TCRAP_Public/160923.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

          Friday, September 23, 2016, Vol. 19, No. 189

                            Headlines


A U S T R A L I A

ALL EZI: First Creditors' Meeting Scheduled for Sept. 30
ENERJI HOLDINGS: Placed in Administration
ENERJI HOLDINGS: First Creditors' Meeting Set for Sept. 30
EXPRESS SOLAR: First Creditors' Meeting Set for Sept. 30
LM INVESTMENT: ASIC Discontinues Case Against Two Ex-Directors

QUANTUM LOOP: First Creditors' Meeting Set for Sept. 30


C H I N A

BIOSTAR PHARMA: Legal Proceedings Cast Going Concern Doubt
CHINA COMMERCIAL: Recurring Losses Raises Going Concern Doubt
COUNTRY GARDEN: Moody's Rates Proposed USD Sr. Unsec. Notes Ba1


I N D I A

AAR ROYAL: CRISIL Suspends 'D' Rating on INR60MM Term Loan
AARON HELMETS: ICRA Suspends B- Rating on INR6.43cr Loan
AASHAPURA AGRO: CRISIL Assigns B+ Rating to INR68.1MM Term Loan
AIRWAVE INTERNATIONAL: ICRA Suspends 'D' Rating on INR10cr Loan
ANAM POLYMER: ICRA Suspends 'D' Rating on INR10cr LT Loan

ANONDITA HEALTHCARE: ICRA Suspends B+ Rating on INR8.5cr Loan
AVADH BUILDCON: ICRA Reaffirms B+ Rating on INR50cr Term Loan
B P AGRO: CRISIL Suspends 'B' Rating on INR250MM Cash Loan
BASANT CITY: ICRA Reaffirms B+ Rating on INR10CR Term Loan
CHOUDHARY GUMS: ICRA Assigns 'B' Rating to INR14.50cr Loan

DEEPAK SINGAL: ICRA Suspends 'B' Rating on INR8cr Bank Loan
DELHI INTERNATIONAL: Moody's Assigns Ba2 Rating to Sr. Bonds
ENPOWER SOLUTIONS: CRISIL Suspends B- Rating on INR20MM Cash Loan
ETA STAR: CRISIL Suspends B+ Rating on INR350MM Cash Loan
GANGAKHED SUGAR: Ind-Ra Cuts LT Issuer Rating to 'IND D'

GOKUL GINNING: CRISIL Reaffirms B+ Rating on INR60MM Cash Loan
HOTEL AIRPORT: ICRA Withdraws 'D' Rating on INR15cr Term Loan
KARAN RICE: ICRA Suspends 'D' Rating on INR15cr Loan
KISSAN RICE: ICRA Suspends B+ Rating on INR17.77cr Loan
KOHINOOR CTNL: ICRA Suspends 'D' Rating on INR1231cr Term Loan

KOHINOOR PLANET: ICRA Suspends 'D' Rating on INR350cr Term Loan
KOHINOOR TECHNOLOGIES: ICRA Withdraws B- Rating on INR35cr Loan
KRISHNA TUFF: ICRA Reaffirms 'B' Rating on INR4.32cr Term Loan
KUMARAN GIN: CRISIL Assigns 'B' Rating to INR125MM Cash Loan
MALWA AUTOMOBILES: ICRA Suspends B+ Rating on INR18.60cr Loan

MEHTA BISHAN: CRISIL Assigns B+ Rating to INR60MM Cash Loan
MOHANA COTTON: CRISIL Lowers Rating on INR150MM Cash Loan to D
MOWO INDUSTRY: CRISIL Assigns B+ Rating to INR55MM Cash Loan
NCPL: Ind-Ra Assigns 'IND BB-' Long-Term Issuer Rating
NRI EDUCATIONAL: CRISIL Assigns B+ Rating to INR139MM Cash Loan

PATNA IRON: CRISIL Hikes Rating on INR60MM Cash Loan to BB-
PRASHANTHI AYURVEDIC: Ind-Ra Hikes LT Issuer Rating to 'IND B+'
PUNJAB CROCKERY: ICRA Suspends 'D' Rating on INR83.42cr Loan
RANA MILK: Ind-Ra Affirms 'IND BB' Long-Term Issuer Rating
S. R. CONSTRUCTION: CRISIL Assigns B+ Rating to INR50MM LT Loan

SARDAR JEWELLERS: CRISIL Reaffirms B- Rating on INR90MM Loan
SHREE BHANDARI: CRISIL Assigns B- Rating to INR32.5MM Cash Loan
SHRI JAYASHEEL: Ind-Ra Assigns 'IND BB-' Long-Term Issuer Rating
SKYLINE INFRA: ICRA Suspends 'B' Rating on INR20cr Bank Loan
SRI BALAJI: CRISIL Suspends 'B' Rating on INR2.5MM Cash Loan

SUMIT GAS: CRISIL Assigns 'B' Rating to INR33MM Cash Loan
URC INFOTEC: CRISIL Lowers Rating on INR50MM Corp. Loan to 'D'
VAIBHAV ENTERPRISES: ICRA Suspends 'D' Rating on INR21cr Loan


N E W  Z E A L A N D

ATMOSPHERIC: Microsoft Cloud Computing Partner in Receivership
D.C. ROSS: Placed Into Receivership; 12 Jobs at Risk


S I N G A P O R E

MARCO POLO: Has Doubt on Ability to Continue as a Going Concern


S O U T H  K O R E A

HANJIN SHIPPING: KDB to Offer KRW50 Billion Loan
HANJIN SHIPPING: US Commerce Dept. Urged to Solve Shipping Crisis

* KOREA: More Than 1,100 Companies Under Court Receivership


                            - - - - -


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


ALL EZI: First Creditors' Meeting Scheduled for Sept. 30
--------------------------------------------------------
A first meeting of the creditors in the proceedings of All Ezi
Pty Ltd will be held at the offices of Nicols + Brien, Level 2,
350 Kent Street, in Sydney, on Sept. 30, 2016, at 10:30 a.m.

Steven Nicols of Nicols + Brien was appointed as administrator of
All Ezi Pty Ltd on Sept. 21, 2016.


ENERJI HOLDINGS: Placed in Administration
-----------------------------------------
The West Australian reports that thermal power company Enerji has
put a subsidiary in the hands of administrators to advance a
AUD4.5 million funding deal with contractor ECM.

The announcement after the market closed on Sept. 19 followed a
90 per cent spike to 1.9 cents in Enerji's stock on Sept. 15 and
Sept. 16 before the shares were placed in a trading halt,
according to The West Australian.

The report notes that Enerji said it had appointed partners of
McGrathNicol administrators of Enerji Holdings because it had
been unable to settle a AUD2.4 million claim by Swedish supplier
Opcon.

The completion of an independent expert's report and a notice of
meeting for shareholders to vote on the ECM deal have been
awaiting a resolution of the Opcon dispute, the report notes.

"Opcon hasn't sought to effect its claim to date and it's been a
number of years," the report quoted Enerji acting Chief Executive
Adam Boyd as saying.

"ECM's position is they want it sorted out before the capital
raising's completed," Mr. Boyd added.

The claim by Opcon, now called Trention, concerns an order for
four Powerbox waste heat-to-energy units which were never
delivered, the report notes.

Enerji Holdings' main asset is an Opcon Powerbox installation at
a Horizon Power station in Carnarvon, the report notes.

The other major creditor of Enerji Holdings is Enerji, which
loaned the unit AUD6 million, the report says.

Enerji and ECM plan to complete a power project for Northern Star
Resources' Jundee gold mine in the northern Goldfields, the
report adds.


ENERJI HOLDINGS: First Creditors' Meeting Set for Sept. 30
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Enerji
Holdings Pty Ltd will be held at the offices of McGrathNicol,
Level 17, 37 St Georges Terrace, in Perth, on Sept. 30, 2016, at
11:00 a.m.

Rob Kirman and Matthew Caddy of McGrathNicol were appointed as
administrators of Enerji Holdings Pty Ltd on Sept. 19, 2016.


EXPRESS SOLAR: First Creditors' Meeting Set for Sept. 30
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Express
Solar Pty Ltd, Express Power Australia, will be held at the
offices of Smith Hancock Chartered Accountants, Level 4 88
Phillip Street, in Parramatta, on Sept. 30, 2016, at 11:00 a.m.

Peter Hillig and Martin Gregory Walsh of Smith Hancock were
appointed as administrators of Express Solar on Sept. 20, 2016.


LM INVESTMENT: ASIC Discontinues Case Against Two Ex-Directors
--------------------------------------------------------------
Australian Securities and Investment Commission has discontinued
its proceedings against Simon Tickner and Lisa Darcy, former
directors of LM Investment Management Ltd (LMIM).

In 2014, ASIC commenced civil penalty proceedings in the Federal
Court of Australia seeking financial penalties and banning orders
following the collapse of the Gold Coast-based fund manager
against founder Peter Charles Drake and former directors Francene
Maree Mulder, Eghard van der Hoven, Simon Jeremy Tickner and Lisa
Maree Darcy.

The claims against Mr. Tickner and Ms. Darcy focused on their
conduct as directors in signing off a loan to Maddison Estate Pty
Ltd, which Mr. Drake owned and controlled, in 2011. Proceedings
against the other directors focused on both the 2011 transaction
and another transaction that occurred in 2012.

The trial commenced on Aug. 29, 2016. On Sept. 12, 2016, after
the close of its case, ASIC discontinued its claim against all
directors in relation to the 2011 transaction.

The proceeding related to the 2012 transaction continues against
Mr. Drake, Ms. Mulder and Mr. van der Hoven and has been
adjourned until Sept. 23, 2016, for closing submissions.

                      About LM Investment

New Zealand Herald reported that voluntary administrators have
been appointed to LM Investment Management, a beleaguered
Australian firm that controlled a frozen mortage fund which
New Zealanders had more than NZ$100 million tied up in.  LM
directors on March 19, 2013, appointed John Park and Ginette
Muller of FTI Consulting as voluntary administrators, blaming the
move on liquidity problems caused by a smear campaign.

LM is the responsible entity of these registered managed
investment schemes:

-- LM Cash Performance Fund;
-- LM First Mortgage Income Fund;
-- LM Currency Protected Australian Income Fund;
-- LM Institutional Currency Protected Australian Income Fund;
-- LM Australian Income;
-- LM Australian Structured Products Fund; and
-- The Australian Retirement Living Fund.

LM also operates the unregistered LM Managed Performance Fund.

The Supreme Court of Queensland in April appointed KordaMentha
and its affiliate firm Calibre Capital as joint trustees of the
AUD350 million Gold Coast-based LM Managed Performance Fund
(LMPF).

Ms. Muller and Mr. Park were appointed liquidator of LM
Investment Management Limited on August 1.


QUANTUM LOOP: First Creditors' Meeting Set for Sept. 30
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Quantum
Loop Productions Pty Ltd, Hotel Chambers, will be held at
Worrells Solvency & Forensic Accountants, Suite 1, Level 15, 9
Castlereagh Street, in Sydney, on Sept. 30, 2016, at 12:00 p.m.

Graeme Beattie & Aaron Lucan of Worrells Solvency were appointed
as administrators of Quantum Loop on Sept. 20, 2016.



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


BIOSTAR PHARMA: Legal Proceedings Cast Going Concern Doubt
----------------------------------------------------------
Biostar Pharmaceuticals, Inc., filed its quarterly report on Form
10-Q, disclosing a net loss of $6.90 million on $620,138 of net
sales for the three months ended June 30, 2016, compared with a
net loss of $492,427 on $14.18 million of net sales for the same
period in the prior year.

For the six months ended June 30, 2016, the Company listed a net
loss of $7.52 million on $1.42 million of total sales, compared
to a net loss of $652,531 on $21.08 million of total sales for
the same period in 2015.

The Company's balance sheet at June 30, 2016, showed $42.06
million in total assets, $6.29 million in total liabilities, all
current, and a stockholders' equity of $35.76 million.

As of June 30, 2016, the Company had cash of $207,110 and net
working capital of $2,060,971.  For the period ended June 30,
2016, the Company reported a net loss of $7,522,789 and net cash
provided by operating activities of $353,633.  The Company
generated cash flow from operations even though the Company
incurred a net loss as (1) it collected outstanding receivables
from its trade debtors; and (2) its net loss includes certain
non-cash expenses that are added back to its cash flow from
operations as shown on the Company's condensed consolidated
statements of cash flows.

The Company had experienced a substantial decrease in sales
volume of all Aoxing Pharmaceutical Products due to the
temporarily suspension of production to conduct maintenance of
its production lines to renew its GMP certificates from 2015.
While its production levels of Shaanxi Weinan products, being
sold to a single customer, helped to offset the substantial
decrease in the Company's sales volume in the most recent fiscal
quarter, the Company's sales volume continued to remain at the
present decreased levels.  There is no assurance that the
production lines at Aoxing will resume and the renewal of GMP
certificates will occur when anticipated, or even if they are
renewed, the Company will be able to return to the production
levels as anticipated.  The Company's inability to regain its
production levels as anticipated may have material adverse
effects on its business, operations and financial performance,
and the Company may become insolvent.  In addition, the Company
already violated its financial covenants included in its short-
term bank loans.

During 2015, as a result of outstanding personal debts of the
Chief Executive Officer, Mr. Ronghua Wang, one of the Company's
bank accounts was frozen, title of three residential properties
of the Company had been transferred, and certain buildings and
land use rights are currently seized by the court but have not
been transferred to the lender.  As of June 30, 2016, Mr. Ronghua
Wang had partially repaid the outstanding balance of the loan,
thus avoiding the Company's land use rights and buildings being
auctioned with proceeds used to settle this debt.  Mr. Ronghua
Wang intends to repay the Company in full for the loss.  The
Company has disclosed the above legal proceedings related to the
Company to the best of its knowledge.  There is no assurance that
Mr. Ronghua Wang will be able to repay his personal debts in full
before his creditors take any other further legal action.  There
is also no assurance that there will be no other cases that would
put the Company's properties at risk.

The factors discussed above raise substantial doubt as to the
Company's ability to continue as a going concern.  Based on its
current plans for the next twelve months, the Company anticipates
that the sales of the Company's pharmaceutical products in
Shaanxi Weinan after having recently gained renewal of its GMP
certificates, will be the primary organic source of funds for
future operating activities in 2016.  The Company will also make
substantial efforts to collect outstanding accounts and other
receivables to meet its debt obligations; it may also try to
procure bank borrowing, if available, as well as capital raises
through public or private offerings.  There is no assurance that
the Company will find such funding on acceptable terms, if at
all.

A copy of the Form 10-Q is available at:

                       http://bit.ly/2cCOPh3

                About Biostar Pharmaceuticals, Inc.

Through its wholly owned subsidiary and controlled affiliate in
China, Biostar Pharmaceuticals, Inc. --
http://www.biostarpharmaceuticals.com-- develops, manufactures
and markets pharmaceutical and health supplement products for a
variety of diseases and conditions.

CHINA COMMERCIAL: Recurring Losses Raises Going Concern Doubt
-------------------------------------------------------------
China Commercial Credit, Inc., filed its quarterly report on Form
10-Q, disclosing a net loss of $157,911 on $250,008 of total
interest and fees income for the three months ended June 30,
2016, compared with a net loss of $850,875 on $910,393 of total
interest and fees income for the same period in the prior year.

For the six months ended June 30, 2016, the Company listed a net
income of $1.36 million on $484,809 of total interest and fees
income, compared to a net loss of $789,573 on $2.20 million of
total interest and fees income for the same period in 2015.

The Company's balance sheet at June 30, 2016, showed $21.57
million in total assets, $19.28 million in total liabilities, and
a stockholders' equity of $2.30 million.

The Company has suffered an accumulated deficit of US$68,836,191
as of June 30, 2016.  In addition, the Company had working
capital (total consolidated current assets exceeding total
consolidated current liabilities) of US$2,336,103, as of June 30,
2016.  As of June 30, 2016, the Company had cash and cash
equivalents of US$1,369,621, and total short-term borrowings of
US$ nil.

These and other factors disclosed in this quarterly report raise
substantial doubt as to the Company's ability to continue as a
going concern.  Management believes that it has developed a
liquidity plan that, if executed successfully, will provide
sufficient liquidity to meet the Company obligations for a
reasonable period of time.

A copy of the Form 10-Q is available at:

                       http://bit.ly/2cCz5Yl

                 About China Commercial Credit, Inc.

China Commercial Credit, Inc., is engaged in offering financial
services in China.  The Company's operations consist of providing
direct loans, loan guarantees and financial leasing services to
small-to-medium sized businesses (SMEs), farmers and individuals
in the city of Wujiang, Jiangsu Province.


COUNTRY GARDEN: Moody's Rates Proposed USD Sr. Unsec. Notes Ba1
---------------------------------------------------------------
Moody's Investors Service has assigned a Ba1 rating to Country
Garden Holdings Company Limited's proposed USD senior unsecured
notes.  The outlook on the company's Ba1 corporate family rating
remains stable.

The company plans to use the bond proceeds to refinance existing
indebtedness and for general working capital purposes.

                        RATINGS RATIONALE

"Country Garden's Ba1 ratings reflect its large scale and good
geographic coverage, as well as its established track record in
suburban property development in China," says Franco Leung, a
Moody's Vice President and Senior Credit Officer.

Its business model aims at developing attractively priced housing
with value-added services in integrated townships to meet the
needs of China's (Aa3 negative) growing middle class.  This
market segment benefits from a positive long-term growth outlook,
thereby supporting Country Garden's business growth.

On the other hand, the ratings are constrained by the challenges
that Country Garden faces in lower-tier cities, where inventory
levels are generally high.  The ratings are also constrained by
profit margin pressure in its mass-market portfolio, as well as
weakened credit metrics, due in part to its fast business
expansion.

"The proposed notes will further improve Country Garden's solid
liquidity profile, as we expect the majority of the proceeds will
be used to refinance the company's existing debt," says Leung.

Moody's says the proposed notes demonstrate Country Garden's
proactive management of its debt maturity profile by controlling
the level of short-term debt.

The company reduced its short-term borrowings to RMB17.8 billion
at end-June 2016 from RMB22.8 billion at end-2015.  As a result,
its cash to short-term debt strengthened to about 278% from about
210%.

Moody's expects that Country Garden will maintain a robust
liquidity profile, supported by its strong contracted sales
growth.

Country Garden's contracted sales grew by 151% year-on-year to
around RMB179 billion in the first eight months of 2016.  The
company is therefore on track to achieve its full-year target of
RMB220 billion.

The stable ratings outlook reflects Moody's expectation that
Country Garden will maintain its strong sales execution, and
improve its current gross profit margins and debt leverage by
continuing to achieve growth in revenue and controlling the
growth in debt.

Upward rating pressure could emerge if Country Garden: (1)
maintains a strong liquidity profile, such that cash to short-
term debt exceeds 1.5x-2.0x; and (2) maintains strong credit
metrics, such that EBIT coverage of interest stays consistently
in excess of 5x and revenue/debt exceeds 120%-130%.

On the other hand, downward ratings pressure could arise if
Country Garden's: (1) sales and liquidity position weaken, such
that cash to short-term debt falls below 1.25x; (2) its gross
profit margins weaken below 20%; or (3) debt leverage
deteriorates, as evidenced by revenue/debt below 110% or EBIT
coverage of interest below 3.5x on a sustained basis.

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

Country Garden Holdings Company Limited - founded in 1997 and
listed on the Hong Kong Stock Exchange - is a leading Chinese
integrated property developer.  At end-June 2016, its land bank
totaled a sizeable 140.1 million square meters (sqm) in
attributable gross floor area (GFA).

The company owned and operated 59 hotels with a total of 13,819
rooms at June 30, 2016.  The hotels are located mainly in
Guangdong Province and complement its township development
projects.


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


AAR ROYAL: CRISIL Suspends 'D' Rating on INR60MM Term Loan
----------------------------------------------------------
CRISIL has suspended its ratings on the bank facility of AAR
Royal Residency Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan               60        CRISIL D

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

AAR is operating a hotel in Palayamkottai, Tirunelveli District
of Tamil Nadu. AAR was initially set up as RVC Promoters Pvt Ltd
in Sep 2008 and later re-named as AAR in June 2011. The
operations are managed by its directors - Sri S Ayya Durai
Pandian, Mrs. Alli Rani and Sri M Thayal Ashok.


AARON HELMETS: ICRA Suspends B- Rating on INR6.43cr Loan
--------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B- assigned to
the INR6.43 crore fund based limits of Aaron Helmets Private
Limited. The suspension follows ICRA's inability to carry out
rating surveillance in the absence of requisite information from
the company.


AASHAPURA AGRO: CRISIL Assigns B+ Rating to INR68.1MM Term Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Aashapura Agro Industries.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan               68.1      CRISIL B+/Stable

   Proposed Long Term
   Bank Loan Facility       2.9      CRISIL B+/Stable

   Bank Guarantee           5.0      CRISIL A4

   Cash Credit             60.0      CRISIL B+/Stable

The ratings reflect expectation of a modest scale of operations
in the fragmented rice industry, and susceptibility to volatility
in raw material prices and to regulatory changes. The ratings
also factor in a below-average financial risk profile because of
a small networth and leveraged capital structure. These rating
weaknesses are partially offset by the extensive industry
experience of the partners in the agro-commodity industry and
their fund support.
Outlook: Stable

CRISIL believes AAI will continue to benefit over the medium term
fromthe extensive industry experience of its promoters. The
outlook may be revised to 'Positive' in case of improvement in
the financial risk profile driven most likely by higher-than-
anticipated cash accrual or better-than-expected working
capitalmanagement. The outlook may be revised to 'Negative' in
case of lower-than-expected cash accrual, a stretched working
capital cycle, or any unanticipated debt-funded capital
expenditure, leading to deterioration in the financial risk
profile, particularly liquidity.

AAI was established in May 2014 by Mr. Sandip Chandak and his
family members as a partnership firm; commercial operations
commenced in December 2015. The firm processes parboiled rice at
its facility at Dantali in Kheda district, Gujarat.


AIRWAVE INTERNATIONAL: ICRA Suspends 'D' Rating on INR10cr Loan
---------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]D and the short
term rating of [ICRA]D assigned to the INR10.00 crore bank
facilities of Airwave International Private Limited. The
suspension follows ICRA's inability to carry out rating
surveillance in the absence of 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.


ANAM POLYMER: ICRA Suspends 'D' Rating on INR10cr LT Loan
---------------------------------------------------------
ICRA has suspended [ICRA]D rating assigned to the INR10.00 crore
Long Term fund based facilities Anam Polymer Private Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

Anam Polymer Private Limited was incorporated in February 2013
and is in the process of setting up a Greenfield project at
Shahapur (Maharashtra). The manufacturing facility is aimed at
the production of plastic household products such as plastic
boxes and plastic water bags using injection moulding technique.


ANONDITA HEALTHCARE: ICRA Suspends B+ Rating on INR8.5cr Loan
-------------------------------------------------------------
ICRA has suspended long term Rating of [ICRA]B+ assigned to the
INR8.50 Crore bank lines and short term rating of [ICRA]A4
assigned to the INR1.50 crore bank facilities Anondita
Healthcare. The suspension follows ICRA's inability to carry out
a rating surveillance in the absence of the requisite information
from the company.

Anondita Healthcare is a constituent company of the Anondita
Group. It was set up in 2001 as Healthcare and has emerged as
Anondita Healthcare in the year 2013. The firm in into
manufacturing of surgical gloves and has an installed capacity of
nearly 60 Million capacity/annum. The manufacturing facility of
surgical gloves was established in the year 2007. Prior to that
the group was only into manufacturing of condoms.


AVADH BUILDCON: ICRA Reaffirms B+ Rating on INR50cr Term Loan
-------------------------------------------------------------
ICRA has reaffirmed the long-term rating at [ICRA]B+ for the
INR50.00 crore fund-based facility of Avadh Buildcon.

                            Amount
   Facilities             (INR crore)      Ratings
   ----------             -----------      -------
   Long-term Fund-based-
   Term Loan                  50.00       [ICRA]B+ reaffirmed

The rating continues to remain constrained by project execution
risks as ~30% of the project work is yet to be completed.
Further, the sales velocity of the project has remained low, with
only 20% of the area being sold, despite 70% of the construction
work being completed. The sales risk is further accentuated by
competition from other ongoing and upcoming projects in the
vicinity, along with the ongoing slowdown in the real estate
market. ICRA also notes that the sales volumes of the project are
susceptible to the cyclicality in the Surat real estate market.
Additionally, the entity being a partnership firm, any
significant withdrawal of capital can impact the capital
structure and liquidity profile of the firm.

The assigned rating, however, favorably considers the long
experience of the promoters of Avadh Buildcon (AB) in real estate
development, the convenient location of the project Avadh
Carolina. Moreover, since all the requisite approvals are in
place, the project exposure to regulatory/approval risks is low.
While a significant portion of the total planned funds has been
brought in, the timely inflow of unsecured loans and the
partner's capital will remain critical for timely completion of
the project. With 80% of the unsold inventory of units, the pace
of future bookings and timely receipt of customer advances
remains critical, given the current low level of customer
advances (30% of the booked value) received on its bookings. The
firm's ability to complete the project as schedule and improve
the booking of unsold units will be critical for servicing its
debt obligation, commencing from November 2017.

Avadh Buildcon (AB) was established in March 2013 as a
partnership firm to develop residential projects in Surat,
Gujarat. 'Avadh Carolina is the first real estate project of the
firm, comprising 20 towers with 461 units of 3BHK apartments. The
construction commenced from May 2014 and the completion is
scheduled for September 2017. The firm also has other group
concerns involved in real estate development in Surat.


B P AGRO: CRISIL Suspends 'B' Rating on INR250MM Cash Loan
----------------------------------------------------------
CRISIL has suspended its rating on the bank facility of B P Agro
Industries (BPA).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             250       CRISIL B/Stable


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

BPA is a partnership firm set up in 2001 by the Ohri and Davesar
families. The firm mills and processes basmati rice at its mill
in Tarn Taran District of Punjab.


BASANT CITY: ICRA Reaffirms B+ Rating on INR10CR Term Loan
----------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ assigned to
the INR10 crore term loan facilities of Basant City Centre Mall
Private Limited.

                            Amount
   Facilities            (INR crore)      Ratings
   ----------            -----------      -------
   Long Term-Fund Based
   Term Loan                 10.0         [ICRA]B+ reaffirmed

The rating reaffirmation continues to remain constrained by
BCMPL's exposure to significant marketing risk as the company is
yet to start sales for the project. The rating is also
constrained by the large size of the ongoing project relative to
past real estate projects undertaken by the group and the
vulnerability to execution risks, given the intermediate stages
of construction. BCCMCPL is also susceptible to significant
property concentration risks, with cash inflow over the medium
term being solely dependent on this single property. ICRA also
notes that financial closure for the project has been achieved;
however a substantial portion of the pending construction cost is
to be met through equity contribution which aggravates the
funding risk.

The rating, however, favorably takes into account the progress in
the construction of BCCMPL's upcoming residential cum commercial
project, 'Basant Hiralkh', with around 52% of the project cost
having been incurred till date. The rating also takes into
account the strategic location of BCCMPL's ongoing real estate
development, with limited incremental supply of residential and
commercial space in the vicinity, which enhances the market
position of the project. The rating continues to take support
from the past track record of the promoters in the development of
software parks, hotels and hospitals and the established brand
name of the Basant Group in North Karnataka.

Going forward, BCCMPL's ability to successfully execute the
ongoing project within the budgeted costs and time, and to
achieve the desired sales momentum with timely collections, would
be the critical determinants of its credit risk profile.

Basant City Centre Mall Private Limited is a private limited
company promoted by Mr. Basantkumar Patil and his associates to
carry on the business of construction and development of
residential and commercial properties. The company was
incorporated in 2006 with its registered office at Bangalore. The
firm is being managed by Mr. Patil who has developed several
other projects including software parks, and a hospital in
Bangalore. He also runs three hotels in Bangalore and Hubli and a
charitable trust in Bijapur. He has also served as the president
of Karnatka Film Producers Association for the period 2001-05.
The company is currently developing a residential cum commercial
project, "Basant Hiralkh" at Court Circle, Traveller's Bunglow
Road, Hubli. The project has residential and commercial
structures consisting of two towers of eight floors each. The
project is being executed in JDA mode whereby the company has
100% share in residential area and 43% share in commercial area.
The total project cost is INR135 crore which is to be funded
through bank loans to the tune of INR65 crore, INR50 crore
through promoter contribution and balance INR20 crore through
customer advances.

Result Results
This is the first project being executed by the company and it
has not booked any revenues till date.


CHOUDHARY GUMS: ICRA Assigns 'B' Rating to INR14.50cr Loan
----------------------------------------------------------
ICRA has assigned its long-term rating of [ICRA] B on the
INR14.50-crore long-term fund-based bank facilities of Choudhary
Gums & Derivatives.

                            Amount
   Facilities             (INR crore)    Ratings
   ----------             -----------    -------
   Cash Credit Facilities     14.50      [ICRA]B; assigned

The assigned rating is constrained by the moderate scale of
operations and limited track record of the firm. The rating
further factors in the vulnerability of the firm's profitability
to adverse fluctuations in raw material prices due to seasonality
and crop harvest as well as exposure to agro-climatic risks which
may impact guar seed production. It also takes into consideration
the highly competitive and fragmented nature of the guar-gum
industry which, in turn, exerts pressure on the profitability
margins. ICRA's rating also takes note of the elongated working
capital cycle of the firm due to high debtor days resulting in
full utilisation of working capital limits, along with a highly
leveraged capital structure and high geographical concentration
of the firm with entire sales concentrated in the state of
Rajasthan.
Nevertheless, the rating draws comfort from an experienced
management by virtue of their association with other agro-based
business and easy access to raw material with the plant being
located in Rajasthan, which has healthy guar trade, owing to its
proximity to the guar cultivation centres.

Going forward, the firm's ability to scale up its operations in a
profitable manner while efficiently managing its working capital
requirements will be the key rating sensitivities.

Incorporated in 2013, Choudhary Gums & Derivatives is a
partnership firm involved in the processing of guar seeds to
obtain guar gum refined splits and by-products such as churi and
korma. The firm operates from its facility at Saudulsahar in
Rajasthan, with an installed guar gum seeds processing capacity
of 75000 metric tonnes per annum (MTPA). It is primarily a
family-run concern with Mr. Om Prakash and Mr. Amandeep being the
partners. The firm sells its products in the domestic market with
its sales fully concentrated in Rajasthan.

Recent Results
During FY2016, CGD, on a provisional basis, reported an operating
income (OI) of INR76.78 crore and a profit after tax of INR0.14
crore as against an OI of INR103.26 crore and a profit after tax
of INR0.35 crore for FY2015.


DEEPAK SINGAL: ICRA Suspends 'B' Rating on INR8cr Bank Loan
-----------------------------------------------------------
ICRA has suspended long term Rating of [ICRA]B assigned to the
INR8.00 Crore bank lines and short term rating of [ICRA]A4
assigned to the INR8.0 crore bank facilities of Deepak Singal
Engineers and Builders Private Limited. The suspension follows
ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.

DSEBPL is a civil work contractor and primarily works in Punjab
state. The company is construction for the last 20 years and has
undertaken and completed many construction projects in Punjab.
The company is being run by Mr. Deepak Kumar Singal who has
extensive experience in construction line. It is a closely held
company by the Singal family and Mr. Deepak Singal holds majority
shares in it.

DSEBL is on the approved list of contractors with Punjab
Government, Department of PSEB, PIDBD, PWD (B&R) Punjab, Punjab
Housefed, Punjab Mandi Board, Municipal Corporation, Ludhiana and
local Bodies Punjab.


DELHI INTERNATIONAL: Moody's Assigns Ba2 Rating to Sr. Bonds
------------------------------------------------------------
Moody's Investors Service has assigned a Ba2 rating to the senior
secured Masala bonds and senior secured USD bonds of Delhi
International Airport Private Limited (DIAL).  The corporate
family rating and the rating of its existing USD288.75 bil.
senior secured bond remain unchanged at Ba2.

The outlook on the rating is stable.

DIAL will apply the proceeds of the Masala and USD bond issuance
to fully refinance an existing local currency bank term loan
facility of around INR 30 billion and USD External Commercial
Borrowing Facility of around USD 84 million respectively.

The bonds will represent a senior secured obligation and will
rank equally with all of DIAL's existing and future senior
indebtedness and senior to any subordinated indebtedness.

This issuance of INR denominated Masala bonds will assist DIAL to
raise funds without incurring currency risk and diversify its
debt funding base beyond local bond markets, bank loans and US
dollar denominated bonds.

                         RATINGS RATIONALE

DIAL's Ba2 ratings reflect its strong market position as the
international gateway to India's landlocked capital, a region of
around 17 million people, and has resulted in DIAL's robust
passenger traffic growth.

The ratings also consider DIAL's expansion programme (Project 3A)
over the next 3-5 years.  While Moody's understands that DIAL has
yet to engage the design consultants for this expansion project,
Project 3A is likely to require capex in the range of Rs40-70
billion over next 3-5 years, depending on the project final size
and composition.  While the expansion project is indicative of
passenger growth being experienced by DIAL, the planned expansion
will challenge its financial metrics during that period.

"DIAL's Masala bond issuance broadens its funding diversity and
financing channels in offshore markets", says Abhishek Tyagi, a
Moody's Vice President and Senior Analyst.

Given that the ranking of the Masala and USD bonds are pari passu
to all of DIAL's existing and future senior debt and senior to
its subordinated debt, the rating of these bonds follow that of
its existing USD288.75 bil. senior secured bond issued in 2015.

The stable outlook reflects DIAL's adequate liquidity, and
Moody's view that the company's financial profile over the next
12-18 months is manageable at the Ba2 rating level.

Upward rating movement in the near term is unlikely, given the
planned expansion program and the uncertainty associated with the
regulatory process.  Over time, ratings can be upgraded if DIAL
demonstrates an ability to maintain robust financial metrics,
including funds from operations /gross adjusted debt above 10%
and debt service coverage ratio exceeding 1.5x on a consistent
basis.

On the other hand, the ratings could be downgraded if there is a
deterioration in financial leverage which could be due to higher
expansion program, or missteps in implementing the planned
project 3A, or a reduction in aeronautical and/or non-
aeronautical revenues relative to our base case expectation.
Financial metric s that could indicate a weakness in leverage
include FFO/Debt declining below 3%-4% on a consistent basis.

The methodologies used in these ratings were Privately Managed
Airports and Related Issuers published in December 2014, and
Government-Related Issuers published in October 2014.

Delhi International Airport Private Limited (DIAL) is the
concessionaire for Indira Gandhi International Airport, which is
located in the political capital of India under an Operations,
Management and Development Agreement (OMDA), entered in 2006 with
the Airports Authority of India (AAI), a government agency.  The
concession is for a 30-year period, and DIAL has an option to
extend it for another 30 years, subject to meeting defined
performance criteria.


ENPOWER SOLUTIONS: CRISIL Suspends B- Rating on INR20MM Cash Loan
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Enpower Solutions Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             20        CRISIL B-/Stable
   Letter of Credit        40        CRISIL A4
   Term Loan               10        CRISIL B-/Stable

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

EPSPL was incorporated in 2010, and is promoted by Mr. Madhu K
Nair and his son, Mr. Sandeep M Nair. The company trades in steel
plates, channels, beams, angles, and thermo-mechanically treated
bars, in Nagpur (Maharashtra).


ETA STAR: CRISIL Suspends B+ Rating on INR350MM Cash Loan
---------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of ETA
Star Techcity Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             350       CRISIL B+/Stable

   Proposed Long Term
   Bank Loan Facility      350       CRISIL B+/Stable

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

ETA, incorporated in 2007 and based in Chennai, is a special-
purpose vehicle of ETA Star Property Developers Pvt Ltd (ESPD).
ETA has been set up to construct an integrated township project,
Globevill, at Sriperumbudur (Tamil Nadu).


GANGAKHED SUGAR: Ind-Ra Cuts LT Issuer Rating to 'IND D'
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Gangakhed
Sugar and Energy Ltd's (GSEL) Long-Term Issuer Rating to 'IND D'
from 'IND BBB-'. The Outlook was Stable.

KEY RATING DRIVERS

The downgrade reflects GSEL's ongoing delays of 30-45 days in
debt servicing, because of a tight liquidity position. According
to Ind-Ra's discussion with the company's bankers, the company
has been delaying repayments since May 2016. Liquidity issues are
a result of the company's sugarcane crushing output of 700,451
metric tonnes per annum (mtpa) for the sugar season 2016 being
lower than the management's expectation of 1,000,000mtpa, due to
lack of water supply. The company has approached bankers to
restructure its loans as the cane crushing for the sugar season
2017 is likely to be lower than before due to lower sugarcane
production in the area. The company is servicing its debt
obligations from the revenue realised from the sale of power
during the crushing season and sale of sugar stock.

According to the FY16 provisional statement, revenue declined 11%
yoy to INR7,450 million as against Ind-Ra's expectation of INR9
billion due to lower crushing and trading activities. EBITDA also
declined to INR302 million (margins 4.1%) in FY16 from INR763
million (9.1%) in FY15. The total debt increased to INR6.8
billion in FY16 from INR4.2 billion in FY15. The credit metrics,
therefore, deteriorated in FY16 with net leverage (net
debt/EBITDA) increasing to 19.8x (FY15: 4.7x) and EBITDA interest
coverage (EBITDA/interest) declining to 0.5x (1.7x).

The increase in debt was due to the company accounting a
liability of INR2.8bn, pertaining to the loans facilitated for
the cultivation, harvesting, and transportation of sugarcane from
certain commercial banks for its registered sugarcane farmers
under a tripartite agreement. For FY15, the company had
classified this as security deposits amounting to INR1.4 billion.

The average recovery for the sugar season 2016 was 10.6%. The
sugar inventory held by the company in mid-August was 352,554
quintals.

RATING SENSITIVITIES

Positive:  Timely debt servicing for at least three consecutive
months could lead to a positive rating action.

COMPANY PROFILE

GSEL, incorporated in 2007, is an integrated cane processing
plant located in the cane surplus district of Parbhani,
Maharashtra. In addition to a 6,000 tonnes crushed per day sugar
mill, it has a 60,000 litres per day distillery plant and a 30MW
co-generation power plant.

GSEL's ratings are as follows:

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

   -- INR2,446.6 million long-term loans: downgraded to Long-term
      'IND D' from 'IND BBB-'/Stable

   -- INR1,500 million cash credit limits: downgraded to Long-
      term 'IND D' from 'IND BBB-'/Stable

   -- INR1,170 million non-fund-based limits: downgraded to
      Short-term 'IND D' from 'IND A3'


GOKUL GINNING: CRISIL Reaffirms B+ Rating on INR60MM Cash Loan
--------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Gokul Ginning
and Oil Industries continues to reflect the firm's modest scale
of operations in the competitive cotton industry, vulnerability
of its profitability to volatility in raw material prices, and
its below-average financial risk profile because of a weak
capital structure. These weaknesses are partially offset by its
promoters' extensive experience in the cotton industry.

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

Outlook: Stable

CRISIL believes GGOI will maintain its business risk profile
backed by its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the firm significantly
scales up operations and improves its working capital cycle. The
outlook may be revised to 'Negative' in case of a significant
decline in cash accrual, or large, debt-funded expansion, or
deterioration in working capital management, weakening the firm's
liquidity.

GGOI is an Amreli, Gujarat-based partnership firm established in
2008. It manufactures cotton bales and kapasia, cotton oil, and
deoiled cakes. Mr. Aminali K Gangani, Mr. Siraj P Keshwani, and
Mr. Sahejad B Gangani are key partners in the firm.

For fiscal 2016, GGOI's profit after tax (PAT) was INR1.05
million on operating income of INR7.01 million, against a PAT of
INR1.04 million on operating income of INR7.77 million in fiscal
2015.


HOTEL AIRPORT: ICRA Withdraws 'D' Rating on INR15cr Term Loan
-------------------------------------------------------------
ICRA has withdrawn the [ICRA]D rating outstanding on the INR15.00
crore term loan facility of Hotel Airport Kohinoor Private
Limited, as the company has fully repaid the instrument on
maturity.

There is no amount outstanding against the rated instrument.


KARAN RICE: ICRA Suspends 'D' Rating on INR15cr Loan
----------------------------------------------------
ICRA has suspended [ICRA]D ratings assigned to the INR15 Crores
fund based facilities of Karan Rice Exports Private Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the cooperation from the company


KISSAN RICE: ICRA Suspends B+ Rating on INR17.77cr Loan
-------------------------------------------------------
ICRA has suspended [ICRA]B+ ratings assigned to the INR17.77
Crores fund based facilities of Kissan Rice Mill. The suspension
follows ICRA's inability to carry out a rating surveillance in
the absence of the cooperation from the company.


KOHINOOR CTNL: ICRA Suspends 'D' Rating on INR1231cr Term Loan
--------------------------------------------------------------
ICRA has suspended the long-term rating of [ICRA]D assigned to
the INR1231.00 crore term loan facility of Kohinoor CTNL
Infrastructure Company 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.


KOHINOOR PLANET: ICRA Suspends 'D' Rating on INR350cr Term Loan
---------------------------------------------------------------
ICRA has suspended the long-term and short term rating of [ICRA]D
assigned to the INR350.00 crore term loan facility and INR1.00
crore non-fund based limit of Kohinoor Planet Construction
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.


KOHINOOR TECHNOLOGIES: ICRA Withdraws B- Rating on INR35cr Loan
---------------------------------------------------------------
ICRA has withdrawn the [ICRA]B- rating outstanding on the
INR35.00 crore term loan facility of Kohinoor Technologies
Private Limited, as the company has fully repaid the instrument
on maturity. There is no amount outstanding against the rated
instrument.


KRISHNA TUFF: ICRA Reaffirms 'B' Rating on INR4.32cr Term Loan
--------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B to the
INR4.32 crore term loan facility, INR1.50 crore cash credit
facility and INR1.18 crore unallocated limits of Krishna Tuff
Private Limited.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Term Loan               4.32       [ICRA]B reaffirmed
   Cash Credit             1.50       [ICRA]B reaffirmed
   Unallocated Limits      1.18       [ICRA]B reaffirmed

The rating re-affirmation takes in to account KTPL's relatively
lower scale of operations and subdued capacity utilization
levels, which resulted in weak financial risk profile,
characterized by low profitability, adverse capital structure and
inadequate debt protection metrics during FY2016. ICRA also notes
the exposure of the company's profitability to adverse changes in
raw material prices and high levels of inventory requirements
resulting in high working capital intensity. The stress on KTPL's
liquidity position, given the lower cash accruals against the
debt servicing obligations and almost full utilization of working
capital bank limits are other concerns. The rating is also
constrained by the high competitive intensity in the glass
processing business; and vulnerability of KTPL's operations to
cyclicality in the real estate industry.

The rating, however, favorably considers the longstanding
experience of KTPL's promoters and their engagement with similar
businesses. The favorable long-term demand outlook for the
processed glass industry due to its increasing use in real estate
development, resulting from rising urbanisation in the country,
is another rating comfort.

Incorporated in June 2012, Krishna Tuff Private Limited (KTPL) is
engaged in manufacturing toughened glass and insulated glass
(double glazed glass) of thickness ranging from 4-12 mm, which is
supplied to fabricators and builders in Gujarat. The unit is
located at Chatral in Gujarat, with an installed manufacturing
capacity of ~2,00,000 sq. m. of toughened glass per annum. KTPL
commenced its commercial operations from October 2014. It is
promoted by Mr. Hasmukh Patel, Mr. Ajendra Patel and family. The
promoters have more than a decade of experience in the industry
through an associate concern, Ghanshyam Glass Corporation, which
is engaged in the trading of glasses.

Recent Results
During FY2015 (6 months of operations), KTPL reported an
operating income of INR2.01 crore and profit after tax of INR0.01
crore. As per provisional financials, the company reported an
operating income of INR7.02 crore and profit after tax of INR0.04
crore during FY2016.


KUMARAN GIN: CRISIL Assigns 'B' Rating to INR125MM Cash Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Kumaran Gin and Pressing Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             125       CRISIL B/Stable

The rating reflects KGPPL's modest scale of operations in an
intensely competitive industry, susceptibility to volatile
material prices, large working capital requirement, and below-
average financial risk profile, with low networth and weak debt
protection metrics. These weaknesses are partially offset by the
promoter's extensive experience in the cotton industry.
Outlook: Stable

CRISIL believes KGPPL will continue to benefit from the extensive
experience of its promoters. The outlook may be revised to
'Positive' if significant and sustained increase in revenue and
profitability lead to higher cash accrual and stronger financial
risk profile. Conversely, the outlook may be revised to
'Negative' if low accrual, or stretch in working capital cycle
weakens the financial metrics.

KGPPL, incorporated in 2005, and promoted by Mr. P Padmanabhan,
manufactures melange yarn, primarily in counts of 20s-40s, at its
manufacturing unit in Tirupur (Tamil Nadu).


MALWA AUTOMOBILES: ICRA Suspends B+ Rating on INR18.60cr Loan
-------------------------------------------------------------
ICRA has suspended its long-term rating of [ICRA]B+ assigned to
the INR18.60 crores bank facilities of Malwa Automobiles Private
Limited. The suspension follows continued non-cooperation from
the company and is in line with ICRA's policy on withdrawal and
suspension.


MEHTA BISHAN: CRISIL Assigns B+ Rating to INR60MM Cash Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Mehta Bishan Dass and Associates (MBDA).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan               15        CRISIL B+/Stable
   Bank Guarantee           5        CRISIL A4
   Cash Credit             60        CRISIL B+/Stable

The ratings reflect the average financial risk profile, because
of high gearing and average debt protection metrics. The ratings
also factor in the small scale of, and working capital-intensive
nature of, operations, amidst intense competition. These
weaknesses are partially offset by extensive experience of
partners in FMCG and katha manufacturing industry, and their
funding support.
Outlook: Stable

CRISIL believes that MBDA will continue to benefit from extensive
industry experience of partners. The outlook may be revised to
'Positive' if substantial growth in revenue, stable operating
profit margin and better working capital management, strengthen
the financial risk profile. The outlook may be revised to
'Negative' if decline in revenue or profitability or any large,
debt-funded capex, weakens the financial risk profile.

MBDA is a partnership firm, formed by Mr. Raj Kumar Mehta, Mr.
Kiran Kumar Mehta, Mr. Sanjeev Mehta, Mr. Suresh Chaddha and Ms
Darshna Chaddha in 1993. The firm manufactures processed food and
vegetables at Unit-I (Shivambu International) in Himachal Pradesh
& katha at Unit-II (Saam Udyog) in Uttarakhand. Products
manufactured at Shivambu International are sold under the brand
'BDM'.


MOHANA COTTON: CRISIL Lowers Rating on INR150MM Cash Loan to D
---------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Mohana Cotton Ginning Private Limited to 'CRISIL D' from
'CRISIL B/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             150       CRISIL D (Downgraded from
                                     'CRISIL B/Stable')

   Term Loan                65       CRISIL D (Downgraded from
                                     'CRISIL B/Stable')

The downgrade reflects instances of delay by MCG in servicing its
debt because of weakened liquidity.

The rating continues to reflect MCG's below-average financial
risk profile driven by small net worth, high gearing, and weak
debt protection metrics. The company's scale of operations is
modest, and its profitability is susceptible to volatility in
cotton prices. Also, the company is vulnerable to regulatory
changes and intense competition in the cotton ginning industry.
However, it benefits from its promoters' extensive industry
experience.

MCG was set up by Mr. A Subramanyam and his friends and relatives
in Guntur, Andhra Pradesh, in 2010. The company gins and presses
raw cotton, and trades in cotton lint.


MOWO INDUSTRY: CRISIL Assigns B+ Rating to INR55MM Cash Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long
term bank facilities of Mowo Industry.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             45        CRISIL B+/Stable
   Proposed Cash
   Credit Limit            55        CRISIL B+/Stable

The ratings reflect MI's modest financial risk profile marked by
a small net worth and high Total outside liabilities to tangible
net worth ratio (TOLTNW) and its modest scale of operations.
These weaknesses are partially offset by the promoter's extensive
experience in the chillies trading business and its continued
offtake from its group concern" ME Enterprises Private Limited".

Outlook: Stable

CRISIL believes that MI shall benefit from the extensive industry
experience of its promoters in the chillies trading business and
its continued offtake from its group company "MEPL" over the
medium term. The outlook may be revised to "Positive" in case the
firm significantly scales up its operations and improves its
profitability resulting in higher than expected cash accruals.
Conversely the outlook may be revised to "Negative" if ME records
a decline in its revenues or operating margins, resulting in
lower than expected cash accruals.

MI was set up in 2015 and is engaged in the processing and export
of red chillies. The firm has been set up by Mr.Nageshwara Rao
and family.


NCPL: Ind-Ra Assigns 'IND BB-' Long-Term Issuer Rating
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned National
Capsules Private Limited (NCPL) a Long-Term Issuer Rating of 'IND
BB-'. The Outlook is Stable.

KEY RATING DRIVERS

NCPL's ratings reflect its small scale of operations with revenue
of INR123.1 million according to provisional financials for FY16
(FY15: INR90.1 million). The company's credit profile is moderate
with interest coverage (operating EBITDA/gross interest expenses)
of 2.6x (FY15: 2.3x) and net financial leverage (total adjusted
net debt/ operating EBITDA) of 3.7x (3.9x).

The company's liquidity remains tight with its average
utilisation of the working capital facilities being 99.1% during
the 12 months ended May 2016.

The ratings are, however, supported by NCPL's promoter's
experience of over a decade in the pharma business. The company's
EBITDA margin was high at 23.8% in FY16 (FY15: 29.7%); margins
declined in FY16 due to increase in raw material cost.

RATING SENSITIVITIES

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

Negative: Any further deterioration in the operating margin and
in the liquidity profile could be negative for the ratings.

COMPANY PROFILE

NCPL was incorporated in 2010 by Mr. Rakesh Sharma and Mrs.
Pretti Sharma. The manufacturing unit is located in Vidisha near
Bhopal, Madhya Pradesh. The company is involved in manufacturing
and marketing of empty hard gelatin capsules and TSE/BSE free
capsules. The company started its commercial operations in
January 2013.

NCPL's ratings:

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

   -- INR35.2 million long-term loan: assigned 'IND BB-'/Stable

   -- INR27.5 million fund-based working capital limits: assigned
      'IND BB-'/Stable


NRI EDUCATIONAL: CRISIL Assigns B+ Rating to INR139MM Cash Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of NRI Educational Society - Guntur (NES).
The rating reflects regional concentration and intense
competition. These weaknesses are partially offset by established
track record of the trust in the education sector.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             139       CRISIL B+/Stable

   Proposed Long Term
   Bank Loan Facility       11       CRISIL B+/Stable

Outlook: Stable

CRISIL believes that NES will continue to benefit over the medium
term from the established market presence in the education sector
and track record of its management. The outlook may be revised to
'Positive' if ability to increase intake in its schools and
colleges improves the fee income and operating profitability
while maintaining its comfortable capital structure. Conversely,
the outlook may be revised to 'Negative' if any larger-than
expected, debt-funded capital expenditure leading to
deterioration in liquidity, or in case of any adverse regulatory
change.

Established in 2005, NES operates 43 junior colleges (FYJC and
SYJC) for science and commerce. It also runs 12 schools offering
education from kindergarten to class 10. The schools under the
trust operate under the name of Indian Springs which is located
in Hyderabad and Guntur while the colleges run under the names
NRI Vidya Junior College, NRI SAI Junior College, and NRI Junior
College.


PATNA IRON: CRISIL Hikes Rating on INR60MM Cash Loan to BB-
-----------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities
of Patna Iron Private Limited to 'CRISIL BB-/Stable' from 'CRISIL
B+/Stable'.

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

   Long Term Loan          40        CRISIL BB-/Stable (Upgraded
                                     from 'CRISIL B+/Stable')

The upgrade reflects continued improvement in business and
financial risk profiles over the medium term. Revenue grew
substantially by 249% in fiscal 2016 due to full utilisation of
61,200 tonne per annum (tpa) capacity, against fiscal 2015 when
capacity was partially utilised as it was the first year of
operations. Operating income is likely to increase by 10-15%
year-on-year over the medium term with healthy capacity
utilisation and improving price realisation. Operating margin is
also estimated to remain stable at 4%, resulting in increase in
cash accrual to INR55-65 million per annum over the medium term
from INR15 million in fiscal 2015.

Gearing also improved to 1.55 times as on March 31, 2016, from
2.04 times in the previous year. Debt protection metrics also
improved with better profitability and low debt level: interest
coverage ratio was 3.02 times (2.38 times in fiscal 2015) and net
cash accrual to total debt ratio 0.25 times (0.14 times) in
fiscal 2016.

The rating reflects the extensive experience of PIPL's promoter
in the iron and steel industry. This strength is partially offset
by the company's moderate financial risk profile marked by modest
networth levels and exposure to intense competition.
Outlook: Stable

CRISIL believes PIPL will benefit over the medium term from the
extensive experience of its promoter. The outlook may be revised
to 'Positive' if higher-than-expected cash accrual, improvement
in working capital cycle, or substantial infusion of capital by
promoter results in better liquidity and capital structure. The
outlook may be revised to 'Negative' if low cash accrual or any
larger-than-expected capital expenditure further weakens
financial risk profile, particularly liquidity.

Set up in 2012 by Mr. Santosh Mandholia in Patna, PIPL
manufactures structurals and electric resistance welding pipes.
Mr. Mandholia has been in the iron and steel industry since the
past 15 years.

PRASHANTHI AYURVEDIC: Ind-Ra Hikes LT Issuer Rating to 'IND B+'
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Prashanthi
Ayurvedic Centre's (PAC) Long-Term Issuer Rating to 'IND B+' from
'IND B(suspended)'. The Outlook is Stable.

Ind-Ra suspended PAC's ratings on 17 August 2016.

KEY RATING DRIVERS

The upgrade reflects PAC's improvement in the overall credit
profile. According to FY16 provisional financials, PAC's revenue
was INR55 million (FY15: INR47 million), EBITDA margins were
38.9% (31.9%), interest coverage (operating EBITDA/gross interest
expense) was 1.9x (1.9x) and net leverage (total adjusted net
debt/operating EBITDA) was 4.8x (7.0x). The overall improvement
was on account of the growth in the company's top-line due to an
increase in footfall leading to an improvement in the operating
EBITDA margins.

The ratings continue to benefit from more than a decade of
experience of the firm's proprietor in ayurveda.

The ratings, however, factor in PAC's continued tight liquidity
as evident from its 96% average utilization of the working
capital limits during the 12 months ended June 2016.

RATING SENSITIVITIES

Positive: A sustained improvement in the overall credit metrics
could be positive for the ratings.

Negative: Any deterioration in the company's liquidity position
could be negative for the rating.

COMPANY PROFILE

PAC was incorporated in 1999 as a proprietorship concern engaged
in the trading of ayurvedic medicines and ayurvedic treatment in
Bangalore, Karnataka. The company was founded by Dr Giridhara
Kaje.

PAC's ratings:

   -- Long-Term Issuer Rating: upgraded to 'IND B+'/Stable from
      'IND B(suspended)'

   -- INR18 million fund-based facilities (increased from
      INR6  million): upgraded to 'IND B+'/Stable from
      'IND B(suspended)'

   -- INR52.5 million term loan (reduced from INR74.3 million):
      upgraded to 'IND B+'/Stable from 'IND B(suspended)


PUNJAB CROCKERY: ICRA Suspends 'D' Rating on INR83.42cr Loan
------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]D assigned to
the INR83.42 crore fund based facilities, INR2 crore non fund
based facilities and INR29.58 crore unallocated limits of Punjab
Crockery House Private Limited. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of
the requisite information from the company.

Punjab Crockery House Private Limited was established as a
proprietary concern in 1960 and started its operations by setting
up a crockery retail store in Hyderabad. It was subsequently
reconstituted as a private limited company in 1995. The company
is engaged in distribution and retailing of leading brands such
as Tommy Hilfiger, Calvin Klein, Apple, Samsung, French
Connection, Peter England and Ray Ban. The company is promoted by
Mr. Huzur Singh and Mr. Sutinder Singh. The company has 66 retail
outlets spread across Hyderabad, Bangalore, New Delhi, Mumbai,
Chennai and Vizag among others.


RANA MILK: Ind-Ra Affirms 'IND BB' Long-Term Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Rana Milk Foods
Private Limited's (RMFPL) Long-Term Issuer Rating at 'IND BB'.
The Outlook is Stable. Ind-Ra has also affirmed RMFPL's INR190
million fund-based working capital facility at Long-Term 'IND BB'
rating with a Stable Outlook and Short-Term 'IND A4+' rating.

KEY RATING DRIVERS

The affirmation reflects RMFPL's improving but still moderate
credit profile on enhanced capacity and revenue growth. RMFPL
enhanced the milk processing capacity in FY14 to 4,00,000
litre/day from 3,50,000 litre/day at its manufacturing unit.
According to FY16 provisional financials gross coverage
(operating EBITDA/gross interest expense) was 1.73x (1.52x;
1.71x) and net leverage (total adjusted debt/operating EBITDA)
was 5.91x (6.58x; 4.26x).

The company's revenue increased 7.55% yoy to INR1,302.87 million
in FY16 due to increased orders from its existing customers on
the back of enhanced capacity. EBITDA margin normalised to 4.18%
in FY16 from 3.68% in FY15 (FY14: 2.78%) with the stabilisation
of operations. Operations at the enhanced capacity started in
FY14. To maintain the off-take risk and utilisation, it procured
raw material at high cost from milk contractors and chilling
centres, which led to low EBITDA margin in FY14 and FY15.

The ratings factor in RMFPL's stressed liquidity with the full
utilisation of its cash credit limits on average during the 12
months ended July 2016. The working capital cycle remains long
despite improving to 99 days in FY16 from 104 days in FY15 (FY14:
57 days).

The ratings, however, are supported by over three decades of
experience of RMFPL's promoters in the food industry and the
company's 14-year-long operational history leading to strong
relationships with customers and suppliers.

RATING SENSITIVITIES

Positive: A substantial improvement the scale of operation and
operating profitability while maintaining the credit metrics will
be positive for the ratings.

Negative: Sustained deterioration in the credit profile could
lead to a negative rating action.

COMPANY PROFILE

RMFPL was established in 2005. RMFPL is into milk processing and
manufacturing of other milk products such as Ghee, Milk Powder,
White Butter, etc. RMFPL's processing facility is located in
Samrala, Punjab. It supplies its products under the brand name
Royal.


S. R. CONSTRUCTION: CRISIL Assigns B+ Rating to INR50MM LT Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facility of S. R. Construction - Nashik.

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

The rating reflects the firm's exposure to risks related to its
two upcoming projects, and its susceptibility to cyclicality in
the real estate industry. These weaknesses are partially offset
by its promoters' extensive experience and their funding support,
and the firm's low exposure to risks related to implementation
and funding of its ongoing projects, which are almost complete.
Outlook: Stable

CRISIL believes SRC will continue to benefit from its promoters'
extensive industry experience. The outlook may be revised to
'Positive' if timely progress in projects within the budgeted
cost, and healthy customer bookings, lead to a substantial
increase in cash inflow. The outlook may be revised to 'Negative'
in case of constrained liquidity, driven by time or cost overruns
in project, or low customer advances.

SRC was set up in 1994 by Mr. Rajendra R Bagad, Mr. Sunil P
Gawade, and Mr. Sunil M Sawant in Nashik. The firm develops real
estate in Nashik. It has three ongoing projects and two projects
to be launched.


SARDAR JEWELLERS: CRISIL Reaffirms B- Rating on INR90MM Loan
------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Sardar
Jewellers continues to reflect the modest financial risk profile,
because of high total outside liabilities to tangible networth
ratio and weak debt protection metrics, and the moderate scale of
operations, with geographical concentration in the revenue
profile. These weaknesses are partially offset by extensive
experience of promoters in the jewellery industry.

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

Outlook: Stable

CRISIL believes that SJ will continue to benefit from extensive
experience of its promoters. The outlook may be revised to
'Positive' if the firm reports substantial growth in operating
income, stable profitability and better working capital
management. The outlook may be revised to 'Negative' in case of
decline in scale of operations or profitability, or if large
working capital requirement or debt-funded capital expenditure,
weakens the capital structure.

SJ was set up in fiscal 2011, as a partnership firm, by Mr.
Surinder Singh and his family. The firm sells gold and diamond-
studded jewellery at its showroom in Ludhiana (Punjab).


SHREE BHANDARI: CRISIL Assigns B- Rating to INR32.5MM Cash Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to
the bank facilities of Shree Bhandari Plastic Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Working Capital
   Term Loan              12.5       CRISIL B-/Stable

   Term Loan              20.0       CRISIL B-/Stable

   Bank Guarantee         15.0       CRISIL A4

   Cash Credit            32.5       CRISIL B-/Stable

The ratings reflect the working capital-intensive nature, and
small scale, of operations in the highly fragmented pipe
manufacturing industry. The ratings also factor in a below-
average financial risk profile because of high gearing and weak
debt protection metrics. These weaknesses are partially offset by
the extensive industry experience of the promoters, and
favourable government policies towards micro-irrigation systems.
Outlook: Stable

CRISIL believes SBPPL will remain constrained by high working
capital requirement and stretched liquidity. The outlook may be
revised to 'Positive' in case of a significant increase in
revenue and profitability along with improvement in working
capital management, leading to a better financial risk profile.
The outlook may be revised to 'Negative' in case of a significant
decline in profitability resulting in lower cash accrual,
weakening of working capital management, or any major debt-funded
capital expenditure, leading to deterioration in the financial
risk profile.

SBPPL incorporated in 1996, is promoted by the Bhandari family.
The company manufactures and distributes high-density
polyethylene pipes and coils, linear low-density polyethylene
pipes, and polyvinyl chloride pipes used by farmers in irrigation
systems (drip systems), and by contractors. The company is based
in Rajasthan, with offices in Gujarat, Maharashtra, Karnataka,
and Madhya Pradesh.

Net profit was INR1.9 million on net sales of INR146 million in
fiscal 2016, against net loss of INR2.5 million on net sales of
INR142.5 million in fiscal 2015.


SHRI JAYASHEEL: Ind-Ra Assigns 'IND BB-' Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Shri Jayasheel N
Shetty (JNS) a Long-Term Issuer Rating of 'IND BB-'. The Outlook
is Stable.

KEY RATING DRIVERS

The ratings reflect JNS' moderate credit profile. The firm's FY16
revenue was INR248 million (FY15: INR337 million), net leverage
(total adjusted net debt/operating EBITDAR) was 1.3x (1.2x) and
EBITDA interest coverage (operating EBITDA/gross interest
expense) was 9.5x (17.2x). JNS' EBITDA margin was volatile and in
the range of 12.5%-19.5% over FY13-FY16.

JNS has an outstanding order book of INR350 million (1.5x of FY16
revenue) as of end-August 2016 that needs to be executed in the
next two years. JNS is looking to double its fund-based and non-
fund-based facilities to INR90 million and INR100 million,
respectively, to expedite execution and has approached its bank
for the enhancement. JNS booked revenue of INR70 million in
1QFY17.

The ratings also factor in the proprietorship form.

The ratings, however, are supported by comfortable liquidity
position of the firm with the fund-based facility being utilised
at an average of 34% over the 12 months ended June 2016. The
ratings are further supported by two decades of operating
experience of the company's promoters in the liquor and EPC
business.

RATING SENSITIVITIES

Positive: A substantial improvement in the revenue while
maintaining the profitability leading to a substantial
improvement in the credit metrics could be positive for the
ratings

Negative: A Substantial decline in the revenue and profitability
leading to a sustained deterioration in the credit metrics could
be negative for the ratings.

COMPANY PROFILE

JNS was established in 2006 as a proprietorship firm. The firm is
engaged in civil construction work of roads, bridges, canal
works, barrage works and lift irrigation works. The entity only
takes government projects on tender basis. They get raw materials
from local suppliers. The firm has also been operating a bar and
restaurant in Karnataka since 1992. This business contributes
around a fifth of the firm's revenue.

JNS' Ratings:

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

   -- INR45 million fund-based facilities: assigned 'IND BB-
      '/Stable/'IND A4+'

   -- INR50 million non-fund-based facilities: assigned;
      'IND A4+'


SKYLINE INFRA: ICRA Suspends 'B' Rating on INR20cr Bank Loan
------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA] B on INR20.0
crore bank lines of Skyline Infra Heights Private Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


SRI BALAJI: CRISIL Suspends 'B' Rating on INR2.5MM Cash Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Sri Balaji Timber Mart.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             2.5      CRISIL B/Stable
   Letter of Credit       60.0      CRISIL A4
   Proposed Cash Credit
   Limit                   1.0      CRISIL B/Stable

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

SBTM was set up 2001 as a proprietorship firm. The firm processes
and trades in timber. Its proprietor, Mr. I S Murugan, manages
SBTM's daily operations.


SUMIT GAS: CRISIL Assigns 'B' Rating to INR33MM Cash Loan
---------------------------------------------------------
CRISIL has revoked the suspension of its ratings on the bank
facilities of Sumit Gas Agencies Private Limited and assigned its
'CRISIL B/Stable/CRISIL A4' ratings to the facilities. CRISIL
had, on April 7, 2016, suspended the ratings as the company had
not provided the information required for a review. SGAPL has now
shared the requisite information, enabling CRISIL to assign
ratings to its facilities.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          40        CRISIL A4 (Assigned;
                                     Suspension Revoked)

   Cash Credit             33        CRISIL B/Stable (Assigned;
                                     Suspension Revoked)

The ratings reflect the company's small scale of operations in a
competitive industry, its large working capital requirement, and
below-average financial risk profile because of modest networth,
moderate total outside liabilities to tangible networth ratio,
and weak interest coverage ratio. These weaknesses are partially
offset by its promoters' extensive experience in the gas pipeline
segment.
Outlook: Stable

CRISIL believes SGAPL will continue to benefit from its
promoters' extensive industry experience. The outlook may be
revised to 'Positive' if operating revenue increases
significantly, leading to higher-than-expected cash accrual,
while working capital cycle and capital structure improve. The
outlook may be revised to 'Negative' in case of decline in
revenue resulting in lower-than-expected cash accrual, stretch in
working capital cycle, or sizeable debt-funded capital
expenditure.

SGAPL undertakes projects for laying gas pipelines in the
National Capital Region, Gujarat, Haryana, and Uttar Pradesh, for
gas companies such as Indian Oil Adani Gas Pvt Ltd, Indraprastha
Gas Ltd, GAIL (India) Ltd, Sabarmati Gas Pvt Ltd, and Green Gas
Ltd. It was established as a proprietorship firm in the 1990s,
and was reconstituted as a private limited company in 2006. Its
key promoter and director, Mr. Puneet Sehgal, manages its
operations.


URC INFOTEC: CRISIL Lowers Rating on INR50MM Corp. Loan to 'D'
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility
of URC Infotec Private Limited to 'CRISIL D' from 'CRISIL B-
/Stable. The downgrade reflects instances of delay by URC in
servicing its term debt; the delays have been caused by URC's
weak liquidity.

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

   Corporate Loan          50        CRISIL D (Downgraded from
                                     'CRISIL B-/Stable')

   Proposed Long Term       5        CRISIL D (Downgraded from
   Bank Loan Facility                'CRISIL B-/Stable')

The rating reflects URCI's modest scale of operations and the
susceptibility of its revenue profile to cyclicality and intense
competition in the information technology (IT) sector. The rating
also factors in its below-average financial risk profile marked
by high gearing, weak debt protection metrics, and modest net
worth. These weaknesses are partially offset by the benefits
derived from the management's extensive experience in the IT
sector.

Established in March 2008 and based in Erode (Tamil Nadu), URCI
develops and maintains Enterprise resource planning (ERP)
software particularly for the construction, healthcare, Small and
medium business (SMB), entertainment, and pharmaceutical sectors.
The company is promoted by Mr. C Devarajan. The day to day
operations are managed by Mr. G Gunasekaran, Director.


VAIBHAV ENTERPRISES: ICRA Suspends 'D' Rating on INR21cr Loan
-------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]D assigned to
the INR21.00 crore fund based limits of Vaibhav Enterprises. The
suspension follows ICRA's inability to carry out rating
surveillance in the absence of requisite information from the
company.



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


ATMOSPHERIC: Microsoft Cloud Computing Partner in Receivership
--------------------------------------------------------------
Tom Pullar-Strecker at Stuff.co.nz reports that a Microsoft New
Zealand cloud computing partner, Atmospheric, has gone into
receivership just 18 months after winning an award from
Microsoft.

Stuff.co.nz relates that Staples Rodway business recovery
specialist Tony Maginness said he was appointed as receiver of
the Auckland firm.

According to Stuff.co.nz, Mr. Maginness said some staff had been
let go but seven had been retained and he hoped Atmospheric would
be sold as a going concern.
"Customers are getting the same level of service and we hope to
conclude a sale very shortly," the report quotes Mr. Maginness as
saying.

According to Stuff.co.nz, Atmospheric won Cloud SMB (small and
medium business) "partner of the year" at Microsoft's partner
awards last year and was a finalist for its "cloud platform"
award this year.

Microsoft commented at the time of the 2015 award that
Atmospheric "uniquely leveraged marketing resources to grow their
cloud customer base".

"They have worked hard to retire servers and are leading the
surge into the cloud in the SMB space," it said, notes the
report.

A Microsoft spokesman said it was "currently working to
understand this situation," the report relays.


D.C. ROSS: Placed Into Receivership; 12 Jobs at Risk
----------------------------------------------------
Simon Hartley at Otago Daily Times reports that twelve jobs are
under threat at specialist Dunedin engineering company D.C. Ross,
after its shareholders placed the company, more than 50 years
old, into receivership.

According to the report, the McConnon family of Dunedin, who had
a sizeable fortune from dairy interests in the days before and
after Fonterra's formation, are the majority 72.5% shareholders.
Their Aorangi Laboratories Ltd holds 1.77 million shares, split
into five wider, equal, family allocations.

Otago Daily Times relates that D.C. Ross chief executive Peter
Deans, a 12% shareholder along with co-director Robert Houliston,
also with 12%, confirmed on Sept. 20 the Kaikorai Valley Rd
company was placed in voluntary receivership, by its
shareholders, not creditors.

"Hopefully, a buyer can be found in the next couple of weeks . .
.  we have work to be going on with," the report quotes Mr. Deans
as saying.

He was unable to give details on Sept. 20, not wanting to pre-
empt the receiver's first report, due next month, the report
says.

Otago Daily Times relates that Mr. Deans, who has been with the
company for almost 18 years, said there had been "poor
governance" since the aftermath of the 2007-08 global financial
crisis and the company was "left to meander".  "The irony is
we're picking up new orders and having a growth spurt," Mr. Deans
said.

There were other compounding factors, such as the strength of the
New Zealand dollar, increasing raw material costs and the state
of the Australian automotive industry, the report notes.

Ford's last Australian car has just rolled off the assembly line
and Holden and Toyota will close by the end of next year, says
Otago Daily Times.

About 50% of D.C. Ross' work was for the automotive industry, but
not exclusively Australian, and 30% to 40% was for Chinese
company Haier, which owns Fisher & Paykel Appliances and its
whiteware production, the report says.

According to Otago Daily Times, Mr. Deans said D.C. Ross had
other contracts in Australia, Thailand, China, Mexico and
"potentially" Serbia.

D.C. Ross evolved from the early 1900s Dunedin company William
Wilson, which started out repairing bicycles and printing
machines before getting some Cadbury contracts. In 1962, Doug
Ross took over Wilson & Wilson, as it was then, with colleague
Gerald Hoare, and formed D.C. Ross Ltd in 1963.

The company was subject to a management buyout in the early
2000s, Otago Daily Times adds.



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



MARCO POLO: Has Doubt on Ability to Continue as a Going Concern
---------------------------------------------------------------
The Strait Times reports that mainboard-listed Marco Polo Marine
said on Sept. 22 there may be a "substantial doubt about the
group's ability to continue as a going concern".

The Strait Times relates that the company's statement to the
Singapore Exchange accompanied its launch of an exercise seeking
consent from bond holders to delay repayment by three years of
notes worth SGD50 million that are due next month.

The company is seeking to amend the maturity date of the series
001, 5.75 per cent fixed rate notes from Oct. 18, 2016, to Oct
18, 2019, the report says.

According to the report, noteholders are asked to vote on the
company's debt restructuring proposal at a meeting on Oct. 14.

The Strait Times says Marco Polo is one of several companies in
Singapore's offshore and marine sector left bleeding by the slump
in oil prices and seeking to restructure their debt.

In much detail, the marine logistics services provider said the
group had experienced unaudited net losses of SGD7.5 million for
the nine months ended June 30, 2016, and expects to record net
losses for the fiscal year ending Sept 30, 2016, mainly because
of the lower utilisation rates of its vessels and lower charter
rates, as well as lower revenues from its shipbuilding business,
The Strait Times relates.

The report adds that Marco Polo Marine also said it expects to be
highly leveraged for the next several years and may not be able
to generate sufficient cash flows to meet its debt service
obligations, including payments under the notes.

As of June 30, 2016, it had approximately SGD186.5 million of
current interest-bearing borrowings (including the SGD50 million
notes) and SGD67.3 million in non-current interest-bearing
borrowings, The Strait Times discloses.

According to The Strait Times, the company said if it
successfully implements its restructuring of the SGD50 million
notes, it will still have substantial indebtedness and expects to
reclassify the outstanding principal amount of the notes from
current borrowings to non-current borrowings. It may also incur
additional bank borrowings.

"The issuer's substantial indebtedness could adversely affect its
results of operations and could have important consequences for
noteholders and for the group," said the company, adds The Strait
Times.

                         About Marco Polo

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



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


HANJIN SHIPPING: KDB to Offer KRW50 Billion Loan
------------------------------------------------
Yonhap New Agency reports that the state-run Korea Development
Bank, the main creditor of the Hanjin Shipping Co., on Sept. 22,
2016, decided to loan the ailing shipper KRW50 billion (US$45.4
million) to help it unload its cargo.

Yonhap relates that the policy lender said the loans may be used
by the country's No.1 shipping line to resolve its unpaid cargo
unloading fees.

According to the report, the move came one day after Korean Air
Lines Co., the largest shareholder of Hanjin Shipping, decided to
loan some KRW60 billion to its embattled shipping unit.

Should the KDB proceed with its planned loan extension, Hanjin
Shipping can receive a total of KRW160 billion in cash, including
KRW40 billion from the personal account of Cho Yang-ho, chairman
of Hanjin Group, the parent of Hanjin Shipping, Yonhap says.

Yonhap notes that Hanjin Shipping was put under receivership
early this month as its creditors, led by the KDB, rejected the
shipper's self-rescue plan worth some KRW500 billion.

Yonhap relates that meanwhile, the country's top economic
policymaker reiterated his stance that the government will not
help the debt-laden shipper survive by pouring in taxpayer money.

"It's heartbreaking that the country's No. 1 shipper Hanjin
Shipping has come under court receivership, but it's improper to
inject tax money into the troubled company," Yonhap quotes
Finance Minister Yoo Il-ho as saying in an interpellation session
at the National Assembly. "Too much taxpayer money has already
been put into the company."

He said the government is making full efforts to minimize the
fallout stemming from a logistics disruption and support small
and mid-sized consignors, adds Yonhap.

                      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: US Commerce Dept. Urged to Solve Shipping Crisis
-----------------------------------------------------------------
Nick Turner, writing for Bloomberg News, reported that the
National Retail Federation and other U.S. trade groups are urging
the Commerce Department to work with the South Korean government
to resolve the Hanjin Shipping Co. crisis, which stranded an
estimated $14 billion of goods at sea.

According to the report, the bankruptcy of Hanjin, which moves
huge containers of products to the U.S. from Asia, has roiled
supply chains and delayed shipments of everything from T-shirts
to televisions. Companies are concerned that their goods may be
seized by Hanjin's creditors once the ships dock, the report
cited the organizations' letter to Commerce Secretary Penny
Pritzker.

"U.S. businesses rely on predictability in their supply chains,
particularly during the busiest shipping season of the year," the
groups said in the letter, which was dated Sept. 20, the report
further cited. "The recent bankruptcy filing has caused
widespread disruptions in freight shipments worldwide."

                       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.


* KOREA: More Than 1,100 Companies Under Court Receivership
-----------------------------------------------------------
The Korea Herald reports that the number of local companies that
file for bankruptcy court protection have increased rapidly this
year, while the number of judges overseeing the firms remained
the same, overwhelming the courts' capacity to handle the cases,
data showed on Sept. 20.

South Korea's highest court, a total of 1,150 companies are under
court receivership at 14 district courts across the country,
according to The Korea Herald.  The number increased by 100 firms
from a year earlier as more companies sought bankruptcy
protection, while a small number of firms exited the protection
program, the report relates.  But the number of judges at the
courts' bankruptcy division has remain unchanged at 84, which
means, a judge overseas 13 companies on average, the report says.

The figure is worse at the Seoul Central District Court, the
court that handles around half of bankruptcy cases in the
country, the report notes.  The Seoul court now manages 450 firms
that are under court receivership, with the asset size totaling a
whopping KRW27 trillion (US$24.10 billion), including South
Korea's largest container carrier Hanjin Shipping and shipbuilder
STX Offshore & Shipbuilding, the report notes.

However, only 18 judges are in charge of the bankruptcy filings
at the Seoul court, the report relays.  As a result, each judge
has to supervise 25 firms, raising concerns on the court's
capacity to handle all the cases, the report adds.




                             *********

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.



                 *** End of Transmission ***