TCRAP_Public/160919.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

          Monday, September 19, 2016, Vol. 19, No. 185


                            Headlines


A U S T R A L I A

ASPEN ENTERPRISES: First Creditors' Meeting Set For Sept. 26
DRUMMOYNE GROUP: First Creditors' Meeting Set For Sept. 26
HUGH MEAGHER: First Creditors' Meeting Set For Sept. 27
MAROMAC PTY: First Creditors' Meeting Set For Sept. 26


C H I N A

CHINA GINSENG: Pledges 10 Million Restricted Shares to Creditor
JIANGSU NEW: S&P Revises Outlook to Neg. & Affirms 'BB+' CCR


H O N G  K O N G

CHINA SOUTH: Fitch Assigns 'B' Rating to USD200MM 6.75% Sr. Notes


I N D I A

ADVANCE INFRASTRUCTURE: ICRA Suspends B+ Rating on INR10cr Loan
AMRAPALI INFRASTRUCTURE: ICRA Suspends D Rating on INR188cr Loan
APM INFRASTRUCTURE: ICRA Reaffirms B Rating on INR8.5cr Loan
APOORVA IT: CRISIL Suspends B+ Rating on INR25MM Cash Loan
ASHIRVAD INDUSTRIES: ICRA Suspends B- Rating on INR11.5cr Loan

ASSOCIATED INSULATION: ICRA Suspends D Rating INR10.25cr Loan
AUTO SHELL: CRISIL Reaffirms B+ Rating on INR90MM Cash Loan
B.R. GUAR: ICRA Reaffirms B+ Rating on INR6.50cr Cash Loan
BALAJI ELECTROSTEELS: ICRA Suspends 'D' Rating on INR18cr Loan
BLACKSTONE LOGISTICS: CRISIL Cuts Rating on INR89.9MM Loan to D

CACHAR ROLLER: ICRA Suspends B+ Rating on INR5.40cr Cash Loan
CVS INFRASTRUCTURE: ICRA Cuts Rating on INR14cr LT Loan to B-
D. M. COTTON: CRISIL Suspends 'B' Rating on INR82.5MM Cash Loan
DEMPO SHIPBUILDING: ICRA Cuts Rating on INR75cr LT Loan to B
DESIGN CLASSICS: ICRA Reaffirms B+ Rating on INR4.95cr Loan

DHRUVTARA AGRO: CRISIL Assigns B- Rating to INR50MM Cash Loan
DUARS UNION: CRISIL Reaffirms B+ Rating on INR55MM Cash Loan
EAGLE MOTORS: CRISIL Suspends 'D' Rating on INR78MM Loan
HARVIN IMPEX: CRISIL Lowers Rating on INR45MM Cash Loan to 'C'
JAYLAXMI POLY: ICRA Assigns B+ Rating to INR5.46cr LOC

KRISHNA INFRASTRUCTURE: ICRA Suspends D Rating on INR14.37cr Loan
KSK MINERAL: ICRA Lowers Rating on INR451cr Term Loan to 'C'
LAKHANI FOOTWEAR: CRISIL Reaffirms 'D' Rating on INR593.1MM Loan
LIBRA TECHCON: CRISIL Reaffirms B- Rating on INR0.9MM LT Loan
MAHAPRABHU RICE: ICRA Suspends 'B' Rating on INR1.81cr Loan

MALOO INDUSTRIES: CRISIL Assigns B+ Rating to INR60MM Cash Loan
MASCOT FOOTCARE: CRISIL Reaffirms D Rating on INR100MM Loan
ORMA MARBLE: ICRA Suspends B+ Rating on INR8cr LT Loan
P.A.S. PETRO: CRISIL Reaffirms 'B' Rating on INR35MM Cash Loan
PARTH PARENTERAL: CRISIL Suspends 'D' Rating on INR130MM Loan

PAXAL CORPORATION: ICRA Reaffirms B Rating on INR8cr Loan
PRANAV CONSTRUCTION: CRISIL Cuts Rating on INR214.9MM Loan to D
PRATHUL AUTOMOBILES: ICRA Lowers Rating on INR13.21cr Loan to B+
R.K. CITY: ICRA Assigns B+ Rating to INR16cr Cash Loan
RAIGARH CHAMPA: ICRA Cuts Rating on INR990cr Term Loan to 'C'

RELIABLE EXPORTS: ICRA Assigns 'B' Rating to INR575cr Loan
RENJIN CONSTRUCTION: ICRA Assigns B+ Rating to INR4.0cr Loan
RIDDHI SIDDHI: ICRA Lowers Rating on INR20cr Cash Loan to 'D'
S. A. INFRA: CRISIL Reaffirms 'B+' Rating on INR100MM Cash Loan
SANDHA HEEMGHAR: CRISIL Reaffirms B+ Rating on INR112.7MM Loan

SAS INFRATECH: Weak Financial Strength Cues ICRA 'SP 4D' Grading
SHREE HANUMAN: CRISIL Suspends 'B' Rating on INR60MM Cash Loan
SREE ARULMANI: ICRA Reaffirms 'B' Rating on INR4.32cr LT Loan
SREE ISWARYA: CRISIL Lowers Rating on INR610MM LT Loan to 'D'
SRI DHARMA: CRISIL Reaffirms 'B' Rating on INR37.5MM Cash Loan

SRI RAMAKRISHNA: ICRA Reaffirms B Rating on INR4.32cr Term Loan
SRI VENKATESWARA: ICRA Reaffirms 'B' Rating on INR15cr Loan
STAR ALLOYS: ICRA Suspends B+ Rating on INR5.75cr Cash Loan
STATE BANK: S&P Assigns 'B+' Rating on Proposed Tier 1 Notes
TOWER INFOTECH: Sebi to Auction Three Properties Next Month

U.P ASBESTOS: CRISIL Reaffirms B- Rating in INR250MM Cash Loan
U V COTTON: ICRA Suspends B+ Rating on INR20cr Cash Credit
UNIQUE STAR: CRISIL Suspends 'B' Rating on INR20MM Term Loan
V CARE: ICRA Reaffirms 'B' Rating on INR3.0cr Cash Loan
V CARE SEEDS: ICRA Reaffirms B+ Rating on INR6.0cr Cash Loan

VEL MURUGAN: CRISIL Suspends 'D' Rating on INR100MM Foreign LOC
VIDYA SANSKAAR: ICRA Assigns B+ Rating to INR5.69cr LT Loan
VIJAYNATH ROOF: CRISIL Reaffirms B- Rating on INR128MM Loan
VINEET AUTOMOBILES: CRISIL Reaffirms B+ Rating on INR120MM Loan


I N D O N E S I A

KAWASAN INDUSTRI: S&P Affirms 'B+' CCR; Outlook Stable


N E W  Z E A L A N D

MTF TORANA 2016: Fitch Assigns 'Bsf' Rating to Class F Notes


S O U T H  K O R E A

HANJIN SHIPPING: Judge Allows Ships to Depart U.S.
HANJIN SHIPPING: Lack of Planning Hampers Bankruptcy
HANJIN SHIPPING: Singapore Courts Grant Interim Stay Order


                            - - - - -


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


ASPEN ENTERPRISES: First Creditors' Meeting Set For Sept. 26
------------------------------------------------------------
A first meeting of the creditors in the proceedings of Aspen
Enterprises Pty Ltd will be held at the offices of Hall Chadwick
Chartered Accountants, Level 40, 2 Park Street, in Sydney, on
Sept. 26, 2016, at 11:00 a.m.

Blair Pleash and David Ingram of Hall Chadwick Chartered
Accountants were appointed as administrators of Aspen Enterprises
Pty Ltd on Sept. 14, 2016.


DRUMMOYNE GROUP: First Creditors' Meeting Set For Sept. 26
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Drummoyne
Group Services Pty Ltd will be held at the offices of Cor Cordis,
Level 6, 55 Clarence Street, in Sydney, on Sept. 26, 2016, at
11:00 a.m.

Ozem Kassem and Jason Tang of Cor Cordis were appointed as
administrators of Drummoyne Group Services Pty Ltd on Sept. 14,
2016.


HUGH MEAGHER: First Creditors' Meeting Set For Sept. 27
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Hugh
Meagher & Associates Pty Ltd, formerly Trading as HMA Blinds,
will be held at the offices of Helm Advisory, Suite 4, Level 35,
50 Bridge Road, in Sydney, on Sept. 27, 2016, 11:00 a.m.

Stephen Wesley Hathway and Adam Bernard Preiner of Helm Advisory
were appointed as administrators of Hugh Meagher on Sept. 15,
2016.


MAROMAC PTY: First Creditors' Meeting Set For Sept. 26
------------------------------------------------------
A first meeting of the creditors in the proceedings of Maromac
Pty Ltd will be held at the offices of ATS Accountants, 19
Stanley St, in Wodonga, Victoria, on Sept. 26, 2016, at
10:30 a.m

Chris Chamberlain and Steven Priest of Chamberlains SBR were
appointed as administrators of Maromac Pty Ltd on Sept. 15, 2016.



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


CHINA GINSENG: Pledges 10 Million Restricted Shares to Creditor
---------------------------------------------------------------
From April 2013 to July 2014, China Ginseng Holdings, Inc.'s
subsidiaries, Jilin Huamei Beverage Co., Ltd. and Huaxia Ginseng
Industry Co., Ltd. (each a "Debtor," together "Debtors") and
Changzhen Liu, the Company's former chief executive officer,
Chairman of Company's board of directors, and Director of the
Board, borrowed from Changchun City Langyin Small Loan Co., Ltd.
(formerly Changchun City Jikailong Small loan Co., Ltd.), certain
loans that as of June 1, 2016, the aggregate outstanding amount
of principle and interest was approximately US$1.61 million (or
RMB37 million).

Pursuant to a Share Pledge Agreement entered into on Sept. 8,
2016, by and between the Company, the Debtors and the Creditor,
the Creditor agreed to extend the repayment of the Total
Outstanding Balance to March 31, 2017, in exchange of the
Company's agreement to pledge 10 million restricted shares of the
Company's common stock to the Creditor.  Based on the current
trading price, the Shares have a market value of approximately
$1.16 million (or RMB26.6 million) and the parties agreed the
current market value of the Shares represents the secured loan
balance.  In the event that the Debtors fail to repay the Secured
Loan Balance prior to Maturity Date, a percentage of the Shares
in proportion to the outstanding Secured Loan Balance in default,
will be issued by the Company to the Creditor.  According to the
Share Pledge Agreement, the amount of Secured Loan Balance will
be deducted from the Total Outstanding Balance.  As the Creditor
is a non-U.S. entity, the restricted Shares will be issued to the
Creditor pursuant to Regulation S under the Securities Act of
1933, as amended.

                        About China Ginseng

Changchun City, China-based China Ginseng Holdings, Inc.,
conducts business through its four wholly-owned subsidiaries
located in China.  The Company has been granted 20-year land use
rights to 3,705 acres of lands by the Chinese government for
ginseng planting and it controls, through lease, approximately
750 acres of grape vineyards.  However, recent harvests of grapes
showed poor quality for wine production which indicates that the
vineyards are no longer suitable for planting grapes for wine
production.  Therefore, the Company has decided not to renew its
lease for the vineyards with the Chinese government upon
expiration in 2013 and, going forward, it intends to purchase
grapes from the open market in order to produce grape juice and
wine.

China Ginseng reported a net loss of $3.90 million on $272,600 of
revenue for the year ended June 30, 2015, compared with a net
loss of $4.76 million on $2.61 million of revenue for the year
ended June 30, 2014.

As of March 31, 2016, China Ginseng had $8.66 million in total
assets, $21.40 million in total liabilities and a total
stockholders' deficit of $12.73 million.

Cowan, Gunteski & Co., P.A., in Tinton Falls, NJ, issued a "going
concern" qualification on the consolidated financial statements
for the year ended June 30, 2015, citing that the Company had net
losses of $3.90 million and $4.76 million for the years ended
June 30, 2015 and 2014, respectively, an accumulated deficit of
$18.1 million at June 30, 2015 and a working capital deficit of
$16.5 million at June 30, 2015, and there are existing uncertain
conditions the Company faces relative to its ability to obtain
working capital and operate successfully.  These conditions raise
substantial doubt about its ability to continue as a going
concern.


JIANGSU NEW: S&P Revises Outlook to Neg. & Affirms 'BB+' CCR
------------------------------------------------------------
S&P Global Ratings said that it has revised its rating outlook on
Jiangsu New Headline Development Group Co. Ltd. (NHL) to negative
from stable.  At the same time, S&P affirmed its 'BB+' long-term
corporate credit rating on the company.  In line with the outlook
revision, S&P lowered its long-term Greater China regional scale
rating on NHL to 'cnBBB' from 'cnBBB+'.

In addition, S&P revised its rating outlook on HK Zhiyuan Group
Ltd. to negative from stable.  At the same time, S&P affirmed its
'BB' long-term corporate credit rating on Zhiyuan.  In line with
the outlook revision, S&P lowered its long-term Greater China
regional scale rating on Zhiyuan to 'cnBB+' from 'cnBBB-'.

S&P also lowered its long-term Greater China regional scale
rating on the U.S. dollar-denominated senior unsecured notes
issued by ZHIYUAN Group (BVI) Co. Ltd., a special purpose
vehicle, to 'cnBB+' from 'cnBBB-'.  Zhiyuan unconditionally and
irrevocably guarantees the notes.  At the same time, S&P affirmed
the 'BB' long-term issue rating on the notes.

NHL is a construction services provider and one of the largest
financing and investment companies of the Lianyungang municipal
government.  Zhiyuan is NHL's fully owned subsidiary, primarily
positioned as the group's sole funding vehicle offshore.

S&P revised the outlooks on NHL and Zhiyuan because S&P believes
the credit quality of the Lianyungang municipal government has
weakened; the government owns 100% of NHL.  In S&P's view,
Lianyungang's financial capacity to provide extraordinary support
to NHL, if required, is likely to diminish further over the next
12 months.

Lianyungang's debt burden and contingent liabilities are likely
to increasingly strain the municipal's credit quality, in S&P's
view. The city is exposed to traditional sectors such as salt
production and steel that have overcapacity issues.  In the first
half of 2016, economic growth slowed considerably, placing
substantial pressure on the municipal's budgetary performance.

S&P expects the government's tax-supported debt to rise to around
200% of its operating revenues in 2018 from S&P's estimate of
140% at year-end 2015.  S&P's view is based on the economic
slowdown, which has hampered previous double-digit fiscal revenue
growth and made countercyclical spending more necessary.

The rating on NHL reflects the credit profile of the Lianyungang
government.  In S&P's opinion, NHL has an extremely high
likelihood of receiving timely and sufficient extraordinary
government support if it comes under financial stress.  The
rating on NHL is four notches above the company's stand-alone
credit profile (SACP) of 'b'.

S&P's assessment of extraordinary government support reflects
these characteristics of NHL:

   -- Very important role to the government.  NHL undertakes
      construction services on behalf of the Lianyungang
      government and develops infrastructure projects on a build-
      and-transfer basis, particularly for the Lianyungang
      Economic and Technological Development Zone, an important
      economic region for the city.  Integral link with the
      government.  The municipal government owns 100% of NHL, and
      S&P do not expect it to reduce its stake because the
company
      will continue to undertake a public service for the
      government.  S&P believes the severability of non-
government
      debt from government debt is limited.

The negative outlook on NHL reflects S&P's view on the
Lianyungang municipal government.  At the same time, S&P
continues to see an extremely high likelihood that the company
will receive extraordinary support from the government over the
next 12 months.

The negative outlook on Zhiyuan reflects the outlook on NHL and
S&P's view that Zhiyuan will remain highly strategic to its
parent over the next 12 months.  The rating on Zhiyuan will move
in tandem with the rating on NHL (with a one-notch differential)
unless we reassess Zhiyuan's group status.

S&P could lower the rating on NHL and Zhiyuan if S&P believes the
creditworthiness of the Lianyungang government will further
deteriorate.  The ratings on NHL and Zhiyuan may be lowered if
the city's tax-supported debt continues to grow significantly
faster than operating revenues.  S&P anticipates such a scenario
should the government embark on large-scale stimulus spending
while supply-side reforms in Lianyungang's manufacturing sector
continue without an improvement in economic growth.  In such a
scenario, the municipal's debt ratios will likely exceed 270% of
operating revenues.

Alternatively, S&P could lower the ratings on NHL if S&P believes
the likelihood of extraordinary government support has materially
diminished.

S&P could revise its outlook on NHL and Zhiyuan to stable if S&P
believes the creditworthiness of the Lianyungang government has
significantly improved.  This could occur if Lianyungang
mitigates its debt burden by containing its tax-supported debt
growth, operating revenues pick up through further economic
growth, and reforms in its state-owned enterprise sector result
in lower contingent liabilities.



================
H O N G  K O N G
================


CHINA SOUTH: Fitch Assigns 'B' Rating to USD200MM 6.75% Sr. Notes
-----------------------------------------------------------------
Fitch Ratings has assigned China South City Holdings Limited's
(CSC; B/Stable) USD200 mil. 6.75% senior notes due in 2021 a
final 'B' rating and Recovery Rating of 'RR4'.

The notes are rated at the same level as CSC's senior unsecured
rating because they constitute the company's direct and senior
unsecured obligations.  The final rating is in line with the
expected rating assigned on Sept. 6, 2016.

CSC's ratings are constrained by its deteriorating credit profile
amid weak industry demand.  The ratings are supported by the
company's unique business model, close collaboration with local
governments, a long record in integrated trade-centre development
and sufficient liquidity.

                         KEY RATING DRIVERS

Trade Centre Sales Further Weaken: Sales from CSC's trade and
logistics sector further weakened due to SMEs scaling down new
investments, slower relocation demand, local government delays in
completing transport networks and lower investor appetite for
commercial properties.  Contracted sales of HKD6.6 bil. in the
financial year to end-March 2016 (FY16) were in line with Fitch's
expectations and represented a 41% fall from FY15, after falling
20% from FY14.  Residential property sales were flat at
HKD2.3 bil., while trade centre sales tumbled to HKD3.7 bil.,
from HKD8.5 bil.  Fitch expects flat contracted sales of HKD6
bil.-7 bil. in FY17, despite there being no sign of a recovery in
trade centre sales, as the company is aggressively adding to its
residential saleable resources.

Higher Leverage: CSC's leverage, measured by net-debt/adjusted-
inventory, rose to 48.3% in FY16, from 37.8% in FY15, due to
slower sales and increased construction to build up saleable
residential resources.  Construction picked up in 2HFY16, with
CSC's properties-under-development and unsold completed
properties (including investment properties) rising to 14.1
million square metres (sq m) as end-FY16, from 13.9 million sq m
at end-FY15.

Fitch expects leverage to hover around 50% over the next two
years due to CSC's plan to cut capital expenditure to HKD7bn,
from HKD9bn in FY16, and destock by churning out more residential
properties while continuing its investment property development.
The company's extensive land resources of 15.8 million sq m in
gross floor area available for future development also give it
the flexibility to refrain from land purchases.

Fragmented and Competitive Market: CSC's average selling price
(ASP) declined 6% yoy in FY16 due to product-mix changes.  ASPs
may come under further pressure as the industry is fragmented,
with many small players, and CSC's trade centres face competition
from wholesale/trade centre projects within the same city and
government-supported projects in nearby cities.  CSC's brand name
and low land costs give it a stronger competitive position and
mitigate these risks.

Government Collaboration Supports Sustainability: CSC's continued
cooperation with local governments provides the benefits of low
land-costs (FY16: CNY295/sq m), infrastructure support,
government grants and favourable policies that minimize project
execution risks.  CSC received government grants of HKD2 bil.
during the FY16 market downturn.  This allowed the company to
maintain its EBITDA margin at 32.5%, even though its selling,
general and administrative costs rose 13%, to HKD2.0 bil., and
revenue dropped 37% to HKD6.1 bil.  Fitch expects CSC's EBITDA
margin to remain above 30% in the next year or two years,
providing a buffer to absorb ASP volatility.

Competitive Business Model: CSC's business profile is supported
by the fundamental strength of its trade centres, which offer
physical, online and logistics elements.  The company's business
model of providing a full-range of integrated value-added
services and facilities strategically positioned in provincial
capitals and large economic centres, along with the proven
success of the business model of its flagship property, CSC
Shenzhen, provides it with a strong competitive position in a
fragmented market.


Rising Non-development Income: CSC's non-development income in
FY16 - stemming from rentals, property management, logistics and
warehousing, outlets and e-commerce related to its trade centre
projects - increased steadily, but was lower than Fitch expected
due to stagnant e-commerce income.  Currently, the e-commerce is
focused in Zhengzhou and is offered to new buyers.  Although CSC
has gradually extended e-commerce to other CSC projects, we do
not expect strong growth in light of the current slow market in
trade centre sales.  Property investment income slowed to 19% in
FY16, from 88% in FY15, while logistics and warehousing and
outlet operations retained strong growth momentum of around 50%.

CSC's non-development income-coverage of interest reached 0.9x in
FY16.  Diversification into non-development business smoothed
sales volatility, reduced operational risk and provided stronger
cash flow quality compared with peers.  However, the company's
adjusted non-development EBITDA margin remained low, at around
20%-30% in FY16, after taking into account estimated selling,
general, administrative and other costs.  Fitch expects costs to
decrease following management's administration cost-cutting
efforts and for EBITDA coverage from the non-development
businesses to increase as trade centre projects mature.

                          KEY ASSUMPTIONS

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

   -- contracted sales remaining weak at HKD6 bil.- 7 bil. in
      FY17-FY18
   -- non-development income to increase to HKD1.8 bil. in FY17
   -- capital expenditure to decline to HKD7 bil.- 8 bil. per
      year in FY17-FY18
   -- government grants received to be around HKD0.8 bil. In
      FY17.

                      RATING SENSITIVITIES

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

   -- substantial decrease in contracted sales
   -- EBITDA margin sustained below 20% (FY16: 32.5%)
   -- net-debt/adjusted inventory sustained above 50%, with
      investment property valued at cost (FY16: 48.3%)

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

   -- total contracted-sales sustained above CNY10 bil. per year
   -- EBITDA margin sustained above 30% (FY16: 32.5%)
   -- net-debt/adjusted inventory sustained at below 40%, with
      investment property valued at cost (FY16: 48.3%)
   -- contracted-sales/total-debt sustained above 0.5x (FY16:
      0.2x)

                           LIQUIDITY

Sufficient Liquidity: CSC has the flexibility to rein-in its
rapid development should sales come in below the company's
expectations. Fitch expects CSC to maintain sufficient liquidity,
with available cash of HKD10.8 bil. and unutilized credit
facilities of HKD6.0 bil. at end-FY16 to meet the repayment of
its short-term borrowings of HKD10.2 bil. and land acquisitions.

CSC's issuance in the onshore bond market has also alleviated its
refinancing pressure and lowered its average borrowing cost to
6.3% at end-FY16, from 6.8% at end-FY15.



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I N D I A
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ADVANCE INFRASTRUCTURE: ICRA Suspends B+ Rating on INR10cr Loan
---------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA] B+ and short
term rating of [ICRA] A4 assigned to the INR10.00 crore bank
facilities of Advance Infrastructure Private Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

Incorporated in 2006 by Mr. Surendra Kumar Sharma in Gujarat,
AIPL is engaged primarily in the business of construction of
cross country pipeline, city gas distribution network, plant
piping, equipment erection, and associated civil, structural,
electrical, instrumentation and telecommunication work. Mr.
Surendra Kumar Sharma has more than 20 years of experience in
project implementation in oil, gas, civil infrastructure and
telecom and power sector.


AMRAPALI INFRASTRUCTURE: ICRA Suspends D Rating on INR188cr Loan
----------------------------------------------------------------
ICRA has suspended the [ICRA]D rating assigned to the INR188.0
crore bank facilities of Amrapali Infrastructure Pvt Ltd. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

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


APM INFRASTRUCTURE: ICRA Reaffirms B Rating on INR8.5cr Loan
------------------------------------------------------------
ICRA has reaffirmed its long-term rating of [ICRA]B on the
INR8.50-crore cash credit facilities of APM Infrastructure
Private Limited. ICRA has also reaffirmed its short-term rating
of [ICRA]A4 on the INR7.00-crore short-term non-fund based
facility of the company.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Cash Credit              8.50      [ICRA]B; reaffirmed
   Bank Guarantee           7.00      [ICRA]A4; reaffirmed

ICRA's ratings continue to factor in the extensive experience of
AIPL's promoters in the logistics business, being a part of the
Agarwal Packers Group and AIPL's stable revenues from the
commission-based export cargo-handling business. The ratings are,
however, constrained by the declining revenue from the
construction business, given no new order receipt. Further, the
company's liquidity position continues to remain stretched with
no movement in realization of receivables from NTPC-BHEL (JV
between NTPC Limited and Bharat Heavy Electricals Limited) and
the coverage indicators have continued to be weak. The company
continued to have significant investments in a group company -
DRS Warehousing (North) Private Limited, returns on which are
likely to accrue only over the long term.

Going forward AIPL's ability to ramp up its scale of operations,
improve its profitability and its liquidity position will be the
key rating sensitivities.

AIPL constructs, manages and renovates warehouses and buildings.
The company also undertakes installation of the special metal
roofing systems in warehouses and buildings and acts as a sub-
contractor for export cargo-handling services. It is a part of
the Agarwal Movers Group, which consists of a number of companies
involved primarily in the logistics sector, with the leading ones
being Agarwal Packers & Movers, DRS Logistics Private Limited and
DRS Warehousing (North) Private Limited.

Recent results
The company, on a provisional basis, reported an operating income
(OI) of INR23.9 crore and a Profit After Tax (PAT) of INR0.2
crore, as compared to an OI of INR30.5 crore and a PAT of INR1.0
crore in the previous year.


APOORVA IT: CRISIL Suspends B+ Rating on INR25MM Cash Loan
----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Apoorva IT Solutions.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          25        CRISIL A4
   Cash Credit             25        CRISIL B+/Stable
   Letter of Credit        35        CRISIL A4

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

AIS was set up in 1998 as a partnership firm by Mr. Muralidhar
Reddy and his family members. The firm is an IT hardware
distributor of renowned brands and also provides maintenance
services. AIS also supplies commercial & rugged hardware like
laptop, server and UPS to various departments of the Ministry of
Defence and for defence establishments. It is based in Hyderabad
(Telangana).


ASHIRVAD INDUSTRIES: ICRA Suspends B- Rating on INR11.5cr Loan
--------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA] B- and short
term rating of [ICRA] A4 assigned to the INR11.50 crore bank
facilities of Ashirvad Industries & Infrastructure. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

Ashirvad Industries & Infrastructure was established in the year
1998 and is engaged in ginning and pressing of raw cotton and
toll collection. The firm's manufacturing facility is located at
Mitadi in Junagad district of Gujarat and is equipped with 18
ginning and 1 pressing machines, with a total production capacity
of 200 bales1 per day. The partners of Ashirvad Industries &
Infrastructure have been associated with the cotton ginning and
trading business for over twenty years and are also involved in
the operations of a few other cotton ginning companies, either as
directors or partners. The partners have been associated with
toll collection activity for over fifteen years with number of
projects successfully completed.


ASSOCIATED INSULATION: ICRA Suspends D Rating INR10.25cr Loan
-------------------------------------------------------------
ICRA has suspended the [ICRA]D/[ICRA]D ratings assigned to the
INR10.25 crore limits of Associated Insulation Company. The
suspension follows ICRA's inability to carry out a rating
surveillance due to non-cooperation from the company.

Associated Insulation Company (AIC) was set up as a partnership
firm in the year 1986 by Mr. M. V. Dhuvad and Mr. C.V. Dhuvad. It
undertakes thermal insulation works for power plants, oil
refineries, petro chemicals units, fertilizer plants and other
manufacturing units with over two decades of experience. AIC is
approved and registered as a service provider with reputed Indian
and overseas consultants namely Engineers India Limited, Projects
and Development India Ltd., Tata Consulting Engineering,
Pitsburgh Corning (USA), Foster Wheeler Ltd. (USA), Motherwell
(UK) etc. The firm operates from Vadodara in Gujarat


AUTO SHELL: CRISIL Reaffirms B+ Rating on INR90MM Cash Loan
-----------------------------------------------------------
CRISIL's ratings on the bank facilities of Auto Shell Perfect
Moulder Limited continues to reflect ASPML's below-average
financial risk profile marked by average gearing and weak debt
protection metrics, and its modest scale of operations in the
highly fragmented castings industry. These rating weaknesses are
partially offset by the extensive experience of ASPML's promoter
in the shell-moulded grey cast iron and ductile iron castings
industry.

                        Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Cash Credit             90      CRISIL B+/Stable (Reaffirmed)

   Letter of Credit         2      CRISIL A4 (Reaffirmed)

   Long Term Bank
   Facility                18      CRISIL B+/Stable (Reaffirmed)

   Proposed Cash
   Credit Limit            10      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that ASPML will continue to benefit over the
medium term from its promoter's extensive industry experience and
its established relationship with customers. The outlook may be
revised to 'Positive' if ASPML significantly increases its scale
of operations and operating profitability, resulting in
improvement in its cash accruals and capital structure.
Conversely, the outlook may be revised to 'Negative' if the
company's relationship with its key customers weakens, leading to
decline in sales or profitability, or if it undertakes a large
debt-funded capital expenditure programme, weakening its
financial risk profile.

ASPML was established in 1979 by Mr. Krishnasamy Jeyabal. ASPML
manufactures shell-moulded grey cast iron and ductile iron
castings.


B.R. GUAR: ICRA Reaffirms B+ Rating on INR6.50cr Cash Loan
----------------------------------------------------------
ICRA has reaffirmed its long term rating at [ICRA]B+ on the
INR7.00 crore (enhanced from INR6.50 crore) long term facilities
of B.R. Guar Gum Pvt Ltd. ICRA has also reaffirmed its short term
rating of [ICRA]A4 to the INR0.50 crore unallocated limits of
BRGGPL.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Fund Based Limits-
   Cash Credit              6.50      [ICRA]B+; reaffirmed

   Fund Based Limits-
   Term Loan                0.50      [ICRA]B+; reaffirmed

   Long Term/Short          0.50      [ICRA]B+/[ICRA]A4;
   Term-Unallocated                   reaffirmed
   Limits

The ratings reaffirmation factors in the decline in revenues (62%
yoy) which stood at INR43.24 crore in FY2016 as compared to
INR113.01 crore in FY2016 attributable to the dip in demand of
guar gum powder from North America's oil and drilling sector,
which is the major end user segment for Indian guar gum powder
manufacturers, leading to crash in prices of guar gum over the
last two years.

The ratings continue to be constrained by the high fragmentation
and high competitive intensity in the guar split manufacturing
business resulting in thin profitability and the vulnerability of
the company's profitability to adverse fluctuations in the guar
seed prices, as seasonality and crop harvest impact guar seed
production. The ratings also factor in the weak financial risk
profile characterized by low accruals; high gearing levels and
thin coverage metrics with NCA/TD of 5% in FY2016. The ratings,
however, favorably factor in the location advantage of the
company's manufacturing facility in terms of proximity to the
main guar seed growing region in Rajasthan and limited
competition from substitutes for the oil and gas segment,
although some new products are being developed for the food
segment. ICRA expects the profitability levels of the company to
remain low due the muted demand in the near term and the stiff
competition prevailing in the industry. The ability of the
company to increase its operating income along with its operating
margins and efficiently managing its working capital requirements
will be the key rating sensitivities.

Incorporated in April 2011, B.R. Guar Gum Private Limited
(BRGGPL) commenced commercial operations in November 2011. The
company is engaged in the manufacturing of guar gum splits at its
unit located in Siwani Mandi in Haryana. The current seed
processing capacity of the company is 1400 quintals per day. The
company sells its product in the domestic market through a
network of brokers who, in turn, sell to merchant exporters for
use in oil & gas and food sector.

As per the provisional financials, in FY2016, BRGGPL reported a
net profit of INR0.16 crore on an operating income of INR43.24
crore, as against a net profit of INR0.17 crore on an operating
income of INR113.01 crore in the previous year.


BALAJI ELECTROSTEELS: ICRA Suspends 'D' Rating on INR18cr Loan
--------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]D assigned to
the INR18.00 crore cash credit, INR2.70 crore standby line of
credit and INR4.25 crore corporate term loan and INR0.05 car loan
facilities of Balaji Electrosteels Limited. ICRA has also
suspended the short term rating of [ICRA]D assigned to the
INR9.00 crore non-fund based bank facilities of BEL. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


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.


CACHAR ROLLER: ICRA Suspends B+ Rating on INR5.40cr Cash Loan
-------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B+ assigned to
the INR5.40 crore cash credit and INR0.60 crore unallocated
facilities of Cachar Roller Flour Mills Limited (CRFML)1. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


CVS INFRASTRUCTURE: ICRA Cuts Rating on INR14cr LT Loan to B-
-------------------------------------------------------------
ICRA has revised the long-term rating of CVS Infrastructure
Private Limited's INR14.00 crore fund-based bank facilities to
[ICRA]B- from [ICRA]B+. It has reaffirmed the short-term rating
of [ICRA]A4 to the INR1.00-crore non-fund based bank facilities
of the company.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Long-term fund-         14.00       Revised to [ICRA]B-
   based limits                        from [ICRA]B+

   Short-term non-          1.00       [ICRA]A4; Reaffirmed
   fund based limits

The revision in the long-term rating takes into account the
deterioration in the company's financial risk profile,
characterised by an increase in the operating working capital as
reflected in the sharp rise in debtors days, and a de-growth in
revenues on account of subdued demand from end-user industries.
The ratings continue to remain constrained also due to the
company's highly-leveraged capital structure and weak debt
coverage indicators. The ratings also factor in the company's
weak operating profitability due to the low-value added trading
business and the competitive nature of the industry in the
domestic market.

The ratings favorably take into account the extensive experience
of the promoters in chemical trading business and the company's
moderate revenue concentration risk on account of diversified
product portfolio.

Incorporated in 2010, CVSIPL trades in polymers, chemicals, glass
and other general items. It is a part of the Mahalaxmi Group,
promoted by Mr. Chandrakant Shah. During inception, the company
had intended to construct infrastructure projects, container
yards and bonded warehouses. However, in the absence of
permissions from concerned authorities, CVSIPL aborted the
project and started the trading business.

Recent Results
In FY2015, CVSIPL reported a profit before tax (PBT) of INR0.68
crore and a profit after tax (PAT) of INR0.46 crore on an
operating income of INR105.41 crore. As per the FY2016 unaudited
results, CVSIPL registered a PBT of INR0.52 crore on an operating
income of INR43.26 crore.


D. M. COTTON: CRISIL Suspends 'B' Rating on INR82.5MM Cash Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of D. M.
Cotton Industries.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            82.5       CRISIL B/Stable
   Long Term Loan         16.5       CRISIL B/Stable

The suspension of ratings is on account of non-cooperation by
DMCI with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, DMCI is yet to
provide adequate information to enable CRISIL to assess DMCI'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 2005, DMCI is promoted by the Surendranagar
(Gujarat)-based Shah family. The firm gins and presses cotton and
its promoters have experience of more than a decade in cotton
ginning and have also been associated with cotton farming.


DEMPO SHIPBUILDING: ICRA Cuts Rating on INR75cr LT Loan to B
------------------------------------------------------------
ICRA has downgraded the long-term rating to the INR8.00 crore1
fund-based bank facilities and the INR75.00 crore non-fund based
bank facilities of Dempo Shipbuilding and Engineering Private
Limited to [ICRA]B from [ICRA]B+. ICRA has reaffirmed the short-
term rating to the INR75.00 crore short-term fund based/non-fund
based working capital facilities of DSEPL at [ICRA]A4. The short
term fund based/non-fund based bank facilities of INR75.00 crore
are sub-limit of the long term non-fund based facilities of
INR75.00 crore.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Long-term, fund-
   based limits             8.0        Downgraded to [ICRA]B
                                       from [ICRA]B+

   Long-term, non-
   Fund based limits       75.0        Downgraded to [ICRA]B
                                       from [ICRA]B+

   Short-term, fund
   based/non-fund
   based Sub-limits        75.0        [ICRA]A4 reaffirmed


The ratings downgrade takes into consideration DSEPL's
deteriorating financial position due to continued losses incurred
at the operating level and weakened liquidity position due to
build up of receivables. The ratings are also constrained by the
company's nominal order book position due to the prolonged
downturn in the shipbuilding industry, which provides limited
revenue visibility. The ratings also factor in the large
investments and advances extended by DSEPL to its subsidiary
company, Modest Infrastructure Limited (MIL, rated
[ICRA]C+/[ICRA]A4 in June 2016), which has witnessed a complete
erosion of net worth due to loss-making operations. MIL continues
to depend on DSEPL's parent company, V. S. Dempo Holdings Private
Limited (VSDHPL), to meet its financing requirements.
Nevertheless, the ratings are supported by the company's status
of being a part of the Dempo Group of Companies, which provides
financial and managerial support to DSEPL and extensive
experience of the promoters in the shipbuilding industry.

DSEPL's ability to bag higher-value orders and continued
financial support from the parent company would remain key rating
sensitivities.

DSEPL is a wholly owned subsidiary of V S. Dempo Holdings Private
Limited (VSDHPL), which is an investment company of the Dempo
group. The company currently has two shipbuilding yards: one at
Old Goa on the banks of Mandovi river and the other at Undir on
the banks of the Zuari river. DSEPL can undertake new
construction of 10-12 vessels per annum of up to 4000 Deadweight
Tonnage (DWT) and carry out repair work on around 36 vessels of
350- 2000 DWT.
In July 2012, DSEPL had received approval of Gujarat Maritime
Board for acquisition of a majority stake in Modest
Infrastructure Limited (MIL, rated [ICRA]C+ / [ICRA]A4 in
December 2014), and consequently, MIL became a subsidiary of
DSEPL. MIL is a ship-building and repairing company, which
undertakes projects of building small to medium sized product
tankers, bulk carriers and offshore survey vessels in addition to
executing ship- repairing activities from its shipyard facility
at Ramsar in Bhavnagar (Gujarat).

Recent Results
In FY2016, DSEPL reported a net loss of INR4.66 crore on an
operating income of INR12.68 crore as compared to a net profit of
INR2.07 crore on an operating income of INR50.60 crore in FY2015.


DESIGN CLASSICS: ICRA Reaffirms B+ Rating on INR4.95cr Loan
-----------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ rating
outstanding on INR3.00 crore fund based facilities (revised from
INR2.00 crore) and INR0.10 crore proposed facilities (revised
from INR1.00 crore) of Design Classics Exports Private Limited.
ICRA has also reaffirmed the short term rating of [ICRA]A4 on
INR4.95 crore fund based facilities and INR0.90 crore (revised
from 1.00 crore) non fund based facilities of the company.

                            Amount
   Facilities            (INR crore)     Ratings
   ----------            -----------     -------
   Long-term-fund
   based facilities           3.00       [ICRA]B+/reaffirmed

   Long term-unallocated      0.10       [ICRA]B+/reaffirmed

   Short term-fund based
   facilities                 4.95       [ICRA]A4/reaffirmed

   Short term-non fund
   based facilities           0.90       [ICRA]A4/reaffirmed

The ratings reaffirmation factors in the promoters' experience of
over two decades in the business and modest growth of 8% in the
revenues of the Company during 2015-16. The ratings are, however,
constrained by the company's weak financial profile with
operating margin coming down to 6.8% for 2015-16 as against 8.3%
during the previous year, stretched coverage indicators with
interest coverage at 1.5x and NCA/TD at 3.3% and working capital
intensity of 103% on account of high inventory stocking and long
collection period. ICRA also takes note of the Company's small
scale of operations; competitive nature of industry and high
customer concentration which limits pricing flexibility, thereby
exposing the margins to volatility in raw material prices; the
vulnerability of its profitability to exchange rate movements as
~41% of revenues were derived from export sales. Going forward,
company's ability to moderate its working capital intensity will
be a key sensitivity factor for improvement in credit profile.

DCEPL is engaged in manufacture of knitted garments. The Company
was established as a partnership firm (M/s. Design Classics) in
1989 and later converted into a private limited company in 1993.
The company caters to the demand in both domestic and export
markets. In the domestic market, it supplies predominantly to
retailers in Chennai and is also engaged in selling garments
under the brand name "Design Legacy" in the domestic market. In
the export market, the company exports to customers located in
United States of America, Italy, Spain and South Africa among
others. Currently, DCEPL has three manufacturing facilities in
Tamil Nadu.

Recent Results
The firm reported a net profit of INR1.5 crore on an operating
income of INR91.9 crore during 2014-15 as against a net profit of
INR1.8 crore on an operating income of INR79.1 crore during 2013-
14.

For financial year 2015-16 as per unaudited results, the firm has
achieved revenues of INR88.2 crore and PBT (Profit before Tax) of
INR2.5 crore.


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.


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.


EAGLE MOTORS: CRISIL Suspends 'D' Rating on INR78MM Loan
--------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Eagle
Motors Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Inventory Funding
   Facility                 78       CRISIL D

The suspension of ratings is on account of non-cooperation by
EMPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, EMPL is yet to
provide adequate information to enable CRISIL to assess EMPL'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 2005 and based in Rajkot (Gujarat), EMPL is
promoted by Mr. Manish Bavaria. It is the authorized dealer of
Ford India Private Limited's cars in Rajkot, Jamnagar, and
Junagadh (all in Gujarat).


HARVIN IMPEX: CRISIL Lowers Rating on INR45MM Cash Loan to 'C'
--------------------------------------------------------------
CRISIL has downgraded its rating on the long term bank loan
facilities of Harvin Impex Private Limited to 'CRISIL C' from
'CRISIL B/Stable' while reaffirming the rating on the short term
facilities at 'CRISIL A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             45        CRISIL C (Downgraded
                                     from 'CRISIL B/Stable')

   Letter of Credit        60        CRISIL A4 (Reaffirmed)

   Proposed Long Term      45        CRISIL C (Downgraded from
   Bank Loan Facility                'CRISIL B/Stable')

The downgrade reflects the significant deterioration in the
financial risk profile in fiscal 2016 and expectations of
continuation at similar levels over the medium term. The same has
been driven by the discontinuation of one of its product, high
density fiber board, and stoppage of distribution in Southern and
Western India, limiting its presence to northern region. The same
led to a more-than-expected decline in revenue and operating
margin, leading to estimated interest coverage of 0.25 time in
fiscal 2016 and negative cash accrual. Further, since operations
are expected to remain at similar levels, on account of working
capital intensity and bank obligations, the financial risk
profile is expected to remain weak over the medium term, with
cash accrual expected to be lower than repayment obligations.

The rating factors in HIPL's weak financial risk profile and
modest scale of operations in the fragmented fiber board trading
industry and working-capital intensity of operations. These
weakness are partially offset by the extensive experience of the
promoters and their funding support.

Set up in 1989 by Mr. Devinder Ajmani and family, HIPL trades in
medium density and high density boards. Its office is in New
Delhi.


JAYLAXMI POLY: ICRA Assigns B+ Rating to INR5.46cr LOC
------------------------------------------------------
The long term rating of [ICRA]B+ has been assigned to the INR9.41
crore long term bank facilities of Jaylaxmi Poly Plast. ICRA has
assigned the short term rating of [ICRA]A4 to the INR0.50 crore
short term non fund based bank facilities. ICRA has also assigned
[ICRA]B+ and [ICRA]A4 to the unallocated limits of INR0.09 crore
of JLPP.

                            Amount
   Facilities            (INR crore)   Ratings
   ----------            -----------   -------
   Cash Credit Limits        3.95      [ICRA]B+ assigned
   Stand by Line of Credit   5.46      [ICRA]B+ assigned
   Letter of Credit          0.50      [ICRA] A4 assigned
   Unallocated Limits        0.09      [ICRA]B+/A4 assigned

The assigned ratings are constrained by the relatively small
scale of firm's operations as well as weak financial profile
characterized by low net profitability, stretched capital
structure and weak debt coverage indicators. The ratings also
take into account the vulnerability of the firm's profitability
to adverse fluctuations in raw material (HDPE/PP granules)
prices; which are crude oil derivatives, limited entry barriers
in woven fabric industry leading to highly competitive market and
the firm's low bargaining power with major suppliers (Indian Oil
Corporation Limited, Haldia Petrochemicals Limited and Reliance
Industries Limited). Further, ICRA also notes the potential
adverse impact on net worth and gearing levels in case of any
substantial withdrawal from capital accounts given the
constitution as a partnership firm.

The ratings, however, take comfort from the long-standing
experience of the promoters in the woven fabric industry and the
stable demand outlook supported by anticipated growth in
packaging industry led by the Government of India's 'Make in
India' initiative.

Established in 2008, Jaylaxmi Poly Plast is engaged in
manufacturing of HDPE & PP woven fabrics (laminated and non-
laminated), bag and tarpaulin in the range of 55 GSM (Grams per
Square Metre) to 150 GSM. The firm started its commercial
operations in March 2008 from its manufacturing facility located
at Dholka, Ahmedabad with an installed capacity to manufacture
3600 Metric Tonnes (MT) fabrics. The promoters of the firm have
extensive experience in petrochemicals and polymers industry.

Recent Results
According to unaudited results, JLPP's net profit stood at
INR0.02 crore on an operating income of INR24.4 crore for FY2016.
For FY 2015, the firm reported an operating income of INR20.9
crore and profit after tax of INR0.05 crore as against an
operating income of INR9.6 crore and profit after tax of INR0.38
crore for FY 2014.


KRISHNA INFRASTRUCTURE: ICRA Suspends D Rating on INR14.37cr Loan
-----------------------------------------------------------------
ICRA has suspended the long term and short term rating of [ICRA]
D assigned to the INR14.37 crore bank facilities of Krishna
Infrastructure. The suspension follows ICRA's inability to carry
out a rating surveillance in the absence of the requisite
information from the company.

Krishna Infrastructure was established in 2001 as a
proprietorship firm of Mr. Karshanbhai Karmur and was later
converted to partnership firm in 2009 with Mrs. Shilpaben Karmur
and Mr. Devabhai Karmur joining as partners. KI is engaged in
civil construction work related to road construction and canal
constrution, quarrying-crushing, mining and transportation of
coal, aggregate etc.


KSK MINERAL: ICRA Lowers Rating on INR451cr Term Loan to 'C'
------------------------------------------------------------
ICRA has revised the long term rating to [ICRA]C from [ICRA]BB
for INR451 crore term loan facilities of KSK Mineral Resources
Private Limited.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Term loans              451.00       Revised to [ICRA]C from
                                        [ICRA]BB (Negative)

ICRA's rating action on KMRPL follows the rating revision for its
end use project, 3600 MW thermal power project by KSK Mahanadi
Power Company Limited (KMPCL) (ratings revised to [ICRA]D /
[ICRA]D from [ICRA]BB (Negative)/[ICRA]A4). The rating also
factors in the delay in receipt of refund for KMRPL from the new
allottee of the Gare Pelma III mine. KMRPL was developing this
mine prior to its de-allocation as per Supreme Court order dated
September 24, 2014.

ICRA takes note of the provisions in "The Coal Mines (Special
Provisions) Act, 2015" notified by Government of India, for
treatment of rights and obligations of prior allottees of coal
blocks, including expenses incurred by the prior allottees for
land acquisition and other mining infrastructure. In case of Gare
Pelma III, land acquisition was being undertaken through the
state government route, wherein the compensation payable to the
private land owners was deposited by KMRPL with the sub-
divisional magistrate of the region. As per the documents shared
with ICRA, KMRPL has claimed capital investment of INR265.05
crore from the new allottee of Gare Pelma III mine. This amount
has been claimed by Goa Industrial Development Corporation (GIDC)
on behalf of KMRPL as the coal mine was allocated to GIDC
earlier. The refund from the new allottee shall be utilized
towards repayment of debt availed for development of the Gare
Pelma III coal mine.

KMRPL is a special purpose vehicle promoted by the Hyderabad
based KSK Group for development of captive coal/lignite mines for
fuel supply to power projects promoted by the group. KSK group is
currently implementing a 3600 MW thermal power project at
Nariyara village, Janjgir-Champa District of Chhattisgarh. The
project had earlier tied-up with the state government of Goa
(Gare Pelma III coal block) for supply of fuel from the coal
block allocated to the state through the government dispensation
route in return for supply of power at subsidized rates. The
development of the Gare Pelma III coal block was being undertaken
by KMRPL on behalf of Goa Industrial Development Corporation
(GIDC). However, with the Supreme Court of India cancelling all
but few coal mine allocations made since 1993, the allocation of
Gare Pelma III to GIDC was cancelled. The coal mine is now
allocated to Chhattisgarh State Power Generation Company Limited
and KMRPL has claimed refund of capital investment incurred on
the development of Gare Pelma III from the new allottee.

KSK Group promoted by Mr. K.A. Sastry and Mr. S. Kishore, is
involved in development and operation of power projects. KSK
Power Ventur Plc, based in the Isle of Man, is the principal
holding company of the group holding investments in KSK Energy
Ventures Limited (KSKEVL) and KSK Energy Company Private Limited
(KECPL). KSKEVL in turn serves as the holding company for the
group's investments in operational and prospective power projects
while KECPL serves as the holding company for other activities of
KSK allied to power generation. The group has operational power
projects with capacity aggregating to 2062 MW, including the 1200
MW by KMPCL.


LAKHANI FOOTWEAR: CRISIL Reaffirms 'D' Rating on INR593.1MM Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Lakhani Footwear
Private Limited (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).


LIBRA TECHCON: CRISIL Reaffirms B- Rating on INR0.9MM LT Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Libra Techcon Limited
continue to reflect the company's modest scale of operations, its
large working capital requirement, and susceptibility of its
operating performance to flow of orders and their timely
execution. These weaknesses are partially offset by its
promoters' extensive experience in engineering service business.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          50        CRISIL A4 (Reaffirmed)
   Cash Credit              0.1      CRISIL B-/Stable
(Reaffirmed)
   Proposed Long Term
   Bank Loan Facility       0.9      CRISIL B-/Stable
(Reaffirmed)

Outlook: Stable

CRISIL believes LTL will benefit over the medium term from its
promoters' extensive industry experience. The outlook may be
revised to 'Positive' if its revenue increases, working capital
cycle improves, and it generates significantly higher-than-
expected accrual while maintaining healthy capital structure. The
outlook may be revised to 'Negative' in case of substantial
decline in revenue or profitability, or stretch in working
capital cycle, affecting its financial risk profile.

LTL, incorporated in 2005 in Mumbai, is a wholly owned subsidiary
of Libra Agencies Pvt Ltd. The company is managed by Mr. Surinder
Wazir and Mr. Siddharth Wazir. It provides design and engineering
services and project management services related to chemical
process plants.


MAHAPRABHU RICE: ICRA Suspends 'B' Rating on INR1.81cr Loan
-----------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B assigned to
the INR1.81 crore term loan and INR8 crore cash credit facilities
of Mahaprabhu Rice Mill Private Limited. ICRA has also suspended
the short term rating of [ICRA]A4 assigned to the INR0.10 crore
non-fund based bank facility. ICRA has also suspended the long
term rating of [ICRA]B and short term rating of [ICRA]A4 ratings
assigned to an untied limit of INR0.09 crore of MRMPL. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


MALOO INDUSTRIES: CRISIL Assigns B+ Rating to INR60MM Cash Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Maloo Industries.

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

   Cash Credit             60        CRISIL B+/Stable

   Letter of Credit         5        CRISIL A4

The ratings reflect the firm's below-average financial risk
profile because of modest networth and high gearing,
susceptibility to raw material price fluctuations and exposure to
intense competition. These weaknesses are partially offset by the
extensive experience of its partners in the cotton industry, and
its established relationships with customers and suppliers.
Outlook: Stable

CRISIL believes MI will continue to benefit from the extensive
industry experience of its partners. The outlook may be revised
to 'Positive' if there is a significant and sustained increase in
accrual, driven by an improvement in revenue and profitability,
along with improved working capital management and capital
structure. The outlook may be revised to 'Negative' if the firm's
working capital management deteriorates or its liquidity weakens
significantly, most likely because of lower-than-expected
accrual, or large, debt funded capital expenditure.

MI was set up by Mr. Sunil Maloo in 1996 as a proprietorship
firm. In April 2015, it was reconstituted as a partnership firm.
The firm gins and presses cotton and sells cotton bales and
cotton seeds. Its facility is in Indore, Madhya Pradesh.


MASCOT FOOTCARE: CRISIL Reaffirms D Rating on INR100MM Loan
-----------------------------------------------------------
CRISIL's ratings on the bank facilities of Mascot FootCare (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).


ORMA MARBLE: ICRA Suspends B+ Rating on INR8cr LT Loan
------------------------------------------------------
ICRA has suspended the long-term rating of [ICRA]B+ outstanding
on the INR8.00 crore bank facilities of Orma Marble Palace
Private Limited. The suspension follows lack of co-operation from
the company.


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

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             35        CRISIL B/Stable (Reaffirmed)
   Foreign Letter of
   Credit                  80        CRISIL A4 (Reaffirmed)

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.

                        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.


PAXAL CORPORATION: ICRA Reaffirms B Rating on INR8cr Loan
---------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B to INR8.00
crore (earlier 7.00 crore) fund based facilities and a short term
rating of [ICRA]A4 to INR11.00 crore non fund based bank limits
of Paxal Corporation.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Fund Based-Cash
   Credit                  8.00       [ICRA]B; reaffirmed

   Fund Based-Letter
   of Credit              11.00       [ICRA]A4; reaffirmed

The ratings reaffirmation continue to be constrained by high
working capital intensity of operations, as characterised by high
debtor and inventory days coupled with low creditor days. The
ratings also take into account the moderate financial profile of
the firm as characterized by modest scale of operations, high
gearing and weak debt protection metrics. Further, the ratings
continue to take into consideration vulnerability of the firm's
profitability to adverse fluctuations in steel prices and intense
competition prevailing in the steel trading industry. ICRA also
takes note of susceptibility of the firm profitability to foreign
exchange fluctuation risk.

The ratings however, derive comfort from long track record of the
promoters in the steel trading industry and established
relationship with primary steel producers which ensure regular
supply of raw materials. The ratings also take into consideration
stable and diversified client base of the firm over the years
ensuring repeated orders. The rating also benefits from the
forward integration done by the firm into precision cutting which
increases business opportunities and aids in expanding its
customer base.

Paxal Corporation was incorporated in 2007 as a partnership firm.
The firm is mainly involved in trading of steel products such as
sheets, coils, strips etc. It imports stainless-steel from
various suppliers in Malaysia, Spain, Vietnam, China etc and
sells to multiple small traders and manufacturers in Bangalore
and some parts of Tamil Nadu.

Recent Results
Paxal Corporation reported a provisional profit after tax (PAT)
of INR0.78 crore on an operating income of INR34.86 crore in
FY2015-16, as against a PAT of INR0.85 crore on an operating
income of INR29.43 crore in FY2014-15.


PRANAV CONSTRUCTION: CRISIL Cuts Rating on INR214.9MM 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 Credit   66.3      CRISIL D (Downgraded
                                     from 'CRISIL B-/Stable')

   Funded Interest Term    60.8      CRISIL D (Downgraded
   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).


PRATHUL AUTOMOBILES: ICRA Lowers Rating on INR13.21cr Loan to B+
----------------------------------------------------------------
ICRA has revised the long-term rating assigned to INR13.21 crore
fund based limits and INR1.79 crore unallocated limits of Prathul
Automobiles Private Limited from [ICRA]BB to [ICRA]B+. The rating
suspension done in March 2016 stands revoked.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Fund Based Limits       13.21       [ICRA]B+ (revised
                                       from [ICRA]BB);
                                       Suspension revoked

   Unallocated limits       1.79       [ICRA]B+ (revised
                                       from [ICRA]BB);
                                       suspension revoked

The revision in rating primarily factors in the significant
deterioration in the credit profile of the Butta group of
companies over the past 2 years due to substantial losses
incurred in the hospitality and four wheeler automobile
dealership businesses; decline in volume of sales due to
increased competition from new dealers of HMSI (Honda Motorcycles
and Scooters India) and from other OEMs; and stretched liquidity
position of the company as observed from full utilization of
working capital limits over the past 15 months. Further, the
rating is constrained by the low operating and net profitability
inherent in the automobile dealership business; stagnant revenues
at ~INR115 crore in FY2015 and FY2016 due to increased
competitive intensity; and high geographic concentration risk
with all showrooms located in Hyderabad and two showrooms
accounting for 80% of the total sales of the company in the past
three years.

The rating, however, derives comfort from the management's
experience in vehicle dealership business with dealership of
passenger vehicles of HMSI, Tata and Fiat; and established
position of HMSI in the domestic two-wheeler industry with a
market share of 55.6% in scooter segment and 26% in the overall
two wheeler segment during FY2016 ensuring vehicle off-take.
Going forward, the company's ability to increase its revenues and
effectively manage working capital requirements would be the key
rating drivers from a credit perspective.

Prathul Automobiles Private Limited was established in 2003 to
engage in the business of selling 2 wheelers of Honda Motorcycles
and Scooters India Private Limited (HMSI). The company operates
through 4 showrooms and 4 service stations in the Hyderabad
market, and sells the entire range of motorcycles and scooters of
HMSI. The Company is promoted by Mr. Butta S Neelakanta and his
wife Mrs. Butta Renuka and is part of the BUTTA group of
companies based out of Andhra Pradesh. The group has presence in
the Hospitality, Education, Branded Retail and Automobile space
in Hyderabad.

Recent Results
As per the provisional results for FY 2016, the company reported
profit after tax of INR0.22 crore on turnover of INR116.61 crore
as against profit after tax of INR0.14 crore on turnover of
INR115.57 crore during FY 2015.


R.K. CITY: ICRA Assigns B+ Rating to INR16cr Cash Loan
------------------------------------------------------
ICRA has assigned the long-term rating of [ICRA]B+ to the
INR18.0-crore fund-based bank facilities of R.K. City Developers
Pvt. Ltd.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund-based-Cash
   Credit Facility          16.0        [ICRA]B+; Assigned

   Fund-based-Term Loan      2.0        [ICRA]B+; Assigned

ICRA's assigned rating derives comfort from the promoters'
experience in diversified businesses including agro-processing,
trading, real estate and construction and others. The rating
further derives comfort from the strong revenue visibility as
characterized by the "pending order book/OI" of 2.87 times as on
August 2016. The ratings, however, remain constrained on account
of the modest scale of the company's operations and its reliance
on the real estate sector, rendering it dependent on project
performance and sector cyclicality as is also evident in the
company's stretched liquidity position with elevated debtors,
stock and payable levels. The company's debt coverage metrics
also remain modest.

Going forward, the company's ability to execute its order book in
a timely manner and profitably ramp up its revenues while
improving its liquidity position will be the key rating
sensitivity

R.K. City Developers Private Limited (RK City) is a closely held
company promoted by Mr. Rakesh Kumar and his father Mr. Vijay
Kumar who take up construction of real estate and commercial
projects for the group and other regional players. The company
has been in this line of business for the past four years and has
completed construction of a housing project for its promoter
group comprising 74 apartments at Moga (Punjab). RK City Is
currently taking up two projects in Zirakhpur and one shopping
complex project for group at Moga, construction for which is
awaiting requisite approvals.

Recent Results
The company on provisional results reported an operating income
of INR6.77 crore and a net profit of INR0.46 crore in FY2015 as
against an operating income of INR0.30 crore and a net profit of
INR0.30 crore for FY2014. Further the company reported an
operating income of INR35.71 crore in FY2016 on a provisional
basis.


RAIGARH CHAMPA: ICRA Cuts Rating on INR990cr Term Loan to 'C'
-------------------------------------------------------------
ICRA has revised the long term rating to [ICRA]C from [ICRA]BB
for INR990 crore term loan facilities of Raigarh Champa Rail
Infrastructure Private Limited.

ICRA's rating action on RCRIPL follows the rating revision for
its end use project, 3600 MW thermal power project by KSK
Mahanadi Power Company Limited (KMPCL) (ratings revised to
[ICRA]D / [ICRA]D from [ICRA]BB (Negative)/[ICRA]A4). The rating
revision factors in the long delays in execution of the end use
project owing to execution related challenges, agitation by
locals and subsequently, due to delays in securing funding for
cost overruns. The scheduled project commissioning date (CoD) for
the end-use project has now been revised to December 2017 from
December 2015, which was earlier revised from December 2013. The
delays in execution of end-use project adversely impacts the
revenue prospects for RCRIPL. Further, the rating is also
constrained by the delays in commissioning of the outward line on
the Akaltara-power plant railway link by RCRIPL, leading to
escalation in project cost.

The rating however takes note of the low permitting risks for the
Akaltara-power plant railway link, which is being developed as a
Merry-Go-Round (MGR) rail system and from the commissioning of
the inward line on this MGR link in July, 2013. The rating also
takes into account the commissioning of the first two units of
the end use power project by KMPCL and consequent commencement of
coal supply on the Akaltara-power plant railway line of RCRIPL.
ICRA notes that the lenders to KMPCL, while approving the revised
commissioned schedule and debt sanction for cost overruns,
directed the merger of ancillary asset SPVs including RCRIPL with
KMPCL, which is currently underway.

RCRIPL is a special purpose vehicle promoted by KSK Energy
Company Private Limited for developing private railway siding and
other related infrastructure for transportation of coal to 3600
MW thermal power plant of KMPCL under implementation at Nariyara
village, Janjgir-Champa district in Chhattisgarh.
The project was earlier envisaged by RCRIPL in two phases, with
phase-I involving construction of the railway line from power
project site to Akaltara station and loading platform at Kharsia
station, while phase-II involves the construction of siding at
Kharsia station and railway line from Gare Pelma III mine to
Kharsia station. However, with the de-allocation of the Gare
Pelma III mine as per the Supreme Court order in September, 2014,
the company has shelved its plans for the link between Kharsia
and Gare Pelma III mine and limited the project to the railway
siding from KMPCL's project site to Akaltara station.

KSK Group promoted by Mr. K.A. Sastry and Mr. S. Kishore, is
involved in development and operation of power projects. KSK
Power Ventur Plc, based in the Isle of Man, is the principal
holding company of the group holding investments in KSK Energy
Ventures Limited (KSKEVL) and KSK Energy Company Private Limited
(KECPL). KSKEVL in turn serves as the holding company for the
group's investments in operational and prospective power projects
while KECPL serves as the holding company for other activities of
KSK allied to power generation. The group has operational power
projects with capacity aggregating to 2062 MW, including the 1200
MW by KMPCL.


RELIABLE EXPORTS: ICRA Assigns 'B' Rating to INR575cr Loan
----------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B to the INR575.0
crore term loan facilities of Reliable Exports (India) Private
Limited.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Term Loans              575.0       [ICRA]B assigned

The rating favorably factors in the long standing experience of
the promoter in the real estate business, attractive location of
the Reliable Tech Park coupled with the strong tenant profile and
the healthy occupancy rate of 95%. The rating also takes comfort
from the debt tie-up for the project under construction (Reliable
Empire Tower).

The rating is however constrained by low cash accruals from the
rentals at Reliable Tech Park which are insufficient to cover the
interest obligation, thus necessitating the promoters to fund the
shortfall by way of unsecured loans. The rating is also
constrained by the weak capital structure with gearing of ~10x as
on 31st March 2016 which can deteriorate further owing to
additional drawdown of the construction finance debt for the
expansion project (Reliable Empire Tower). The rating also takes
into account the delays in remittance of rentals by some of the
lessees, thereby creating cash flow mismatches in respect of
servicing the LRD (Lease Rental Discounting) loans; lack of time
cushion between rent remittance by lessee and EMI deduction by
bank and absence of liquidity support in the form of DSRA (Debt
Service Reserve Account) accentuate the risk.

REPL is also susceptible to execution risk for Reliable Empire
Tower, any time and cost overruns and eventual leasing of the
property. This along with re-financing of the construction
finance loan of INR355.0 crore, availed for this project, with an
LRD loan will remain a key monitorable.

Mr. Raphael Sequeira was engaged in the export of readymade
garments since 1984 through his proprietorship concern, Reliable
Exports. In 2001, the Reliable Group diversified into the real
estate business with the excess funds from garments business.
In FY2016, Reliable Exports changed its constitution from a
proprietorship concern to a private limited entity -- Reliable
Exports (India) Private Limited - after the sad demise of the
proprietor, Mr. Raphael Sequeira. Currently, the company is held
and managed by the Sequeira family.

REPL has developed a 0.79 million sq ft commercial property -
Reliable Tech Park - at Airoli (Navi Mumbai), which is ~95%
leased out. REPL is building a 1.9 million sq ft leasable area
building called Reliable Empire Tower behind Reliable Tech Park.

Recent Results
As per provisional FY2016 results, Reliable Exports (India)
Private Limited has reported a profit before tax (PBT) of
INR21.73 crore on an operating income of INR37.42 crore.


RENJIN CONSTRUCTION: ICRA Assigns B+ Rating to INR4.0cr Loan
------------------------------------------------------------
ICRA has assigned the long-term rating to the INR3.25 crore Long
Term Fund Based Limits of Renjin Construction to [ICRA]B+. ICRA
has also assigned the short-term rating to the INR4.00 crore
short term non-fund based limits of RC to [ICRA]A4.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Fund Based Limits        3.25       [ICRA]B+ Assigned
   Non-Fund Based Limits    4.00       [ICRA]A4 Assigned

The assigned ratings are constrained by the RC's relatively
modest scale of operations, high working capital intensity of
operations due to high inventory levels and modest order book
position of INR8.31 crore as on May 31, 2016 (43% of FY2016
Operating Income) reflecting limited revenue visibility. The
ratings are further constrained by the vulnerability of firm's
profitability to fluctuation in raw material prices for projects
with absence of price escalation clause and high competitive
intensity in civil construction business resulting in pressure on
margins. ICRA also notes that RC is a proprietorship concern and
any significant withdrawals from the capital account would affect
its net worth and thereby have an adverse impact on the capital
structure.

The assigned ratings, however, favourably factor in the vast
experience of the promoter in the civil construction industry,
strong growth in operating income (~35%) in FY2016 and
comfortable gearing & debt coverage indicators of the firm.

Going forward, considering the competitive nature of business,
the ability of the firm to secure regular orders to grow in scale
& improve profitability and maintain a satisfactory track-record
with respect to timely execution of the projects on hand remains
important from credit perspective.

Incorporated in 1989, Renjin Construction (RC) is a
proprietorship firm engaged in the execution of civil
construction contracts such as construction of sewage canals,
road over bridges, underground drainages, road extension and
maintenance, replacement of paver blocks, repair of building
structures etc. RC carries out construction works for various
government, semi-government and private agencies in and around
Mumbai in Maharashtra. Currently, the operations of the firm are
managed by Mr. Mathew Memmon who has an experience of over two
decade in the construction industry.


RIDDHI SIDDHI: ICRA Lowers Rating on INR20cr Cash Loan to 'D'
-------------------------------------------------------------
ICRA has revised the long-term rating assigned to INR20.00 crore
cash credit facility of Riddhi Siddhi Cotton Ginning and Pressing
Private Limited from [ICRA]B+ to [ICRA]D.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Cash Credit             20.00      Revised to [ICRA]D
                                      from [ICRA]B+

The rating revision reflects delays in debt servicing by the
company on its borrowings due to stretched liquidity conditions
arising out of discontinued operations.

Incorporated in 2006, Riddhi Siddhi Cotton Ginning and Pressing
Private Limited (RSCGP) is engaged in cotton ginning and pressing
to produce cotton bales and cotton seeds. The manufacturing unit
of company is located in Rajkot, Gujarat with thirty six ginning
and one pressing machine having an installed capacity of
producing 19,152 bales of ginned cotton in a year. RSCGP is
currently managed by three directors Mr. Lavjibhai Kakdiya, Mrs.
Gauriben Kakdiya and Mr. Vijay Kakdiya, all of who have long-
standing experience in the cotton industry.


S. A. INFRA: CRISIL Reaffirms 'B+' Rating on INR100MM Cash Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of S. A. Infra continue
to reflect SAI's modest scale of, and working-capital-intensive,
operations, and customer and geographical concentration in its
revenue profile. The ratings also factor in the firm's below-
average financial risk profile, marked by leveraged capital
structure and weak debt protection metrics. These rating
weaknesses are partially offset by the extensive experience of
SAI's proprietor in the civil construction segment and its
healthy order book.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          50       CRISIL A4 (Reaffirmed)
   Cash Credit            100       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SAI will continue to benefit over the medium
term from its proprietor's extensive experience in the civil
construction industry and its healthy relationship with its
principal. The outlook may be revised to 'Positive' if the firm
reports sustainable increase in scale of operations with stable
operating margin and working capital cycle. Conversely, the
outlook may be revised to 'Negative' in case SAI reports
substantially low accruals, or if it receives reduced financial
support from the principal, or undertakes any large debt-funded
capital expenditure programme, thereby further constraining its
financial risk profile.

Update
SAI's business risk is marked by volatile revenues and large
working capital requirements. SAI is expected to report an
operating income of around INR524 million in 2015-16 and the same
is expected to be marginally lower than previous year because of
delay in execution of its project from PEL. SAI's revenues
continue to remain volatile to the tender flow. With expected
healthy unexecuted order of around INR3.1 billion and expected to
receive large orders over the near term, the revenues are
expected grow at over 25%. SAI continues to operate at healthy
operating profitability of over 22%.

SAI's working through is expected to be improved at GCA of around
400 days against previous year of 500 days, the working capital
continues to remain large. The same is due to 5 years deferred
payment terms in INR3.07 billion JNNURM project. The project is
being subcontracted from Patel Engineering Ltd (PEL). Due to
deferred payment terms PEL has been supporting the firm by
extending interest bearing loans. Unsecured loans from PEL as on
March 31, 2016 was around INR45 crs. Due to funding support from
PEL, reliance on external debt has been minimal. The firm
utilizing around 80% of its bank lines.

Due to large debt levels, the capital structure is average
expected to be around 2.4 times as on March 31, 2016. Going
forward also with increase in scale of operations supported by
execution of large orderbook, the incremental working capital
requirements are expected to be funded through debt. Hence the
capital structure is expected to remain average. However the firm
has moderate networth of around INR210 million as on March 31,
2016. SAI has average debt protection measures despite healthy
profitability due to high debt levels. SAI is expected to
generate cash accruals of over INR45 million against less than
INR10 million debt repayment obligations.

SAI (formerly, Sandeep Associates) was set up as a proprietorship
concern in 1980 by Mr. P D Patel; it is currently managed by his
son, Mr. Sandeep Patel. The firm, located in Pune (Maharashtra),
primarily constructs roads (both concrete and asphalt), flyovers,
and bridges for Pune Municipal Corporation and undertakes
subcontracting work for Patel Engineering Ltd.


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 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.


SAS INFRATECH: Weak Financial Strength Cues ICRA 'SP 4D' Grading
----------------------------------------------------------------
ICRA has assigned a 'SP 4D' grading to SAS Infratech Private
Limited. The grading indicates 'Weak Performance Capability and
Weak Financial Strength' of the channel partner to undertake
solar projects.

The grading is valid for a period of two years from August 19,
2016, after which it will be kept under surveillance.

Grading Drivers

Strength
* Technically sound promoter with relevant experience in running
business.

Risk Factors
* Relatively new player in the solar domain - company's ability
to demonstrate secular track record by executing successful solar
projects remains to be seen
* Large number of unorganized players indicating high level of
competition
* Low financial flexibility: The company has a tangible net
worth of INR0.47 crore as on March 2015, this may restrict the
company's ability to secure new orders.

Fact Sheet

Year of Establishment: 2009

Office Address:

29E/1, DESU Road, Near Sharma Tent House
Mehrauli, New Delhi - 110 030

Directors
* Mr. Shivansh Gupta
* Mrs. B Prabhavathi

SAS Infratech Private Limited was incorporated in the year 2009,
and is based out of Hyderabad. It also has its office in Delhi.
The company was founded by Mrs. B Prabhavathi having an aggregate
experience of 20 years. The company is engaged in civil
construction activities. In the past, the company has executed
works pertaining to construction of irrigation canals, roads,
bridges etc.

The company has recently diversified into solar domain, and has
projects of up to 100 kW in pipeline. These are both residential
as well as commercial.

SI Related Business - Weak
performance Capability

Promoter Track Record: The company was founded by Mrs. B
Prabhavathi having an aggregate experience of 20 years in
construction line.

Technical competence and adequacy of manpower: The company has
not undertaken any solar projects in the past; however has
projects of upto 100 kW in pipeline. The management team at SIPL
comprises professionals with adequate past experience. The
company at present has a modest scale of operations with 11
permanent employees in the company.

Quality of suppliers and tie ups: The company has tied up with
Rhine Solar Private Limited and Drs Energy Private Limited for
procurement of solar panels and inverters respectively.

Customer and O&M Network: The company has not undertaken any
solar projects in the past. It has recently secured contracts
with a few private players, and retail customers for residential
projects. Most of the products sold by the company will be under
warranty for a typical warranty period extended of 3 years.


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.


SREE ARULMANI: ICRA Reaffirms 'B' Rating on INR4.32cr LT Loan
-------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B outstanding
on the INR4.32 (revised from 4.59) crore term loan facilities,
the INR3.25 crore fund based facilities and the INR2.43 (revised
from 2.16) crore unallocated limits of Sree Arulmani Exports.

                            Amount
   Facilities            (INR crore)    Ratings
   ----------            -----------    -------
   Long-term-Term Loans      4.32       [ICRA]B reaffirmed

   Long-term-Fund based
   facilities                3.25       [ICRA]B reaffirmed

   Long-term Unallocated
   Limits                    2.43       [ICRA]B reaffirmed

The rating reaffirmation considers the entity's small scale of
operations, which restricts benefits of scale economies and
coupled with intense competition prevalent in the industry and
low product differentiation restricts the entity's pricing
flexibility and exposes the earnings to fluctuations in yarn and
fabric prices. Further, the rating also take note of the entity's
modest financial profile, characterized by thin profit margins
(albeit improving), low net worth and high gearing and moderate
coverage indicators. The margins had improved during 2015-16
aided by higher share of sales of relatively better quality
fabric with the new facility housing automatic shutlleless looms
being operational since last fiscal and lower dependence on
fabric produced through job workers. However, the debt funded
capex has led to a highly leveraged capital structure which is
likely to improve with no major debt funded capex plans in the
anvil over the near term. ICRA also takes note of the risks of
limited disclosures and capital continuity associated with
proprietorship concerns. Nonetheless, the rating continues to
draw comfort from the long standing experience of the promoters
in the domestic weaving industry.

Sree Arulmani Exports is a sole proprietorship entity founded by
Mr. S. Ramachandran, which commenced operations during the year
2006. The promoter has extensive experience for nearly 3 decades
in the weaving industry and has been actively involved in day to
day operations of the company. The entity is engaged in the
production of grey cotton fabric with its manufacturing facility
located in Coimbatore, Tamil Nadu. The current installed capacity
of the entity is 96 looms which includes 72 conventional power
looms and 36 auto power looms. The entity outsources majority of
its production to various looms (around 1000 looms) located in
the vicinity of the region, by virtue of which it has an overall
production capacity of around 2 lakh meters per week. The entity
procures cotton yarn in the low to medium counts range (20's to
60's), weaves it into grey fabric and markets it to garment
manufacturers located in various cities including Mumbai and
Ahmedabad.

Recent Results
For the financial year 2015-16, as per unaudited results, the
Firm has reported a profit before tax (PBT) of INR0.4 crore on an
operating income of INR37.4 crore as against a PBT of INR0.3
crore on an operating income of INR33.5 crore for the financial
year 2014-15.


SREE ISWARYA: CRISIL Lowers Rating on INR610MM LT Loan to 'D'
-------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Sree
Iswarya Textiles Private Limited to 'CRISIL D/CRISIL D' from
'CRISIL BB-/Stable/CRISIL A4+'.

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

   Letter of Credit        50        CRISIL D (Downgraded from
                                     'CRISIL A4+')

   Long Term Loan         610        CRISIL D (Downgraded from
                                     'CRISIL BB-/Stable')


The ratings reflect instances of delays of around 30 to 35 days
by SITPL in repayment of its term loan installments due to weak
liquidity arising from stretched receivables.

The ratings also reflect SITPL's weak financial risk profile
marked by a highly leveraged capital structure, small scale of
operations in an intensely competitive industry and
susceptibility of its operating profitability to volatility in
raw material prices. These weaknesses are partially offset by the
promoter's extensive experience in the textile industry.

SITPL, established in 1996, manufactures cotton yarn .Its day-to-
day operations are managed by Mr. Sethurama Murugan.



SRI DHARMA: CRISIL Reaffirms 'B' Rating on INR37.5MM Cash Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Sri Dharma Spinners
Pvt Ltd continue to reflect the company's small scale of
operations in the competitive cotton spinning industry, regional
concentration in revenue profile, weak operating efficiency, and
susceptibility of operating margins to volatility in input
prices. These weaknesses are partially offset by the extensive
experience of its promoters and above-average financial risk
profile because of moderate gearing and debt protection metrics.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          3        CRISIL A4 (Reaffirmed)
   Cash Credit            37.5      CRISIL B/Stable (Reaffirmed)
   Letter of Credit       10        CRISIL A4 (Reaffirmed)
   Term Loan              16.3      CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes SDSPL will continue to benefit over the medium
term from the extensive experience of its promoters. The outlook
may be revised to 'Positive' if increase in revenue and
profitability leads to better cash accrual. The outlook may be
revised to 'Negative' if weakening in financial risk profile,
particularly liquidity, adversely affects operations.

Incorporated in June 1999 and promoted by Mr. P.D Ramaraja, SDSPL
operates a spinning unit in Rajapalyam, Tamil Nadu, which began
operations in July 2001. The company manufactures cone yarn and
hank yarn.


SRI RAMAKRISHNA: ICRA Reaffirms B Rating on INR4.32cr Term Loan
---------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B outstanding
on the INR4.32 (revised from 4.59) crore term loan facilities,
the INR3.25 crore fund based facilities and the INR2.43 (revised
from 2.16) crore unallocated limits of Sri Ramakrishna Textiles.

                          Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Long-term-Term Loans      4.32       [ICRA]B reaffirmed

   Long-term-Fund based
   facility                  3.25       [ICRA]B reaffirmed

   Long-term-Unallocated
   limits                    2.43       [ICRA]B reaffirmed

The rating reaffirmation considers the entity's small scale of
operations, which restricts benefits of scale economies and
coupled with intense competition prevalent in the industry and
low product differentiation restricts the entity's pricing
flexibility and exposes the earnings to fluctuations in yarn and
fabric prices. Further, the rating also take note of the entity's
modest financial profile, characterized by thin profit margins
(albeit improving), low net worth and high gearing and moderate
coverage indicators. The margins had improved during 2015-16
aided by higher share of sales of relatively better quality
fabric with the new facility housing automatic shutlleless looms
being operational since last fiscal and lower dependence on
fabric produced through job workers. However, the debt funded
capex has led to a highly leveraged capital structure which is
likely to improve with no major debt funded capex plans in the
anvil over the near term. ICRA also takes note of the risks of
limited disclosures and capital continuity associated with
proprietorship concerns. Nonetheless, the rating continues to
draw comfort from the long standing experience of the promoters
in the domestic weaving industry.

Sri Ramakrishnaa Textiles is a sole proprietorship entity founded
by Mr. R Loganathan which commenced operations during the year
2006. The promoter has extensive experience for nearly 2 decades
in the weaving industry and has been actively involved in day to
day operations of the company. The entity is engaged in the
production of grey cotton fabric with its manufacturing facility
located in Coimbatore, Tamil Nadu. The current installed capacity
of the entity is 80 looms which includes 56 conventional power
looms and 36 auto power looms. The entity outsources majority of
its production to various looms (around 1000 looms) located in
the vicinity of the region, by virtue of which it has an overall
production capacity of around 2 lakh meters per week. The entity
procures cotton yarn in the low to medium counts range (30's to
60's), weaves it into grey fabric and markets it to garment
manufacturers located in various cities including Mumbai and
Ahmedabad.

Recent Results
For the financial year 2015-16, as per unaudited results, the
entity has reported a profit before tax (PBT) of INR0.4 crore on
an operating income of INR35.0 crore as against a PBT of INR0.4
crore on an operating income of INR35.5 crore for the financial
year 2014-15.


SRI VENKATESWARA: ICRA Reaffirms 'B' Rating on INR15cr Loan
-----------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B assigned to
the INR11.95 crore term loan limits, INR15.00 crore cash credit
limits and INR0.20 crore non-fund based limits of Sri
Venkateswara Fertilizers Private Limited. ICRA has also
reaffirmed the long-term/short-term ratings of ICRA]B/[ICRA]A4
assigned to the INR5.85 crore unallocated limits of SVFPL.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Term loan limits        11.95      [ICRA]B reaffirmed
   Cash Credit limits      15.00      [ICRA]B reaffirmed
   Bank Guarantee limits    0.20      [ICRA]B reaffirmed
   Unallocated limits       5.85      [ICRA]B/[ICRA]A4 reaffirmed

The reaffirmation of ratings continues to be constrained by the
limited experience of the promoters in the fertilizer industry
and the weak financial profile of the company with gearing at
2.11 times as at March 31, 2016 and moderate coverage indicators
with interest coverage ratio at 2.06 times and NCA/Debt at 15.03%
for FY 2016. The ratings are further constrained by the low
capacity utilization levels owing to reduced demand for DCP from
the poultry sector; susceptibility of operating margins to agro-
climatic and regulatory risks involved in the fertiliser business
and project risk associated with the NPK granulation plant owing
to the nascent stage of project execution. The company also faces
high client concentration risk with its top 5 customers
accounting for ~65% of its total revenues during FY2016. The
ratings however favourably factor in the healthy growth prospects
for fertilizer industry in India due to increased awareness among
farmers in the medium term.

Going forward, the ability of the company to scale up of
operations in existing plant and complete the planned NPK
granulation project without any further time and cost overruns
will be the key rating sensitivities from the credit perspective.

Sri Venkateswara Fertilizers Private Limited was incorporated as
a private limited company in August 2011 by Mr. Krishna Reddy and
his family members. SVFPL proposed to set up a 1,20,000 MTPA NPK
granulation, a 1,05,000 MTPA Single Super Phosphate (SSP) plant
and a 15,000 MTPA Di calcium phosphate (DCP) in East Godavari
District, Andhra Pradesh. While DCP plant has been operational
since October, 2013 and NPK plant is expected to commence its
operations from January 2017, the execution of SSP plants has
been delayed on account of pending approvals. SVFPL also sells
Gypsum in the open market, which is a by-product of the DCP
production process.

Recent Results
As per the unaudited results for FY2016, SVFPL reported an
operating income and net profit of INR11.69 crore and INR0.89
crore respectively as against an operating income and net loss of
INR12.67 crore and INR4.45 crore respectively in FY2015
(audited).


STAR ALLOYS: ICRA Suspends B+ Rating on INR5.75cr Cash Loan
-----------------------------------------------------------
ICRA has suspended the rating of [ICRA]B+ assigned to the INR5.75
crore cash credit facility, and the ratings of [ICRA]B+ and
[ICRA]A4 assigned to the INR1.25 crore untied limit of Star
Alloys & Chemicals Private Limited. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of
the requisite information from the company.


STATE BANK: S&P Assigns 'B+' Rating on Proposed Tier 1 Notes
------------------------------------------------------------
S&P Global Ratings said it has assigned its 'B+' long-term issue
rating to a proposed issue of U.S.-dollar-denominated additional
Tier 1 notes by State Bank of India (SBI: BBB-/Stable/A-3) under
its US$10 billion medium-term note (MTN) program.

The rating on the proposed additional Tier 1 notes is four
notches lower than SBI's stand-alone credit profile (SACP) of
'bbb-' and reflects:

   -- One notch for subordination risk;
   -- Two notches because S&P expects the notes to have Tier 1
      regulatory capital status and full discretion to cancel
      interest; and
   -- One notch because the notes contain a contractual write-
      down clause.

Once the notes have been issued and are confirmed as part of
SBI's Tier 1 capital, S&P expects to assess them as having
intermediate equity content under S&P's criteria.  This reflects
S&P's view that the notes can absorb losses on a going-concern
basis through discretionary coupon cancellation, are perpetual,
and have no coupon step-up.

The rating on the notes is subject to S&P's review of the final
issuance documentation.


TOWER INFOTECH: Sebi to Auction Three Properties Next Month
-----------------------------------------------------------
The Times of India reports that to collect funds for repayment to
investors, the Securities and Exchange Board of India (Sebi) will
next month conduct an auction of three properties of West Bengal-
based Tower Infotech Ltd, which had garnered money through
illegal pooling schemes.

According to the report, Sebi has initiated the process for sale
of assets of Tower Infotech Ltd, as per an order from Calcutta
High Court, under which the auction would be conducted for sale
of the company's assets.

TOI relates that the capital markets watchdog said in a notice
that the sale of Tower Infotech's three properties will be
conducted on October 4, before the High Court.

The report says the sale would be conducted through physical
auction and the properties would not be sold below the reserve
price fixed.

The properties listed for sale includes storied buildings and a
land parcel in Calcutta with a reserve price of totalling INR5.2
crore, according to TOI.

TOI notes that prospective buyers have been asked to send
applications along with a payment for an amount equivalent to 10
per cent of the reserve price as earnest money by October 3.
These properties can be inspected during September 26-27.

Last year, Sebi had conducted an auction for a land parcel of
Tower Infotech, TOI recalls. In 2014, the regulator had auctioned
the company's four properties.


U.P ASBESTOS: CRISIL Reaffirms B- Rating in INR250MM Cash Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of U.P Asbestos Ltd
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.


U V COTTON: ICRA Suspends B+ Rating on INR20cr Cash Credit
----------------------------------------------------------
ICRA has suspended the [ICRA]B+ rating assigned to the INR21.30
crore long term term loan and cash credit facilities and [ICRA]A4
rating assigned to the INR0.20 crore short term non fund bases
facility of U V Cotton & Oil Industries. The suspension follows
ICRAs inability to carry out a rating surveillance in the absence
of the requisite information from the company.

                           Amount
   Facilities            (INR crore)    Ratings
   ----------            -----------    -------
   Fund Based-Term loan      1.30       [ICRA]B+; Suspended
   Fund Based-Cash Credit   20.00       [ICRA]B+; Suspended
   Non Fund Based-Bank
   Guarantee                 0.20       [ICRA]A4; Suspended

U V Cotton & Oil Industries (UVCOI) incorporated in 2011 is
promoted by Mr. Chandubhai Khachar and other family members. The
firm is engaged in cotton ginning & pressing to produce cotton
bales and cotton seed. The firm has installed 24 ginning machines
with installed capacity of producing 250 cotton bales per day and
19 crushing machines having installed capacity to manufacture 25
MT cotton seeds oil per day.


UNIQUE STAR: CRISIL Suspends 'B' Rating on INR20MM Term Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Unique
Star Alliance Tools Manufacturing Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Packing Credit          35        CRISIL A4
   Proposed Long Term
   Bank Loan Facility       3        CRISIL B/Stable
   Term Loan               20        CRISIL B/Stable

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

Unique was set up in 2003 by the Mittal family. It manufactures
various types of steel files and rods under the brand names,
Marigold and Sunstar. Mr. Narendra Mittal and his wife, Mrs.
Kusumlata Mittal, are the company's directors. Their son, Mr.
Shashank Mittal, is also actively engaged in the business.


V CARE: ICRA Reaffirms 'B' Rating on INR3.0cr Cash Loan
-------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B assigned to
the INR3.00 crore working capital limits of V Care Agritech and
reaffirmed the short term rating of [ICRA]A4 assigned to INR3.00
crore demand loan and INR0.50 crore bank guarantee limits of VCA.
ICRA has also reaffirmed the ratings of [ICRA]B/[ICRA]A4 assigned
to INR1.50 crore unallocated limits of VCA.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Cash Credit              3.00        [ICRA]B reaffirmed
   Demand Loan              3.00        [ICRA]A4 reaffirmed
   Bank Guarantee           0.50        [ICRA]A4 reaffirmed
   Unallocated limits       1.50        [ICRA]B/[ICRA]A4
                                        Reaffirmed

The ratings reaffirmation continues to be constrained by working
capital intensive nature of the agriculture seed processing
business due to high inventory levels resulting from seasonal
nature of the business; and moderate financial profile
characterised by gearing levels of 2.56 times as on March 31,
2016 and interest coverage of 1.79 times for FY2016. The ratings
are further constrained by the tight liquidity position of the
firm as reflected by high utilisation of working capital limits
during the past 16 months; high dependence of revenues on Bengal
gram which accounted for 63% of total sales in FY2016; and risks
inherent in the partnership nature of the firm. ICRA also notes
the vulnerability of production and sale of seeds to agro-
climatic conditions. However, the ratings favourably factors in
the long-standing experience of its promoters in the seed
industry and increase in scale of operations with revenues by
increasing 243% from INR12.62 crore in FY2015 to INR43.29 crore
in FY2016.
Going forward, the ability of the firm to improve margins and
effectively manage working capital limits would be the key rating
sensitivities from credit perspective.

V Care Agritech was established as a partnership firm in 2009.
The firm operations are overseen by Mr. Rajashekharappa (Managing
Partner), Mr.D.Koti Swamy, Mr.D.Venkata Rao, Mr.Kiran Kumar and
Mr.A.Babaiah and have more than 20 years of experience in seed
industry. The firm is engaged in the business of commercial seeds
processing. The firm has a processing capacity of 1,000 quintals
per day and the plant is situated at Mahabubnagar in Telangana.
The firm procures breeder seeds from various agricultural
universities in Andhra Pradesh and Telangana and then supplies to
farmers for multiplication to commercial seeds, which are further
processed by the firm and sent for certification.

Recent Results
For FY2016 (unaudited), VCA has reported an operating income of
INR43.29 crore and net profit of INR0.65 crore as against an
operating income of INR12.62 crore and net profit of INR0.18
crore in FY2015 (audited).


V CARE SEEDS: ICRA Reaffirms B+ Rating on INR6.0cr Cash Loan
------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ assigned to
the INR6.00 crore1 working capital limits of V Care Seeds Private
Limited and reaffirmed the short term rating of [ICRA]A4 assigned
to INR3.00 crore demand loan and INR1.00 crore bank guarantee
limits of VSPL. ICRA has also reaffirmed the ratings of
[ICRA]B+/[ICRA]A4 assigned to INR1.00 crore unallocated limits of
VSPL.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Cash Credit             6.00        [ICRA]B+ reaffirmed
   Demand Loan             3.00        [ICRA]A4 reaffirmed
   Bank Guarantee          1.00        [ICRA]A4 reaffirmed
   Unallocated limits      1.00        [ICRA]B+/[ICRA]A4
                                       reaffirmed

The ratings reaffirmation continues to be constrained by working
capital intensive nature of the agriculture seed processing
business due to high inventory levels resulting from seasonal
nature of the business; and moderate financial profile
characterised by gearing levels of 1.26 times as on March 31,
2016 and thin operating margin of 2.36% for FY2016. The ratings
are further constrained by the tight liquidity position of the
company as reflected by high utilisation of working capital
limits during the past 16 months; high dependence of revenues on
Bengal gram, Soya Bean and Ground Nut which accounted for 87% of
total sales in FY2016; and susceptibility of delay in realisation
from government agencies may further stretch the liquidity. ICRA
also notes the vulnerability of production and sale of seeds to
agro-climatic conditions. However, the rating favourably factors
in the long-standing experience of VSPL's promoters in the seed
industry and increase in scale of operations with revenues by
increasing 182% from INR48.42 crore in FY2015 to INR136.44 crore
in FY2016. Moreover, ICRA also takes into account the established
relationship of the company with several government agencies over
the years.

Going forward, the ability of the company to improve margins and
effectively manage working capital limits would be the key rating
sensitivities from credit perspective.

V Care Seeds Private Limited was incorporated in 2009 by
Mr.D.Koti Swamy (Managing Director) and his brother Mr.D.Venkata
Rao. The company is engaged in the business of commercial seeds
processing. The company has a processing capacity of 2,000
quintals per day and the plant is situated at Mahabubnagar in
Telangana. The company procures breeder seeds from various
agricultural universities in Andhra Pradesh and Telangana and
then supplies to farmers for multiplication to commercial seeds,
which are further processed by the company and sent for
certification. VSPL sells certified seeds to several government
agencies such as Andhra Pradesh State Seeds Development
Corporation Limited (APSSDC), National Agricultural Cooperative
Marketing Federation of India Limited (NAFED), Telangana State
Seeds Development Corporation Limited (TSSDC) etc.

Recent Results
For FY2016 (unaudited), VSPL has reported an operating income of
INR136.44 crore and net profit of INR2.14 crore as against an
operating income of INR48.42 crore and net profit of INR0.67
crore in FY2015 (audited).


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


VIDYA SANSKAAR: ICRA Assigns B+ Rating to INR5.69cr LT Loan
-----------------------------------------------------------
ICRA has assigned the long term rating of [ICRA]B+ to the
INR5.802 crore long term limits of Vidya Sanskaar Educational and
Charitable Trust.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Long Term-Fund
   Based-Term Loan          5.69        [ICRA]B+; assigned

   Long Term-Unallocated    0.11        [ICRA]B+; assigned

The assigned rating primarily takes into account modest financial
profile of the trust characterised by nominal profit and cash
accruals from operations resulting into modest coverage
indicators. ICRA also takes into consideration debt funded
capital expansion planned in near term which is likely to
continue over medium term. The rating also factors in limited
track record of the institutes with moderate occupancy levels.
ICRA also takes into account the risk of cash flow mismatch
during the year with different fee collection frequency for each
institute which may pose the risk of short-term liquidity
mismatches.

The rating assigned factors in the steady growth in revenue
receipts of the trust aided by steady increase in student
strength and periodic fee revisions across institutes. In
addition, the rating takes into consideration the regular
investment by the trust in the infrastructure which has helped in
regular increase in new admissions and retaining existing
students. Further, the rating favorably factors in experience of
the promoters in the field of education.

Going forward, ability of the trust to keep capital expenditure
within the planned levels as well as to achieve the optimum
operating metrics across the institutes and effectively manage
its cash flow mismatch will be the key rating sensitivities.

Vidya Sanskaar Educational and Charitable Trust was established
in the year 2009 as a public charitable trust with Mr. S.P.
Muddahanume Gowda, Mr. H.B. Shyama Sundar and Mr. Purushotham
Patel as the trustees. The trust currently manages three
institutions namely Vidya Sanskaar International Public School,
Vidya Sanskaar Pre University College and Vidya Sanskaar
Institute of Science, Commerce and Management.


VIJAYNATH ROOF: CRISIL Reaffirms B- Rating on INR128MM Loan
-----------------------------------------------------------
CRISIL's ratings on the bank loan facilities of Vijaynath Roof
And Wall Cladding Systems Pvt Ltd 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.


VINEET AUTOMOBILES: CRISIL Reaffirms B+ Rating on INR120MM Loan
---------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Vineet
Automobiles Private Limited continues to reflect the company's
weak financial risk profile because of high total outside
liabilities to tangible networth (TOLTNW) ratio and subdued
interest coverage ratio.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Drop Line Overdraft
   Facility                 80      CRISIL B+/Stable (Reaffirmed)

   Electronic Dealer
   Financing Scheme
   (e-DFS)                 120      CRISIL B+/Stable (Reaffirmed)

The rating also factors in the company's exposure to intense
competition in the automobile (auto) dealership market, and its
limited bargaining power with principal supplier, Mahindra &
Mahindra Ltd (M&M; 'CRISIL AAA/Stable/CRISIL A1+'). These
weaknesses are partially offset by the benefits VAPL derives from
its association with M&M, and the extensive experience of its
promoters in the auto dealership industry.
Outlook: Stable

CRISIL believes VAPL will continue to benefit from its
association with M&M and its promoters' extensive industry
experience. The outlook may be revised to 'Positive' if increase
in cash accrual and improvement in capital structure strengthen
the financial risk profile considerably. The outlook may be
revised to 'Negative' if weakening in working capital management
or large debt-funded capital expenditure weakens the financial
risk profile.

VAPL, incorporated in 2000, is promoted by the Maheshwari and
Rathi families. The company is an authorised dealer of M&M's
vehicles. It has showrooms in Aligarh, Hathras, Babrala,
Bulandshahr, and Badaun in Uttar Pradesh.



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


KAWASAN INDUSTRI: S&P Affirms 'B+' CCR; Outlook Stable
------------------------------------------------------
S&P Global Ratings said that it had affirmed its 'B+' long-term
corporate credit rating on PT Kawasan Industri Jababeka Tbk.
(KIJA).  The outlook is stable.  S&P also assigned its 'B+' issue
rating on Jababeka International B.V.'s proposed US$200 million
senior unsecured notes, to be guaranteed by KIJA.  In addition,
S&P affirmed its 'axBB' ASEAN regional scale rating on KIJA.

"The affirmation reflects our expectation that KIJA's improved
property sales momentum since April 2016 will temper higher
leverage from the company's proposed notes issuance," said S&P
Global Ratings credit analyst Kah Ling Chan.

KIJA's property sales reached Indonesian rupiah IDR421.3 billion
in the quarter ended June 30, 2016.  That's a healthy recovery
from the first quarter, when KIJA only achieved IDR49 billion in
sales.  This momentum continued in July and August 2016, when the
company sold approximately IDR300 billion.  The higher sales were
partly due to the launch of KIJA's new Kendal project.  This
project is proving to be popular because of its Central Java
location and it is a cheaper alternative to the east Jakarta
industrial enclave.

S&P is revising its 2016 and 2017 marketing sales projections for
KIJA to IDR1.2 trillion and about IDR1.5 trillion respectively.
While the 2016 sales projections are only marginally higher than
the IDR1.1 trillion S&P earlier anticipated, the stronger ramp-up
of sales at Kendal raises S&P's confidence that the project will
contribute about 25% of overall sales by 2017.  S&P's earlier
marketing sales forecast for 2017 was about IDR1.2 trillion.  In
light of KIJA's relatively rapid revenue recognition of land
sales, S&P now projects EBITDA of IDR1.2 trillion in 2017, about
15% higher than S&P earlier anticipated.

S&P's forecast of higher EBITDA in 2017 mitigates the prospect of
higher debt at KIJA this year and next.  The company's debt could
rise to about IDR4.1 trillion in 2016, compared with S&P's
earlier projection of about IDR3.6 trillion.  The higher debt is
due to expenses, including exchange premium and transaction
costs, related to the proposed issuance of US$200 million in new
notes, as well as the drawdown of working capital loans.  Under
S&P's base case, KIJA's debt-to-EBITDA ratio could reach 3.8x in
2016, then decline to about 3.3x by 2017 amid higher property
sales and EBITDA.

S&P estimates that about IDR1.3 trillion in property sales in
2017 (compared with S&P's forecast of IDR1.5 trillion) would keep
the debt-to-EBITDA ratio below our downgrade trigger of 3.5x.
S&P regards this level as achievable because it does not entail a
rapid growth in marketing sales at Kendal.

Under S&P's base case, it also anticipates a stable debt level of
close to IDR4 trillion through 2018.  S&P projects slightly
positive annual free operating cash flow of about IDR20 billion
in 2016 and 2017.  In S&P's view, KIJA will continue to acquire
land, especially in its new Kendal project.  But S&P expects
operating cash flow and its cash balance to be sufficient to fund
land acquisitions with no need for additional debt.

"The 'B+' rating on KIJA still reflects our view of the company's
relatively narrow business profile.  The company's Kendal project
could contribute up to 25% of sales through 2017.  But more than
60% is likely to come from its Cikarang Industrial estate over
the period," said Ms. Chan.

The company has some diversity beyond land sales.  Its
infrastructure services, power plant, and dry port businesses
continue to perform in line with S&P's expectations at 25%-30% of
the company's EBITDA in the next two years.  A faulty boiler,
which affected power plant operations for about three months, was
swiftly replaced and will only have a modest impact on EBITDA in
2016.

KIJA intends to use most of the proceeds from the proposed notes
to refinance part of the senior unsecured notes issued by
Jababeka International B.V. and guaranteed by KIJA, and pay
transaction-related premium and expenses.

Based on the terms and conditions S&P reviewed, the company is
seeking to relax a certain number of covenants.  Those include a
relaxed fixed charge coverage ratio of 2.25x (versus 2.5x for the
2019 notes), allowing moderately higher debt incurrence and an
increase in the permitted investment basket to accommodate
certain investments in joint ventures or unrestricted
subsidiaries to 15% of total assets (versus 7.5% of total assets
in the 2019 bonds). In addition, KIJA is seeking to modify the
change of control and the application of proceeds from asset
sales without unanimous consent prior to the occurrence of such
events.  S&P regards these relaxed covenants as broadly credit
neutral, because it expects KIJA to stay prudent in its spending
and to not require additional debt.  S&P also believes the
company is likely to keep its expansion focus on industrial land,
with no additional expansion of its power plant.  S&P would
review its assessment of KIJA's financial policies in the event
that the company uses the relaxed covenants to step up its
spending or undertake investments beyond S&P's base case.

"The stable outlook reflects our expectation that the debt-to-
EBITDA ratio will fall below 3.5x in 2017 amid improving
marketing sales, steady margins, and stabilized debt levels.  It
also reflects our expectations of continued stable income streams
from the company's power plant, infrastructure services, and dry
port operations during this time," said Ms. Chan.

S&P may lower the rating if the company's debt-to-EBITDA ratio
exceeds 3.5x on a prolonged basis.  This could materialize if:
(1) KIJA's marketing sales stay below IDR1.3 trillion amid
persisting spending; or (2) KIJA deviates from its core business
and strategy, and makes debt-funded investments larger than what
S&P currently expects.

Rating upside is limited in the next 12 months.  S&P may raise
the rating on KIJA if S&P sees a more established track record of
prudent financial management.  S&P may also upgrade the company
if its recurring income increases meaningfully and new
development projects reduce its dependence on the Kota Jababeka
industrial estate.



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


MTF TORANA 2016: Fitch Assigns 'Bsf' Rating to Class F Notes
------------------------------------------------------------
Fitch Ratings has assigned final ratings to MTF Torana Trust
2016's automotive-backed floating-rate notes.  The issuance
consists of notes backed by automotive loan receivables
originated by Motor Trade Finance Ltd (MTF).  The ratings are:

  NZD194.04 mil. Class A notes: 'AAAsf'; Outlook Stable
  NZD7.33 mil. Class B notes: 'AAsf'; Outlook Stable
  NZD6.42 mil. Class C notes: 'Asf'; Outlook Stable
  NZD2.93 mil. Class D notes: 'BBBsf'; Outlook Stable
  NZD2.75 mil. Class E notes: 'BBsf'; Outlook Stable
  NZD1.32 mil. Class F notes: 'Bsf'; Outlook Stable
  NZD5.21 mil. Seller notes: 'NRsf'

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

As at the cut-off date, the total collateral pool consisted of
20,906 auto loan receivables totaling approximately
NZD217.8 mil., with an average obligor exposure of NZD10,418. The
loan receivables, originated by MTF, are amortising principal and
interest loans for both new (8.1% of the portfolio) and used
(91.9%) vehicles, with a portfolio weighted-average (WA)
seasoning and remaining contract term of 7.6 and 33.8 months,
respectively. The collateral pool is of similar credit quality as
the previous MTF Valiant Trust 2014 (Valiant) transaction.  The
transaction structure replicates the previous Valiant
transaction, which includes a revolving period of two years from
closing that is contingent upon there being no stop origination
events subsisting. During the two year period, loans may be
substituted, subject to eligibility criteria, which includes a
maximum exposure of NZD100,000 and a minimum pool yield
threshold.

                       KEY RATING DRIVERS

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

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

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

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

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

                        RATING SENSITIVITIES

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

Recovery scenarios, whereby recovery rate assumptions are
decreased, showed that the ratings of the class A, B and F notes
were affected under only severe (50% decrease) scenarios, while
the class C, D and E notes were affected under medium (25%
decrease in recoveries) and severe (50% decrease in recoveries).

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



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


HANJIN SHIPPING: Judge Allows Ships to Depart U.S.
--------------------------------------------------
Tom Corrigan, writing for The Wall Street Journal Pro Bankruptcy,
reported that a New Jersey bankruptcy judge denied a bid from
Hanjin Shipping Co.'s creditors to keep several of the South
Korean carrier's ships from leaving U.S. ports.

According to the report, Judge John Sherwood of the U.S.
Bankruptcy Court in Newark, N.J., refused to reverse an order
forbidding creditors from seizing Hanjin's assets, thereby
protecting its ships from being confiscated while docked in the
U.S.

The earlier decision has been key to prodding a number of Hanjin
ships -- loaded with thousands of containers filled with consumer
electronics, clothing and other goods -- to pull into port in the
U.S., the report related.  The bankruptcy of Hanjin, one of the
world's largest shipping companies, created a crisis that
stranded as much as $14 billion of cargo at sea, the report
further related.

As cargo owners, container companies, freight forwarders and
others sort through the complex process of getting goods
delivered to their final destinations, Judge Sherwood has
consistently prioritized getting goods sitting idle on Hanjin
ships back into the supply chain, the report said.

The judge said his order bringing Hanjin's ships under the
protective umbrella of U.S. bankruptcy law was a practical
commercial decision, the report added.

                      About Hanjin Shipping

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

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

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

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

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

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


HANJIN SHIPPING: Lack of Planning Hampers Bankruptcy
----------------------------------------------------
Stephen J. Lubben, writing for The New York Times' DealBook,
reported that the apparent lack of planning that went into the
bankruptcy case of the Hanjin Shipping Company is hampering its
reorganization process.

According to the report, the lack of planning does not reflect
well on the company's board, which should have gotten bankruptcy
professionals involved early to prepare the bankruptcy filing and
account for the company's assets throughout the world.  The
report noted that the lack of insolvency planning is one aspect
of this case that does clearly resemble Lehman Brothers and its
haphazard collapse into bankruptcy.

Mr. Lubben said Hanjin's bankruptcy could have been a moment for
the Korean insolvency system to shine, but that would have
required advanced planning on both the insolvency and financing
side.  American Airlines -- which entered Chapter 11 bankruptcy
protection a few years back with little noticeable effect on its
operations -- provides an important counterexample here, Mr.
Lubber pointed out.

Unfortunately, it seems more likely that Hanjin will simply
increase the trend for international insolvency cases to cluster
in financial centers like New York and London, which has
important implications for legitimacy of transnational
insolvency, Mr. Lubben 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.


HANJIN SHIPPING: Singapore Courts Grant Interim Stay Order
----------------------------------------------------------
Marcus Hand of Seatrade Maritime News reports that the Singapore
High Court has granted an interim stay order recognising Hanjin
Shipping's rehabilitation proceedings in the Seoul courts.

According to Seatrade, the Straits Times reported that Judicial
Commissioner Aedit Abdullah approved the interim order pending
full hearing to see if it should be extended until January 25
next year.

"The imperative for orderly rehabilitation and restructuring of a
company running a global business across jurisdictions, and the
need to ensure that the company's assets could be marshalled and
collected for such effort, both provided sufficiently strong
grounds for the exercise of the inherent powers of the court to
grant the restraint and stay orders," said the judge in brief
decision grounds published on Sept. 15, Seatrade relays.

Seatrade notes that the order will prevent the arrest of Hanjin
ships in Singapore waters and should allow the company to its
vessels into the port to unload, assuming it is able to port and
handling fees to do so. One vessel owned by the Korean company
Hanjin Rome has been under arrest in Singapore waters since
August 30, the day before it filed for receivership, Seatrade
reports.

Singapore joins the US and UK in recognising the Korean
bankruptcy protection order, with Hanjin reportedly filing for
similar orders in a total of 43 countries, Seatrade states.

                      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.



                             *********

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

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

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


                            *********


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

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

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

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

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



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