these preference shares and
balance term liabilities. ICRA notes that SKPMIL will
subsequently become term debt free in FY2018, though recompense
liability towards lenders under CDR can result in modest
repayment liability in FY2018 and FY2019.

While upgrading the ratings, ICRA also takes into account
satisfactory operational performance of the company with capacity
utilization of its newsprint plant at Kotputli exceeding 100% for
last few years, which coupled with ongoing shifting of
manufacturing capacity for coated paper and thermal sensitive
paper from Bahadurgarh unit to Kotputli unit will benefit the
company in medium term by way of cheaper grid power and
operational synergies. Besides, the proposed improvements in
product mix can drive improvement in sales, profits and accruals.
The ratings however continue to remain constrained on account of
weak financial profile characterized by accumulated losses;
industry-wide challenges including increasing input costs,
cheaper imports, declining global demand for newsprint paper, and
highly fragmented and competitive nature of the industry; and
SKPMIL's history of debt re-schedulement twice - latest being in
August 2009 owing to weak operational performance.

Going forward, improvement in production, sales and profits
through better product mix, restarting and stabilization of
production for coated paper and thermal sensitive paper will
remain key rating sensitivities besides the scale and funding mix
of any capital expenditure undertaken by the company towards
augmentation or modernization of production capacities.

Shree Krishna Paper Mills & Industries Limited was incorporated
by Pasari Group in the year 1972. While the Company manufactures
newsprint paper, and printing and writing Paper (PWP) at its
Kotputli (Rajasthan) unit having installed capacity of 36,000
MTPA, the capacitiy of 14,000 MTPA for manufacturing coated paper
and thermal Sensitive Paper (TSP) earlier installed at
Bahadurgarh (Haryana) unit is being shifted to Kotputli unit. The
erstwhile coated paper manufacturing unit at Bahadurgarh, Haryana
was acquired from Bansal Paper Mills in the year 1974, while the
printing and writing paper unit at Kotputli was commissioned in
FY2006.

The company had availed a sizeable term loan to fund the capex at
Kotputli unit. However, as the production did not commence as
planned due to technical issues, the company suffered huge
losses, thereby resulting in complete erosion of its net worth.
Subsequently, the company made references to corporate debt
restructuring in the year 2007 and in the year 2009, whereby its
debt was rescheduled.

In FY2016, SKPMIL reported an Operating Income (OI) of INR125.0
crore, Operating Profit before Depreciation, Interest, Taxes and
Amortization (OPBDITA) of INR10.4 crore and Profit after Tax
(PAT) of INR2.4 crore against an OI of INR140.9 crore, OPBDITA of
INR8.8 crore and PAT of INR0.4 crore reported in FY2015.

Recent Results:
In Q1 FY2017, SKPMIL has reported an OI of INR32.5 crore, OPBDITA
of INR3.5 crore, Extraordinary Income of INR16.8 crore and PAT of
INR16.8 crore against an OI of INR32.3 crore, OPBDITA of INR1.5
crore and net loss of INR0.4 crore reported in Q1 FY2016.


SHREE NAVKAR: ICRA Reaffirms B+ Rating on INR10cr Fund Based Loan
-----------------------------------------------------------------
ICRA has reaffirmed its long-term rating of [ICRA] B+ to the
INR10.0-crore (enhanced from INR8.50 crore) long-term fund-based
limits of Shree Navkar Tex Creations.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Fund-based Limits       10.00       [ICRA]B+; reaffirmed

ICRA's rating is constrained by SNTC's high working capital
intensity owing to high debtors and inventory, which keeps the
firm dependent on external debt and credit from suppliers. Hence,
the firm's liquidity also remains under pressure as reflected in
the high utilisation of bank limits and frequent utilization of
ad hoc limits. The rating is further constrained by the
vulnerability of the firm's profitability to fluctuations in raw
material prices and also high client concentration risk with top
five contributing around 65% of the total sales in FY2016 and the
top clients contributing around 45% of total sales. ICRA also
takes into account the firm's modest scale of operations and the
risks associated with the proprietorship nature of the firm like
withdrawal of capital, risk of dissolution etc. However, the
rating favourably factors in the proprietor's experience in the
textile trading business, favorable location with easy access to
raw material and steady revenue growth and moderate
profitability.

Going forward, SNTC's ability to increase its scale and improve
its liquidity position will be the key rating sensitivities.

SNTC is a proprietorship firm based in Pali, Rajasthan which was
incorporated in 2008 and is managed by second generation
entrepreneur Mr. Kalpesh Bhandari. The firm is a part of the
Pali-based ISON group, which has interests in real estate
development, apart from textile trading. The firm trades in
'rubia', a fabric which is primarily used in blouses for women
and as an inner lining in dresses. It procures the grey fabric
from 'mandis' in Rajasthan and Maharashtra and gets it processed
on an outsourced basis in Pali, which is a hub for textile
processing. It sells its fabric to wholesalers across the country
through agents on a commission basis.

Recent results
In FY2015, SNTC generated a PAT of INR0.59 crore on an Operating
Income (OI) of INR34.99 crore, as compared to a PAT of INR1.52
crore on an OI of INR33.06 crore in the previous year. In FY2016,
the firm, on a provisional basis, generated a PAT of INR0.71
crore on an OI of INR44.69 crore.


SHREE SACHIDANAND: ICRA Reaffirms 'B' Rating on INR5.0cr Loan
-------------------------------------------------------------
ICRA has re-affirmed the long-term rating assigned to the INR9.30
crore fund based bank facilities of Shree Sachidanand Industries
Private Limited at [ICRA]B. ICRA has also re-affirmed the short-
term rating assigned to the INR0.50 crore fund based sub-limit of
SSIPL at [ICRA]A4. ICRA has further re-affirmed the ratings
assigned to the INR5.20 crore unallocated limit at [ICRA]B and/or
[ICRA]A4.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Long-Term Fund
   Based-Term Loans         4.30      [ICRA]B (re-affirmed)

   Long-Term Fund
   Based-Cash Credit        5.00      [ICRA]B (re-affirmed)

   Short-Term Non
   Fund Based Overdraft     0.50      [ICRA]A4 (re-affirmed)

   Unallocated Limit        5.20      [ICRA]B and/or [ICRA]A4
                                      (re-affirmed)

The re-affirmation of the ratings continues to be constrained by
the high working capital intensity owing to high receivables,
entailing stretched liquidity and full utilization of bank
limits. The ratings are also constrained by SSIPL's weak debt
protection metrics along with high repayment obligations arising
from recent capex. Moreover, the ratings also consider the
intense competitive pressures arising out of a fragmented
industry structure and vulnerability of operations to the
cyclicality inherent in the textile industry, given the absence
of any long-term contracts with its customers.

The ratings, however, continue to take note of steady growth in
SSIPL's turnover and comfortable capital structure, as reflected
by a gearing of 1.24 times as on 31st March 2016. The ratings
also continue to favorably factor in the professional and
experienced promoters of SSIPL with long experience in the
textile processing industry. The location advantage by virtue of
its proximity to raw material sources and customers is yet
another rating comfort.

Over the medium term, the ratings will be dependent on the firm's
ability to maintain healthy revenues and a stable financial risk
profile through the cyclicality of the key target industry
textiles. SSIPL's ability to maintain healthy profitability,
especially during periods of cyclical downturn will remain
critical. Its ability to generate sufficient cash accruals
through its operations will be critical in maintaining its
liquidity position and servicing its debt obligations given the
high impending repayment in the near term.

Incorporated in the year 1993, Shree Sachidanand Industries
Private Limited (SSIPL) is engaged in the business of dyeing and
printing fabrics, it is also involved in the trading of fabrics.
SSIPL is part of the Jajoo Group mainly promoted by Mr. Damodar
Jajoo and Mr. Radheshyam Jajoo. The company's registered office
and processing facility are at Surat in Gujarat.

Recent Results
SSIPL recorded a profit after tax of INR1.26 crore on an
operating income of INR32.99 crore for the year ending March 31,
2015 and profit after tax of INR1.32 crore on an operating income
of INR36.43 crore for the year ended March 31, 2016, as per
provisional numbers.


SHREEJI AUTOWORLD: ICRA Suspends C Rating on INR10cr Loan
---------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]C outstanding on
the INR10.00 Crore cash credit facilities of Shreeji Autoworld
Private Limited. The suspension follows ICRA's inability to carry
out a rating surveillance in the absence of the requisite
information from the company.


SILVER STONE: CRISIL Reaffirms B+ Rating on INR47.5MM Term Loan
---------------------------------------------------------------
CRISIL ratings on the bank facilities of Silver Stone Ceramic
continue to reflect SSC's modest scale of operations in the
intensely competitive ceramics industry, and large working
capital requirement. These weaknesses are partially offset by the
extensive experience of partners and the proximity of its
manufacturing facilities to raw material and labor sources.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee         15        CRISIL A4 (Reaffirmed)
   Cash Credit            30        CRISIL B+/Stable (Reaffirmed)
   Term Loan              47.5      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes SSC will continue to benefit over the medium term
from the extensive experience of partners. The outlook may be
revised to 'Positive' if a significant improvement in sales while
maintaining profitability leads to a substantial increase in cash
accrual. Conversely, the outlook may be revised to 'Negative' in
case of low accrual because of low order flows or profitability,
or if the financial risk profile weakens further, most likely
because of a stretch in the working capital cycle or large, debt-
funded capital expenditure.

Established in 2013 as a partnership between Mr. Valamjibhai
Patel and his family, SSC, based in Morbi, Gujarat, manufactures
ceramic wall glazed tiles. The promoters have been in the ceramic
tiles industry for more than a decade. The firm has commenced
commercial operations from September 2014.


SRI PADMA: ICRA Reaffirms B+ Rating on INR11.50cr Bank Loan
-----------------------------------------------------------
ICRA has reaffirmed the [ICRA]B+ rating for INR11.50 crore bank
facilities of Sri Padma Priya Finance Corporation (PP).

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Bank Facilities         11.50        [ICRA]B+; Reaffirmed

For arriving at the rating, ICRA has consolidated performance of
PP and Sri Vishnu Priya Finance (VP), as these entities-
belonging to the Rajahmundry, Andhra Pradesh based SB group- have
a common management and operate in the same business segment.
Henceforth, the two entities are together referred to as PPVP or
the group.

The rating reaffirmation factors in the SB group's established
presence in Rajahmundry, Andhra Pradesh, the partners' experience
in the auto dealership business, PPVP's comfortable capital
structure (consolidated gearing at 3.1 times, provisional, as on
March 31, 2016) and good asset quality indicators (90+dpd at 0.0%
in March 2016). The rating is however constrained by PPVP's
modest scale of operations, its regionally concentrated presence,
moderate financial flexibility and exposure to the relatively
risky asset segment of two-wheeler financing to the self
employed. ICRA notes that the group's profitability has moderated
from 3.6% in FY2015 to 1.1% in FY2016 with an increase in
operating expenses on account of branch expansion and marketing
expenses. Although the overall asset quality indicators have
remained comfortable, ICRA notes that the group's credit
appraisal, internal controls and risk management systems need to
strengthened further, to support the proposed business expansion.
The rating also takes into consideration the limited regulatory
oversight given that the entities operate as partnership firms.
Going forward, PPVP's ability to maintain asset quality, and
improve profitability while growing the scale of operations in a
competitive business environment would be key from a rating
perspective.

PPVP is part of the SB group based in Rajahmundry, Andhra
Pradesh. The key entities in the SB group include SB Motor
Corporation, SB Wheels Zone, Sri Padma Priya Finance Corporation
and Sri Vishnu Priya Finance. Established in 1998, the SB group,
is primarily engage in two and four wheeler dealerships and
financing. Mr. Rangaprasad, Mr. Ramkumar, Ms. Parimala, Mr.
Suresh Kumar are the partners of all the entities of the group
with varying shares in each.

The financing activities of the group are undertaken by the two
firms - PP and VP. Both are partnership firms and are not
governed by the RBI's regulations for non-banking finance. Both
firms finance two wheelers - mostly used vehicles in different
geographies with a focus on the rural market.

As on March 31, 2016, the total vehicle loan portfolio of PPVP
stood at INR33.9 crore (provisional), registering a y-o-y growth
of about 27%. For FY2016, the combined entity reported a profit
before tax of INR0.5 crore (provisional) on an asset base of
INR47.1 crore. As on March 31, 2016, the total net worth
(provisional) of PPVP in relation to total assets was 18%.

PP was setup in 1995 as a partnership firm in Rajahmundry. It is
engaged in financing two wheelers in the East Godavari region of
Andhra Pradesh. As on March 31, 2016, PP had a total vehicle loan
portfolio of INR17.6 crore, registering a y-o-y growth of 27%. As
per the provisional financials for FY2016, PP reported a profit
before tax of INR0.2 crore on an asset base of INR26.1 crore. As
on March 31, 2016, its total net worth in relation to total
assets was about 21%.


SWASTIK AAHAR: ICRA Suspends 'B' Rating on INR6.0cr Bank Loan
-------------------------------------------------------------
ICRA has suspended its long-term rating of [ICRA]B assigned to
the INR6.0 crores bank facilities of Swastik Aahar Mills Private
Limited. The suspension follows ICRA's inability to carry out a
rating surveillance in absence of requisite information from the
company.


UNIQUE ENGINEERS: Weak Financial Strength Cues ICRA SP4D Grading
----------------------------------------------------------------
ICRA has assigned 'SP 4D' grading to Unique Engineers indicating
'Weak Performance Capability' and 'Weak Financial Strength' of
the channel partner to undertake solar projects. The grading is
valid for a period of two years from September 02' 2016 after
which it will be kept under surveillance.

Grading Drivers

Strengths
* Satisfactory feedback from customers, suppliers and bankers
* Experience in executing mechanical, plumbing and electrical
   projects

Risk Factors
* Limited track record of solar operations
* Limited order book in hand impacting revenue visibility
* High competitive pressures from large number of
   organized/unorganized players
* Small balance sheet size limits financial flexibility
* Small scale of operations

The grading is for Solar Photovoltaic

SI Related Business Performance Capability - Weak

* Promoter Track Record: The promoter has experience in
execution of mechanical, electrical and plumbing contracts
chiefly for defense organizations given the prolonged career in
Military Engineering Services and in addition offers training and
consultancy. The firm since 2014-15 has forayed into installation
of roof top solar systems (designing, erection and commissioning)
and has till date installed ~27KWp in the solar space.

* Technical competence and adequacy of manpower: The promoter
has satisfactory experience in execution of solar projects
although he has good experience in electrical project execution.
UE management also has some experience in execution of solar
projects. The firm has an execution team which has the ability to
install roof top solar projects.

* Quality of suppliers and tie up: The Company has standard
frameworks to work with vendors/contractors and evaluates them
based on product certifications, quality parameters, financial
strength, capacity and the service levels which suppliers can
provide. The firm procures solar PV panels, the key raw material
form reputed panel manufacturers like Vikram Solar and Waree
Solar. Apart from these, the ancillary material is obtained from
various manufacturers. The firm is also the distributor of
Fronius inverters.

* Customer and O&M Network: The firm is engaged in execution of
MEP (Mechanical, Electrical and Plumbing) projects particularly
for defence organizations and private entities. The firm has
modest customer base as of date in the solar business. Unique
Engineers mainly executes solar projects for roof top Solar PV
Systems. The company currently does not have operations and
maintenance activities team which is currently outsourced.

Revenues
The company reported revenues of INR0.12 crore in FY2015 and
INR1.22 crore in FY2016

Return on Capital Employed (RoCE)
17% in FY2015 and 105% in FY2016

Total Outside Liabilities / Tangible Net worth
0.99 times in FY2015 and 1.03 times in FY2016

Interest Coverage Ratio
79.99 times during FY2016

Net-Worth
INR0.07 crore in FY2015 and INR0.17 crore in FY2016

Current Ratio
1.46 times in FY2015 and 1.69 times during FY2016

Relationship with bankers
Good; The firm currently has no debt on its books. However, it
maintains a current account with HDFC bank for the firm related
transactions.

Overall financial strength of the firm is weak particularly given
its net worth position and limited cash accruals in the past
fiscals. Further, the company faces liquidity pressure on account
of stretched receivables.


T. KANAGARAJ: CRISIL Reaffirms 'B' Rating on INR50MM Cash Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of T. Kanagaraj continue
to reflect a below-average financial risk profile because of weak
capital structure and debt protection metrics, and modest scale
of operations with geographical concentration risks in its
revenue profile.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee         3.3       CRISIL A4 (Reaffirmed)
   Cash Credit           50.0       CRISIL B/Stable (Reaffirmed)

Additionally, the firm is exposed to risks related to tender-
based operations in an intensely competitive civil construction
segment. These rating weaknesses are partially offset by the
extensive experience of its proprietor in the civil construction
industry.

Outlook: Stable

CRISIL believes that TK will continue to benefit over the medium
term from its proprietor's extensive industry experience. The
outlook may be revised to 'Positive' if the firm's scale of
operations and profitability improves significantly, leading to
improvement in its financial risk profile. The outlook may be
revised to 'Negative' if TK's working capital management weakens
or if the firm undertakes a large debt-funded capital expenditure
programme, resulting in weakening of its capital structure and
liquidity.

TK, setup in 1998 as a proprietorship by Mr. T Kanagaraj,
undertakes civil construction works in Palani (Tamil Nadu), and
functions primarily as a contractor for TN's Public Works
Department. TK lays and repairs roads.


VISHAKHA IRRIGATION: CRISIL Reaffirms B+ Rating on INR180MM Loan
----------------------------------------------------------------
CRISIL's ratings on the bank loan facilities of Vishakha
Irrigation Private Limited continue to reflect VIPL's large
working capital requirements, below average financial risk
profile, marked by high gearing and vulnerability of its
operations to adverse changes in government policies on micro-
irrigation systems (MIS). These rating weaknesses are partially
offset by promoter's extensive industry experience and improving
business risk profile marked by increase in PVC pipes sales.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          20       CRISIL A4 (Reaffirmed)

   Cash Credit            180       CRISIL B+/Stable (Reaffirmed)

   Letter of Credit       120       CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility       7.5     CRISIL B+/Stable (Reaffirmed)

   Term Loan               72.5     CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that VIPL will continue to benefit from its
promoters extensive experience in irrigation industry. The
outlook may be revised to 'Positive' if the company's financial
risk profile improves marked by reduction in its working capital
cycle or large equity infusion. Conversely, the outlook may be
revised to 'Negative' if liquidity deteriorates on account of
decline in profitability or stretch in working capital cycle or
large debt-funded capex.

Update
For the year 2015-16 (refers to April 1st to March 31st), VIPL's
turnover were estimated to be at INR1 billion. The company's op
profitability at operating level is estimated to around 2.2 per
cent. In the same year, the operating margins deteriorated due to
deterioration in the gross margins on account of pressure on
average realization. Despite the deterioration in the
profitability leading to negative accruals and erosion of
networth in the past, the company's financial risk profile is
supported by promoters and recently they have converted their
unsecured loans (USL) of INR108.2 million to equity along with
additional equity infusion of INR40 million leading to
strengthening of the networth and wiping off the accumulated
losses for the past 2 years ended as on March 2016. With its
first quarterly sales of current year of 2106-17 are estimated to
be around INR460 million, the sales for 2016-17 are expected to
grow at healthy pace over the medium term. The company's
operating margins have improved in current year of 2016-17 with
improving op leverage along with gross margins; CRISIL expects
the operating margins to be around 7.5 to 9 per cent over the
medium term.

Due to the timely recapitalization the gearing of the company is
expected to around 1.7 to 2 times over the medium term. Over the
medium term, with expected improvement in the op margins the debt
protection metrics with the interest coverage and net cash
accruals to total debt (NCATD) ratio is expected to be improve to
around 2.5 times and 0.17 times. Further its liquidity is
expected to be supported by improving cushion between cash
accruals and term debt obligations of INR12 million over the
medium term and promoter support.

Incorporated in March 2008 as a wholly owned subsidiary of
Vishakha Industries, VIPL is a 50:50 joint venture between the
Doshi family and Adani Agro Pvt Ltd. VIPL manufactures micro
irrigation system, used in farming. The company is based in
Ahmedabad (Gujarat) and commenced commercial production in April
2009.

VIPL reported a net loss of INR82 million on sales of INR889.1
million for 2014-15, against a PAT of INR3.2 million on sales of
INR811.5 million for 2013-14.


VIZAG EXPORTS: CRISIL Reaffirms B- Rating on INR75MM LT Loan
------------------------------------------------------------
CRISIL's ratings on the bank facilities of Vizag Exports continue
to reflect a below-average financial risk profile because of a
high total outside liabilities to tangible net worth ratio.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Export Packing Credit    120     CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility        75     CRISIL B-/Stable (Reaffirmed)

Additionally, its operating margin is susceptible to volatility
in cashew prices and to intense competition in the cashew-
processing industry. These rating weaknesses are partially offset
by the extensive industry experience of its promoters and an
established market position in processing and exporting cashew
kernels.
Outlook: Stable

CRISIL believes VE will continue to benefit over the medium term
from the industry experience of its promoters. The outlook may be
revised to 'Positive' if liquidity improves significantly,
leading to lower reliance on bank borrowing to fund working
capital requirement. The outlook may be revised to 'Negative' in
case of deterioration in working capital management, or
significant decline in cash accrual because of lower revenue or
operating profitability, leading to weakening of liquidity.

VE, founded as a partnership firm by Mr Rajagopal and Ms Abhaya
Mohan in 2011, processes and exports cashew kernels.


WARM GEARS: ICRA Suspends 'D' Rating on INR29.48cr Bank Loan
------------------------------------------------------------
ICRA has suspended its long-term rating of [ICRA]D assigned to
the INR29.48 crores bank facilities of Warm Gears Private
Limited. The suspension follows ICRA's inability to carry out a
rating surveillance in absence of requisite information from the
company.



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


MO TATOU: Placed Into liquidation; Owes NZ$882,000
--------------------------------------------------
Collette Devlin at Stuff.co.nz reports that the liquidators of a
Pasifika in-home early education provider said it failed to pay
tax and employee deductions of more than NZ$500,000.  The Aoga i
Maota Charitable Trust, the governing body of Mo Tatou In-home
Early Childhood Education and Care, also owes around NZ$60,000 to
employees, the report relates.

According to Stuff.co.nz, the trust was placed in liquidation in
June. Already under close monitoring of the Ministry of
Education, trustees said the business failed as a result of rapid
expansion.

In their first report, liquidators Vivian Fatupaito and Andrew
Hawkes from KPMG said the trust failed to meet its obligations to
the Inland Revenue (IRD), Stuff.co.nz relays.

Stuff.co.nz says money owed to the IRD included overdue child
support, student loan deductions, Kiwisaver employee
contributions, PAYE, GST, employer superannuation contributions
and income tax, as well as penalties and interest.

The liquidators had liaised with the ministry in relation to the
trust's licenses, the liquidator's report, as cited by
Stuff.co.nz, said.

The August 2 report lists 60 creditors and said no distributions
had been made at that date, Stuff.co.nz notes.

Stuff.co.nz relates that liquidators had received a preferential
claim from the IRD of NZ$508,795. There was a claim from
employees of the trust totalling NZ$57,888 for unpaid wages and
holiday pay.

A claim of NZ$312,032 had also been received from unsecured
creditors, adds Stuff.co.nz.

About 170 children were enrolled across three services under the
licences held by the trust in Wellington and Auckland, according
to Stuff.co.nz.

In June, trust chairwoman Sala Roseanne Leota said the
organisation was going through challenging times and she was
hopeful they could be resolved, Stuff.co.nz recalls.  The trust
was working hard to comply with its contractual obligations, and
there had been no misappropriation of any public funds, she said.

In July, secretary Sharquille Fuimaono said all parents were
notified about the liquidation and all children were at other
centres, Stuff.co.nz recalls.

The Mo Tatou website said the business was started in 2010 by
Leota and Ieremia Tuivaiti, who came up with the idea to develop
a service in the Porirua area after raising 11 children, adds
Stuff.co.nz.



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


SWIBER HOLDINGS: SGX Goes After Firm in Potential Rule Breach
-------------------------------------------------------------
Tan Hwee Hwee at The Business Times reports that the Singapore
Exchange (SGX) is going after Swiber Holdings for potential
breaches to the exchange's Rule 703 pertaining to disclosure of
material information.

In the letter obtained by The Business Times relating to the
potential breaches, SGX made reference to Swiber Holdings'
disclosure lapses on the US$710 million (SGD963 million) West
Africa project first announced in late 2014 and two separate
litigation claims by Likpin International Ltd and Greene Energy
Group Asia Pacific Pte Ltd.

According to BT, SGX said citing disclosure lapses on the US$710
million project, Swiber has potentially breached paragraph 25 of
Appendix 7.1 to Rule 703.

Paragraph 25 of Appendix 7.1 deals with, among others, three key
points -- that the contents of a press release or other public
announcement is as important as its timing and that the
announcement should avoid omission of important unfavorable facts
as well as presentation of favorable possibilities as certain or
as more probable than is actually the case, BT discloses.

BT reports that SGX in invoking Paragraph 8 of Appendix 7.1 to
Rule 703 also noted Swiber has not made any announcement on
material litigation claims by Likpin and Greene Energy amounting
to SGD10.7 million and SGD9.6 million, respectively.

BT says the exchange viewed these litigation claims as
significant taking into account Swiber's profits recorded for the
financial year 2014 and for the first quarter ended March 31,
2015. Swiber posted a net loss of US$2.5 million for Q1 FY2015
and a net profit of US$21.7 million for FY2014, the report
discloses.

Swiber in its July 12 response to a private query from SGX argued
that both litigation suits were not material based on
calculations against the group's revenue, total assets and net
tangible assets at the relevant time. "In addition, the group's
external lawyers were of the view that the claim for the Likpin
suit was unmeritorious," it added.

BT says the company provided updates to the suits in its response
to SGX, in support for non-disclosure:

Greene Energy has filed a notice of discontinuance dated Nov 20,
2015, to the suit because the dispute was resolved via mediation
and the case was settled for US$3.6 million. Likpin's claim in
its suit was struck out by the High Court on Oct. 1, 2015, and
although the appeal was scheduled to be heard between July 25,
2016 and Aug 1, 2016, Swiber's external lawyers are confident of
succeeding in resisting the appeal. The SGX letter dated Aug. 16
was addressed to Swiber's board of directors before its July 28
winding-up petition. They are Raymond Goh, Francis Wong, Darren
Yeo, Nitish Gupta, Jean Pers, Leonard Tay, Yeo Jeu Nam, Chia Fook
Eng and Oon Thian Seng.

BT relates that Mr. Wong and Mr. Gupta have resigned from the
board of the listed group as vice-chairman and executive
director, but continue to remain as directors of certain
subsidiaries of the company.  Swiber retracted its erroneous July
28 announcement on Mr. Tay's resignation and said he remains on
board as the group chief financial officer.

SGX invited the named parties to make their representations
within 14 days from Aug 16 to the alleged breaches of Rule 703 or
run the risk of the exchange making findings against their
interest, BT notes.

                           About Swiber

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

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

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



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


HANJIN SHIPPING: Fall is Lehman Moment for Shipping
---------------------------------------------------
Rishaad Salamat and Kyunghee Park at Bloomberg News report that
the fall of South Korea's biggest container line Hanjin Shipping
Co. is similar to the 2008 collapse of Lehman Brothers Holdings
Inc. and has materially impacted the shipping industry, Seaspan
Corp. Chief Executive Officer Gerry Wang said.

Seaspan, the Hong Kong-based container-ship leasing company that
has three vessels chartered to the distressed line, is evaluating
all options and examining systemic risks resulting from Hanjin's
bankruptcy filing, Mr. Wang said in an interview with Bloomberg
Television. In June, Mr. Wang had rejected Hanjin's requests for
charter-rate cuts before the shipping line filed for court
receivership last month, Bloomberg relates.

"The fallout of Hanjin Shipping is like Lehman Brothers to the
financial markets," Bloomberg quotes Mr. Wang as saying. "It's a
huge, huge nuclear bomb. It shakes up the supply chain, the
cornerstone of globalization."

With about 93 ships, including 79 container vessels, stranded at
51 ports in 26 countries, the gridlock at Hanjin has disrupted
global supply chains during "peak season" when stores in the U.S.
stock up before the year's busiest holiday shopping season,
Bloomberg states. The owner and Hanjin's parent are in the
process of injecting funds to help the beleaguered company
offload cargo stuck aboard many ships and break the impasse,
reports Bloomberg.

The impact on Seaspan has been small, Mr. Wang said, adding he is
seeing a "silver lining" as freight rates improve in the short
term, Bloomberg relates. The vessels he has leased to other
shippers are more than 90% full ahead of the holiday season, he
said.  Seaspan has an operating fleet of about 90 vessels.

                      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 listed total current liabilities of KRW 6,028,543
million and total current assets of KRW 6,624,326 million as of
June 30, 2016.

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.

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: Samsung Seeks Court Order to Remove Goods
----------------------------------------------------------
The American Bankruptcy Institute, citing Reuters, reported that
Samsung Electronics Co Ltd. has asked a US judge to allow the
South Korean company to pay cargo handlers to remove its goods
from Hanjin Shipping Co Ltd's vessels stationed near US ports
after the world's seventh-largest container carrier filed for
bankruptcy.

According to the report, Hanjin's collapse came during the peak
shipping period ahead of the year-end holiday season, stranding
cargo for the likes of HP Inc and Samsung.

Around $14 billion of cargo has been tied up globally as ports,
tug boat operators and cargo handling firms refuse to work for
Hanjin because they fear they will not be paid due to uncertainty
over plans to provide new financing, the report related.  Samsung
said an order by a US bankruptcy judge did not encourage the
Hanjin ships to enter US ports as intended, which the company
blamed on a misunderstanding of maritime law, the bankruptcy code
and Korean law, the report further related.

The maker of electronic goods including Galaxy smartphones said
the judge should issue an order barring the seizure of ships and
allow it and other cargo owners to retrieve their goods by paying
cargo handlers, who have been demanding payment guarantees, the
report said.  "There's no earthly reason why these parties should
not be permitted to cut their own deals," the report said, citing
Samsung as saying in a court filing with the US Bankruptcy Court
in Newark, New Jersey.

                      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 listed total current liabilities of KRW 6,028,543
million and total current assets of KRW 6,624,326 million as of
June 30, 2016.

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.

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: Secures $36 Million to Help Unload Cargo
---------------------------------------------------------
Reuters reports that the chairman of Hanjin Group transferred
KRW40 billion (US$36 million) to Hanjin Shipping on Sept. 13 to
help unload cargo stranded on the troubled shipper's vessels, a
spokesman said, but regulators warned securing further funds
could take "considerable time".

Reuters recalls that Hanjin Group, the parent of Hanjin Shipping,
pledged last week to raise KRW100 billion to help rescue cargo in
the wake of the collapse of the world's seventh-biggest container
shipper, including the 40 billion won from Chairman Cho Yang-ho.

Around $14 billion of cargo has been tied up globally as ports,
tugboat operators and cargo handling firms worried about being
paid refused to work for Hanjin, which filed for receivership in
a Seoul court early this month, according to Reuters.

Reuters says Korean Air, the top shareholder of Hanjin Shipping,
on Sept. 10 approved a plan to provide a loan of KRW60 billion,
conditional on the shipper providing its stake in Los Angeles'
Long Beach Terminal as collateral.

It may take "considerable time" for Korean Air to provide the
loans for Hanjin Shipping, South Korea's top financial regulator
said, according to a regulatory official at the scene, Reuters
relays.

"It is being reviewed whether it is possible to secure the
funding" from Korean Air, Financial Services Commission Chairman
Dim Jong-yong said in a meeting with the ruling party, a FSC, as
cited by Reuters, official said.

On Sept. 12, Choi Eun-young, a former chairwoman of Hanjin
Shipping, pledged to provide $9 million in private funds "within
days".

Truckers began moving freight from the Hanjin Greece, one of
roughly a dozen of the company's ships destined for the U.S. West
Coast, out of the port of Long Beach on Sept. 12, following a
U.S. bankruptcy court's grant of protection, Reuters notes.

                      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 listed total current liabilities of KRW 6,028,543
million and total current assets of KRW 6,624,326 million as of
June 30, 2016.

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.

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: To Pay Handlers to Unload U.S.-Bound Ships
-----------------------------------------------------------
Tom Corrigan and Costas Paris, writing for The Wall Street
Journal Pro Bankruptcy, reported that Hanjin Shipping Co. has
both the funding and the legal permission necessary to unload
four ships bound for U.S. ports, one of its lawyers said in
federal court.

"We're making a lot of progress," the lawyer, Ilana Volkov, told
Judge John Sherwood at a hearing in U.S. Bankruptcy Court in
Newark, N.J., the report related.  "We have the money to fully
service those four ships."

Ms. Volkov said a South Korean court authorized Hanjin to use $10
million in a U.S. bank account to pay workers to unload four
container-laden ships bound for the U.S., the report further
related.

Hanjin also has asked the court for another $3.5 million to have
goods that have already been unloaded and are sitting at U.S.
ports delivered to their owners, according to the report.  Ms.
Volkov said the financing could be approved and the supply chain
for those containers could be jump-started as soon as Sept. 14,
the report said.

Court papers show a total of 13 ships either owned or leased by
Hanjin whose next port of call is in the U.S., the report noted.

For containers that have been unloaded at U.S. ports, Ms. Volkov
said the company had been working successfully with cargo owners
to get their goods to their final destinations, the report added.

Hanjin's parent company, Hanjin Group, has agreed to put up 100
billion won ($90 million) to help resolve the cargo crisis, but
that hasn't been enough to fully assuage concerns from suppliers
and cargo handlers, the report said.

Hanjin Group Chairman Cho Yang-ho has said publicly that he would
provide 40 billion won from his own assets and that the remainder
would come from the group of companies that comprise Hanjin's
parent, which includes, the country's biggest airline, Korean
Air, the report added.

                      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 listed total current liabilities of KRW 6,028,543
million and total current assets of KRW 6,624,326 million as of
June 30, 2016.

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.

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.


LEO MOTORS: Amends 58.96 Million Shares Resale Prospectus
---------------------------------------------------------
Leo Motors, Inc., filed with the Securities and Exchange
Commission an amendment no. 1 to its Form S-1 registration
statement relating to the sale by BOU Trust, RDM Capital LLC and
Darrin M. Ocasio of up to 58,967,174 shares of common stock of
the Company.

BOU Trust is deemed to be an "underwriter" within the meaning of
the Securities Act of 1933, as amended, in connection with the
resale of the 54,278,028 shares that it is offering in this
prospectus, although it may not sell those shares pursuant to
Rule 144 of the Securities Act.  The prices at which the selling
stockholders may sell shares will be determined by the prevailing
market price for the shares or in privately negotiated
transactions.  The Company will not receive any proceeds from the
sale of these shares by the selling stockholders.  All expenses
of registration incurred in connection with this offering are
being borne by the Company, but all selling and other expenses
incurred by the selling stockholders will be borne by the selling
stockholders.

The Company's common stock is quoted on the OTCQB and trades
under the symbol "LEOM."  On Aug. 31, 2016, the last reported
sale price of the Company's common stock as reported on the OTCQB
was $0.18 per share.

A full-text copy of the Form S-1/A is available for free at:

                       https://is.gd/jbxEHc

                         About Leo Motors

Headquartered in Hanam City, Gyeonggi-do, Republic of Korea, Leo
Motors, Inc., a Nevada corporation, is currently engaged in the
research and development of multiple products, prototypes and
conceptualizations based on proprietary, patented and patent
pending electric power generation, drive train and storage
technologies.

In 2011, the Company determined its investment in Leo B&T Inc. an
investment account was impaired and recorded an expense of
$4.5 million.  During the 2012 year the Company had a net non
operating income largely from the result of the forgiveness of
debt for $1.3 million.

Leo Motors reported a net loss of US$4.49 million on US$4.29
million of revenues for the year ended Dec. 31, 2015, compared to
a net loss of US$4.48 million on US$693,000 of revenues for the
year ended Dec. 31, 2014.

As of June 30, 2016, Leo Motors had US$7.42 million in total
assets, US$6.1 million in total liabilities and US$1.30 million
in total equity.


LEO MOTORS: Equity Ownership in LGM Down to 81.8%
-------------------------------------------------
LGM Co. Ltd., a subsidiary of Leo Motors, Inc., entered into
securities purchase agreements with accredited investors,
pursuant to which LGM increased its capital to KRW5,233,732,500
(approximately US$4,736,400) through the sale of equity
securities.  As a result of the sale, the Company's equity
ownership percentage in LGM decreased from 99.3% to 81.8%, as
disclosed in a regulatory filing with the Securities and Exchange
Commission.

                        About Leo Motors

Headquartered in Hanam City, Gyeonggi-do, Republic of Korea, Leo
Motors, Inc., a Nevada corporation, is currently engaged in the
research and development of multiple products, prototypes and
conceptualizations based on proprietary, patented and patent
pending electric power generation, drive train and storage
technologies.

In 2011, the Company determined its investment in Leo B&T Inc. an
investment account was impaired and recorded an expense of
$4.5 million.  During the 2012 year the Company had a net non
operating income largely from the result of the forgiveness of
debt for $1.3 million.

Leo Motors reported a net loss of US$4.49 million on US$4.29
million of revenues for the year ended Dec. 31, 2015, compared to
a net loss of US$4.48 million on US$693,000 of revenues for the
year ended Dec. 31, 2014.

As of June 30, 2016, Leo Motors had US$7.42 million in total
assets, US$6.1 million in total liabilities and US$1.30 million
in total equity.


                             *********

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,
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