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

                      A S I A   P A C I F I C

         Wednesday, September 21, 2016, Vol. 19, No. 187

                            Headlines


A U S T R A L I A

CRUSADE ABS: Fitch Affirms 'BBsf' Rating on Class E Debt
DICKSON & DICKSON: First Creditors' Meeting Set For Sept. 29
LIBERTY SERIES 2016-1: S&P Puts Prelim. B Rating on Cl. F Notes
P&W ENGINEERING: Ferrier Hodgson Appointed as Administrators
TONIC ENTERPRISES: First Creditors' Meeting Set For Sept. 29


C H I N A

BOHAI STEEL: Tianjin City Outlines Rescue Plan for Firm
COUNTRY GARDEN: Fitch Rates Proposed US$ Senior Notes 'BB+'
YUZHOU PROPERTIES: S&P Affirms 'B+' CCR & Revises Outlook to Pos.


I N D I A

AMBAL MODERN: CRISIL Reaffirms 'B+' Rating on INR100MM Loan
BOLTON CV: Ind-Ra Rates INR51.5MM Series A2 PTCs 'IND BB'
C.V. SPINNERS: ICRA Suspends B+ Rating on INR3.0cr FB Loan
CHANDAN HEALTHCARE: CRISIL Assigns B+ Rating to INR100MM LT Loan
DIAMOND INFRA: CRISIL Reaffirms B+ Rating on INR40MM Cash Loan

DUTTA BUILDER: Ind-Ra Suspends 'IND BB-' LT Issuer Rating
EMJAY STEEL: Ind-Ra Assigns 'IND BB+' Long-Term Issuer Rating
G.K. SALES: CARE Assigns B+ Rating to INR5cr LT Bank Loan
GALAXY MACHINERY: CRISIL Reaffirms B+ Rating on INR70MM Cash Loan
GAURAVH WINES: CRISIL Reaffirms 'B' Rating on INR100MM Cash Loan

GLOBAL PHARMA: CRISIL Ups Rating on INR37.2MM Loan to 'B'
GURU NANAK: ICRA Suspends 'D' Rating on INR8cr Fund Based Loan
ICE TOUCH: CARE Assigns 'B' Rating to INR7.0cr LT Bank Loan
INDIAN OIL: Fitch Says Plans Are in Line with 'BB+' Rating
JAI JYOTI: CRISIL Raises Rating on INR30MM Cash Loan to B+

K N INTERNATIONAL: CRISIL Ups Rating on INR190MM Term Loan to BB-
MAHAVIR GLOBAL: CRISIL Reaffirms 'B' Rating on INR40MM Loan
MAYUR CONSTRUCTION: Ind-Ra Assigns 'IND B+' LT Issuer Rating
MBE COAL: CARE Lowers Rating on INR18.50cr LT Loan to 'B'
MICRO THERAPEUTIC: CARE Lowers Rating on INR28.05cr LT Loan to D

NAVTEJ INFRASTRUCTURE: CRISIL's B+ INR83.3M Loan Rating Withdrawn
POPPYS HOTEL: ICRA Suspends 'B+' Rating on INR15cr Term Loan
RANGOTSAV SAREES: Ind-Ra Suspends 'IND BB-' LT Issuer Rating
S.K. HITECH: CRISIL Assigns 'B' Rating to INR79.8MM Term Loan
S.K. RICE: CRISIL Assigns B+ Rating to INR75MM Cash Loan
SARVA MANGALAM: CARE Reaffirms B+ Rating on INR22.50cr LT Loan

SHREE B.S.: CRISIL Reaffirms B+ Rating on INR70MM Cash Loan
SHREE GAJANAN: Ind-Ra Cuts Long-Term Issuer Rating to 'IND D'
SHREE VENKATESHWARA: CRISIL Reaffirms D Rating on INR153.8MM Loan
SREE KADERI: ICRA Suspends 'D' Rating on INR21.75cr Loan
SRI BHAGAWAN: ICRA Suspends B+ Rating on INR3.50cr LT Loan

STANDARD PAPER: CRISIL Reaffirms B+ Rating on INR60MM Loan
SUMAN VINIMAY: Ind-Ra Suspends 'IND BB-' LT Issuer Rating
SURYA FOODS: ICRA Reaffirms 'B' Rating on INR5.0cr Cash Loan
TIKU RAM: CRISIL Reaffirms B+ Rating on INR270MM Packing Credit
TILAK EXPORTS: CRISIL Reaffirms 'B' Rating on INR38.5MM Loan

TRIVIK HOTELS: CRISIL Reaffirms B+ Rating on INR100MM Term Loan
VEDANSH PULSES: CRISIL Assigns 'B' Rating to INR50MM Cash Loan
YASHODA COTTON: CARE Assigns B+ Rating to INR6.06cr LT Loan


J A P A N

TAKATA CORP: Shares Dive on Bankruptcy Buyout Report


M A L A Y S I A

PRIME GLOBAL: Incurs US$220,000 Net Loss in Third Quarter


N E W  Z E A L A N D

NICHOLAS JERMYN: Retailer Placed Into Liquidation
STONEWOOD HOMES: Liquidators to Start Probe After Securing NZ$1MM


S O U T H  K O R E A

HANJIN SHIPPING: Korean Court Orders Hanjin to Cut Its Fleet
HANJIN SHIPPING: Korea Air Yet to Decide on KRW60-Bil. Aid
WOORI BANK: S&P Assigns BB+ Rating to US$500MM Drawdown of Notes


S R I  L A N K A

BIMPUTH FINANCE: Fitch Affirms 'BB(lka)' National LT Rating


                            - - - - -


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A U S T R A L I A
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CRUSADE ABS: Fitch Affirms 'BBsf' Rating on Class E Debt
--------------------------------------------------------
Fitch Ratings affirms the ratings of 20 notes from four Crusade
ABS Series transactions. The transactions are securitisations of
Australian auto receivables originated by St. George Finance
Limited and Westpac Banking Corporation (AA-/Stable).

KEY RATING DRIVERS

The affirmations reflect Fitch's view that the transactions have
performed within expectations since closing and in line with its
expectations of Australia's economic conditions. Total net losses
have been below or in line with Fitch's base cases to date and
excess spread has covered any losses incurred. Recovery rates
have been between 41%-43%, which is in line with the base case of
45% at closing.

The ratings also reflect St. George Finance Limited and Westpac
Banking Corporation's underwriting and servicing capabilities,
collateral quality and the performance of the underlying loans.

Crusade ABS Series 2016-1 Trust is currently within a 12-month
substitution period, which ends on the payment date in June 2017.
All principal proceeds to date have been allocated or retained to
purchase additional receivables. Crusade ABS Series 2012-1 Trust,
Crusade ABS Series 2013-1 Trust and Crusade ABS Series 2015-1
Trust are currently amortising and the principal proceeds are
allocated to noteholders on a pro-rata basis.

At 31 July 2016, 30+ days arrears were 4.8% for Crusade ABS
Series 2012-1 Trust, 3.6% for Crusade ABS Series 2013-1 Trust and
2.2% for Crusade ABS Series 2015-1 Trust, which is above Fitch's
Dinkum ABS index of 1.50% as at 30 June 2016.

The nominal amount of the loans in arrears for Crusade ABS Series
2012-1 Trust and Crusade ABS Series 2013-1 Trust have stabilised
or decreased since the last rating action. Crusade ABS Series
2015-1 Trust ended its revolving period in May 2016 and Crusade
ABS Series 2016-1 Trust is still revolving. The nominal amount of
the loans in arrears in these two transactions may increase as a
result of the end of the revolving periods, but is expected to be
in line with Fitch's expectations at closing.

RATING SENSITIVITIES

An unexpected increase in delinquencies, defaults and losses
would be necessary before Fitch would consider negative rating
action. An upgrade may be considered if net losses stabilise.

USE OF THIRD PARTY DUE DILIGENCE PERSUANT TO SEC RULE 17G-10

Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action

REPRESENTATIONS, WARRANTIES AND ENFORCEMENT MECHANISMS

A description of each transaction's representations, warranties
and enforcement mechanisms (RW&Es) disclosed in the offering
documents that relate to the underlying asset pool is available
by accessing the relevant appendix referenced under "Related
Research" below. The appendices also contain a comparison of
these RW&Es to those Fitch considers typical for the asset class
as detailed in the Special Report, Representations, Warranties
and Enforcement Mechanisms in Global Structured Finance
Transactions, dated 26 March 2015.

DATA ADEQUACY

Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset
pools and the transactions. There were no findings that were
material to this analysis.

Fitch conducted a review of a small targeted sample of St.George
Finance Limited and Westpac Banking Corporation's origination
files and found the information to be adequately consistent with
the originator's policies and practices and other information
provided to the agency about the asset portfolio.

Overall, Fitch's assessment of the asset pool information relied
upon for the agency's rating analysis according to its applicable
rating methodologies indicates that it is adequately reliable.

Fitch has affirmed the following ratings:

Crusade ABS Series 2012-1 Trust:

   -- AUD154.1m Class A at 'AAAsf'; Outlook Stable

   -- AUD12.3m Class B at 'AAsf'; Outlook Stable

   -- AUD7.4m Class C at 'Asf'; Outlook Stable

   -- AUD4.9m Class D at 'BBBsf'; Outlook Stable

   -- AUD4.5m Class E at 'BBsf'; Outlook Stable

Crusade ABS Series 2013-1 Trust:

   -- AUD305.6m Class A notes at 'AAAsf'; Outlook Stable

   -- AUD18.0m Class B notes at 'AAsf'; Outlook Stable

   -- AUD13.5m Class C notes at 'Asf'; Outlook Stable

   -- AUD10.8m Class D notes at 'BBBsf'; Outlook Stable

   -- AUD6.3m Class E notes at 'BBsf'; Outlook Stable

Crusade ABS Series 2015-1 Trust:

   -- AUD546.1m Class A notes at 'AAAsf'; Outlook Stable

   -- AUD33.7m Class B notes at 'AAsf'; Outlook Stable

   -- AUD24.4m Class C notes at 'Asf'; Outlook Stable

   -- AUD21.5m Class D notes at 'BBBsf'; Outlook Stable

   -- AUD13.5m Class E notes at 'BBsf'; Outlook Stable

Crusade ABS Series 2016-1 Trust:

   -- AUD1,053.0m Class A notes at 'AAAsf'; Outlook Stable

   -- AUD65.0m Class B notes at 'AAsf'; Outlook Stable

   -- AUD52.0m Class C notes at 'Asf'; Outlook Stable

   -- AUD36.4m Class D notes at 'BBBsf'; Outlook Stable

   -- AUD26.0m Class E notes at 'BBsf'; Outlook Stable


DICKSON & DICKSON: First Creditors' Meeting Set For Sept. 29
------------------------------------------------------------
A first meeting of creditors in the proceedings of Dickson &
Dickson Healthcare Pty Ltd and its associated entities:
Claveguard Pty Ltd, DP Logistics Pty Ltd, Prius Healthcare
Solutions Pty Ltd and Total Compression Solutions Pty Ltd, will
be held concurrently on Sept. 29, 2016, at 11:00 a.m., at The
Balinga Room meeting room at The Grace Hotel on 77 York Street,
in Sydney.

Jim Sarantinos and Peter Gothard of Ferrier Hodgson were
appointed Voluntary Administrators under section 436A of the Act
over Dickson & Dickson Healthcare Pty Ltd and its associated
entities on Sept. 19, 2016.


LIBERTY SERIES 2016-1: S&P Puts Prelim. B Rating on Cl. F Notes
---------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to seven of
the eight classes of small-ticket commercial mortgage-backed,
floating-rate, pass-through notes to be issued by Liberty Funding
Pty Ltd. in respect of Liberty Series 2016-1 SME.  Liberty Series
2016-1 SME is a securitization of loans to commercial borrowers,
secured by first-registered mortgages over Australian commercial
or residential properties originated by Liberty Financial Pty
Ltd. (Liberty).

The preliminary ratings reflect:

   -- S&P's view of the credit risk of the underlying collateral
      portfolio, including the fact that this is a closed
      portfolio, which means no further loans will be assigned to
      the trust after the closing date.

   -- S&P's view that the credit support is sufficient to
      withstand the stresses S&P applies.  This credit support
      comprises note subordination for each class of rated note.

   -- S&P's expectation that the various mechanisms to support
      liquidity within the transaction, including an amortizing
      liquidity facility equal to 3.0% of the outstanding balance
      of the notes, and principal draws, are sufficient under
      S&P's stress assumptions to ensure timely payment of
      interest.

   -- The A$2,650,000 guarantee fee reserve account funded at
      close by Liberty and topped up with excess spread to the
      extent drawn.  The reserve account may be utilized as
      liquidity support for required payments or to meet current
      loan losses.

   -- The extraordinary expense reserve of A$250,000, funded from
      day one by Liberty, available to meet extraordinary
      expenses.  The reserve will be topped up via excess spread
      if drawn.

   -- The interest-rate swap agreement with Westpac Banking Corp.
      to hedge any receipts from fixed-rate mortgage loans
      against the floating-rate obligations of the issuer trust.

A copy of S&P Global Ratings' complete report for Liberty Series
2016-1 SME can be found on RatingsDirect, S&P Global Ratings'
web-based credit analysis system, at:

                   http://www.globalcreditportal.com

The issuer has not informed Standard & Poor's (Australia) Pty
Limited whether the issuer is publically disclosing all relevant
information about the structured finance instruments the subject
of this press release or whether relevant information remains
non-public.

PRELIMINARY RATINGS ASSIGNED

Class     Rating        Amount (mil. A$)
A1        AAA (sf)      260.0
A2        AAA (sf)       40.0
B         AA (sf)        25.6
C         A (sf)         20.8
D         BBB (sf)       14.8
E         BB (sf)        14.0
F         B (sf)         12.0
G         NR             12.8
NR--Not rated.


P&W ENGINEERING: Ferrier Hodgson Appointed as Administrators
------------------------------------------------------------
Martin Jones, Dermott McVeigh and Wayne Rushton of Ferrier
Hodgson were appointed Joint and Several Administrators of P&W
Engineering Service Pty Ltd on Sept. 9, 2016, pursuant to Section
436A of the Corporations Act 2001.

The first meeting of creditors will be held at the office of
Ferrier Hodgson today, Sept. 21, 2016, at 10 a.m.

P&W Engineering Services Pty Ltd is a waste management labour
hire business with contracts in WA and NSW.


TONIC ENTERPRISES: First Creditors' Meeting Set For Sept. 29
------------------------------------------------------------
A first meeting of the creditors in the proceedings of Tonic
Enterprises Pty Ltd, trading as "Lounge Bar & Restaurant"; "Purl
Bar and Grill" & "Purl Bar", will be held at BRI Ferrier, Western
Australia, Unit 3, 99-101 Francis Street, in Northbridge, on
Sept. 29, 2016, at 10:30 a.m.

Giovanni Maurizio Carrello of BRI Ferrier Western Australia was
appointed as administrator of Tonic Enterprises Pty Ltd on Sept.
16, 2016.



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BOHAI STEEL: Tianjin City Outlines Rescue Plan for Firm
-------------------------------------------------------
Christian Shepherd at The Financial Times reports that the
Chinese coastal city of Tianjin plans to issue corporate bonds to
ease the debt burden of a local state-owned steelmaker -- in a
flagship case of restructuring in the domestic industry,

Tianjin's city government has finalised a plan to restructure the
CNY192 billion ($28.6 billion) debt of Bohai Steel Group by
placing its most profitable assets into a new company and
converting a portion of the liabilities into bonds, the FT
relates citing Caixin, a respected financial magazine.

The FT relates that the deal involving Bohai and its 105
creditors comes as local governments across China struggle to
restructure state-owned companies that creditors believe have
implicit state guarantees.

The bloated Chinese steel industry has become a battleground for
state enterprise reform, as a slowdown in growth piles pressure
on companies that have long subsisted on government handouts and
preferential loans, the FT says.

Last year, falling steel demand in China also turned a domestic
oversupply problem into a global industry crisis, as cheap
Chinese steel products flooded international markets and dragged
down prices, the FT recalls.

The FT says Tianjin's plan will restructure CNY110 billion of
Bohai Steel's debt -- partly by creating a subsidiary from
Bohai's most profitable assets that will assume debt of CNY50
billion.

Caixin said a further CNY60 billion of debt will be taken on by a
newly founded asset management company -- supported by a CNY10
billion investment from the Tianjin city government -- that will
issue bonds to resolve the debt, the FT relays.

The remaining CNY80 billion -- about 40% of the borrowings --
will stay with the original company, now stripped of its most
profitable assets, with a portion potentially being written off,
Caixin said, the FT relays.

The FT states that as central government pressures local
administrations to cut excess steel capacity, the provinces and
cities are looking for ways to ensure their producers remain
afloat.

Banks are expected to take a significant hit to their balance
sheets during the restructuring of the coal and steel industries,
with such programmes threatening to worsen their declining
profitability and mounting debt levels, according to the FT.

Caixin also noted in the report that banks would be required to
buy the newly issued Bohai debt bonds in proportion to the level
of debt they owned before the swap, adds the FT.

Bohai Steel Group Co Ltd is a steelmaker based in northeast
China.


COUNTRY GARDEN: Fitch Rates Proposed US$ Senior Notes 'BB+'
-----------------------------------------------------------
Fitch Ratings has assigned Country Garden Holdings Co. Ltd.'s
(BB+/Stable) proposed US dollar senior notes a 'BB+(EXP)'
expected rating. The notes are rated at the same level as Country
Garden's senior unsecured rating because they constitute direct
and senior unsecured obligations of the company. The final rating
is subject to the receipt of final documentation conforming to
information already received.

Country Garden's ratings are supported by cash inflow from annual
contracted sales of over CNY100 billion, strong financial
flexibility with low interest cost, and a track record of strong
execution. Moving into the higher-tier cities is a positive
development in Country Garden's progression towards becoming a
nationwide homebuilder. However, this process may take another
one to two years to reach fruition if the company continues on
its current trajectory.

KEY RATING DRIVERS

Ongoing Land Bank Adjustment: Fitch believes Country Garden will
continue to reposition its land bank in the next 12 to 24 months.
The repositioning in 2015 was to boost the contribution from
products targeted at Tier 1 and 2 cities; 52% of the CNY140
billion contracted sales came from products targeting these
cities. The newly acquired CNY56 billion land bank in 2015 is
also targeting Tier 1 and 2 cities, of which 67% were in Tier 1
and 2 cities and 75% were targeting these cities.

Aggressive Expansion Pressures Leverage: Fitch expects net debt
to rise to CNY70 billion-95 billion in 2016 with the adjustment
of the land bank. The total land premium of CNY56 billion (CNY43
billion on an attributable basis) was far beyond its budget of
CNY20 billion at the start of 2015. This resulted in rising
leverage (as measured by net debt/adjusted inventory) to 40%,
from 36% in 2014. Higher end-2015 gross debt has also lowered its
churn - as measured by contracted sales to total debt - to 1.1x
from 2.0x in 2014. This is less of an issue, since the higher
available cash of CNY36.2 billion at end-2015 (from CNY18.7bn at
end-2014) will reduce pressure on the higher debt.

Gradual Recovery in Margins: Fitch expects the EBITDA margin to
improve to 16% in 2016 from 14% in 2015 with recognition of
wider-margin contracted sales. The 2015 EBITDA margin was at its
historical low, as the company recognised lower-margin products
such as high-rise residential apartments. The thinner margin is
also reflected in its lower recognised average selling price
(ASP) of CNY6,194 per square metre (sq m) compared with the
average recognised ASP of CNY6,611 in 2013 and 2014, as well as
average contracted sales ASP of CNY6,658 between 2013 and 2015.

However, Fitch believes the improvement in EBITDA margin will be
due to recognition of the wider-margin contracted sales. The
EBITDA margin improvement after 2016 will be gradual due to
recognition of wider-margin contracted sales and continued de-
stocking of low-margin products. Successful product repositioning
will be a positive development - given the better margins, churn
and liquidity of the products targeting at Tier 1 and 2 cities.

Financial Control Remains Intact: Fitch believes Country Garden
continues to exercise reasonable control of its financial profile
even as its land acquisition exceeded its initial budget by a
factor of 2.8x. It has demonstrated a financial record of
improving funding flexibility and falling interest costs, where
the average borrowing cost decreased to 6.2% in 2015 from 7.6% in
2014.

Corporate Action Potential: Country Garden has stated its share
buyback plans, and has made two acquisitions of auxiliary
businesses related to homebuilding. Fitch expects the company
will continue to make bolt-on acquisitions to strengthen these
auxiliary businesses.

KEY ASSUMPTIONS

Fitch's key assumptions within our rating case include:

   -- Contracted sales by gross floor area to increase by 5% over
      2016-2017;

   -- Average selling price for contracted sales to increase by
      8% over 2016-2017;

   -- EBITDA margin of 2016 improves to 16%-17% and to 20%-23% in
      2017;

   -- Total land cost around CNY35bn-45bn in 2016-2017;

   -- Net debt including perpetuals to be around CNY70bn-95bn in
      2016.

RATING SENSITIVITIES

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

   -- Sustaining trend of neutral or positive cash flow from
      operating activities;

   -- Maintaining the ratio of net debt to adjusted inventory
      below 35% on a sustained basis (2015: 40.3%);

   -- Maintaining the ratio of contracted sales to gross debt
      above 1.5x on a sustained basis (2015: 1.12x)

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

   -- EBITDA margin below 20% on a sustained basis (2015: 13.9%);

   -- Maintaining the ratio of net debt to adjusted inventory
      above 45% on a sustained basis (2015: 40.3%);

   -- Maintaining the ratio of contracted sales to gross debt
      below 1.2x on a sustained basis (2015: 1.12x)


YUZHOU PROPERTIES: S&P Affirms 'B+' CCR & Revises Outlook to Pos.
-----------------------------------------------------------------
S&P Global Ratings said that it had revised its outlook on China-
based property developer Yuzhou Properties Co. Ltd. to positive
from stable.  At the same time, S&P affirmed its 'B+' long-term
corporate credit rating and 'cnBB' long-term Greater China
regional scale rating on Yuzhou.  S&P also affirmed its 'B' long-
term issue rating and 'cnBB-' long-term Greater China regional
scale rating on the company's senior unsecured notes.

"We revised the outlook because we expect Yuzhou to rapidly
expand its operating scale and materially minimize the gap in
scale compared with its larger peers' over the next 12 months,"
said S&P Global Ratings credit analyst Brian Huang.

The company's high earnings reliance on a single province,
Fujian, has constrained its credit profile.  But S&P expects this
to improve as Yuzhou establishes a meaningful presence outside
its home market.

"We expect the company to maintain its above-average margins and
financial discipline with a gradual improvement in leverage
during its expansion," said Mr. Huang.  The company has a track
record of balancing growth and high profitability as it expands.

The affirmed ratings largely reflect the execution uncertainties
Yuzhou still faces in some recently entered new markets.  The
company has identified four core markets outside Fujian as its
focus in the next five years.  While Yuzhou has established a
strong foothold in Hefei, the company will take some time to
establish market positons and demonstrate proven operating track
records in other new markets, particularly Nanjing and Hangzhou.

S&P anticipates that Yuzhou's sales will increase significantly,
to Chinese renminbi (RMB) 21 billion in 2016 and RMB25 billion in
2017, from RMB14 billion in 2015, given its ample salable
resources.  Its sales are set to approach the level of some
larger peers, such as KWG Property Holding Ltd., with a similar
sales target of RMB22 billion in 2016.

Yuzhou has increased its exposure to high-tier cities with
greater demand.  Over 7 million square meters in gross floor area
or over 75% of its land bank is in Xiamen, Shanghai, Hefei,
Nanjing, and Hangzhou.  Partly thanks to the easy credit
conditions in China, Yuzhou's sell-through rate improved to
around 78% in the first half of this year, from 65% in 2015.  Its
sales increased by 116% to RMB16.8 billion for the first eight
months of the year.

Yuzhou has also improved its geographical diversity, with sales
from Fujian accounting for 46% in the first half this year, down
from 59% in 2015 and 64% in 2014.  Fujian's contribution to its
total land bank has also been declining, to about 44% in June
2016, from 47% in 2015 and over 50% in the previous years.

S&P expects Yuzhou to maintain above-average profitability in the
next two years, thanks to its sizable exposure to prime second-
tier cities and lower-cost land parcels acquired in previous
years.  As of June 30, 2016, the company has over RMB20 billion
in unrecognized revenue with a gross profit margin of over 32%.
With higher land costs offsetting some price increases, S&P
expects its gross margin in 2016 to decline slightly, but remain
high at 32%-33%, compared with 35.8% in 2015.

"In our view, Yuzhou will remain disciplined in its expansion.
The company has increased its land acquisition costs this year to
over RMB15 billion (about RMB10 billion in cash payment scheduled
so far for 2016) to support its new markets in Hangzhou and
Nanjing.  However, the company will likely scale back its land
acquisitions slightly in 2017.  Rising cash receipts from sales
should also help finance Yuzhou's higher land acquisitions.  We
estimate cash receipts will increase to RMB19 billion-
RMB21 billion this year, from RMB13 billion in 2015.  Our base
case forecast is that Yuzhou's debt-to-EBITDA ratio will decline
to marginally below 5x in 2016 and 2017, from 5.3x in 2015," S&P
noted.

The positive outlook reflects S&P's expectation that Yuzhou will
experience strong sales growth over the next 12 months while
materially diversifying its sales outside its home market and
sustaining above-average margins.  S&P also expects the company
to maintain disciplined financial management, which would
gradually improve its leverage.

S&P could raise the rating if Yuzhou expands its operating scale
over the next 12 months and maintains high profitability similar
to its current level while moderately reducing its leverage.  A
debt-to-EBITDA ratio of less than 5x on a sustained basis, with
sales increasing notably above RMB21 billion over the same period
would be a sign of such improvement.

S&P could revise the outlook to stable if Yuzhou fails to follow
its strategy to significantly improve its operating scale and
diversity while managing stable leverage.  S&P could also revise
the outlook if: (1) Yuzhou pursues land acquisitions more
aggressively than S&P expects, such that its debt-to-EBITDA ratio
stays above 5x on a sustained basis; or (2) the company fails to
maintain its high profitability during its expansion, with EBTIDA
margin declining to 30% or lower.



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AMBAL MODERN: CRISIL Reaffirms 'B+' Rating on INR100MM Loan
-----------------------------------------------------------
CRISIL's rating on the bank facilities of Ambal Modern Rice Mill
continues to reflect AMRM's weak financial risk profile, marked
by high gearing and weak debt protection metrics, modest scale of
operations, and exposure to intense competition in the rice
milling industry.

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

These rating weaknesses are partially offset by the extensive
experience of AMRM's promoter in the rice milling business.
Outlook: Stable

CRISIL believes that AMRM will continue to benefit over the
medium term from its promoter's extensive industry experience.
The outlook may be revised to 'Positive' if the firm improves its
scale of operations and capital structure, leading to an
improvement in its financial risk profile. Conversely, the
outlook may be revised to 'Negative' if AMRM undertakes
aggressive debt-funded expansions, or if its revenues and
profitability decline substantially, or if the promoter withdraws
capital from the firm, leading to weakening in its financial risk
profile.

Set up in 1999 as a proprietorship firm, AMRM mills and processes
paddy into rice, rice bran, broken rice, and husk. The firm is
promoted by Mrs. M Wahida.


BOLTON CV: Ind-Ra Rates INR51.5MM Series A2 PTCs 'IND BB'
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Bolton CV IFMR
Capital 2016 (an ABS transaction) final ratings as follows:

   -- INR427.6 million Series A1 pass through certificates
      (PTCs): assigned 'IND A-(SO)'; Outlook Stable

   -- INR51.5 million Series A2 PTCs: assigned 'IND BB(SO)';
      Outlook Stable

The used commercial vehicles loan, multi-utility vehicle loan,
car loan and construction equipment loan pool to be assigned to
the trust is originated by Ess Kay Auto Finance Private Limited
(EKAFPL).

KEY RATING DRIVERS

The final ratings are based on the origination, servicing,
collection and recovery expertise of EKAFPL, the legal and
financial structure of the transaction and the credit enhancement
(CE) provided in the transaction. The final rating of Series A1
PTCs addresses the timely payment of interest on monthly payment
dates and ultimate payment of principal by the final maturity
date on 17 January 2020 in accordance with the transaction
documentation.

The final rating of Series A2 PTCs addresses the timely payment
of interest on monthly payment dates only after the complete
redemption of Series A1 PTCs and ultimate payment of principal by
the final maturity date on 17 January 2020, in accordance with
the transaction documentation.

The transaction benefits from the internal CE on account of
excess interest spread, subordination and over-collateralisation.
The levels of overcollateralisation available to Series A1 is
17.0% of the initial pool principal outstanding (POS) and
overcollateralisation available to Series A2 is 7.0% of the
initial POS. The total excess cash flow or the internal CE
available including overcollateralisation to Series A1 and A2
PTCs is 34.60% and 21.54%, respectively, of the initial POS. The
transaction also benefits from the external CE of 3.0% of the
initial POS in the form of fixed deposits with RBL Bank in the
name of the originator with a lien marked in favour of the
trustee. The collateral pool is assigned to the trust at par had
the initial POS of INR515.2 million, as of the pool cut-off date
of 26 June 2016.

The external CE will be used in case of a shortfall in a)
complete redemption of all Series of PTCs on the final maturity
date, b) monthly interest payment to Series A1 investors c)
monthly interest payment of Series A2 investors after the
complete redemption of Series A1 investors and d) any shortfall
in Series A2 Maximum Payout on the Series A2 final maturity date.

RATING SENSITIVITIES

As part of its analysis, Ind-Ra built a pool cash flow model
based on the transaction's financial structure. The agency also
analysed historical data to determine the base values of key
variables that would influence the level of expected losses in
this transaction. The base values of the default rate, recovery
rate, time to recovery, collection efficiency, prepayment rate
and pool yield were stressed to assess whether the level of CE
was sufficient for the current rating levels.

Ind-Ra also conducted rating sensitivity tests. If the
assumptions of the base case default rate worsen by 20%, the
model-implied rating sensitivity suggests that the rating of
Series A1 and the rating of Series A2 PTCs will not be impacted.


C.V. SPINNERS: ICRA Suspends B+ Rating on INR3.0cr FB Loan
----------------------------------------------------------
ICRA has suspended the long-term rating of [ICRA]B+ to the
INR1.80 crore term loan facility and INR3.00 crore fund based
facility and short-term rating of [ICRA] A4 to the INR2.20 crore
non-fund based facilities of C.V. Spinners Private Limited. 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.


CHANDAN HEALTHCARE: CRISIL Assigns B+ Rating to INR100MM LT Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facility of Chandan Healthcare Limited. The rating
reflects a modest scale of operations, fluctuating operating
margin, and exposure to intense competition in the healthcare
diagnostics industry. These rating weaknesses are partially
offset by an established industry track record, presence in
diversified geographies, and an above-average financial risk
profile.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Long Term Loan          100       CRISIL B+/Stable

Outlook: Stable

CRISIL believes CHL will continue to benefit over the medium term
from its long industry track record. The outlook may be revised
to 'Positive' if there is significant increase in revenue and
profitability. The outlook may be revised to 'Negative' in case
of lower-than-anticipated profitability, larger-than-expected
debt-funded capital expenditure, or further investment in
subsidiaries, leading to deterioration in the financial risk
profile.

CHL was incorporated in 2003, promoted by Dr Amar Singh. The
company provides diagnostic services and also retails medicines.
The diagnostic services include pathology and radiology. It has a
presence in Uttar Pradesh, Delhi, and Uttarakhand.


DIAMOND INFRA: CRISIL Reaffirms B+ Rating on INR40MM Cash Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Diamond Infra
Constructions Private Limited continues to reflect DICPL's modest
scale of operations in the fragmented civil construction
industry, the company's large working capital requirements, and
its below-average financial risk profile, marked by a modest net
worth and high gearing. These rating weaknesses are partially
offset by the extensive industry experience of DICPL's promoters
in the civil construction industry.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee         22.5      CRISIL A4 (Reaffirmed)

   Cash Credit            40        CRISIL B+/Stable (Reaffirmed)

   Proposed Working
   Capital Facility       17.5      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that DICPL will continue to benefit over the
medium term from its promoters' extensive industry experience.
The outlook may be revised to 'Positive' if the company scales up
its operations significantly while improving its profitability,
leading to substantial cash accruals and a better financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
DICPL reports low revenue or profitability, its working capital
management deteriorates, or it undertakes a large debt-funded
capital expenditure programme, leading to weakening of its
financial risk profile, particularly its liquidity.

DICPL was originally set up in 1990 by Mr. M A Jesu Raja Rajan as
a proprietary firm; the firm was reconstituted as a private
limited company in 2011. The company undertakes civil
construction works in Tamil Nadu, primarily construction of
commercial and industrial buildings.


DUTTA BUILDER: Ind-Ra Suspends 'IND BB-' LT Issuer Rating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Dutta Builder &
Developers Pvt Ltd's 'IND BB-' Long-Term Issuer Rating to the
suspended category. The Outlook was Stable. The rating will now
appear as 'IND BB-(suspended)' on the agency's website.

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

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

DBDPL's ratings:

   -- Long-Term Issuer Rating: migrated to 'IND BB-(suspended)'
      from 'IND BB-'/Stable

   -- INR20 million long-term loans: migrated to 'IND BB-
      (suspended)' from 'IND BB-'/Stable

   -- Proposed INR130 million long-term loans: 'Provisional
      IND BB-'/Stable; rating withdrawn as the company did not
      proceed with the proposed long-term loan as envisaged.


EMJAY STEEL: Ind-Ra Assigns 'IND BB+' Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Emjay Steel
Udyyog Private Limited (ESUPL) a Long-Term Issuer Rating of 'IND
BB+'. The Outlook is Stable.

KEY RATING DRIVERS

The ratings reflect ESUPL's moderate credit profile and volatile
profitability characteristic of commodity manufacturers.
According to the provisional financials for FY16, revenue was
INR2,013m (FY15: INR2,911m), EBITDA interest coverage (operating
EBITDA/gross interest expense) was 1.6x (1.2x) and net financial
leverage (total Ind-Ra adjusted net debt/operating EBITDA) was
4.9x (6.0x). EBITDA margin ranged from 4%-8% over FY12-FY16P due
to high volatility in domestic steel prices.

The company's revenue declined in FY16 because manufacturing had
to be suspended for two months, i.e. November and December, due
to the heavy floods in Chennai in 2015.

The company's average working capital utilisation was comfortable
at 81.7% during the 12 months ended July 2016.

Ind-Ra expects ESUPL's credit profile to improve marginally by
FYE17 in the absence of any debt-funded capex. The company has
indicated revenue of INR600 million for 1QFY17.

The ratings are supported by ESUPL's promoters' over two-decades
of experience in the iron and steel industry.

RATING SENSITIVITIES

Positive: A sustained growth in revenue as well as margins
leading to improved credit metrics will be positive for the
ratings.

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

COMPANY PROFILE

Incorporated in 2010, Chennai-based ESUPL manufactures steel
billets. Its day-to-day operations are managed by Mr. Elanjikal
Koshy Mathew. The manufacturing facilities are situated in
Nellore District, Andhra Pradesh with an installed capacity of
90,000 MT.

ESUPL's ratings:

   -- Long-Term Issuer Rating: assigned 'IND BB+'/ Outlook
      Stable

   -- INR138 million Long-term loan: assigned 'IND BB+'/Outlook
      Stable

   -- INR200 million fund-based facilities: assigned 'IND
      BB+'/Stable; 'IND A4+'

   -- INR200 million non-fund-based facilities: assigned
      'IND A4+'


G.K. SALES: CARE Assigns B+ Rating to INR5cr LT Bank Loan
---------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to bank facilities
of G.K. Sales Corporation.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities       5        CARE B+ Assigned
   Short-term Bank Facilities      1        CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of G.K. Sales
Corporation (GKSC) are constrained by its small scale of
operations with low net-worth base, weak financial risk profile
characterized by low PAT margin, leveraged capital structure and
weak debt coverage indicators. The ratings are further
constrained by the working capital intensive nature of
operations, fragmented nature of the electronics goods industry
and proprietorship nature of constitution. The ratings, however,
derive strength from the experienced proprietor in the trading
industry along with its established distribution network.

Going forward, ability of the firm to profitably scale up its
operations while improving its overall solvency position along
with efficient management of its working capital would remain the
key rating sensitivities.

G.K. Sales Corporation (GKSC) was established as a proprietorship
firm in September, 2013 and is currently being managed by Mr
Gurvir Pal Singh. The firm is engaged in the distribution of
Voltas and LG's electronic goods in Amritsar district of Punjab.
The firm is the authorized distributor of Voltas Limited and
Life's Good Electronics Inc. (LG).GKSC is sole distributor of the
products such as Voltas air conditioners, Voltas water
dispensers, LG washing machine, LG refrigerators and LG microwave
in Amritsar district of Punjab and has a network of 300
independent dealers. The traded goods are procured from Voltas
Limited and Life's Good Electronics Inc. (LG).

In FY16 (provisional)(refers to the period April 01 to March 31),
GKSC has achieved a total operating income of INR25.48 crore with
PAT of INR0.13 crore, as against the total operating income of
INR18.48 crore with PAT of INR0.10 crore in FY15.


GALAXY MACHINERY: CRISIL Reaffirms B+ Rating on INR70MM Cash Loan
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Galaxy Machinery
Private Limited continue to reflect the company's below-average
financial risk profile because of small net worth, high gearing,
and modest debt protection metrics.

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

   Cash Credit            70       CRISIL B+/Stable (Reaffirmed)

   Letter of Credit       30       CRISIL A4 (Reaffirmed)

   Long Term Loan         17       CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     73       CRISIL B+/Stable (Reaffirmed)

The ratings also factor in the susceptibility of GMPL's operating
margin to volatility in raw material prices and intense
competition in the computer numeric control (CNC) machines
manufacturing segment. These weaknesses are partially offset by
its promoter's extensive industry experience.
Outlook: Stable

CRISIL believes GMPL's financial risk profile will remain
constrained by its small net worth and large working capital
requirement, over the medium term. The outlook may be revised to
'Positive' if the company's liquidity improves because of
sizeable long-term fund infusion by its promoter, or sustained
increase in its cash accrual. The outlook may be revised to
'Negative' if the financial risk profile, particularly liquidity,
weakens due to considerable stretch in working capital cycle or
larger-than-expected debt for capital expenditure.

GMPL, incorporated in 1991 and promoted by Mr S Elango,
manufactures CNC machines.


GAURAVH WINES: CRISIL Reaffirms 'B' Rating on INR100MM Cash Loan
----------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Gauravh Wines
Private Limited continues to reflect the company's below-average
financial risk profile marked by modest net worth, high gearing
and total outside liabilities to tangible net worth ratio, and
weak debt protection metrics.

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

The rating also factors in the company's working capital
intensive nature of operations and exposure to government
regulations in the liquor industry in Punjab. These rating
weaknesses are partially offset by GWPL's established presence in
Punjab and its promoters' extensive experience in the liquor
business.
Outlook: Stable

CRISIL believes that GWPL will continue to benefit over the
medium term from its strong presence in the Punjab market and
extensive experience of promoters in the liquor business. The
outlook may be revised to 'Positive' if the company reports
substantial growth in revenue and margins, thereby improving its
capital structure. Conversely, the outlook may be revised to
'Negative' if GWPL's financial risk profile deteriorates, on
account of significant decline in revenue or margins, or any
adverse changes in the regulatory framework, impacting the
company's operations.

GWPL, started as a partnership firm in 2006-07 (refers to
financial year, April 1 to March 31), was reconstituted as a
private limited company in 2007-08; it was taken over by the
Malhotra family in 2008-09. The company trades in Indian made
foreign liquor through wholesale distribution. It has wholesale
liquor licences for three districts of Punjab (Hoshiarpur,
Faridkot and Kapurthala). The company is based in Ludhiana and is
currently owned by Mr. Deep Malhotra, Mr. Gaurav Malhotra and Mr.
Gautam Malhotra.


GLOBAL PHARMA: CRISIL Ups Rating on INR37.2MM Loan to 'B'
---------------------------------------------------------
CRISIL has upgraded its ratings on the bank loan facilities of
Global Pharma Healthcare Private Limited (GPHPL) to 'CRISIL
B/Stable/CRISIL A4' from 'CRISIL D/CRISIL D'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Export Packing          37.2      CRISIL B/Stable (Upgraded
   Credit                            from 'CRISIL D')

   Letter of Credit         9.0      CRISIL A4 (Upgraded from
                                     'CRISIL D')

   Term Loan                3.8      CRISIL B/Stable (Upgraded
                                     from 'CRISIL D')

The upgrade reflects GPHPL's timely servicing of term debt
because of increased cash accrual. Cash accrual is expected at
Rs.16-18 million per annum over the medium term, driven by
improved operating performance and better working capital
management. GPHPL's liquidity is also supported by need-based
funds from its promoter, reflected in unsecured loan of Rs.8.9
million as on March 31, 2016.

The ratings reflect GPHPL's modest scale of operations in the
intensely competitive pharmaceutical formulations industry, high
geographical and customer concentration in its revenue profile,
and large working capital requirements. These weaknesses are
partially offset by its promoter's extensive industry experience.
Outlook: Stable

CRISIL believes GPHPL will continue to benefit over the medium
term from its promoter's extensive industry experience. The
outlook may be revised to 'Positive' if revenue increases
significantly and profitability improves, leading to higher cash
accrual. Conversely, the outlook may be revised to 'Negative' in
case of lower-than-expected revenue, or stretch in liquidity due
to increase in working capital requirement or any unexpected
large debt-funded capital expenditure.

GPHPL was established by Dr. A R Venkatesh and his wife, Dr. Juma
Venkatesh, in 2003. The company manufactures and trades in
pharmaceutical formulations in the form of tablets, ointments,
creams, and syrups. It exports to Myanmar, Vietnam, Cambodia,
Madagascar, Nadi, Fiji, and other countries.


GURU NANAK: ICRA Suspends 'D' Rating on INR8cr Fund Based Loan
--------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]D assigned to
the INR8.0 crore fund based facilities of Guru Nanak Education
Trust. The suspension follows ICRA's inability to carry out
rating surveillance in the absence of requisite information from
the company.


ICE TOUCH: CARE Assigns 'B' Rating to INR7.0cr LT Bank Loan
-----------------------------------------------------------
CARE assigns 'CARE B' ratings to the bank facilities of Ice Touch
Resorts Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      7.00      CARE B Assigned

Rating Rationale

The rating assigned to the bank facilities of Ice Touch Resorts
Private Limited (IRTL) is primarily constrained by its limited
experience of the promoters in hotel industry, residual project
execution and stabilization risk with leveraged capital
structure. The rating is further being constrained by seasonality
associated with the hotel industry and competition from upcoming
and existing hotels operating in the region. These rating
constraints are partially offset by the strategic location
advantage of the company.

Going forward, the ability of the company to complete the ongoing
project within envisaged cost and time and achievement of the
projected average room rate and occupancy levels would be the key
rating sensitivities.

Ice Touch Resorts Private Limited (ITRL) was incorporated in 2005
founded and directed by Mr. Narender Uppal & Ms. Savita Uppal and
Ms. Kareena Sharma. ITRL is established with an objective to
build and operate a resort. ITRL is setting up a 'Resorts'
located in Kufri. The proposed resort is being developed on a
land parcel of 7688 sq mtrs and will be constructed in two
phases. The first phase consists of deluxe rooms, convention
centre, coffee shop, restaurant and other facilities (which
include Spa, Terrace Garden and Meditation room, gym etc.). The
second phase shall be taken up after commissioning of the first
phase and consists of additional rooms. The first phase is
expected to commence commercial operations by October 2017. The
estimated project cost of phase I is INR14.49 crore, which will
be financed debt equity ratio of 0.93x.

The company is projected to start generating its revenue by FY19
thus, the revenues will be projected in later years. The capital
structure of the company as marked by overall gearing ratio and
debt-equity ratio is expected to remain leveraged on account of
high dependence of term loan for capex.


INDIAN OIL: Fitch Says Plans Are in Line with 'BB+' Rating
----------------------------------------------------------
Fitch Ratings says that the large investment plans announced by
Indian Oil Corporation Ltd (IOC; BBB-/Stable) are in line with
the agency's expectations that are incorporated in the assessment
of its standalone credit profile of 'BB+'. Fitch equalises IOC's
ratings with that of its largest shareholder, the state of India
(BBB-/Stable) due to their strong operational and strategic
linkages.

IOC announced on 15 September that capex would be INR1,700bn-
1,800bn over the next six years, including around INR150bn in the
financial year ending 31 March 2017 (FY17) and around INR250bn
each in FY18 and FY19. "Fitch has already factored in most of the
capex over the next three years, and we see no significant change
to our current expectations as a result of this announcement. We
continue to expect IOC's free cash flow to remain negative over
the medium term, due to the high capex." Fitch said.

"However, we still expect IOC's financial profile to remain
stable due to strong volume growth and relatively robust refining
margins. We consequently expect IOC's credit metrics to weaken
marginally; with net leverage (net adjusted debt/operating
EBITDA) of around 3x (FY16: 2.3x), but to remain within levels
commensurate with its standalone profile over the medium term."
Fitch said.

Fitch has not factored in IOC's investment in the proposed
refinery project in coastal Maharashtra. This project is planned
along with the other state-owned oil-marketing companies - Bharat
Petroleum Corporation Limited (BBB-/ Stable) and Hindustan
Petroleum Corporation Limited (BBB-/ Stable). Fitch said, "We
anticipate no major investments associated with this project in
the medium term, given the early stages of the proposed project."
Fitch will take into account IOC's investment share in the
proposed project once there is more clarity and certainty on the
time and quantum of the investments.


JAI JYOTI: CRISIL Raises Rating on INR30MM Cash Loan to B+
----------------------------------------------------------
CRISIL has upgraded its long term ratings on the bank facilities
of Jai Jyoti Woollen Mills to 'CRISIL B+/Stable' from 'CRISIL
B/Stable', while reaffirming its short term rating at 'CRISIL
A4'.

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

   Proposed Short Term      4.4     CRISIL A4 (Reaffirmed)
   Bank Loan Facility

   Term Loan               32.5     CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B/Stable')

The rating upgrade reflects CRISIL's belief that JJWM will
sustain the improvement in its business and financial risk
profile over the medium term. JJWM reported operating income of
Rs230 million in 2015-16 in its first full year of operations
with the polyester mink blanket segment. Further the company is
expected to report turnover of around Rs250 million in 2016-17
supported by healthy orders from its clientele. Financial risk
profile of the company also improved with improved debt
protection metrics, debt protection metrics are expected to
remain moderate over the medium term.

The ratings reflect the small scale of operations in the highly
fragment polyester blanket industry and its weak financial risk
profile marked by high gearing. These rating weaknesses are
partially offset by the extensive experience of JJWM's proprietor
in the textile industry.
Outlook: Stable

CRISIL believes that JJWM will continue to benefit over the
medium term from its proprietor's extensive industry experience.
The outlook may be revised to 'Positive' if the firm improves its
capital structure either by equity infusion or higher-than-
expected cash accruals, backed by improvement in scale of
operations and operating profitability along with prudent working
capital management. Conversely, the outlook may be revised to
'Negative' if JJWM's financial risk profile deteriorates on
account of further decline in its revenues and profitability or
in case of a larger-than-expected, debt-funded capital
expenditure, or if the firm's liquidity weakens significantly on
account of increase in its working capital requirements.

JJWM was setup in 1991 as a proprietorship firm based in Panipat
(Haryana). The firm started with manufacturing of shoddy yarn
which is used in acryclic blankets. In January 2015, the firm
discontinued yarn manufacturing and set up a unit for
manufacturing of polyester mink blankets, which commenced
operations in May 2015. JJWM is owned and managed by Mr. Raj
Kumar.


K N INTERNATIONAL: CRISIL Ups Rating on INR190MM Term Loan to BB-
-----------------------------------------------------------------
CRISIL has upgraded its rating on the bank facilities of K N
International Limited to 'CRISIL BB-/Stable/CRISIL A4+' from
'CRISIL B/Stable/CRISIL A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee         350        CRISIL A4+ (Upgraded
                                     from 'CRISIL A4')

   Overdraft Facility      10        CRISIL BB-/Stable (Upgraded
                                     from 'CRISIL B/Stable')

   Term Loan              190        CRISIL BB-/Stable (Upgraded
                                     from 'CRISIL B/Stable')

The rating upgrade reflects CRISIL's belief that KNIL's financial
risk profile will remain improved on account of equity infusion
of INR220.60 million and INR379.70 million during fiscals 2016
and 2015, respectively. This has led to significant reduction in
outside liabilities resulting in improvement in total outside
liabilities to tangible networth ratio to 0.50 time as on
March 31, 2016, from 2.49 times as on March 31, 2014.
Consequently debt protection metrics have also improved,
reflected in interest coverage ratio and net cash accrual to
total debt, estimated at 7.54 times, and 0.43 time, for fiscal
2016. CRISIL believes KNIL will sustain its comfortable financial
risk profile over the medium term, backed by the continued
promoter support.

The rating upgrade also factors in healthy unexecuted order book
of around INR1.93 billion, providing medium term revenue
visibility. CRISIL believes that the business risk profile will
improve, with significant growth expected over the medium term
marked by its healthy order book.

The ratings reflect the benefits KNIL derives from the extensive
experience of its promoters and above average financial risk
profile marked by comfortable capital structure. These strengths
are partially offset by the moderate scale of operations in the
intensely competitive civil construction industry, large working
capital requirement, and exposure to risk related to tender-based
nature of construction business.
Outlook: Stable

CRISIL believes KNIL will continue to benefit from its
established market position. The outlook may be revised to
'Positive' if liquidity improves, driven by an increase in
operating income, profitability, and net cash accrual. The
outlook may be revised to 'Negative' if an increase in working
capital requirement significantly weakens liquidity, or if scale
of operations and profitability decline.

KNIL, promoted by Mr. Narendra Singh Yadav, began operations in
1988. The company has its facility in Sonebhadra (Uttar Pradesh);
it undertakes construction of roads and ash dyke plants. Its
clientele comprises leading companies such as National Thermal
Power Corporation Ltd, Reliance Infrastructure Ltd, and Hindalco
Industries Ltd (for ash-dyke plants); and government bodies (for
roads construction).


MAHAVIR GLOBAL: CRISIL Reaffirms 'B' Rating on INR40MM Loan
-----------------------------------------------------------
CRISIL rating on the long-term bank facilities of Mahavir Global
Inc continues to reflect MGI's modest scale of operations in an
intensely competitive rice processing industry, susceptibility to
risks related to changes in regulatory policies and volatility in
raw material prices, and high dependence on the monsoon.

                        Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Bill Discounting        20      CRISIL B/Stable (Reaffirmed)
   Cash Credit             10      CRISIL B/Stable (Reaffirmed)
   Export Packing Credit   40      CRISIL B/Stable (Reaffirmed)
   Long Term Loan          10      CRISIL B/Stable (Reaffirmed)

The rating also factors in the firm's below-average financial
risk profile, marked by moderate total outside liabilities to
tangible net worth (TOLTNW) ratio and small net worth. These
rating weaknesses are partially offset by the promoters'
extensive industry experience and funding support received from
them.
Outlook: Stable

CRISIL believes that MGI will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the firm improves its
capital structure either by equity infusion or higher-than-
expected cash accruals, backed by improvement in scale of
operations and operating profitability along with improvement in
its working capital management. Conversely, the outlook may be
revised to 'Negative' if MGI's financial risk profile
deteriorates on account of further decline in its revenues and
profitability or in case of a larger-than-expected, debt-funded
capital expenditure, or if the firm's liquidity weakens
significantly on account of increase in its working capital
requirements.

CRISIL believes that MGI will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the firm improves its
capital structure either by equity infusion or higher-than-
expected cash accruals, backed by improvement in scale of
operations and operating profitability along with improvement in
its working capital management. Conversely, the outlook may be
revised to 'Negative' if MGI's financial risk profile
deteriorates on account of further decline in its revenues and
profitability or in case of a larger-than-expected, debt-funded
capital expenditure, or if the firm's liquidity weakens
significantly on account of increase in its working capital
requirements.


MAYUR CONSTRUCTION: Ind-Ra Assigns 'IND B+' LT Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Mayur
Construction Company (MCC) a Long-Term Issuer Rating of 'IND B+'.
The Outlook is Stable.

KEY RATING DRIVERS

The ratings are constrained by MCC's small scale of operations.
According to provisional financials for FY16, the company's
revenue was INR361.26 million (FY15: INR382.29 million). The
ratings are further constrained by the proprietorship structure
of the firm and its tight liquidity position as reflected in the
around 99.24% average utilisation of its working capital
facilities during the last 12 months ended August 2016.

The ratings, however, are supported by the improvement in MCC's
credit profile with EBITDA interest coverage (operating
EBITDA/gross interest expense) improving to 1.78x in FY16P (FY15:
1.40x) and net leverage (total adjusted net debt/operating
EBITDAR) to 3.22x (3.86x) due to improvement in the overall
operating EBITDA.

The ratings are also supported by the improvement in MCC's EBITDA
margin to 11.60% in FY16P (FY15: 10.17%) and the satisfactory
order book of INR250 million which will be executed in FY17
itself, providing revenue visibility for the short term.

The ratings also take into account the three-decade-long
operating experience of MCC's promoters in the construction
sector, and the company's strong relationships with its customers
and suppliers.

RATING SENSITIVITIES

Negative: A decline in the revenue due to the lack of work orders
or deterioration in the EBITDA margin leading to weaker credit
metrics will be negative for the ratings.

Positive: A significant growth in the revenue and profitability
leading to improvement in the overall credit profile of the
company will be positive for the ratings.

COMPANY PROFILE

MCC was established in 1997 and is engaged in contract-based
construction work, mainly for organisations such as National
Highways Authority of India ('IND AAA'/Stable), Public Works
Department, Jaipur, Central Public Works Department, Larsen &
Toubro Limited, TATA projects Limited and various central and
state government bodies. The company is located in Barmer in
Rajasthan.

MCC's ratings:

   -- Long Term Issuer Rating: assigned 'IND B+'/Stable

   -- INR70 million fund-based limits: assigned
      'IND B+'/Stable/'IND A4'

   -- INR70 million non-fund-based limits: assigned 'IND A4'


MBE COAL: CARE Lowers Rating on INR18.50cr LT Loan to 'B'
---------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
MBE Coal & Mineral Technology India Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     18.50      CARE B Revised from
                                            CARE BB+ (SO);
                                            Removed from Credit
                                            Watch

   Long/Short term Bank          10.00      CARE B/CARE A4
   Facilities                               Revised from CARE BB+
                                            (SO)/CARE A4+ (SO);
                                            Removed from Credit
                                            Watch

Rating Rationale

The ratings assigned to MBE Coal & Mineral Technology India Pvt.
Ltd (MCMT) are constrained by the small size of the company with
presence in low value coal washery projects, working capital
intensive nature of operations with stretched operating cycle,
exposure to volatility in the prices of raw materials and
stressed liquidity profile of the holding company.

The ratings also factor in the reasonable order book position and
moderate capital structure as on March 31, 2016 with nil term
debt.

Ability to diversify and garner orders to maintain growth in
business with effective management of working capital,
maintaining profitability and timely receipt of contract proceeds
remain the key rating sensitivities.  CARE had earlier taken into
account the credit enhancement in the form of unconditional and
irrevocable corporate guarantee provided by Mcnally Bharat
Engineering Company Limited (MBEL, rated CARE D) for arriving at
the ratings of MCMT. However, with significant decline in credit
profile ofMBEL, a standalone rating has now been assigned.

MCMT belongs to B.M. Khaitan Group of Kolkata. It was a wholly
owned subsidiary of MBEL until December 2015 when MBEL sold its
entire stake in MCMT to its subsidiary McNally Sayaji Engineering
Ltd (rated CARE D). The company is engaged in turnkey engineering
& project execution of coal and mineral beneficiation plants,
manufacturing of various material handling equipment, trading of
material handling equipments and providing technical services.

In FY16, MCMT reported PAT (after deferred tax) of INR0.62 crore
(INR1.57 crore in FY15) on operating income of INR39.56 crore
(INR48.66 crore in FY15).


MICRO THERAPEUTIC: CARE Lowers Rating on INR28.05cr LT Loan to D
----------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of Micro
Therapeutic Research Labs Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     28.05      CARE D Revised from
                                            CARE BBB-
   Short-term Bank Facilities     0.50      CARE D Revised from
                                            CARE A3

Rating Rationale

The revision in the ratings assigned to the bank facilities of
Micro Therapeutic Research Labs Private Limited are on account of
the delay in its debt servicing due to the strained liquidity
position.

MTR is a Chennai-based full-service Clinical Research
Organization (CRO) providing various research services including
Bio-Availability (BA) / Bio-Equivalence (BE) studies, Pre-
Clinical and Clinical trials (Phase I-Phase IV), statistical
reporting and data management to leading domestic and global
pharmaceutical clients. The company was established in the year
2005 by Mr. M. Ganesan, the Managing Director. The company owns a
fully-equipped 55-bed facility at Selaiyur, Chennai, a 125-bed
facility at Chrompet, Chennai and a 100-bed rented facility at
Coimbatore to carry out subject screening.


NAVTEJ INFRASTRUCTURE: CRISIL's B+ INR83.3M Loan Rating Withdrawn
-----------------------------------------------------------------
CRISIL has withdrawn its ratings on the overdraft facility and
the INR83.3 million bank guarantee facility of Navtej
Infrastructure Pvt Ltd.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee         1.7        CRISIL A4 (Notice of
                                     Withdrawal)
   Bank Guarantee        83.3        CRISIL B+/Stable
                                     (Withdrawal)
   Overdraft Facility    30.0        CRISIL B+/Stable
                                     (Withdrawal)

CRISIL has placed the rating on the company's INR1.7 million bank
guarantee facility on 'Notice of Withdrawal' for 60 days at the
company's request and on receipt of no-objection certificates
from its bankers. The rating will be withdrawn at the end of the
notice period, in line with CRISIL's policy on withdrawal of its
bank loan ratings.

The ratings reflect NIPL's modest scale and working-capital-
intensive nature of operations, and exposure to intense
competition in the civil construction industry. These rating
strengths are partially offset by the extensive industry
experience of the company's promoters.

NIPL was incorporated in 2007 in Hyderabad. The company is a
civil contractor. Its operations are managed by Mr G. Yadagiri
Rao.


POPPYS HOTEL: ICRA Suspends 'B+' Rating on INR15cr Term Loan
------------------------------------------------------------
ICRA has suspended the long-term rating of [[ICRA]B+ to the INR15
crore term loan of Poppys Hotel Private Limited. 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.


RANGOTSAV SAREES: Ind-Ra Suspends 'IND BB-' LT Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Rangotsav Sarees
Pvt Ltd's 'IND BB-' Long-Term Issuer Rating to the suspended
category. The Outlook was Stable. The rating will now appear as
'IND BB-(suspended)' on the agency's website.

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

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

RSPL's ratings:

   -- Long-Term Issuer Rating: migrated to 'IND BB-(suspended)'
      from 'IND BB-'/Stable

   -- INR140 million fund-based working capital limits: migrated
      to 'IND BB-(suspended)' from 'IND BB-'/Stable

   -- INR10 million non-fund-based working capital limits
      (standby line of credit): migrated to 'IND A4+(suspended)'
      from 'IND A4+'

   -- INR7.50 million non-fund-based working capital limits:
      migrated to 'IND A4+(suspended)' from 'IND A4+'


S.K. HITECH: CRISIL Assigns 'B' Rating to INR79.8MM Term Loan
-------------------------------------------------------------
CRISIL assigns 'CRISIL B/Stable' rating to the bank loan facility
of S.K. Hitech Industries. The rating reflects exposure to
stabilisation and offtake related risks associated with the
firm's operations and below average financial risk profile marked
by high gearing and weak debt protection metrics. These
weaknesses are mitigated by the extensive experience of the
partners in the rice milling industry and expected financial
support by partners' to enhance liquidity.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Term Loan         79.8      CRISIL B/Stable

Outlook: Stable

CRISIL believes SKHI will continue to benefit from the extensive
experience of its partners. The outlook may be revised to
'Positive' if stabilisation of operations leads to higher
revenues and profitability and thereby improves the financial
risk profile. The outlook may be revised to 'Negative' if
stabilisation of operations is delayed or cash accrual is low, or
if large working capital requirement weakens the financial risk
profile.

Established in 2015, Davanagere (Karnataka) based SKHI is set to
processes paddy to produce rice, broken rice, bran and husk. The
firm has an installed processing capacity of 14 tonne per hour of
paddy. The commercial operations are expected to start from end
of September 2016. Managing partner, Mrs. Syyed Rehana and her
family manage operations.


S.K. RICE: CRISIL Assigns B+ Rating to INR75MM Cash Loan
--------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long
term bank facility of S.K. Rice Industries. The rating reflects
SKRI's modest scale of operations, exposure to intense
competition in the rice milling industry and below-average
financial risk profile. These rating weaknesses are partially
offset by the extensive experience of SKRI's partner's in the
rice milling business.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              75       CRISIL B+/Stable

Outlook: Stable

CRISIL believes that SKRI will benefit over the medium term from
the extensive industry experience of its promoter. The outlook
may be revised to 'Positive' if the firm's revenues and
profitability increase substantially leading to an improvement in
its financial risk profile or in case of significant infusion of
capital into the firm to meet its working capital requirements.
Conversely, the outlook may be revised to 'Negative' if the firm
undertakes aggressive, debt funded expansions, or if its revenues
and profitability declines substantially or if the partners'
draws capital from the firm leading to deterioration in its
financial risk profile.

Set up in 2009, Devenagere (Karnataka) based SKRI is a
partnership firm engaged in milling and processing of paddy into
rice, rice bran and husk. It has an installed paddy milling
capacity of 3 tonnes per hour and operates in two shifts. The
firm is promoted by Mrs. Syyed Rehana along with her family
members, Mr. Syyed Altaf Ahmed and Mr.Syyed Israr Ahmed.


SARVA MANGALAM: CARE Reaffirms B+ Rating on INR22.50cr LT Loan
--------------------------------------------------------------
CARE reaffirms ratings assigned to the bank facilities of
Sarva Mangalam Gajanan Steel Pvt. Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     22.50      CARE B+ Reaffirmed

   Short-term Bank Facilities     0.20      CARE A4 Reaffirmed

Rating Rationale

The rating for the bank facilities of Sarva Mangalam Gajanan
Steel Pvt. Ltd. continues to remain constrained by its small
scale of operation, lack of backward integration vis-a-vis
volatility in raw material prices, low capacity utilization,
highly competitive and fragmented industry, cyclical nature of
the steel industry and ongoing project risk. The ratings,
however, derive strength from its experienced promoters and
proximity to raw material sources.

Going forward, the ability to scale up the level of operation
with improvement in profitability margins and ability to manage
working capital effectively are the key rating sensitivities.

Asansol-based (West Bengal) Sarva Mangalam Gajanan Steel Pvt.
Ltd. (SMGS) incorporated in 2004 was promoted by Mr Binod Kumar
Kedia, Ms Madhu Devi Kedia, Mr Vikash Kedia and Mr Vishal Kedia.
SMGS is engaged in manufacturing of steel angles, flats, bars,
rounds and channels with its sole manufacturing facility located
at Kalipahari (Asansol) with an installed capacity of 20,000
MTPA. The company procures raw materials (Ingot and scrap) from
open market through local players and sales its product in the
states of West Bengal, Assam and Tripura.

During FY17 (refers to the period April 1 to March 31), the
company has undertaken an expansion project of its rolling mill
unit at a project cost of INR15.78 crore with a debt equity ratio
of 1.03:1. The financial closure has already been achieved and
the project is expected to be completed by October 2017.

SMGS is a closely held company managed by a two member board
representing the promoters. Currently, the day to day affairs of
SMGS are managed by Mr Vikas Kedia with adequate support from
other co-director Mr Vishal Kedia and a team of experienced
personnel.

During FY16 (provisional; refers to the period April 1 to
March 31), the company reported a total operating income of
INR41.84 crore (FY15: INR32.42 crore) and a PAT of INR0.91 crore
(in FY15: INR91 crore). Gross cash accruals was INR1.48 crore
(FY15: INR1.66 crore) during FY16 (prov.).


SHREE B.S.: CRISIL Reaffirms B+ Rating on INR70MM Cash Loan
-----------------------------------------------------------
CRISIL's rating continues to reflect Shree B.S. Cotton Private
Limited (SBCPL)'s modest scale of operations in a highly
competitive industry, its working-capital-intensive operations,
and weak financial risk profile, marked by high gearing and
average debt protection metrics. These rating weaknesses are
partially offset by the extensive experience of SBCPL's promoters
in the cotton ginning industry.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             70       CRISIL B+/Stable (Reaffirmed)
   Term Loan               20       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SBCPL will benefit over the medium term from
its promoters' experience in the cotton industry. The outlook may
be revised to 'Positive' if there is substantial and sustained
growth in the company's revenue and profitability from the
current levels, or if there is an improvement in its capital
structure, most likely through fresh capital infusion.
Conversely, the outlook may be revised to 'Negative' if SBCPL's
liquidity weakens significantly, most likely because of
substantially less-than-expected cash accruals or large working
capital requirements.

Incorporated in 2012, SBCPL is based in Sendhwa (Madhya Pradesh).
The company is promoted by Tayal family who has more than 25
years of experience in the cotton industry. SBCPL is engaged in
the business of cotton ginning and pressing.


SHREE GAJANAN: Ind-Ra Cuts Long-Term Issuer Rating to 'IND D'
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Shree Gajanan
Industries' (SGI) Long-Term Issuer Rating to 'IND D' from 'IND
BB-'. The Outlook was Stable.

KEY RATING DRIVERS

The downgrade reflects deterioration in SGI's liquidity position
leading to over utilisation of bank limits for more than 30 days
during the three months ended August 2016.

RATING SENSITIVITIES

Positive: Utilisation of the facilities within the limits for
three consecutive months could be positive for the ratings.

COMPANY PROFILE

Established in 1969, SGI manufactures various varieties of rice
(basmati, non-basmati). The firm has a 5TPH modern rice mill in
Nizamabad.

SGI's provisional FY16 numbers indicate revenue of INR1,096
million (FY15: INR1,111 million) and EBITDA margin of 6.4%
(FY15:3.1%) The firm has current outstanding order book of INR80
million as on August 2016 to be executed in the next two months.
The firm has recorded 1HFY17 revenue of INR522.2 million.

SGI's Ratings:

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

   -- INR450 million fund-based facilities: downgraded to Long-
      term 'IND D' from 'IND BB-'/Stable and Short-term 'IND D'
      from 'IND A4+'

   -- INR50 million non-fund-based facilities: assigned Short-
      term 'IND D'


SHREE VENKATESHWARA: CRISIL Reaffirms D Rating on INR153.8MM Loan
-----------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Shree
Venkateshwara Shikshan Sanstha continues to reflect delays by
SVSS in servicing its debt. The delays have been caused by the
trust's weak liquidity and mismatches in cash flow.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan              153.8      CRISIL D (Reaffirmed)

SVSS also has a weak financial risk profile, marked by a small
net worth, high gearing, and modest debt protection metrics;
moreover, it is susceptible to regulatory changes in the
education sector. The trust, however, benefits from the healthy
demand prospects for the education sector in India.

Set up in 2000, SVSS operates multiple institutes offering
courses in engineering, management, and education, among others.
It also operates an English medium school and two charitable
schools.


SREE KADERI: ICRA Suspends 'D' Rating on INR21.75cr Loan
--------------------------------------------------------
ICRA has suspended the long-term rating of [[ICRA]D to the
INR21.75 crore fund based facility and short-term rating of
[ICRA]D to the INR5.25 crore non-fund based facilities of
Sree Kaderi Ambal Mills Private Limited. 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.


SRI BHAGAWAN: ICRA Suspends B+ Rating on INR3.50cr LT Loan
----------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B+ assigned to
the INR3.50 crore long term fund based facilities and the short
term rating of [ICRA]A4 assigned to the INR7.00 crore short term
fund based facilities of Sri Bhagawan Timbers. The suspension
follows ICRA's inability to carry out a rating surveillance in
the absence of the requisite information from the company.


STANDARD PAPER: CRISIL Reaffirms B+ Rating on INR60MM Loan
----------------------------------------------------------
CRISIL's rating on the long-term bank loan facility of Standard
Paper And Board India Private Limited continues to reflect start-
up nature of operations, and exposure to intense competition in
the paper-trading industry.

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

The rating also factors in exposure to risks associated with
expansion plans into the cement trading industry, which will
necessitate incremental working capital requirement. These
weaknesses are partly offset by the extensive industry experience
of the promoters and an established brand.
Outlook: Stable

CRISIL believes SPBIPL 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 substantial
revenue, most likely on account of increased order flow, and high
operating profitability, leading to an improved financial risk
profile. The outlook may be revised to 'Negative' in case of
deterioration in working capital management or significant
decline in operating profitability, leading to weakening of
liquidity.

SPBIPL was established in 2010 and commenced operations in 2016;
it is promoted by Mr Yennarkey R Chiranjeevi Rathnam and his
wife, Ms Vijayalakshmi Chiranjeevi Rathnam, who also manage
operations. The company, based in Sivakasi, Tamil Nadu, is part
of the Standard group and trades in printer and copier paper.


SUMAN VINIMAY: Ind-Ra Suspends 'IND BB-' LT Issuer Rating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Suman Vinimay
Pvt Ltd's 'IND BB-' Long-Term Issuer Rating to the suspended
category. The Outlook was Stable. The rating will now appear as
'IND BB-(suspended)' on the agency's website.

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

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

SVPL's ratings:

   -- Long-Term Issuer Rating: migrated to 'IND BB-(suspended)'
      from 'IND BB-'/Stable

   -- INR170 million fund-based working capital limits: migrated
      to 'IND BB-(suspended)' from 'IND BB-'/Stable

   -- INR45 million long-term loans: migrated to 'IND BB-
      (suspended)' from 'IND BB-'/Stable


SURYA FOODS: ICRA Reaffirms 'B' Rating on INR5.0cr Cash Loan
------------------------------------------------------------
ICRA has re-affirmed its long-term rating of [ICRA]B on the
INR10.00-crore bank limits of Surya Foods. The rating re-
affirmation takes into account the year-on-year increase of 21%
in the firm's operating income, driven by an increase in the
sales of basmati rice. However, the firm's scale of operations
continues to remain moderate at an absolute level.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Cash Credit              5.00        [ICRA]B (Re-affirmed)
   Term Loan                2.50        [ICRA]B (Re-affirmed)
   Unallocated              2.50        [ICRA]B (Re-affirmed)

ICRA's rating continues to be constrained by the highly
competitive and low value additive nature of the rice milling
industry, which, coupled with the firm's limited pricing power,
results in thin profitability. ICRA also takes note of the
vulnerability of SF's operations to agro-climatic risks, which
can affect the pricing and availability of paddy; its leveraged
capital structure with gearing of 3.51 times as on March 31,
2016; and the highly working capital intensive nature of its
operations. While assigning the rating, ICRA also took into
account the risks inherent in the partnership form of business.

The rating, however, takes comfort from the past experience of
the promoters in the rice milling industry and favourable
location of SF's facility which is in close proximity to the
paddy growing regions.

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

SF was established as a partnership firm in 2013 and started
commercial operations from January 2014. SF is mills and sorts
rice to produce raw and parboiled rice. The firm is promoted by
Mr. Raj Kumar, Mr. Kidar Nath and Mr. Ashok Kumar - all of whom
have extensive experience in the rice milling business. The
firm's manufacturing facility is located in the Patran region
Patiala, Punjab.

Recent Results
As per unaudited financials for FY2016, SF reported a net profit
of INR1.09 crore on an operating income of INR35.72 crore, as
against a net profit of INR0.06 crore on an operating income of
INR29.46 crore in the previous year.


TIKU RAM: CRISIL Reaffirms B+ Rating on INR270MM Packing Credit
---------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Tiku Ram Gum
and Chemicals Private Limited (TRGCL) continues to reflect the
company's susceptibility to volatility in guar gum prices, and
its weak liquidity because of high bank limit utilisation. These
weaknesses are partially offset by its promoter's extensive
industry experience and its established customer relationships.

                         Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Cash Credit              30      CRISIL B+/Stable (Reaffirmed)

   Export Packing Credit   270      CRISIL B+/Stable (Reaffirmed)

   Foreign Bill Purchase   200      CRISIL B+/Stable (Reaffirmed)

   Standby Line of Credit   30      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes TRGCL will continue to benefit from its
promoter's extensive industry experience. The outlook may be
revised to 'Positive' in case of better-than-expected cash
accrual, and efficient working capital management. The outlook
may be revised to 'Negative' if lower-than-expected cash accrual
leads to stretch in liquidity, or if working capital cycle
lengthens, or if the company undertakes large, debt-funded
capital expenditure.

Update
TRGCL's operating income is estimated to have declined to INR1.2
billion in fiscal 2016 from INR2.2 billion in fiscal 2015 on
account of significant fall in guar gum prices. However, the
company maintained operating margin at 2.9%. The revenue was
INR370 million in the first quarter of fiscal 2017, and is
expected to grow 10% over the medium term.

The financial risk profile remained comfortable, because of
healthy total outside liabilities to tangible networth ratio of
1.21 times and networth of INR309 million as on March 31, 2016.
Debt protection metrics remained subdued, with interest coverage
and net cash accrual to adjusted debt ratios at 1.34 times and
2%, respectively, in fiscal 2016.

The company was stretched, because of net cash accrual of INR8.9
million that was inadequate to meet debt obligation of INR9.2
million in fiscal 2016. However, promoter's support by way of
unsecured loans of INR66 million as on March 31, 2016, and
moderate bank limit utilisation of 71% over the 12 months through
June 2016, provides some cushion to liquidity. The company's
current ratio was 1.94 times as on March 31, 2016.

TRGCL's large working capital requirement is reflected in gross
current assets of 172 days as on March 31, 2016, driven by
inventory of 138 days on account of seasonal availability of guar
gum. Receivables reduced to 25 days as on March 31, 2016, from 77
days a year earlier. Payables remained negligible as the company
procures from locally and gets credit of only 1-2 days. TRGCL is
likely to maintain inventory of 80-100 days leading to gross
current assets of 130-140 days over the medium term.

TRGCL, set up by Mr Pawan Agarwal in 2006, is managed by its
founder and his son, Mr Vipin Agarwal. The company manufactures
guar gum splits.


TILAK EXPORTS: CRISIL Reaffirms 'B' Rating on INR38.5MM Loan
------------------------------------------------------------
CRISIL's ratings on the bank facilities of Tilak Exports continue
to reflect the modest scale of operations, customer concentration
in revenue profile, weak financial risk profile and the working
capital intensity of operations. These weaknesses are partially
offset by extensive experience of its promoters in the readymade
garments (RMG) manufacturing business.

                        Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Bill Discounting        30      CRISIL B/Stable (Reaffirmed)
   Letter of Credit        20      CRISIL A4 (Reaffirmed)
   Packing Credit          70      CRISIL A4 (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility       1.5    CRISIL B/Stable (Reaffirmed)
   Term Loan               38.5    CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes TE's scale of operations will remain small, and
its financial risk profile constrained due to the small networth
and high gearing. The outlook may be revised to 'Positive' if the
firm's scale of operations increase while operating margins are
sustained or equity infusion increases networth. The outlook may
be revised to 'Negative' if stretch in working capital cycle
weakens the capital structure or if revenue and profitability
come under pressure.

Update:
TE reported net sales of INR256.5 million in fiscal 2016, which
is lower than CRISIL's expectations. Sales is expected to
increase in fiscal 2017 due to increase in customer base 'revenue
of INR120 million booked in first quarter. Further, the ongoing
capacity expansion will augment production. The increased sales
will support the business risk profile over the medium term.

Gearing - at 5.4 times as on March 31, 2016'will remain high over
the medium term. The interest coverage ratio and net cash accrual
to total debt ratio are 1.32 and 0.05, respectively. CRISIL
believes that the debt protection indicators will improve
slightly over the medium term on account of improving scale of
operations. The firm's liquidity is expected to remain weak
driven by the working capital intensity of operations.

Incorporated in 1988 as a partnership firm by Ms. Manju Farsaiya,
TE is engaged in manufacturing and export of ladies garments. TE
has its manufacturing facility in Noida (Uttar Pradesh).


TRIVIK HOTELS: CRISIL Reaffirms B+ Rating on INR100MM Term Loan
---------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Trivik Hotels
and Resorts Private Limited continues to reflect the company's
exposure to risks related to the implementation of its ongoing
project, and its expected modest scale and below-average
financial risk profile in the initial phase of operations. These
weaknesses are partially offset by its promoters' experience in
the hospitality industry, and the advantageous location of its
project.
                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Term Loan             100       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes Trivik will continue to benefit from the
advantageous location of its upcoming hotel and its promoters'
industry experience. The outlook may be revised to 'Positive' if
better-than-expected ramp-up in operations leads to healthy cash
accrual and robust liquidity. The outlook may be revised to
'Negative' in case of time or cost overrun in the project, or low
cash accrual, resulting in pressure on liquidity.

Trivik was incorporated in 2010 as KSS Hotels and Resorts Pvt Ltd
and got its present name in 2013. It is constructing a 45-room
five-star hotel in Chikkamagalur, Karnataka out of which 23 rooms
are operational.


VEDANSH PULSES: CRISIL Assigns 'B' Rating to INR50MM Cash Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Vedansh Pulses Private Limited (VPPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             50        CRISIL B/Stable
   Term Loan               20        CRISIL B/Stable

The ratings reflect VPPL's promoters' extensive experience in dal
processing industry and their fund support. These strengths are
partially offset by nascent stage of operations in highly
competitive and fragmented dal processing industry and weak
financial risk profile marked by modest networth, high gearing
and weak debt protection metrics.
Outlook: Stable

CRISIL believes VPPL will continue to benefit over the medium
term from the extensive industry experience of the promoters. The
outlook may be revised to 'Positive' if VPPL reports
significantly higher revenues and profitability margin while it
improves its financial risk profile. Conversely, the outlook may
be revised to 'Negative' if the revenue or margin are
significantly lower than expected or an elongation in working
capital cycle weakens the capital structure and debt protection
metrics.

Incorporated in 2013, VPPL primarily processes urad dal at its
manufacturing unit in Indore (Madhya Pradesh). The company
started operations from April 2016 and is promoted by Mr. Vaibhav
Gupta, Mr. Luv Gupta, Mr. Anuj Gupta and Mr. Sunil Gupta.


YASHODA COTTON: CARE Assigns B+ Rating to INR6.06cr LT Loan
-----------------------------------------------------------
CARE assigns 'CARE B+' rating to bank facilities of Yashoda
Cotton & General Mills Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     6.06       CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Yashoda Cotton &
General Mills Private Limited (YCG) is constrained by its small
scale of operations with low net-worth base and weak financial
risk profile characterised by low PAT margin, moderately
leveraged capital structure, weak debt coverage indictors and
elongated operating cycle. The rating is further constrained by
susceptibility of margins to fluctuations in raw material prices
and YCG's presence in a highly fragmented industry characterised
by intense competition. The rating, however, derives strength
from the experienced promoters as well as favourable location of
manufacturing unit.

Going forward, the ability of the company to profitably scale-up
its operations and improve its overall solvency position along
with efficient management of its working capital would remain the
key rating sensitivities.

YCG was incorporated in 2008 by Mr. Narinder Kumar and Mr. Harish
Kumar along with family members Mrs. Sarita Jindal and Mr. Satya
Devi. YCG is primarily engaged in the processing of raw cotton to
produce cotton lint at its processing facility located in
Barnala, Punjab, having an installed capacity of processing
16,329 quintals of raw cotton per year as on March 31, 2016. YCG
procures raw cotton from the local farmers situated in Punjab
through commission agents. The cotton lint is supplied to various
yarn manufactures based in Punjab itself and subsequently, the
by-product extracted in the process, ie, cotton seed is sold to
various oil extraction units, also based in Punjab. YCG is also
engaged in the trading of cotton seeds.

In FY16 (provisional, refers to the period April 01 to March 31),
YCG has achieved a total operating income of INR13.49 crore with
PAT of INR0.04 crore, as against the total operating income of
INR15.16 crore with PAT of INR0.02 crore in FY15.



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


TAKATA CORP: Shares Dive on Bankruptcy Buyout Report
----------------------------------------------------
Japan Today reports that Takata Corp. shares dived on Sept. 20
after a report said some potential buyers were considering
bankruptcy proceedings for the embattled airbag supplier, which
has been hit by the auto industry's biggest-ever safety recall.

Japan Today said in its Sept. 20 report that the Tokyo-listed
firm plunged nearly 15% in morning trade after Bloomberg News
said private-equity firms and auto parts makers are preparing
offers for the company, and some were considering the drastic
bankruptcy action to mitigate the liabilities.

It ended the morning 13.23% lower at JPY367, the report
discloses.

According to Japan Today, earlier reports have also said Takata
would take bids this week from suitors including US investment
funds Kohlberg Kravis Roberts & Co (KKR), Carlyle Group and Bain
Capital, as well as Japanese parts manufacturer Daicel.

Takata will narrow down the list of possible buyers to one or two
by next month with a restructuring plan due by the end of this
year, Japan's Jiji Press news agency said, Japan Today reports.

A spokesman for Takata declined to comment on the reports, saying
an outside committee is drawing up a restructuring plan for the
firm, Japan Today relates.

Japan Today recounts that some 100 million Takata airbags have
been recalled and the firm is facing lawsuits, investigations and
huge compensation costs over a defect that can send metal and
plastic shrapnel from the inflator canister hurtling toward
drivers and passengers when an airbag is deployed.

The defect has been linked to at least 15 deaths and scores of
injuries globally, Japan Today adds.

As reported in the Troubled Company Reporter-Asia Pacific on
May 27, 2016, The Wall Street Journal said Takata hired
investment bankers to seek a cash infusion and negotiate with
auto makers over the ballooning costs it faces for rupture-prone
air bags linked to 11 deaths and more than 100 injuries world-
wide.

Takata tapped Lazard to help craft a restructuring plan to help
it deal with what are expected to be billions of dollars in
liabilities stemming from the faulty air bags, a steering
committee for the Japanese company said on May 25, confirming an
earlier report from the Journal.

The steering committee, made up of business, financial and legal
experts in Japan, retained Lazard within the past month, the
report said, citing people familiar with the matter.  Lazard's
work soliciting an investor and conversations with auto makers
remains in early stages, the report added.

Japan-based Takata Corporation (TYO:7312) --
http://www.takata.com/en/--develops, manufactures and sells
safety products for automobiles.  The Company offers seatbelts,
airbags, steering wheels, child seats and trim parts. The Company
has subsidiaries located in Japan, the United States, Brazil,
Germany, Thailand, Philippines, Romania, Singapore, Korea, China
and other countries.



===============
M A L A Y S I A
===============


PRIME GLOBAL: Incurs US$220,000 Net Loss in Third Quarter
---------------------------------------------------------
Prime Global Capital Group Incorporated filed with the Securities
and Exchange Commission its quarterly report on Form 10-Q
disclosing a net loss of US$219,990 on US$436,462 of net total
revenues for the three months ended July 31, 2016, compared to a
net loss of US$107,959 on US$504,757 of net total revenues for
the three months ended July 31, 2015.

For the nine months ended July 31, 2016, the Company reported a
net loss of US$485,415 on US$1.28 million of net total revenues
compared to a net loss of US$1.07 million on $1.53 million of net
total revenues for the nine months ended July 31, 2015.

As of July 31, 2016, the Company had US$48.17 million in total
assets, U$18.3 million in total liabilities and US$29.8 million
in total equity.

As of July 31, 2016, the Company had cash and cash equivalents of
$331,587, as compared to $836,794 as of Oct. 31, 2015.  The
Company's cash and cash equivalents decreased as a result of cash
used in operation and repayment of bank loans and repayment to
related parties.

"We expect to incur significantly greater expenses in the near
future, including the contractual obligations that we have
assumed . . . to begin development activities.  We also expect
our general and administrative expenses to increase as we expand
our finance and administrative staff, add infrastructure, and
incur additional costs related to cope with our development
activities, including directors' and officers' insurance and
increased professional fees.

"We have never paid dividends on our Common Stock.  Our present
policy is to apply cash to investments in product development,
acquisitions or expansion; consequently, we do not expect to pay
dividends on Common Stock in the foreseeable future.

"The continuation of the Company as a going concern is dependent
upon improving our profitability and the continuing financial
support from our stockholders.  Our sources of capital in the
past have included the sale of equity securities, which include
common stock sold in private transactions and public offerings,
capital leases and short-term and long-term debts.  While we
believe that we will obtain external financing and the existing
shareholders will continue to provide the additional cash to meet
our obligations as they become due.  There can be no assurance
that we will be able to raise such additional capital resources
on satisfactory terms.  We believe that our current cash and
other sources of liquidity . . . are adequate to support
operations for at least the next 12 months."

The Company's quarterly report on Form 10-Q is available from the
SEC website at https://is.gd/MNNflW

                        About Prime Global

Kuala Lumpur, Malaysia-based Prime Global Capital Group operated
in the following three business segments during fiscal year 2014:
(i) software business (the provision of IT consulting,
programming and website development services); (ii) plantation
business (including oilseeds and castor seeds business); and
(iii) its real estate business.  In the fourth quarter of fiscal
2014, the Company discontinued its castor seeds business in
China, and in December 2014 it discontinued the software business
(the provision of IT consulting, programming and website
services) in Malaysia. As a result, the Company no longer conduct
business operations in China and anticipate winding down or
otherwise selling its interests in the following entities: Power
Green Investments Limited; Max Trend International Limited and
Shenzhen Max Trend Green Energy Co Ltd.

Prime Global reported a net loss US$1.59 million for the year
ended Oct. 31, 2015, compared to a net loss of US$1.33 million
for the year ended Oct. 31, 2014.

Crowe Horwath (HK) CPA Limited, in Hong Kong, China, issued a
"going concern" qualification on the consolidated financial
statements for the year ended Oct. 31, 2015, citing that the
Company has a working capital deficiency, accumulated deficit
from recurring net losses and significant short-term debt
obligations maturing in less than one year as of Oct. 31, 2015.
All these factors raise substantial doubt about its ability to
continue as a going concern.



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


NICHOLAS JERMYN: Retailer Placed Into Liquidation
-------------------------------------------------
NZ Herald reports that retailer of business shirts Nicholas
Jermyn has been placed into liquidation, with administrators
saying workplaces becoming less formal and increased competition
from online retailers led to its demise.

NZ Herald says the 10-year-old New Zealand retailer was in the
hands of voluntary administrators since May when it shut two
stores.

At a meeting of creditors on Sept. 13, PwC, the administrators,
recommended that the company be placed into liquidation, NZ
Herald relates.

The company had nine retail stores and an online store and
employed approximately 40 people.

NZ Herald relates that founder Nick Harris told customers about
the liquidation in an email.

"We are a small family-run business that for the past 10-years
has been proud to be of service to you.  We fought tenaciously to
keep operating, not least because of our loyal customers.
Ultimately, however, we couldn't make it through," the email
said.

According to NZ Herald, PwC's report said revenue dropped from
NZ$4.2 million in 2014 to NZ$3.8 million in 2016 and made a loss
of NZ$206,000 in 2016 after recording a profit of NZ$80,000 in
2014.

The corporate workplace was becoming less formal and the demand
for business shirts and suits had softened, the report said, NZ
Herald relays.

Increased competition from online retailers and local shops also
contributed to the drop in revenue.

During the administration period a number of New Zealand and
offshore parties expressed interest in buying all or part of the
business. Discussion were held, but no sale could be negotiated,
NZ Herald notes.


STONEWOOD HOMES: Liquidators to Start Probe After Securing NZ$1MM
-----------------------------------------------------------------
Nick Truebridge at Stuff.co.nz reports that up to NZ$1 million
will be spent investigating the activities of Stonewood Homes
companies before the Christchurch building firm's collapse.

Holmfirth Group Limited entered liquidation in March, while
subsidiary companies Stonewood Homes Limited and Stonewood Homes
New Zealand Limited followed in April, Stuff.co.nz notes.  The
companies were placed into receivership in February.

According to Stuff.co.nz, Ernst and Young liquidator Rhys Cain
confirmed NZ$1 million from "external sources" had been obtained
for the investigation

He would not reveal where the funding came from, Stuff.co.nz
says.

Stuff.co.nz says the probe will look into the "governance,
management and events" leading up to all three companies entering
receivership.

Stuff.co.nz relates that a liquidator's report stated a "major
point of interest" at a creditors' meeting in June was whether
there would be an investigation into the cause of the collapses
and the conduct of directors and management.

Creditors asked whether the investigation would identify avenues
of recovery for the liquidators, given there were no funds were
available following the liquidations, according to Stuff.co.nz.

Former directors, who resigned during the lead up to the company
going into receivership, were considered to be directors of the
companies.

Their conduct would be included in the investigation in the same
capacity as Stonewood's current directors, the report, as cited
by Stuff.co.nz, stated.

Stuff.co.nz adds that the investigation would include recovery
proceedings for insolvent transactions, including those with
companies connected to directors.

"We'll be doing an investigation through the books and records of
the company first," Stuff.co.nz quotes Mr. Cain as saying.  "I'm
in no way suggesting there is any fraud happened. In fact, I'm
pretty sure there hasn't been. But, if we did find a fraud then
obviously we'd refer that to the police.

"But that's not what we're looking for. What we're looking for
are actions that are in breach the directors' duties and
transactions that we can recover."

Mr. Cain said no particular person was being targeted by the
investigation, adds Stuff.co.nz.



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


HANJIN SHIPPING: Korean Court Orders Hanjin to Cut Its Fleet
------------------------------------------------------------
In-Soo Nam and Costas Paris at The Wall Street Journal report
that a South Korean bankruptcy court on Sept. 19 ordered Hanjin
Shipping Co. to return the ships it charters back to their owners
and to sell as many of its own ships as possible, in the
strongest signal yet that the debt-ridden Korean carrier will be
either liquidated or turned into a much smaller company.

"They are in a desperate search for cash to unload cargo, which
is their immediate problem," the report quotes Basil Karatzas, of
New York-based Karatzas Marine Advisors & Co., as saying. "They
are returning the chartered vessels to stop the cash bleeding in
the short-term and outstanding claims by the owners will be
settled when the company is liquidated which is the most likely
scenario."

The Wall Street Journal reported on Sept. 16 that Hanjin, which
has filed for bankruptcy protection in courts in the U.S. and
Seoul, is working on a restructuring plan, that if approved by
court, will see it keep a maximum 15 of its 37-owned ships and
return to owners almost all of its 60 chartered vessels.

Hanjin is losing at least $2 million a day by keeping the
chartered fleet, freight brokers estimate, says the Journal.
According to the Journal, Hanjin spokeswoman Min Park said on
Sept. 19 that Hanjin had returned four ships to their owners and
will turn over the rest once they unload their cargo.

The Journal says the South Korean government has strongly
indicated it has no plans to bail out the company.

The Korean court will decide in December whether to accept the
restructuring plan or let the company go under, the Journal
reports citing court officials in Seoul.

According to the Journal, Ms. Park said that nearly one-third of
Hanjin's ships that had been waiting to dock around the world
have unloaded their cargo, raising hopes that anxious retailers
will get their goods in time for the year-end holiday season.

Hanjin, which is South Korea's largest shipping company, said 28
vessels have finished unloading at ports in California, Spain and
other parts of the world, the Journal relates. Another 34
remained stranded at sea for fear that if they dock they will be
seized by creditors. Another 35 were on their way back to Korea.

The Journal relates that Brokers said only about $2 billion of
the estimated $14 billion in cargo stranded at sea when Hanjin
filed for bankruptcy protection last month has been unloaded.

Although some ships are able to dock, Hanjin doesn't have the
money to pay to unload the cargo and move it to its final
destination, one broker said, the Journal relays. "It will be
easier for ships docking in Korea to unload cargo, but there is a
lot of uncertainty with ships drifting off ports in other
countries."

According to the Journal, Ms. Park said the company was
negotiating with port authorities in New York, Singapore and
Manzanillo, Mexico, to start unloading additional cargo sometime
this week.

"Both the company and the [South Korean] government are in talks
with foreign authorities to solve much of the cargo crisis over
the next few weeks and we're making progress," the report quotes
Ms. Park as saying.

Hanjin said it has managed to accomplish some of the unloading
through court actions and, in some cases, by agreeing to pay
dockworker wages up front, the Journal relays.

The Korean government said it has asked courts to protect Hanjin
ships from being seized in Spain, Germany, the Netherlands and
Italy, the Journal relates. It plans to do the same in coming
days in countries including Australia, India and the United Arab
Emirates. Such legal protections are already in place in South
Korea, the U.S., Japan, and the U.K., adds the Journal.

                       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: Korea Air Yet to Decide on KRW60-Bil. Aid
----------------------------------------------------------
In-Soo Nam and Costas Paris at The Wall Street Journal report
that Korean Air Lines Co., the flagship unit of conglomerate
Hanjin Group and the largest shareholder of Hanjin Shipping Co.,
hasn't decided how it will disburse the KRW60 billion ($53.3
million) it promised to lend Hanjin Shipping to help ease the
cargo chaos.

According to the Journal, the planned cash injection is part of
Hanjin Group's pledge earlier this month to put up a total of
KRW100 billion, including KRW40 billion from the group chairman's
personal wealth, to help the shipping line.

Chairman Cho Yang-ho gave KRW40 billion to Hanjin Shipping last
week, the Journal notes.

The Journal relates that Korean Air has said it would secure the
remaining KRW60 billion, using the group's stakes in terminals
such as the one in Long Beach, Calif., as collateral.

Korean Air said it would hold a board meeting soon to complete
the matter, the report notes.

                       About Hanjin Shipping

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

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

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

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

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

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


WOORI BANK: S&P Assigns BB+ Rating to US$500MM Drawdown of Notes
----------------------------------------------------------------
S&P Global Ratings said that it had affirmed its 'A' long-term
and 'A-1' short-term issuer credit ratings on Korea-based Woori
Bank. The outlook on the long-term rating is stable.

S&P also assigned its 'BB+' issue rating to Woori's proposed
US$500 million drawdown of Basel III Tier-1 subordinated notes
from its US$7 billion global medium-term notes (GMTN) program.
The issue rating on the proposed drawdown is subject to S&P's
review of the final issuance documentation.

At the same time, S&P raised the long-term issue rating on the
junior subordinated tranche of Woori's GMTN program to 'BB+' from
'BB'.  S&P also upgraded the subordinated tranche of the GMTN
program and the US$1 billion Basel III Tier-2 subordinated notes
under the program to 'BBB' from 'BBB-'.  S&P also raised the
rating on Woori's existing Basel III and Basel II Tier-1 hybrid
issue to 'BB+' from 'BB'.

S&P affirmed the issuer credit ratings because S&P expects Woori
to maintain its strong business position, adequate
capitalization, and stable funding and liquidity profiles over
the next 12-24 months.  However, S&P notes that the bank has a
weak track record in managing credit risks and concentration risk
in weak corporate sectors, such as shipbuilding and shipping,
especially compared with major commercial peers.

"We have revised upward our assessment of Woori's stand-alone
credit profile (SACP) to 'bbb+' from 'bbb' to reflect our view
that the bank's capitalization has strengthened following its
proposed issue of Basel III Tier-1 subordinated notes," said S&P
Global Ratings credit analyst Daehyun Kim.  "We expect Woori's
risk-adjusted capital (RAC) ratio before diversification
adjustment to remain above 7% in the coming one to two years."

Woori's RAC ratio has also benefited from lower risk weights
applied in S&P's capital analysis to unexpected losses, following
its upgrade of Korea (AA/Stable/A-1+) and S&P's review of the
country's banking system in August 2016.  With Woori's lower risk
weights, S&P estimates the bank's 2015 RAC ratio to be about 7.1%
compared with S&P's previous figure of about 6.3%.

S&P regards Woori's proposed Basel III Tier-1 subordinated notes
as having intermediate equity content because of its loss-
absorbing features.  Therefore, S&P would include the proposed
issuance amount in the bank's total adjusted capital until the
aggregate amount of such instruments is equivalent to 33% of the
bank's adjusted common equity.

S&P's ratings on the proposed issue and other Tier-1 hybrids are
three notches below Woori's 'bbb+' SACP.  The lower notching is
based on S&P's hybrid capital criteria: one notch reflects S&P's
downward assessment for risks related to subordination, and two
notches to reflect S&P's downward assessment for risk of dividend
nonpayment for a Tier-1 instrument.

S&P's issue ratings do not reflect the risk of write-down and
waiver of principal and interest payments upon the occurrence of
a nonviability event.  S&P currently believes nonviability would
likely be triggered only if the issuer falls into a negative net-
worth position.  S&P also thinks Korean banks--including Woori--
will likely receive extraordinary support from the government in
a preemptive manner and at a relatively early stage if they were
to come under financial stress.

S&P expects the proposed issue to behave as it currently
understands its terms in the context of the Korean regulatory and
industry environment.  S&P could lower the issue rating by at
least one additional notch if it was to assess that extraordinary
support would not be provided in a preemptive manner or such
preemptive government support would constitute a nonviability
event and therefore lead to a principal write-down or equity
conversion of the hybrid.  Additionally, S&P believes the risks
related to non-payment of dividends via legally available
reserves depending on the ability of the bank to meet certain
regulatory capital ratios will be captured into S&P's SACP
assessment.

"The stable outlook on Woori reflects our view that the bank will
maintain its credit profile over the next 18-24 months," said
Mr. Kim.

S&P believes Woori will likely manage a potential rise in credit
costs with current preprovisioning profit levels amid challenging
operating conditions, characterized by ongoing pressure on the
credit quality from weak corporate sectors such as shipping and
shipbuilding.  S&P also believes that the Korean government's
privatization plan for Woori is unlikely to have any significant
rating implications.  Government ownership has not been a rating
factor for Woori.  S&P expects the bank to continue to have high
systemic importance, given that it holds about 10% market shares
in both the loan and deposit markets in Korea.

S&P could lower the ratings on Woori if the bank's asset quality
deteriorates significantly and capitalization weakens, dragging
the RAC ratio below 7%.

S&P could raise the ratings on Woori if the bank's asset quality
improves continuously with lowered credit costs.



================
S R I  L A N K A
================


BIMPUTH FINANCE: Fitch Affirms 'BB(lka)' National LT Rating
-----------------------------------------------------------
Fitch Ratings has affirmed Bimputh Finance PLC's (Bimputh)
National Long-Term Rating at 'BB(lka)'. The Outlook is Stable.

KEY RATING DRIVERS

Bimputh's rating reflects its relatively small-but-evolving
franchise and high risk appetite stemming from its predominant
microfinancing exposure. The rating also reflects pressure on the
company's capitalisation stemming from its above-average loan
growth and limited funding diversity due to heavy wholesale-
funding reliance.

Bimputh's microfinancing exposure remained high at 77% at end-
June 2016, which Fitch sees as risky due to the segment's
susceptibility to economic cycles. The company manages this
exposure through product structuring, regular collections of dues
and close interaction with borrowers. Exposure to non-
microfinancing loans has increased following expansion of
corporate and personal loans.

The company's reported six-month NPL ratio had increased slightly
to 1.0% by end-June 2016, from 0.8% at end-March 2016. Fitch
calculates this ratio at a higher 2.5% if the facility to
Sevanagala Sugar Industries Limited (SSIL; an entity within the
Daya Group that was expropriated by the government in November
2011) is considered as a NPL. However, the ratio, even when
including SSIL, is in line with similarly rated peers.

Bimputh's Fitch Core Capital had declined to 18.2% by end-June
2016, from 21.8% at end-March 2015, and its Tier I regulatory
capital ratio had also declined to 16.1%, from 21.6% at end-March
2015. The decline in the ratio was due to rapid loan growth. High
yields on microfinancing have supported the company's high
profitability, with a return on assets of 7.8% at end-June 2016.
Fitch believes continued high capital consumption could lead to
further deterioration in capital ratios if internal capital
generation proves insufficient or if there are no capital
injections.

The company's deposit franchise remains weaker than that of its
peers, and its deposit base is highly concentrated. The
contribution from deposits to Bimputh's funding mix remained at
30% at end-June 2016, and Fitch believes the company is likely to
rely on more borrowings to finance its loan-book growth in the
medium term. However, Bimputh has access to unutilised funding
lines from local financial institutions, and has sourced medium-
term funding from foreign financial institutions.

RATING SENSITIVITIES

An improvement in Bimputh's franchise, while sustaining credit
metrics similar to higher-rated peers, and a moderating risk
appetite could be positive for its rating.

Aggressive loan growth that increases capital-impairment risks,
either through greater unprovided NPLs or a continued
deterioration in capitalisation, could lead to a downgrade of
Bimputh's rating.



                             *********

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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