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        T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

          Friday, September 16, 2016, Vol. 19, No. 184

                            Headlines


A U S T R A L I A

BIS INDUSTRIES: Appoints KordaMentha as Adviser
FNH GROUP: First Creditors' Meeting Slated for Sept. 23
GTIS PTY: First Creditors' Meeting Scheduled for Sept. 23
MANAGED OUTSOURCED: First Creditors' Meeting Slated for Sept. 26
WUNDERBAR REO: First Creditors' Meeting Slated for Sept. 22


C H I N A

CHINA HUARONG: Seeks More Time to Execute Debt Relief Deal
INDUSTRIAL BANK: Fitch Affirms 'B' Viability Rating
WUZHOU INT'L: Fitch Cuts LT Foreign Currency IDR to 'CCC'


H O N G  K O N G

IMPERIAL PACIFIC: Fitch Assigns 'B' LT FC Issuer Default Rating
IMPERIAL PACIFIC: Moody's Assigns Provisional B2 CFR


I N D I A

AIKYA CHEMICALS: Ind-Ra Affirms 'IND BB-' LT Issuer Rating
AIROTEK SUSPENSION: CRISIL Suspends D Rating on INR117.1MM Loan
ALPS PHARMACEUTICALS: CRISIL Suspends D Rating on INR260MM Loan
AMBICA TIMBER: CARE Assigns B+/A4 Rating to INR17.7cr Loan
ANGEL FEEDS: CARE Revises Rating on INR6.51cr Loan to 'B'

ANNAPURNA PET: CARE Reaffirms B+ Rating on INR22.58cr LT Loan
ASHOK TIMBER: Ind-ra Suspends 'IND B' LT Issuer Rating
BAGORI POLYMERS: Ind-Ra Assigns 'IND BB-' LT Issuer Rating
BLACKSTONE LOGISTICS: CRISIL Cuts Rating on INR89.9MM Loan to D
CIBI EXPORTS: CRISIL Reaffirms B+ Rating on INR85MM Term Loan

CLASSIC ENGICON: CRISIL Hikes Rating on INR50MM Cash Loan to BB-
DHRUVTARA AGRO: CRISIL Assigns B- Rating to INR50MM Cash Loan
DREAMZ OVERSEAS: CARE Assigns 'B' Rating to INR6cr LT Loan
DUARS UNION: CRISIL Reaffirms B+ Rating on INR55MM Cash Loan
GOODWEAR FASHIONS: Ind-Ra Affirms 'IND BB' LT Issuer Rating

HILLSFOOD AGRO: CARE Reaffirms 'B' Rating on INR10.5cr LT Loan
J AND G TRANSFORMER: CARE Reaffirms B+ Rating on INR12.95r Loan
K.P. PACKAGING: Ind-Ra Cuts LT Issuer Rating to 'IND D'
LAKHANI ARMAAN: CRISIL Reaffirms 'D' Rating on INR85MM Loan
LAKHANI FOOTWEAR: CRISIL Reaffirms D Rating on INR593.1MM Loan

LAKHANI RUBBER: CRISIL Reaffirms 'D' Rating on INR100MM Loan
LAKHANI SHOES: CRISIL Reaffirms 'C' Rating on INR250MM Cash Loan
MASCOT FOOTCARE: CRISIL Reaffirms D Rating on INR100MM Loan
MCNALLY BHARAT: CARE Cuts Rating on INR4,793.96cr Loan to 'D'
MCNALLY SAYAJI: CARE Lowers Rating on INR213.16cr Loan to 'D'

METROSTAR PRINT: CRISIL Lowers Rating on INR87.4MM Loan to D
P.A.S. PETRO: CRISIL Reaffirms 'B' Rating on INR35MM Cash Loan
PARTH PARENTERAL: CRISIL Suspends 'D' Rating on INR130MM Loan
PRANAV CONSTRUCTION: CRISIL Cuts Rating on INR191.1MM Loan to D
RABIA LOGISTICS: CRISIL Lowers Rating on INR78.9MM Loan to 'D'

RAMOJIWAFERS AND NAMKEEN: CARE Reaffirms B Long Term Loan Rating
REAL GORW: CARE Reaffirms B+ Rating on INR29.80cr LT Loan
SANDHA HEEMGHAR: CRISIL Reaffirms B+ Rating on INR112.7MM Loan
SAVVY INDUSTRIES: CRISIL Reaffirms 'B' Rating on INR43.2MM Loan
SHAH SPONGE: Ind-Ra Assigns 'IND BB+' Long Term Loans

SHINE STAR: Ind-Ra Affirms 'IND BB-' LT Issuer Rating
SHREE HANUMAN: CRISIL Suspends 'B' Rating on INR60MM Cash Loan
SWEDE SANITARY: CRISIL Reaffirms 'B' Rating on INR49MM Term Loan
U.P ASBESTOS: CRISIL Reaffirms B- Rating on INR250MM Cash Loan
VEDANTA RESOURCES: Moody's Raises CFR to B1, Outlook Stable

VEL MURUGAN: CRISIL Suspends 'D' Rating on INR100MM Foreign LOC
VIJAYNATH ROOF: CRISIL Reaffirms B- Rating on INR128MM LT Loan
VIKRANT FORGE: Ind-Ra Hikes LT Issuer Rating to 'IND BB-'
VISAKHA TRADES: Ind-Ra Hikes LT Issuer Rating to 'IND BB-'


I N D O N E S I A

KAWASAN INDUSTRI: Fitch Assigns 'B+' Rating to Sr Unsecured Notes


N E W  Z E A L A N D

LOVETT & SONS: Another Mad Butcher Store Faces Liquidation


S I N G A P O R E

JV FITNESS: Officers 'Overseas and Uncontactable,' Lawyer Says
MARCO POLO: Plans to Delay Payment of $37 Million Notes
RICKMERS MARITIME: Warns of Liquidation if Debt Exchange Not OK'd


S O U T H  K O R E A

HANJIN SHIPPING: Collapse May Spur Merger, Hapag-Lloyd Says


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A U S T R A L I A
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BIS INDUSTRIES: Appoints KordaMentha as Adviser
-----------------------------------------------
The Australian reports that KordaMentha is the latest advisory
firm to emerge around the Kohlberg Kravis Roberts' BIS Industries
situation, as analysts are warning that the distressed mining
services provider is increasingly at the mercy of its syndicate of
at least 20 lenders, owed about AUD1 billion.

According to The Australian, the restructuring and insolvency firm
is working alongside boutique investment bank Moelis and law firm
Gilbert + Tobin for KKR via its subsidiary, as PPB and Fort Street
Advisers help the lenders.

Within the lending syndicate are Australia's top four banks --
CBA, the NAB, Westpac and ANZ -- while Bank of America Merrill
Lynch is also a major provider of funding, The Australian
discloses.

The Australian says some had tipped that hedge funds could
recapitalise the business, but now the expectation is that lenders
will end up taking debt for equity in BIS Industries.

This would likely mean they will take a hit on their investment,
with the alternative being they place the company into
receivership or administration, the report states.

Many believe it will be the former -- a debt for equity swap --
that will occur, says The Australian. Sources close to BIS said
the company is in talks with lenders about its debt obligations
and argue it did not have liquidity issues and has not breached
its debt covenants or is close to moving over the limits,
according to The Australian.

Its loan maturity date is 2018, and it has drafted in advisers as
a proactive move to initiate talks with lenders about the most
appropriate long-term capital structure for the business, says The
Australian.

According to The Australian, the company specialises in custom
off-road heavy haulage services for the mining industry and its
plans to float on the Australian Securities Exchange in 2013 were
scuppered by the weak market sentiment surrounding mining services
companies because of the resources industry downturn.

Despite buckling under about AUD1 billion in debt, BIS Industries
in the 2016 financial year made AUD116 million. Problems have been
compounded for the company by the loss in recent years of
contracts with Fortescue Metals, which accounted for about 25% of
its earnings, the report notes.

The Australian says KordaMentha's appointment came as lenders to
West Australian equipment rental business Coates Hire continue to
search for an exit, with debt in the company trading at about
80 cents in the dollar. The business is jointly owned by The
Carlyle Group and Kerry Stokes's Seven Group Holdings and has
faced challenges on the back of the weakness in the resources
sector. One theory is Mr. Stokes may offer to recapitalise the
business, The Australian adds.

BIS Industries specializes in custom off-road heavy haulage
services for the mining industry.


FNH GROUP: First Creditors' Meeting Slated for Sept. 23
-------------------------------------------------------
A first meeting of the creditors in the proceedings of FNH Group
Pty Ltd will be held at Level 5, 75 Castlereagh Street, in Sydney,
on Sept. 23, 2016, at 11:00 a.m.

Andrew Hugh and Jenner Wily of Armstrong Wily were appointed as
administrators of FNH Group Pty Ltd on Sept. 13, 2016.


GTIS PTY: First Creditors' Meeting Scheduled for Sept. 23
---------------------------------------------------------
A first meeting of the creditors in the proceedings of GTIS Pty
Ltd will be held at the offices of Hall Chadwick Charted
Accountants, Level 10, 575 Bourke Street, in Melbourne, Victoria,
on Sept. 23, 2016, at 11:00 a.m.

David Ross and Richard Albarran of Hall Chadwick Charted
Accountants were appointed as administrators of GTIS Pty on Sept.
13, 2016.


MANAGED OUTSOURCED: First Creditors' Meeting Slated for Sept. 26
----------------------------------------------------------------
A first meeting of the creditors in the proceedings of Managed
Outsourced Solutions Pty Ltd, trading as I.D.O. Lab, will be held
at the offices of Pitcher Partners, Level 19, 15 William Street,
in Melbourne, on Sept. 26, 2016, at 10:30 a.m.

Andrew Reginald Yeo and Gess Michael Rambaldi of Pitcher Partners
were appointed as administrators of Managed Outsourced on Sept.
14, 2016.


WUNDERBAR REO: First Creditors' Meeting Slated for Sept. 22
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Wunderbar
Reo Pty Ltd will be held at Suite 2, Level 8, 10 Bridge Street, in
Sydney, on Sept. 22, 2016, at 3:00 p.m.

Domenico Alessandro Calabretta and Grahame Robert Ward of Mackay
Goodwin were appointed as administrators of Wunderbar Reo on Sept.
12, 2016.



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C H I N A
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CHINA HUARONG: Seeks More Time to Execute Debt Relief Deal
----------------------------------------------------------
Lee Hong Liang at Seatrade Maritime News reports that debt-ridden
China Huarong Energy Company has said it needed more time to
materialise a plan to dispose of its liabilities so as to pay back
RMB17.11 billion ($2.56 billion) in borrowings and payables due
from the group.

According to the report, the shipbuilder-turned-energy service
provider announced a couple of weeks ago that the disposal of
liabilities plan involved the allotment and issue of subscription
shares to certain bank and supplier creditors.

"Accordingly, additional time is required to implement the
disposal of liabilities, including the allotment of shares. As at
the date of this announcement (14 September), the company and the
creditors have not yet entered into any definitive agreement in
respect of the disposal of liabilities," Hong Kong-listed Huarong
Energy, as cited by Seatrade, said.

Seatrade relates that the group mentioned earlier that the
disposal of liabilities would enable it to ease debt burdens and
improve the operationf of shipbuilding business, as well as
mitigate the adverse effect of the high gearing of the group on
its expansion in the energy service industry.

China Huarong Energy Co Limited (formerly China Rongsheng Heavy
Industries) -- http://www.huarongenergy.com.hk/en/index.php--
engages in shipbuilding, energy exploration and production, marine
engine building, offshore engineering and engineering machinery.


INDUSTRIAL BANK: Fitch Affirms 'B' Viability Rating
---------------------------------------------------
Fitch Ratings has affirmed the Long-Term Foreign-Currency Issuer
Default Ratings (IDR) and Viability Ratings of six Chinese mid-
tier commercial banks. The Outlooks on the banks' IDRs are Stable.

The six banks are:

   -- Industrial Bank Co., Ltd

   -- China MinSheng Banking Corporation

   -- Ping An Bank Co., Ltd

   -- Hua Xia Bank

   -- China Guangfa Bank Co., Ltd.

   -- Bank of Beijing

KEY RATING DRIVERS

IDRS, SUPPORT RATINGS AND SUPPORT RATING FLOORS

All of the banks' IDRs are based on state support and are at the
banks' Support Rating Floors of 'BB+'. This reflects Fitch's
continued expectation that extraordinary support from the central
government would be forthcoming in the event of stress.

Fitch affirms the banks' Support Ratings of '3', and together with
the affirmation of the banks' Support Rating Floors, indicates the
agency's expectation of a moderate probability of state support,
if needed. This is based on several factors, including their
relative size, domestic significance and ownership structure.
There is typically no direct central government ownership at these
banks, nor any history of past government support, despite their
status as national joint stock commercial banks (except for Bank
of Beijing, which is a city commercial bank).

Increased ownership by state-owned strategic investors at some of
these mid-tier banks over the past year or two comes at a time
when foreign-ownership is declining. These ownership changes are
not expected to reduce support propensity at these banks, as Fitch
expects support to come primarily from the state, unless the
portion of private ownership increases significantly and results
in a meaningful reduction in state or policy influence.

VIABILITY RATINGS

Fitch affirmed the Viability Ratings of China's six mid-tier
banks, which range from 'bb-' to 'b'. The Viability Ratings
reflect different degrees of intrinsic strength, which is affected
by the banks' perceived risk appetite and ability to absorb risks;
the level and pace of financial system credit growth; transparency
and corporate governance issues; an evolving regulatory framework;
and the nascent legal system.

System-wide provision buffers have fallen, with the average
provision coverage ratio for joint-stock banks declining to 179%
at end-June 2016 (218% at end-2014) and approaching the 150%
regulatory minimum, even though the banks have made new provisions
and disposed of NPLs. The need to comply with higher capital
buffers at a time of weakening profitability has put pressure on
the six mid-tier banks' capital.

Fitch's analysis of Chinese banks' asset-quality places greater
emphasis on loss-absorption capacity, which includes factors such
as capitalisation, loan-loss reserve coverage and profitability,
than data on loan classifications. Fitch estimates the six mid-
tier banks had varying levels of loss-absorption buffers, ranging
from around 2%-7% of credit based on end-2015 data (average:
around 4%), compared with an average of 7.9% for state banks. This
shows most of the six mid-tier banks can withstand less
deterioration in their buffers relative to the state banks before
some form of remedial action would be likely to be required to
restore capital to a sustainable level. However, recognition of
asset impairment is likely to be a protracted process as
authorities often encourage support for troubled counterparties.
Delinquencies are likely to continue eroding liquidity and cash
buffers in the meantime, as inflows from distressed borrowers
remain weak and more resources are directed at forbearance and
support.

The raising, or planned raising, of additional capital in 2016 at
some mid-tier banks should help increase their risk buffers,
provided there is no acceleration in growth. Fitch took into
account situations where capital had been raised by banks to
offset rapid growth and maintain loss-absorption capacity at
levels in line with similarly rated peers.

RATING SENSITIVITIES

IDRS, SUPPORT RATINGS AND SUPPORT RATING FLOORS

[The banking system's continued rapid growth, combined with the
rise in non-bank credit extension, means potential claims on the
state are increasing. Pressures will build on the banks' Issuer
Default Ratings (IDR) if Fitch perceives the state's ability to
support the banking sector is undermined by the increasing size of
the financial system. Chinese authorities have not yet provided
any clear guidance on the classification of domestic systemically
important banks - such guidance could lead to changes in the
Support Ratings, Support Rating Floors and, in turn, the banks'
IDRs. Fitch expects the state's propensity to support the banking
sector to remain high over the near-term and extremely high for
systemically important banks.

Significant changes to the sector's liability structure, which
results in increasing the banks' reliance on wholesale or offshore
funding (that is, when the system loan/deposit ratio reaches over
100%), may affect the state's willingness to support the entire
financial system - especially less systemically important banks -
in the longer-term, including resolving the rising stock of
problem assets. A reduction in state-ownership of the six mid-tier
banks, either directly or indirectly through local governments or
state-owned-enterprises, may also negatively affect the propensity
of the state to support these banks if the reduction is
significant and lowers state influence.

VIABILITY RATINGS

Fitch assesses that excessive growth, particularly in wealth-
management product (WMP) issuances, investments in receivables and
non-loan credit, may render capital more vulnerable to
deterioration beyond what is implied by the current rating levels.
There has been notable growth in WMPs by five of the mid-tier
banks in 2015 (China Guangfa Bank does not disclose information
about its WMP activities) and this has continued into 1H16, albeit
at a slower pace. The magnitude of growth in WMP issuance and
investment in "non-standard" assets over the past year indicates
the banks' risk appetite is increasing. Growth that is not managed
prudently and is accompanied by a build-up of additional buffers
can become a key source of credit and liquidity risk, creating
downward pressure on Viability Ratings.

Similarly, downgrades to Viability Ratings are possible if
concentrations in exposures increase relative to peers; if
deterioration in asset-quality begins to undermine solvency; or if
severe deposit migration or reliance on WMPs leads to greater
funding and liquidity strains. The sector benefits from a degree
of ordinary support from Chinese authorities, most notably in the
form of market liquidity injections and aid for financially
troubled borrowers, but major disruptions in the issuance of WMPs,
quasi-substitutes for time deposits or interbank market distress
could lead to Viability Rating downgrades.

Viability Rating upgrades for China's mid-tier banks are possible
if Fitch believes the operating environment has stabilised, if not
improved. This would likely be evidenced from the pace of loan and
non-loan credit growth further slowing to more sustainable levels,
stronger regulation contributing to less off-balance-sheet
activity or it being less of a concern and more transparent,
greater confidence that reported asset-quality ratios will hold,
the banks improving their loss-absorption capacities or
strengthening their deposit funding and liquidity. Further
development in the country's financial markets would also help
lower existing financing and asset-quality burdens in the banking
system and support eventual deleveraging of the economy.

The rating actions are as follows:

   Industrial Bank Co., Ltd

   -- Long-Term Foreign-Currency IDR affirmed at 'BB+'; Stable
      Outlook

   -- Support Rating affirmed at '3'

   -- Support Rating Floor affirmed at 'BB+'

   -- Viability Rating affirmed at 'b'

   China MinSheng Banking Corporation

   -- Long-Term Foreign-Currency IDR affirmed at 'BB+'; Stable
      Outlook

   -- Support Rating affirmed at '3'

   -- Support Rating Floor affirmed at 'BB+'

   -- Viability Rating affirmed at 'b+'

   Ping An Bank Co., Ltd

   -- Long-Term Foreign-Currency IDR affirmed at 'BB+'; Stable
      Outlook

   -- Support Rating affirmed at '3'

   -- Support Rating Floor affirmed at 'BB+'

   -- Viability Rating affirmed at 'b'

   Hua Xia Bank

   -- Long-Term Foreign-Currency IDR affirmed at 'BB+'; Stable
      Outlook

   -- Support Rating affirmed at '3'

   -- Support Rating Floor affirmed at 'BB+'

   -- Viability Rating affirmed at 'b'

   China Guangfa Bank Co., Ltd.

   -- Long-Term Foreign-Currency IDR affirmed at 'BB+'; Stable
      Outlook

   -- Support Rating affirmed at '3'

   -- Support Rating Floor affirmed at 'BB+'

   -- Viability Rating affirmed at 'b'

   Bank of Beijing

   -- Long-Term Foreign-Currency IDR affirmed at 'BB+'; Stable
      Outlook

   -- Support Rating affirmed at '3'

   -- Support Rating Floor affirmed at 'BB+'

   -- Viability Rating affirmed at 'bb-'


WUZHOU INT'L: Fitch Cuts LT Foreign Currency IDR to 'CCC'
---------------------------------------------------------
Fitch Ratings has downgraded China-based property developer Wuzhou
International Holdings Limited's Long-Term Foreign-Currency Issuer
Default Ratings (IDRs) to 'CCC' from 'B-'. Wuzhou's senior
unsecured ratings have also been downgraded to 'CCC' from 'B-',
with the Recovery Rating remaining at 'RR4'.

The downgrade reflects the sustained weakening of Wuzhou's
financial position as demand for its main trade centre product
remained weak amid poor business sentiment among SMEs. Wuzhou's
adjusted inventory increased by CNY643 million to CNY13.8 billion
in the 12 months to end-June 2016, but net debt rose by a much
larger CNY1.7 billion to CNY5.7 billion over the same period. This
reflects the large cash drain given its high selling, general and
administrative (SG&A) costs and interest expenses. This has
increased the refinancing risk for its capital market debts that
fall due from 2018.

KEY RATING DRIVERS

Continued Weak Sales: Wuzhou's contracted sales fell 32% yoy to
CNY2.2 billion in 1H16, after declining 9% to CNY6bn in 2015,
which was lower than its target of CNY7 billion and Fitch estimate
of CNY6.8 billion, amid the difficult operating environment. Fitch
believes contracted sales will remain weak at CNY4 billion -
CNY4.5 billion a year in 2016-2017, given sluggish demand from
SMEs for trade centres, and lower investor appetite for commercial
properties.

Poor Cash Collection: Fitch believes that Wuzhou's cash collection
rate will not rise until China's business environment improves
over a sustained period and eases the cash flow positions of its
customers, which are mostly SMEs. Wuzhou's cash collection rate
was low at 60% in 2015 and 1H16, dropping from 67% in 2014 and
above 80% before 2014. Wuzhou offers some of its customers
deferred payment terms where 30%-50% of the sales will be
collected only upon completion, which is usually 12-18 months
after the contracted sales are booked. This means the company has
to incur more development expenditure even as its sales
performance remains weak.

Price Cuts Not Effective: Wuzhou was the first among its peers to
reduce prices in the weak market, but sales have not improved.
Furthermore, its EBITDA margin fell below zero to -3.5% in 2015
and -2.2% in the 12 months to June 2016, as a result of the price
cuts. Destocking has been slow because most of Wuzhou's projects
are located in third-tier and lower-tier cities, and Fitch expects
the sell-through ratio to be low at 45%-50% in the next two to
three years.

Leverage Continues to Worsen: Fitch expects Wuzhou's leverage, as
measured by net debt/adjusted inventory, to reach 40% in 2016
(1H16: 41.4%) and continue rising to above 50% from 2017. This
will be driven by its weak operation and high interest and SG&A
expenses, which will represent more than 30% of contracted sales
value (2015: 26%, 1H16: 31%) in the next two to three years,
though the company was able to reduce SG&A expenses last year.
Furthermore, Wuzhou needs to finance construction activities,
which will form 65% to 75% of contracted sales value in the next
two to three years based on our forecast; while the company's low
cash collection ratio means it will continue to rely on external
funding to cover its operational cash shortfall.

Fitch expects Wuzhou to continue with large construction capex to
complete construction of pre-sold projects, which could bring in
more cash as customers make payments, and to launch new projects
for sale. Wuzhou's ability to secure refinancing for its onshore
and offshore bonds is at risk until the company's operational cash
flows improve and its financial profile strengthens.

No Imminent Liquidity Risk: Wuzhou's cash, including pledged
deposits, totalled CNY3.1 billion at end-June 2016. This is not
materially lower than its CNY3.5 billion in short-term debt
(CNY4.1 billion, including a convertible bond with put option that
may be exercised from September 2017). It issued a CNY500 million
three-year private bond out of its CNY4 billion quota at 6.9% in
August 2016 to further improve its liquidity position. Wuzhou in
January 2016 obtained approval to issue up to CNY1.6
billion of onshore public bonds, but has not yet done so.

KEY ASSUMPTIONS

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

   -- Contracted sales to be CNY4 billion-4.5 billion a year in
      2016-2017

   -- Land replenishment rate, as measured by land acquired over
      contracted sales sold by gross floor area, at 1.1x-1.2x in
      2017-2018

   -- Construction cost / contracted sales at 65%-75% in 2016-
      2018

   -- Gross profit margin at around 25% in 2016-2018

   -- Cash collection ratio at 60% in 2016-2018

RATING SENSITIVITIES

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

   -- Further weakening of liquidity position

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

   -- Sustained improvement in sales and cash collection

   -- Contracted sales/gross debt is sustained above 1x
      (12 months to end-June 2016: 0.56x; 2015: 1.04x)

   -- Net debt/adjusted inventory is sustained below 40%



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H O N G  K O N G
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IMPERIAL PACIFIC: Fitch Assigns 'B' LT FC Issuer Default Rating
---------------------------------------------------------------
Fitch Ratings expects to assign Imperial Pacific International
Holdings Limited a Long-Term Foreign-Currency Issuer Default
Rating (IDR) of 'B(EXP)' with Stable Outlook. Fitch has also
assigned the casino resort operator's proposed US dollar senior
secured note issue an expected 'BB-(EXP)' rating with Recovery
Rating of 'RR2'.

The ratings reflect the short operating history of IPI's gaming
business in Saipan, which is almost entirely driven by the
volatile high-rolling VIP segment. IPI's ratings are supported by
a low tax regime, attractive location, the use of
junkets/guarantors in its VIP gaming business and addition of
tourist amenities in Saipan by IPI and other parties.

The ratings are constrained by the high mobility of VIP players,
who have a wide selection of established casinos in Asia to choose
from. There is no certainty that the eventual performance of IPI's
new casino in Saipan will match the performance of its temporary
casino on the island and that of casinos in other Asian locations
on a sustained basis.

The expected ratings assume IPI will raise sufficient funding from
the proposed secured bond issue and other potential debt
facilities to cover capex and refinancing needs. The company had
capital commitments of HKD3.0bn at end-June 2016, mainly for
construction for a new casino and resort in Saipan that it expects
to be operational by January and April 2017 respectively. The new
casino will replace the temporary one that has been operating for
about a year.

The proposed notes, which will be issued by Imperial Pacific
International (CNMI), LLC (Saipan), are rated two notches above
IPI's IDR because they are secured by essentially all the assets
of the casino and resort under construction and guaranteed by
Imperial Pacific Properties (CNMI), LLC, which owns the lease of
the land on which the resort is built, and by the parent, IPI.

Final ratings are contingent upon the successful raising of
sufficient funding from the proposed secured bond issuance and
other potential debt facilities to cover its capital commitments
of HKD3.0bn at end-June 2016, and receipt of final documents
conforming to information already received.

KEY RATING DRIVERS

Junket Driven: The high-rolling VIP segment is volatile, junket-
driven and subject to policy uncertainty. The Commonwealth Casino
Commission of Saipan is vetting a number of junket operators
before they start doing business with IPI.

The commission has already given approval for eligible junket
operators to share rebates from casinos with their players.
Subject to the commission's further approval, the operators will
be allowed to share profits with IPI and assume the credit risks
of the VIP players. So far IPI has been operating the VIP business
through third-party introductions and internal marketing, with IPI
granting credit directly to the VIP customers, a large portion of
which are backed by guarantors.

Short Operating Track Record: The sustainability of IPI's niche
casino business model is dependent on its ability to manage
relationships with VIPs and receivable risks. The company has
about one year of operating history in its temporary casino.
Monthly VIP rolling chips consistently amount to more than
USD1.5bn each month. Initial performance for IPI's temporary
casino in Saipan may not be sustainable as the curiosity factor
fades.

Active Development of Tourism: Lodging is currently the major
bottleneck for the increasing number of VIP visitors, but this is
being addressed with the opening of a new luxury hotel in 2016 and
the opening of IPI's own hotel in April 2017. In addition, flight
frequencies to Saipan from cities in north-east Asia are gradually
increasing.

Advantages of Saipan: IPI leverages on its competitive advantage
in attracting VIPs in a low gaming tax and safe environment under
the US laws. IPI paid a 1.3% rebate to VIPs in 1H16; it has
received approval from the Commonwealth Casino Commission to pay a
rebate to VIPs of up to 1.8%, which is higher than the rates paid
in most other Asian countries. Saipan is well-positioned to cater
to players in north-eastern China, with flight time of around five
hours and a visa-on-arrival policy for Chinese citizens.

KEY ASSUMPTIONS

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

   -- Gross gaming revenue of USD700 million-800 million in 2016
      and USD800 million-1,100 million a year in 2017-2018;

   -- 70% of VIP revenue sourced from junket operators or
      introductions in 2016-2018;

   -- Commission rates of 1.4% to VIP and 1.85% to junket
      operators in 2016-18;

   -- Capex of USD500 million-550 million in 2016 and
      USD100 million-200 million a year in 2017-2018.

RATING SENSITIVITIES

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

   -- Leverage as defined by total debt/EBITDA sustained below 3x
      (12 months to June 2016: 1.4x)

   -- Sustained positive free cash flow

   -- Ability to achieve stable VIP gaming revenue after the new
      casino starts operation as scheduled

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

   -- Leverage as defined by total debt/EBITDA sustained above
      4.5x after the new casino has commenced operation

   -- Trade receivable days from VIP gross gaming revenue
      sustained above 100 days after the commencement of junket
      operations (June 2016: 79 days)

   -- Significant cost-overrun in construction capex or major
      delay in the launch of the new casino and resort

LIQUIDITY

Financing Plan: IPI has short-term debt of HKD1.1bn, convertible
bonds of HKD561m due August 2017 and capex commitment of HKD3.0bn
as at end-June 2016, which will be satisfied by the proposed
issuance of US dollar senior secured notes and other potential
debt facilities.

FULL LIST OF RATING ACTIONS

Imperial Pacific International Holdings Limited

   -- Expected Long-Term Issuer Default Rating assigned at
      'B(EXP)': Stable Outlook

Imperial Pacific International (CNMI), LLC (Saipan)

   -- Expected rating on US dollar senior secured notes assigned
      at 'BB-(EXP)', with Recovery Rating of 'RR2'

In accordance with Fitch's policies the issuer appealed and
provided additional information to Fitch that resulted in a rating
action which is different than the original rating committee
outcome.


IMPERIAL PACIFIC: Moody's Assigns Provisional B2 CFR
----------------------------------------------------
Moody's Investors Service has assigned a first-time provisional
(P)B2 corporate family rating to Imperial Pacific International
Holdings Limited (Imperial Pacific).

At the same time, Moody's has assigned a provisional (P)B1 senior
secured rating to the proposed USD bonds to be issued by Imperial
Pacific International (CNMI), LLC.

The rating outlook for Imperial Pacific International Holdings
Limited is stable.

The bonds will be guaranteed by Imperial Pacific International
Holdings Limited.

The proceeds from the proposed bonds issuance of up to USD480
million will be placed in an account that will only be used to
finance the development of Phase I of the Saipan Project, the
Grand Mariana.

The provisional status of the ratings will be removed upon
completion of the bond issuance with all satisfactory terms and
conditions met.

A reassessment of the ratings would be needed if the bonds do not
materialize as planned.

                         RATINGS RATIONALE

"The (P)B2 CFR reflects the key strengths of Imperial Pacific's
casinos in Saipan, including its monopoly status in Saipan's
gaming market, as well as the island's favorable tax regime for
casinos and its friendly visa policy for Chinese visitors, the
major customers of its casinos," says Kaven Tsang, a Moody's Vice
President and Senior Credit Officer.

"At the same time, the rating considers the company's exposure to
the high execution risks associated with the development of Grand
Mariana, a new casino and hotel project, and the short track
record of Imperial Pacific and the island of Saipan in the gaming
business," adds Tsang.

The company is also exposed to the risks of cost overruns and
delays in the completion of the Grand Mariana project.

On the other hand, these challenges are partly tempered by the
strong gaming revenue generated by its temporary casino.

The company's credit profile will improve as it completes the
project and commences operations in 2017.

Imperial Pacific's focus on VIP gaming and its operation in a
single location expose it to operating volatility and the evolving
regulatory environment in Saipan's gaming market.  This strategy
also increases the company's working capital needs and the credit
risk in relation to its customers.

However, this risk is to some extent mitigated by the cooperative
attitude of the regulators in Saipan and the ability to offer more
attractive commissions to junkets and VIP customers, aided by the
absence of a gaming tax.

Imperial Pacific's initial financial leverage is high because the
Grand Mariana project is predominantly funded by debt.  However,
its debt/EBITDA will improve to around 3.0x in 2017 from around
5.0x for 2016 as the new casino starts generating incremental
earnings.  This projected leverage solidly positions the company
at the B2 rating level and provides some buffer against potential
operational and financial volatilities.

However, whether the company can consistently maintain such a low
level leverage over the next 2-3 years remains uncertain, because
this factor depends on the development plan and the funding
arrangement for the subsequent development of a casino resort in
Saipan.

Imperial Pacific has a weak liquidity profile, because of its
large capex requirements.  However, the successful issuance of the
proposed bonds and other fund-raising activities, if they
materialize, should improve its liquidity to an adequate level.

The (P)B1 rating on the proposed US$ bonds reflects the first lien
on the company's major operating assets, including the property of
the Grand Mariana project and the gaming license.  This structure
means that the bonds rank ahead of other unsecured claims and
indebtedness.

Additionally, the company will maintain 12 months of interest
expenses (on a rolling 12 month basis) in a reserve account for
the life of the bonds.

The rating outlook is stable, reflecting Moody's expectation that
Imperial Pacific's operating profile will stabilize over the next
12 months, as the company begins to operate the new casino and
hotel, while managing execution risks without material problems.

The ratings could be upgraded over the next 12-18 months if the
company 1) successfully completes and ramps up Grand Mariana; and
2) demonstrates adequate financial capacity and prudence to
execute future expansion plans.

Financial indicators of an upgrade include adjusted debt/EBITDA
below 4.5x and EBITDA/interest above 4x on a sustained basis.

On the other hand, the ratings may come under downward pressure
should there be a material deterioration in the liquidity and
financial profiles of Imperial Pacific.  This may emerge if 1)
there is a material delay in the completion of the Grand Mariana
project; 2) demand for Grand Mariana falls below expectations, or
construction costs increase materially above expectations, leading
to additional debt-funding requirements or a significant
deterioration in liquidity; or 3) there is aggressive debt-funded
development of new casinos.

Financial indicators of a downgrade include adjusted debt/EBITDA
above 6x and EBITDA/interest below 3x on a sustained basis.

The principal methodology used in these ratings was Global Gaming
Industry published in June 2014.

Imperial Pacific International Holdings Limited is a holding
company listed on the Hong Kong Stock Exchange.  Through its 100%
owned subsidiary -- Imperial Pacific International (CNMI), LLC --
it holds an exclusive gaming license for the island of Saipan, the
Commonwealth of the Northern Mariana Islands (unrated).



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


AIKYA CHEMICALS: Ind-Ra Affirms 'IND BB-' LT Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Aikya Chemicals
Pvt Ltd.'s (ACPL) Long-Term Issuer Rating at 'IND BB-'. The
Outlook is Stable.

KEY RATING DRIVERS

The affirmation reflects six months of delay in the commencement
of commercial operations at ACPL's manufacturing unit on account
of delay in supply of machineries.  The company's manufacturing
unit has been operational since April 2016.

ACPL's present product portfolio is limited to manufacturing
manganese sulphate only. The ratings are constrained due to a
delay in the commencement of production of ferric chloride as
supply and installation of   miscellaneous machineries are still
pending. The management believes the production of ferric chloride
is likely to commence from 3QFY17.

The ratings, however, are supported by Gujarat Minerals
Development Corporation Ltd's 12.99% stake in ACPL. Gujarat
Minerals Development Corporation Ltd is now directly supplying raw
materials to ACPL instead of supplying through its parent entity
Cube Mines and Minerals Pvt Ltd. The agency also believes the
operating margin of ACPL is likely to remain high on account of
low raw material cost which will help to maintain moderate credit
profile.

RATING SENSITIVITIES

Positive: Stabilisation of commercial operations at the company's
manufacturing unit could be positive for the ratings.

Negative: Inability to stabilise the commercial operations or any
delay in the commercialisation of ferric chloride's production
could be negative for the ratings.

COMPANY PROFILE

ACPL was incorporated in 2011 by Sanjay Shah. ACPL has set up a
manufacturing unit in Vadodara for the production of manganese
sulphate and ferric chloride with a capacity of 18,000mtpa and
21,600mtpa, respectively.

ACPL's ratings:

   -- Long-Term Issuer Rating: affirmed at 'IND BB-'/Stable

   -- INR194.8 million term loan: affirmed at 'IND BB-'/Stable

   -- INR45 million fund-based working capital limits: affirmed
      at 'IND BB-'/Stable

   -- INR10 million non-fund-based limits: affirmed at 'IND A4+'


AIROTEK SUSPENSION: CRISIL Suspends D Rating on INR117.1MM Loan
---------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Airotek
Suspension Technologies Private Limited.

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

   Proposed Long Term
   Bank Loan Facility      50.4      CRISIL D

   Term Loan              117.1      CRISIL D

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

ASTPL was incorporated in Pune (Maharashtra) in 2010. It designs
and manufactures suspension systems primarily for two-wheelers. In
September 2010, ASTPL entered into a technical collaboration
agreement with Italy-based Paioli Components SRL (Paioli), and in
2011, acquired Paioli's assets to set up its production facility
at Pirangut in Pune. ASTPL is managed by Mr. Nikhil Kulkarni and
his son Mr. Rohan Kulkarni.


ALPS PHARMACEUTICALS: CRISIL Suspends D Rating on INR260MM Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Alps Pharmaceuticals Private Limited (APPL; part of the Parth
Group (PG)).

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          35       CRISIL D
   Cash Credit            260       CRISIL D

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

PPPL was set up in 1987 by Mr. Jayesh Shukla and Mr. Shailesh
Chaturvedi to manufacture parenterals such as intravenous fluids.
Subsequently, the company started manufacturing various
pharmaceutical formulations such as tablets, oral syrups, and
injectables.


AMBICA TIMBER: CARE Assigns B+/A4 Rating to INR17.7cr Loan
----------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Ambica Timber Mart.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term/ Short-term         17.70      CARE B+/CARE A4
   Bank Facilities                          Assigned

   Short term Bank Facilities     0.90      CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Ambica Timber Mart
(ATM) is constrained primarily on account of its small scale of
operations along with low profit margins due to trading nature of
operations, high working capital intensive nature of operation,
highly leveraged capital structure and weak debt coverage
indicators. The ratings are also constrained by ATM's presence in
the highly fragmented industry along with constitution as a
partnership firm, susceptibility of operating margins to timber
price fluctuation & forex exposure and external environment risks
associated with the operations of the firm.

The ratings, however, derive comfort from the partners'
experience, geographically diversified customer base and
locational advantage in terms of good transportation connectivity
ensuring smooth supply of goods at an effective cost.
The ability of ATM to increase scale of operations and
profitability along with improvement in capital structure and debt
coverage indicators considering various external risks, forex
exposure and efficient working capital management would be
the key rating sensitivities.

Ahmedabad-based (Gujarat) ATM was formed in 1969 as a partnership
firm. Mr. Kaushal Patel joined ATM as a partner in 1990. He is
also the promoter of ATM Global Corporation and Green Impact
Realties. Overall, the firm is managed by four partners with equal
profit and loss sharing agreement between them to undertake the
business of saw mill & trading of teak woods. ATM purchases teak
woods from both domestic & international markets (Tanzania, Sudan)
& sells it to various furniture manufacturers, dealers and saw
mills of Gujarat and New Delhi.

During FY16 (Provisional) (refers to the period April 1 to
March 31), ATM reported a PAT of INR0.21 crore on a TOI of
INR10.24 crore as against PAT of INR0.31 crore on a TOI of
INR14.58 crore during FY15.


ANGEL FEEDS: CARE Revises Rating on INR6.51cr Loan to 'B'
---------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
Angel Feeds.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      6.51      CARE B Revised from
                                            CARE B-

Rating Rationale

The revision in the rating assigned to the bank facilities of
Angel Feeds (AGF) factors in the improvement in profitability
margins, capital structure and coverage indicators in FY16 (based
on provisional results; refers to the period April 1 to
March 31).

The rating, however, continues to remain constrained on account of
small scale of operations, working capital-intensive nature of
operations, high competition from local players coupled with raw
material price fluctuation risk and constitution of the entity as
a partnership firm. The rating also takes the cognizance of
decline in total operating income during FY16.

The rating continues to draw comfort from the experienced partners
in the manufacturing of poultry feed.

Going forward, the ability of the firm to increase its scale of
operations while improving profitability margins and capital
structure coupled with effective working capital management remain
the key rating sensitivities.

Angel Feeds (AGF), a partnership firm, established in October,
2011 by its partners Mr. Rajvir Singh and Mr. Jasvir Singh
(brother of Mr. Rajvir Singh). The firm is engaged in the
manufacturing of poultry feed which includes layer feed and
broiler feed. The commercial operation started in August, 2013.
The firm's manufacturing unit is located at Panipat, Haryana and
installed capacity is 60,000 tons per annum of poultry feeds as on
March 31, 2016. AGF sells its product to various poultry farms
located in adjoining states viz Haryana, Punjab, and Uttar
Pradesh. The main raw materials for manufacturing poultry feed are
Maize and Soya cake. The firm procures its raw materials through
dealers located in Haryana, Rajasthan, Bihar and Punjab. AGF have
group associates i.e. Bharat Hatcheries, Vijay Breeding Farm &
Hatcheries and Jyoti Breeding Farm engaged into poultry farming
and breeding.

AGF achieved a total operating income (TOI) of INR18.41 crore with
profit after tax (PAT) of INR2.38 crore respectively in FY16
(Based on provisional results, refers to the period April 01 to
March 31), as against TOI of INR22 crore with against net losses
in FY15. During 4MFY17 (provisional results), the firm has
achieved total operating income of INR12 crore.


ANNAPURNA PET: CARE Reaffirms B+ Rating on INR22.58cr LT Loan
-------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Annapurna Pet Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     22.58      CARE B+ Reaffirmed
   Short-term Bank Facilities    11.00      CARE A4 Reaffirmed

Rating Rationale

The ratings assigned to the bank facilities of Annapurna Pet
Private Limited (APPL) continued to be constrained by modest scale
of operations coupled with short track record of the company,
moderately leveraged capital structure and weak debt coverage
indicators and working capital intensive nature of operations. The
ratings further continue to be constrained by presence in highly
regulated and competitive plastic product industry.

The reaffirmation of the ratings factor in the continuation of
losses incurred by company and elongated working capital cycle
albeit improvement in profit margin, gross cash accruals and
capital structure during FY16 (provisional; refers to the period
April 1 to March 31).

The ratings, however, continue to derive strength from the
experienced promoters, improvement in profit margins, gross cash
accruals and association with reputed customer base.

The ability of the company to increase its scale of operation and
maintain its profit margin along with efficient management of the
working capital requirements are the key rating sensitivities.

Incorporated in 2011, by Mr. Vijay Bajoria, Mr. Vimal Bajoria, Mr.
Krishna Tulsian, Mr. Suresh Murarka & Mr. Sunil Goyal, APPL is
engaged in the manufacturing of polyethylene terephthalate (PET)
pre-forms and bottle caps, used in the manufacturing of plastic
bottles/containers.

The company commenced commercial operations from March 01, 2013.
The entity has manufacturing facility located at Umbergaon with an
installed capacity to produce 800 MT of perform and 1 crore pieces
of bottle caps.

APPL procures raw material, viz, PET resins from domestic market
(around 98.80%) as well as imports it from China & Malaysia
(around 1.20%) and sells its products across India. The customer
base includes companies engaged in producing aerated drinks and
edible oils (PET bottles).

During FY16 (provisional), APPL reported total operating income of
INR53.57 crore (vis-a-vis INR44.67 crore in FY15) and net loss of
INR0.54 crore (vis-a-vis INR2.23 crore in FY15). Furthermore, till
July 2016, the company has achieved a total income of INR23.00
crore.


ASHOK TIMBER: Ind-ra Suspends 'IND B' LT Issuer Rating
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Ashok Timber
Trading Co.'s (ATTCO) 'IND B' Long-Term Issuer Rating to the
suspended category. The Outlook was Stable. This rating will now
appear as 'IND B(suspended)' on the agency's website.

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

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

ATTCO's ratings:

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

   -- INR75 million fund-based working capital limits: migrated
      to 'IND B(suspended)' from 'IND B'

   -- INR300 million non-fund-based working capital limits:
      migrated to 'IND A4(suspended)' from 'IND A4'


BAGORI POLYMERS: Ind-Ra Assigns 'IND BB-' LT Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Bagori Polymers
Private Limited (BPPL) a Long-Term Issuer Rating of 'IND BB-'. The
Outlook is Stable.

KEY RATING DRIVERS

The ratings reflect BPPL's small scale of operations and moderate
credit profile. According to FY16 provisional financials the
company reported revenue of INR176 million (FY15: 184 million),
EBITDA interest coverage (operating EBITDA/interest) of 1.9x
(1.8x) and net financial leverage (net debt/operating EBITDA) of
4.2x (4.3x). The EBITDA margins declined to 10.6% in FY16 (FY15:
11.2%) on account of an increase in the raw material cost.

The ratings are constrained on account of the short operational
track record of BPPL coupled with raw material price fluctuation
risks since the prices of plastic granules, the major raw material
for the company, are volatile.

The ratings, however, are supported by the company's comfortable
liquidity position with its average maximum utilisation of the
fund based limits being 82% during 12 months ended July 2016.

The ratings are further supported by more than 4 years of
operating experience of the company's promoter in the
polypropylene woven fabric and sacks manufacturing business
leading to established customer base.

RATING SENSITIVITIES

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

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

COMPANY PROFILE

Incorporated in 2012, BPPL is engaged in manufacturing
polypropylene woven fabric and woven sacks. The company has its
manufacturing unit at Butibori MIDC, Nagpur with a monthly
installed capacity of 190 tonnes. The day to day operations of the
company are managed by Mr. Mohit Singhania, Mr. Manoj Singhania
and Ms Megha Singhania.

BPPL's ratings:

- Long-Term Issuer Rating: assigned 'IND BB-'/Stable
- INR40 million fund-based working capital limits: assigned
   'IND BB-'/Stable
- INR49.7 million long-term loans: assigned 'IND BB-'/Stable


BLACKSTONE LOGISTICS: CRISIL Cuts Rating on INR89.9MM Loan to D
---------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank loan
facility of Blackstone Logistics Private Limited to 'CRISIL D'
from 'CRISIL BB-/Stable'. The downgrade reflects delays by the
company in servicing its term debt because of weak liquidity on
account of its stretched working capital cycle.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan               89.9      CRISIL D (Downgraded from
                                     'CRISIL BB-/Stable')

BLPL's scale of operations is small, and financial risk profile is
below average driven by a small networth and weak capital
structure. However, the company benefits from its promoters'
extensive entrepreneurial experience.

BLPL, incorporated in November 2010, has a warehouse at Khamgaon
in Buldhana, Maharashtra, with capacity of 35,000 tonne. The
warehouse has been leased to Maharashtra State Warehousing
Corporation (MSWC) for 10 years. BLPL is promoted by Mr. Snehal
Patel, Mr. Sagar Bhatewara, and Mr. Hrishikesh Deshmukh.


CIBI EXPORTS: CRISIL Reaffirms B+ Rating on INR85MM Term Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Cibi Exports continue
to reflect Cibi's modest scale of operations in the highly
fragmented readymade garments industry, its below-average
financial risk profile because of weak debt protection metrics,
and susceptibility of its profitability to volatility in raw
material prices. These weaknesses are partially offset by the
extensive industry experience of the firm's promoters and its
established relationships with customers.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit              20      CRISIL B+/Stable (Reaffirmed)
   Export Packing Credit    45      CRISIL B+/Stable (Reaffirmed)
   Foreign Bill Purchase    27.5    CRISIL B+/Stable (Reaffirmed)
   Term Loan                85      CRISIL B+/Stable (Reaffirmed)

CRISIL had upgraded the ratings on the long bank facilities of
Cibi to 'CRISIL B+/Stable' from 'CRISIL B/Stable' while
reaffirming the short term rating at CRISIL A4 vide its rating
rationale dated July 19, 2016.
Outlook: Stable

CRISIL believes Cibi will continue to benefit over the medium term
from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' if the firm reports better-
than-expected cash accrual, leading to a better financial risk
profile. The outlook may be revised to 'Negative' in case of
lower-than-expected cash accrual or large working capital
requirement or if the firm undertakes larger than expected debt
funded capex, resulting in deterioration in its financial risk
profile.

Cibi, set up in 1993 and promoted by Mr. Anand and Ms. Jayashree
Priya, manufactures and exports readymade knitted garments.


CLASSIC ENGICON: CRISIL Hikes Rating on INR50MM Cash Loan to BB-
----------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of Classic
Engicon Pvt Ltd to 'CRISIL BB-/Stable/CRISIL A4+' from 'CRISIL
B+/Stable/CRISIL A4', and has placed the ratings on 'Notice of
Withdrawal' for a period of 180 days.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          160       CRISIL A4+ (Upgraded
                                     from 'CRISIL A4';
                                     Notice of Withdrawal)

   Cash Credit              50       CRISIL BB-/Stable (Upgraded
                                     from 'CRISIL B+/Stable';
                                     Notice of Withdrawal)

   Proposed Long Term       40       CRISIL B+/Stable (Upgraded
   Bank Loan Facility                from 'CRISIL A4'; Notice
                                     of Withdrawal)

The rating upgrade reflects expected scale up of operation on
account of a smooth inflow of orders. Working capital management
is expected to improve because of steady execution of work orders
and timely acknowledgment of executed orders by clients, resulting
in better inventory management. With improvement in the scale of
operation and timely receipt of payment, the creditor period is
likely to come down in the medium term; this will enable the
company to avail discounts for faster payment.

The rating upgrade also factors in healthy accretion to reserves,
which led to a considerable improvement in networth to INR133.1
million as on March 31, 2016, from INR97.6 a year earlier and
INR89.7 million as on March 31, 2014. Hence, gearing reduced to
0.97 time as on March 31, 2016, from 1.32 times as on March 31,
2014, despite a term loan availed.

The rating reflects susceptibility of revenue growth and
profitability to risks related to tender-based operations. This
weakness is are partially offset by the extensive experience of
the company's promoter in the civil construction industry, modest
scale of operations, and geographic concentration in revenue
profile.

The ratings have been placed on notice of withdrawal on the
company's request. The ratings will be withdrawn at the end of the
notice period, in line with CRISIL's policy on withdrawal of its
ratings on bank loans.
Outlook: Stable

CRISIL believes CEPL will benefit from the promoter's extensive
industry experience over the medium term. The outlook may be
revised to 'Positive' if the company sustainably improves the
scale of its operations and profitability, along with steady
working capital management. Conversely, the outlook may be revised
to 'Negative' if CEPL undertakes a large, debt-funded capital
expenditure programme, thereby weakening its financial risk
profile, or if its working capital management deteriorates, thus
significantly constraining its liquidity.

Established in Jharkhand in October 2007 and promoted by Mr. Dilip
Kumar Singh, CEPL undertakes construction of roads, bridges, check
dams, and other such projects. Its key customer is the Public
Works Department of Jharkhand.


DHRUVTARA AGRO: CRISIL Assigns B- Rating to INR50MM Cash Loan
-------------------------------------------------------------
CRISIL has assigned its rating of 'CRISIL B-/Stable' to the bank
facilities of Dhruvtara Agro And Allied Industries Private
Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan               40        CRISIL B-/Stable
   Cash Credit             50        CRISIL B-/Stable
   Proposed Long Term
   Bank Loan Facility      10        CRISIL B-/Stable

The rating reflects the company's below-average financial risk
profile, marked by weak capital structure and debt protection
metrics. The rating also factors in modest scale of operations in
the intensely competitive agro products industry. These rating
weaknesses are partially offset by the promoter's extensive
experience in the agro-based business.
Outlook: Stable

CRISIL believes DAAIPL will continue to benefit over the medium
term from its promoters' extensive experience in the agro products
business. The outlook may be revised to 'Positive' if substantial
improvement in scale of operations, profitability and net cash
accrual leads to stronger capital structure and liquidity.
Conversely, the outlook may be revised to 'Negative' if stretch in
working capital management or profitability, or any debt-funded
capital expenditure weakens financial risk profile, particularly
liquidity.

Incorporated in 2013 as a private limited company, DAAIPL
processes food items such as wheat flour, maida, and sooji. Mr.
Baban Phatke is the promoter.


DREAMZ OVERSEAS: CARE Assigns 'B' Rating to INR6cr LT Loan
----------------------------------------------------------
CARE assigns 'CARE B' rating to bank facilities of Dreamz Overseas
Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities       6        CARE B Assigned

Rating Rationale

The rating assigned to the bank facilities of Dreamz Overseas
Private Limited is constrained by its weak financial risk profile
characterised by small scale of operations, losses in FY16 (refers
to the period April 1 to March 31) and weak solvency position. The
rating is further constrained by execution and stabilization risk
pertaining to the project, susceptibility of the company's margins
to fluctuations in the raw material prices and DOPL's presence in
a highly fragmented industry characterized by intense competition.
The rating, however, derives strength from the experienced
promoters, favourable location of plant along with positive
outlook for the industry.

Going forward, the ability of the company to achieve the envisaged
sales, profitability margins and improve its overall solvency
position would remain the key rating sensitivities.

DOPL was incorporated in 2012 as a private limited company and is
currently being managed by Mr. Deepak Garg, Mr. Ujjwal Garg, Mr.
Vishesh Jindal, Mr. Pulkit Garg, Ms Anju Gupta, Ms Sheela Garg and
Ms Diksha Garg. The commercial operations commenced in March 2016.
The company is presently engaged in trading of wheat, and
processing of wheat would commence from September 2016 at its
manufacturing facility located in Sonipat, Haryana, with an
installed capacity of 3000 tonnes per annum. DOPL would sell wheat
flour and other products under the brand name of "MH Gold" to food
products manufacturing companies and bakery units located in Delhi
and Haryana. The company procures the raw material i.e. wheat from
various sources like local grain markets, Food Corporation of
India (FCI) and directly from farmers. Besides DOPL, all the
directors are also engaged in another group concern namely Tal
Roller Flour Mills Private Limited which is engaged in processing
of wheat since 1980.

In FY16 (based on unaudited results), DOPL has achieved a total
operating income of INR0.05 crore with net loss of 0.01 crore.


DUARS UNION: CRISIL Reaffirms B+ Rating on INR55MM Cash Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL A4' rating to the short-term bank
facility of Duars Union Tea Co. Limited and has reaffirmed its
rating on the company's long-term bank facilities at 'CRISIL
B+/Stable'.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee         3.5       CRISIL A4 (Assigned)

   Cash Credit           55.0       CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     2.0       CRISIL B+/Stable (Reaffirmed)

The ratings continue to reflect the working capital-intensive
nature and modest scale of the company's operations in a
fragmented and matured tea industry. These rating weaknesses are
partially offset by the extensive industry experience of its
promoters.

Outlook: Stable

CRISIL believes DUTCL will continue to benefit over the medium
term from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' in case of significant
improvement in scale of operations and profitability, while
capital structure is maintained. The outlook may be revised to
'Negative' in case of stress on the financial risk profile,
particularly liquidity, emanating from low cash accrual, large
working capital requirement, or any large, debt-funded capital
expenditure. Any negative developments related to renewal of the
lease for operating the company's tea estate may also lead to a
revision of outlook to 'Negative'.

Headquartered in Kolkata, DUTCL was incorporated in 1914 and was
taken over by the current promoters, Mr.  B P Agarwala and his son
Mr. Sushil Kumar Agarwala, in 1968. The company undertakes tea
estate management and tea processing in Darjeeling, West Bengal.


GOODWEAR FASHIONS: Ind-Ra Affirms 'IND BB' LT Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Goodwear Fashions
Pvt. Ltd.'s (GFPL) Long-Term Issuer Rating at 'IND BB'. The
Outlook is Stable.

KEY RATING DRIVERS

The affirmation reflects GFPL's continued small scale of
operations and moderate credit profile. FY16 provisional
financials indicate revenue of INR296 million (FY15: INR314
million), interest coverage of 2.1x (2.5x), operating EBITDA
margin of 10.8% (9.5%), and net financial leverage (total adjusted
net debt/operating EBITDAR) of 2.7x (2.7x).

The company's revenue declined in FY16 due to a fire at its
premises in October 2015 which damaged stock, machinery and a
building. In order to resume operations, GFPL had to repair the
damages which upped its use of the working capital limits
resulting in higher interest cost and in turn deteriorating its
interest coverage.

The ratings also factor in GFPL's continued tight liquidity as
evident from its 97.7% average use of the working capital limits
over the 12 months ended July 2016.

The ratings however benefit from GFPL's promoters' over 25 years
of experience in manufacturing high-end woven and knitted
interlinings.

RATING SENSITIVITIES

Positive: Growth in the revenue and EBITDA margin will be positive
for the ratings.

Negative: Any deterioration in the liquidity profile will be
negative for the ratings.

COMPANY PROFILE

Incorporated in 1988, GFPL manufactures high-end woven and knitted
interlinings with an installed capacity of around 800,000 metres
per month.

It is owned and managed by two of its directors Ved Paul Kapoor
and Vishal Kapoor.

GFPL's ratings:

   -- Long-Term Issuer Rating: affirmed at 'IND BB'/ Stable

   -- INR88 million fund-based limits (increased from INR63
      million): affirmed at 'IND BB'/ Stable and assigned
      'IND A4+'

   -- INR13.6 million term loan (increased from INR9.6 million):
      affirmed at 'IND BB'/ Stable

   -- INR1 million non-fund-based limits (reduced from INR11
      million): affirmed at 'IND A4+'


HILLSFOOD AGRO: CARE Reaffirms 'B' Rating on INR10.5cr LT Loan
--------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Hillsfood Agro Beverages Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     10.50      CARE B Reaffirmed
   Short-term Bank Facilities     0.30      CARE A4 Reaffirmed

Rating Rationale

The ratings assigned to the bank facilities of Hillsfood Agro
Beverages Private Limited (HAB) continue to be constrained by the
susceptibility of margins to fluctuation in raw material prices,
working capital intensive nature of operations and fragmented
nature of the industry with high competition from both small and
large players. The ratings are further constrained by the
company's weak financial risk profile characterized by small scale
of operations with low net-worth base, loss at the net level in
FY16 (refers to the period April 01 to March 31) and weak solvency
position.

The ratings, however, derive strength from the experienced
management team and positive outlook for the industry.

Going forward, the ability of HAB to profitably scale up its
operations while improving its overall solvency position and
managing the working capital requirements efficiently will remain
the key rating sensitivities.

HAB was incorporated in August 2013 and is currently being managed
by Mr. Pradeep Kumar Gupta, Mr. Pradeep Gupta and Mr. Anuj Kumar
Jindal. HAB has set up a fruit juice processing unit at Baddi,
Himachal Pradesh, and has an installed capacity of about 13,500
Kilo litres of juice per annum as on March 31, 2016. The company
started commercial operations from April 2015. The company sells
its products viz mango juice, apple juice, mixed juice, etc, under
the brand name 'Juicewala' to various wholesalers and retailers
located in different states of India through its network of super
stockiest.

HAB procures the raw materials, viz, mango pulp, litchi pulp and
apples directly from the suppliers based in Karnataka, Uttar
Pradesh, Himachal Pradesh, etc, while the packaging material
(Aseptic packaging) is imported from China. The company is also
engaged in the trading of packaging material to other juice
processing units in the near vicinity (income from trading
constituted around 10% of the total revenue in FY16).

In FY16 (based on unaudited results), HAB has achieved a total
operating income (TOI) of INR16.58 crore with net loss of INR0.05
crore. In Q1FY17 (provisional), the company achieved TOI of
INR16.00 crore.


J AND G TRANSFORMER: CARE Reaffirms B+ Rating on INR12.95r Loan
---------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
J and G Transformer Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     12.95      CARE B+ Suspension
                                            revoked and rating
                                            Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of J and G Transformer
Private Limited (JGT) continues to remain constrained by its small
scale of operations with low net worth base, weak financial risk
profile marked by low profitability margins, leveraged capital
structure, weak coverage indicator and working capital intensive
nature of operations. The rating is further constrained by the
presence in the highly competitive transformer industry and raw
material price volatility.  The rating, however, draws strength
from experienced promoters in transformer industry and moderate
order book position.

Going forward, the ability of the company to profitably increase
its scale up operations while improving profitability margin and
capital structure while effectively managing the working capital
requirements shall be the key rating sensitivities.

Gurgaon-based (Haryana) JGT was originally established as
proprietorship firm by Mr. Monohar Lal Bera in 2009. The firm
was reconstituted into private limited company in 2015 and is
currently being managed by Mr. Monohar Lal Bera and Mrs Usha Gera.
JGT is engaged in the manufacturing of power & distribution
transformers. JGT is also engaged in maintenance and repairing of
transformers. The company has unit for manufacturing of
transformers with capacities ranging from 25 KVA to 10,000 KVA.
The manufacturing capacity of the company is located in Dhorka,
Gurgaon, with an installed capacity of 18,000 transformer of 25
KVA-10,000 KVA. The company has taken the plant on lease and for
the same it is paying INR35,000 crore per month. The main raw
materials for manufacturing transformer are aluminium, copper,
Cold Rolled Grain Oriented (CRGO) and transformer oil. The company
procures the raw material from the local players situated in
nearby area. These transformers are mainly supplied to state
electricity boards of Haryana (Uttar Haryana Bijli Vitran Nigam
and Dakshin Haryana Bijli Vitran Nigam) wherein the orders are
acquired through bidding.

JGT achieved a total operating income (TOI) of INR31.76 crore with
PAT of INR0.58 crore, respectively, in FY16 (refers to the period
April 1 to March 31; based on the provisional results) as against
TOI of INR19.14 crore with PAT of and INR0.30 crore, respectively,
in FY15. During 4MFY17 (unaudited), the company has achieved a
total operating income of INR18 crore.


K.P. PACKAGING: Ind-Ra Cuts LT Issuer Rating to 'IND D'
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded K.P. Packaging
Limited's (KPPL) Long-Term Issuer Rating to 'IND D' from 'IND B+'.
The Outlook was Stable.

KEY RATING DRIVERS

The ratings reflect KPPL's tight liquidity leading to delays in
the servicing of debt during the 12 months ended August 2016,
according to the company's lenders.

RATING SENSITIVITIES

Positive: Timely debt servicing and use of working capital
facilities within the limits for three consecutive months could be
positive for the ratings.

COMPANY PROFILE

KPPL was incorporated in 1998 as a partnership firm. Later, in
July 2009, the entity was converted to a limited company. The
company is primarily engaged in manufacturing all kinds of
packaging products such as PVC film, aluminium foils, paper
laminates, polyester laminates, BOPP laminates, etc. KPPL has two
manufacturing units at Silvassa.

KPPL's ratings:

   -- Long-Term Issuer Rating: downgraded to 'IND D' from 'IND
      B+'/Stable

   -- INR40 million fund-based working capital limit: downgraded
      to Long-term 'IND D' from 'IND B+'/Stable

   -- INR50 million non-fund-based working capital limit:
      downgraded to Short-term 'IND D' from 'IND A4'


LAKHANI ARMAAN: CRISIL Reaffirms 'D' Rating on INR85MM Loan
-----------------------------------------------------------
CRISIL's ratings on the bank facilities of Lakhani Armaan Shoes
Private Limited (LASPL; part of the Lakhani group) continue to
reflect instances of delay by the Lakhani group in meeting its
debt obligations.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bill Purchase-
   Discounting Facility    50        CRISIL D (Reaffirmed)

   Cash Credit             65        CRISIL D (Reaffirmed)

   Letter of Credit        85        CRISIL D (Reaffirmed)

   Term Loan               45.1      CRISIL D (Reaffirmed)

The delays were on account of weak liquidity, driven mainly by
highly working-capital-intensive operations, and high bank limit
utilisation. However, the group benefits from the extensive
experience of the promoters, and its established brands.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of six entities of the Lakhani group -
LASPL, Lakhani Footwear Pvt Ltd, Lakhani Shoes & Apparels Pvt Ltd,
Lakhani Rubber Products Pvt Ltd, Mascot Footcare, and Lakhani
Rubber Works. This is because all these entities, collectively
referred to as the Lakhani group, have the same promoters and
senior management; moreover, they have common procurement,
marketing, and finance functions, and are in similar lines of
business.

Mr. K C Lakhani set up Lakhani Rubber Works in 1966. The group is
in the footwear and rubberised automotive components businesses.
Over the past 40 years, it has expanded its footwear business and
established the Lakhani brand in the footwear market in India.
Between 2006 and 2008, there was a family split in the Lakhani
group, with Mr. K C Lakhani and his younger brother, Mr. P D
Lakhani, reorganising the business and its assets. Mr. K C Lakhani
renamed the business as Lakhani Armaan Group, with production
facilities comprising three units in Faridabad (Haryana), two
units in Haridwar (Uttarakhand), and one unit each in Dhar (Madhya
Pradesh) and Noida (Uttar Pradesh).


LAKHANI FOOTWEAR: CRISIL Reaffirms D Rating on INR593.1MM Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Lakhani Footwear
Private Limited (LFPL; part of the Lakhani group) continue to
reflect instances of delay by the Lakhani group in meeting its
debt obligations.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bill Purchase-
   Discounting
   Facility               150        CRISIL D (Reaffirmed)

   Cash Credit            593.1      CRISIL D (Reaffirmed)

   Letter of Credit       270.0      CRISIL D (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      49.5      CRISIL D (Reaffirmed)

   Term Loan              118.6      CRISIL D (Reaffirmed)

The delays were on account of weak liquidity, driven mainly by
highly working-capital-intensive operations, and high bank limit
utilisation. However, the group benefits from the extensive
experience of the promoters, and its established brands. For
arriving at the ratings, CRISIL has combined the business and
financial risk profiles of six entities of the Lakhani group -
LFPL, Lakhani Armaan Shoes Pvt Ltd, Lakhani Shoes & Apparels Pvt
Ltd, Lakhani Rubber Products Pvt Ltd, Mascot Footcare, and Lakhani
Rubber Works. This is because all these entities, collectively
referred to as the Lakhani group, have the same promoters and
senior management; moreover, they have common procurement,
marketing, and finance functions, and are in similar lines of
business.

Mr. K C Lakhani set up Lakhani Rubber Works in 1966. The group is
in the footwear and rubberised automotive components businesses.
Over the past 40 years, it has expanded its footwear business and
established the Lakhani brand in the footwear market in India.
Between 2006 and 2008, there was a family split in the Lakhani
group, with Mr. K C Lakhani and his younger brother, Mr. P D
Lakhani, reorganising the business and its assets. Mr. K C Lakhani
renamed the business as Lakhani Armaan Group, with production
facilities comprising three units in Faridabad (Haryana), two
units in Haridwar (Uttarakhand), and one unit each in Dhar (Madhya
Pradesh) and Noida (Uttar Pradesh).


LAKHANI RUBBER: CRISIL Reaffirms 'D' Rating on INR100MM Loan
------------------------------------------------------------
CRISIL's ratings on the bank facilities of Lakhani Rubber Works
(LRW; part of the Lakhani group) continue to reflect instances of
delay by the Lakhani group in meeting its debt obligations. The
delays were on account of weak liquidity, driven mainly by highly
working-capital-intensive operations, and high bank limit
utilisation. However, the group benefits from the extensive
experience of the promoters, and its established brands.

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

   Bill Purchase-
   Discounting Facility     60       CRISIL D (Reaffirmed)

   Cash Credit              85       CRISIL D (Reaffirmed)

   Letter of Credit        100       CRISIL D (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility       52.8     CRISIL D (Reaffirmed)

   Term Loan                13.7     CRISIL D (Reaffirmed)

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of six entities of the Lakhani group '
LRW, Lakhani Footwear Pvt Ltd, Lakhani Shoes & Apparels Pvt Ltd,
Lakhani Rubber Products Pvt Ltd, Mascot Footcare, and Lakhani
Armaan Shoes Pvt Ltd. This is because all these entities,
collectively referred to as the Lakhani group, have the same
promoters and senior management; moreover, they have common
procurement, marketing, and finance functions, and are in similar
lines of business.

About the Group

Mr. K C Lakhani set up Lakhani Rubber Works in 1966. The group is
in the footwear and rubberised automotive components businesses.
Over the past 40 years, it has expanded its footwear business and
established the Lakhani brand in the footwear market in India.
Between 2006 and 2008, there was a family split in the Lakhani
group, with Mr. K C Lakhani and his younger brother, Mr. P D
Lakhani, reorganising the business and its assets. Mr. K C Lakhani
renamed the business as Lakhani Armaan Group, with production
facilities comprising three units in Faridabad (Haryana), two
units in Haridwar (Uttarakhand), and one unit each in Dhar (Madhya
Pradesh) and Noida (Uttar Pradesh).


LAKHANI SHOES: CRISIL Reaffirms 'C' Rating on INR250MM Cash Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Lakhani Shoes and
Apparels Private Limited (LSAPL; part of the Lakhani group)
continue to reflect pressure on its liquidity marked by continuous
high utilisation of its bank limit due to highly working-capital-
intensive operations. However, the company benefits from the
extensive experience of the promoters, and its established brands.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee           5       CRISIL A4 (Reaffirmed)
   Cash Credit            250       CRISIL C (Reaffirmed)
   Letter of Credit       179.5     CRISIL A4 (Reaffirmed)

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of six entities of the Lakhani group '
LSAPL, Lakhani Footwear Pvt Ltd, Lakhani Armaan Shoes Pvt Ltd,
Lakhani Rubber Products Pvt Ltd, Mascot Footcare, and Lakhani
Rubber Works. This is because all these entities, collectively
referred to as the Lakhani group, have the same promoters and
senior management; moreover, they have common procurement,
marketing, and finance functions, and are in similar lines of
business.

Mr. K C Lakhani set up Lakhani Rubber Works in 1966. The group is
in the footwear and rubberised automotive components businesses.
Over the past 40 years, it has expanded its footwear business and
established the Lakhani brand in the footwear market in India.
Between 2006 and 2008, there was a family split in the Lakhani
group, with Mr. K C Lakhani and his younger brother, Mr. P D
Lakhani, reorganising the business and its assets. Mr. K C Lakhani
renamed the business as Lakhani Armaan Group, with production
facilities comprising three units in Faridabad (Haryana), two
units in Haridwar (Uttarakhand), and one unit each in Dhar (Madhya
Pradesh) and Noida (Uttar Pradesh).


MASCOT FOOTCARE: CRISIL Reaffirms D Rating on INR100MM Loan
-----------------------------------------------------------
CRISIL's ratings on the bank facilities of Mascot FootCare
(Mascot; part of the Lakhani group) continue to reflect instances
of delay by the Lakhani group in meeting its debt obligations. The
delays were on account of weak liquidity, driven mainly by highly
working-capital-intensive operations, and high bank limit
utilisation. However, the group benefits from the extensive
experience of the promoters, and its established brands.

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

   Bill Purchase-
   Discounting
   Facility               100        CRISIL D (Reaffirmed)

   Cash Credit             85        CRISIL D (Reaffirmed)

   Letter of Credit        75        CRISIL D (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      83.6      CRISIL D (Reaffirmed)

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of six entities of the Lakhani group '
Mascot, Lakhani Footwear Pvt Ltd, Lakhani Shoes & Apparels Pvt
Ltd, Lakhani Rubber Products Pvt Ltd, Lakhani Armaan Shoes Pvt
Ltd, and Lakhani Rubber Works. This is because all these entities,
collectively referred to as the Lakhani group, have the same
promoters and senior management; moreover, they have common
procurement, marketing, and finance functions, and are in similar
lines of business.

Mr. K C Lakhani set up Lakhani Rubber Works in 1966. The group is
in the footwear and rubberised automotive components businesses.
Over the past 40 years, it has expanded its footwear business and
established the Lakhani brand in the footwear market in India.
Between 2006 and 2008, there was a family split in the Lakhani
group, with Mr. K C Lakhani and his younger brother, Mr. P D
Lakhani, reorganising the business and its assets. Mr. K C Lakhani
renamed the business as Lakhani Armaan Group, with production
facilities comprising three units in Faridabad (Haryana), two
units in Haridwar (Uttarakhand), and one unit each in Dhar (Madhya
Pradesh) and Noida (Uttar Pradesh).


MCNALLY BHARAT: CARE Cuts Rating on INR4,793.96cr Loan to 'D'
-------------------------------------------------------------
CARE revises the ratings assigned to the bank facilities/
instruments of McNally Bharat Engineering Company Limited.

                                Amount
   Facilities                (INR crore)   Ratings
   ----------                -----------   -------
   Long-term Bank Facilities    4,793.96   CARE D Revised from
                                           CARE BB+; Removed from
                                           credit watch

   Short-term Bank Facilities     395.00   CARE D Revised from
                                           CARE A4+; Removed from
                                           credit watch

   Long/Short-term Bank           220.00   CARE D/CARE D Revised
   Facilities                              from CARE BB+/
                                           CARE A4+; Removed from
                                           credit watch

   Non-Convertible Cumulative      43.50   CARE D (RPS) Revised
   Redeemable Preference Share             from CARE BB (RPS);
                                           Removed from credit
                                           Watch

   Proposed Non-Convertible
   Cumulative Redeemable
   Preference Share                  -     Withdrawn

   Short-term Debt (including CP)    -     Withdrawn

Rating Rationale

The revision in the ratings assigned to Mcnally Bharat Engineering
Company Limited takes into account the instances of delays in debt
servicing by the company due to stressed liquidity position
arising out of continued cash losses in FY16 (refers to the period
April 1 to March 31) and increase in working capital requirements
to finance the stretched operating cycle.

MBEL, incorporated in 1961, based in Kolkata, is one of the
established engineering turnkey project execution companies
of India. MBEL has completed more than 320 turnkey projects in
different areas of its operations like bulk material handling, ash
handling, port handling, mineral beneficiation plant, water
management, road construction and maintenance, structural
fabrication, erection, piping, utilities, etc.

EMC Ltd (EMC), infused equity of INR50 crore in MBEL through a
group company in February 2015. Further, in Q2FY16, the stake of
EMC increased to 29.65% on preferential allotment of one crore
shares aggregating INR100 crore. As on Jun.30, 2016, EMC and its
group company together held 37.75% stake in MBEL.

The Board of MBEL, at its meeting held on March 22, 2016, approved
in-principle proposal to merge MBEL, its subsidiary McNally Sayaji
Engineering Ltd and EMC with another group company, Kilburn
Engineering Limited. The merger is pending for statutory
approvals.


MCNALLY SAYAJI: CARE Lowers Rating on INR213.16cr Loan to 'D'
-------------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
McNally Sayaji Engineering Limited.

                                Amount
   Facilities                (INR crore)   Ratings
   ----------                -----------   -------
   Long-term Bank Facilities     23.66     CARE D Revised from
                                           CARE BB+ (SO); Removed
                                           from Credit Watch

   Long-term Bank Facilities    213.16     CARE D Revised from
                                           CARE BB; Removed from
                                           Credit Watch

   Long/Short-term Bank         100.00     CARE D/CARE D Revised
   Facilities                              from CARE BB/CARE A4;
                                           Removed from Credit
                                           Watch

Rating Rationale

The revision in the ratings assigned to the bank facilities of
Mcnally Sayaji Engineering Limited (MSEL) is on account of
delay in debt servicing due to continued losses in FY16 (refers to
the period April 1 to March 31) and stretched operating cycle.

MSEL, incorporated in December, 1943, is a subsidiary of MBEL
belonging to the B. M. Khaitan group. MSEL is engaged in
manufacturing of construction, material handling and other
equipment & spares. The company has manufacturing units located at
Vadodara (Gujarat), Kumardhubi (Jharkhand) and Asansol (West
Bengal) engaged in the manufacturing of various construction and
material handling equipment & spares and has slurry pump
thickeners and floatation unit at Bengaluru (Karnataka). Besides,
the company also has two windmills (aggregate capacity - 1.6 MW)
at Jamnagar, Gujarat.

EMC Ltd (EMC), infused equity of INR50 crore inMBEL through a
group company in February 2015. Further, in Q2FY16, the stake of
EMC increased to 29.65% on preferential allotment of one crore
shares aggregating INR100 crore. As on Jun.30, 2016, EMC and its
group company together held 37.75% stake in MBEL.

The Board of MBEL, at its meeting held on Mar.22, 2016, approved
in-principle proposal to merge MBEL, its subsidiary MSEL and EMC
with another group company, Kilburn Engineering Limited. The
merger is pending for statutory approvals.

In FY16, MSEL reported net loss of INR26.78 crore (as against a
loss of INR28.53 crore in FY15) on operating income of INR225.44
crore (INR209.77 crore in FY15).


METROSTAR PRINT: CRISIL Lowers Rating on INR87.4MM Loan to D
------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Metrostar Print Solutions Pvt Ltd (MPSPL) to 'CRISIL D' from
'CRISIL B/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             12.6      CRISIL D (Downgraded from
                                     'CRISIL B/Stable')

   Term Loan               87.4      CRISIL D (Downgraded from
                                     'CRISIL B/Stable')

The downgrade reflects instance of delay in repayment of its term
loan instalments due to weak liquidity. The delay in commencement
of its manufacturing facility resulted in low cash accrual to
timely meet its repayment obligation.

CRISIL's rating also reflects MPSPL's exposure to stabilisation
and offtake risks associated with its ongoing project. This rating
weakness is partially offset by the extensive experience of
MPSPL's promoters in the printing consumables industry.

MPSPL, incorporated in 2011, is setting up a unit for
manufacturing offset printing plates that are used in the printing
industry. The proposed facility is located at Taloja
(Maharashtra). The company is promoted by Mr. Mukund Bhuta and his
wife, Mrs. Hetal Bhuta.


P.A.S. PETRO: CRISIL Reaffirms 'B' Rating on INR35MM Cash Loan
--------------------------------------------------------------
CRISIL's rating on the bank facilities of P.A.S. Petro Product
(PAS) continues to reflect PAS's modest scale of operations in a
highly fragmented chemicals trading industry and it's below
average financial risk profile marked by modest net worth and
working capital intensive nature of operations.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              35       CRISIL B/Stable (Reaffirmed)

   Foreign Letter of
   Credit                   80       CRISIL A4 (Reaffirmed)

These rating weaknesses are partially offset by the extensive
experience of the firm's promoters and their established
relationship with customers.

Outlook: Stable

CRISIL believes that PAS benefits from the extensive experience of
its promoters and its established relationship with customers over
the medium term. The outlook may be revised to 'Positive' if the
firm achieves improvement in revenue and profitability, on a
sustained basis resulting in improvement in financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
there is considerable decline in revenues or profitability or in
case deterioration in working capital management resulting in
stretched liquidity or if the firm undertakes a large debt funded
capital expenditure resulting in deterioration in financial risk
profile.

Established in 1992, PAS is engaged trading of soda ash and sodium
sulphate. The firm is based out of Chennai and is promoted by Mr.
S. Senthil Kumar and his family members.


PARTH PARENTERAL: CRISIL Suspends 'D' Rating on INR130MM Loan
-------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Parth
Parenteral Private Limited (PPPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             130       CRISIL D

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

CRISIL has suspended its rating on the bank facility of Parth
Parenteral Private Limited (PPPL). The suspension of ratings is on
account of non-cooperation by PPPL with CRISIL's efforts to
undertake a review of the ratings outstanding. Despite repeated
requests by CRISIL, PPPL is yet to provide adequate information to
enable CRISIL to assess PPPL's ability to service its debt. The
suspension reflects CRISIL's inability to maintain a valid rating
in the absence of adequate information.


PRANAV CONSTRUCTION: CRISIL Cuts Rating on INR191.1MM Loan to D
---------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Pranav
Construction Systems Private Limited to 'CRISIL D/CRISIL D' from
'CRISIL B-/Stable/CRISIL A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee         162.2      CRISIL D (Downgraded
                                     from 'CRISIL A4')

   Cash Credit            191.1      CRISIL D (Downgraded
                                     from 'CRISIL B-/Stable')

   Export Packing          66.3      CRISIL D (Downgraded
   Credit                            from 'CRISIL B-/Stable')

   Funded Interest         60.8      CRISIL D (Downgraded
   Term Loan                         from 'CRISIL B-/Stable')

   Letter of Credit        30.0      CRISIL D (Downgraded
                                     from 'CRISIL A4')

   Working Capital        214.9      CRISIL D (Downgraded
   Term Loan                         from 'CRISIL B-/Stable')

The rating downgrade reflects delay by PCSPL in servicing its
debt. The delays are caused by the company's weak liquidity.

The ratings reflects PCSPL's weak financial risk profile, marked
by weak debt protection metrics driven by depressed profitability,
and highly working-capital-intensive operations, and stretched
liquidity. The ratings also factor in the company's modest scale
of operations, and exposure to volatility in profitability
margins, raw material prices, and forex rates. These rating
weaknesses are partially offset by the extensive experience of the
promoters in the construction industry, and PCSPL's established
clientele and recently restructured debt, alleviating immediate
liquidity concerns.

Incorporated in 2003, PCSPL provides formwork, false work and
scaffolding which find application in construction/infrastructure
sector. The company has been set up by Mr. Sushil Sahani and its
manufacturing facilities are located at Kopar-Khairane and
Badlapur (both in Maharashtra).


RABIA LOGISTICS: CRISIL Lowers Rating on INR78.9MM Loan to 'D'
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank loan
facility of Rabia Logistics Pvt Ltd (RLPL) to 'CRISIL D' from
'CRISIL BB-/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Long Term Loan          78.9      CRISIL D (Downgraded from
                                     'CRISIL BB-/Stable')

The downgrade reflects delays by RLPL in servicing its term debt
because of weak liquidity on account of stretched working capital
cycle.

RLPL's scale of operations is small, and financial risk profile is
below average driven by a modest net worth and weak capital
structure. However, the company benefits from its promoters'
extensive entrepreneurial experience.

RLPL, incorporated in November 2010, has a warehousing facility at
Ghoni in Washim, Maharashtra, with capacity of 30,000 tonne. The
warehouse has been leased to Central Warehousing Corporation (CWC)
for 10 years. RLPL is promoted by  Mr. Snehal Patel, Mr. Sagar
Bhatewara, and Mr. Hrishikesh Deshmukh.


RAMOJIWAFERS AND NAMKEEN: CARE Reaffirms B Long Term Loan Rating
----------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Ramojiwafers and Namkeen Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     15.26      CARE B Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of Ramoji Wafer and
Namkeen Private Limited (RWNPL) continues to remain constrained on
account of its nascent stage of operations coupled with loss
reported during FY16 (Provisional, refers to the period April 01
to March 31), highly leveraged capital structure, weak debt
coverage indicators and liquidity position.

The rating also takes into consideration presence of RWNPL into
highly fragmented industry wherein it faces competition from
established players coupled with susceptibility of profit margins
to raw material price fluctuation risk.  The rating, however,
derive strength from the promoters' experience in different
industries albeit no relevant experience in the snack food
industry and locational advantage in terms of proximity to raw
material suppliers and prospective customers. The reaffirmation
also factors stabilization of operation post completion of
project.

The ability of RWNPL to increase its scale of operations along
with improvement in the overall financial risk profile along with
efficient working capital management remains the key rating
sensitivities.

Surat-based (Gujarat) RWNPL was incorporated in October 2013 to
undertake manufacturing of potato wafers, noodles and namkeens.
RWNPL is promoted by Mr. Jitendra Kumar Patel and Mr. Dinesh Kumar
Patel, who have an experience of around two decades in various
industries ranging from manufacturing of ceramic tiles to
manufacturing of plywood.

RWNPL is operating from its sole manufacturing unit located in
Surat (Gujarat) which has an installed capacity of 12,600 Metric
Tonne Per Annum (MTPA) for manufacturing of wafers, namkeen and
noodles as on March 31, 2016. RWNPL commenced operation from June
2015 onwards.

During FY16 (Provisional), RWNPL reported net loss and achieved a
total operating income (TOI) of INR3.95 crore.


REAL GORW: CARE Reaffirms B+ Rating on INR29.80cr LT Loan
---------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Real Gorw Exims Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     29.80      CARE B+ Reaffirmed
   Short-term Bank Facilities     2.00      CARE A4 Reaffirmed

Rating Rationale

The ratings assigned to bank facilities of Real Grow Exims India
Private Limited are constrained by short track record of
operations, trading nature of business resulting in thin
profitability margins, low cash accruals, leveraged capital
structure, working capital intensive nature of operations and
intense competition in industry.

The ratings, however, are underpinned by satisfactory experience
of the promoters, and moderate industry growth prospects. The
ability of the company to improve its business volume, strengthen
the client base and efficiently manage the working capital
requirements are the key rating sensitivities.

Real Grow Exims Private Limited, incorporated in May 2012, is
promoted by Mr. Goluguri Venkata Reddy, Mr. Karri Venkata
Srinivasa Reddy and Mr. G N V S Satyanarayana Reddy. RGEPL
commenced its operations from June 2014 and is engaged in trading
of aqua feed for fish and prawns feeds in and around West Godavari
district, Andhra Pradesh.

The promoters have long established presence in the fish feed
industry through several other group companies viz Reddy and Reddy
Imports and Exports, Nutrient Marine Foods limited (rated CARE
BB/CARE A4), and Nexus Feeds Ltd. (rated CARE BBB-/CARE A3) which
are engaged in fish and prawns feed/shrimp processing business.

During FY16 (provisional) (refers to the period April 1 to
March 31), RGEPL has achieved a PBILDT of INR5.20 crore (INR2.60
crore in FY15) and a PAT (after deferred tax) of INR0.53 crore
(INR0.28 crore in FY15) on a total operating income of INR100.12
crore (INR90 crore in FY15).


SANDHA HEEMGHAR: CRISIL Reaffirms B+ Rating on INR112.7MM Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL A4' rating to the short-term bank
facility of Sandha Heemghar Pvt Ltd (SHPL) and reaffirmed the
long-term bank facilities at 'CRISIL B+/Stable'.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee         1.2       CRISIL A4 (Assigned)

   Cash Credit          112.7       CRISIL B+/Stable (Reaffirmed)

   Term Loan              2.1       CRISIL B+/Stable (Reaffirmed)

   Working Capital
   Facility              20.0       CRISIL B+/Stable (Reaffirmed)

The ratings reflect the company's weak financial risk profile
marked by its small networth, high gearing, and subdued protection
metrics. The ratings also factor in its susceptibility to
regulatory changes and intense competition in the cold storage
industry in West Bengal. These weaknesses are partially offset by
its promoters' extensive industry experience.
Outlook: Stable

CRISIL believes SHPL will benefit over the medium term from its
promoters' extensive industry experience. The outlook may be
revised to 'Positive' if higher-than-expected operating income and
profitability, and better-than-expected accrual improve the
financial risk profile, particularly liquidity. Conversely, the
outlook may be revised to 'Negative' if liquidity weakens due to
delay in realisation of rent and loans extended to farmers,
stretched working capital cycle, or any significant debt-funded
capital expenditure.

SHPL was incorporated in 2003 to provide cold storage facility to
potato farmers and traders. The company is currently running two
cold storages, both in Paschim Medinipur (West Bengal). SHPL is
owned by Mr. S Nayak who has extensive industry experience of more
than three decades in similar kind of business.


SAVVY INDUSTRIES: CRISIL Reaffirms 'B' Rating on INR43.2MM Loan
---------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Savvy
Industries (SI) continue to reflect the firm's exposure to intense
competition, its modest scale and nascent phase of operations in
the textile business, and its weak financial risk profile. These
weaknesses are partially offset by its promoters' expertise in the
woven elastics industry.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            26       CRISIL B/Stable (Reaffirmed)

   Long Term Loan         25.8     CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     43.2     CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes SI will continue to benefit from its promoters'
industry expertise. The outlook may be revised to 'Positive' in
case of substantial operating income and cash accrual, or
considerable equity infusion, leading to a better financial risk
profile. The outlook may be revised to 'Negative' in case of
lower-than-expected operating income and accrual, or stretch in
working capital cycle, or large debt-funded capital expenditure,
leading to deterioration in the financial risk profile,
particularly liquidity.

SI, a partnership concern set up in 2014, manufactures narrow
woven elastics for industrial and household use. It commenced
commercial operations in September, 2015. The firm has a unit at
Sansawadi in Pune, Maharashtra. Mr. Rajesh Jain, Mr. Gaurav Jain,
Mr. Rishabh Jain, Ms Namita Jain, and Ms Anuradha Jain are
partners in the firm. They have been trading in narrow woven
fabrics for several years through other firms. SI's operations are
primarily managed by Mr. Gaurav Jain.


SHAH SPONGE: Ind-Ra Assigns 'IND BB+' Long Term Loans
------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Shah Sponge &
Power Limited's (SSPL) additional INR99.20 million long term loans
an 'IND BB+' rating with a Stable Outlook, its INR80 million non-
fund-based working capital limits an 'IND A3' rating and proposed
INR50.80 million non-fund-based working capital limits a
'Provisional IND A3' rating.

SSPL's ratings:

   -- Long-Term Issuer Rating: 'IND BBB-'; Outlook Stable

   -- INR100 million fund-based working capital limits:
      'IND BBB-'; Outlook Stable

   -- INR99.20 million long term loans: assigned 'IND BBB-';
      Outlook Stable

   -- INR80 million non-fund-based working capital limit:
      assigned 'IND A3'

   -- Proposed INR50.80 million non-fund-based working capital
      limits: assigned 'Provisional IND A3'


SHINE STAR: Ind-Ra Affirms 'IND BB-' LT Issuer Rating
-----------------------------------------------------
Ratings and Research (Ind-Ra) has affirmed Shine Star's Long-Term
Issuer Rating at 'IND BB-'. The Outlook is Stable.

KEY RATING DRIVERS

The ratings continue to reflect Shine Star's small scale of
operations. According to the provisional financials for FY16,
revenue shrank to INR330 million from INR403 million in FY15 due
to a drop in sales on account of poor market conditions. However,
the company's liquidity remained strong with around 16% average
utilisation of its working capital limits during the 12 months
ended August 2016.

The ratings are constrained by the operating margin narrowing to
3.4% during FY16 from 3.9% in FY15 due to an increase in the
selling, distribution and other expenses. The ratings are also
constrained by the partnership nature of the business.

However, the ratings are supported by the improvement in the
company's credit metrics with interest coverage of 6.2x in FY16P
(FY15: 1.5x) and net financial leverage (total adjusted net
debt/operating EBITDAR of 0.5x (2.5x), on account of a reduction
in debt. The ratings also take into account the over three-decade-
long experience of Shine Star's founders in importing, polishing
and exporting rock diamonds.

RATING SENSITIVITIES

Positive: A substantial increase in the scale of operations
leading to a sustained improvement in the credit metrics will be
positive for the ratings.

Negative: Decline in the scale of operations will be negative for
the ratings.

COMPANY PROFILE

Incorporated in 1975, Shine Star is a partnership firm with a
registered office in Mumbai. The firm imports, polishes, and
exports rock diamonds. It is managed by Mr. Vishal Shah and
family.

Shine Star's ratings:

   -- Long-Term Issuer Rating: affirmed at 'IND BB-'; Outlook
      Stable

   -- INR100 million fund-based working capital limits: affirmed
      at 'IND BB-'/Stable

   -- INR8.5 million non-fund-based limits: affirmed at 'IND A4+'


SHREE HANUMAN: CRISIL Suspends 'B' Rating on INR60MM Cash Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Shree
Hanuman Jee Modern Rice Mill Pvt. Ltd.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit            60        CRISIL B/Stable
   Term Loan              40        CRISIL B/Stable

The suspension of ratings is on account of non-cooperation by
SHMRMPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SHMRMPL is yet
to provide adequate information to enable CRISIL to assess
SHMRMPL'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 2009, SHMRMPL is into milling of par boiled rice
in Patna (Bihar). The day to day operations of the company is
being managed by Mr. Jamuna Prasad Gupta along with Mr. Sushil
Kumar and Mr. Manish Kumar, who have extensive experience in the
rice milling business.


SWEDE SANITARY: CRISIL Reaffirms 'B' Rating on INR49MM Term Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Swede Sanitary Wares
(SSW) continue to reflect the firm's modest scale of operations in
the highly competitive sanitary ware industry, and its subdued
financial risk profile because of small networth, high gearing,
and weak debt protection metrics. These weaknesses are partially
offset by its partners' extensive experience in the building
materials industry, and the proximity of its manufacturing
facilities to raw material and labour sources.

                      Amount
   Facilities        (INR Mln)   Ratings
   ----------        ---------   -------
   Bank Guarantee        3       CRISIL A4 (Reaffirmed)
   Cash Credit          10       CRISIL B/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility   38       CRISIL B/Stable (Reaffirmed)
   Term Loan            49       CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes SSW will benefit over the medium term from its
partners' extensive industry experience. The outlook may be
revised to 'Positive' in case of healthy accrual backed by revenue
growth, leading to better debt protection metrics and liquidity.
The outlook may be revised to 'Negative' if the financial risk
profile, especially liquidity, weakens due to low accrual or
stretch in working capital cycle or debt-funded capital
expenditure.

SSW, established in 2013, is promoted by Morbi, Gujarat-based Mr.
Appu Patel and others. The firm manufactures sanitary items such
as art basins, cabinet basins, and pedestal basins. It commenced
commercial operations in January 2014.


U.P ASBESTOS: CRISIL Reaffirms B- Rating on INR250MM Cash Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of U.P Asbestos Ltd (UPAL)
continue to reflect a weak financial risk profile because of high
gearing and weak debt protection metrics. The ratings also factor
in vulnerability to volatility in raw material prices and to
intense competition in the asbestos cement (AC) sheets industry.
These weaknesses are partially offset by the extensive industry
experience of the company's promoters.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee         25.8      CRISIL A4 (Reaffirmed)

   Buyer Credit Limit    100.0      CRISIL B-/Stable (Reaffirmed)

   Cash Credit           250.0      CRISIL B-/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility    244.2      CRISIL B-/Stable (Reaffirmed)

   Term Loan              60.0      CRISIL B-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes UPAL will continue to benefit over the medium term
from its experienced promoters, though revenue and profitability
have declined considerably and consistently over the few past
years. The outlook may be revised to 'Positive' if more-than-
expected increase in operating income and operating profit margin,
or significant equity infusion strengthen the financial risk
profile. The outlook may be revised to 'Negative' if continued
pressure on demand leads to lower-than-expected accrual, or
significant increase in debt results in deterioration in the
financial risk profile, particularly liquidity.

UPAL, incorporated in 1973, manufactures AC sheets. Its management
team is headed by Mr. Amitabh Tayal, who has been associated with
the company since 1983; Mr. Tayal gained management control over
UPAL in 1994 after buying it out from the Times of India group.
The company has four manufacturing facilities in Lucknow and
Dadri, both in Uttar Pradesh. It has capacity to manufacture
180,000 tonne of AC sheets per annum.


VEDANTA RESOURCES: Moody's Raises CFR to B1, Outlook Stable
-----------------------------------------------------------
Moody's Investors Service has upgraded Vedanta Resources plc's
corporate family rating to B1 from B2. At the same time, Moody's
has upgraded the company's senior unsecured rating to B3 from
Caa1.  The rating outlook is stable.

                         RATINGS RATIONALE

"The upgrade of Vedanta's ratings reflects: (1) Moody's
expectation of the relative improvement in commodity prices and
the resultant increase in the company's earnings and cash flow;
(2) the company's progress in reducing absolute debt levels; and
(3) the high probability of a successful merger of Vedanta Ltd.
(unrated) and Cairn India Limited (CIL, unrated), improving group
liquidity and enhanced financial flexibility, which in Moody's
view, could result in debt reduction, further improving leverage,"
says Kaustubh Chaubal, a Moody's Vice President and Senior
Analyst.

In Moody's view, the sharp price deterioration for major base
metals -- aluminum, copper, nickel and zinc -- seen in late 2015
and early 2016 has likely bottomed.  While Moody's do not expect
material improvements from current price levels over the next 12-
18 months, prices are unlikely to deteriorate further over the
medium term, given the various growth and stimulus measures
enacted in China to offset its decelerating GDP trajectory.

Vedanta has made significant progress in reducing absolute debt
levels and alleviating near-term refinancing risk through its
receipt of a large special dividend of $1 billion from cash rich,
Hindustan Zinc (HZL, unrated).  A significant improvement in
earnings and a sizeable reduction in debt will drive a correction
in adjusted leverage towards 4.0x by March 2017, supported by an
improvement in earnings.

Furthermore, Vedanta has obtained waivers from its lenders for
testing covenants for the periods of March 2016 and September
2016, and their relaxations for periods until March 2018.  As a
result, Moody's earlier concerns around rising covenant pressure
and the importance of a timely resolution of this issue have been
addressed.

In July 2016, Vedanta Ltd., Vedanta Resources' 62.9%-owned
subsidiary, announced revised terms for its merger with 59.9%-
owned subsidiary, CIL; and as of 12 September this transaction has
now been approved by the shareholders of Vedanta, Vedanta Ltd. and
CIL.

The merger, which now awaits High Court and some regulatory
approvals is expected to be completed by March 2017.  When
successful, it will provide Vedanta Ltd. with better access to
CIL's large cash balances of $3.5 billion as of June 2016 and
future cash surpluses, as previous access was possible only
through the up-streaming of dividends.

With access to CIL's cash and future cash flow, we expect Vedanta
to apply a part of it towards retiring some of the group's debt,
thereby reducing leverage, or enhancing liquidity across the
group, particularly at Vedanta Resources plc, the issuing entity
for the US$ bonds.

Moody's also views the proposed Vedanta Ltd.-CIL merger as a major
step in the simplification of Vedanta's complex structure and, in
particular, in addressing some of the risks associated with the
group's thinly capitalized, but highly leveraged parent company.

Moreover, the structural subordination of the senior unsecured
debt at Vedanta Resources remains.  Although the merger will
remove one layer between Vedanta Resources' senior unsecured debt
and CIL's cash, Vedanta Resources will remain without operating
assets and dependent on the up-streaming of dividends from the
operating and intermediate companies.  In addition, with its
shareholding in Vedanta Ltd. falling to 50.1% from 62.9%, cash
leakage to minority shareholders will reduce Vedanta Resources'
access to Vedanta Ltd.'s profits.

To narrow the notching between the B1 CFR and the B3 senior
unsecured debt rating, Moody's would look for total priority debt
to fall below 35%-40% of total consolidated debt, and for total
priority debt to fall to less than 15%-20% of total group assets.

As of March 31, 2016, the ratios stood at 54.7% and 29.3%,
respectively.  These ratios apart, Moody's will also look at
holding company liquidity and coverage metrics to consider
narrowing the notching.

Furthermore, holding company interest coverage above at least 1.0x
on a sustained basis will also be key for any consideration of a
reduction in notching.

Vedanta's ratings continue to be supported by its (1) low-cost
operations; (2) business diversity, as reflected by its presence
in the copper, zinc, aluminum, iron ore, oil and gas, and power
businesses; (3) improving leverage and interest coverage resulting
from stabilizing commodity prices and debt reduction; (4)
commitment to reduce absolute debt levels and simplify its
corporate structure, and (5) good track record in implementing
capacity expansions.

The stable outlook is based on Moody's view that the extreme price
deterioration evident for major commodities -- as seen in late
2015 and early 2016 -- has likely bottomed, but Moody's does not
expect material improvements from current levels over the next 12-
18 months.

Stabilizing prices should support Vedanta's earnings and increase
the pace of correction in its leverage.

Vedanta has $0.2 billion of debt maturing at the holding company,
which Moody's expects to be repaid out of the repayment of a
intercompany loan.  The next sizeable debt maturity at the holding
company are term loans aggregating $1.0 billion, due in FY18.  The
stable outlook also incorporates our expectation that Vedanta will
complete refinancing of the holdco debt in a timely manner; a
delay in completing refinancing at least three months prior to the
relevant maturity dates would exert negative pressure on the
ratings.

What Could Change the Rating -- Up

The ratings could experience positive momentum if commodity prices
improve, Vedanta continues to generate positive free cash flow,
and it further reduces debt levels, thereby improving leverage.

Financial indicators that could lead to an upgrade include
adjusted leverage below 3.0x - 3.3x, EBIT/interest above 2.5x, and
cash flow from operations (CFO) less dividends/adjusted debt above
15%, all on a sustained basis, while generating positive free cash
flow.

Timely completion of the Vedanta Ltd.-CIL merger, followed by a
substantial debt repayment would also lead to positive ratings
momentum.

What Could Change the Rating -- Down

Moody's do not anticipate downward rating pressure over the next
12 to 18 months, given the upgrade.

Fundamentally, the ratings could come under negative pressure if:
(1) weak commodity prices return, such that Vedanta's consolidated
adjusted 12-month EBITDA drops below $3.5 billion, despite its
efforts to ramp up shipments; (2) the company is unable to sustain
and improve its cost-reduction initiatives, such that
profitability weakens, with consolidated EBIT margins falling
below 8% on a sustained basis; and/or (3) its financial metrics
weaken from their current levels.

Credit metrics indicative of a downgrade include adjusted
debt/EBITDA in excess of 4.0x, EBIT/interest coverage below 2.0x,
or cash flow from operations less dividends/adjusted debt below
12.5%.

A delay in completing refinancing at least three months prior to
the maturity dates or an adverse ruling with respect to CIL's
disputed $3.2 billion tax liability would also exert negative
pressure on the ratings.

The principal methodology used in these ratings was Global Mining
Industry published in August 2014.

Headquartered in London, Vedanta Resources plc is a diversified
resources company with interests mainly in India.  Its main
operations are held by Vedanta Limited, a 62.9%-owned subsidiary
which produces zinc, lead, silver, aluminum, iron ore and power.
In December 2011, Vedanta Resources acquired control, of Cairn
India Limited, an independent oil exploration and production
company in India, which is a 59.9%-owned subsidiary of Vedanta
Ltd.  On July 22 2016, Vedanta Ltd. announced revised terms for
its merger of Cairn India with itself, in a cashless all stock
transaction, and the shareholders of Vedanta Resources, Vedanta
Ltd. and CIL have approved the Scheme of Arrangement for the
merger, subject to High Court and regulatory approvals.  If the
merger goes through as announced, Vedanta Resources' shareholding
in Vedanta Ltd. will fall to 50.1%.  Listed on the London Stock
Exchange, Vedanta Resources is 69.9% owned by Volcan Investments
Ltd.  For the year ended March 2016, Vedanta Resources reported
revenues of US$10.7 billion and operating EBITDA of
US$2.3 billion.

Upgrades:

Issuer: Vedanta Resources plc

  Corporate Family Rating (Foreign Currency), Upgraded to B1
  from B2

  Corporate Family Rating (Local Currency), Upgraded to B1
  from B2

  Senior Unsecured Regular Bond/Debenture (Foreign Currency),
  Upgraded to B3 from Caa1

Outlook Actions:

Issuer: Vedanta Resources plc
  Outlook, Changed To Stable From Negative


VEL MURUGAN: CRISIL Suspends 'D' Rating on INR100MM Foreign LOC
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Vel
Murugan Timber Traders (VTT, part of Velmurugan group).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Foreign Letter of
   Credit                  100       CRISIL D

   Proposed Long Term
   Bank Loan Facility       76       CRISIL D

   Secured Overdraft
   Facility                 24       CRISIL D

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

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of Vel Murugan Timber Industries (VTI) and
Vel Murugan Timber Traders (VTT). This is because both these
firms, together referred to as the Velmurugan group, are in a
similar line of business, and have the same promoters and
significant business synergies.

The Velmurugan group is based in Chennai (Tamil Nadu). It trades
in and processes timber. While VTT is involved only in timber
trading, VTI is involved in both trading and processing of timber.
The group's day-to-day operations are managed by Mr. Paneer Selvam
and Mr. S Sridhar.


VIJAYNATH ROOF: CRISIL Reaffirms B- Rating on INR128MM LT Loan
--------------------------------------------------------------
CRISIL's ratings on the bank loan facilities of Vijaynath Roof and
Wall Cladding Systems Pvt Ltd (VRWC) continue to reflect VRWC's
small scale of operations with limited value addition in the
roofing systems business, and large working capital requirements.
These weaknesses are partially offset by its promoter's extensive
industry experience and its strong customer base.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee         150       CRISIL A4 (Reaffirmed)

   Cash Credit             20       CRISIL B-/Stable (Reaffirmed)

   Letter of Credit        52.5     CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     128       CRISIL B-/Stable (Reaffirmed)

   Term Loan               27       CRISIL B-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes VRWC will continue to benefit over the medium term
from its promoter's extensive industry experience and its strong
clientele. The outlook may be revised to 'Positive' if working
capital management improves significantly and sustainably, leading
to better liquidity. Conversely, the outlook may be revised to
'Negative' if liquidity deteriorates because of increased working
capital requirement or large capital expenditure (capex). The
extent of debtors greater than six months along with bad debts
written-off will remain key monitorables over the medium term.

VRWC, based in Mumbai and incorporated in 2003, was set up by Mr.
Vijaynath Shetty. The company provides consultancy and
installation services for aluminium, steel, copper, and zinc
roofing systems.


VIKRANT FORGE: Ind-Ra Hikes LT Issuer Rating to 'IND BB-'
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded the Long-Term
Issuer Rating of Vikrant Forge Private Limited (VFPL), earlier
known as Vikrant Forge Limited, to 'IND BB-' from 'IND B'. The
Outlook is Stable.

KEY RATING DRIVERS

The upgrade reflects improvement in VFPL's profitability and
credit profile. According to FY16 provisional financials, EBITDA
margins improved to 11.2% (FY15: 7.9%) due to a decline in the raw
material price which led to improvement in the credit metrics.
VFPL's net financial leverage (adjusted debt/EBITDA) was 5.1x in
FY16 (FY15: 6.1x) and interest coverage (operating EBITDA/gross
interest expense) was 1.1x (0.9x). The company's scale of
operations remained moderate with revenue of INR1,400 million in
FY16 (FY15:INR1,491 million).

The company's liquidity position remains tight with its average
utilisation of the working capital limits being 100.17% during the
12 months ended August 2016.

The ratings, however, are supported by over three decades of
operational track record VFPL in forging business and its strong
customer base.

RATING SENSITIVITIES

Positive: Further improvement in the operating profitability
leading to improvement in the credit metrics could be positive for
the ratings.

Negative: A decline in the operating profitability leading to
deterioration in the credit metrics could be negative for the
ratings.

COMPANY PROFILE

Incorporated in 1985, VFL manufactures open die forgings which are
supplied in the black forged state or further processed into rough
machined and finish machined states. The company is owned by the
Chhajer family of Kolkata.

VFPL's ratings:

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

   -- INR336.86 million term loan (increased from INR319
      million): upgraded to 'IND BB-'/Stable from 'IND B'/Stable

   -- INR400 million fund-based limit (increased from INR350
      million): upgraded to 'IND BB-'/Stable from 'IND B'/Stable

   -- INR100 million non-fund-based limit: upgraded to 'IND A4+'
      from 'IND A4'


VISAKHA TRADES: Ind-Ra Hikes LT Issuer Rating to 'IND BB-'
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Visakha Trades'
(VT) Long-Term Issuer Rating to 'IND BB-' from 'IND B+'. The
Outlook is Stable.

KEY RATING DRIVERS

The upgrade reflects a substantial improvement in VT's credit
profile according to FY16 audited financials over the unaudited
FY16 financial statements (FY16P) that were perused by Ind-Ra in
July 2016 while downgrading the ratings.  VT's EBITDA interest
coverage (operating EBITDA/gross interest expense) was 2.6x in
FY16 (FY16P:1.6x), net leverage (total debt/operating EBTIDA) was
3.5x (6.7x) and EBITDA margin was 9.3% (5.9%). The firm reported
revenue of INR123 million in FY16 (FY16P: INR123 million)

Ind-Ra downgraded VT's ratings on July 29 2016. The downgrade was
based on the unaudited FY16 financials which had included interest
under operating expenses while also mentioning the same separately
(double counting) leading to a lower EBITDA of INR7 million (INR11
million in audited FY16 financials). This resulted in EBITDA
interest coverage of 1.6x (FY15: 2.9x) and net leverage of 6.7x
(4.2x). VT's income statement changed due to changes in the EBITDA
margin and interest expenses.

The company increased its fund-based facilities to INR40 million
from INR30 million in March 2016. Its liquidity position remains
moderate with its average peak utilisation of the fund-based
facilities being 76% during the 12 months ended August 2016. The
management has indicated 1QFY17 revenue at around INR25 million.

The ratings continue to factor in the proprietorship form.

RATING SENSITIVITIES

Positive: A substantial growth in the revenue while improving the
profitability leading to improvement in the credit metrics could
be positive for the rating

Negative: Any decline in the profitability leading to sustained
deterioration in the credit metrics could be negative for the
rating

COMPANY PROFILE

Established in 1991 as a sole proprietorship based out of
Visakhapatnam, VT is involved in refurbishing the cabins of naval
ships, as well as in the building and selling of porta cabins.

VT's ratings:

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

   -- INR3.25 million Long-term loans: upgraded to 'IND BB-
      from 'IND B+'; Outlook Stable

   -- INR40 million fund-based facilities: upgraded to 'IND BB-
      '/Stable/'IND A4+' from 'IND B+'/Stable/'IND A4'

   -- INR20 million non-fund-based facilities: upgraded to
      IND A4+ from 'IND A4'



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


KAWASAN INDUSTRI: Fitch Assigns 'B+' Rating to Sr Unsecured Notes
-----------------------------------------------------------------
Fitch Ratings has assigned Indonesia-based PT Kawasan Industri
Jababeka Tbk's (Jababeka, B+/A(idn)/Stable) proposed US dollar-
denominated senior unsecured notes due in 2023 an expected rating
of 'B+(EXP)', with a Recovery Rating of 'RR4'. The notes will be
issued by Jababeka's wholly owned subsidiary, Jababeka
International B.V., and guaranteed by Jababeka and certain
subsidiaries.

The new 2023 notes will primarily be used to exchange Jababeka's
existing USD260 million 7.5% notes maturing in 2019. Jababeka is
also seeking consent of the 2019 note holders who participate in
the exchange for the removal of substantially all of the
restrictive covenants, all of the reporting requirements and
certain of the events of default in the residual 2019 notes.

Fitch believes the exchange and removal of restrictive covenants
of the 2019 notes will not affect surviving 2019 bondholders. The
proposed 2023 notes will include all the restrictive covenants
Jababeka is seeking to remove from the 2019 notes. The surviving
2019 bondholders will also continue to benefit from the cross-
acceleration clause in the 2019 notes. Fitch believes Jababeka's
financial profile will remain unchanged and consistent with its
ratings, as the new notes will be used mainly for refinancing and
to extend the maturity profile of the company's debt, allowing it
more flexibility to manage cash flows.

The notes are rated at the same level as Jababeka's senior
unsecured debt rating, as they represent the company's
unconditional, unsecured and unsubordinated obligations. The final
rating is contingent upon the receipt of documents conforming to
information already received.

KEY RATING DRIVERS

Weak Start; Presales Improving: Jababeka reported a slight 1%
decline in its presales in 2015, to IDR1trn, due to weaker sales
in its industrial segment. Demand remained weak in 1Q16, but
improved significantly in 2Q16, with presales increasing by 88%
yoy. Fitch expects the recovery to be sustained and forecasts
Jababeka to book presales of IDR1.2trn in 2016 and IDR1.5trn in
2017.

Solid Recurring Coverage: Jababeka's rating reflects strong
recurring interest coverage from its 130 megawatt power plant
(PP1), which is operated under a 20-year power purchase agreement
with the state electricity company, PT Perusahaan Listrik Negara
(Persero) (BBB-/Stable). This business provides earnings
visibility and a natural hedge for Jababeka's US dollar-
denominated borrowings, as it operates under a cost pass-through
mechanism and revenues are pegged to US dollars.

Fitch expects Jababeka's recurring interest cover to temporarily
decline in 2016 because of leakage in PP1. The company says
permanent repairs have been completed and all machinery is
operating at the same capacity and efficiency as before the
leakage. Fitch expects Jababeka's recurring interest cover to be
0.8x in 2016 and 1.3x in 2017.

Flexible Capex: Jababeka's capex for the next few years will be
limited to developing its infrastructure facilities and increasing
the efficiency of PP1. This, coupled with the discretionary nature
of land acquisitions, allows Jababeka to accumulate cash buffers
and strengthen its liquidity profile. However, this could change
markedly should the company decide to proceed with investment in a
second power plant.

Growing Residential, Commercial Property Segment: Jababeka's
residential and commercial property business accounted for 55% of
total marketing sales in 2015, compared with 14% in 2011. There is
increasing demand in this segment and Fitch expects it to remain
robust, due to the strategic location of the company's Cikarang
estate in West Java and rising need for homes for the additional
industrial workers in the area.

Long-Term Diversification Benefits: Jababeka, together with
Singapore's Sembcorp, is developing a new industrial complex in
Kendal, Central Java, which is modelled after Cikarang. Relocating
labour-intensive production out from Cikarang makes sense in the
long-run due to the lower minimum wage in Central Java. Kendal
will provide Jababeka with diversification benefits and traction
for future growth upon successful execution.

Project Concentration and Forex Risks: Jababeka's rating is
primarily constrained by the high concentration of its business in
Cikarang, which Fitch expects to account for 70%-80% of presales
in the next two to three years. Fitch believes concentration risk
will gradually decrease as contribution from the Kendal estate
grows.

Jababeka has hedged USD200 million out of its USD260 million bonds
at various upper strike prices, the highest of which is at
IDR15,000 to USD1. Fitch said, "We believe risk is manageable,
even though the company is still exposed to currency fluctuations,
as there are no immediate liquidity concerns since Jababeka's
currently outstanding USD260 million senior notes are due only in
2019 and its interest expenses are sufficiently covered by its
recurring income stream."

KEY ASSUMPTIONS

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

   -- presales of IDR1.2 trillion in 2016 and IDR1.5 trillion
      in 2017

   -- land acquisition capex of IDR400 billion-500 billion in
      2016-2017

   -- construction capex of IDR400 billion-500 billion in
      2016-2017

RATING SENSITIVITIES

Positive rating action is not expected due to the company's
limited project scale and exposure to the highly cyclical
industrial development business.

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

   -- recurring-EBITDA/interest-expense at less than 1x for the
      IDR, or less than 1.2x for the National Long-Term Rating,
      on a sustained basis (2016F: 0.8x)

   -- presales/gross-debt at less than 40% on a sustained basis
      (2016F: 35%)

   -- Net-debt/net-inventory at more than 60% on a sustained
      basis (2016F: 48%)



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


LOVETT & SONS: Another Mad Butcher Store Faces Liquidation
----------------------------------------------------------
nzherald.co.nz reports that the Inland Revenue Department has
filed an application to liquidate the business behind the
Silverdale Mad Butcher store, the latest issue to hit NZX-listed
hospitality company Veritas, which owns the franchise rights.

IRD's bid to liquidate Lovett & Sons Ltd was suppose to be heard
at the High Court in Auckland on Friday, Sept. 9, according to a
public notice from the IRD, according to nzherald.co.nz.  The
Silverdale store opened in 2012 after the franchisees moved from
Orewa, where the store had been open for 12 years, according to
The Country, the report notes.

In its unaudited annual results published last week, Veritas said
three Mad Butcher stores had closed in the second half of the year
because they were "consistently unprofitable", the report relays.

The Auckland-based company described the market as very
competitive, "with supply shortages creating challenges around
product choice and pricing", the report notes.

Veritas said the majority of stores were trading profitably but
earnings before interest, taxation, depreciation and amortisation
fell 28 per cent to NZ$4.57 million, the report discloses.  Sales
fell to NZ$9.8 million from NZ$12.1 million, the report relates.

Thirty-one Mad Butcher stores are franchised, with two owned by
Veritas, the report notes.

The original Mad Butcher store was liquidated in July, with
liquidator Peter Jollands arguing the business model was flawed
and unsustainable.

Veritas chairman Tim Cook said the company had been advised of the
IRD action by the franchisee in Siverdale, the report notes.

The store continued to trade as a franchisee of the Mad Butcher,
Mr. Cook said, the report adds.



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


JV FITNESS: Officers 'Overseas and Uncontactable,' Lawyer Says
--------------------------------------------------------------
Melissa Lin at The Straits Times reports that the individuals who
continued to operate California Fitness even though the gym
chain's parent company was millions in debt have been identified,
but investigators have hit a snag -- they are overseas and out of
contact.

Lawyer Lionel Tay also told The Straits Times that the
liquidators, for whom he acts, do not have the funds to go after
them.

What this means for creditors, including the 27,000 members owed
SGD20.8 million in unused gym access and unredeemed training
sessions, is that the chance of getting their money back remains
slim -- for now, the report says.

After nearly 20 years of operating in Singapore, California
Fitness closed all its outlets suddenly in July, a week after 12
of its gyms in Hong Kong shut due to debt.

Last month, a liquidation report revealed that owner JV Fitness
was SGD21.7 million in the red in January last year, yet it signed
new members and got them to pay fees up front, The Straits Times
discloses.

It also showed that the debt owed to members makes up most of the
SGD30.8 million which the chain's owner is liable for. JV Fitness'
total assets on record are worth SGD5 million and include rental
deposits paid to its landlords, The Straits Times says.

"The fact it was insolvent but continued (to operate) and take in
new members without any realistic expectation of being able to
meet its contractual obligations is, in the view of the
liquidators, a potential breach of the Companies Act," The Straits
Times quotes Mr. Tay as saying.

Mr. Tay said the liquidators have identified the management
officers who may be responsible for operating the company at that
time but they are overseas and uncontactable, The Straits Times
relays.

To complicate matters, JV Fitness' parent holding company is based
in the British Virgin Islands and China, The Straits Times notes.

"The liquidators' efforts to trace assets overseas are hampered by
limited funds currently available," Mr. Tay told The Straits
Times.

Even if there are company funds available overseas to pay off its
debts, "efforts to trace and claw back these funds require
significant time and expenses", he said, The Straits Times
relates. For now, hope lies in getting litigation funders to pay
for the investigation. In such cases, they will get a cut of the
proceeds.

The Accounting and Corporate Regulatory Authority said it "will
not hesitate to investigate the company if the liquidators . . .
come across evidence suggesting the company or its directors had
breached the Companies Act," adds The Straits Times.


MARCO POLO: Plans to Delay Payment of $37 Million Notes
-------------------------------------------------------
Reuters reports that Singapore's Marco Polo Marine Ltd wants
bondholders' nod to defer payment of notes worth $37 million, the
latest oil-related firm in the city-state to show financial strain
from crude's drop.

Reuters notes that the offshore and marine sector in Singapore has
been pummelled as clients have cut spending due to oil's slump. In
July, oilfield services firm Swiber Holdings applied to place
itself under judicial management, after initially filing for
liquidation.

And AusGroup, which provides maintenance and construction services
to the natural resources sector, has sought to extend the maturity
of its bonds worth SGD110 million due next month, according to
Reuters.

Marco Polo Marine Ltd held an informal meeting with noteholders to
explore various options related to the maturity in October of
notes worth SGD50 million ($37 million) and present an independent
business review conducted by KPMG, the company said in a statement
on Sept. 13, Reuters reports.

It did not say why it wants to delay the repayment of the notes or
defer it to when, but said that noteholders present at the meeting
appeared generally supportive of the company's initiative,
according to Reuters.

Reuters relates that the company said it had adjourned the meeting
to Sept. 16 to allow noteholders "to digest the information"
presented by the company, including the proposed terms of the
extension, and to receive further feedback from them.

As of June 30, Marco Polo Marine, which charters tugboats and
barges to customers in the offshore oil and gas and commodities
sectors, had SGD186.5 million worth of borrowings and debt
securities repayable within a year or on demand, Reuters
discloses.

                         About Marco Polo

Singapore-based Marco Polo Marine Ltd (SGX:5LY) --
http://www.marcopolomarine.com.sg/-- engages in marine logistics
services. The Company's segments include Ship chartering services,
which relates to charter hire activities, and Ship building and
repair services, which relates to ship building and ship repair
activities. Its shipping business consists of offshore support and
marine logistics services, and relates to the chartering of
offshore supply vessels (OSVs), which include anchor handling tug
supply vessels (AHTS) for deployment in the regional waters,
including the Gulf of Thailand, Malaysia, Indonesia and Australia,
as well as the chartering of tugboats and barges to customers,
which are engaged in the mining, commodities, construction,
infrastructure and land reclamation industries. Its shipyard
business relates to ship building, as well as the provision of
ship maintenance, repair, outfitting and conversion services that
are carried out through its shipyard in Batam, Indonesia.


RICKMERS MARITIME: Warns of Liquidation if Debt Exchange Not OK'd
-----------------------------------------------------------------
Marcus Hand at Seatrade Maritime News reports that Singapore
shipping trust Rickmers Maritime has warned it faces potential
liquidation if bondholders do not vote in favor of a proposed debt
exchange.

In a presentation to an informal meeting of noteholders for its
SGD100 milllion (US$73.7 milllion) issue due in May 2017, the
entity warned that it could face liquidation or judicial
management if a debt exchange, which is part of a new $260.2
million debt facility offered by an HSH syndicate, is not
approved, Seatrade relates.

If Rickmers Maritime's current debt is not restructured as
proposed, it said it would not be able to repay $179.7 million in
senior debt due in March 2017 and would be unable to ongoing
coupon and principal payments on the notes due in May 2017,
according to Seatrade.

Seatrade says noteholders are being asked to approve and exchange
to SGD28 milllion in perpetual securities with fixed rate step-up,
with a conversion option into 20% of outstanding units in the
trust, which Rickmers Maritime said was worth SGD12 milllion.

The report adds that battling spot charter rates that are below
operating costs for its fleet of panamax containerships and
seriously impaired asset values warned of possible liquidation if
the debt exchange is not approved which would result in a 100%
loss for all noteholders and unitholders.

Rickmers Maritime (SGX:B1ZU) -- http://www.rickmers-maritime.com/
-- is a Singapore-based business trust that owns and operates
containerships mainly under fixed-rate time charters to global
container liner companies. The Trust owns a portfolio of
approximately 20 containerships ranging from 3,450 twenty foot
equivalent unit (TEU) to 5,060 TEU, offering a total capacity of
approximately 66,410 TEU. The Company's subsidiaries include
Kaethe Navigation Limited, Richard II Navigation Limited, Henry II
Navigation Limited, Moni II Navigation Limited, Vicki Rickmers
Navigation Limited, Maja Rickmers Navigation Limited, Laranna
Rickmers Navigation Limited, Sabine Rickmers Navigation Limited,
Clan Navigation Limited and Ebba Navigation Limited. The Trust is
managed by Rickmers Trust Management Pte. Ltd.



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


HANJIN SHIPPING: Collapse May Spur Merger, Hapag-Lloyd Says
-----------------------------------------------------------
South China Morning Post reports that the collapse of Hanjin
Shipping Co. will probably spark fresh consolidation among
container lines as they attempt to ride out the shock waves
buffeting the industry, Hapag-Lloyd AG Chief Executive Officer
Rolf Habben Jansen said.

"A lot of people hadn't expected the difficulties for Hanjin in
the magnitude we have seen them," the CEO said in an interview in
Hamburg on Sept. 13. "It will change behaviour," with some
participants now assessing whether it might not be better to "team
up," he said.

SCMP says Germany's No. 1 carrier, which has used mergers to bring
down costs and counter the slump that has shaken shipping for the
past eight years, doesn't plan to buy the Asian company or any of
its vessels, now stranded at sea and various ports across the
globe.

According to the report, Hapag-Lloyd is busy completing its merger
with United Arab Shipping Co., which it aims to do by the end of
2016. "We better make a success of that first," the CEO said.

SCMP notes that Hanjin's demise has disrupted global supply chains
as stores in Europe and the US stock up for the Christmas shopping
season. While the gain in freight rates in the wake of the
collapse may boost Hapag-Lloyd's revenue "a bit" in September and
October, that alone won't trigger a sustained recovery in the
industry, Habben Jansen said.

Hapag-Lloyd shares have gained 14 per cent since Hanjin filed for
court receivership on August 31, though it still trades 7.5 per
cent below the November 6 initial public offering price.

"We are not a big partner of Hanjin, so the impact on us is very
limited and manageable," Habben Jansen said.

                       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



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

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

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


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

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

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

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

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



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